# EDGAR Filing Document

**Accession Number:** 0001098605
**File Stem:** 0001193125-26-094282
**Filing Date:** 2026-3
**Character Count:** 795437
**Document Hash:** 3b83927f1530ed2fcd064ca0080d376c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-094282.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-094282

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Managed Accounts Trust
- **CENTRAL INDEX KEY:** 0001098605

**ORGANIZATION NAME:**
- **EIN:** 066484967
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09721
- **FILM NUMBER:** 26727439

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-739-4000

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AllianzGI Managed Accounts Trust
- **DATE OF NAME CHANGE:** 20130125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANZ GLOBAL INVESTORS MANAGED ACCOUNTS TRUST
- **DATE OF NAME CHANGE:** 20090626

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANZ GLOBAL INVESTORS
- **DATE OF NAME CHANGE:** 20090626

## Series and Classes Contracts Data

### Fixed Income SHares: Series M (Series ID: S000004803)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013019 | Series M     | FXIMX           |

### Fixed Income SHares: Series C (Series ID: S000004804)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013020 | Series C     | FXICX           |

### Fixed Income SHares: Series R (Series ID: S000004805)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000013021 | Series R     | FXIRX           |

### Fixed Income SHares: Series TE (Series ID: S000037220)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000114641 | Series TE    | FXIEX           |

### Fixed Income SHares: Series LD (Series ID: S000043031)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000133198 | Series LD    | FXIDX           |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number: 811-09721

### 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: December 31, 2025

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

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

------

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

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

# FXICX

# Fixed Income SHares: Series C

#### Annual Shareholder Report \| December 31, 2025
![Image](g751013i3fcbed555d3f8f7740ed.jpg)

This annual shareholder report contains important information about the Fixed Income SHares: Series C (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (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)**.

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

## What were the Portfolio costs for the reporting period?
(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 | $11 | 0.10% |

---

## 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:

* Curve positioning in the U.S., including overweight exposure to the seven-year portion of the curve, contributed to relative performance, as yields fell. 

* Long exposure to agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS spreads tightened. 

* Long exposure to securitized credit, including asset-backed securities and commercial MBS, contributed to relative performance, as the asset class outperformed the Portfolio's benchmark. 

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

* Short exposure to select emerging market currencies in Asia, particularly the Taiwanese dollar, detracted from relative performance, as it appreciated relative to the U.S. dollar. 

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

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). 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.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 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
![Growth of 10K Chart](g751013i7318bf99bd0711ea3ad2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fixed Income SHares: Series C** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Credit Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $9906 | $10138 | $10052 |
| **2/29/16** | $9659 | $10210 | $10136 |
| **3/31/16** | $9907 | $10303 | $10392 |
| **4/30/16** | $9937 | $10343 | $10519 |
| **5/31/16** | $9957 | $10345 | $10514 |
| **6/30/16** | $9987 | $10531 | $10754 |
| **7/31/16** | $10013 | $10598 | $10895 |
| **8/31/16** | $10029 | $10586 | $10916 |
| **9/30/16** | $10045 | $10580 | $10886 |
| **10/31/16** | $10101 | $10499 | $10793 |
| **11/30/16** | $9971 | $10250 | $10499 |
| **12/31/16** | $10084 | $10265 | $10563 |
| **1/31/17** | $10140 | $10285 | $10598 |
| **2/28/17** | $10256 | $10354 | $10716 |
| **3/31/17** | $10303 | $10349 | $10700 |
| **4/30/17** | $10402 | $10428 | $10807 |
| **5/31/17** | $10476 | $10509 | $10923 |
| **6/30/17** | $10521 | $10498 | $10952 |
| **7/31/17** | $10602 | $10543 | $11032 |
| **8/31/17** | $10696 | $10638 | $11124 |
| **9/30/17** | $10708 | $10587 | $11099 |
| **10/31/17** | $10709 | $10593 | $11137 |
| **11/30/17** | $10699 | $10580 | $11127 |
| **12/31/17** | $10733 | $10628 | $11215 |
| **1/31/18** | $10671 | $10506 | $11111 |
| **2/28/18** | $10597 | $10406 | $10943 |
| **3/31/18** | $10631 | $10473 | $10977 |
| **4/30/18** | $10588 | $10395 | $10877 |
| **5/31/18** | $10602 | $10469 | $10932 |
| **6/30/18** | $10615 | $10456 | $10880 |
| **7/31/18** | $10691 | $10459 | $10958 |
| **8/31/18** | $10727 | $10526 | $11014 |
| **9/30/18** | $10737 | $10458 | $10977 |
| **10/31/18** | $10685 | $10376 | $10824 |
| **11/30/18** | $10679 | $10438 | $10816 |
| **12/31/18** | $10755 | $10630 | $10979 |
| **1/31/19** | $10983 | $10742 | $11216 |
| **2/28/19** | $11049 | $10736 | $11240 |
| **3/31/19** | $11143 | $10942 | $11514 |
| **4/30/19** | $11262 | $10945 | $11571 |
| **5/31/19** | $11286 | $11139 | $11740 |
| **6/30/19** | $11447 | $11279 | $12006 |
| **7/31/19** | $11496 | $11304 | $12068 |
| **8/31/19** | $11647 | $11597 | $12445 |
| **9/30/19** | $11603 | $11535 | $12364 |
| **10/31/19** | $11682 | $11570 | $12434 |
| **11/30/19** | $11729 | $11564 | $12458 |
| **12/31/19** | $11742 | $11556 | $12493 |
| **1/31/20** | $12026 | $11778 | $12786 |
| **2/29/20** | $12169 | $11990 | $12960 |
| **3/31/20** | $11562 | $11920 | $12101 |
| **4/30/20** | $11962 | $12132 | $12654 |
| **5/31/20** | $12097 | $12188 | $12860 |
| **6/30/20** | $12335 | $12265 | $13095 |
| **7/31/20** | $12611 | $12448 | $13499 |
| **8/31/20** | $12573 | $12348 | $13328 |
| **9/30/20** | $12560 | $12341 | $13291 |
| **10/31/20** | $12477 | $12286 | $13262 |
| **11/30/20** | $12797 | $12406 | $13600 |
| **12/31/20** | $12889 | $12424 | $13662 |
| **1/31/21** | $12849 | $12334 | $13499 |
| **2/28/21** | $12649 | $12156 | $13265 |
| **3/31/21** | $12413 | $12005 | $13054 |
| **4/30/21** | $12613 | $12099 | $13192 |
| **5/31/21** | $12669 | $12139 | $13287 |
| **6/30/21** | $12821 | $12224 | $13487 |
| **7/31/21** | $13035 | $12361 | $13663 |
| **8/31/21** | $13032 | $12337 | $13630 |
| **9/30/21** | $12935 | $12231 | $13484 |
| **10/31/21** | $12909 | $12227 | $13513 |
| **11/30/21** | $12931 | $12263 | $13525 |
| **12/31/21** | $12933 | $12232 | $13514 |
| **1/31/22** | $12619 | $11968 | $13081 |
| **2/28/22** | $12413 | $11835 | $12834 |
| **3/31/22** | $11953 | $11506 | $12511 |
| **4/30/22** | $11406 | $11069 | $11856 |
| **5/31/22** | $11341 | $11141 | $11961 |
| **6/30/22** | $11020 | $10966 | $11648 |
| **7/31/22** | $11358 | $11234 | $12002 |
| **8/31/22** | $11037 | $10917 | $11663 |
| **9/30/22** | $10443 | $10445 | $11072 |
| **10/31/22** | $10289 | $10310 | $10958 |
| **11/30/22** | $10779 | $10689 | $11502 |
| **12/31/22** | $10769 | $10641 | $11452 |
| **1/31/23** | $11281 | $10968 | $11889 |
| **2/28/23** | $11041 | $10684 | $11531 |
| **3/31/23** | $11161 | $10956 | $11847 |
| **4/30/23** | $11236 | $11022 | $11941 |
| **5/31/23** | $11127 | $10902 | $11774 |
| **6/30/23** | $11138 | $10863 | $11811 |
| **7/31/23** | $11192 | $10856 | $11847 |
| **8/31/23** | $11134 | $10786 | $11761 |
| **9/30/23** | $10852 | $10512 | $11456 |
| **10/31/23** | $10660 | $10346 | $11252 |
| **11/30/23** | $11215 | $10815 | $11890 |
| **12/31/23** | $11667 | $11229 | $12389 |
| **1/31/24** | $11696 | $11198 | $12367 |
| **2/29/24** | $11607 | $11040 | $12189 |
| **3/31/24** | $11761 | $11142 | $12339 |
| **4/30/24** | $11532 | $10860 | $12032 |
| **5/31/24** | $11789 | $11044 | $12251 |
| **6/30/24** | $11903 | $11149 | $12332 |
| **7/31/24** | $12221 | $11409 | $12622 |
| **8/31/24** | $12406 | $11573 | $12818 |
| **9/30/24** | $12603 | $11728 | $13037 |
| **10/31/24** | $12283 | $11437 | $12722 |
| **11/30/24** | $12502 | $11558 | $12884 |
| **12/31/24** | $12281 | $11369 | $12641 |
| **1/31/25** | $12390 | $11430 | $12712 |
| **2/28/25** | $12721 | $11681 | $12970 |
| **3/31/25** | $12673 | $11685 | $12939 |
| **4/30/25** | $12655 | $11731 | $12947 |
| **5/31/25** | $12663 | $11647 | $12938 |
| **6/30/25** | $12908 | $11826 | $13175 |
| **7/31/25** | $12938 | $11795 | $13182 |
| **8/31/25** | $13116 | $11936 | $13321 |
| **9/30/25** | $13286 | $12067 | $13513 |
| **10/31/25** | $13393 | $12142 | $13572 |
| **11/30/25** | $13477 | $12217 | $13657 |
| **12/31/25** | $13537 | $12199 | $13631 |

---

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 December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Fixed Income SHares: Series C | 10.23% | 0.99% | 3.08% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Credit Index | 7.83% | (0.05%) | 3.15% |

---

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<sup>**Footnote Reference \***</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1850051 |
| # of Portfolio Holdings | 666 |
| Portfolio Turnover Rate | 584% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 50.7% |
| Corporate Bonds & Notes | 41.5% |
| U.S. Treasury Obligations | 19.9% |
| Asset-Backed Securities | 13.4% |
| Non-Agency Mortgage-Backed Securities | 8.7% |
| Sovereign Issues | 6.9% |
| Preferred Securities | 1.4% |
| Municipal Bonds & Notes | 0.7% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 2.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (45.5%) |
| Total | 100.0% |

---

---

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

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

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

## Additional Information
For additional information about the 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: **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](g751013i1841a0e8a72593ad90e6.jpg)

# FXICX
![Image](g751013i2c6b9d4ee02b29fc59b6.jpg)

# Fixed Income SHares: Series C
Annual Shareholder Report \| December 31, 2025

FISH2755TSRAR_123125

# FXIDX

# Fixed Income SHares: Series LD

#### Annual Shareholder Report \| December 31, 2025
![Image](g751013i3fcbed555d3f8f7740ed.jpg)

This annual shareholder report contains important information about the Fixed Income SHares: Series LD (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (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)**.

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

## What were the Portfolio costs for the reporting period?
(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 | $130 | 1.26% |

---

## 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:

* Select holdings of securitized credit, particularly commercial mortgage-backed securities ("MBS") and non-agency MBS contributed to relative performance, as commercial MBS and non-agency MBS spreads tightened. 

* Holdings of agency MBS contributed to relative performance, as agency MBS spreads tightened. 

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

* Underweight U.S. duration positioning relative to the benchmark, primarily in SOFR futures, detracted from relative performance, as U.S. interest rates fell. 

* Overweight Australia duration positioning detracted from relative performance, as interest rates rose.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). 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.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 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
![Growth of 10K Chart](g751013id1d60ca72b5958c149eb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fixed Income SHares: Series LD** | **Bloomberg U.S. Aggregate Index** | **ICE BofA 1-3 Year U.S. Treasury Index** | **50% ICE BofA 1-3 Year U.S. Treasury Index/50% Bloomberg U.S. Intermediate Credit Index** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $9921 | $10138 | $10061 | $10062 |
| **2/29/16** | $9823 | $10210 | $10072 | $10092 |
| **3/31/16** | $9917 | $10303 | $10090 | $10180 |
| **4/30/16** | $10014 | $10343 | $10094 | $10219 |
| **5/31/16** | $10110 | $10345 | $10083 | $10210 |
| **6/30/16** | $10088 | $10531 | $10143 | $10315 |
| **7/31/16** | $10202 | $10598 | $10138 | $10346 |
| **8/31/16** | $10273 | $10586 | $10121 | $10339 |
| **9/30/16** | $10321 | $10580 | $10132 | $10349 |
| **10/31/16** | $10405 | $10499 | $10126 | $10329 |
| **11/30/16** | $10361 | $10250 | $10085 | $10215 |
| **12/31/16** | $10417 | $10265 | $10088 | $10228 |
| **1/31/17** | $10450 | $10285 | $10101 | $10254 |
| **2/28/17** | $10499 | $10354 | $10112 | $10296 |
| **3/31/17** | $10551 | $10349 | $10115 | $10300 |
| **4/30/17** | $10586 | $10428 | $10129 | $10346 |
| **5/31/17** | $10603 | $10509 | $10141 | $10387 |
| **6/30/17** | $10687 | $10498 | $10132 | $10380 |
| **7/31/17** | $10699 | $10543 | $10154 | $10426 |
| **8/31/17** | $10691 | $10638 | $10173 | $10465 |
| **9/30/17** | $10778 | $10587 | $10157 | $10443 |
| **10/31/17** | $10844 | $10593 | $10150 | $10449 |
| **11/30/17** | $10857 | $10580 | $10130 | $10422 |
| **12/31/17** | $10797 | $10628 | $10131 | $10436 |
| **1/31/18** | $10808 | $10506 | $10102 | $10381 |
| **2/28/18** | $10847 | $10406 | $10098 | $10342 |
| **3/31/18** | $10790 | $10473 | $10118 | $10358 |
| **4/30/18** | $10854 | $10395 | $10102 | $10326 |
| **5/31/18** | $10855 | $10469 | $10139 | $10372 |
| **6/30/18** | $10888 | $10456 | $10140 | $10365 |
| **7/31/18** | $10940 | $10459 | $10140 | $10384 |
| **8/31/18** | $10950 | $10526 | $10172 | $10431 |
| **9/30/18** | $11035 | $10458 | $10160 | $10413 |
| **10/31/18** | $11063 | $10376 | $10176 | $10399 |
| **11/30/18** | $10980 | $10438 | $10211 | $10421 |
| **12/31/18** | $10912 | $10630 | $10291 | $10519 |
| **1/31/19** | $10974 | $10742 | $10319 | $10617 |
| **2/28/19** | $11110 | $10736 | $10330 | $10641 |
| **3/31/19** | $11107 | $10942 | $10393 | $10757 |
| **4/30/19** | $11210 | $10945 | $10414 | $10791 |
| **5/31/19** | $11151 | $11139 | $10488 | $10886 |
| **6/30/19** | $11168 | $11279 | $10542 | $10995 |
| **7/31/19** | $11215 | $11304 | $10530 | $11000 |
| **8/31/19** | $11212 | $11597 | $10615 | $11139 |
| **9/30/19** | $11246 | $11535 | $10603 | $11120 |
| **10/31/19** | $11289 | $11570 | $10638 | $11171 |
| **11/30/19** | $11311 | $11564 | $10634 | $11170 |
| **12/31/19** | $11332 | $11556 | $10657 | $11203 |
| **1/31/20** | $11499 | $11778 | $10715 | $11314 |
| **2/29/20** | $11614 | $11990 | $10808 | $11421 |
| **3/31/20** | $10894 | $11920 | $10956 | $11230 |
| **4/30/20** | $11228 | $12132 | $10961 | $11426 |
| **5/31/20** | $11379 | $12188 | $10968 | $11525 |
| **6/30/20** | $11665 | $12265 | $10971 | $11609 |
| **7/31/20** | $11747 | $12448 | $10982 | $11695 |
| **8/31/20** | $11812 | $12348 | $10979 | $11694 |
| **9/30/20** | $11879 | $12341 | $10982 | $11687 |
| **10/31/20** | $12004 | $12286 | $10978 | $11685 |
| **11/30/20** | $11952 | $12406 | $10983 | $11750 |
| **12/31/20** | $12044 | $12424 | $10988 | $11780 |
| **1/31/21** | $12140 | $12334 | $10989 | $11761 |
| **2/28/21** | $12157 | $12156 | $10981 | $11709 |
| **3/31/21** | $12175 | $12005 | $10983 | $11655 |
| **4/30/21** | $12194 | $12099 | $10988 | $11698 |
| **5/31/21** | $12207 | $12139 | $10996 | $11733 |
| **6/30/21** | $12183 | $12224 | $10979 | $11744 |
| **7/31/21** | $12196 | $12361 | $10997 | $11799 |
| **8/31/21** | $12217 | $12337 | $10996 | $11788 |
| **9/30/21** | $12267 | $12231 | $10985 | $11752 |
| **10/31/21** | $12152 | $12227 | $10952 | $11702 |
| **11/30/21** | $12114 | $12263 | $10954 | $11694 |
| **12/31/21** | $12090 | $12232 | $10927 | $11687 |
| **1/31/22** | $11996 | $11968 | $10855 | $11543 |
| **2/28/22** | $11857 | $11835 | $10815 | $11462 |
| **3/31/22** | $11649 | $11506 | $10671 | $11251 |
| **4/30/22** | $11711 | $11069 | $10620 | $11073 |
| **5/31/22** | $11700 | $11141 | $10679 | $11153 |
| **6/30/22** | $11539 | $10966 | $10617 | $11017 |
| **7/31/22** | $11486 | $11234 | $10653 | $11161 |
| **8/31/22** | $11537 | $10917 | $10576 | $11006 |
| **9/30/22** | $11478 | $10445 | $10451 | $10767 |
| **10/31/22** | $11355 | $10310 | $10441 | $10739 |
| **11/30/22** | $11280 | $10689 | $10507 | $10936 |
| **12/31/22** | $11421 | $10641 | $10528 | $10943 |
| **1/31/23** | $11448 | $10968 | $10600 | $11109 |
| **2/28/23** | $11514 | $10684 | $10524 | $10963 |
| **3/31/23** | $11516 | $10956 | $10692 | $11163 |
| **4/30/23** | $11581 | $11022 | $10719 | $11219 |
| **5/31/23** | $11597 | $10902 | $10682 | $11158 |
| **6/30/23** | $11553 | $10863 | $10630 | $11117 |
| **7/31/23** | $11671 | $10856 | $10668 | $11166 |
| **8/31/23** | $11767 | $10786 | $10710 | $11181 |
| **9/30/23** | $11879 | $10512 | $10709 | $11107 |
| **10/31/23** | $12004 | $10346 | $10745 | $11087 |
| **11/30/23** | $12024 | $10815 | $10854 | $11338 |
| **12/31/23** | $12115 | $11229 | $10976 | $11556 |
| **1/31/24** | $12216 | $11198 | $11018 | $11589 |
| **2/29/24** | $12233 | $11040 | $10973 | $11514 |
| **3/31/24** | $12296 | $11142 | $11009 | $11585 |
| **4/30/24** | $12320 | $10860 | $10973 | $11488 |
| **5/31/24** | $12371 | $11044 | $11048 | $11607 |
| **6/30/24** | $12445 | $11149 | $11112 | $11682 |
| **7/31/24** | $12565 | $11409 | $11239 | $11864 |
| **8/31/24** | $12657 | $11573 | $11340 | $11993 |
| **9/30/24** | $12745 | $11728 | $11431 | $12117 |
| **10/31/24** | $12738 | $11437 | $11364 | $11988 |
| **11/30/24** | $12774 | $11558 | $11398 | $12055 |
| **12/31/24** | $12940 | $11369 | $11424 | $12025 |
| **1/31/25** | $13052 | $11430 | $11474 | $12088 |
| **2/28/25** | $13078 | $11681 | $11552 | $12213 |
| **3/31/25** | $13161 | $11685 | $11606 | $12260 |
| **4/30/25** | $13220 | $11731 | $11698 | $12348 |
| **5/31/25** | $13239 | $11647 | $11673 | $12342 |
| **6/30/25** | $13295 | $11826 | $11743 | $12460 |
| **7/31/25** | $13333 | $11795 | $11737 | $12462 |
| **8/31/25** | $13522 | $11936 | $11838 | $12590 |
| **9/30/25** | $13515 | $12067 | $11874 | $12653 |
| **10/31/25** | $13571 | $12142 | $11914 | $12699 |
| **11/30/25** | $13635 | $12217 | $11968 | $12772 |
| **12/31/25** | $13722 | $12199 | $12007 | $12804 |

---

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 December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Fixed Income SHares: Series LD | 6.05% | 2.64% | 3.21% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| ICE BofA 1-3 Year U.S. Treasury Index | 5.10% | 1.79% | 1.85% |
| 50% ICE BofA 1-3 Year U.S. Treasury Index/50% Bloomberg U.S. Intermediate Credit Index | 6.48% | 1.68% | 2.50% |

---

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<sup>**Footnote Reference \***</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $58766 |
| # of Portfolio Holdings | 457 |
| Portfolio Turnover Rate | 348% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 48.7% |
| Asset-Backed Securities | 35.3% |
| Corporate Bonds & Notes | 33.6% |
| Non-Agency Mortgage-Backed Securities | 13.3% |
| Sovereign Issues | 3.9% |
| U.S. Treasury Obligations | 2.8% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 5.4% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (43.5%) |
| Total | 100.0% |

---

---

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

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.10% as a result of lower expenses related to interest.

## 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: **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](g751013i1841a0e8a72593ad90e6.jpg)

# FXIDX
![Image](g751013i2c6b9d4ee02b29fc59b6.jpg)

# Fixed Income SHares: Series LD
Annual Shareholder Report \| December 31, 2025

FISH2761TSRAR_123125

# FXIMX

# Fixed Income SHares: Series M

#### Annual Shareholder Report \| December 31, 2025
![Image](g751013i3fcbed555d3f8f7740ed.jpg)

This annual shareholder report contains important information about the Fixed Income SHares: Series M (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (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)**.

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

## What were the Portfolio costs for the reporting period?
(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 | $9 | 0.09% |

---

## 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:

* Curve positioning in the U.S., including overweight exposure to the seven-year portion of the curve, contributed to relative performance, as yields fell. 

* Long exposure to securitized credit, namely non-agency residential mortgage-backed securities ("MBS"), contributed to relative performance, as non-agency residential MBS spreads tightened. 

* Long exposure to agency MBS contributed to relative performance, as agency MBS spreads tightened. 

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

* Short exposure to select emerging market currencies in Asia, particularly the Taiwanese dollar, detracted from relative performance, as it appreciated relative to the U.S. dollar. 

* Curve positioning in Australia, including long exposure to the ten-year portion of the curve, detracted from relative performance, as yields rose.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). 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.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 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
![Growth of 10K Chart](g751013i0bf5df941381c32c449e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fixed Income SHares: Series M** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Credit Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10105 | $10138 | $10052 |
| **2/29/16** | $10175 | $10210 | $10136 |
| **3/31/16** | $10381 | $10303 | $10392 |
| **4/30/16** | $10526 | $10343 | $10519 |
| **5/31/16** | $10681 | $10345 | $10514 |
| **6/30/16** | $10991 | $10531 | $10754 |
| **7/31/16** | $11314 | $10598 | $10895 |
| **8/31/16** | $11345 | $10586 | $10916 |
| **9/30/16** | $11376 | $10580 | $10886 |
| **10/31/16** | $11266 | $10499 | $10793 |
| **11/30/16** | $10814 | $10250 | $10499 |
| **12/31/16** | $10878 | $10265 | $10563 |
| **1/31/17** | $10967 | $10285 | $10598 |
| **2/28/17** | $11144 | $10354 | $10716 |
| **3/31/17** | $11203 | $10349 | $10700 |
| **4/30/17** | $11343 | $10428 | $10807 |
| **5/31/17** | $11519 | $10509 | $10923 |
| **6/30/17** | $11542 | $10498 | $10952 |
| **7/31/17** | $11673 | $10543 | $11032 |
| **8/31/17** | $11886 | $10638 | $11124 |
| **9/30/17** | $11876 | $10587 | $11099 |
| **10/31/17** | $11878 | $10593 | $11137 |
| **11/30/17** | $11869 | $10580 | $11127 |
| **12/31/17** | $11922 | $10628 | $11215 |
| **1/31/18** | $11807 | $10506 | $11111 |
| **2/28/18** | $11760 | $10406 | $10943 |
| **3/31/18** | $11857 | $10473 | $10977 |
| **4/30/18** | $11788 | $10395 | $10877 |
| **5/31/18** | $11884 | $10469 | $10932 |
| **6/30/18** | $11912 | $10456 | $10880 |
| **7/31/18** | $11950 | $10459 | $10958 |
| **8/31/18** | $12027 | $10526 | $11014 |
| **9/30/18** | $12027 | $10458 | $10977 |
| **10/31/18** | $11984 | $10376 | $10824 |
| **11/30/18** | $11980 | $10438 | $10816 |
| **12/31/18** | $12187 | $10630 | $10979 |
| **1/31/19** | $12333 | $10742 | $11216 |
| **2/28/19** | $12395 | $10736 | $11240 |
| **3/31/19** | $12538 | $10942 | $11514 |
| **4/30/19** | $12647 | $10945 | $11571 |
| **5/31/19** | $12773 | $11139 | $11740 |
| **6/30/19** | $12894 | $11279 | $12006 |
| **7/31/19** | $12976 | $11304 | $12068 |
| **8/31/19** | $13156 | $11597 | $12445 |
| **9/30/19** | $13134 | $11535 | $12364 |
| **10/31/19** | $13188 | $11570 | $12434 |
| **11/30/19** | $13206 | $11564 | $12458 |
| **12/31/19** | $13211 | $11556 | $12493 |
| **1/31/20** | $13467 | $11778 | $12786 |
| **2/29/20** | $13642 | $11990 | $12960 |
| **3/31/20** | $12697 | $11920 | $12101 |
| **4/30/20** | $13161 | $12132 | $12654 |
| **5/31/20** | $13400 | $12188 | $12860 |
| **6/30/20** | $13704 | $12265 | $13095 |
| **7/31/20** | $13998 | $12448 | $13499 |
| **8/31/20** | $14059 | $12348 | $13328 |
| **9/30/20** | $14121 | $12341 | $13291 |
| **10/31/20** | $14055 | $12286 | $13262 |
| **11/30/20** | $14282 | $12406 | $13600 |
| **12/31/20** | $14416 | $12424 | $13662 |
| **1/31/21** | $14405 | $12334 | $13499 |
| **2/28/21** | $14316 | $12156 | $13265 |
| **3/31/21** | $14202 | $12005 | $13054 |
| **4/30/21** | $14350 | $12099 | $13192 |
| **5/31/21** | $14427 | $12139 | $13287 |
| **6/30/21** | $14563 | $12224 | $13487 |
| **7/31/21** | $14714 | $12361 | $13663 |
| **8/31/21** | $14726 | $12337 | $13630 |
| **9/30/21** | $14656 | $12231 | $13484 |
| **10/31/21** | $14558 | $12227 | $13513 |
| **11/30/21** | $14613 | $12263 | $13525 |
| **12/31/21** | $14625 | $12232 | $13514 |
| **1/31/22** | $14366 | $11968 | $13081 |
| **2/28/22** | $14191 | $11835 | $12834 |
| **3/31/22** | $13731 | $11506 | $12511 |
| **4/30/22** | $13212 | $11069 | $11856 |
| **5/31/22** | $13179 | $11141 | $11961 |
| **6/30/22** | $12872 | $10966 | $11648 |
| **7/31/22** | $13171 | $11234 | $12002 |
| **8/31/22** | $12852 | $10917 | $11663 |
| **9/30/22** | $12345 | $10445 | $11072 |
| **10/31/22** | $12166 | $10310 | $10958 |
| **11/30/22** | $12443 | $10689 | $11502 |
| **12/31/22** | $12432 | $10641 | $11452 |
| **1/31/23** | $12790 | $10968 | $11889 |
| **2/28/23** | $12708 | $10684 | $11531 |
| **3/31/23** | $12754 | $10956 | $11847 |
| **4/30/23** | $12854 | $11022 | $11941 |
| **5/31/23** | $12884 | $10902 | $11774 |
| **6/30/23** | $12887 | $10863 | $11811 |
| **7/31/23** | $12945 | $10856 | $11847 |
| **8/31/23** | $12934 | $10786 | $11761 |
| **9/30/23** | $12677 | $10512 | $11456 |
| **10/31/23** | $12431 | $10346 | $11252 |
| **11/30/23** | $13011 | $10815 | $11890 |
| **12/31/23** | $13550 | $11229 | $12389 |
| **1/31/24** | $13599 | $11198 | $12367 |
| **2/29/24** | $13522 | $11040 | $12189 |
| **3/31/24** | $13702 | $11142 | $12339 |
| **4/30/24** | $13404 | $10860 | $12032 |
| **5/31/24** | $13657 | $11044 | $12251 |
| **6/30/24** | $13834 | $11149 | $12332 |
| **7/31/24** | $14197 | $11409 | $12622 |
| **8/31/24** | $14433 | $11573 | $12818 |
| **9/30/24** | $14611 | $11728 | $13037 |
| **10/31/24** | $14353 | $11437 | $12722 |
| **11/30/24** | $14602 | $11558 | $12884 |
| **12/31/24** | $14372 | $11369 | $12641 |
| **1/31/25** | $14490 | $11430 | $12712 |
| **2/28/25** | $14906 | $11681 | $12970 |
| **3/31/25** | $14925 | $11685 | $12939 |
| **4/30/25** | $14914 | $11731 | $12947 |
| **5/31/25** | $14852 | $11647 | $12938 |
| **6/30/25** | $15160 | $11826 | $13175 |
| **7/31/25** | $15127 | $11795 | $13182 |
| **8/31/25** | $15357 | $11936 | $13321 |
| **9/30/25** | $15615 | $12067 | $13513 |
| **10/31/25** | $15831 | $12142 | $13572 |
| **11/30/25** | $15967 | $12217 | $13657 |
| **12/31/25** | $15900 | $12199 | $13631 |

---

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 December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Fixed Income SHares: Series M | 10.63% | 1.98% | 4.75% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. Credit Index | 7.83% | (0.05%) | 3.15% |

---

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<sup>**Footnote Reference \***</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1839429 |
| # of Portfolio Holdings | 1199 |
| Portfolio Turnover Rate | 606% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 45.5% |
| Corporate Bonds & Notes | 34.2% |
| Asset-Backed Securities | 28.8% |
| Non-Agency Mortgage-Backed Securities | 14.9% |
| Sovereign Issues | 9.0% |
| U.S. Treasury Obligations | 8.8% |
| Preferred Securities | 1.0% |
| Municipal Bonds & Notes | 0.6% |
| Loan Participations and Assignments | 0.3% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 1.4% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (44.4%) |
| Total | 100.0% |

---

---

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

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

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

## Additional Information
For additional information about the 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: **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](g751013i1841a0e8a72593ad90e6.jpg)

# FXIMX
![Image](g751013i2c6b9d4ee02b29fc59b6.jpg)

# Fixed Income SHares: Series M
Annual Shareholder Report \| December 31, 2025

FISH2756TSRAR_123125

# FXIRX

# Fixed Income SHares: Series R

#### Annual Shareholder Report \| December 31, 2025
![Image](g751013i3fcbed555d3f8f7740ed.jpg)

This annual shareholder report contains important information about the Fixed Income SHares: Series R (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (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)**.

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

## What were the Portfolio costs for the reporting period?
(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 | $414 | 3.92% |

---

## 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:

* Interest rate strategies in the U.S., including a yield curve steepening position and short exposure to swap spreads, contributed to relative performance, as the U.S. yield curve steepened and swap spreads widened. 

* Eurozone yield curve positioning, specifically long exposure to intermediate maturities combined with short exposure to long-term maturities, contributed to relative performance, as the eurozone yield curve steepened. 

* Exposure to securitized assets, including collateralized loan obligations and U.S. agency mortgage-backed securities, contributed to relative performance, as spreads broadly tightened across these sectors.

* Overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as U.S. breakeven inflation rates fell. 

* Short exposure to gold, which is part of a broader relative value trade between gold and real yields, detracted from relative performance, as gold returns were positive.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). 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.

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 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
![Growth of 10K Chart](g751013ia72e60dc0a2214b4dfaa.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $10022 | $10138 | $10148 | $10182 |
| **2/29/16** | $9933 | $10210 | $10261 | $10348 |
| **3/31/16** | $10302 | $10303 | $10446 | $10514 |
| **4/30/16** | $10427 | $10343 | $10482 | $10566 |
| **5/31/16** | $10331 | $10345 | $10408 | $10470 |
| **6/30/16** | $10537 | $10531 | $10624 | $10696 |
| **7/31/16** | $10669 | $10598 | $10716 | $10769 |
| **8/31/16** | $10644 | $10586 | $10668 | $10695 |
| **9/30/16** | $10763 | $10580 | $10727 | $10778 |
| **10/31/16** | $10723 | $10499 | $10684 | $10728 |
| **11/30/16** | $10530 | $10250 | $10479 | $10476 |
| **12/31/16** | $10568 | $10265 | $10468 | $10456 |
| **1/31/17** | $10697 | $10285 | $10556 | $10551 |
| **2/28/17** | $10773 | $10354 | $10606 | $10608 |
| **3/31/17** | $10801 | $10349 | $10600 | $10599 |
| **4/30/17** | $10838 | $10428 | $10663 | $10696 |
| **5/31/17** | $10853 | $10509 | $10659 | $10698 |
| **6/30/17** | $10751 | $10498 | $10557 | $10575 |
| **7/31/17** | $10831 | $10543 | $10605 | $10651 |
| **8/31/17** | $10959 | $10638 | $10717 | $10777 |
| **9/30/17** | $10915 | $10587 | $10649 | $10674 |
| **10/31/17** | $10963 | $10593 | $10671 | $10696 |
| **11/30/17** | $10992 | $10580 | $10685 | $10707 |
| **12/31/17** | $11114 | $10628 | $10783 | $10803 |
| **1/31/18** | $11040 | $10506 | $10691 | $10675 |
| **2/28/18** | $10914 | $10406 | $10587 | $10565 |
| **3/31/18** | $11026 | $10473 | $10698 | $10688 |
| **4/30/18** | $11020 | $10395 | $10692 | $10670 |
| **5/31/18** | $11011 | $10469 | $10737 | $10725 |
| **6/30/18** | $11111 | $10456 | $10780 | $10773 |
| **7/31/18** | $11095 | $10459 | $10729 | $10705 |
| **8/31/18** | $11126 | $10526 | $10806 | $10799 |
| **9/30/18** | $11013 | $10458 | $10692 | $10664 |
| **10/31/18** | $10769 | $10376 | $10539 | $10529 |
| **11/30/18** | $10793 | $10438 | $10589 | $10598 |
| **12/31/18** | $10834 | $10630 | $10647 | $10661 |
| **1/31/19** | $11108 | $10742 | $10790 | $10845 |
| **2/28/19** | $11114 | $10736 | $10789 | $10843 |
| **3/31/19** | $11394 | $10942 | $10987 | $11076 |
| **4/30/19** | $11428 | $10945 | $11024 | $11114 |
| **5/31/19** | $11650 | $11139 | $11206 | $11320 |
| **6/30/19** | $11733 | $11279 | $11302 | $11457 |
| **7/31/19** | $11781 | $11304 | $11342 | $11499 |
| **8/31/19** | $11994 | $11597 | $11612 | $11776 |
| **9/30/19** | $11875 | $11535 | $11454 | $11583 |
| **10/31/19** | $11884 | $11570 | $11483 | $11625 |
| **11/30/19** | $11935 | $11564 | $11501 | $11611 |
| **12/31/19** | $12036 | $11556 | $11544 | $11670 |
| **1/31/20** | $12383 | $11778 | $11787 | $11950 |
| **2/29/20** | $12498 | $11990 | $11950 | $12110 |
| **3/31/20** | $12178 | $11920 | $11740 | $11912 |
| **4/30/20** | $12714 | $12132 | $12066 | $12265 |
| **5/31/20** | $12805 | $12188 | $12103 | $12313 |
| **6/30/20** | $13050 | $12265 | $12238 | $12474 |
| **7/31/20** | $13515 | $12448 | $12519 | $12756 |
| **8/31/20** | $13683 | $12348 | $12656 | $12966 |
| **9/30/20** | $13616 | $12341 | $12609 | $12907 |
| **10/31/20** | $13526 | $12286 | $12528 | $12812 |
| **11/30/20** | $13785 | $12406 | $12668 | $12928 |
| **12/31/20** | $14033 | $12424 | $12813 | $13102 |
| **1/31/21** | $14124 | $12334 | $12856 | $13168 |
| **2/28/21** | $13757 | $12156 | $12649 | $12828 |
| **3/31/21** | $13722 | $12005 | $12625 | $12840 |
| **4/30/21** | $13992 | $12099 | $12801 | $13076 |
| **5/31/21** | $14207 | $12139 | $12956 | $13216 |
| **6/30/21** | $14313 | $12224 | $13035 | $13298 |
| **7/31/21** | $14816 | $12361 | $13382 | $13754 |
| **8/31/21** | $14774 | $12337 | $13359 | $13725 |
| **9/30/21** | $14597 | $12231 | $13263 | $13564 |
| **10/31/21** | $14714 | $12227 | $13414 | $13717 |
| **11/30/21** | $14869 | $12263 | $13534 | $13827 |
| **12/31/21** | $15041 | $12232 | $13577 | $13916 |
| **1/31/22** | $14541 | $11968 | $13302 | $13596 |
| **2/28/22** | $14617 | $11835 | $13416 | $13724 |
| **3/31/22** | $14393 | $11506 | $13166 | $13505 |
| **4/30/22** | $13921 | $11069 | $12897 | $13082 |
| **5/31/22** | $13671 | $11141 | $12769 | $12975 |
| **6/30/22** | $13034 | $10966 | $12365 | $12502 |
| **7/31/22** | $13865 | $11234 | $12903 | $13231 |
| **8/31/22** | $13342 | $10917 | $12560 | $12812 |
| **9/30/22** | $11961 | $10445 | $11729 | $11719 |
| **10/31/22** | $12233 | $10310 | $11875 | $11850 |
| **11/30/22** | $12595 | $10689 | $12092 | $12159 |
| **12/31/22** | $12440 | $10641 | $11968 | $11970 |
| **1/31/23** | $12737 | $10968 | $12188 | $12291 |
| **2/28/23** | $12440 | $10684 | $12020 | $12004 |
| **3/31/23** | $12878 | $10956 | $12368 | $12496 |
| **4/30/23** | $12889 | $11022 | $12381 | $12499 |
| **5/31/23** | $12640 | $10902 | $12233 | $12300 |
| **6/30/23** | $12600 | $10863 | $12192 | $12208 |
| **7/31/23** | $12647 | $10856 | $12207 | $12234 |
| **8/31/23** | $12423 | $10786 | $12098 | $12034 |
| **9/30/23** | $12095 | $10512 | $11875 | $11724 |
| **10/31/23** | $11945 | $10346 | $11789 | $11584 |
| **11/30/23** | $12434 | $10815 | $12109 | $11978 |
| **12/31/23** | $12820 | $11229 | $12435 | $12372 |
| **1/31/24** | $12916 | $11198 | $12457 | $12441 |
| **2/29/24** | $12739 | $11040 | $12323 | $12227 |
| **3/31/24** | $12852 | $11142 | $12424 | $12337 |
| **4/30/24** | $12535 | $10860 | $12215 | $12063 |
| **5/31/24** | $12858 | $11044 | $12424 | $12299 |
| **6/30/24** | $12962 | $11149 | $12522 | $12417 |
| **7/31/24** | $13341 | $11409 | $12745 | $12704 |
| **8/31/24** | $13488 | $11573 | $12845 | $12809 |
| **9/30/24** | $13737 | $11728 | $13038 | $13020 |
| **10/31/24** | $13329 | $11437 | $12804 | $12684 |
| **11/30/24** | $13454 | $11558 | $12866 | $12750 |
| **12/31/24** | $13121 | $11369 | $12663 | $12479 |
| **1/31/25** | $13367 | $11430 | $12827 | $12667 |
| **2/28/25** | $13792 | $11681 | $13106 | $12999 |
| **3/31/25** | $13942 | $11685 | $13190 | $13129 |
| **4/30/25** | $13888 | $11731 | $13206 | $13115 |
| **5/31/25** | $13797 | $11647 | $13128 | $13064 |
| **6/30/25** | $14057 | $11826 | $13254 | $13236 |
| **7/31/25** | $14080 | $11795 | $13270 | $13252 |
| **8/31/25** | $14465 | $11936 | $13474 | $13531 |
| **9/30/25** | $14527 | $12067 | $13532 | $13569 |
| **10/31/25** | $14655 | $12142 | $13580 | $13618 |
| **11/30/25** | $14686 | $12217 | $13605 | $13690 |
| **12/31/25** | $14590 | $12199 | $13550 | $13589 |

---

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 December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Fixed Income SHares: Series R | 11.20% | 0.78% | 3.85% |
| Bloomberg U.S. Aggregate Index | 7.30% | (0.36%) | 2.01% |
| Bloomberg U.S. TIPS Index | 7.01% | 1.12% | 3.09% |
| ICE BofA U.S. Treasury Inflation-Linked 7-10 Year Index | 8.90% | 0.73% | 3.11% |

---

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<sup>**Footnote Reference \***</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $164652 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 157% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 142.7% |
| U.S. Government Agencies | 40.6% |
| Asset-Backed Securities | 14.7% |
| Sovereign Issues | 8.5% |
| Corporate Bonds & Notes | 2.3% |
| Non-Agency Mortgage-Backed Securities | 0.8% |
| Short-Term Instruments | 3.6% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (113.0%) |
| Total | 100.0% |

---

---

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

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next prospectus, which we expect to be available by April 30, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.38% as a result of lower expenses related to interest.

## 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: **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](g751013i1841a0e8a72593ad90e6.jpg)

# FXIRX
![Image](g751013i2c6b9d4ee02b29fc59b6.jpg)

# Fixed Income SHares: Series R
Annual Shareholder Report \| December 31, 2025

FISH2757TSRAR_123125

# FXIEX

# Fixed Income SHares: Series TE

#### Annual Shareholder Report \| December 31, 2025
![Image](g751013i3fcbed555d3f8f7740ed.jpg)

This annual shareholder report contains important information about the Fixed Income SHares: Series TE (the "Portfolio") for the period of January 1, 2025 to December 31, 2025 (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 reporting period?
(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:

* Security selection within the transportation sector contributed to relative performance, as the sector underperformed the broader high yield municipal market. 

* Overweight exposure to the housing sector contributed to relative performance, as the sector outperformed the broader high yield municipal market. 

* Underweight exposure to the industrial revenue sector contributed to relative performance, as the sector underperformed the broader high yield municipal market. 

* Yield curve strategies detracted from relative performance, as front-end rates fell and long-end maturities rose. 

* Underweight exposure to the education sector detracted from relative performance, as the sector outperformed the broader high yield municipal market. 

* Underweight exposure to the healthcare sector detracted from relative performance, as the sector outperformed the broader high yield municipal market.

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

The graph below illustrates cumulative returns for the 10-year period ended December 31, 2025 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
![Growth of 10K Chart](g751013i223159ae106a4f393d35.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fixed Income SHares: Series TE** | **Bloomberg Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** | **50% Bloomberg 10 Year Municipal Bond Index / 50% Bloomberg High Yield Municipal Bond Index** |
| **12/31/15** | $10000 | $10000 | $10000 | $10000 |
| **1/31/16** | $10065 | $10119 | $10057 | $10104 |
| **2/29/16** | $10062 | $10135 | $10167 | $10164 |
| **3/31/16** | $10127 | $10167 | $10274 | $10232 |
| **4/30/16** | $10223 | $10242 | $10337 | $10305 |
| **5/31/16** | $10249 | $10270 | $10473 | $10374 |
| **6/30/16** | $10448 | $10433 | $10798 | $10622 |
| **7/31/16** | $10444 | $10440 | $10869 | $10661 |
| **8/31/16** | $10502 | $10454 | $10908 | $10685 |
| **9/30/16** | $10480 | $10401 | $10937 | $10684 |
| **10/31/16** | $10342 | $10292 | $10801 | $10553 |
| **11/30/16** | $9950 | $9908 | $10159 | $10002 |
| **12/31/16** | $10040 | $10025 | $10299 | $10143 |
| **1/31/17** | $10117 | $10091 | $10443 | $10252 |
| **2/28/17** | $10189 | $10161 | $10692 | $10410 |
| **3/31/17** | $10243 | $10183 | $10717 | $10439 |
| **4/30/17** | $10356 | $10257 | $10789 | $10524 |
| **5/31/17** | $10534 | $10420 | $10954 | $10699 |
| **6/30/17** | $10547 | $10382 | $10930 | $10666 |
| **7/31/17** | $10661 | $10466 | $11002 | $10751 |
| **8/31/17** | $10797 | $10546 | $11154 | $10863 |
| **9/30/17** | $10778 | $10492 | $11094 | $10803 |
| **10/31/17** | $10818 | $10518 | $11124 | $10829 |
| **11/30/17** | $10787 | $10462 | $11152 | $10795 |
| **12/31/17** | $10905 | $10571 | $11297 | $10930 |
| **1/31/18** | $10829 | $10447 | $11191 | $10795 |
| **2/28/18** | $10776 | $10415 | $11199 | $10775 |
| **3/31/18** | $10788 | $10454 | $11363 | $10873 |
| **4/30/18** | $10788 | $10416 | $11414 | $10885 |
| **5/31/18** | $10929 | $10536 | $11653 | $11057 |
| **6/30/18** | $10953 | $10545 | $11711 | $11088 |
| **7/31/18** | $11008 | $10570 | $11752 | $11129 |
| **8/31/18** | $11024 | $10597 | $11846 | $11191 |
| **9/30/18** | $10979 | $10529 | $11800 | $11134 |
| **10/31/18** | $10893 | $10464 | $11652 | $11032 |
| **11/30/18** | $10943 | $10580 | $11734 | $11142 |
| **12/31/18** | $11011 | $10707 | $11835 | $11266 |
| **1/31/19** | $11090 | $10787 | $11914 | $11365 |
| **2/28/19** | $11182 | $10845 | $11978 | $11427 |
| **3/31/19** | $11352 | $11017 | $12288 | $11659 |
| **4/30/19** | $11399 | $11058 | $12357 | $11708 |
| **5/31/19** | $11583 | $11211 | $12557 | $11890 |
| **6/30/19** | $11627 | $11252 | $12623 | $11943 |
| **7/31/19** | $11706 | $11343 | $12702 | $12033 |
| **8/31/19** | $11901 | $11521 | $13008 | $12270 |
| **9/30/19** | $11844 | $11429 | $12981 | $12198 |
| **10/31/19** | $11867 | $11450 | $13009 | $12220 |
| **11/30/19** | $11903 | $11478 | $13059 | $12258 |
| **12/31/19** | $11938 | $11513 | $13098 | $12301 |
| **1/31/20** | $12146 | $11720 | $13421 | $12571 |
| **2/29/20** | $12342 | $11871 | $13704 | $12778 |
| **3/31/20** | $11761 | $11441 | $12197 | $11856 |
| **4/30/20** | $11610 | $11297 | $11785 | $11596 |
| **5/31/20** | $11983 | $11656 | $12266 | $12022 |
| **6/30/20** | $12263 | $11752 | $12752 | $12299 |
| **7/31/20** | $12500 | $11950 | $13099 | $12576 |
| **8/31/20** | $12451 | $11894 | $13133 | $12558 |
| **9/30/20** | $12404 | $11897 | $13146 | $12567 |
| **10/31/20** | $12380 | $11861 | $13169 | $12558 |
| **11/30/20** | $12627 | $12040 | $13486 | $12802 |
| **12/31/20** | $12796 | $12113 | $13739 | $12962 |
| **1/31/21** | $12924 | $12191 | $14025 | $13134 |
| **2/28/21** | $12722 | $11997 | $13878 | $12954 |
| **3/31/21** | $12796 | $12071 | $14029 | $13061 |
| **4/30/21** | $12919 | $12172 | $14234 | $13208 |
| **5/31/21** | $12989 | $12208 | $14397 | $13294 |
| **6/30/21** | $13062 | $12242 | $14580 | $13391 |
| **7/31/21** | $13160 | $12344 | $14755 | $13535 |
| **8/31/21** | $13123 | $12298 | $14732 | $13507 |
| **9/30/21** | $13050 | $12209 | $14636 | $13407 |
| **10/31/21** | $13025 | $12174 | $14576 | $13353 |
| **11/30/21** | $13149 | $12277 | $14768 | $13488 |
| **12/31/21** | $13185 | $12297 | $14806 | $13521 |
| **1/31/22** | $12862 | $11961 | $14391 | $13136 |
| **2/28/22** | $12764 | $11918 | $14358 | $13100 |
| **3/31/22** | $12406 | $11531 | $13839 | $12658 |
| **4/30/22** | $12077 | $11212 | $13348 | $12266 |
| **5/31/22** | $12219 | $11379 | $13494 | $12432 |
| **6/30/22** | $11923 | $11193 | $13063 | $12166 |
| **7/31/22** | $12305 | $11488 | $13551 | $12571 |
| **8/31/22** | $12046 | $11237 | $13249 | $12316 |
| **9/30/22** | $11524 | $10805 | $12433 | $11718 |
| **10/31/22** | $11376 | $10715 | $12178 | $11567 |
| **11/30/22** | $11893 | $11217 | $12887 | $12145 |
| **12/31/22** | $11879 | $11249 | $12866 | $12186 |
| **1/31/23** | $12269 | $11572 | $13437 | $12621 |
| **2/28/23** | $12006 | $11310 | $13015 | $12297 |
| **3/31/23** | $12186 | $11561 | $13218 | $12521 |
| **4/30/23** | $12309 | $11535 | $13294 | $12543 |
| **5/31/23** | $12280 | $11435 | $13202 | $12430 |
| **6/30/23** | $12463 | $11549 | $13436 | $12587 |
| **7/31/23** | $12510 | $11595 | $13524 | $12657 |
| **8/31/23** | $12402 | $11428 | $13319 | $12475 |
| **9/30/23** | $12097 | $11093 | $12866 | $12091 |
| **10/31/23** | $11907 | $10999 | $12660 | $11957 |
| **11/30/23** | $12668 | $11697 | $13641 | $12760 |
| **12/31/23** | $13036 | $11969 | $14051 | $13100 |
| **1/31/24** | $13129 | $11908 | $13986 | $13036 |
| **2/29/24** | $13275 | $11923 | $14096 | $13091 |
| **3/31/24** | $13332 | $11923 | $14263 | $13163 |
| **4/30/24** | $13198 | $11775 | $14175 | $13034 |
| **5/31/24** | $13298 | $11740 | $14283 | $13006 |
| **6/30/24** | $13500 | $11920 | $14632 | $13263 |
| **7/31/24** | $13664 | $12029 | $14793 | $13389 |
| **8/31/24** | $13778 | $12124 | $14967 | $13529 |
| **9/30/24** | $13955 | $12244 | $15102 | $13651 |
| **10/31/24** | $13758 | $12065 | $14872 | $13434 |
| **11/30/24** | $13983 | $12274 | $15191 | $13680 |
| **12/31/24** | $13757 | $12095 | $14939 | $13486 |
| **1/31/25** | $13867 | $12156 | $15052 | $13593 |
| **2/28/25** | $14046 | $12276 | $15240 | $13758 |
| **3/31/25** | $13855 | $12068 | $15061 | $13559 |
| **4/30/25** | $13739 | $11971 | $14792 | $13388 |
| **5/31/25** | $13710 | $11978 | $14803 | $13436 |
| **6/30/25** | $13809 | $12053 | $14889 | $13534 |
| **7/31/25** | $13709 | $12029 | $14665 | $13440 |
| **8/31/25** | $13842 | $12133 | $14743 | $13537 |
| **9/30/25** | $14293 | $12414 | $15132 | $13850 |
| **10/31/25** | $14477 | $12568 | $15284 | $14004 |
| **11/30/25** | $14517 | $12597 | $15343 | $14050 |
| **12/31/25** | $14518 | $12608 | $15306 | $14050 |

---

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 December 31, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Fixed Income SHares: Series TE | 5.53% | 2.56% | 3.80% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |
| Bloomberg High Yield Municipal Bond Index | 2.46% | 2.18% | 4.35% |
| 50% Bloomberg 10 Year Municipal Bond Index / 50% Bloomberg High Yield Municipal Bond Index | 4.18% | 1.63% | 3.46% |

---

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<sup>**Footnote Reference \***</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $257467 |
| # of Portfolio Holdings | 350 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Municipal Bonds & Notes | 86.9% |
| Loan Participations and Assignments | 3.7% |
| U.S. Government Agencies | 2.7% |
| Corporate Bonds & Notes | 0.3% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 5.7% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

---

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

---

## 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: **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](g751013i1841a0e8a72593ad90e6.jpg)

# FXIEX
![Image](g751013i2c6b9d4ee02b29fc59b6.jpg)

# Fixed Income SHares: Series TE
Annual Shareholder Report \| December 31, 2025

FISH2760TSRAR_123125

------

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | Audit Fees |
|  | December 31, 2025 | $273249 |
|  | December 31, 2024 | $268924 |
| (b) | <u>Fiscal Year Ended</u> | Audit-Related Fees<sup>(1)</sup> |
|  | December 31, 2025 | $— |
|  | December 31, 2024 | $— |
| (c) | <u>Fiscal Year Ended</u> | Tax Fees <sup>(2)</sup> |
|  | December 31, 2025 | $— |
|  | December 31, 2024 | $— |
| (d) | <u>Fiscal Year Ended</u> | All Other Fees <sup>(3)</sup> |
|  | December 31, 2025 | $— |
|  | December 31, 2024 | $— |

---

"Audit Fees" represents fees billed for each of the last two fiscal years for professional services rendered for the audit and review of the Registrant's annual financial statements for those fiscal years or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents fees billed for each of the last two fiscal years for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "Audit Fees" above, and that include accounting consultations, agreed-upon procedure reports (inclusive of annual review of basic maintenance testing associated with the Preferred Shares), attestation reports and comfort letters for those fiscal years.

"Tax Fees" represents fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, and tax distribution and analysis reviews.

"All Other Fees" represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported above under "Audit Fees," "Audit-Related Fees" and "Tax Fees" for the last two fiscal years.

------

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

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

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

(e) Pre-approval policies and procedures

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

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

(f) Not applicable.

(g) ---

| | | |
|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
| Entity | December 31, 2025 | December 31, 2024 |
| &nbsp;&nbsp; PIMCO Managed Accounts Trust | $— | $— |
| &nbsp;&nbsp; Pacific Investment Management Company LLC ("PIMCO") | 43373395 | 18926240 |
| &nbsp;&nbsp; Totals | $43373395 | $18926240 |

---

(h) The Registrant's Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

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

Sarah E. Cogan

Deborah A. DeCotis

Alan Rappaport

Mark Michel Sonya Morris

Kathleen A. McCartney

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

------

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

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

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

PIMCO Managed Accounts Trust

(b) Not applicable.

------

![LOGO](g751013g13e39.jpg)

PIMCO MANAGED ACCOUNTS TRUST

## Annual Financial and Other Information
December 31, 2025

#### 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 |
| &nbsp;&nbsp; [Important Information About the Portfolios](#tx751013_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx751013_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx751013_3) | 8 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx751013_4) | 10 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx751013_5) | 12 |
| &nbsp;&nbsp; [Statements of Cash Flows (N-CSR Item 7)](#tx751013_6) | 14 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx751013_7) | 66 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx751013_8) | 86 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx751013_9) | 90 |
| &nbsp;&nbsp; [Glossary](#tx751013_10) | 91 |
| &nbsp;&nbsp; [Distribution Information](#tx751013_11) | 92 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx751013_12) | 93 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx751013_13) | 94 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx751013_14) | 95 |
| &nbsp;&nbsp; [Changes to Board of Trustees](#tx751013_15) | 96 |
| &nbsp;&nbsp; [Approval of Investment Management Agreement (N-CSR Item 11)](#tx751013_16) | 97 |
| Portfolio | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [Fixed Income SHares: Series C](#tx751013_17) | 15 |
| &nbsp;&nbsp; [Fixed Income SHares: Series LD](#tx751013_18) | 26 |
| &nbsp;&nbsp; [Fixed Income SHares: Series M](#tx751013_19) | 35 |
| &nbsp;&nbsp; [Fixed Income SHares: Series R](#tx751013_20) | 49 |
| &nbsp;&nbsp; [Fixed Income SHares: Series TE](#tx751013_21) | 58 |

---

------

Important Information About the Portfolios

PIMCO Managed Accounts Trust (the "Trust") is an open-end management investment company that includes the Fixed Income SHares: Series C, Fixed Income SHares: Series LD, Fixed Income SHares: Series M, Fixed Income SHares: Series R and Fixed Income SHares: Series TE (each, a "Portfolio" and collectively, 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 experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolios may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a 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 note 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. All 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, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a 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.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain

---

| | |
|:---|:---|
| **2** | **PIMCO MANAGED ACCOUNTS TRUST** |

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------

bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolios and their investments.

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

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<br>of Operations | Diversification<br>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 |

---

An investment in a Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the 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 shareholder 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 the 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 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.

---

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

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------

Important Information About the Portfolios (Cont.)

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the 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 Trust 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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

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

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11,

2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO MANAGED ACCOUNTS TRUST** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

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

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------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss<sup>)(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **Series C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $8.86 | $0.46 | $0.42 | $0.88 | $(0.50) | $0.00 | $0.00 | $(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.84 | 0.44 | 0.02 | 0.46 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.54 | 0.40 | 0.29 | 0.69 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.77 | 0.33 | (2.12) | (1.79) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.08 | 0.34 | (0.31) | 0.03 | (0.34) | 0.00 | 0.00 | (0.34) |
|  **Series LD** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $8.98 | $0.41 | $0.12 | $0.53 | $(0.29) | $0.00 | $(0.16) | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.81 | 0.38 | 0.21 | 0.59 | (0.37) | 0.00 | (0.05) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.59 | 0.34 | 0.17 | 0.51 | (0.17) | 0.00 | (0.12) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.41 | 0.25 | (0.77) | (0.52) | (0.26) | (0.04) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 9.62 | 0.28 | (0.24) | 0.04 | (0.25) | 0.00 | 0.00 | (0.25) |
|  **Series M** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $8.60 | $0.48 | $0.41 | $0.89 | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.60 | 0.50 | 0.01 | 0.51 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.35 | 0.47 | 0.26 | 0.73 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.33 | 0.42 | (1.95) | (1.53) | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.68 | 0.42 | (0.26) | 0.16 | (0.42) | (0.09) | 0.00 | (0.51) |
|  **Series R** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $8.02 | $0.37 | $0.52 | $0.89 | $(0.35) | $0.00 | $0.00 | $(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.99 | 0.20 | (0.01) | 0.19 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.94 | 0.19 | 0.05 | 0.24 | (0.04) | 0.00 | (0.15) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.79 | 0.81 | (2.59) | (1.78) | (1.07) | 0.00 | 0.00 | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.74 | 0.72 | 0.02 | 0.74 | (0.69) | 0.00 | 0.00 | (0.69) |
|  **Series TE** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2025 | $9.72 | $0.47 | $0.05 | $0.52 | $(0.47) | $0.00 | $0.00 | $(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.67 | 0.48 | 0.05 | 0.53 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.25 | 0.47 | 0.41 | 0.88 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.71 | 0.41 | (1.47) | (1.06) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.76 | 0.38 | (0.06) | 0.32 | (0.37) | 0.00 | 0.00 | (0.37) |

---

---

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

---

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

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

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

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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 |

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------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)(e)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses<sup>(f)</sup>** | **Expenses<br>Excluding<br>Waivers<sup>(f)</sup>** | **Expenses<br>Excluding<br>Interest<br>Expense<sup>(f)</sup>** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers<sup>(f)</sup>** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.24 | 10.23% | $1850051 | 0.10% | 0.10% | 0.00% | 0.00% | 5.13% | 584% |
| 8.86 | 5.26 | 1588834 | 0.27 | 0.27 | 0.00 | 0.00 | 4.97 | 546 |
| 8.84 | 8.34 | 1282061 | 0.03 | 0.03 | 0.00 | 0.00 | 4.69 | 571 |
| 8.54 | (16.74) | 1155312 | 0.15 | 0.15 | 0.00 | 0.00 | 3.58 | 308 |
| 10.77 | 0.34 | 1540072 | 0.02 | 0.02 | 0.00 | 0.00 | 3.10 | 282 |
| $9.06 | 6.05% | $58766 | 1.26% | 1.26% | 0.00% | 0.00% | 4.57% | 348% |
| 8.98 | 6.81 | 50640 | 1.36 | 1.36 | 0.00 | 0.00 | 4.24 | 414 |
| 8.81 | 6.07 | 73673 | 2.31 | 2.31 | 0.00 | 0.00 | 3.90 | 192 |
| 8.59 | (5.53) | 74964 | 1.57 | 1.57 | 0.00 | 0.00 | 2.75 | 43 |
| 9.41 | 0.38 | 122608 | 0.23 | 0.23 | 0.00 | 0.00 | 2.94 | 97 |
| $9.00 | 10.63% | $1839429 | 0.09% | 0.09% | 0.00% | 0.00% | 5.44% | 606% |
| 8.60 | 6.06 | 1592323 | 0.14 | 0.14 | 0.00 | 0.00 | 5.80 | 576 |
| 8.60 | 8.99 | 1279095 | 0.04 | 0.04 | 0.00 | 0.00 | 5.62 | 569 |
| 8.35 | (14.99) | 1147875 | 0.01 | 0.01 | 0.00 | 0.00 | 4.58 | 495 |
| 10.33 | 1.45 | 1520815 | 0.01 | 0.01 | 0.00 | 0.00 | 3.97 | 468 |
| $8.56 | 11.20% | $164652 | 3.92% | 3.92% | 0.00% | 0.00% | 4.43% | 157% |
| 8.02 | 2.35 | 145985 | 4.30 | 4.30 | 0.00 | 0.00 | 2.45 | 278 |
| 7.99 | 3.05 | 163970 | 3.31 | 3.31 | 0.00 | 0.00 | 2.45 | 223 |
| 7.94 | (17.22) | 216389 | 0.87 | 0.87 | 0.00 | 0.00 | 8.88 | 93 |
| 10.79 | 7.09 | 259263 | 0.05 | 0.05 | 0.00 | 0.00 | 6.71 | 162 |
| $9.77 | 5.53% | $257467 | 0.00% | 0.00% | 0.00% | 0.00% | 4.89% | 36% |
| 9.72 | 5.53 | 157830 | 0.00 | 0.00 | 0.00 | 0.00 | 4.91 | 13 |
| 9.67 | 9.74 | 61959 | 0.06 | 0.06 | 0.00 | 0.00 | 5.05 | 56 |
| 9.25 | (9.91) | 69553 | 0.07 | 0.07 | 0.00 | 0.00 | 4.29 | 67 |
| 10.71 | 3.04 | 88310 | 0.02 | 0.02 | 0.00 | 0.00 | 3.50 | 20 |

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

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------

Statements of Assets and Liabilities

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **Series C** | **Series LD** |
|  **Assets:** |  |  |
|  *Investments, at value* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $2654847 | $81142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 38820 | 3149 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1978 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 3035 | 212 |
|  Cash | 0 | 0 |
|  Deposits with counterparty | 4713 | 1756 |
|  Foreign currency, at value | 2431 | 123 |
|  Receivable for investments sold | 21 | 0 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 |
|  Receivable for TBA investments sold | 1284644 | 39104 |
|  Receivable for Portfolio shares sold | 2703 | 0 |
|  Interest and/or dividends receivable | 20300 | 347 |
|  Dividends receivable from Affiliates | 158 | 9 |
|  Reimbursement receivable from PIMCO | 1 | 1 |
|  Other assets | 17 | 0 |
|  **Total Assets** | 4013668 | 125927 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $12361 | $16231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 44229 | 9386 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 626 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 5827 | 165 |
|  Payable for investments purchased | 40534 | 398 |
|  Payable for investments in Affiliates purchased | 166 | 10 |
|  Payable for TBA investments purchased | 2047040 | 40653 |
|  Payable for unfunded loan commitments | 0 | 0 |
|  Deposits from counterparty | 4057 | 0 |
|  Payable for Portfolio shares redeemed | 534 | 2 |
|  Distributions payable | 8242 | 244 |
|  Other liabilities | 1 | 0 |
|  **Total Liabilities** | 2163617 | 67161 |
|  **Commitments and Contingent Liabilities^** |  |  |
|  **Net Assets** | $1850051 | $58766 |
|  **Net Assets Consist of:** |  |  |
|  Shares of beneficial interest of $0.001 par value (unlimited number authorized) | $200 | $6 |
|  Paid in capital in excess of par | 2166258 | 66729 |
|  Distributable earnings (accumulated loss) | (316407) | (7969) |
|  **Net Assets** | $1850051 | $58766 |
|  **Shares Issued and Outstanding** | 200159 | 6488 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** | $9.24 | $9.06 |
|  Cost of investments in securities | $2624864 | $81528 |
|  Cost of investments in Affiliates | $38809 | $3146 |
|  Cost of foreign currency held | $2421 | $123 |
|  Proceeds received on short sales | $44228 | $9396 |
|  Cost or premiums of financial derivative instruments, net | $(653) | $152 |
|  \* Includes repurchase agreements of: | $0 | $0 |

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| | |
|:---|:---|
| <sup>†</sup> | 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.

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

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| | | |
|:---|:---|:---|
| **8** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

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------

December 31, 2025

---

| | | |
|:---|:---|:---|
| **Series M** | **Series R** | **Series TE** |
| $2633844 | $351045 | $241205 |
| 25960 | 0 | 14777 |
| 2878 | 311 | 36 |
| 3134 | 414 | 0 |
| 0 | 0 | 6 |
| 10004 | 2366 | 359 |
| 4112 | 641 | 0 |
| 8 | 1 | 3 |
| 0 | 378 | 0 |
| 1044509 | 26879 | 0 |
| 2730 | 8 | 235 |
| 15859 | 1453 | 3011 |
| 68 | 0 | 55 |
| 1 | 1 | 1 |
| 18 | 0 | 0 |
| 3743125 | 383497 | 259688 |
| $0 | $0 | $0 |
| 0 | 161770 | 0 |
| 0 | 0 | 0 |
| 4980 | 208 | 0 |
| 6015 | 776 | 0 |
| 41835 | 1328 | 0 |
| 73 | 0 | 58 |
| 1837734 | 53819 | 0 |
| 0 | 0 | 1010 |
| 4019 | 291 | 0 |
| 527 | 8 | 122 |
| 8512 | 645 | 1031 |
| 1 | 0 | 0 |
| 1903696 | 218845 | 2221 |
| $1839429 | $164652 | $257467 |
| $204 | $19 | $26 |
| 1983722 | 237510 | 257397 |
| (144497) | (72877) | 44 |
| $1839429 | $164652 | $257467 |
| 204490 | 19242 | 26352 |
| $9.00 | $8.56 | $9.77 |
| $2651274 | $366004 | $236665 |
| $25954 | $0 | $14772 |
| $4095 | $998 | $0 |
| $0 | $0 | $0 |
| $8756 | $(885) | $0 |
| $0 | $5500 | $0 |

---

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

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------

Statements of Operations

---

| | | |
|:---|:---|:---|
| Year Ended December 31, 2025 |  |  |
| (Amounts in thousands<sup>†</sup>) | **Series C** | **Series LD** |
|  **Investment Income:** |  |  |
|  Interest | $88437 | $2997 |
|  Dividends | 70 | 10 |
|  Dividends from Investments in Affiliates | 1238 | 141 |
|  Miscellaneous income | 47 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 89792 | 3148 |
|  **Expenses:** |  |  |
|  Interest expense | 1666 | 679 |
|  Miscellaneous expense | 21 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1687 | 681 |
|  **Net Investment Income (Loss)** | 88105 | 2467 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities | 15472 | 20 |
|  Investments in Affiliates | 31 | 2 |
|  Exchange-traded or centrally cleared financial derivative instruments | 13499 | 225 |
|  Over the counter financial derivative instruments | (9922) | (537) |
|  Foreign currency | 642 | 56 |
|  **Net Realized Gain (Loss)** | 19722 | (234) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in securities | 83381 | 1660 |
|  Investments in Affiliates | 11 | 3 |
|  Exchange-traded or centrally cleared financial derivative instruments | (17131) | (322) |
|  Over the counter financial derivative instruments | (5123) | (391) |
|  Foreign currency assets and liabilities | (530) | 4 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 60608 | 954 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $168435 | $3187 |

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

---

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| | | |
|:---|:---|:---|
| **10** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

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------

---

| | | |
|:---|:---|:---|
| Series M | Series R | Series TE |
| $92671 | $13280 | $9709 |
| 69 | 37 | 9 |
| 2342 | 0 | 551 |
| 0 | 0 | 0 |
| 95082 | 13317 | 10269 |
| 1575 | 6256 | 0 |
| 14 | 2 | 0 |
| 1589 | 6258 | 0 |
| 93493 | 7059 | 10269 |
| 17698 | (974) | (1641) |
| 43 | 0 | 8 |
| 19234 | (1366) | (138) |
| (7698) | (596) | 0 |
| 662 | (93) | 0 |
| 29939 | (3029) | (1771) |
| 70803 | 10791 | 3242 |
| 5 | 0 | (1) |
| (14489) | 2925 | 133 |
| (6045) | (774) | 0 |
| (621) | (208) | 0 |
| 49653 | 12734 | 3374 |
| $173085 | $16764 | $11872 |

---

---

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

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------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Series C** | **Series C** | **Series LD** | **Series LD** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $88105 | $70298 | $2467 | $2360 |
|  Net realized gain (loss) | 19722 | (15571) | (234) | (226) |
|  Net change in unrealized appreciation (depreciation) | 60608 | 12848 | 954 | 1506 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 168435 | 67575 | 3187 | 3640 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains | (95599) | (69446) | (1757) | (2317) |
|  Tax basis return of capital | 0 | 0 | (935) | (286) |
|  **Total Distributions<sup>(a)</sup>** | (95599) | (69446) | (2692) | (2603) |
|  **Portfolio Share Transactions:** |  |  |  |  |
|  Receipts for shares sold | 527941 | 590934 | 19510 | 15311 |
|  Cost of shares redeemed | (339560) | (282290) | (11879) | (39381) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 188381 | 308644 | 7631 | (24070) |
|  **Total Increase (Decrease) in Net Assets** | 261217 | 306773 | 8126 | (23033) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 1588834 | 1282061 | 50640 | 73673 |
|  End of year | $1850051 | $1588834 | $58766 | $50640 |
|  **Shares of Beneficial Interest:** |  |  |  |  |
|  Shares sold | 58318 | 66048 | 2164 | 1726 |
|  Shares redeemed | (37497) | (31713) | (1317) | (4450) |
|  Net increase (decrease) in shares outstanding | 20821 | 34335 | 847 | (2724) |

---

---

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

---

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Series M | Series M | Series R | Series R | Series TE | Series TE |
| Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
| $93493 | $81977 | $7059 | $3865 | $10269 | $5850 |
| 29939 | (948) | (3029) | (1335) | (1771) | 1027 |
| 49653 | (1972) | 12734 | 1145 | 3374 | (930) |
| 173085 | 79057 | 16764 | 3675 | 11872 | 5947 |
| (95983) | (83052) | (6622) | (3067) | (10264) | (5776) |
| 0 | 0 | 0 | 0 | 0 | 0 |
| (95983) | (83052) | (6622) | (3067) | (10264) | (5776) |
| 510698 | 597619 | 37107 | 31255 | 159811 | 115277 |
| (340694) | (280396) | (28582) | (49848) | (61782) | (19577) |
| 170004 | 317223 | 8525 | (18593) | 98029 | 95700 |
| 247106 | 313228 | 18667 | (17985) | 99637 | 95871 |
| 1592323 | 1279095 | 145985 | 163970 | 157830 | 61959 |
| $1839429 | $1592323 | $164652 | $145985 | $257467 | $157830 |
| 57930 | 68951 | 4432 | 3879 | 16539 | 11829 |
| (38585) | (32503) | (3400) | (6182) | (6420) | (2004) |
| 19345 | 36448 | 1032 | (2303) | 10119 | 9825 |

---

---

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

---

------

Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| Year Ended December 31, 2025 |  |  |
| (Amounts in thousands<sup>†</sup>) | **Series LD** | **Series R** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |  |
|  Net increase (decrease) in net assets resulting from operations | $3187 | $16764 |
|  **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 | (275434) | (546119) |
|  Proceeds from sales of long-term securities | 262173 | 516758 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | (4113) | (7010) |
| (Increase) decrease in deposits with counterparty | (940) | 1094 |
| (Increase) decrease in receivable for investments sold | (8632) | 9335 |
| (Increase) decrease in interest and/or dividends receivable | (17) | (428) |
| (Increase) decrease in dividends receivable from Affiliates | (8) | 0 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (65) | 1548 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | (657) | (790) |
| (Increase) decrease in other assets | 1 | 0 |
|  Increase (decrease) in payable for investments purchased | 10663 | (7825) |
|  Increase (decrease) in deposits from counterparty | 0 | 12 |
|  Proceeds from short sales transactions | 147132 | 36700 |
|  Payments on short sales transactions | (146984) | (36700) |
|  Proceeds from (Payments on) foreign currency transactions | 60 | (110) |
|  *Net Realized (Gain) Loss* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (20) | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (2) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (225) | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 537 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (56) | 93 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1660) | (10791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (3) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 322 | (2925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 391 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (4) | 208 |
|  Net amortization (accretion) on investments | (193) | 237 |
|  **Net Cash Provided by (Used for) Operating Activities** | (14547) | (26239) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |  |
|  Proceeds from shares sold | 19510 | 37228 |
|  Payments on shares redeemed | (11940) | (28674) |
|  Cash distributions paid | (2649) | (6091) |
|  Proceeds from reverse repurchase agreements | 159312 | 1 |
|  Payments on reverse repurchase agreements | (148483) | (8170) |
|  Proceeds from sale-buyback transactions | 41196 | 3550293 |
|  Payments on sale-buyback transactions | (42622) | (3518778) |
|  **Net Cash Received from (Used for) Financing Activities** | 14324 | 25809 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (223) | (430) |
|  **Cash and Foreign Currency:** |  |  |
|  Beginning of year | 346 | 1071 |
|  End of year | $123 | $641 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |  |
|  Interest expense paid during the year | $654 | $6555 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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 year, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Portfolio' 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 December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 143.5% | INVESTMENTS IN SECURITIES 143.5% | INVESTMENTS IN SECURITIES 143.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  6.134% - 8.448% (TSFR3M + 2.250%) due 04/20/2028 ~ | 2199 | 2207 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  5.966% - 8.949% (TSFR1M + 2.250%) due 02/10/2032 ~ | 1191 | 1196 |
|  SkyMiles IP Ltd. | SkyMiles IP Ltd. | SkyMiles IP Ltd. |
|  5.384% - 9.485% (TSFR3M + 1.500%) due 10/20/2028 ~ | 331 | 335 |
|  Total Loan Participations and Assignments (Cost $3,707) | Total Loan Participations and Assignments (Cost $3,707) | 3738 |
| CORPORATE BONDS & NOTES 41.5% | CORPORATE BONDS & NOTES 41.5% | CORPORATE BONDS & NOTES 41.5% |
| BANKING & FINANCE 28.4% | BANKING & FINANCE 28.4% | BANKING & FINANCE 28.4% |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.950% due 02/15/2029 | 1600 | 1667 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.184% due 07/26/2035 •  | 1600 | 1659 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 4000 | 3648 |
|  6.150% due 10/01/2034 | 4550 | 4628 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  6.500% due 02/08/2029 | 2000 | 2046 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  2.875% due 06/15/2028 | 3300 | 3155 |
|  ARES Finance Co. II LLC | ARES Finance Co. II LLC | ARES Finance Co. II LLC |
|  3.250% due 06/15/2030 | 4950 | 4697 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.380% due 01/07/2030 | 3000 | 3072 |
|  5.526% due 07/11/2031 | 5000 | 5129 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 | 1300 | 1281 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 2696 | 2616 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 5000 | 5316 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.538% due 03/14/2030 •  | 10000 | 10352 |
|  6.033% due 01/17/2035 | 2000 | 2143 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.468% due 01/23/2035 •  | 25300 | 26364 |
|  5.511% due 01/24/2036 •  | 15000 | 15648 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.894% due 11/24/2032 •  | 6900 | 6290 |
|  6.692% due 09/13/2034 •  | 4100 | 4541 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.600% due 06/10/2029 | 3750 | 3916 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 8000 | 7704 |
|  4.500% due 02/25/2030 •(e) | 900 | 844 |
|  4.625% due 02/25/2031 •(e)(f) | 1900 | 1762 |
|  5.738% due 02/20/2035 •(i) | 7500 | 7877 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  6.350% due 01/05/2034 | 2500 | 2720 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.037% due 06/15/2035 •  | 3000 | 3199 |
|  6.840% due 09/13/2034 •  | 5000 | 5580 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 8700 | 9252 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.964% due 11/02/2034 •  | 3000 | 3538 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 | 3200 | 2901 |
|  4.625% due 12/12/2031 | 1500 | 1777 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 3000 | 3064 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 3000 | 3186 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 | 2500 | 2567 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.785% due 03/17/2033 •  | 2000 | 1910 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.710% due 01/21/2033 •  | 3500 | 3688 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.584% (SOFRRATE + 0.860%) due 12/15/2028 ~ | 7600 | 7616 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 3000 | 3166 |
|  Credit Suisse AG AT1 Claim | 10000 | 2950 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.300% due 02/15/2029 | 3000 | 2993 |
|  5.200% due 09/01/2034 | 6000 | 6064 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.690% due 01/30/2037 «(h) | 700 | 710 |
|  5.790% due 01/30/2040 «(h) | 1200 | 1210 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  | 1200 | 1135 |
|  5.625% due 05/19/2031 •  | 200 | 236 |
|  6.819% due 11/20/2029 •  | 6000 | 6405 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.230% due 06/14/2029 | 300 | 223 |
|  5.750% due 05/20/2035 | 4000 | 4162 |
|  6.500% due 05/20/2055 | 2100 | 2222 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 | 3850 | 3728 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 400 | 396 |
|  4.950% due 05/28/2027 | 5000 | 5021 |
|  6.125% due 03/08/2034 | 4150 | 4219 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 4700 | 4951 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.900% due 01/13/2035 | 4900 | 5026 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  3.125% due 06/15/2031 | 1200 | 1087 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2030 | 3278 | 3197 |
|  5.300% due 01/15/2029 | 3150 | 3207 |
|  6.250% due 09/15/2054 | 2500 | 2488 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.536% due 01/28/2036 •  | 15000 | 15577 |
|  5.851% due 04/25/2035 •  | 19700 | 20952 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  2.050% due 02/15/2027 | 4000 | 3883 |
|  6.000% due 07/15/2029 | 1000 | 1023 |
|  Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
|  5.875% due 05/01/2030 | 1500 | 1522 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 7650 | 7747 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.875% due 09/28/2026 •(e)(f) | 11800 | 15961 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 | 100 | 85 |
|  3.950% due 11/01/2027 | 100 | 96 |
|  4.650% due 04/01/2029 | 400 | 370 |
|  5.950% due 02/15/2028 | 200 | 197 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  5.450% due 08/15/2030 | 5000 | 5206 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.294% due 07/22/2035 •  | 4000 | 4128 |
|  5.350% due 06/01/2034 •  | 17000 | 17669 |
|  5.766% due 04/22/2035 •  | 4900 | 5224 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.324% due 09/21/2034 •  | 3000 | 3273 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | 3000 | 2794 |
|  4.750% due 12/15/2028 | 400 | 402 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 | 9000 | 8773 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.300% due 02/01/2061 | 2000 | 1335 |
|  Maple Grove Funding Trust I | Maple Grove Funding Trust I | Maple Grove Funding Trust I |
|  4.161% due 08/15/2051 | 8000 | 5644 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  5.077% due 02/15/2069 •  | $| 4500 | 4001 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(h) |  | 7000 | 5135 |
|  5.320% due 07/19/2035 •  |  | 2500 | 2574 |
|  5.587% due 01/18/2036 •  |  | 10000 | 10454 |
|  5.831% due 04/19/2035 •  |  | 14300 | 15202 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.750% due 03/09/2028 |  | 3000 | 2853 |
|  NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. |
|  6.000% due 08/15/2029 |  | 6000 | 6220 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(e)(f) |  | 5850 | 5569 |
|  6.625% due 03/26/2026 •(e)(f) |  | 5000 | 5061 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | CAD | 3000 | 2201 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | $| 3000 | 2784 |
|  6.875% due 04/15/2034 |  | 5800 | 6365 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 |  | 3100 | 3143 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.250% due 11/26/2035 |  | 12500 | 12510 |
|  5.450% due 05/03/2028 |  | 3600 | 3700 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  6.450% due 03/18/2035 |  | 1700 | 1768 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.950% due 12/01/2027 |  | 1100 | 1096 |
|  Tesco Property Finance 3 PLC | Tesco Property Finance 3 PLC | Tesco Property Finance 3 PLC | Tesco Property Finance 3 PLC |
|  5.744% due 04/13/2040 | GBP | 556 | 756 |
|  Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC |
|  5.801% due 10/13/2040 |  | 6183 | 8434 |
|  Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC |
|  5.411% due 07/13/2044 |  | 170 | 223 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  6.301% due 09/22/2034 •  | $| 10326 | 11278 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  5.000% due 01/15/2035 |  | 3000 | 3013 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.750% due 04/01/2034 |  | 3000 | 3098 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.350% due 03/02/2033 •  |  | 8000 | 7469 |
|  5.211% due 12/03/2035 •  |  | 20000 | 20440 |
|  5.499% due 01/23/2035 •(i) |  | 15400 | 16077 |
|  |  |  | 525434 |
| INDUSTRIALS 9.4% | INDUSTRIALS 9.4% | INDUSTRIALS 9.4% | INDUSTRIALS 9.4% |
|  Adventist Health System | Adventist Health System | Adventist Health System | Adventist Health System |
|  4.742% due 12/01/2030 |  | 1000 | 1004 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.750% due 06/15/2029 |  | 1626 | 1604 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 |  | 2067 | 2081 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 |  | 1578 | 1545 |
|  3.375% due 11/01/2028 |  | 4066 | 4016 |
|  3.575% due 07/15/2029 |  | 1544 | 1529 |
|  3.650% due 08/15/2030 |  | 2069 | 2035 |
|  3.700% due 04/01/2028 |  | 1822 | 1816 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 |  | 683 | 685 |
|  5.750% due 04/20/2029 |  | 1700 | 1732 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 |  | 6900 | 6909 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.875% due 11/21/2053 |  | 3500 | 3793 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 |  | 11800 | 12477 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  6.298% due 05/01/2029 |  | 2000 | 2124 |
|  6.528% due 05/01/2034 |  | 1900 | 2103 |
|  6.858% due 05/01/2054 |  | 8200 | 9216 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **15** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 2153 | 2037 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  5.125% due 07/01/2049 | 2000 | 1567 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.750% due 08/01/2035 | 3100 | 3167 |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  5.000% due 10/15/2034 | 5500 | 5565 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  5.200% due 02/15/2035 | 3000 | 3067 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.600% due 09/01/2034 | 4100 | 4222 |
|  5.700% due 04/01/2035 | 4000 | 4143 |
|  6.200% due 04/01/2055 | 4000 | 3929 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 1600 | 1650 |
|  Fraport AG Frankfurt Airport Services Worldwide | Fraport AG Frankfurt Airport Services Worldwide | Fraport AG Frankfurt Airport Services Worldwide |
|  1.875% due 03/31/2028 | 2600 | 3002 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.103% due 08/23/2042 | 4500 | 4695 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 1400 | 1418 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.450% due 09/15/2034 | 2750 | 2832 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.875% due 07/26/2029 | 4000 | 3927 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.375% due 06/01/2046 | 5000 | 4135 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 4750 | 4731 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.250% due 08/15/2033 | 300 | 269 |
|  3.625% due 09/01/2030 | 200 | 191 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.700% due 03/17/2035 | 3400 | 3568 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 2900 | 2863 |
|  4.810% due 09/17/2030 | 700 | 660 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.500% due 08/03/2035 | 7500 | 7353 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 1600 | 1666 |
|  6.750% due 03/01/2033 | 500 | 523 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.400% due 03/20/2034 | 4000 | 4140 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 233 | 224 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 3800 | 3587 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 3657 | 3364 |
|  2.875% due 04/07/2030 | 1265 | 1221 |
|  3.450% due 01/07/2030 | 1300 | 1269 |
|  4.000% due 10/11/2027 | 751 | 751 |
|  5.875% due 04/15/2029 | 4115 | 4222 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 1000 | 996 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  5.150% due 07/15/2034 | 5000 | 5123 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 2000 | 2043 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  4.125% due 08/15/2031 | 4800 | 4371 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 6800 | 6549 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 1200 | 1225 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.750% due 07/15/2031 | 6000 | 5544 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.750% due 05/13/2030 | 1300 | 1259 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.700% due 05/19/2032 | 1400 | 1457 |
|  |  | 173194 |
| UTILITIES 3.7% | UTILITIES 3.7% | UTILITIES 3.7% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.800% due 03/15/2032 | 6250 | 6413 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  6.000% due 01/15/2035 | 3000 | 3203 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  4.550% due 11/15/2030 | 2500 | 2491 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.300% due 04/15/2041 | 2500 | 1905 |
|  E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |
|  6.650% due 04/30/2038 | 1300 | 1464 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 1050 | 1069 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.000% due 04/22/2064 | 5500 | 5420 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  1.700% due 02/15/2031 | 8200 | 7202 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.750% due 10/15/2031 | 4600 | 4626 |
|  5.050% due 11/01/2034 | 4700 | 4660 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.300% due 12/01/2027 | 2800 | 2759 |
|  3.750% due 07/01/2028 | 1800 | 1778 |
|  3.950% due 12/01/2047 | 2400 | 1793 |
|  4.300% due 03/15/2045 | 700 | 558 |
|  4.500% due 07/01/2040 | 1800 | 1570 |
|  4.550% due 07/01/2030 | 3400 | 3387 |
|  5.250% due 03/01/2052 | 2000 | 1746 |
|  6.700% due 04/01/2053 | 5000 | 5284 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.150% due 02/15/2050 | 1800 | 1340 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  5.725% due 03/15/2035 | 2500 | 2573 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.000% due 04/01/2047 | 3700 | 2778 |
|  4.650% due 10/01/2043 | 200 | 171 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 | 4584 | 4364 |
|  |  | 68554 |
|  Total Corporate Bonds & Notes (Cost $759,803) | Total Corporate Bonds & Notes (Cost $759,803) | 767182 |
| MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% |
| CALIFORNIA 0.3% | CALIFORNIA 0.3% | CALIFORNIA 0.3% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.714% due 06/01/2041 | 1200 | 934 |
|  3.850% due 06/01/2050 | 2815 | 2574 |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.587% due 06/01/2029 | 2515 | 2367 |
|  |  | 5875 |
| ILLINOIS 0.1% | ILLINOIS 0.1% | ILLINOIS 0.1% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  7.350% due 07/01/2035 | 782 | 852 |
| WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  4.875% due 06/01/2049 | 5930 | 5630 |
|  Total Municipal Bonds & Notes (Cost $12,622) | Total Municipal Bonds & Notes (Cost $12,622) | 12357 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 50.7% | U.S. GOVERNMENT AGENCIES 50.7% | U.S. GOVERNMENT AGENCIES 50.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 09/01/2048 | 199 | 192 |
|  4.500% due 06/01/2053 - 10/01/2053 | 7885 | 7721 |
|  5.000% due 07/01/2053 - 01/01/2054 | 69614 | 69685 |
|  5.500% due 10/01/2053 - 01/01/2054 | 1634 | 1660 |
|  6.500% due 01/01/2038 | 11 | 12 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.500% due 08/01/2039 - 07/01/2053 | 19015 | 18636 |
|  5.000% due 11/01/2053 | 18277 | 18290 |
|  5.500% due 11/01/2053 | 2390 | 2430 |
|  6.500% due 02/01/2054 | 8786 | 9166 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 02/01/2056 | 77400 | 66761 |
|  6.000% due 02/01/2056 | 102000 | 103885 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 01/01/2056 - 02/01/2056 | 106384 | 103811 |
|  5.000% due 02/01/2056 | 76700 | 76421 |
|  5.500% due 02/01/2056 | 201300 | 203942 |
|  6.000% due 02/01/2056 - 03/01/2056 | 201000 | 206292 |
|  6.500% due 03/01/2056 | 47000 | 48899 |
|  Total U.S. Government Agencies (Cost $933,148) | Total U.S. Government Agencies (Cost $933,148) | 937803 |
| U.S. TREASURY OBLIGATIONS 19.9% | U.S. TREASURY OBLIGATIONS 19.9% | U.S. TREASURY OBLIGATIONS 19.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 02/15/2055 (m) | 30000 | 28906 |
|  4.750% due 08/15/2055 | 46900 | 46123 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  0.500% due 01/15/2028 (k) | 66001 | 64853 |
|  1.750% due 01/15/2034 | 128275 | 127597 |
|  2.125% due 01/15/2035 | 99357 | 101145 |
|  Total U.S. Treasury Obligations (Cost $364,821) | Total U.S. Treasury Obligations (Cost $364,821) | 368624 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.7% |
|  AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  | 4181 | 4210 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.581% due 09/25/2066 ~ | 1757 | 1500 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  4.978% due 12/15/2036 •  | 1587 | 1567 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.787% due 01/20/2047 ~ | 14 | 12 |
|  Bank | Bank | Bank |
|  5.000% due 12/25/2067 | 5000 | 5050 |
|  Bank5 | Bank5 | Bank5 |
|  5.769% due 06/15/2057 | 2835 | 2961 |
|  5.788% due 06/15/2057 | 5700 | 5945 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.455% due 02/25/2036 ~ | 210 | 148 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.000% due 05/25/2034 ~ | 6 | 5 |
|  5.741% due 10/25/2033 ~ | 4 | 4 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  6.363% due 07/15/2056 ~ | 6500 | 6800 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.462% due 02/15/2057 | 3500 | 3598 |
|  5.857% due 02/15/2057 | 15350 | 16044 |
|  BSST Mortgage Trust | BSST Mortgage Trust | BSST Mortgage Trust |
|  5.051% due 02/15/2037 •  | 300 | 262 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.740% due 01/17/2039 •  | 5000 | 4998 |
|  4.785% due 12/15/2038 •  | 3255 | 3256 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.486% due 03/25/2035 •  | 40 | 37 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.750% due 09/25/2035 •  | 17 | 17 |
|  6.190% due 09/25/2035 •  | 7 | 7 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  5.165% due 12/15/2038 •  | 7974 | 7881 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.246% due 05/25/2036 •  | 24 | 21 |
|  6.000% due 08/25/2034 | 1725 | 1727 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.874% due 02/25/2061 ~ | 1956 | 1950 |
|  4.215% due 07/27/2061 ~ | 3687 | 3675 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 | 1100 | 1134 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.366% due 08/19/2045 •  | 256 | 232 |
|  5.015% due 07/19/2044 ~ | 139 | 133 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% due 06/13/2045 •  | 304 | 410 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.306% due 06/25/2045 •  | 560 | 449 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  4.997% due 07/15/2035 •  | 1298 | 857 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.951% due 09/25/2035 ~ | 28 | 27 |
|  5.880% due 03/25/2033 •  | 2 | 2 |
|  6.117% due 09/25/2035 ~ | 1 | 1 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.226% due 01/19/2038 •  | 57 | 51 |
|  4.528% due 06/20/2035 •  | 93 | 88 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.366% due 01/25/2036 •  | 105 | 103 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.597% due 04/15/2037 •  | 939 | 928 |
|  5.214% due 12/15/2036 •  | 100 | 49 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.555% due 02/25/2035 ~ | 3 | 3 |
|  5.869% due 11/25/2033 ~ | 3 | 3 |
|  6.033% due 07/25/2035 ~ | 44 | 44 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 þ | 2037 | 2039 |
|  LUX | LUX | LUX |
|  6.441% due 08/15/2040 •  | 4500 | 4553 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 409 | 402 |
|  1.947% due 04/25/2065 ~ | 416 | 409 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.428% due 04/05/2042 ~ | 5000 | 4439 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.878% due 08/25/2034 ~ | 102 | 98 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.016% due 09/25/2070 ~ | 1471 | 1475 |
|  5.021% due 11/25/2070 þ | 3100 | 3110 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  4.965% due 08/15/2038 •  | 1114 | 1083 |
|  OBX Trust | OBX Trust | OBX Trust |
|  4.940% due 09/25/2062 þ | 4913 | 4909 |
|  6.567% due 06/25/2063 þ | 1374 | 1382 |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(a) | 54300 | 36237 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.500% due 06/25/2065 «þ | 3709 | 3655 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.266% due 04/25/2046 •  | 700 | 174 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ | 1891 | 1912 |
|  6.808% due 09/25/2043 ~ | 457 | 461 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  4.751% due 01/15/2039 •  | 2900 | 2901 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.298% due 02/25/2034 ~ | 7 | 7 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.466% due 09/25/2045 •  | 123 | 117 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.846% due 10/25/2059 •  | $| 1772 | 1775 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.858% due 12/25/2070 þ |  | 4200 | 4209 |
|  6.665% due 09/25/2068 þ |  | 5302 | 5349 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.466% due 01/25/2045 •  |  | 13 | 13 |
|  4.586% due 11/25/2034 •  |  | 230 | 226 |
|  5.029% due 02/25/2046 •  |  | 206 | 191 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  4.712% due 12/21/2049 •  | GBP | 280 | 378 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.862% due 12/15/2039 | $| 2600 | 2525 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.194% due 10/25/2037 ~ |  | 1037 | 1018 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $160,561) | Total Non-Agency Mortgage-Backed Securities (Cost $160,561) | Total Non-Agency Mortgage-Backed Securities (Cost $160,561) | 161236 |
| ASSET-BACKED SECURITIES 13.4% | ASSET-BACKED SECURITIES 13.4% | ASSET-BACKED SECURITIES 13.4% | ASSET-BACKED SECURITIES 13.4% |
| AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.980% due 04/16/2029 |  | 2300 | 2332 |
|  6.400% due 03/17/2031 |  | 2300 | 2379 |
|  |  |  | 4711 |
| AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  6.020% due 02/20/2030 |  | 7500 | 7870 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  6.440% due 03/20/2029 |  | 860 | 864 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.930% due 07/17/2028 |  | 809 | 812 |
|  Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust |
|  4.590% due 10/15/2031 |  | 8067 | 8018 |
|  4.600% due 01/15/2031 |  | 8500 | 8523 |
|  |  |  | 26087 |
| CMBS OTHER 0.8% | CMBS OTHER 0.8% | CMBS OTHER 0.8% | CMBS OTHER 0.8% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  4.999% due 10/16/2036 •  |  | 367 | 366 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.215% due 11/15/2036 •  |  | 3326 | 3348 |
|  LRECS LLC | LRECS LLC | LRECS LLC | LRECS LLC |
|  5.500% due 08/19/2043 •  |  | 7600 | 7614 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.049% due 04/18/2038 •  |  | 3268 | 3271 |
|  |  |  | 14599 |
| HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% | HOME EQUITY OTHER 1.0% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.626% due 04/25/2034 •  |  | 181 | 171 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.761% due 01/25/2035 •  |  | 706 | 731 |
|  4.866% due 01/25/2035 •  |  | 1269 | 1252 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.806% due 10/25/2035 •  |  | 1735 | 1736 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.626% due 07/25/2045 •  |  | 193 | 196 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.086% due 02/25/2037 •  |  | 131 | 37 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  5.096% due 07/25/2037 •  |  | 7000 | 6268 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.566% due 01/25/2036 •  |  | 969 | 964 |
|  4.806% due 08/25/2035 •  |  | 1448 | 1444 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.626% due 02/25/2034 •  |  | 4371 | 4614 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.551% due 03/25/2034 •  | 906 | 963 |
|  |  | 18376 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.566% due 04/25/2037 •  | 84 | 22 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  6.530% due 02/01/2031 ~ | 497 | 450 |
| OTHER ABS 9.9% | OTHER ABS 9.9% | OTHER ABS 9.9% |
|  AASET MT-1 Ltd. | AASET MT-1 Ltd. | AASET MT-1 Ltd. |
|  5.522% due 02/16/2050 | 4819 | 4857 |
|  AASET Trust | AASET Trust | AASET Trust |
|  2.798% due 01/15/2047 | 4216 | 4004 |
|  Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. | Atlas Senior Loan Fund XII Ltd. |
|  5.307% due 10/24/2031 •  | 309 | 309 |
|  Aurium CLO III DAC | Aurium CLO III DAC | Aurium CLO III DAC |
|  2.691% due 04/16/2030 •  | 1389 | 1634 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.472% due 07/17/2037 •  | 6200 | 6226 |
|  BlueMountain EUR CLO DAC | BlueMountain EUR CLO DAC | BlueMountain EUR CLO DAC |
|  2.839% due 04/15/2034 •  | 5999 | 7041 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.919% due 01/15/2033 •  | 6071 | 7141 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.626% due 04/15/2031 •  | 1767 | 2079 |
|  Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC |
|  2.736% due 01/31/2030 •  | 3148 | 3701 |
|  CARS-DB7 LP | CARS-DB7 LP | CARS-DB7 LP |
|  5.750% due 09/15/2053 | 6554 | 6604 |
|  Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust |
|  5.087% due 11/15/2050 | 10927 | 10978 |
|  DataBank Issuer II LLC | DataBank Issuer II LLC | DataBank Issuer II LLC |
|  5.180% due 09/27/2055 | 3000 | 2961 |
|  Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC |
|  5.217% due 07/25/2055 | 11500 | 11614 |
|  ECAF I Ltd. | ECAF I Ltd. | ECAF I Ltd. |
|  3.473% due 06/15/2040 | 43 | 39 |
|  4.947% due 06/15/2040 | 126 | 117 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.739% due 02/27/2068 •  | 3690 | 3672 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.256% due 07/15/2031 •  | 4990 | 4992 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  3.336% due 10/15/2038 •  | 3100 | 3643 |
|  Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC |
|  3.259% due 10/15/2038 •  | 2500 | 2941 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  2.200% due 01/17/2041 | 2181 | 2057 |
|  MACH 1 Cayman Ltd. | MACH 1 Cayman Ltd. | MACH 1 Cayman Ltd. |
|  3.474% due 10/15/2039 | 392 | 389 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.790% due 12/15/2031 •  | 902 | 1060 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 1409 | 986 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 3300 | 3301 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  0.000% due 01/15/2036 •(a) | 1600 | 1600 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  2.600% due 08/15/2068 | 1386 | 1342 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.650% due 08/20/2054 | 9900 | 9874 |
|  5.268% due 06/22/2065 •  | 2695 | 2718 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.300% due 10/20/2039 •  | 6300 | 7410 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 700 | 706 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **17** |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.660% due 07/15/2031 | $| 231 | 232 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  2.393% due 12/17/2040 |  | 1731 | 1647 |
|  Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC |
|  3.314% due 11/15/2039 •  | EUR | 2800 | 3293 |
|  QTS Issuer ABS II LLC | QTS Issuer ABS II LLC | QTS Issuer ABS II LLC | QTS Issuer ABS II LLC |
|  5.044% due 10/05/2055 | $| 2500 | 2482 |
|  Slam Ltd. | Slam Ltd. | Slam Ltd. | Slam Ltd. |
|  5.807% due 05/15/2050 |  | 6948 | 7137 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.784% due 10/16/2056 •  |  | 1386 | 1416 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 |  | 516 | 504 |
|  Switch ABS Issuer LLC | Switch ABS Issuer LLC | Switch ABS Issuer LLC | Switch ABS Issuer LLC |
|  5.121% due 10/25/2055 |  | 14800 | 14802 |
|  Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. | Symphony CLO 36 Ltd. |
|  0.000% due 01/20/2036 •(a) |  | 2700 | 2700 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  5.433% due 10/15/2035 •  |  | 18800 | 18800 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 |  | 6600 | 6600 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | EUR | 2750 | 3234 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.945% due 01/12/2032 •  |  | 1966 | 2313 |
|  VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
|  3.706% due 02/15/2057 | $| 2000 | 1832 |
|  Wave LLC | Wave LLC | Wave LLC | Wave LLC |
|  3.597% due 09/15/2044 |  | 1110 | 1091 |
|  |  |  | 184079 |
|  Total Asset-Backed Securities (Cost $247,776) | Total Asset-Backed Securities (Cost $247,776) | Total Asset-Backed Securities (Cost $247,776) | 248324 |
| SOVEREIGN ISSUES 6.9% | SOVEREIGN ISSUES 6.9% | SOVEREIGN ISSUES 6.9% | SOVEREIGN ISSUES 6.9% |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 | CAD | 1600 | 1139 |
|  3.250% due 12/01/2034 |  | 12200 | 8823 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | $| 23100 | 23558 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.875% due 05/13/2037 |  | 4000 | 4278 |
|  7.375% due 05/13/2055 |  | 1700 | 1836 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | PEN | 14900 | 4424 |
|  6.150% due 08/12/2032 |  | 23000 | 7384 |
|  6.850% due 08/12/2035 |  | 98600 | 31632 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | CAD | 100 | 73 |
|  3.800% due 12/02/2034 |  | 2900 | 2122 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 |  | 600 | 437 |
|  4.450% due 09/01/2034 |  | 5500 | 4210 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.875% due 02/28/2035 | ZAR | 606300 | 38209 |
|  Total Sovereign Issues (Cost $115,385) | Total Sovereign Issues (Cost $115,385) | Total Sovereign Issues (Cost $115,385) | 128125 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 1.4% | PREFERRED SECURITIES 1.4% | PREFERRED SECURITIES 1.4% | PREFERRED SECURITIES 1.4% |
| BANKING & FINANCE 1.4% | BANKING & FINANCE 1.4% | BANKING & FINANCE 1.4% | BANKING & FINANCE 1.4% |
|  Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
|  5.000% due 03/15/2026 (e) |  | 4700000 | 4703 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 (e) |  | 2000000 | 1964 |
|  6.450% due 10/01/2027 (e) |  | 5500000 | 5544 |
|  Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA |
|  7.875% due 02/15/2031 •(e) |  | 9000000 | 9280 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.750% due 06/15/2029 (e) |  | 2700000 | 2833 |
|  MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV |
|  7.875% due 12/15/2067 |  | 600000 | 666 |
|  Total Preferred Securities (Cost $24,573) | Total Preferred Securities (Cost $24,573) | Total Preferred Securities (Cost $24,573) | 24990 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (g) | 547541 | $— | 548 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.757% due 01/15/2026 - 04/21/2026 (b)(c)(m) | 1932 |  | 1920 |
| Total Short-Term Instruments<br>(Cost $2,468) | Total Short-Term Instruments<br>(Cost $2,468) |  | 2468 |
| Total Investments in Securities<br>(Cost $2,624,864) | Total Investments in Securities<br>(Cost $2,624,864) |  | 2654847 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 2.1% | INVESTMENTS IN AFFILIATES 2.1% | INVESTMENTS IN AFFILIATES 2.1% | INVESTMENTS IN AFFILIATES 2.1% |
| SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% | SHORT-TERM INSTRUMENTS 2.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3985251 |  | 38820 |
| Total Short-Term Instruments (Cost $38,809) | Total Short-Term Instruments (Cost $38,809) |  | 38820 |
| Total Investments in Affiliates (Cost $38,809) | Total Investments in Affiliates (Cost $38,809) |  | 38820 |
| Total Investments 145.6% (Cost $2,663,673) | Total Investments 145.6% (Cost $2,663,673) | $— | 2693667 |
|  Financial Derivative<br>Instruments (j)(l) (0.1)%<br> (Cost or Premiums, net $(653)) | Financial Derivative<br>Instruments (j)(l) (0.1)%<br> (Cost or Premiums, net $(653)) |  | (1440) |
| Other Assets and Liabilities, net (45.5)% | Other Assets and Liabilities, net (45.5)% |  | (842176) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1850051 |

---

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

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

---

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

---

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

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

(a) When-issued security.

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

(c) Zero coupon security.

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

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

(f) Contingent convertible security.

(g) Coupon represents a 7-Day Yield.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Deloitte LLP | 5.690% | 01/30/2037 | 10/30/2024 | $700 | $710 | 0.04% |
|  Deloitte LLP | 5.790 | 01/30/2040 | 10/30/2024 | 1200 | 1210 | 0.06 |
|  Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 6308 | 5135 | 0.28 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055 | 0.38% |

---

18 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

December 31, 2025

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 3.000% | 12/12/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3220) | $(3226) |
|  BRC | 3.550 | 12/12/2025 | TBD<sup>(2)</sup> | (9117) | (9135) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12361) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% | U.S. Government Agencies (2.4)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 02/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | $(44228) | $(44229) |
|  Total Short Sales (2.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44228) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44229) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $0 | $(3226) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3226) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 | $(75) |
|  BRC | 0 | (9135) | 0 | (9135) | 9596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12361) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(12361) | $(12361) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12361) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12361) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $(12361) |

---

(i) Securities with an aggregate market value of $12,546 and cash of $100 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(24200) at a weighted average interest rate of 4.270%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

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

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

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 855 | $75318 | $(804) | $0 | $(182) |
|  Long Guilt March Futures  | 03/2026 | 344 | 42368 | 359 | 74 | (32) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 856 | 178723 | (31) | 0 | (60) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 1673 | 188108 | (357) | 0 | (340) |
|  |  |  |  | $(833) | $74 | $(614) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 19

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | | | | | | |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 42 | $(4855) | $25 | $9 | $0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 3828 | (440280) | 1765 | 718 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | $727 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Deutsche Bank | 1.000% | Quarterly | 12/20/2032 | 1.011% | EUR | 4400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 2.897 |  | 100 | 7 | 2 | 9 | 1 | 0 |
|  |  |  |  |  |  |  | $(52) | $59 | $7 | $6 | $0 |

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#### INTEREST RATE SWAPS

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.264% | Annual | 06/30/2031 |  | $58500 | $0 | $965 | $965 | $101 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.266 | Annual | 06/30/2031 |  | 194300 | 0 | 3179 | 3179 | 332 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 |  | 10000 | (55) | 67 | 12 | 21 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 |  | 5700 | (20) | 71 | 51 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 |  | 5700 | (21) | 98 | 77 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 |  | 5700 | (21) | 93 | 72 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 |  | 5700 | (21) | 78 | 57 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 |  | 4000 | (16) | 54 | 38 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 |  | 5700 | (21) | 59 | 38 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 |  | 5700 | (22) | 117 | 95 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 |  | 5700 | (21) | 111 | 90 | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 |  | 2850 | (14) | 124 | 110 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 |  | 5100 | (23) | 216 | 193 | 11 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 |  | 10100 | (44) | 396 | 352 | 22 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 11500 | 38 | (57) | (19) | 25 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 |  | 90700 | 40 | (1713) | (1673) | 205 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 |  | 36000 | 72 | 296 | 368 | 82 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 |  | 35900 | (32) | 230 | 198 | 82 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 |  | 61348 | 157 | 109 | 266 | 140 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 |  | 76900 | (577) | (1415) | (1992) | 45 | 0 |
|  Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 400 | 0 | 3 | 3 | 0 | 0 |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 |  | 300 | 0 | 1 | 1 | 0 | 0 |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 |  | 7100 | 0 | 121 | 121 | 6 | 0 |
|  |  |  |  |  |  |  | $(601) | $3203 | $2602 | $1171 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(626) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(626) |

---

(k) Securities with an aggregate market value of $40,610 and cash of $4,613 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

20 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

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December 31, 2025

<sup>(1)</sup> 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. 

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

<sup>(3)</sup> The maximum potential amount the 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. 

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

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

<sup>(6)</sup> Unsettled variation margin liability of $(12) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 01/2026 | $1267 | 196913 | $0 | $(9) |
|  BOA | 01/2026 | 2739 | $30 | 0 | 0 |
|  | 01/2026 | 978893 | 673 | 0 | (7) |
|  | 01/2026 | 3956 | 1082 | 0 | (20) |
|  | 01/2026 | 12661 | 391 | 0 | (11) |
|  | 01/2026 | 41391 | 1357 | 38 | 0 |
|  | 01/2026 | $1516 | 1287 | 0 | (2) |
|  | 01/2026 | 1531 | 5593 | 27 | 0 |
|  | 01/2026 | 124 | 5586 | 4 | 0 |
|  | 01/2026 | 228 | 7180 | 1 | 0 |
|  | 01/2026 | 880 | 14669 | 5 | 0 |
|  | 02/2026 | 3603 | $1131 | 0 | (1) |
|  | 02/2026 | $1574 | 71548 | 44 | 0 |
|  | 03/2026 | 101094 | $29989 | 0 | (7) |
|  | 04/2026 | $308 | 5674 | 4 | 0 |
|  BPS | 01/2026 | 13509 | $8781 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) |
|  | 01/2026 | 861 | 1083 | 2 | (8) |
|  | 01/2026 | 26316 | 3734 | 0 | (42) |
|  | 01/2026 | 937 | 1267 | 4 | 0 |
|  | 01/2026 | 14591883 | 872 | 0 | (3) |
|  | 01/2026 | 6006 | 1847 | 0 | (39) |
|  | 01/2026 | 95563 | 1060 | 0 | (3) |
|  | 01/2026 | 406800 | 2633 | 34 | 0 |
|  | 01/2026 | 6268 | 3561 | 0 | (48) |
|  | 01/2026 | 5115 | 1402 | 0 | (23) |
|  | 01/2026 | 142899 | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | 0 |
|  | 01/2026 | $4687 | 32835 | 21 | 0 |
|  | 01/2026 | 500 | 45170 | 2 | 0 |
|  | 01/2026 | 2803 | 10147 | 23 | 0 |
|  | 01/2026 | 8839 | 277394 | 19 | (20) |
|  | 01/2026 | 1961 | 32703 | 11 | 0 |
|  | 01/2026 | 13784 | $824 | 0 | (8) |
|  | 02/2026 | $1107 | 99776 | 0 | 0 |
|  | 02/2026 | 2776 | 87139 | 3 | 0 |
|  | 03/2026 | 28104 | $905 | 6 | 0 |
|  BRC | 01/2026 | 1419 | 1647 | 0 | (21) |
|  | 01/2026 | 1579 | 492 | 0 | (4) |
|  | 01/2026 | $4935 | 17978 | 72 | 0 |
|  | 01/2026 | 80761 | $4662 | 0 | (208) |
|  | 02/2026 | 1555 | 483 | 0 | (6) |
|  | 02/2026 | 698 | 15 | 0 | 0 |
|  | 03/2026 | $2630 | 48696 | 55 | 0 |
|  BSH | 01/2026 | 20722 | $6025 | 0 | (137) |
|  | 01/2026 | $789 | 122854 | 0 | (4) |
|  | 02/2026 | 3217 | $941 | 0 | (15) |
|  CBK | 01/2026 | 21 | 15 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **21** |

---

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | 6914 | $678 | $0 | $(8) |
|  | 01/2026 | 7249 | 4169 | 3 | (9) |
|  | 01/2026 | 11628 | 3420 | 0 | (37) |
|  | 01/2026 | 26 | 7 | 0 | 0 |
|  | 01/2026 | 217542 | 7159 | 227 | 0 |
|  | 01/2026 | $1224 | 1846 | 8 | 0 |
|  | 01/2026 | 3034 | 21183 | 5 | 0 |
|  | 01/2026 | 3159 | 2690 | 3 | 0 |
|  | 01/2026 | 261 | 836 | 1 | 0 |
|  | 01/2026 | 16117 | 1440863 | 15 | (133) |
|  | 01/2026 | 330 | 1185 | 0 | 0 |
|  | 01/2026 | 1 | 18 | 0 | 0 |
|  | 01/2026 | 2252 | 70395 | 2 | (10) |
|  | 01/2026 | 1137 | 19151 | 18 | 0 |
|  | 02/2026 | 2853 | $897 | 2 | 0 |
|  | 02/2026 | $70 | 2185 | 0 | 0 |
|  | 03/2026 | 30545 | $981 | 5 | 0 |
|  | 08/2026 | 3802 | 1106 | 0 | (16) |
|  DUB | 01/2026 | 2602 | 809 | 0 | (8) |
|  | 01/2026 | 1458454 | 996 | 0 | (16) |
|  | 01/2026 | 1613 | 933 | 3 | 0 |
|  | 01/2026 | $1541 | 4916 | 3 | 0 |
|  | 01/2026 | 4769 | 424744 | 0 | (53) |
|  | 01/2026 | 4725 | 6942972 | 95 | 0 |
|  | 01/2026 | 7694 | 142881 | 223 | 0 |
|  | 01/2026 | 818 | 13758 | 11 | 0 |
|  | 01/2026 | 143922 | $8260 | 0 | (418) |
|  | 02/2026 | 4915 | 1541 | 0 | (2) |
|  | 02/2026 | $94 | 2950 | 0 | 0 |
|  GLM | 01/2026 | 117782 | $21025 | 0 | (469) |
|  | 01/2026 | 40 | 50 | 0 | (1) |
|  | 01/2026 | 13113 | 1864 | 0 | (18) |
|  | 01/2026 | 523 | 162 | 0 | (2) |
|  | 01/2026 | $21604 | 117782 | 0 | (110) |
|  | 01/2026 | 2196 | 15478 | 25 | 0 |
|  | 01/2026 | 4334 | 15833 | 76 | 0 |
|  | 01/2026 | 409 | 13026 | 5 | 0 |
|  | 01/2026 | 74209 | $4304 | 0 | (170) |
|  | 02/2026 | $4342 | 23925 | 0 | (9) |
|  | 02/2026 | 1618 | 30006 | 40 | 0 |
|  | 02/2026 | 22374 | 1020104 | 610 | 0 |
|  | 03/2026 | 1244 | 23085 | 30 | 0 |
|  | 04/2026 | 21025 | 120385 | 493 | 0 |
|  | 04/2026 | 2604 | 48009 | 37 | 0 |
|  IND | 01/2026 | 131314 | $4268 | 83 | 0 |
|  JPM | 01/2026 | 12422 | 8118 | 0 | (173) |
|  | 01/2026 | 54605 | 7753 | 0 | (82) |
|  | 01/2026 | 15769 | 4846 | 0 | (105) |
|  | 01/2026 | 89292 | 1003 | 12 | 0 |
|  | 01/2026 | 2190930 | 1527 | 6 | 0 |
|  | 01/2026 | 664 | 36 | 0 | (1) |
|  | 01/2026 | 2952 | 1713 | 13 | 0 |
|  | 01/2026 | 9390 | 2562 | 0 | (53) |
|  | 01/2026 | $2743 | 19271 | 22 | 0 |
|  | 01/2026 | 1904 | 169564 | 0 | (21) |
|  | 01/2026 | 2914 | 10758 | 82 | 0 |
|  | 01/2026 | 127020 | $7402 | 0 | (257) |
|  | 02/2026 | $1527 | 2188055 | 0 | (6) |
|  | 02/2026 | 2821 | 52306 | 70 | 0 |
|  | 03/2026 | 1686 | 30912 | 20 | 0 |
|  | 04/2026 | 969 | 17848 | 13 | 0 |
|  MBC | 01/2026 | 49930 | $35481 | 0 | (916) |
|  | 01/2026 | 629 | 792 | 0 | (3) |
|  | 01/2026 | 3100 | 3638 | 0 | (7) |
|  | 01/2026 | 838 | 1126 | 0 | (4) |
|  | 01/2026 | 432800 | 2787 | 22 | 0 |
|  | 01/2026 | 2039 | 1178 | 4 | 0 |
|  | 01/2026 | 30701 | 23661 | 0 | (238) |
|  | 01/2026 | $1244 | 1067 | 11 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $346 | 31313 | $2 | $0 |
|  | 01/2026 | 1227 | 190958 | 0 | (7) |
|  | 01/2026 | 810 | 2970 | 17 | 0 |
|  | 01/2026 | 733 | 23759 | 21 | 0 |
|  | 01/2026 | 351 | 11073 | 2 | 0 |
|  | 02/2026 | 744 | 13769 | 17 | 0 |
|  | 03/2026 | 703 | 12940 | 11 | 0 |
|  | 04/2026 | 780 | 14388 | 12 | 0 |
|  MYI | 01/2026 | 5 | $2 | 0 | 0 |
|  | 01/2026 | $7 | 1088 | 0 | 0 |
|  | 02/2026 | 5668 | $1760 | 0 | (20) |
|  SCX | 01/2026 | 457 | 571 | 0 | (7) |
|  | 01/2026 | 26154 | 3712 | 0 | (41) |
|  | 01/2026 | 24271314 | 1451 | 0 | (4) |
|  | 01/2026 | 14556 | 160 | 0 | (2) |
|  | 01/2026 | 101700 | 651 | 1 | 0 |
|  | 01/2026 | 0 | 0 | 0 | 0 |
|  | 01/2026 | 44875 | 1473 | 43 | 0 |
|  | 01/2026 | $315 | 28475 | 1 | 0 |
|  | 01/2026 | 613 | 95300 | 0 | (4) |
|  SOG | 01/2026 | 40285 | $46641 | 0 | (723) |
|  | 01/2026 | 10463 | 13787 | 0 | (316) |
|  | 01/2026 | 2315917 | 1583 | 0 | (25) |
|  | 01/2026 | $2279 | 356504 | 0 | (2) |
|  | 02/2026 | 744 | 13776 | 17 | 0 |
|  | 03/2026 | 90 | $27 | 0 | 0 |
|  | 03/2026 | $0 | 3 | 0 | 0 |
|  UAG | 01/2026 | 1922 | $2401 | 0 | (27) |
|  | 01/2026 | 3951 | 1083 | 0 | (18) |
|  | 01/2026 | $4114 | 14959 | 53 | 0 |
|  | 01/2026 | 140981 | $8106 | 0 | (395) |
|  | 02/2026 | $699 | 12976 | 18 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5827) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2025:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  AZD | $0 | $0 | $0 | $0 | $(9) | $0 | $0 | $(9) | $(9) | $0 | $(9) |
|  BOA | 123 | 0 | 0 | 123 | (48) | 0 | 0 | (48) | 75 | (310) | (235) |
|  BPS | 272 | 0 | 0 | 272 | (429) | 0 | 0 | (429) | (157) | 316 | 159 |
|  BRC | 127 | 0 | 0 | 127 | (239) | 0 | 0 | (239) | (112) | 0 | (112) |
|  BSH | 0 | 0 | 0 | 0 | (156) | 0 | 0 | (156) | (156) | 99 | (57) |
|  CBK | 289 | 0 | 0 | 289 | (213) | 0 | 0 | (213) | 76 | 0 | 76 |
|  DUB | 335 | 0 | 0 | 335 | (497) | 0 | 0 | (497) | (162) | 274 | 112 |
|  GLM | 1316 | 0 | 0 | 1316 | (779) | 0 | 0 | (779) | 537 | (380) | 157 |
|  IND | 83 | 0 | 0 | 83 | 0 | 0 | 0 | 0 | 83 | 0 | 83 |
|  JPM | 238 | 0 | 0 | 238 | (698) | 0 | 0 | (698) | (460) | 268 | (192) |
|  MBC | 119 | 0 | 0 | 119 | (1175) | 0 | 0 | (1175) | (1056) | 1275 | 219 |
|  MYI | 0 | 0 | 0 | 0 | (20) | 0 | 0 | (20) | (20) | 0 | (20) |
|  SCX | 45 | 0 | 0 | 45 | (58) | 0 | 0 | (58) | (13) | 0 | (13) |
|  SOG | 17 | 0 | 0 | 17 | (1066) | 0 | 0 | (1066) | (1049) | 1219 | 170 |
|  UAG | 71 | 0 | 0 | 71 | (440) | 0 | 0 | (440) | (369) | 272 | (97) |
|  Total Over the Counter | $3035 | $0 | $0 | $3035 | $(5827) | $0 | $0 | $(5827) |  |  |  |

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(m) Securities with an aggregate market value of $3,723 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> 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. 

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **23** |

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

#### 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 December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $801 | $801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 1171 | 1177 |
|  | $0 | $6 | $0 | $0 | $1972 | $1978 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3035 | $0 | $3035 |
|  | $0 | $6 | $0 | $3035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $626 | $626 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5827 | $0 | $5827 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827 | $626 | $6453 |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1310 | $1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1518 | 0 | 0 | 10671 | 12189 |
|  | $0 | $1518 | $0 | $0 | $11981 | $13499 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(10048) | $0 | $(10048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 126 | 0 | 0 | 0 | 126 |
|  | $0 | $126 | $0 | $(10048) | $0 | $(9922) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10048) | $11981 | $3577 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2662 | $2662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (7) | 0 | 0 | (19786) | (19793) |
|  | $0 | $(7) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17131) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(5078) | $0 | $(5078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (45) | 0 | 0 | 0 | (45) |
|  | $0 | $(45) | $0 | $(5078) | $0 | $(5123) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(52) | $0 | $(5078) | $(17124) | $(22254) |

---

24 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

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December 31, 2025

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $3738 | $0 | $3738 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 523514 | 1920 | 525434 |
| &nbsp;&nbsp; Industrials | 0 | 173194 | 0 | 173194 |
| &nbsp;&nbsp; Utilities | 0 | 68554 | 0 | 68554 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 5875 | 0 | 5875 |
| &nbsp;&nbsp; Illinois | 0 | 852 | 0 | 852 |
| &nbsp;&nbsp; West Virginia | 0 | 5630 | 0 | 5630 |
|  U.S. Government Agencies | 0 | 937803 | 0 | 937803 |
|  U.S. Treasury Obligations | 0 | 368624 | 0 | 368624 |
|  Non-Agency Mortgage-Backed Securities | 0 | 121344 | 39892 | 161236 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 4711 | 0 | 4711 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 26087 | 0 | 26087 |
| &nbsp;&nbsp; CMBS Other | 0 | 14599 | 0 | 14599 |
| &nbsp;&nbsp; Home Equity Other | 0 | 18376 | 0 | 18376 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 22 | 0 | 22 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 450 | 0 | 450 |
| &nbsp;&nbsp; Other ABS | 0 | 184079 | 0 | 184079 |
|  Sovereign Issues | 0 | 128125 | 0 | 128125 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 24990 | 0 | 24990 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 548 | 0 | 548 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1920 | 0 | 1920 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654847 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $38820 | $0 | $0 | $38820 |
|  Total Investments | $38820 | $2613035 | $41812 | $2693667 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(44229) | $0 | $(44229) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 74 | 1904 | 0 | 1978 |
|  Over the counter | 0 | 3035 | 0 | 3035 |
|  | $74 | $4939 | $0 | $5013 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (214) | (400) | 0 | (614) |
|  Over the counter | 0 | (5827) | 0 | (5827) |
|  | $(214) | $(6227) | $0 | $(6441) |
|  Total Financial Derivative Instruments | $(140) | $(1288) | $0 | $(1428) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648010 |

---

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $1846 | $0 | $0 | $0 | $0 | $74 | $0 | $0 | $1920 | $74 |
|  Non-Agency Mortgage-Backed Securities | 2400 | 39155 | (509) | 0 | 0 | 758 | 0 | (1912) | 39892 | 737 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(509) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1912) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | $1920 | Discounted Cash Flow | Discount Rate | 5.513 - 5.700 | 5.631 |
|  Non-Agency Mortgage-Backed Securities | 3655 | Proxy Price | Base Price | 98.444 |  |
|  | 36237 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41812 |  |  |  |  |

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<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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Schedule of Investments PIMCO Fixed Income SHares: Series LD

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 138.0% | INVESTMENTS IN SECURITIES 138.0% | INVESTMENTS IN SECURITIES 138.0% |
| CORPORATE BONDS & NOTES 33.6% | CORPORATE BONDS & NOTES 33.6% | CORPORATE BONDS & NOTES 33.6% |
| BANKING & FINANCE 17.6% | BANKING & FINANCE 17.6% | BANKING & FINANCE 17.6% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.751% (SOFRINDX + 1.000%) due 12/03/2028 ~(d) | 500 | 502 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.470% due 03/08/2027 •(d) | 900 | 902 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  5.000% due 01/31/2030 | 200 | 205 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.824% (SOFRINDX + 0.830%) due 01/07/2027 ~ | 800 | 802 |
|  4.938% (SOFRINDX + 1.210%) due 03/25/2027 ~(d) | 400 | 402 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.612% due 10/19/2027 •(d) | 400 | 408 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.540% (SOFRRATE + 0.800%) due 09/08/2028 ~ | 1000 | 1002 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 (d) | 800 | 790 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.389% due 01/08/2026 | 400 | 400 |
|  6.690% (SOFRRATE + 2.950%) due 03/06/2026 ~ | 500 | 502 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.375% due 06/15/2026 (d) | 1200 | 1193 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  3.875% due 01/12/2028 | 200 | 199 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.930% (SOFRRATE + 1.080%) due 05/13/2031 ~(d) | 1000 | 1002 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  4.702% due 03/05/2027 •(d) | 700 | 701 |
|  ORIX Corp. | ORIX Corp. | ORIX Corp. |
|  4.650% due 09/10/2029 (d) | 500 | 508 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  4.250% due 12/01/2026 | 800 | 800 |
|  |  | 10318 |
| INDUSTRIALS 11.6% | INDUSTRIALS 11.6% | INDUSTRIALS 11.6% |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  5.150% due 08/21/2029 | 300 | 307 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 70 | 74 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  1.570% due 01/15/2026 | 600 | 599 |
|  4.875% due 07/15/2026 | 280 | 280 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.530% (SOFRRATE + 0.710%) due 08/11/2027 ~(d) | 1000 | 1003 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.196% due 02/04/2026 | 300 | 299 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 200 | 205 |
|  Foxconn Far East Ltd. | Foxconn Far East Ltd. | Foxconn Far East Ltd. |
|  1.875% due 08/25/2028 | 1000 | 928 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.000% due 03/01/2028 | 100 | 102 |
|  5.375% due 09/01/2026 (d) | 500 | 501 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 600 | 598 |
|  5.900% due 06/01/2027 | 500 | 510 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 | 400 | 396 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  4.911% due 09/01/2027 | 200 | 202 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
|  1.650% due 09/01/2026 | 200 | 197 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 | 300 | 303 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 | 300 | 304 |
|  |  | 6808 |
| UTILITIES 4.4% | UTILITIES 4.4% | UTILITIES 4.4% |
|  AES Corp. | AES Corp. | AES Corp. |
|  1.375% due 01/15/2026 | 1300 | 1299 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  4.700% due 03/13/2028 (d) | 600 | 609 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.400% due 10/15/2029 | 300 | 301 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.950% due 03/01/2026 | 100 | 100 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.700% due 06/01/2027 | 300 | 303 |
|  |  | 2612 |
|  Total Corporate Bonds & Notes (Cost $19,671) | Total Corporate Bonds & Notes (Cost $19,671) | 19738 |
| U.S. GOVERNMENT AGENCIES 48.7% | U.S. GOVERNMENT AGENCIES 48.7% | U.S. GOVERNMENT AGENCIES 48.7% |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.000% due 09/15/2044 (d) | 1012 | 909 |
|  4.744% due 04/25/2055 •(d) | 605 | 607 |
|  4.774% due 09/25/2054 •(d) | 557 | 559 |
|  4.774% due 10/25/2055 •  | 481 | 483 |
|  4.814% due 11/25/2054 •(d) | 1135 | 1140 |
|  4.824% due 10/25/2054 - 08/25/2055 •  | 1159 | 1167 |
|  4.824% due 04/25/2055 •(d) | 569 | 572 |
|  4.874% due 10/25/2052 - 06/25/2055 •  | 1490 | 1502 |
|  4.874% due 06/25/2055 •(d) | 1702 | 1712 |
|  4.974% due 07/25/2055 •  | 182 | 183 |
|  5.024% due 12/25/2054 - 01/25/2055 •  | 835 | 838 |
|  5.024% due 03/25/2055 •(d) | 622 | 624 |
|  5.074% due 01/25/2055 - 02/25/2055 •  | 488 | 490 |
|  5.124% due 05/25/2054 •  | 306 | 308 |
|  5.124% due 06/25/2055 •(d) | 638 | 641 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.300% due 12/01/2032 | 1100 | 1097 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.774% due 09/25/2054 - 03/25/2055 •(d) | 1821 | 1828 |
|  4.874% due 05/25/2055 •  | 166 | 167 |
|  4.924% due 01/25/2055 •  | 409 | 410 |
|  4.974% due 06/25/2054 - 01/25/2055 •  | 783 | 786 |
|  5.024% due 01/25/2055 •  | 407 | 408 |
|  5.074% due 01/25/2055 •  | 165 | 165 |
|  5.124% due 11/25/2053 •  | 239 | 240 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.298% due 10/20/2037 •  | 13 | 13 |
|  4.794% due 08/20/2061 •  | 1 | 1 |
|  4.818% due 06/20/2055 •  | 587 | 590 |
|  4.868% due 05/20/2055 •  | 195 | 196 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 02/01/2056 | 2000 | 1993 |
|  5.500% due 02/01/2056 | 3200 | 3242 |
|  6.000% due 02/01/2056 | 5600 | 5747 |
|  Total U.S. Government Agencies (Cost $28,650) | Total U.S. Government Agencies (Cost $28,650) | 28618 |
| U.S. TREASURY OBLIGATIONS 2.8% | U.S. TREASURY OBLIGATIONS 2.8% | U.S. TREASURY OBLIGATIONS 2.8% |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 07/15/2026 | 1087 | 1081 |
|  0.125% due 10/15/2026 | 238 | 236 |
|  2.125% due 04/15/2029 | 337 | 344 |
|  Total U.S. Treasury Obligations (Cost $1,655) | Total U.S. Treasury Obligations (Cost $1,655) | 1661 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.3% |
|  AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  | 190 | 191 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  6.619% due 09/20/2034 ~ | 6 | 6 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.734% due 01/25/2034 ~ | 3 | 2 |
|  6.232% due 11/25/2034 ~ | 8 | 8 |
|  6.290% due 04/25/2033 ~ | 5 | 6 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.115% due 09/15/2036 •  | 1000 | 977 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.724% due 05/25/2051 •  | 764 | 715 |
|  6.480% due 10/25/2035 •  | 1 | 1 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.642% due 06/25/2033 ~ | 4 | 4 |
|  6.500% due 04/25/2033 | 8 | 9 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  1.348% due 05/25/2066 ~ | 382 | 340 |
|  1.503% due 05/25/2066 ~ | 382 | 341 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  4.922% due 12/25/2051 •  | 365 | 340 |
|  4.922% due 02/25/2052 •  | 1070 | 994 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.951% due 09/25/2035 ~ | 1 | 1 |
|  5.970% due 08/25/2033 •  | 3 | 3 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.486% due 03/25/2035 •  | 92 | 90 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.248% due 12/15/2031 •  | 276 | 275 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.555% due 02/25/2035 ~ | 1 | 1 |
|  5.874% due 09/25/2034 ~ | 3 | 3 |
|  6.386% due 02/25/2034 ~ | 7 | 7 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.345% due 06/15/2030 •  | 2 | 2 |
|  4.762% due 10/20/2029 •  | 2 | 2 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.306% due 04/25/2029 •  | 1 | 1 |
|  5.451% due 02/25/2035 ~ | 35 | 34 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.131% due 07/25/2060 ~ | 370 | 342 |
|  1.381% due 04/25/2065 ~ | 41 | 40 |
|  6.105% due 12/25/2068 þ | 120 | 122 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.540% due 11/25/2034 ~ | 1 | 1 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.922% due 09/25/2051 •  | 142 | 132 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ | 143 | 137 |
|  3.500% due 12/25/2057 ~ | 359 | 351 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.960% due 11/15/2038 •  | 1000 | 999 |
|  OBX Trust | OBX Trust | OBX Trust |
|  6.520% due 07/25/2063 þ | 208 | 209 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.246% due 02/25/2034 •  | 1 | 1 |
|  Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 | Sequoia Mortgage Trust 5 |
|  4.546% due 10/19/2026 •  | 13 | 13 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.426% due 07/19/2034 •  | 5 | 5 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ | 3 | 2 |
|  4.506% due 09/19/2032 •  | 1 | 1 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.486% due 09/25/2043 •  | 2 | 2 |
|  5.621% due 04/25/2045 ~ | 5 | 5 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ | 172 | 166 |
|  3.750% due 05/25/2058 ~ | 324 | 320 |
|  4.846% due 05/25/2058 •  | 194 | 198 |
|  4.846% due 10/25/2059 •  | 162 | 163 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.712% due 01/25/2069 þ | 159 | 160 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.386% due 12/25/2045 •  | 48 | 48 |
|  4.426% due 10/25/2045 •  | 7 | 7 |
|  4.586% due 11/25/2034 •  | 19 | 18 |
|  4.646% due 06/25/2044 •  | 8 | 8 |
|  5.429% due 06/25/2042 •  | 2 | 1 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $8,151) | Total Non-Agency Mortgage-Backed Securities (Cost $8,151) | 7804 |
| ASSET-BACKED SECURITIES 35.3% | ASSET-BACKED SECURITIES 35.3% | ASSET-BACKED SECURITIES 35.3% |
| AUTOMOBILE ABS OTHER 1.7% | AUTOMOBILE ABS OTHER 1.7% | AUTOMOBILE ABS OTHER 1.7% |
|  Cars Alliance Auto Loans Germany V | Cars Alliance Auto Loans Germany V | Cars Alliance Auto Loans Germany V |
|  2.463% due 01/18/2036 •  | 425 | 500 |
|  FACT SA | FACT SA | FACT SA |
|  2.571% due 09/22/2031 •  | 402 | 473 |
|  |  | 973 |
| AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% | AUTOMOBILE SEQUENTIAL 0.3% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.590% due 03/15/2034 | 200 | 201 |
| CMBS OTHER 0.0% | CMBS OTHER 0.0% | CMBS OTHER 0.0% |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.929% due 10/16/2036 •  | 25 | 25 |
| CREDIT CARD BULLET 1.0% | CREDIT CARD BULLET 1.0% | CREDIT CARD BULLET 1.0% |
|  Evergreen Credit Card Trust | Evergreen Credit Card Trust | Evergreen Credit Card Trust |
|  4.540% due 10/15/2029 •  | 600 | 602 |
| HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% | HOME EQUITY OTHER 2.5% |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.846% due 10/25/2034 •  | 91 | 90 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.971% due 03/25/2035 •  | 74 | 74 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.646% due 10/27/2032 •  | 1 | 1 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.586% due 10/25/2032 •  | 22 | 22 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.491% due 05/25/2036 •  | 77 | 77 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  4.685% due 09/15/2029 •  | 3 | 3 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  4.671% due 08/25/2034 •  | 71 | 69 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.366% due 06/25/2036 •  | 300 | 294 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.776% due 11/25/2034 •  | 417 | 417 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.396% due 01/25/2046 •  | 181 | 182 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.521% due 01/25/2035 •  | 233 | 216 |
|  |  | 1445 |
| WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% | WHOLE LOAN COLLATERAL 1.0% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.166% due 04/25/2036 •  | 616 | 610 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 28.8% | OTHER ABS 28.8% | OTHER ABS 28.8% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  5.185% due 10/15/2034 •  | 400 | 401 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.186% due 10/20/2031 •  | 79 | 79 |
|  AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. |
|  4.964% due 01/20/2037 •  | 700 | 700 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 500 | 500 |
|  ARES LIX CLO Ltd. | ARES LIX CLO Ltd. | ARES LIX CLO Ltd. |
|  5.150% due 04/25/2034 •  | 400 | 401 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  5.035% due 04/15/2034 •  | 500 | 500 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.629% due 10/15/2031 •  | 665 | 783 |
|  BlueMountain CLO XXXII Ltd. | BlueMountain CLO XXXII Ltd. | BlueMountain CLO XXXII Ltd. |
|  5.005% due 10/15/2034 •  | 600 | 600 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  5.034% due 04/20/2035 •  | 500 | 500 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  4.985% due 07/15/2034 •  | 400 | 400 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.709% due 01/15/2031 •  | 284 | 334 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.814% due 11/15/2031 •  | 86 | 101 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  4.929% due 08/20/2034 •  | 400 | 400 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.988% due 07/25/2034 •  | 400 | 400 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 | 633 | 570 |
|  Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. |
|  5.122% due 04/17/2034 •  | 600 | 601 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  3.336% due 10/15/2038 •  | 500 | 588 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  1.040% due 07/15/2031 | 201 | 234 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  5.034% due 07/20/2035 •  | 500 | 500 |
|  Invesco Euro CLO XI DAC | Invesco Euro CLO XI DAC | Invesco Euro CLO XI DAC |
|  3.283% due 10/22/2036 •  | 400 | 470 |
|  KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. |
|  4.988% due 10/20/2034 •  | 600 | 600 |
|  KKR CLO 27 Ltd. | KKR CLO 27 Ltd. | KKR CLO 27 Ltd. |
|  5.015% due 01/15/2035 •  | 500 | 500 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  5.034% due 07/20/2034 •  | 500 | 500 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.226% due 04/20/2031 •  | 80 | 80 |
|  MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC |
|  3.364% due 02/15/2038 •  | 500 | 588 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 | 248 | 234 |
|  1.690% due 05/15/2069 | 453 | 428 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 194 | 194 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.670% due 06/22/2065 | 478 | 477 |
|  4.840% due 05/17/2055 | 281 | 282 |
|  Octagon 64 Ltd. | Octagon 64 Ltd. | Octagon 64 Ltd. |
|  5.130% due 07/21/2035 •  | 500 | 500 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.924% due 01/20/2035 •  | 400 | 400 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.989% due 01/15/2033 •  | 105 | 123 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  4.944% due 07/20/2034 •  | 400 | 400 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.325% due 04/25/2049 •  | 16 | 16 |
|  6.275% due 01/27/2026 •  | 71 | 71 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  4.465% due 03/17/2053 •  | 60 | 59 |
|  4.696% due 09/15/2054 •  | 876 | 873 |
|  5.434% due 03/15/2056 •  | 392 | 397 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.945% due 01/12/2032 •  | 393 | 463 |
|  Towd Point Asset Trust | Towd Point Asset Trust | Towd Point Asset Trust |
|  4.548% due 11/20/2061 •  | 86 | 86 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  5.034% due 10/20/2034 •  | 500 | 500 |
|  Voya Ltd. | Voya Ltd. | Voya Ltd. |
|  5.166% due 10/15/2030 •  | 90 | 90 |
|  |  | 16923 |
|  Total Asset-Backed Securities (Cost $20,857) | Total Asset-Backed Securities (Cost $20,857) | 20779 |
| SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (a) | 7800 | 1377 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 300 | 316 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 600 | 612 |
|  Total Sovereign Issues (Cost $2,307) | Total Sovereign Issues (Cost $2,307) | 2305 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (c) | 237200 | 237 |
| Total Short-Term Instruments<br>(Cost $237) | Total Short-Term Instruments<br>(Cost $237) | 237 |
| Total Investments in Securities<br>(Cost $81,528) | Total Investments in Securities<br>(Cost $81,528) | 81142 |
| INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% | INVESTMENTS IN AFFILIATES 5.4% |
| SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% | SHORT-TERM INSTRUMENTS 5.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% |
|  PIMCO Short Asset Portfolio | 228857 | 2246 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 92675 | 903 |
| Total Short-Term Instruments<br>(Cost $3,146) | Total Short-Term Instruments<br>(Cost $3,146) | 3149 |
| Total Investments in Affiliates<br>(Cost $3,146) | Total Investments in Affiliates<br>(Cost $3,146) | 3149 |
| Total Investments 143.4%<br>(Cost $84,674) | Total Investments 143.4%<br>(Cost $84,674) | 84291 |
|  Financial Derivative<br>Instruments (e)(f) 0.1%<br> (Cost or Premiums, net $152) | Financial Derivative<br>Instruments (e)(f) 0.1%<br> (Cost or Premiums, net $152) | 59 |
| Other Assets and Liabilities, net (43.5)% | Other Assets and Liabilities, net (43.5)% | (25584) |
| Net Assets 100.0% | Net Assets 100.0% | 58766 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 27

------

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

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

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

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

(c) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  RDR | 4.000% | 12/30/2025 | TBD<sup>(2)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3251) | $(3251) |
|  SBI | 3.770 | 12/12/2025 | TBD<sup>(2)</sup> | (8436) | (8455) |
|  TDM | 3.800 | 12/12/2025 | TBD<sup>(2)</sup> | (4515) | (4525) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16231) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (16.0)% | U.S. Government Agencies (16.0)% | U.S. Government Agencies (16.0)% | U.S. Government Agencies (16.0)% | U.S. Government Agencies (16.0)% | U.S. Government Agencies (16.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000% | 02/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | $(9396) | $(9386) |
|  Total Short Sales (16.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9396) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9386) |

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#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  RDR | $0 | $(3251) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3251) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
|  SBI | 0 | (8455) | 0 | (8455) | 8882 | 427 |
|  TDM | 0 | (4525) | 0 | (4525) | 4726 | 201 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16231) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(7776) | $(7776) |
|  U.S. Government Agencies | 0 | 0 | 0 | (8455) | (8455) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16231) | $(16231) |
|  Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | Payable for reverse repurchase agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16231) |

---

(d) Securities with an aggregate market value of $16,717 and cash of $290 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(15141) at a weighted average interest rate of 4.407%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Open maturity reverse repurchase agreement.

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

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

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33377 | $(31) | $0 | $(10) |
|  Australia Government 3-Year Bond March Futures  | 03/2026 | 93 | 6516 | 3 | 2 | (2) |
|  Canada Government 5-Year Bond March Futures  | 03/2026 | 32 | 2641 | (16) | 0 | (5) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 255 | 53241 | 85 | 0 | (18) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 293 | 32026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | 0 | (34) |
|  |  |  |  | $(72) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 27 | $(3036) | $5 | $6 | $0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 16 | (1888) | 13 | 6 | 0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10006) | 3 | 16 | 0 |
|  |  |  |  | $21 | $28 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 4300 | $1 | $23 | $24 | $5 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | $10000 | 12 | 4 | 16 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 2700 | 8 | (44) | (36) | 3 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 13161 | 1 | 55 | 56 | 19 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 17472 | 17 | 0 | 17 | 25 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | 14 | (9) | 2 | 0 |
| Pay<sup>(1)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 2400 | 4 | (76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | 0 | (3) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability |  | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options |  |  | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(69) | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |

---

**Cash of $1,466 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> 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.

---

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

---

------

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 01/2026 | 111319 | $76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
|  | 01/2026 | 109 | 30 | 0 | (1) |
|  | 01/2026 | 676 | 22 | 1 | 0 |
|  | 01/2026 | $35 | 128 | 1 | 0 |
|  | 01/2026 | 6 | 188 | 0 | 0 |
|  | 02/2026 | 79 | $25 | 0 | 0 |
|  BPS | 01/2026 | 357 | 233 | 0 | (6) |
|  | 01/2026 | 8 | 10 | 0 | 0 |
|  | 01/2026 | 516 | 73 | 0 | (1) |
|  | 01/2026 | 165 | 51 | 0 | (1) |
|  | 01/2026 | 2705 | 30 | 0 | 0 |
|  | 01/2026 | 10800 | 70 | 1 | 0 |
|  | 01/2026 | 130 | 36 | 0 | (1) |
|  | 01/2026 | 2499 | 82 | 2 | 0 |
|  | 01/2026 | $124 | 866 | 1 | 0 |
|  | 01/2026 | 8 | 132193 | 0 | 0 |
|  | 01/2026 | 10 | 903 | 0 | 0 |
|  | 01/2026 | 74 | 130 | 1 | 0 |
|  | 01/2026 | 68 | 245 | 1 | 0 |
|  | 01/2026 | 259 | 8115 | 1 | (1) |
|  | 01/2026 | 100 | 1670 | 1 | 0 |
|  | 01/2026 | 919 | $55 | 0 | (1) |
|  | 02/2026 | $26 | 2318 | 0 | 0 |
|  | 02/2026 | 78 | 2449 | 0 | 0 |
|  | 03/2026 | 10055 | $323 | 1 | 0 |
|  | 04/2026 | 1200 | 211 | 0 | (4) |
|  BRC | 01/2026 | 21 | 24 | 0 | 0 |
|  | 01/2026 | 33 | 10 | 0 | 0 |
|  | 01/2026 | $236 | 181 | 7 | 0 |
|  | 01/2026 | 10 | 36 | 0 | 0 |
|  | 01/2026 | 12 | 217 | 1 | 0 |
|  | 02/2026 | 44 | $14 | 0 | 0 |
|  | 03/2026 | $102 | 1897 | 2 | 0 |
|  CBK | 01/2026 | 33 | $24 | 0 | 0 |
|  | 01/2026 | 500 | 580 | 0 | (8) |
|  | 01/2026 | 131 | 40 | 0 | (1) |
|  | 01/2026 | 51 | 29 | 0 | 0 |
|  | 01/2026 | 110 | 30 | 0 | (1) |
|  | 01/2026 | 100 | 11 | 0 | 0 |
|  | 01/2026 | 140 | 4 | 0 | 0 |
|  | 01/2026 | 3473 | 114 | 4 | 0 |
|  | 01/2026 | $89 | 623 | 0 | 0 |
|  | 01/2026 | 142 | 121 | 1 | 0 |
|  | 01/2026 | 135 | 434 | 1 | 0 |
|  | 01/2026 | 478 | 43082 | 2 | (1) |
|  | 01/2026 | 209 | 762 | 3 | 0 |
|  | 01/2026 | 67 | 2099 | 0 | 0 |
|  | 02/2026 | 64 | $20 | 0 | 0 |
|  | 02/2026 | $1 | 40 | 0 | 0 |
|  | 03/2026 | 480 | $15 | 0 | 0 |
|  DUB | 01/2026 | 73 | 23 | 0 | 0 |
|  | 01/2026 | 53963 | 37 | 0 | (1) |
|  | 01/2026 | 35 | 20 | 0 | 0 |
|  | 01/2026 | $39 | 126 | 0 | 0 |
|  | 01/2026 | 45 | 4004 | 0 | (1) |
|  | 01/2026 | 132 | 193349 | 3 | 0 |
|  | 01/2026 | 77 | 1304 | 2 | 0 |
|  | 02/2026 | 126 | $39 | 0 | 0 |
|  | 02/2026 | $2 | 55 | 0 | 0 |
|  FAR | 01/2026 | 658 | $428 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  | 01/2026 | 16 | 20 | 0 | 0 |
|  | 01/2026 | 257 | 37 | 0 | 0 |
|  | 01/2026 | $21 | 67 | 0 | 0 |
|  | 01/2026 | 62 | 1142 | 2 | 0 |
|  | 01/2026 | 51 | 91 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $68 | 247 | $1 | $0 |
|  | 01/2026 | 16 | 268 | 1 | 0 |
|  | 02/2026 | 67 | $21 | 0 | 0 |
|  | 03/2026 | 6 | 0 | 0 | 0 |
|  GLM | 01/2026 | 168 | 52 | 0 | (1) |
|  | 01/2026 | $376 | 523 | 5 | 0 |
|  | 01/2026 | 15 | 12 | 0 | 0 |
|  | 01/2026 | 60 | 424 | 1 | 0 |
|  | 01/2026 | 58 | 210 | 1 | 0 |
|  | 01/2026 | 2 | 67 | 0 | 0 |
|  | 01/2026 | 12 | 200 | 0 | 0 |
|  | 03/2026 | 20 | $4 | 0 | 0 |
|  | 03/2026 | $674 | 3734 | 0 | (1) |
|  | 04/2026 | 6600 | $1169 | 4 | (15) |
|  | 04/2026 | $95 | 1757 | 1 | 0 |
|  JPM | 01/2026 | 1070 | $152 | 0 | (2) |
|  | 01/2026 | 595 | 182 | 0 | (4) |
|  | 01/2026 | 884 | 10 | 0 | 0 |
|  | 01/2026 | 87524 | 60 | 0 | (1) |
|  | 01/2026 | 85 | 8 | 0 | 0 |
|  | 01/2026 | 70 | 41 | 0 | 0 |
|  | 01/2026 | 257 | 70 | 0 | (2) |
|  | 01/2026 | $70 | 492 | 1 | 0 |
|  | 01/2026 | 17 | 1544 | 0 | 0 |
|  | 01/2026 | 41 | 59491 | 0 | 0 |
|  | 01/2026 | 48 | 177 | 1 | 0 |
|  | 02/2026 | 59413 | $41 | 0 | 0 |
|  | 02/2026 | $19 | 346 | 0 | 0 |
|  | 04/2026 | 43 | 791 | 1 | 0 |
|  MBC | 01/2026 | 561 | $399 | 0 | (10) |
|  | 01/2026 | 64 | 80 | 0 | (1) |
|  | 01/2026 | 3693 | 4292 | 0 | (49) |
|  | 01/2026 | 39 | 52 | 0 | 0 |
|  | 01/2026 | 10900 | 70 | 1 | 0 |
|  | 01/2026 | 69 | 40 | 0 | 0 |
|  | 01/2026 | 835 | 643 | 0 | (6) |
|  | 01/2026 | $85 | 64 | 1 | 0 |
|  | 01/2026 | 10 | 878 | 0 | 0 |
|  | 01/2026 | 40 | 6304 | 0 | 0 |
|  | 01/2026 | 501 | 871 | 0 | 0 |
|  | 01/2026 | 12 | 44 | 0 | 0 |
|  | 01/2026 | 9 | 290 | 0 | 0 |
|  | 02/2026 | 130 | 2438 | 4 | 0 |
|  | 03/2026 | 18 | 341 | 0 | 0 |
|  | 04/2026 | 35 | 639 | 1 | 0 |
|  MYI | 01/2026 | 62 | 9618 | 0 | 0 |
|  | 02/2026 | 161 | $50 | 0 | (1) |
|  SCX | 01/2026 | 512 | 73 | 0 | (1) |
|  | 01/2026 | 907 | 10 | 0 | 0 |
|  | 01/2026 | 3100 | 20 | 0 | 0 |
|  | 01/2026 | 733 | 24 | 1 | 0 |
|  | 01/2026 | $13 | 219878 | 0 | 0 |
|  | 01/2026 | 83 | 12954 | 0 | 0 |
|  | 02/2026 | 135 | 2507 | 3 | 0 |
|  UAG | 01/2026 | 16 | $20 | 0 | 0 |
|  | 01/2026 | $73 | 265 | 1 | 0 |
|  | 01/2026 | 22 | 379 | 1 | 0 |
|  | 02/2026 | 18 | 343 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| JPM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 02/13/2026 | 47600 | $26 | $1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

---

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

------

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

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | South Korea Government International Bonds | (1.000)% | Quarterly | 12/20/2030 | 0.220% | $800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 500 | $114 | $4 | $118 | $0 |
| JPM | iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 100 | 23 | 0 | 23 | 0 |
|  |  |  |  |  |  |  | $137 | $4 | $141 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  BOA | $2 | $0 | $118 | $120 | $(2) | $0 | $0 | $(2) | $118 | $0 | $118 |
|  BPS | 9 | 0 | 0 | 9 | (15) | 0 | 0 | (15) | (6) | 0 | (6) |
|  BRC | 10 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 10 | 0 | 10 |
|  CBK | 11 | 0 | 0 | 11 | (11) | 0 | 0 | (11) | 0 | 0 | 0 |
|  DUB | 5 | 0 | 0 | 5 | (2) | 0 | 0 | (2) | 3 | 0 | 3 |
|  FAR | 5 | 0 | 0 | 5 | (12) | 0 | 0 | (12) | (7) | 0 | (7) |
|  GLM | 12 | 0 | 0 | 12 | (17) | 0 | 0 | (17) | (5) | 0 | (5) |
|  JPM | 3 | 1 | 23 | 27 | (9) | 0 | 0 | (9) | 18 | 0 | 18 |
|  MBC | 7 | 0 | 0 | 7 | (66) | 0 | 0 | (66) | (59) | 0 | (59) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (29) | (29) | (29) | 0 | (29) |
|  MYI | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SCX | 4 | 0 | 0 | 4 | (1) | 0 | 0 | (1) | 3 | 0 | 3 |
|  UAG | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  Total Over the Counter | $70 | $1 | $141 | $212 | $(136) | $0 | $(29) | $(165) |  |  |  |

---

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

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

<sup>(3)</sup> 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. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> 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. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

#### 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 December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $30 | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 54 | 54 |
|  | $0 | $0 | $0 | $0 | $84 | $84 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $70 | $0 | $70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 141 | 0 | 0 | 0 | 141 |
|  | $0 | $141 | $0 | $70 | $1 | $212 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $70 | $85 | $296 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $69 | $69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3 | 3 |
|  | $0 | $0 | $0 | $0 | $72 | $72 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $136 | $0 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 29 | 0 | 0 | 0 | 29 |
|  | $0 | $29 | $0 | $136 | $0 | $165 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $29 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (61) | 0 | 0 | (786) | (847) |
|  | $0 | $(61) | $0 | $0 | $286 | $225 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(478) | $0 | $(478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (43) | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (20) | 0 | 0 | 0 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 0 | 4 |
|  | $0 | $(16) | $0 | $(478) | $(43) | $(537) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) | $243 | $(312) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(187) | $(187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (135) | (135) |
|  | $0 | $0 | $0 | $0 | $(322) | $(322) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(372) | $0 | $(372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (25) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 0 | 6 |
|  | $0 | $6 | $0 | $(372) | $(25) | $(391) |
|  | $0 | $6 | $0 | $(372) | $(347) | $(713) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 33

------

Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.) December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $10318 | $0 | $10318 |
| &nbsp;&nbsp; Industrials | 0 | 6808 | 0 | 6808 |
| &nbsp;&nbsp; Utilities | 0 | 2612 | 0 | 2612 |
|  U.S. Government Agencies | 0 | 28618 | 0 | 28618 |
|  U.S. Treasury Obligations | 0 | 1661 | 0 | 1661 |
|  Non-Agency Mortgage-Backed Securities | 0 | 7804 | 0 | 7804 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 973 | 0 | 973 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 201 | 0 | 201 |
| &nbsp;&nbsp; CMBS Other | 0 | 25 | 0 | 25 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 602 | 0 | 602 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1445 | 0 | 1445 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 610 | 0 | 610 |
| &nbsp;&nbsp; Other ABS | 0 | 16923 | 0 | 16923 |
|  Sovereign Issues | 0 | 2305 | 0 | 2305 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 237 | 0 | 237 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $3149 | $0 | $0 | $3149 |
|  Total Investments | $3149 | $81142 | $0 | $84291 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  U.S. Government Agencies | $0 | $(9386) | $0 | $(9386) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 2 | 82 | 0 | 84 |
|  Over the counter | 0 | 212 | 0 | 212 |
|  | $2 | $294 | $0 | $296 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (7) | (65) | 0 | (72) |
|  Over the counter | 0 | (165) | 0 | (165) |
|  | $(7) | $(230) | $0 | $(237) |
|  Total Financial Derivative Instruments | $(5) | $64 | $0 | $59 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74964 |

---

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

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Fixed Income SHares: Series M December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 143.2% | INVESTMENTS IN SECURITIES 143.2% | INVESTMENTS IN SECURITIES 143.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 «~ | 6272 | 5993 |
|  Total Loan Participations and Assignments (Cost $6,266) | Total Loan Participations and Assignments (Cost $6,266) | 5993 |
| CORPORATE BONDS & NOTES 34.2% | CORPORATE BONDS & NOTES 34.2% | CORPORATE BONDS & NOTES 34.2% |
| BANKING & FINANCE 20.8% | BANKING & FINANCE 20.8% | BANKING & FINANCE 20.8% |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.848% due 01/03/2030 •  | 3600 | 3821 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.250% due 03/15/2035 | 3000 | 3052 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  5.550% due 07/15/2033 | 1100 | 1153 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  6.350% due 10/23/2029 | 4300 | 4392 |
|  7.950% due 08/11/2028 | 7550 | 7992 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.380% due 01/07/2030 | 3000 | 3072 |
|  5.526% due 07/11/2031 | 5000 | 5129 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  6.750% due 10/25/2028 | 5250 | 5575 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 107 | 104 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 5000 | 5316 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.538% due 03/14/2030 •  | 3800 | 3934 |
|  6.033% due 01/17/2035 | 3200 | 3429 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.288% due 04/25/2034 •  | 15000 | 15448 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 2000 | 2152 |
|  7.437% due 11/02/2033 •  | 1200 | 1373 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 4000 | 4148 |
|  8.000% due 05/25/2028 | 4300 | 4597 |
|  Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota | Blue Cross & Blue Shield of Minnesota |
|  4.850% due 09/30/2030 «(g) | 4700 | 4702 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
|  2.875% due 06/11/2028 | 9700 | 9166 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.714% due 10/19/2029 •  | 7500 | 7960 |
|  7.003% due 10/19/2034 •  | 7500 | 8355 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 2900 | 2912 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.624% due 10/30/2031 •  | 5000 | 5652 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.100% due 06/15/2051 | 5000 | 3430 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 4100 | 4187 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 2700 | 2867 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.785% due 03/17/2033 •  | 2000 | 1910 |
|  5.449% due 06/11/2035 •  | 12000 | 12433 |
|  6.270% due 11/17/2033 •  | 7000 | 7625 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
|  5.250% due 07/15/2030 | 3800 | 3903 |
|  5.375% due 02/15/2032 | 2400 | 2474 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 3000 | 3166 |
|  Credit Suisse AG AT1 Claim | 5500 | 1623 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  5.200% due 09/01/2034 | 3000 | 3032 |
|  DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. |
|  5.950% due 04/15/2035 | 3150 | 3247 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.410% due 01/30/2032 «(g) | 1800 | 1841 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.590% due 01/30/2035 «(g) | $— | 1100 | $— | 1120 |
|  5.970% due 01/30/2045 «(g) |  | 900 |  | 894 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.625% due 05/19/2031 •  |  | 900 |  | 1061 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | $— | 2000 |  | 1800 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.500% due 04/01/2034 |  | 5000 |  | 5193 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.500% due 06/04/2029 |  | 2600 |  | 2712 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.850% due 04/17/2028 |  | 4000 |  | 4057 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 |  | 1000 |  | 1013 |
|  6.125% due 03/08/2034 |  | 4000 |  | 4066 |
|  6.800% due 05/12/2028 |  | 8000 |  | 8350 |
|  6.950% due 03/06/2026 |  | 4500 |  | 4510 |
|  7.350% due 11/04/2027 |  | 5000 |  | 5222 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 |  | 3000 |  | 3160 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  2.625% due 01/15/2027 |  | 9000 |  | 8756 |
|  6.875% due 08/15/2029 |  | 3200 |  | 3227 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.500% due 09/18/2030 |  | 5000 |  | 4950 |
|  5.500% due 01/08/2029 |  | 3000 |  | 3085 |
|  5.900% due 01/13/2035 |  | 2000 |  | 2052 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 |  | 400 |  | 409 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 |  | 1500 |  | 1523 |
|  5.750% due 11/01/2037 |  | 4000 |  | 3993 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.561% due 10/24/2034 •  |  | 5000 |  | 5575 |
|  Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
|  0.000% due 08/15/2028 ~ |  | 4600 |  | 4634 |
|  5.875% due 05/01/2030 |  | 2000 |  | 2029 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 |  | 3200 |  | 3261 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 |  | 1200 |  | 1194 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  |  | 1600 |  | 1496 |
|  5.719% due 03/04/2035 •  |  | 2000 |  | 2110 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  4.500% due 05/23/2029 •  |  | 400 |  | 488 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  4.150% due 04/15/2032 | $— | 1101 |  | 1069 |
|  4.875% due 02/01/2035 |  | 1000 |  | 990 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  7.125% due 04/30/2031 |  | 2000 |  | 2103 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.294% due 07/22/2035 •  |  | 2400 |  | 2477 |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  6.324% due 09/21/2034 •  |  | 3000 |  | 3273 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  5.500% due 08/01/2030 |  | 1500 |  | 1536 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  |  | 6700 |  | 6608 |
|  4.300% due 02/01/2061 |  | 4000 |  | 2669 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.750% due 06/15/2035 |  | 4000 |  | 4120 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 |  | 4000 |  | 4068 |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  5.077% due 02/15/2069 •  |  | 4500 |  | 4001 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(g) |  | 8000 |  | 5868 |
|  5.250% due 04/21/2034 •  |  | 20000 |  | 20597 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  5.773% (SOFRINDX + 2.050%) due 09/13/2027 ~ |  | 308 |  | 306 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.783% due 07/03/2034 | 2750 | 2908 |
|  Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund |
|  6.500% due 07/23/2029 | 1500 | 1546 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  6.625% due 01/15/2028 | 205 | 211 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 4000 | 2935 |
|  Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. |
|  4.660% due 12/16/2028 «(g) | 6000 | 5995 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.900% due 10/15/2029 | 4600 | 4515 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.800% due 12/12/2030 | 10250 | 10279 |
|  5.100% due 12/10/2029 | 2500 | 2564 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 | 1500 | 1540 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  6.450% due 03/18/2035 | 5300 | 5512 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  5.400% due 09/15/2030 | 2000 | 2032 |
|  Tesco Property Finance 3 PLC | Tesco Property Finance 3 PLC | Tesco Property Finance 3 PLC |
|  5.744% due 04/13/2040 | 556 | 757 |
|  Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC |
|  5.801% due 10/13/2040 | 610 | 831 |
|  Tesco Property Finance 5 PLC | Tesco Property Finance 5 PLC | Tesco Property Finance 5 PLC |
|  5.661% due 10/13/2041 | 90 | 121 |
|  Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. |
|  4.625% due 04/15/2032 | 5300 | 5123 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.699% due 02/08/2035 •  | 9000 | 9468 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.625% due 04/01/2035 | 4800 | 4904 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.350% due 03/02/2033 •  | 4000 | 3735 |
|  |  | 381773 |
| INDUSTRIALS 10.4% | INDUSTRIALS 10.4% | INDUSTRIALS 10.4% |
|  Adventist Health System | Adventist Health System | Adventist Health System |
|  4.742% due 12/01/2030 | 1300 | 1306 |
|  Air Canada | Air Canada | Air Canada |
|  4.625% due 08/15/2029 | 900 | 656 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 2128 | 2142 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.150% due 08/15/2033 | 4209 | 3988 |
|  3.375% due 11/01/2028 | 3745 | 3699 |
|  3.500% due 08/15/2033 | 421 | 389 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  5.400% due 04/07/2035 | 5400 | 5572 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  4.700% due 05/15/2028 | 1000 | 1008 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 358 | 358 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 2200 | 2383 |
|  6.875% due 11/21/2053 | 2300 | 2492 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 71150 | 75235 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 04/15/2035 | 2000 | 2073 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.650% due 04/15/2034 | 2000 | 2076 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  5.662% due 09/01/2055 | 5800 | 5610 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 3483 | 3698 |
|  Diageo Investment Corp. | Diageo Investment Corp. | Diageo Investment Corp. |
|  5.625% due 04/15/2035 | 1500 | 1588 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 2600 | 2673 |

---

---

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

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  5.000% due 10/15/2034 | 4000 | 4048 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.600% due 09/01/2034 | 6000 | 6178 |
|  6.200% due 04/01/2055 | 4000 | 3929 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.750% due 05/19/2035 | 1800 | 1886 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 2800 | 2581 |
|  4.317% due 12/30/2039 | 2800 | 2360 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  5.600% due 11/20/2035 | 5100 | 5089 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 2000 | 2026 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.750% due 03/01/2035 | 2500 | 2625 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.375% due 06/01/2046 | 5000 | 4135 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
|  4.625% due 07/03/2031 | 5000 | 3777 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.950% due 03/15/2035 | 1650 | 1729 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 3100 | 2925 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  5.250% due 08/09/2034 | 2700 | 2770 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  1.625% due 05/09/2028 | 100 | 115 |
|  3.375% due 06/18/2026 | 100 | 135 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.400% due 03/20/2034 | 5000 | 5175 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  4.911% due 09/01/2027 | 2000 | 2019 |
|  5.026% due 10/01/2029 | 2400 | 2435 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 3800 | 3587 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 | 1241 | 1227 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 1834 | 1892 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 3000 | 3065 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  4.125% due 08/15/2031 | 2500 | 2277 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 2200 | 2261 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  6.000% due 05/19/2035 | 3350 | 3491 |
|  |  | 190683 |
| UTILITIES 3.0% | UTILITIES 3.0% | UTILITIES 3.0% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.800% due 03/15/2032 | 5000 | 5131 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  5.650% due 04/01/2034 | 1900 | 1991 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  6.000% due 01/15/2035 | 4100 | 4378 |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 | 600 | 611 |
|  5.750% due 06/15/2027 | 1800 | 1833 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.950% due 04/22/2034 | 5500 | 5860 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 6000 | 7617 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 27 | 27 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 2600 | 2544 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.500% due 07/01/2040 | 1500 | 1308 |
|  4.550% due 07/01/2030 | 1300 | 1295 |
|  4.750% due 02/15/2044 | 3000 | 2544 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.950% due 07/01/2050 | 700 | 593 |
|  6.000% due 08/15/2035 | 2000 | 2103 |
|  6.700% due 04/01/2053 | 4700 | 4967 |
|  PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
|  5.250% due 09/01/2034 | 2900 | 2974 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  5.725% due 03/15/2035 | 3000 | 3087 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  5.341% due 03/15/2047 | 5000 | 5013 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 03/01/2049 | 400 | 337 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  6.000% due 04/15/2028 | 1900 | 1973 |
|  |  | 56186 |
|  Total Corporate Bonds & Notes (Cost $616,626) | Total Corporate Bonds & Notes (Cost $616,626) | 628642 |
| MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% | MUNICIPAL BONDS & NOTES 0.6% |
| CALIFORNIA 0.5% | CALIFORNIA 0.5% | CALIFORNIA 0.5% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.850% due 06/01/2050 | 6605 | 6040 |
|  Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 | Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 | Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 |
|  7.168% due 07/01/2040 | 3400 | 3812 |
|  |  | 9852 |
| PENNSYLVANIA 0.1% | PENNSYLVANIA 0.1% | PENNSYLVANIA 0.1% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  6.532% due 06/15/2039 | 600 | 657 |
|  Total Municipal Bonds & Notes (Cost $10,140) | Total Municipal Bonds & Notes (Cost $10,140) | 10509 |
| U.S. GOVERNMENT AGENCIES 45.5% | U.S. GOVERNMENT AGENCIES 45.5% | U.S. GOVERNMENT AGENCIES 45.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 11/01/2047 - 03/01/2049 | 15 | 14 |
|  4.955% due 08/01/2032 •  | 11 | 11 |
|  5.000% due 07/01/2053 | 20858 | 20884 |
|  5.500% due 12/01/2053 | 1181 | 1200 |
|  5.875% due 01/01/2032 •  | 11 | 11 |
|  6.000% due 02/01/2055 - 09/01/2055 | 18726 | 19692 |
|  6.341% due 02/01/2033 •  | 5 | 5 |
|  6.375% due 10/01/2032 •  | 2 | 2 |
|  6.625% due 10/01/2032 •  | 23 | 24 |
|  7.000% due 12/01/2029 - 03/01/2030 | 2 | 2 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.548% due 08/15/2029 - 12/15/2031 •  | 1 | 1 |
|  4.648% due 03/15/2032 •  | 1 | 1 |
|  6.000% due 12/15/2028 | 23 | 23 |
|  7.500% due 08/15/2030 | 7 | 7 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 01/01/2046 | 62 | 56 |
|  3.500% due 05/01/2047 | 86 | 82 |
|  4.000% due 12/01/2044 | 9 | 9 |
|  5.500% due 09/01/2053 | 407 | 414 |
|  5.723% due 11/01/2032 •  | 4 | 4 |
|  5.931% due 01/01/2033 •  | 6 | 6 |
|  6.220% due 09/01/2027 •  | 4 | 4 |
|  6.366% due 05/01/2033 •  | 9 | 9 |
|  6.449% due 12/01/2034 •  | 15 | 16 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  5.082% due 05/25/2042 ~ | 4 | 4 |
|  5.384% due 03/25/2041 ~ | 4 | 4 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  4.750% due 10/20/2027 •  | 1 | 0 |
|  5.375% due 07/20/2027 - 07/20/2029 •  | 4 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.625% due 01/20/2027 - 06/20/2032 •  | 19 | 20 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 01/01/2056 - 02/01/2056 | 350900 | 302670 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 01/01/2056 - 02/01/2056 | 140000 | 136589 |
|  5.000% due 02/01/2056 | 188000 | 187317 |
|  5.500% due 02/01/2056 | 48100 | 48731 |
|  6.000% due 01/01/2056 | 28200 | 28958 |
|  6.500% due 02/01/2056 - 03/01/2056 | 86900 | 90379 |
|  Total U.S. Government Agencies (Cost $834,747) | Total U.S. Government Agencies (Cost $834,747) | 837153 |
| U.S. TREASURY OBLIGATIONS 8.8% | U.S. TREASURY OBLIGATIONS 8.8% | U.S. TREASURY OBLIGATIONS 8.8% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.250% due 08/15/2054 (k) | 15300 | 13838 |
|  4.750% due 08/15/2055 | 61000 | 59990 |
|  4.875% due 08/15/2045 (k) | 50 | 50 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  1.250% due 04/15/2028 (i) | 54277 | 54067 |
|  1.750% due 01/15/2034 (i) | 33684 | 33506 |
|  Total U.S. Treasury Obligations (Cost $161,312) | Total U.S. Treasury Obligations (Cost $161,312) | 161451 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 14.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.9% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  3.885% due 01/25/2036 ~ | 4 | 3 |
|  4.531% due 02/25/2036 ~ | 70 | 44 |
|  4.768% due 11/25/2035 ~ | 53 | 37 |
|  AG Trust | AG Trust | AG Trust |
|  5.766% due 08/15/2041 •  | 5750 | 5788 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.056% due 10/25/2046 •  | 310 | 155 |
|  4.226% due 09/25/2046 •  | 271 | 263 |
|  4.949% due 11/25/2046 •  | 471 | 115 |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  4.950% due 07/25/2057 þ | 1833 | 1827 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 07/25/2046 | 57 | 50 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.228% due 10/20/2036 •  | 63 | 49 |
|  4.266% due 04/25/2037 •  | 50 | 42 |
|  4.376% due 08/27/2036 ~ | 4525 | 4370 |
|  4.448% due 05/20/2047 •  | 22 | 21 |
|  4.495% due 09/20/2047 ~ | 58 | 51 |
|  4.646% due 05/25/2037 •  | 48 | 44 |
|  4.654% due 09/20/2046 ~ | 29 | 26 |
|  5.424% due 04/20/2035 ~ | 36 | 35 |
|  5.500% due 03/25/2036 | 5 | 5 |
|  5.798% due 02/20/2036 ~ | 61 | 58 |
|  5.831% due 04/25/2037 ~ | 320 | 279 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.372% due 05/25/2035 ~ | 172 | 154 |
|  5.500% due 09/25/2035 | 99 | 86 |
|  5.500% due 05/25/2037 | 55 | 43 |
|  5.597% due 07/25/2035 ~ | 4 | 4 |
|  5.732% due 02/25/2034 ~ | 47 | 46 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  3.833% due 07/26/2036 ~ | 13 | 12 |
|  4.146% due 05/25/2047 •  | 23 | 21 |
|  4.286% due 05/25/2047 •  | 149 | 138 |
|  4.765% due 03/26/2037 ~ | 47 | 43 |
|  4.983% due 03/27/2037 ~ | 176 | 151 |
|  5.146% due 09/25/2047 •  | 45 | 41 |
|  6.246% due 10/25/2047 •  | 7530 | 5692 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.084% due 08/25/2036 ~ | 198 | 131 |
|  4.139% due 11/25/2036 ~ | 64 | 27 |
|  4.286% due 04/25/2036 •  | 51 | 47 |
|  4.455% due 02/25/2036 ~ | 150 | 105 |
|  4.591% due 02/25/2036 ~ | 16 | 13 |
|  4.714% due 05/25/2036 ~ | 293 | 139 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.718% due 07/25/2035 ~ | $— | 269 | $— | 163 |
|  4.724% due 01/25/2036 ~ |  | 1531 |  | 1424 |
|  5.346% due 06/25/2034 ~ |  | 661 |  | 599 |
|  5.406% due 05/25/2035 ~ |  | 22 |  | 21 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.203% due 05/25/2047 ~ |  | 72 |  | 65 |
|  4.328% due 05/25/2034 ~ |  | 16 |  | 14 |
|  4.422% due 02/25/2036 ~ |  | 28 |  | 26 |
|  4.783% due 03/25/2035 ~ |  | 20 |  | 18 |
|  4.885% due 01/25/2035 ~ |  | 5 |  | 5 |
|  5.179% due 02/25/2034 ~ |  | 20 |  | 19 |
|  5.507% due 11/25/2034 ~ |  | 21 |  | 19 |
|  5.978% due 10/25/2035 ~ |  | 17 |  | 17 |
|  6.214% due 01/25/2034 ~ |  | 22 |  | 21 |
|  6.220% due 06/25/2035 ~ |  | 1 |  | 1 |
|  6.273% due 12/25/2046 •  |  | 249 |  | 213 |
|  6.420% due 10/25/2035 •  |  | 109 |  | 106 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  4.226% due 01/25/2037 •  |  | 42 |  | 40 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.000% due 01/26/2036 ~ |  | 237 |  | 168 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.952% due 08/15/2057 |  | 4565 |  | 4341 |
|  4.077% due 07/15/2051 |  | 3262 |  | 3243 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.625% due 12/15/2057 ~ |  | 3500 |  | 3646 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ |  | 5552 |  | 5029 |
|  3.250% due 09/25/2063 ~ |  | 3369 |  | 3045 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.176% due 03/25/2037 ~ |  | 14 |  | 13 |
|  4.461% due 09/25/2036 ~ |  | 458 |  | 390 |
|  4.613% due 03/25/2037 ~ |  | 28 |  | 26 |
|  6.000% due 05/25/2037 |  | 94 |  | 39 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.446% due 07/25/2037 •  |  | 107 |  | 95 |
|  5.000% due 07/25/2037 |  | 68 |  | 22 |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.260% due 08/25/2037 þ |  | 19 |  | 16 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.076% due 10/25/2035 •  |  | 420 |  | 405 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.027% due 05/20/2036 ~ |  | 67 |  | 62 |
|  4.185% due 02/20/2036 ~ |  | 90 |  | 83 |
|  4.251% due 11/25/2037 ~ |  | 64 |  | 57 |
|  4.306% due 05/25/2035 •  |  | 34 |  | 30 |
|  4.368% due 05/20/2036 ~ |  | 22 |  | 20 |
|  4.386% due 02/25/2035 •  |  | 3 |  | 3 |
|  4.466% due 03/25/2035 •  |  | 115 |  | 104 |
|  4.526% due 03/25/2036 •  |  | 4 |  | 3 |
|  4.586% due 02/25/2035 •  |  | 150 |  | 141 |
|  4.626% due 02/25/2035 •  |  | 127 |  | 120 |
|  4.796% due 11/25/2034 ~ |  | 25 |  | 24 |
|  4.860% due 01/25/2036 ~ |  | 21 |  | 20 |
|  5.242% due 06/25/2034 ~ |  | 273 |  | 252 |
|  5.316% due 08/25/2034 ~ |  | 1345 |  | 1326 |
|  5.500% due 07/25/2037 |  | 226 |  | 91 |
|  5.750% due 12/25/2035 |  | 56 |  | 26 |
|  6.000% due 02/25/2037 |  | 203 |  | 88 |
|  6.000% due 03/25/2037 |  | 76 |  | 32 |
|  6.000% due 07/25/2037 |  | 162 |  | 69 |
|  6.224% due 02/20/2036 •  |  | 5 |  | 5 |
|  6.500% due 11/25/2036 |  | 524 |  | 136 |
|  6.507% due 08/25/2034 ~ |  | 12 |  | 12 |
|  CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS | CHL Reperforming Loan Trust REMICS |
|  6.000% due 03/25/2035 |  | 16 |  | 16 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ |  | 13613 |  | 13770 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.058% due 09/25/2037 ~ |  | 9 |  | 9 |
|  4.093% due 10/25/2046 ~ |  | 60 |  | 54 |
|  4.159% due 12/25/2035 ~ |  | 56 |  | 35 |
|  4.286% due 01/25/2037 •  |  | 1060 |  | 942 |
|  4.457% due 09/25/2037 ~ |  | 165 |  | 155 |
|  4.765% due 03/25/2037 ~ |  | 32 |  | 30 |
|  5.019% due 07/25/2037 ~ |  | 298 |  | 265 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.395% due 08/25/2035 ~ | $— | 4 | $— | 3 |
|  5.500% due 12/25/2035 |  | 107 |  | 51 |
|  5.798% due 08/25/2035 ~ |  | 45 |  | 45 |
|  6.040% due 11/25/2035 •  |  | 9 |  | 9 |
|  6.250% due 11/25/2037 ~ |  | 93 |  | 36 |
|  6.480% due 10/25/2035 •  |  | 28 |  | 28 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 |  | 5687 |  | 5242 |
|  6.500% due 06/25/2037 |  | 60 |  | 57 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.545% due 02/10/2036 |  | 1667 |  | 1657 |
|  Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust |
|  4.500% due 04/01/2029 |  | 1 |  | 1 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.028% due 02/20/2047 •  |  | 661 |  | 543 |
|  4.126% due 05/25/2036 ~ |  | 6 |  | 5 |
|  4.126% due 08/25/2037 •  |  | 270 |  | 257 |
|  4.196% due 11/25/2036 •  |  | 2690 |  | 2557 |
|  4.206% due 11/25/2036 •  |  | 13 |  | 19 |
|  4.206% due 05/25/2047 •  |  | 505 |  | 470 |
|  4.226% due 07/25/2046 •  |  | 13 |  | 14 |
|  4.226% due 09/25/2046 •  |  | 147 |  | 145 |
|  4.268% due 07/20/2046 •  |  | 18 |  | 16 |
|  4.286% due 05/25/2035 •  |  | 556 |  | 532 |
|  4.325% due 06/25/2037 ~ |  | 27 |  | 27 |
|  4.346% due 05/25/2035 •  |  | 1036 |  | 903 |
|  4.346% due 06/25/2035 •  |  | 56 |  | 53 |
|  4.360% due 08/25/2035 ~ |  | 100 |  | 94 |
|  4.366% due 07/25/2035 •  |  | 58 |  | 53 |
|  4.366% due 12/25/2035 •  |  | 411 |  | 387 |
|  4.466% due 08/25/2035 •  |  | 62 |  | 58 |
|  4.671% due 11/25/2035 ~ |  | 38 |  | 35 |
|  5.029% due 02/25/2036 •  |  | 203 |  | 188 |
|  5.279% due 11/25/2047 •  |  | 351 |  | 317 |
|  5.306% due 11/25/2035 •  |  | 514 |  | 488 |
|  5.319% due 11/20/2035 •  |  | 3580 |  | 3268 |
|  5.409% due 11/25/2047 •  |  | 976 |  | 881 |
|  5.500% due 11/25/2035 |  | 62 |  | 35 |
|  5.500% due 02/25/2036 |  | 42 |  | 24 |
|  5.750% due 03/25/2037 •  |  | 78 |  | 39 |
|  5.750% due 07/25/2037 |  | 12 |  | 7 |
|  5.750% due 04/25/2047 |  | 90 |  | 46 |
|  6.000% due 12/25/2034 |  | 33 |  | 30 |
|  6.000% due 03/25/2036 |  | 141 |  | 63 |
|  6.000% due 08/25/2036 •  |  | 43 |  | 24 |
|  6.000% due 08/25/2036 |  | 416 |  | 231 |
|  6.000% due 02/25/2037 |  | 371 |  | 138 |
|  6.000% due 04/25/2037 |  | 5520 |  | 4589 |
|  6.000% due 05/25/2037 |  | 327 |  | 132 |
|  6.000% due 08/25/2037 •  |  | 326 |  | 150 |
|  6.250% due 11/25/2036 |  | 50 |  | 37 |
|  6.500% due 05/25/2036 |  | 1231 |  | 550 |
|  6.500% due 12/25/2036 |  | 59 |  | 24 |
|  6.500% due 08/25/2037 |  | 338 |  | 141 |
|  9.223% due 07/25/2035 •  |  | 19 |  | 18 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  3.724% due 08/25/2037 ~ |  | 46 |  | 20 |
|  6.000% due 08/25/2037 ~ |  | 48 |  | 22 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.868% due 03/25/2032 ~ |  | 5 |  | 5 |
|  4.996% due 09/25/2034 •  |  | 10 |  | 21 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.003% due 11/25/2070 ~ |  | 965 |  | 968 |
|  5.036% due 11/25/2070 ~ |  | 3582 |  | 3593 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  1.756% due 10/25/2066 ~ |  | 6395 |  | 5742 |
|  3.431% due 11/10/2032 |  | 1200 |  | 966 |
|  3.500% due 04/26/2038 ~ |  | 69 |  | 68 |
|  3.840% due 04/28/2037 ~ |  | 96 |  | 90 |
|  4.150% due 12/27/2060 ~ |  | 2562 |  | 2554 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.410% due 10/15/2039 •  |  | 1000 |  | 1000 |
|  Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
|  0.899% due 04/25/2066 ~ |  | 2316 |  | 2081 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.226% due 08/25/2047 •  |  | 144 |  | 135 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.146% due 04/25/2037 •  |  | 159 |  | 114 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.486% due 07/19/2045 •  | 3 | 0 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.851% due 06/13/2045 •  | 607 | 817 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.145% due 01/25/2036 ~ | 121 | 57 |
|  5.251% due 04/25/2036 ~ | 37 | 31 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.713% due 11/25/2037 ~ | 15 | 11 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.765% due 11/19/2035 ~ | 74 | 53 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.246% due 05/25/2037 •  | 1368 | 1365 |
|  4.246% due 12/25/2046 •  | 154 | 155 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.602% due 10/10/2049 ~ | 5000 | 4517 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.206% due 05/25/2036 •  | 45 | 44 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.400% due 04/25/2035 ~ | 14 | 12 |
|  4.951% due 09/25/2035 ~ | 45 | 43 |
|  5.109% due 09/25/2035 ~ | 13 | 12 |
|  5.223% due 04/25/2035 ~ | 12 | 12 |
|  6.119% due 11/25/2035 ~ | 84 | 41 |
|  6.295% due 09/25/2034 ~ | 20 | 20 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.226% due 01/19/2038 •  | 19 | 17 |
|  4.256% due 12/19/2036 •  | 4408 | 3597 |
|  4.286% due 05/19/2035 •  | 969 | 946 |
|  4.302% due 06/19/2036 ~ | 114 | 46 |
|  4.326% due 12/19/2036 •  | 2266 | 2196 |
|  4.346% due 01/19/2036 •  | 71 | 46 |
|  4.346% due 01/19/2038 •  | 23 | 37 |
|  4.526% due 01/19/2035 •  | 15 | 16 |
|  4.611% due 07/19/2045 •  | 22 | 19 |
|  4.802% due 12/19/2035 ~ | 63 | 30 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.206% due 07/25/2047 •  | 160 | 109 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.629% due 08/25/2036 ~ | 1191 | 907 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.446% due 11/25/2035 •  | 111 | 64 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.187% due 06/25/2037 ~ | 48 | 39 |
|  3.396% due 06/25/2036 ~ | 636 | 550 |
|  3.556% due 06/25/2036 ~ | 3218 | 2192 |
|  3.642% due 10/25/2035 ~ | 417 | 333 |
|  3.662% due 08/25/2035 ~ | 422 | 314 |
|  3.944% due 11/25/2035 ~ | 66 | 63 |
|  3.983% due 09/25/2035 ~ | 41 | 33 |
|  4.226% due 09/25/2046 •  | 64 | 60 |
|  4.523% due 06/25/2035 ~ | 15 | 14 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.166% due 10/25/2036 •  | 2238 | 2107 |
|  4.487% due 06/27/2037 •  | 1183 | 691 |
|  4.622% due 12/25/2036 ~ | 2 | 2 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  1.974% due 01/05/2040 | 2940 | 2721 |
|  7.235% due 10/05/2040 | 3200 | 3373 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 04/25/2052 ~ | 8123 | 7139 |
|  4.837% due 11/25/2035 ~ | 30 | 24 |
|  5.021% due 06/25/2037 ~ | 52 | 39 |
|  5.190% due 11/25/2035 ~ | 22 | 18 |
|  5.282% due 01/25/2037 ~ | 6 | 5 |
|  6.000% due 01/25/2036 | 94 | 43 |
|  6.033% due 07/25/2035 ~ | 55 | 55 |
|  6.230% due 07/25/2035 ~ | 17 | 17 |
|  6.841% due 09/25/2034 ~ | 44 | 44 |
|  Lavender Trust | Lavender Trust | Lavender Trust |
|  6.250% due 10/26/2036 | 202 | 87 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.750% due 07/25/2061 þ | 1437 | 1438 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.341% due 12/25/2035 ~ | 172 | 26 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **37** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.085% due 01/25/2036 ~ | $— | 28 | $— | 27 |
|  6.000% due 07/25/2036 |  | 55 |  | 27 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.116% due 02/25/2036 •  |  | 3231 |  | 3083 |
|  4.226% due 11/25/2046 •  |  | 6756 |  | 6104 |
|  4.246% due 08/25/2046 •  |  | 20 |  | 21 |
|  4.326% due 11/25/2046 •  |  | 7 |  | 10 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.186% due 12/25/2036 •  |  | 311 |  | 278 |
|  4.246% due 10/25/2046 •  |  | 83 |  | 77 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.326% due 05/25/2037 •  |  | 79 |  | 32 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  7.000% due 05/25/2035 |  | 585 |  | 377 |
|  8.000% due 07/25/2035 |  | 573 |  | 392 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.762% due 10/20/2029 •  |  | 7 |  | 7 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.166% due 01/25/2037 •  |  | 100 |  | 30 |
|  4.446% due 03/25/2037 •  |  | 712 |  | 167 |
|  6.000% due 05/25/2037 |  | 115 |  | 87 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.306% due 04/25/2029 •  |  | 6 |  | 6 |
|  4.506% due 09/25/2029 •  |  | 1 |  | 1 |
|  4.506% due 11/25/2029 •  |  | 13 |  | 12 |
|  5.033% due 07/25/2029 •  |  | 4 |  | 4 |
|  5.286% due 11/25/2035 •  |  | 21 |  | 20 |
|  5.348% due 02/25/2036 ~ |  | 10 |  | 10 |
|  6.250% due 10/25/2036 |  | 978 |  | 337 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  5.675% due 05/27/2070 þ |  | 3289 |  | 3319 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.428% due 04/05/2042 ~ |  | 5000 |  | 4439 |
|  3.912% due 09/09/2032 |  | 3180 |  | 2876 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.101% due 03/25/2033 ~ |  | 12 |  | 11 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.550% due 07/25/2035 ~ |  | 946 |  | 848 |
|  4.166% due 01/25/2035 •  |  | 9 |  | 8 |
|  6.000% due 10/25/2037 |  | 67 |  | 35 |
|  6.073% due 06/25/2036 ~ |  | 7 |  | 7 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  3.161% due 02/26/2037 •  |  | 75 |  | 72 |
|  3.199% due 03/26/2037 þ |  | 40 |  | 42 |
|  5.500% due 10/26/2035 ~ |  | 4537 |  | 2765 |
|  NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust |
|  7.500% due 03/25/2034 |  | 219 |  | 207 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  6.864% due 10/25/2063 þ |  | 7815 |  | 7908 |
|  NLT Trust | NLT Trust | NLT Trust | NLT Trust | NLT Trust |
|  1.162% due 08/25/2056 ~ |  | 2964 |  | 2616 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 ~ |  | 21 |  | 0 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  6.500% due 10/26/2037 |  | 4378 |  | 1767 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.960% due 11/15/2038 •  |  | 1200 |  | 1199 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  5.530% due 10/25/2064 þ |  | 6146 |  | 6194 |
|  6.120% due 11/25/2062 ~ |  | 2171 |  | 2166 |
|  7.045% due 09/25/2063 þ |  | 1329 |  | 1343 |
|  7.159% due 10/25/2063 þ |  | 2964 |  | 3002 |
|  PRET Trust | PRET Trust | PRET Trust | PRET Trust | PRET Trust |
|  4.000% due 03/25/2065 þ |  | 3915 |  | 3846 |
|  Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(a) |  | 54300 |  | 36237 |
|  5.713% due 12/30/2057 «(a) |  | 3600 |  | 2402 |
|  5.863% due 12/30/2057 «(a) |  | 2500 |  | 1668 |
|  6.163% due 12/30/2057 «(a) |  | 1300 |  | 868 |
|  6.563% due 12/30/2057 «(a) |  | 1000 |  | 667 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.146% due 08/25/2035 •  | $— | 63 |  | 44 |
|  4.186% due 12/25/2036 •  |  | 139 |  | 126 |
|  4.246% due 05/25/2047 •  |  | 50 |  | 47 |
|  4.266% due 06/25/2037 •  |  | 41 |  | 38 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.346% due 08/25/2037 •  | $— | 101 | $— | 98 |
|  4.646% due 10/25/2045 •  |  | 49 |  | 34 |
|  4.893% due 02/25/2035 ~ |  | 136 |  | 120 |
|  5.818% due 02/25/2036 ~ |  | 73 |  | 63 |
|  6.000% due 09/25/2035 |  | 445 |  | 394 |
|  6.000% due 06/25/2036 |  | 2050 |  | 1689 |
|  8.000% due 04/25/2036 •  |  | 53 |  | 45 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ |  | 1576 |  | 1593 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.000% due 06/25/2036 |  | 167 |  | 61 |
|  6.000% due 11/25/2036 |  | 123 |  | 41 |
|  6.000% due 03/25/2037 |  | 98 |  | 30 |
|  6.250% due 11/25/2036 |  | 84 |  | 29 |
|  6.500% due 04/25/2037 |  | 1138 |  | 303 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.213% due 03/25/2035 ~ |  | 673 |  | 424 |
|  6.000% due 09/25/2036 |  | 85 |  | 69 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.467% due 02/25/2037 ~ |  | 50 |  | 46 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  0.943% due 05/25/2065 ~ |  | 630 |  | 600 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.166% due 10/25/2035 •  |  | 430 |  | 415 |
|  4.252% due 09/25/2036 ~ |  | 1399 |  | 938 |
|  4.266% due 07/25/2037 ~ |  | 3 |  | 2 |
|  4.479% due 10/25/2036 ~ |  | 77 |  | 38 |
|  4.546% due 02/25/2036 ~ |  | 133 |  | 101 |
|  4.581% due 06/25/2034 •  |  | 117 |  | 115 |
|  5.234% due 10/25/2034 ~ |  | 4 |  | 4 |
|  5.429% due 05/25/2035 •  |  | 174 |  | 137 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.106% due 03/25/2037 •  |  | 63 |  | 24 |
|  4.206% due 09/25/2047 •  |  | 30 |  | 28 |
|  4.226% due 06/25/2036 •  |  | 1149 |  | 1146 |
|  4.226% due 07/25/2046 •  |  | 259 |  | 185 |
|  4.226% due 09/25/2047 •  |  | 291 |  | 271 |
|  4.246% due 05/25/2036 •  |  | 369 |  | 310 |
|  4.266% due 09/25/2047 •  |  | 552 |  | 499 |
|  4.286% due 05/25/2046 •  |  | 673 |  | 239 |
|  4.366% due 05/25/2046 •  |  | 28 |  | 17 |
|  4.546% due 03/19/2034 •  |  | 75 |  | 71 |
|  4.546% due 02/19/2035 •  |  | 45 |  | 43 |
|  6.226% due 02/25/2036 •  |  | 182 |  | 157 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.586% due 12/19/2033 •  |  | 64 |  | 64 |
|  Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust |
|  6.000% due 12/25/2035 |  | 134 |  | 125 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  5.965% due 07/25/2037 ~ |  | 2597 |  | 743 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.058% due 09/25/2037 ~ |  | 6 |  | 6 |
|  4.486% due 09/25/2043 •  |  | 55 |  | 55 |
|  4.586% due 09/25/2034 •  |  | 10 |  | 9 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 02/25/2059 ~ |  | 4279 |  | 4203 |
|  4.606% due 10/25/2064 ~ |  | 4331 |  | 4349 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  4.765% due 07/15/2039 •  |  | 1000 |  | 988 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  2.824% due 11/25/2066 ~ |  | 2742 |  | 2548 |
|  5.086% due 07/25/2067 ~ |  | 3100 |  | 3110 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  6.708% due 10/20/2035 ~ |  | 5 |  | 5 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.140% due 12/25/2036 ~ |  | 55 |  | 50 |
|  4.146% due 12/25/2036 ~ |  | 552 |  | 523 |
|  4.386% due 12/25/2045 •  |  | 2 |  | 2 |
|  4.486% due 01/25/2045 •  |  | 71 |  | 69 |
|  4.550% due 08/25/2036 ~ |  | 44 |  | 41 |
|  4.586% due 11/25/2034 •  |  | 57 |  | 56 |
|  4.626% due 10/25/2044 •  |  | 321 |  | 317 |
|  4.666% due 11/25/2045 •  |  | 81 |  | 77 |
|  4.729% due 02/25/2047 •  |  | 985 |  | 923 |
|  4.779% due 06/25/2047 •  |  | 22 |  | 21 |
|  4.826% due 11/25/2034 •  |  | 158 |  | 155 |
|  4.839% due 07/25/2047 •  |  | 7391 |  | 6340 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.029% due 08/25/2046 •  | $— | 450 | 418 |
|  5.229% due 11/25/2042 •  |  | 6 | 6 |
|  5.243% due 08/25/2033 ~ |  | 72 | 70 |
|  5.529% due 11/25/2046 •  |  | 136 | 123 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.911% due 09/25/2036 þ |  | 118 | 31 |
|  4.296% due 05/25/2035 •  |  | 168 | 142 |
|  4.729% due 04/25/2047 •  |  | 189 | 159 |
|  4.799% due 04/25/2047 •  |  | 276 | 233 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.442% due 07/25/2037 ~ |  | 18 | 17 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.000% due 06/25/2037 |  | 19 | 18 |
|  6.497% due 10/25/2036 ~ |  | 101 | 93 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $288,284) | Total Non-Agency Mortgage-Backed Securities (Cost $288,284) | Total Non-Agency Mortgage-Backed Securities (Cost $288,284) | 274471 |
| ASSET-BACKED SECURITIES 28.8% | ASSET-BACKED SECURITIES 28.8% | ASSET-BACKED SECURITIES 28.8% | ASSET-BACKED SECURITIES 28.8% |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.610% due 11/10/2027 |  | 411 | 412 |
|  5.330% due 07/10/2029 |  | 898 | 905 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 |  | 795 | 800 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  4.972% due 03/15/2030 |  | 2400 | 1808 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  6.440% due 03/20/2029 | $— | 583 | 586 |
|  |  |  | 4511 |
| CMBS OTHER 2.2% | CMBS OTHER 2.2% | CMBS OTHER 2.2% | CMBS OTHER 2.2% |
|  ACRES LLC | ACRES LLC | ACRES LLC | ACRES LLC |
|  5.353% due 08/18/2040 •  |  | 9900 | 9920 |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.231% due 01/15/2043 •  |  | 7000 | 7017 |
|  LMNT CRE LLC | LMNT CRE LLC | LMNT CRE LLC | LMNT CRE LLC |
|  5.550% due 07/21/2043 •  |  | 7700 | 7714 |
|  MF1 LLC | MF1 LLC | MF1 LLC | MF1 LLC |
|  5.054% due 02/18/2040 •  |  | 5500 | 5493 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.081% due 02/19/2037 •  |  | 1493 | 1494 |
|  Starwood LLC | Starwood LLC | Starwood LLC | Starwood LLC |
|  5.181% due 11/19/2042 •  |  | 9000 | 9016 |
|  |  |  | 40654 |
| HOME EQUITY OTHER 10.2% | HOME EQUITY OTHER 10.2% | HOME EQUITY OTHER 10.2% | HOME EQUITY OTHER 10.2% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.626% due 10/25/2035 •  |  | 30 | 29 |
|  ABFC Trust | ABFC Trust | ABFC Trust | ABFC Trust |
|  4.126% due 11/25/2036 •  |  | 7214 | 4615 |
|  4.846% due 06/25/2037 •  |  | 125 | 107 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.106% due 09/25/2036 •  |  | 680 | 678 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.066% due 12/25/2036 •  |  | 281 | 71 |
|  4.126% due 07/25/2036 •  |  | 87 | 73 |
|  4.156% due 08/25/2036 •  |  | 151 | 148 |
|  4.446% due 02/25/2036 •  |  | 2 | 2 |
|  4.461% due 12/25/2035 •  |  | 1312 | 1260 |
|  4.506% due 11/25/2035 •  |  | 8 | 9 |
|  4.746% due 12/25/2034 •  |  | 86 | 80 |
|  4.776% due 02/25/2036 •  |  | 47 | 45 |
|  4.821% due 06/25/2034 •  |  | 265 | 254 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.491% due 12/25/2035 •  |  | 130 | 123 |
|  4.546% due 03/25/2035 •  |  | 16 | 15 |
|  4.566% due 06/25/2035 •  |  | 56 | 54 |
|  4.846% due 03/25/2035 •  |  | 23 | 22 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.551% due 11/25/2035 •  |  | 18 | 18 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.956% due 03/25/2035 •  | $— | 92 | $— | 91 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.846% due 10/25/2034 •  |  | 62 |  | 61 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  3.996% due 09/25/2036 •  |  | 708 |  | 230 |
|  4.226% due 03/25/2036 •  |  | 260 |  | 148 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.306% due 01/25/2036 •  |  | 61 |  | 59 |
|  4.486% due 01/25/2036 •  |  | 2477 |  | 2335 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.569% due 12/25/2036 •  |  | 6300 |  | 5918 |
|  4.746% due 06/25/2035 •  |  | 40 |  | 40 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.306% due 02/25/2037 •  |  | 9893 |  | 9670 |
|  4.896% due 11/25/2035 •  |  | 71 |  | 74 |
|  4.896% due 08/25/2037 •  |  | 3948 |  | 3606 |
|  5.096% due 08/25/2037 •  |  | 4 |  | 4 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.746% due 03/25/2034 •  |  | 1341 |  | 1431 |
|  5.026% due 06/25/2043 •  |  | 409 |  | 408 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.066% due 01/25/2037 •  |  | 1200 |  | 949 |
|  4.106% due 02/25/2037 •  |  | 2841 |  | 2769 |
|  4.896% due 05/25/2035 •  |  | 157 |  | 154 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  5.346% due 10/25/2037 •  |  | 3827 |  | 3890 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.016% due 05/25/2037 •  |  | 9731 |  | 8724 |
|  4.581% due 09/25/2035 •  |  | 78 |  | 78 |
|  5.526% due 07/25/2035 •  |  | 1000 |  | 889 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.346% due 01/25/2046 •  |  | 2751 |  | 2632 |
|  4.746% due 03/25/2047 •  |  | 45 |  | 35 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.083% due 03/25/2036 •  |  | 186 |  | 185 |
|  3.332% due 04/25/2035 •  |  | 23 |  | 23 |
|  4.046% due 06/25/2047 •  |  | 10156 |  | 9155 |
|  4.076% due 10/25/2047 •  |  | 11 |  | 11 |
|  4.096% due 06/25/2047 •  |  | 112 |  | 110 |
|  4.106% due 04/25/2046 •  |  | 2575 |  | 2433 |
|  4.126% due 06/25/2035 •  |  | 5715 |  | 5291 |
|  4.126% due 02/25/2037 •  |  | 3067 |  | 2951 |
|  4.242% due 10/25/2046 ~ |  | 3112 |  | 3174 |
|  4.246% due 09/25/2037 •  |  | 2070 |  | 1941 |
|  4.286% due 09/25/2037 •  |  | 160 |  | 170 |
|  4.286% due 09/25/2047 •  |  | 382 |  | 392 |
|  4.566% due 07/25/2034 •  |  | 1 |  | 2 |
|  4.746% due 10/25/2034 •  |  | 16 |  | 16 |
|  5.346% due 02/25/2035 •  |  | 42 |  | 42 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  4.226% due 07/25/2037 •  |  | 7 |  | 5 |
|  4.326% due 07/25/2037 •  |  | 150 |  | 101 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  4.505% due 08/15/2030 •  |  | 11 |  | 11 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  4.586% due 05/25/2040 •  |  | 4 |  | 4 |
|  First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust |
|  2.954% due 05/25/2035 •  |  | 552 |  | 502 |
|  3.916% due 08/25/2037 •  |  | 39 |  | 20 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.146% due 01/25/2037 •  |  | 193 |  | 89 |
|  4.166% due 08/25/2036 •  |  | 173 |  | 54 |
|  4.186% due 02/25/2036 •  |  | 14 |  | 13 |
|  4.186% due 02/25/2037 •  |  | 654 |  | 198 |
|  4.386% due 02/25/2036 •  |  | 300 |  | 280 |
|  4.386% due 04/25/2036 •  |  | 2566 |  | 2326 |
|  4.636% due 12/25/2029 •  |  | 4 |  | 3 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.086% due 04/25/2047 •  |  | 41 |  | 38 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.936% due 01/25/2037 •  |  | 1877 |  | 1163 |
|  3.966% due 12/25/2036 •  |  | 1392 |  | 692 |
|  3.986% due 12/25/2036 •  |  | 5964 |  | 3211 |
|  3.986% due 01/25/2037 •  |  | 33934 |  | 21246 |
|  4.146% due 09/25/2036 •  |  | 2578 |  | 895 |
|  4.146% due 12/25/2046 •  |  | 413 |  | 206 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.246% due 11/25/2036 •  | $— | 358 | $— | 168 |
|  4.306% due 12/25/2046 •  |  | 124 |  | 62 |
|  4.326% due 06/25/2036 •  |  | 170 |  | 94 |
|  4.386% due 04/25/2036 •  |  | 210 |  | 144 |
|  5.496% due 10/25/2034 •  |  | 12 |  | 12 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.941% due 05/25/2035 •  |  | 11 |  | 11 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.076% due 04/25/2037 •  |  | 300 |  | 295 |
|  4.186% due 04/25/2037 •  |  | 500 |  | 452 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  3.986% due 11/25/2036 •  |  | 190 |  | 179 |
|  4.006% due 11/25/2036 •  |  | 152 |  | 142 |
|  4.166% due 04/25/2037 •  |  | 158 |  | 141 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.066% due 12/25/2036 •  |  | 185 |  | 45 |
|  4.186% due 12/25/2036 •  |  | 842 |  | 196 |
|  4.286% due 12/25/2036 •  |  | 562 |  | 131 |
|  4.626% due 11/25/2035 •  |  | 1949 |  | 1841 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.251% due 07/25/2036 •  |  | 82 |  | 81 |
|  6.337% due 08/25/2036 þ |  | 82 |  | 48 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  3.936% due 06/25/2037 •  |  | 140 |  | 94 |
|  4.046% due 06/25/2037 •  |  | 112 |  | 75 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.896% due 06/25/2035 •  |  | 241 |  | 239 |
|  5.121% due 02/25/2035 •  |  | 5326 |  | 5280 |
|  5.271% due 03/25/2032 •  |  | 8 |  | 13 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.066% due 08/25/2036 •  |  | 129 |  | 46 |
|  4.146% due 08/25/2036 •  |  | 213 |  | 75 |
|  4.206% due 02/25/2036 •  |  | 274 |  | 99 |
|  4.286% due 11/25/2036 •  |  | 3258 |  | 1935 |
|  4.326% due 06/25/2036 •  |  | 118 |  | 40 |
|  4.326% due 08/25/2036 •  |  | 128 |  | 45 |
|  4.346% due 11/25/2035 •  |  | 6373 |  | 3637 |
|  4.416% due 01/25/2036 •  |  | 72 |  | 73 |
|  4.596% due 12/25/2034 •  |  | 9 |  | 10 |
|  4.596% due 10/25/2035 •  |  | 160 |  | 159 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.326% due 08/25/2037 •  |  | 618 |  | 305 |
|  4.746% due 02/25/2047 •  |  | 711 |  | 412 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.916% due 10/25/2036 •  |  | 66 |  | 29 |
|  3.956% due 10/25/2036 •  |  | 534 |  | 281 |
|  3.986% due 10/25/2036 •  |  | 1959 |  | 864 |
|  3.986% due 11/25/2036 •  |  | 169 |  | 81 |
|  3.996% due 10/25/2036 •  |  | 156 |  | 82 |
|  3.996% due 11/25/2036 •  |  | 834 |  | 495 |
|  4.026% due 03/25/2037 •  |  | 295 |  | 126 |
|  4.046% due 02/25/2037 •  |  | 98 |  | 44 |
|  4.066% due 11/25/2036 •  |  | 1014 |  | 488 |
|  4.096% due 03/25/2037 •  |  | 295 |  | 126 |
|  4.146% due 06/25/2036 •  |  | 443 |  | 341 |
|  4.146% due 09/25/2036 •  |  | 309 |  | 107 |
|  4.446% due 12/25/2035 •  |  | 9290 |  | 8835 |
|  4.466% due 12/25/2035 •  |  | 58 |  | 57 |
|  4.746% due 05/25/2034 •  |  | 50 |  | 49 |
|  4.836% due 06/25/2035 •  |  | 20 |  | 20 |
|  4.896% due 04/25/2035 •  |  | 127 |  | 120 |
|  5.096% due 07/25/2037 •  |  | 400 |  | 358 |
|  Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust |
|  4.426% due 01/25/2036 •  |  | 326 |  | 319 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.196% due 02/25/2033 •  |  | 144 |  | 156 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.016% due 04/25/2037 •  |  | 411 |  | 212 |
|  4.076% due 04/25/2037 •  |  | 137 |  | 71 |
|  4.166% due 04/25/2036 •  |  | 69 |  | 48 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.380% due 11/25/2036 •  |  | 207 |  | 81 |
|  6.465% due 09/25/2046 þ |  | 267 |  | 86 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.821% due 10/25/2033 •  |  | 586 |  | 585 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  4.076% due 04/25/2037 •  |  | 367 |  | 365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.186% due 04/25/2037 •  | $— | 4292 | $— | 4079 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  6.532% due 10/25/2036 þ |  | 140 |  | 24 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.146% due 06/25/2036 •  |  | 72 |  | 54 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.016% due 05/25/2037 •  |  | 8522 |  | 4630 |
|  4.126% due 01/25/2037 •  |  | 44 |  | 26 |
|  4.176% due 04/25/2037 •  |  | 90 |  | 45 |
|  4.286% due 01/25/2037 •  |  | 174 |  | 103 |
|  4.386% due 01/25/2036 •  |  | 257 |  | 245 |
|  4.611% due 08/25/2035 •  |  | 192 |  | 189 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.536% due 11/25/2035 •  |  | 1151 |  | 1121 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.746% due 10/25/2036 •  |  | 96 |  | 97 |
|  Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. |
|  4.581% due 09/25/2035 •  |  | 106 |  | 104 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.581% due 08/25/2035 •  |  | 78 |  | 78 |
|  4.581% due 09/25/2035 •  |  | 100 |  | 98 |
|  4.671% due 07/25/2035 •  |  | 886 |  | 863 |
|  4.896% due 10/25/2034 •  |  | 113 |  | 113 |
|  4.971% due 03/25/2035 •  |  | 76 |  | 75 |
|  5.646% due 12/25/2034 •  |  | 2647 |  | 2657 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  3.986% due 09/25/2036 •  |  | 334 |  | 80 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.546% due 11/25/2046 •  |  | 252 |  | 235 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.966% due 11/25/2055 þ |  | 3965 |  | 3975 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.545% due 01/25/2037 þ |  | 7350 |  | 2324 |
|  5.608% due 05/25/2036 þ |  | 9550 |  | 4059 |
|  5.812% due 11/25/2036 þ |  | 513 |  | 164 |
|  6.254% due 08/25/2036 þ |  | 9184 |  | 3384 |
|  7.238% due 09/25/2037 þ |  | 203 |  | 78 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.536% due 10/25/2035 •  |  | 1 |  | 1 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.106% due 11/25/2036 •  |  | 187 |  | 175 |
|  4.186% due 11/25/2036 •  |  | 203 |  | 192 |
|  4.506% due 12/25/2035 •  |  | 80 |  | 71 |
|  4.526% due 04/25/2037 •  |  | 824 |  | 809 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  2.803% due 01/25/2036 þ |  | 38 |  | 33 |
|  4.026% due 07/25/2036 •  |  | 179 |  | 59 |
|  4.166% due 07/25/2036 •  |  | 175 |  | 57 |
|  4.326% due 07/25/2036 •  |  | 601 |  | 196 |
|  4.386% due 03/25/2036 •  |  | 87 |  | 82 |
|  4.521% due 01/25/2035 •  |  | 15 |  | 14 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.166% due 07/25/2036 •  |  | 27015 |  | 5639 |
|  4.521% due 10/25/2035 •  |  | 229 |  | 228 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.926% due 06/25/2037 •  |  | 34 |  | 23 |
|  4.026% due 07/25/2037 •  |  | 1144 |  | 1054 |
|  4.066% due 02/25/2037 •  |  | 260 |  | 69 |
|  4.206% due 02/25/2037 •  |  | 364 |  | 97 |
|  4.346% due 06/25/2036 •  |  | 959 |  | 955 |
|  4.796% due 10/25/2037 •  |  | 187 |  | 148 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.446% due 01/25/2036 •  |  | 33 |  | 33 |
|  4.746% due 05/25/2035 •  |  | 165 |  | 163 |
|  4.776% due 09/25/2034 •  |  | 91 |  | 81 |
|  4.971% due 07/25/2033 •  |  | 10 |  | 10 |
|  5.121% due 12/25/2034 •  |  | 1138 |  | 1120 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  3.996% due 09/25/2036 •  |  | 24 |  | 23 |
|  4.266% due 02/25/2037 •  |  | 154 |  | 151 |
|  4.306% due 01/25/2037 •  |  | 1606 |  | 930 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  4.536% due 09/25/2035 •  |  | 242 |  | 234 |

---

---

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

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.071% due 05/25/2037 •  | 4682 | 4469 |
|  4.086% due 05/25/2037 •  | 897 | 810 |
|  Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates | Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates | Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates |
|  4.446% due 04/25/2034 •  | 68 | 67 |
|  |  | 186649 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.066% due 01/25/2037 •  | 282 | 159 |
|  4.166% due 01/25/2037 •  | 178 | 100 |
|  4.286% due 01/25/2037 •  | 107 | 60 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.106% due 03/25/2037 •  | 56 | 56 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.306% due 02/25/2037 •  | 95 | 18 |
|  4.566% due 04/25/2037 •  | 195 | 52 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.226% due 03/25/2036 •  | 15 | 15 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.186% due 12/25/2036 •  | 28 | 27 |
|  5.646% due 08/25/2037 •  | 7 | 7 |
|  |  | 494 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  7.060% due 02/01/2031 ~ | 156 | 143 |
| WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% | WHOLE LOAN COLLATERAL 0.7% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  10.855% due 03/25/2036 •  | 180 | 48 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.646% due 09/25/2046 •  | 62 | 60 |
|  4.896% due 10/25/2036 ~ | 30 | 13 |
|  4.901% due 07/25/2036 ~ | 1 | 1 |
|  5.046% due 06/25/2036 •  | 600 | 620 |
|  Cendant Mortgage Corp. | Cendant Mortgage Corp. | Cendant Mortgage Corp. |
|  6.000% due 07/25/2043 ~ | 6 | 5 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.246% due 11/25/2046 •  | 50 | 50 |
|  6.851% due 05/25/2036 þ | 117 | 42 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.346% due 03/25/2036 •  | 19 | 31 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.126% due 12/25/2036 •  | 194 | 79 |
|  4.166% due 04/25/2036 •  | 80 | 79 |
|  4.326% due 04/25/2036 •  | 400 | 372 |
|  4.326% due 08/25/2036 •  | 84 | 81 |
|  4.566% due 11/25/2035 •  | 80 | 76 |
|  4.791% due 03/25/2035 •  | 16 | 18 |
|  5.031% due 12/25/2034 •  | 886 | 907 |
|  5.046% due 01/25/2035 •  | 32 | 32 |
|  5.271% due 10/25/2034 •  | 186 | 188 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.016% due 02/25/2037 •  | 742 | 648 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.446% due 06/25/2044 •  | 16 | 15 |
|  4.446% due 09/25/2045 •  | 309 | 307 |
|  5.346% due 09/25/2047 •  | 390 | 393 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.406% due 09/25/2036 •  | 56 | 54 |
|  4.446% due 05/25/2036 •  | 526 | 452 |
|  4.486% due 01/25/2036 •  | 315 | 296 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.126% due 05/25/2036 •  | 3656 | 1974 |
|  4.346% due 05/25/2036 •  | 760 | 410 |
|  4.506% due 08/25/2035 •  | 75 | 59 |
|  4.806% due 01/25/2036 •  | 21 | 20 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.146% due 09/25/2037 •  | 6684 | 4694 |
|  4.146% due 11/25/2037 •  | 574 | 318 |
|  4.386% due 04/25/2037 •  | 104 | 78 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.602% due 12/25/2036 •  | $— | 633 | 620 |
|  4.821% due 12/25/2035 •  |  | 29 | 29 |
|  |  |  | 13069 |
| OTHER ABS 15.5% | OTHER ABS 15.5% | OTHER ABS 15.5% | OTHER ABS 15.5% |
|  AASET MT-1 Ltd. | AASET MT-1 Ltd. | AASET MT-1 Ltd. | AASET MT-1 Ltd. |
|  5.522% due 02/16/2050 |  | 4337 | 4372 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  4.934% due 10/20/2034 •  |  | 4300 | 4297 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  5.009% due 10/28/2034 •  |  | 4600 | 4601 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.144% due 01/20/2035 •  |  | 6200 | 6206 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  5.080% due 10/23/2032 •  |  | 5378 | 5382 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.994% due 01/18/2035 •  |  | 2100 | 2100 |
|  Aurium CLO III DAC | Aurium CLO III DAC | Aurium CLO III DAC | Aurium CLO III DAC |
|  2.691% due 04/16/2030 •  |  | 1075 | 1264 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.850% due 04/23/2035 •  | $— | 3700 | 3699 |
|  4.900% due 10/21/2034 •  |  | 3200 | 3198 |
|  4.925% due 07/24/2034 •  |  | 2000 | 1997 |
|  5.084% due 10/20/2034 •  |  | 7500 | 7507 |
|  Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. |
|  0.000% due 04/11/2048 «•  |  | 3000 | 3000 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.974% due 07/20/2034 •  |  | 6000 | 6003 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  4.874% due 07/20/2032 •  |  | 6825 | 6830 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  4.974% due 04/20/2034 •  |  | 15100 | 15105 |
|  DataBank Issuer II LLC | DataBank Issuer II LLC | DataBank Issuer II LLC | DataBank Issuer II LLC |
|  5.180% due 09/27/2055 |  | 3000 | 2961 |
|  Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC |
|  4.930% due 07/25/2055 |  | 10600 | 10678 |
|  5.217% due 07/25/2055 |  | 6700 | 6766 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.686% due 04/15/2033 •  |  | 5541 | 6515 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  4.929% due 08/20/2034 •  | $— | 3600 | 3599 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.739% due 02/27/2068 •  |  | 3690 | 3672 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.988% due 07/25/2034 •  |  | 7000 | 6994 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  4.950% due 07/23/2032 •  |  | 1594 | 1596 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.256% due 07/15/2031 •  |  | 2826 | 2828 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  3.251% due 10/18/2039 •  |  | 1000 | 1176 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  5.454% due 12/31/2035 •  | $— | 4400 | 4400 |
|  Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC |
|  2.659% due 07/15/2031 •  |  | 518 | 610 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  5.164% due 07/20/2034 •  | $— | 5600 | 5609 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  4.985% due 10/15/2034 •  |  | 11900 | 11899 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  4.975% due 01/15/2034 •  |  | 2000 | 1998 |
|  MACH 1 Cayman Ltd. | MACH 1 Cayman Ltd. | MACH 1 Cayman Ltd. | MACH 1 Cayman Ltd. |
|  3.474% due 10/15/2039 |  | 392 | 389 |
|  Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC |
|  2.826% due 07/15/2032 •  |  | 5644 | 6639 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  4.934% due 10/19/2034 •  | $— | 5300 | 5300 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.905% due 10/15/2034 •  |  | 4900 | 4897 |
|  METAL LLC | METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 |  | 2416 | 1691 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 11200 | 11204 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  5.175% due 04/15/2036 •  | 6000 | 6000 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  7.230% due 03/15/2072 | 2200 | 2386 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.670% due 06/22/2065 | 8553 | 8531 |
|  6.118% due 02/20/2041 •  | 2458 | 2513 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  5.154% due 04/20/2034 •  | 3700 | 3705 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 280 | 282 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.047% due 07/15/2035 •  | 2300 | 2703 |
|  4.064% due 02/15/2035 •  | 2100 | 2478 |
|  Parallel Ltd. | Parallel Ltd. | Parallel Ltd. |
|  5.015% due 07/15/2034 •  | 6000 | 5989 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  5.104% due 10/11/2034 •  | 8200 | 8209 |
|  PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. |
|  4.998% due 10/18/2034 •  | 2300 | 2300 |
|  QTS Issuer ABS II LLC | QTS Issuer ABS II LLC | QTS Issuer ABS II LLC |
|  5.044% due 10/05/2055 | 2500 | 2482 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.326% due 08/29/2036 •  | 1400 | 1647 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  5.095% due 01/15/2035 •  | 5600 | 5604 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 2700 | 2717 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  5.185% due 10/15/2034 •  | 7000 | 7013 |
|  Slam Ltd. | Slam Ltd. | Slam Ltd. |
|  5.335% due 09/15/2049 | 3725 | 3780 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  8.615% due 10/15/2041 •  | 1308 | 1376 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.500% due 12/16/2041 | 500 | 493 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  4.874% due 04/19/2034 •  | 2900 | 2900 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  5.151% due 08/16/2034 •  | 7100 | 7105 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  4.994% due 10/20/2033 •  | 2478 | 2481 |
|  Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC |
|  3.232% due 07/15/2039 •  | 2100 | 2470 |
|  UPG HI Issuer Trust | UPG HI Issuer Trust | UPG HI Issuer Trust |
|  5.000% due 09/25/2047 | 8100 | 8102 |
|  VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
|  3.706% due 02/15/2057 | 1400 | 1282 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.014% due 07/20/2032 •  | 5284 | 5285 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.944% due 04/20/2034 •  | 7100 | 7099 |
|  Wave LLC | Wave LLC | Wave LLC |
|  3.597% due 09/15/2044 | 1110 | 1091 |
|  |  | 285005 |
|  Total Asset-Backed Securities (Cost $562,649) | Total Asset-Backed Securities (Cost $562,649) | 530525 |
| SOVEREIGN ISSUES 9.0% | SOVEREIGN ISSUES 9.0% | SOVEREIGN ISSUES 9.0% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.125% due 03/15/2034 | 11500 | 11642 |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.250% due 12/01/2034 | 7800 | 5641 |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 77600 | 92472 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  3.200% due 09/20/2055 | 3010000 | 18634 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.000% due 05/13/2030 | 1600 | 1680 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | PEN | 600 | 178 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 | ZAR | 30174 | 1558 |
|  8.750% due 01/31/2044 |  | 36814 | 2140 |
|  8.750% due 02/28/2048 |  | 22640 | 1319 |
|  8.875% due 02/28/2035 |  | 444988 | 28043 |
|  9.000% due 01/31/2040 |  | 36655 | 2222 |
|  Total Sovereign Issues (Cost $151,998) | Total Sovereign Issues (Cost $151,998) | Total Sovereign Issues (Cost $151,998) | 165529 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Drillco Holdings Luxembourg SA «(g) |  | 1575 | 36 |
|  Foresea Holdings SA « |  | 623 | 14 |
|  Total Common Stocks (Cost $32) | Total Common Stocks (Cost $32) | Total Common Stocks (Cost $32) | 50 |
| PREFERRED SECURITIES 1.0% | PREFERRED SECURITIES 1.0% | PREFERRED SECURITIES 1.0% | PREFERRED SECURITIES 1.0% |
| BANKING & FINANCE 1.0% | BANKING & FINANCE 1.0% | BANKING & FINANCE 1.0% | BANKING & FINANCE 1.0% |
|  American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
|  5.250% due 06/15/2026 (e) |  | 6000000 | 5898 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA |
|  7.875% due 02/15/2031 •(e) | 9000000 | 9280 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.750% due 06/15/2029 (e) | 2500000 | 2623 |
|  Total Preferred Securities (Cost $17,500) | Total Preferred Securities (Cost $17,500) | 17801 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (f) | 511223 | 511 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.659% due 01/27/2026 - 04/21/2026 (b)(c)(k) | 1221 | 1209 |
| Total Short-Term Instruments<br>(Cost $1,720) | Total Short-Term Instruments<br>(Cost $1,720) | 1720 |
| Total Investments in Securities (Cost $2,651,274) | Total Investments in Securities (Cost $2,651,274) | 2633844 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.4% | INVESTMENTS IN AFFILIATES 1.4% | INVESTMENTS IN AFFILIATES 1.4% | INVESTMENTS IN AFFILIATES 1.4% |
| SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.4% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 2665001 | $— | 25960 |
| Total Short-Term Instruments<br>(Cost $25,954) | Total Short-Term Instruments<br>(Cost $25,954) |  | 25960 |
| Total Investments in Affiliates<br>(Cost $25,954) | Total Investments in Affiliates<br>(Cost $25,954) |  | 25960 |
| Total Investments 144.6%<br>(Cost $2,677,228) | Total Investments 144.6%<br>(Cost $2,677,228) | $— | 2659804 |
|  Financial Derivative<br>Instruments (h)(j) (0.2)%<br> (Cost or Premiums, net $8,756) | Financial Derivative<br>Instruments (h)(j) (0.2)%<br> (Cost or Premiums, net $8,756) |  | (4983) |
| Other Assets and Liabilities, net (44.4)% | Other Assets and Liabilities, net (44.4)% |  | (815392) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1839429 |

---

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

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

---

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

---

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

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

(a) When-issued security.

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

(c) Zero coupon security.

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

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

(f) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Blue Cross & Blue Shield of Minnesota 4.850% due 09/30/2030 | 10/03/2025 | $4700 | $4702 | 0.25% |
|  Deloitte LLP 5.410% due 01/30/2032 | 10/30/2024 | 1800 | 1841 | 0.10 |
|  Deloitte LLP 5.590% due 01/30/2035 | 10/30/2024 | 1100 | 1120 | 0.06 |
|  Deloitte LLP 5.970% due 01/30/2045 | 10/30/2024 | 900 | 894 | 0.05 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 32 | 36 | 0.00 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 | 7209 | 5868 | 0.32 |
|  Royal Bank of Scotland International Ltd. 4.660% due 12/16/2028 | 11/18/2025 | 6000 | 5995 | 0.33 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20456 | 1.11% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
**The average amount of borrowings outstanding during the period ended December 31, 2025 was $(14,531) at a weighted average interest rate of 4.367%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

---

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

---

------

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

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

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond March Futures  | 03/2026 | 951 | $69484 | $121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | $0 |
|  Canada Government 10-Year Bond March Futures  | 03/2026 | 115 | 10131 | (129) | 0 | (26) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 12404 | 1355815 | (3081) | 0 | (2665) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 1470 | 165283 | (516) | 0 | (540) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 1025 | 118484 | (1937) | 0 | (625) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 1000 | 118000 | (2899) | 0 | (922) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8441) | $79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4778) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 1686 | $(352018) | $(222) | $152 | $0 |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 2863 | (329290) | 3679 | 1275 | 0 |
|  |  |  |  | $3457 | $1427 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4984) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4778) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  ZF Europe Finance BV | 5.000% | Quarterly | 12/20/2029 | 2.897% | EUR | 1500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.261% | Annual | 02/28/2029 | $116700 | $0 | $1355 | $1355 | $121 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 02/28/2029 | 116850 | 0 | 1270 | 1270 | 122 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/28/2029 | 150700 | 0 | 1635 | 1635 | 157 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 166800 | 2636 | (2986) | (350) | 229 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 116187 | (42) | 536 | 494 | 166 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 155057 | 154 | (2) | 152 | 222 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 5800 | (22) | (32) | (54) | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 5800 | (20) | 58 | 38 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 5700 | (20) | 80 | 60 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 5600 | (19) | 94 | 75 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 8620 | (35) | 114 | 79 | 19 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 5000 | (19) | 119 | 100 | 11 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 5700 | (22) | 163 | 141 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 5700 | (20) | 239 | 219 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 5600 | (20) | 228 | 208 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 48700 | 7902 | 2320 | 10222 | 146 | 0 |
| Pay | 1-Year BRL-CDI | 13.353 | Maturity | 01/02/2029 | 553200 | 0 | (98) | (98) | 0 | (3) |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 202400 | (117) | (638) | (755) | 0 | (109) |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 02/15/2034 | 131300 | (272) | (1151) | (1423) | 0 | (74) |
| Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 | 16300 | 0 | 104 | 104 | 11 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 | 24200 | 0 | 148 | 148 | 16 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 | 37100 | 0 | 216 | 216 | 25 | 0 |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | 64000 | (1401) | (256) | (1657) | 38 | 0 |
|  |  |  |  |  |  | $8663 | $3516 | $12179 | $1367 | $(186) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) |

---

42 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

December 31, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability<sup>(6)</sup> | Variation Margin<br>Liability<sup>(6)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4794) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4980) |

---

(i) Securities with an aggregate market value of $53,239 and cash of $10,004 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the 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. 

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

<sup>(3)</sup> The maximum potential amount the 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. 

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

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

<sup>(6)</sup> Unsettled variation margin liability of $(16) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 01/2026 | 62519 | $402 | $3 | $0 |
|  BOA | 01/2026 | 2739 | 30 | 0 | 0 |
|  | 01/2026 | 995887 | 684 | 0 | (7) |
|  | 01/2026 | 3956 | 1082 | 0 | (20) |
|  | 01/2026 | 12986 | 401 | 0 | (12) |
|  | 01/2026 | 42914 | 1407 | 40 | 0 |
|  | 01/2026 | $1514 | 5531 | 27 | 0 |
|  | 01/2026 | 227 | 7153 | 1 | 0 |
|  | 01/2026 | 880 | 14668 | 5 | 0 |
|  | 02/2026 | 3605 | $1132 | 0 | (1) |
|  | 04/2026 | $305 | 5622 | 4 | 0 |
|  BPS | 01/2026 | 13717 | $8916 | 0 | (238) |
|  | 01/2026 | 862 | 1084 | 2 | (8) |
|  | 01/2026 | 26396 | 3746 | 0 | (42) |
|  | 01/2026 | 555 | 751 | 2 | 0 |
|  | 01/2026 | 11339558 | 678 | 0 | (2) |
|  | 01/2026 | 6026 | 1853 | 0 | (39) |
|  | 01/2026 | 95563 | 1060 | 0 | (3) |
|  | 01/2026 | 342300 | 2215 | 28 | 0 |
|  | 01/2026 | 6153 | 3496 | 0 | (47) |
|  | 01/2026 | 5100 | 1398 | 0 | (23) |
|  | 01/2026 | 147820 | 4862 | 152 | 0 |
|  | 01/2026 | $4667 | 32690 | 21 | 0 |
|  | 01/2026 | 500 | 45170 | 2 | 0 |
|  | 01/2026 | 2755 | 9971 | 22 | 0 |
|  | 01/2026 | 8731 | 274022 | 19 | (19) |
|  | 01/2026 | 1946 | 32453 | 11 | 0 |
|  | 01/2026 | 13783 | $824 | 0 | (7) |
|  | 02/2026 | $1107 | 99776 | 0 | 0 |
|  | 02/2026 | 6545 | 292479 | 89 | 0 |
|  | 02/2026 | 2769 | 86909 | 3 | 0 |

---

---

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

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 03/2026 | 29109 | $937 | $6 | $0 |
|  BRC | 01/2026 | 1407 | 1633 | 0 | (21) |
|  | 01/2026 | 1579 | 492 | 0 | (4) |
|  | 01/2026 | $999 | 1494 | 0 | (1) |
|  | 01/2026 | 4866 | 17729 | 71 | 0 |
|  | 01/2026 | 1795 | 80767 | 77 | 0 |
|  | 01/2026 | 80216 | $4631 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206) |
|  | 02/2026 | 1547 | 480 | 0 | (6) |
|  | 02/2026 | 119 | 3 | 0 | 0 |
|  | 02/2026 | $2068 | 93424 | 29 | 0 |
|  | 03/2026 | 2640 | 48879 | 56 | 0 |
|  | 03/2026 | 19922 | 907778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | 0 |
|  BSH | 01/2026 | 799 | 124426 | 0 | (4) |
|  CBK | 01/2026 | 2023 | $1345 | 0 | (5) |
|  | 01/2026 | 15 | 11 | 0 | 0 |
|  | 01/2026 | 530 | 701 | 0 | (13) |
|  | 01/2026 | 7220 | 4152 | 3 | (9) |
|  | 01/2026 | 26 | 7 | 0 | 0 |
|  | 01/2026 | 224340 | 7382 | 234 | 0 |
|  | 01/2026 | $3029 | 21148 | 5 | 0 |
|  | 01/2026 | 261 | 835 | 1 | 0 |
|  | 01/2026 | 16058 | 1435602 | 15 | (133) |
|  | 01/2026 | 1716 | 266700 | 0 | (12) |
|  | 01/2026 | 330 | 1185 | 0 | 0 |
|  | 01/2026 | 1 | 18 | 0 | 0 |
|  | 01/2026 | 2251 | 70364 | 1 | (10) |
|  | 01/2026 | 1133 | 19088 | 18 | 0 |
|  | 02/2026 | 2820 | $887 | 2 | 0 |
|  | 02/2026 | $69 | 2145 | 0 | 0 |
|  | 03/2026 | 31638 | $1016 | 5 | 0 |
|  DUB | 01/2026 | 2588 | 804 | 0 | (8) |
|  | 01/2026 | 1349455 | 922 | 0 | (15) |
|  | 01/2026 | 1596 | 923 | 3 | 0 |
|  | 01/2026 | $1642 | 5239 | 3 | 0 |
|  | 01/2026 | 4750 | 422974 | 0 | (53) |
|  | 01/2026 | 4731 | 6951770 | 95 | 0 |
|  | 01/2026 | 7673 | 142491 | 222 | 0 |
|  | 01/2026 | 818 | 13757 | 11 | 0 |
|  | 01/2026 | 142951 | $8204 | 0 | (416) |
|  | 02/2026 | 5238 | 1642 | 0 | (3) |
|  | 02/2026 | $93 | 2896 | 0 | 0 |
|  GLM | 01/2026 | 63719 | $11374 | 0 | (254) |
|  | 01/2026 | 258 | 322 | 0 | (4) |
|  | 01/2026 | 13153 | 1869 | 0 | (18) |
|  | 01/2026 | 1107 | 343 | 0 | (5) |
|  | 01/2026 | $11688 | 63719 | 0 | (60) |
|  | 01/2026 | 2185 | 15406 | 25 | 0 |
|  | 01/2026 | 4288 | 15666 | 75 | 0 |
|  | 01/2026 | 425 | 13517 | 5 | 0 |
|  | 01/2026 | 73709 | $4275 | 0 | (169) |
|  | 02/2026 | $14259 | 78433 | 0 | (53) |
|  | 02/2026 | 1618 | 30006 | 40 | 0 |
|  | 02/2026 | 4093 | 186625 | 112 | 0 |
|  | 03/2026 | 193 | $35 | 0 | 0 |
|  | 03/2026 | $1249 | 23173 | 31 | 0 |
|  | 04/2026 | 11374 | 65127 | 267 | 0 |
|  | 04/2026 | 2588 | 47723 | 36 | 0 |
|  IND | 01/2026 | 8735 | $859 | 0 | (7) |
|  | 01/2026 | 131921 | 4287 | 84 | 0 |
|  JPM | 01/2026 | 15568 | 10174 | 0 | (217) |
|  | 01/2026 | 54772 | 7777 | 0 | (82) |
|  | 01/2026 | 16677 | 5124 | 0 | (112) |
|  | 01/2026 | 90176 | 1013 | 12 | 0 |
|  | 01/2026 | 2464963 | 1718 | 7 | 0 |
|  | 01/2026 | 662 | 36 | 0 | (1) |
|  | 01/2026 | 2934 | 1702 | 13 | 0 |
|  | 01/2026 | 9354 | 2552 | 0 | (53) |
|  | 01/2026 | $2723 | 19130 | 22 | 0 |
|  | 01/2026 | 1895 | 168727 | 0 | (21) |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $2854 | 10535 | $80 | $0 |
|  | 01/2026 | 126163 | $7352 | 0 | (256) |
|  | 02/2026 | $1718 | 2461729 | 0 | (7) |
|  | 02/2026 | 2819 | 52281 | 70 | 0 |
|  | 03/2026 | 1683 | 30854 | 20 | 0 |
|  | 04/2026 | 965 | 17786 | 13 | 0 |
|  MBC | 01/2026 | 35987 | $25570 | 0 | (664) |
|  | 01/2026 | 628 | 791 | 0 | (3) |
|  | 01/2026 | 839 | 1127 | 0 | (4) |
|  | 01/2026 | 1979621 | 12720 | 72 | 0 |
|  | 01/2026 | 2005 | 1159 | 4 | 0 |
|  | 01/2026 | 30912 | 23824 | 0 | (240) |
|  | 01/2026 | $346 | 31313 | 2 | 0 |
|  | 01/2026 | 818 | 3000 | 17 | 0 |
|  | 01/2026 | 734 | 23759 | 21 | 0 |
|  | 01/2026 | 349 | 11032 | 2 | 0 |
|  | 02/2026 | 744 | 13769 | 17 | 0 |
|  | 03/2026 | 702 | 12916 | 11 | 0 |
|  | 04/2026 | 775 | 14308 | 11 | 0 |
|  MYI | 01/2026 | 5 | $2 | 0 | 0 |
|  | 01/2026 | 346 | 2 | 0 | 0 |
|  | 02/2026 | 5635 | 1750 | 0 | (19) |
|  SCX | 01/2026 | 457 | 571 | 0 | (7) |
|  | 01/2026 | 26234 | 3723 | 0 | (41) |
|  | 01/2026 | 18861597 | 1128 | 0 | (3) |
|  | 01/2026 | 14556 | 160 | 0 | (2) |
|  | 01/2026 | 1373403 | 8807 | 33 | 0 |
|  | 01/2026 | 0 | 0 | 0 | 0 |
|  | 01/2026 | 46525 | 1527 | 45 | 0 |
|  | 01/2026 | $315 | 28474 | 1 | 0 |
|  | 01/2026 | 585 | 90928 | 0 | (4) |
|  SOG | 01/2026 | 103109 | $119376 | 0 | (1850) |
|  | 01/2026 | 2142838 | 1465 | 0 | (23) |
|  | 01/2026 | $11289 | 8620 | 330 | 0 |
|  | 01/2026 | 2309 | 361068 | 0 | (2) |
|  | 02/2026 | 744 | 13776 | 17 | 0 |
|  | 03/2026 | 0 | 3 | 0 | 0 |
|  UAG | 01/2026 | 1914 | $2391 | 0 | (27) |
|  | 01/2026 | 3988 | 1093 | 0 | (18) |
|  | 01/2026 | $4069 | 14793 | 52 | 0 |
|  | 01/2026 | 140030 | $8052 | 0 | (392) |
|  | 02/2026 | $702 | 13025 | 18 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6005) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>December 31, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Petroleos Mexicanos | 1.000% | Quarterly | 12/20/2026 | 1.757% | $500 | $(5) | $1 | $0 | $(4) |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.706 | 2100 | (18) | 12 | 0 | (6) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  AZD | $3 | $0 | $0 | $3 | $0 | $0 | $0 | $0 | $3 | $0 | $3 |
|  BOA | 77 | 0 | 0 | 77 | (40) | 0 | 0 | (40) | 37 | (50) | (13) |
|  BPS | 357 | 0 | 0 | 357 | (428) | 0 | 0 | (428) | (71) | 295 | 224 |

---

---

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

---

------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(5)</sup>** |
|  BRC | $514 | $0 | $0 | $514 | $(238) | $0 | $0 | $(238) | $276 | $(170) | $106 |
|  BSH | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | (4) | 0 | (4) |
|  CBK | 284 | 0 | 0 | 284 | (182) | 0 | (4) | (186) | 98 | 0 | 98 |
|  DUB | 334 | 0 | 0 | 334 | (495) | 0 | 0 | (495) | (161) | 273 | 112 |
|  GLM | 591 | 0 | 0 | 591 | (563) | 0 | 0 | (563) | 28 | 50 | 78 |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (6) | (6) | (6) | 0 | (6) |
|  IND | 84 | 0 | 0 | 84 | (7) | 0 | 0 | (7) | 77 | 0 | 77 |
|  JPM | 237 | 0 | 0 | 237 | (749) | 0 | 0 | (749) | (512) | 299 | (213) |
|  MBC | 157 | 0 | 0 | 157 | (911) | 0 | 0 | (911) | (754) | 843 | 89 |
|  MYI | 0 | 0 | 0 | 0 | (19) | 0 | 0 | (19) | (19) | 0 | (19) |
|  SCX | 79 | 0 | 0 | 79 | (57) | 0 | 0 | (57) | 22 | 0 | 22 |
|  SOG | 347 | 0 | 0 | 347 | (1875) | 0 | 0 | (1875) | (1528) | 1580 | 52 |
|  UAG | 70 | 0 | 0 | 70 | (437) | 0 | 0 | (437) | (367) | 275 | (92) |
|  Total Over the Counter | $3134 | $0 | $0 | $3134 | $(6005) | $0 | $(10) | $(6015) |  |  |  |

---

(k) Securities with an aggregate market value of $3,615 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

<sup>(1)</sup> If the 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. 

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

<sup>(3)</sup> The maximum potential amount the 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. 

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

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

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the 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 December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1506 | $1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 1367 | 1372 |
|  | $0 | $5 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | $0 | $3134 |
|  | $0 | $5 | $0 | $3134 | $2873 | $6012 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4794 | $4794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 186 | 186 |
|  | $0 | $0 | $0 | $0 | $4980 | $4980 |

---

46 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6005 | $0 | $6005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 0 | 10 |
|  | $0 | $10 | $0 | $6005 | $0 | $6015 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $18365 | $18365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1621 | 0 | 0 | (752) | 869 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $17613 | $19234 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(7830) | $0 | $(7830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 97 | 0 | 0 | 0 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 35 | 0 | 0 | 0 | 35 |
|  | $0 | $132 | $0 | $(7830) | $0 | $(7698) |
|  | $0 | $1753 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7830) | $17613 | $11536 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(3069) | $(3069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 40 | 0 | 0 | (11460) | (11420) |
|  | $0 | $40 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14529) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14489) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(6053) | $0 | $(6053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 0 | 8 |
|  | $0 | $8 | $0 | $(6053) | $0 | $(6045) |
|  | $0 | $48 | $0 | $(6053) | $(14529) | $(20534) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $5993 | $5993 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 367221 | 14552 | 381773 |
| &nbsp;&nbsp; Industrials | 0 | 190683 | 0 | 190683 |
| &nbsp;&nbsp; Utilities | 0 | 56186 | 0 | 56186 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 9852 | 0 | 9852 |
| &nbsp;&nbsp; Pennsylvania | 0 | 657 | 0 | 657 |
|  U.S. Government Agencies | 0 | 837153 | 0 | 837153 |
|  U.S. Treasury Obligations | 0 | 161451 | 0 | 161451 |
|  Non-Agency Mortgage-Backed Securities | 0 | 232629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274471 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 4511 | 0 | 4511 |
| &nbsp;&nbsp; CMBS Other | 0 | 40654 | 0 | 40654 |
| &nbsp;&nbsp; Home Equity Other | 0 | 186649 | 0 | 186649 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 494 | 0 | 494 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 143 | 0 | 143 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 13069 | 0 | 13069 |
| &nbsp;&nbsp; Other ABS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282005 | 3000 | 285005 |
|  Sovereign Issues | 0 | 165529 | 0 | 165529 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | $0 | $0 | $50 | $50 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 17801 | 0 | 17801 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 511 | 0 | 511 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1209 | 0 | 1209 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633844 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $25960 | $0 | $0 | $25960 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25960 | $2568407 | $65437 | $2659804 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 79 | 2799 | 0 | 2878 |
|  Over the counter | 0 | 3134 | 0 | 3134 |
|  | $79 | $5933 | $0 | $6012 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 47

------

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.) December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $(26) | $(4938) | $0 | $(4964) |
|  Over the counter | 0 | (6015) | 0 | (6015) |
|  | $(26) | $(10953) | $0 | $(10979) |
|  Total Financial Derivative Instruments | $53 | $(5020) | $0 | $(4967) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654837 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $6731 | $0 | $(1035) | $1 | $1 | $295 | $0 | $0 | $5993 | $214 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 3739 | 10700 | 0 | 0 | 0 | 113 | 0 | 0 | 14552 | 112 |
|  Non-Agency Mortgage-Backed Securities | 2000 | 40996 | (424) | 0 | 0 | 863 | 0 | (1593) | 41842 | 846 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Other ABS | 0 | 3000 | 0 | 0 | 0 | 0 | 0 | 0 | 3000 | 0 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 55 | 0 | 0 | 0 | 0 | (5) | 0 | 0 | 50 | (5) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1459) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1593) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation Technique | Unobservable<br>Inputs | (% Unless<br>Noted Otherwise) | (% Unless<br>Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 12/31/2025 | Valuation Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $5993 | Indicative Market Quotation | Broker Quote | 95.550 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 14552 | Discounted Cash Flow | Discount Rate | 4.690-6.025 | 4.907 |
|  Non-Agency Mortgage-Backed Securities | 41842 | Recent Transaction | Purchase Price | 100.000 |  |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 3000 | Recent Transaction | Purchase Price | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 50 | Indicative Market Quotation | Broker Quote | $22.563 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65437 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Fixed Income SHares: Series R December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 213.2% | INVESTMENTS IN SECURITIES 213.2% | INVESTMENTS IN SECURITIES 213.2% |
| CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% | CORPORATE BONDS & NOTES 2.3% |
| BANKING & FINANCE 1.3% | BANKING & FINANCE 1.3% | BANKING & FINANCE 1.3% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.500% due 10/01/2053 | 1873 | 230 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 775 | 97 |
|  2.000% due 10/01/2053 | 499 | 66 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.500% due 10/01/2053 | 100 | 10 |
|  2.500% due 10/01/2047 | 15 | 2 |
|  3.000% due 10/01/2053 | 4886 | 725 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 2203 | 279 |
|  2.000% due 10/01/2053 | 367 | 44 |
|  2.500% due 04/01/2047 | 10 | 1 |
|  3.000% due 10/01/2053 | 4337 | 643 |
|  |  | 2097 |
| INDUSTRIALS 1.0% | INDUSTRIALS 1.0% | INDUSTRIALS 1.0% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 1650 | 1745 |
|  Total Corporate Bonds & Notes (Cost $3,802) | Total Corporate Bonds & Notes (Cost $3,802) | 3842 |
| U.S. GOVERNMENT AGENCIES 40.6% | U.S. GOVERNMENT AGENCIES 40.6% | U.S. GOVERNMENT AGENCIES 40.6% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due 11/01/2054 | 4640 | 4709 |
|  6.000% due 03/01/2054 - 07/01/2054 | 4741 | 4874 |
|  6.195% due 09/01/2036 •  | 4 | 4 |
|  6.395% due 07/01/2036 •  | 13 | 14 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  5.024% due 08/25/2055 •  | 1607 | 1614 |
|  5.074% due 08/25/2055 •  | 3310 | 3326 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 12/01/2045 | 6 | 6 |
|  5.277% due 10/01/2044 •  | 1 | 1 |
|  6.000% due 04/01/2054 | 3650 | 3751 |
|  6.500% due 12/01/2053 - 02/01/2054 | 3296 | 3426 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.434% due 02/25/2037 •  | 7 | 7 |
|  4.904% due 06/25/2055 •  | 1589 | 1601 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 10/20/2054 | 1279 | 1166 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.818% due 11/20/2073 •  | 1166 | 1177 |
|  4.836% due 12/20/2053 •  | 3500 | 3501 |
|  4.868% due 09/20/2073 - 10/20/2073 •  | 5210 | 5275 |
|  4.898% due 09/20/2073 •  | 3563 | 3605 |
|  4.927% due 08/20/2068 •  | 241 | 242 |
|  5.018% due 11/20/2073 •  | 1561 | 1593 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.500% due 02/01/2056 | 12000 | 10921 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.500% due 02/01/2056 | 15300 | 14924 |
|  6.500% due 02/01/2056 | 1000 | 1040 |
|  Total U.S. Government Agencies (Cost $66,485) | Total U.S. Government Agencies (Cost $66,485) | 66777 |
| U.S. TREASURY OBLIGATIONS 142.7% | U.S. TREASURY OBLIGATIONS 142.7% | U.S. TREASURY OBLIGATIONS 142.7% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.875% due 08/15/2045 | 40 | 40 |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.125% due 02/15/2051 | 4252 | 2300 |
|  0.125% due 02/15/2052 | 3041 | 1611 |
|  0.250% due 02/15/2050 | 2596 | 1497 |
|  0.625% due 02/15/2043 | 3994 | 2976 |
|  0.750% due 02/15/2042 | 4741 | 3695 |
|  0.750% due 02/15/2045 | 2586 | 1888 |
|  0.875% due 02/15/2047 | 1140 | 823 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.000% due 02/15/2046 | $— | 6170 | 4657 |
|  1.000% due 02/15/2048 |  | 1698 | 1242 |
|  1.000% due 02/15/2049 |  | 3532 | 2544 |
|  1.500% due 02/15/2053 |  | 1972 | 1539 |
|  1.750% due 01/15/2028 |  | 4593 | 4628 |
|  2.125% due 02/15/2040 |  | 1747 | 1732 |
|  2.125% due 02/15/2041 |  | 2483 | 2433 |
|  2.125% due 02/15/2054 |  | 3395 | 3054 |
|  2.375% due 02/15/2055 |  | 516 | 490 |
|  2.500% due 01/15/2029 |  | 1394 | 1439 |
|  3.375% due 04/15/2032 |  | 468 | 517 |
|  3.625% due 04/15/2028 |  | 2637 | 2768 |
|  0.125% due 04/15/2027 |  | 3114 | 3058 |
|  0.125% due 01/15/2030 (f) |  | 9783 | 9281 |
|  0.125% due 07/15/2030 |  | 2159 | 2038 |
|  0.125% due 01/15/2031 (f) |  | 7167 | 6683 |
|  0.125% due 07/15/2031 (f) |  | 10533 | 9762 |
|  0.125% due 01/15/2032 (f) |  | 8457 | 7731 |
|  0.250% due 07/15/2029 (f) |  | 12094 | 11655 |
|  0.375% due 01/15/2027 |  | 404 | 399 |
|  0.375% due 07/15/2027 (f) |  | 10702 | 10579 |
|  0.500% due 01/15/2028 (f) |  | 7577 | 7445 |
|  0.625% due 07/15/2032 (f) |  | 7957 | 7467 |
|  0.750% due 07/15/2028 (h) |  | 908 | 897 |
|  0.875% due 01/15/2029 |  | 4900 | 4826 |
|  1.125% due 10/15/2030 |  | 5335 | 5255 |
|  1.125% due 01/15/2033 |  | 874 | 839 |
|  1.375% due 07/15/2033 (f) |  | 14152 | 13799 |
|  1.625% due 10/15/2027 (f) |  | 7145 | 7200 |
|  1.625% due 10/15/2029 (f) |  | 13659 | 13797 |
|  1.625% due 04/15/2030 (f) |  | 9513 | 9563 |
|  1.750% due 01/15/2034 (f) |  | 9215 | 9167 |
|  1.875% due 07/15/2034 (f) |  | 13386 | 13444 |
|  1.875% due 07/15/2035 (f) |  | 16224 | 16186 |
|  2.125% due 01/15/2035 (f) |  | 6913 | 7037 |
|  2.375% due 10/15/2028 (f) |  | 14564 | 15000 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 |  | 64 | 64 |
|  Total U.S. Treasury Obligations (Cost $249,155) | Total U.S. Treasury Obligations (Cost $249,155) | Total U.S. Treasury Obligations (Cost $249,155) | 235045 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.390% due 01/20/2047 ~ |  | 262 | 227 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.043% due 12/20/2046 •  |  | 441 | 397 |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.344% due 08/28/2039 •  |  | 41 | 47 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.951% due 09/25/2035 ~ | $— | 4 | 4 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.748% due 06/20/2035 •  |  | 158 | 149 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.686% due 05/25/2034 •  |  | 423 | 391 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.851% due 12/25/2034 •  |  | 4 | 4 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.206% due 06/25/2046 •  |  | 198 | 41 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $1,271) | Total Non-Agency Mortgage-Backed Securities (Cost $1,271) | Total Non-Agency Mortgage-Backed Securities (Cost $1,271) | 1260 |
| ASSET-BACKED SECURITIES 14.7% | ASSET-BACKED SECURITIES 14.7% | ASSET-BACKED SECURITIES 14.7% | ASSET-BACKED SECURITIES 14.7% |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  ACRES LLC | ACRES LLC | ACRES LLC | ACRES LLC |
|  5.353% due 08/18/2040 •  |  | 600 | 601 |
| HOME EQUITY OTHER 0.9% | HOME EQUITY OTHER 0.9% | HOME EQUITY OTHER 0.9% | HOME EQUITY OTHER 0.9% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.006% due 01/25/2037 •  |  | 119 | 89 |
|  4.136% due 09/25/2036 •  |  | 147 | 144 |
|  4.536% due 10/25/2035 •  |  | 500 | 473 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.701% due 08/25/2034 •  |  | 19 | 19 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.506% due 01/25/2035 •  |  | 133 | 131 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.611% due 05/25/2035 •  | 702 | 701 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  0.526% due 05/25/2035 •  | 18 | 17 |
|  |  | 1574 |
| OTHER ABS 13.4% | OTHER ABS 13.4% | OTHER ABS 13.4% |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  5.000% due 12/02/2034 •  | 1600 | 1600 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  0.000% due 07/25/2039 •  | 1700 | 2000 |
|  Avoca Static CLO I DAC | Avoca Static CLO I DAC | Avoca Static CLO I DAC |
|  2.996% due 01/15/2035 •  | 723 | 849 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  5.042% due 07/17/2035 •  | 1700 | 1701 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.814% due 11/15/2031 •  | 111 | 130 |
|  Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC |
|  3.259% due 10/15/2038 •  | 1500 | 1764 |
|  Man Euro CLO DAC | Man Euro CLO DAC | Man Euro CLO DAC |
|  3.776% due 10/15/2036 •  | 1800 | 2119 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.790% due 12/15/2031 •  | 124 | 145 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.525% due 04/25/2038 •  | 8 | 8 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.244% due 07/20/2036 •  | 1700 | 2000 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  4.918% due 05/21/2034 •  | 1600 | 1600 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.034% due 05/15/2033 •  | 677 | 795 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  5.014% due 07/20/2034 •  | 1600 | 1600 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 1700 | 1711 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  5.084% due 07/20/2034 •  | 1700 | 1701 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  5.419% due 10/23/2035 | 1680 | 1680 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.253% due 10/15/2038 •  | 500 | 588 |
|  |  | 21991 |
|  Total Asset-Backed Securities (Cost $23,676) | Total Asset-Backed Securities (Cost $23,676) | 24166 |
| SOVEREIGN ISSUES 8.5% | SOVEREIGN ISSUES 8.5% | SOVEREIGN ISSUES 8.5% |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 (c) | 1129 | 850 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 03/01/2026 (c) | 2824 | 3306 |
|  0.100% due 07/25/2031 (c) | 1107 | 1231 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (c) | 249 | 285 |
|  1.800% due 05/15/2036 (c) | 104 | 122 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (c) | 450897 | 2929 |
|  0.100% due 03/10/2029 (c) | 800823 | 5197 |
|  Total Sovereign Issues (Cost $15,580) | Total Sovereign Issues (Cost $15,580) | 13920 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 3.6% | SHORT-TERM INSTRUMENTS 3.6% | SHORT-TERM INSTRUMENTS 3.6% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.850% (d) | 193986 | 194 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (e) 3.3% | REPURCHASE AGREEMENTS (e) 3.3% | REPURCHASE AGREEMENTS (e) 3.3% |
|  |  | 5500 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  3.614% due 04/07/2026 (a)(b)(j) | $— | 344 | $— | 341 |
| Total Short-Term Instruments<br>(Cost $6,035) | Total Short-Term Instruments<br>(Cost $6,035) | Total Short-Term Instruments<br>(Cost $6,035) |  | 6035 |
| Total Investments in Securities (Cost $366,004) | Total Investments in Securities (Cost $366,004) | Total Investments in Securities (Cost $366,004) |  | 351045 |
| Total Investments 213.2%<br>(Cost $366,004) | Total Investments 213.2%<br>(Cost $366,004) | Total Investments 213.2%<br>(Cost $366,004) | $— | 351045 |
|  Financial Derivative<br>Instruments (g)(i) (0.2)%<br> (Cost or Premiums, net $(885)) | Financial Derivative<br>Instruments (g)(i) (0.2)%<br> (Cost or Premiums, net $(885)) | Financial Derivative<br>Instruments (g)(i) (0.2)%<br> (Cost or Premiums, net $(885)) |  | (259) |
| Other Assets and Liabilities, net (113.0)% | Other Assets and Liabilities, net (113.0)% | Other Assets and Liabilities, net (113.0)% |  | (186134) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 164652 |

---

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

---

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

---

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

(a) Zero coupon security.

(b) Coupon represents a yield to maturity.

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

(d) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
&nbsp;&nbsp;&nbsp;&nbsp;(e) REPURCHASE AGREEMENTS:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| FICC STR | 3.820% | 12/31/2025 | 01/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | U.S. Treasury Notes 4.375% due 12/31/2029 | $(5610) | $5500 | $5501 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5610) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501 |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  BPS | 3.910% | 12/22/2025 | 01/20/2026 | $(17486) | $(17507) |
|  | 4.020 | 12/30/2025 | 01/06/2026 | (5045) | (5047) |
|  MSC | 3.910 | 12/17/2025 | 01/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137852) | (138091) |
|  | 3.950 | 12/30/2025 | 01/06/2026 | (1124) | (1125) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161770) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC STR | $5501 | $0 | $0 | $5501 | $(5610) | $(109) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPS | 0 | 0 | (22554) | (22554) | 22452 | (102) |
|  MSC | 0 | 0 | (139216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(855) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161770) |  |  |  |

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50 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

December 31, 2025

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Inflation Protected Securities | $0 | $(1125) | $0 | $0 | $(1125) |
|  U.S. Treasury Obligations | 0 | (160645) | 0 | 0 | (160645) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161770) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161770) |
|  Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | Payable for sale-buyback financing transactions  | $(161770) |

---

(f) Securities with an aggregate market value of $160,813 have been pledged as collateral under the terms of the above master agreements as of December 31, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2025 was $(141855) at a weighted average interest rate of 4.301%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(396) of deferred price drop. 

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

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

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Brent Crude September Futures  | 07/2026 | 1 | $60 | $(1) | $0 | $(1) |
|  Cocoa July Futures  | 07/2026 | 1 | 61 | 2 | 0 | 0 |
|  Cocoa March Futures  | 03/2026 | 1 | 61 | 2 | 0 | 0 |
|  Copper March Futures  | 03/2026 | 1 | 142 | 13 | 0 | (2) |
|  Euro-BTP Future March Futures  | 03/2026 | 47 | 6638 | (14) | 0 | (20) |
|  Gas Oil June Futures  | 06/2026 | 1 | 60 | (5) | 0 | 0 |
|  Gold 100 oz. April Futures  | 04/2026 | 1 | 437 | (6) | 0 | (5) |
|  Iron Ore March Futures  | 03/2026 | 7 | 73 | 4 | 0 | 0 |
|  Live Cattle April Futures  | 04/2026 | 4 | 372 | 6 | 2 | 0 |
|  LME Zinc March Futures  | 03/2026 | 3 | 234 | 8 | 8 | 0 |
|  New York Harbor June Futures  | 05/2026 | 1 | 85 | (4) | 0 | (1) |
|  RBOB Gasoline June Futures  | 05/2026 | 3 | 247 | (3) | 0 | (2) |
|  Soybean March Futures  | 03/2026 | 3 | 157 | (10) | 0 | (2) |
|  Soybean Meal March Futures  | 03/2026 | 18 | 539 | (45) | 0 | (5) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2026 | 76 | 8307 | (1) | 0 | (9) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 135 | 15179 | (32) | 0 | (27) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2026 | 109 | 12862 | (119) | 0 | (41) |
|  U.S. Ultra Treasury 10-Year Note March Futures  | 03/2026 | 20 | 2300 | (22) | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Arabica Coffee March Futures  | 03/2026 | 1 | $(131) | $1 | $1 | $0 |
|  Corn July Futures  | 07/2026 | 13 | (295) | 2 | 0 | 0 |
|  Corn March Futures  | 03/2026 | 25 | (550) | (6) | 0 | 0 |
|  Cotton No. 2 July Futures  | 07/2026 | 7 | (234) | (2) | 0 | 0 |
|  Cotton No. 2 March Futures  | 03/2026 | 4 | (129) | 1 | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2026 | 36 | (4914) | 38 | 3 | 0 |
|  Euro-Bund March Futures  | 03/2026 | 10 | (1499) | 21 | 3 | 0 |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2026 | 2 | (259) | 4 | 1 | 0 |
|  Euro-Oat March Futures  | 03/2026 | 111 | (15731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | 0 |
|  Gold 100 oz. February Futures  | 02/2026 | 3 | (1302) | (50) | 14 | 0 |
|  Hard Red Winter Wheat March Futures  | 03/2026 | 5 | (129) | 3 | 2 | 0 |
|  Lean Hogs April Futures  | 04/2026 | 6 | (216) | (4) | 1 | 0 |
|  LME Aluminum March Futures  | 03/2026 | 3 | (225) | (13) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

---

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

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  LME Lead March Futures  | 03/2026 | 8 | $(402) | $0 | $4 | $(4) |
|  Natural Gas July Futures  | 06/2026 | 1 | (37) | 4 | 1 | 0 |
|  Natural Gas March Futures  | 02/2026 | 3 | (94) | 20 | 6 | 0 |
|  Natural Gas March Futures  | 02/2026 | 5 | (121) | (2) | 0 | (3) |
|  Soybean July Futures  | 07/2026 | 2 | (107) | 1 | 1 | 0 |
|  Soybean Oil July Futures  | 07/2026 | 2 | (59) | 0 | 1 | 0 |
|  Soybean Oil March Futures  | 03/2026 | 3 | (87) | 5 | 2 | 0 |
|  Sugar No. 11 July Futures  | 06/2026 | 14 | (231) | (4) | 0 | (1) |
|  Sugar No. 11 March Futures  | 02/2026 | 1 | (17) | 2 | 0 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2026 | 261 | (54494) | (46) | 18 | 0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2026 | 167 | (19304) | 135 | 36 | 0 |
|  Wheat July Futures  | 07/2026 | 2 | (53) | 0 | 0 | 0 |
|  Wheat March Futures  | 03/2026 | 1 | (11) | 0 | 0 | 0 |
|  Wheat March Futures  | 03/2026 | 9 | (228) | 9 | 2 | 0 |
|  White Sugar May Futures  | 04/2026 | 2 | (43) | (1) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | $134 | $(21) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 14100 | $(73) | $151 | $78 | $16 | $0 |
| Pay<sup>(1)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.750 | Annual | 03/18/2031 | 6100 | 26 | 6 | 32 | 8 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 172740 | (3) | 20 | 17 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 160000 | (2) | 21 | 19 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 607000 | 55 | 182 | 237 | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 01/18/2026 | $1400 | (7) | 1 | (6) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.758 | Annual | 01/18/2026 | 4800 | (22) | 0 | (22) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 14780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | (364) | (550) | 0 | (15) |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.290 | Annual | 05/31/2030 | 6966 | 0 | 30 | 30 | 10 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 05/31/2030 | 9035 | 9 | 0 | 9 | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 17303 | (17) | (156) | (173) | 31 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 550 | 24 | (3) | 21 | 1 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 1000 | 14 | 14 | 28 | 3 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 914 | 7 | 9 | 16 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 3050 | 189 | 938 | 1127 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 7000 | 134 | 1484 | 1618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 2000 | 53 | 183 | 236 | 6 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.879 | Annual | 08/15/2032 | 5600 | 0 | 88 | 88 | 0 | (6) |
| Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/18/2036 | 14400 | (46) | (258) | (304) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 1000 | 62 | 601 | 663 | 2 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 1100 | 1 | 727 | 728 | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 1900 | 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | 4 | 0 |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/18/2056 | 2710 | (41) | 203 | 162 | 9 | 0 |
| Receive | CPTFEMU | 2.965 | Maturity | 05/15/2027 | 200 | 0 | 4 | 4 | 0 | 0 |
| Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1000 | 1 | 15 | 16 | 0 | 0 |
| Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 300 | 0 | 2 | 2 | 0 | 0 |
| Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 2800 | 0 | 5 | 5 | 0 | 0 |
| Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 2570 | (19) | (516) | (535) | 4 | 0 |
| Receive | CPTFEMU | 2.600 | Maturity | 05/15/2032 | 450 | 0 | (2) | (2) | 0 | (1) |
| Receive | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 2100 | (6) | (79) | (85) | 0 | (2) |
| Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 3100 | (1) | (55) | (56) | 0 | (3) |
| Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 1100 | (2) | (15) | (17) | 0 | (1) |
| Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 | 10 | 0 | 0 | 0 | 0 | 0 |
| Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 300 | 0 | 17 | 17 | 1 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 400 | (10) | 34 | 24 | 1 | 0 |
| Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 170 | 0 | 4 | 4 | 0 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 300 | 0 | 35 | 35 | 1 | 0 |
| Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 700 | 5 | 108 | 113 | 2 | 0 |
| Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 700 | 2 | 126 | 128 | 2 | 0 |
| Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 200 | 0 | 31 | 31 | 0 | 0 |
| Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 400 | 4 | 65 | 69 | 1 | 0 |
| Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 | $1600 | 0 | 5 | 5 | 0 | 0 |
| Pay | CPURNSA | 2.418 | Maturity | 03/05/2026 | 4500 | (542) | 16 | (526) | 1 | 0 |
| Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 | 6500 | 4 | 47 | 51 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | CPURNSA | 2.767% | Maturity | 05/13/2026 | $2900 | $(295) | $19 | $(276) | $0 | $0 |
| Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | 800 | 0 | 74 | 74 | 0 | 0 |
| Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 830 | 0 | 81 | 81 | 0 | 0 |
| Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 600 | 0 | 58 | 58 | 0 | 0 |
| Pay | CPURNSA | 2.370 | Maturity | 06/06/2028 | 2200 | 0 | (234) | (234) | 0 | (1) |
| Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 | 2000 | 0 | (267) | (267) | 0 | (4) |
| Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 | 1000 | 0 | (153) | (153) | 0 | (2) |
| Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 | 1300 | 0 | (191) | (191) | 0 | (2) |
| Pay | CPURNSA | 1.882 | Maturity | 11/20/2029 | 500 | 1 | (81) | (80) | 0 | (1) |
| Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 | 1500 | 1 | 180 | 181 | 3 | 0 |
| Pay | FRCPXTOB | 1.410 | Maturity | 11/15/2039 | 300 | 0 | (44) | (44) | 0 | 0 |
| Receive | UKRPI | 3.365 | Maturity | 09/15/2027 | 1200 | 0 | (16) | (16) | 0 | 0 |
| Pay | UKRPI | 0.000 | Maturity | 08/15/2034 | 1500 | 8 | 68 | 76 | 1 | 0 |
| Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 600 | 0 | 27 | 27 | 0 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | Total | Market Value | Variation Margin<br>Liability<sup>(2)</sup> | Variation Margin<br>Liability<sup>(2)</sup> | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) |

---

(h) Securities with an aggregate market value of $533 and cash of $2,366 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

<sup>(2)</sup> Unsettled variation margin asset of $2 and liability of $(10) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 01/2026 | 15273 | $98 | $1 | $0 |
|  BOA | 01/2026 | 15 | 10 | 0 | 0 |
|  | 01/2026 | 699488 | 480 | 0 | (6) |
|  | 01/2026 | 586 | 160 | 0 | (3) |
|  | 01/2026 | 1948 | 60 | 0 | (2) |
|  | 01/2026 | 9133 | 299 | 8 | 0 |
|  | 01/2026 | $151 | 128 | 0 | 0 |
|  | 01/2026 | 241 | 880 | 4 | 0 |
|  | 01/2026 | 34 | 1076 | 0 | 0 |
|  | 01/2026 | 130 | 2167 | 1 | 0 |
|  | 02/2026 | 531 | $167 | 0 | 0 |
|  | 04/2026 | $45 | 833 | 1 | 0 |
|  BPS | 01/2026 | 2161 | $1405 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) |
|  | 01/2026 | 134 | 169 | 0 | (1) |
|  | 01/2026 | 4697 | 667 | 0 | (7) |
|  | 01/2026 | 166 | 224 | 1 | 0 |
|  | 01/2026 | 1397 | 431 | 0 | (8) |
|  | 01/2026 | 14425 | 160 | 0 | 0 |
|  | 01/2026 | 43600 | 282 | 4 | 0 |
|  | 01/2026 | 965 | 548 | 0 | (7) |
|  | 01/2026 | 1358 | 372 | 0 | (6) |
|  | 01/2026 | 30777 | 1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 0 |
|  | 01/2026 | $94 | 129 | 0 | 0 |
|  | 01/2026 | 799 | 5593 | 3 | 0 |
|  | 01/2026 | 70 | 6324 | 0 | 0 |
|  | 01/2026 | 420 | 1520 | 3 | 0 |
|  | 01/2026 | 1198 | 37618 | 3 | (2) |

---

---

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

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2026 | $288 | 4810 | $2 | $0 |
|  | 01/2026 | 2018 | $121 | 0 | (1) |
|  | 02/2026 | $163 | 14674 | 0 | 0 |
|  | 02/2026 | 414 | 12986 | 0 | 0 |
|  | 03/2026 | 6020 | $194 | 1 | 0 |
|  BRC | 01/2026 | 13255 | 2057 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
|  | 01/2026 | 193 | 224 | 0 | (3) |
|  | 01/2026 | 226 | 70 | 0 | (1) |
|  | 01/2026 | $1917 | 1467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | 0 |
|  | 01/2026 | 707 | 2574 | 10 | 0 |
|  | 01/2026 | 8 | 141 | 0 | 0 |
|  | 02/2026 | 236 | $73 | 0 | (1) |
|  | 03/2026 | $397 | 7350 | 8 | 0 |
|  CBK | 01/2026 | 146 | $170 | 0 | (2) |
|  | 01/2026 | 1096 | 631 | 0 | (1) |
|  | 01/2026 | 46838 | 1541 | 49 | 0 |
|  | 01/2026 | $180 | 272 | 1 | 0 |
|  | 01/2026 | 457 | 3190 | 1 | 0 |
|  | 01/2026 | 86 | 74 | 1 | 0 |
|  | 01/2026 | 40 | 128 | 0 | 0 |
|  | 01/2026 | 2789 | 249252 | 2 | (24) |
|  | 01/2026 | 270 | 42000 | 0 | (2) |
|  | 01/2026 | 50 | 179 | 0 | 0 |
|  | 01/2026 | 0 | 3 | 0 | 0 |
|  | 01/2026 | 341 | 10652 | 0 | (2) |
|  | 01/2026 | 171 | 2873 | 2 | 0 |
|  | 02/2026 | 417 | $131 | 0 | 0 |
|  | 02/2026 | $10 | 324 | 0 | 0 |
|  | 03/2026 | 6543 | $210 | 1 | 0 |
|  DUB | 01/2026 | 395 | 123 | 0 | (1) |
|  | 01/2026 | 342872 | 234 | 0 | (4) |
|  | 01/2026 | 243 | 140 | 1 | 0 |
|  | 01/2026 | $252 | 804 | 0 | 0 |
|  | 01/2026 | 852 | 75900 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  | 01/2026 | 716 | 1051700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0 |
|  | 01/2026 | 1336 | 24809 | 39 | 0 |
|  | 01/2026 | 82 | 2540 | 0 | (1) |
|  | 01/2026 | 134 | 2265 | 2 | 0 |
|  | 02/2026 | 804 | $252 | 0 | 0 |
|  | 02/2026 | $14 | 437 | 0 | 0 |
|  GLM | 01/2026 | 637 | $114 | 0 | (3) |
|  | 01/2026 | 2341 | 333 | 0 | (3) |
|  | 01/2026 | 195 | 60 | 0 | (1) |
|  | 01/2026 | 4425 | 141 | 0 | 0 |
|  | 01/2026 | $116 | 637 | 0 | 0 |
|  | 01/2026 | 195 | 156 | 3 | 0 |
|  | 01/2026 | 331 | 2332 | 4 | 0 |
|  | 01/2026 | 728 | 2661 | 13 | 0 |
|  | 01/2026 | 62 | 1974 | 1 | 0 |
|  | 01/2026 | 7 | 129 | 0 | 0 |
|  | 02/2026 | 216 | 1208 | 3 | 0 |
|  | 03/2026 | 112 | $20 | 0 | 0 |
|  | 03/2026 | $3703 | 20516 | 0 | (7) |
|  | 03/2026 | 188 | 3485 | 5 | 0 |
|  | 04/2026 | 389 | 7174 | 5 | 0 |
|  JPM | 01/2026 | 1987 | $1298 | 0 | (28) |
|  | 01/2026 | 635 | 115 | 0 | (1) |
|  | 01/2026 | 9746 | 1384 | 0 | (15) |
|  | 01/2026 | 2080 | 637 | 0 | (16) |
|  | 01/2026 | 13261 | 149 | 2 | 0 |
|  | 01/2026 | 431 | 250 | 2 | 0 |
|  | 01/2026 | 1430 | 390 | 0 | (8) |
|  | 01/2026 | $118 | 635 | 0 | (2) |
|  | 01/2026 | 410 | 2883 | 3 | 0 |
|  | 01/2026 | 343 | 30534 | 0 | (4) |
|  | 01/2026 | 419 | 1546 | 12 | 0 |
|  | 01/2026 | 13 | 222 | 0 | 0 |
|  | 02/2026 | 428 | 7930 | 11 | 0 |
|  | 03/2026 | 254 | 4657 | 3 | 0 |
|  | 04/2026 | 146 | 2699 | 2 | 0 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 01/2026 | 4943 | $3512 | $0 | $(91) |
|  | 01/2026 | 384 | 481 | 0 | (4) |
|  | 01/2026 | 13478 | 15643 | 0 | (203) |
|  | 01/2026 | 444108 | 2853 | 16 | 0 |
|  | 01/2026 | 311 | 180 | 1 | 0 |
|  | 01/2026 | 5216 | 4020 | 0 | (41) |
|  | 01/2026 | $53 | 4757 | 0 | 0 |
|  | 01/2026 | 125 | 458 | 3 | 0 |
|  | 01/2026 | 81 | 2625 | 2 | 0 |
|  | 01/2026 | 53 | 1659 | 0 | 0 |
|  | 02/2026 | 115 | $6 | 0 | 0 |
|  | 03/2026 | $106 | 1950 | 2 | 0 |
|  | 04/2026 | 117 | 2158 | 2 | 0 |
|  MYI | 01/2026 | 84 | $1 | 0 | 0 |
|  | 02/2026 | 837 | 260 | 0 | (3) |
|  SCX | 01/2026 | 4668 | 663 | 0 | (7) |
|  | 01/2026 | 2728 | 30 | 0 | 0 |
|  | 01/2026 | 791754 | 5086 | 28 | 0 |
|  | 01/2026 | 13488 | 443 | 13 | 0 |
|  | 01/2026 | $49 | 4449 | 0 | 0 |
|  | 02/2026 | 464 | 8614 | 12 | 0 |
|  UAG | 01/2026 | 73 | $91 | 0 | (1) |
|  | 01/2026 | $596 | 2166 | 8 | 0 |
|  | 01/2026 | 14 | 246 | 1 | 0 |
|  | 02/2026 | 106 | 1959 | 3 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 1200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350% | 01/07/2027 | 12200 | $(111) | $(41) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 12200 | (111) | (80) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 3000 | (27) | (15) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 3000 | (28) | (14) |
|  |  |  |  |  |  | $(277) | $(150) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $1 | $0 | $0 | $1 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $1 | $0 | $1 |
|  BOA | 14 | 0 | 0 | 14 | (11) | 0 | 0 | (11) | 3 | (20) | (17) |
|  BPS | 49 | 0 | 0 | 49 | (70) | 0 | 0 | (70) | (21) | 0 | (21) |
|  BRC | 77 | 0 | 0 | 77 | (35) | 0 | 0 | (35) | 42 | 0 | 42 |
|  CBK | 57 | 0 | 0 | 57 | (31) | 0 | 0 | (31) | 26 | 0 | 26 |
|  DUB | 56 | 0 | 0 | 56 | (16) | 0 | 0 | (16) | 40 | 0 | 40 |
|  GLM | 34 | 0 | 0 | 34 | (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | 0 | (189) | (155) | (260) | (415) |
|  JPM | 35 | 0 | 0 | 35 | (74) | 0 | 0 | (74) | (39) | 0 | (39) |
|  MBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
|  MYI | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | (10) | (13) |
|  SCX | 53 | 0 | 0 | 53 | (7) | 0 | 0 | (7) | 46 | 0 | 46 |
|  UAG | 12 | 0 | 0 | 12 | (1) | 0 | 0 | (1) | 11 | 0 | 11 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(776) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| DECEMBER 31, 2025 55

------

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

(j) Securities with an aggregate market value of $341 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2025.

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

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

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the 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 December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $46 | $0 | $0 | $0 | $100 | $146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 165 | 165 |
|  | $46 | $0 | $0 | $0 | $265 | $311 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $414 | $0 | $414 |
|  | $46 | $0 | $0 | $414 | $265 | $725 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $40 | $0 | $0 | $0 | $110 | $150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 58 | 58 |
|  | $40 | $0 | $0 | $0 | $168 | $208 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $601 | $0 | $601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 175 | 175 |
|  | $0 | $0 | $0 | $601 | $175 | $776 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $(329) | $0 | $0 | $0 | $(290) | $(619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (747) | (747) |
|  | $(329) | $0 | $0 | $0 | $(1037) | $(1366) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(886) | $0 | $(886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 290 | 290 |
|  | $0 | $0 | $0 | $(886) | $290 | $(596) |
|  | $(329) | $0 | $0 | $(886) | $(747) | $(1962) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $(111) | $0 | $0 | $0 | $(198) | $(309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3234 | 3234 |
|  | $(111) | $0 | $0 | $0 | $3036 | $2925 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(753) | $0 | $(753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (21) | (21) |
|  | $0 | $0 | $0 | $(753) | $(21) | $(774) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(753) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 |

---

56 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $2097 | $0 | $2097 |
| &nbsp;&nbsp; Industrials | 0 | 1745 | 0 | 1745 |
|  U.S. Government Agencies | 0 | 66777 | 0 | 66777 |
|  U.S. Treasury Obligations | 0 | 235045 | 0 | 235045 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1260 | 0 | 1260 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 601 | 0 | 601 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1574 | 0 | 1574 |
| &nbsp;&nbsp; Other ABS | 0 | 21991 | 0 | 21991 |
|  Sovereign Issues | 0 | 13920 | 0 | 13920 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 194 | 0 | 194 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 5500 | 0 | 5500 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 341 | 0 | 341 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351045 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $90 | $219 | $0 | $309 |
|  Over the counter | 0 | 414 | 0 | 414 |
|  | $90 | $633 | $0 | $723 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | (59) | (139) | 0 | (198) |
|  Over the counter | 0 | (776) | 0 | (776) |
|  | $(59) | $(915) | $0 | $(974) |
|  Total Financial Derivative Instruments | $31 | $(282) | $0 | $(251) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350794 |

---

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

---

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

---

------

Schedule of Investments PIMCO Fixed Income SHares: Series TE

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 93.7% | INVESTMENTS IN SECURITIES 93.7% | INVESTMENTS IN SECURITIES 93.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 3.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 3.7% |
|  AM Bidco Operations LLC | AM Bidco Operations LLC | AM Bidco Operations LLC |
|  TBD% - 3.792% (TSFR3M + 0.000%) due 10/21/2027 «~µ(f) | 151 | 125 |
|  Bonnie Brae | Bonnie Brae | Bonnie Brae |
|  7.095% due 06/01/2059 «~ | 520 | 524 |
|  7.095% due 06/02/2059 «~ | 1620 | 1643 |
|  Calcasieu Heights Senior LP | Calcasieu Heights Senior LP | Calcasieu Heights Senior LP |
|  TBD% due 09/24/2026 « | 7152 | 7154 |
|  Total Loan Participations and Assignments (Cost $9,421) | Total Loan Participations and Assignments (Cost $9,421) | 9446 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 | Benloch Ranch Improvement Association No. 2 |
|  10.000% due 12/01/2051 « | 197 | 147 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group |
|  5.403% due 10/01/2033 | 700 | 723 |
|  Total Corporate Bonds & Notes (Cost $893) | Total Corporate Bonds & Notes (Cost $893) | 870 |
| MUNICIPAL BONDS & NOTES 86.9% | MUNICIPAL BONDS & NOTES 86.9% | MUNICIPAL BONDS & NOTES 86.9% |
| ALABAMA 5.5% | ALABAMA 5.5% | ALABAMA 5.5% |
|  Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 |
|  4.625% due 06/01/2055 | 250 | 251 |
|  5.000% due 06/01/2055 | 800 | 816 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 2000 | 2199 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 600 | 642 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 300 | 321 |
|  Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 | Black Belt Energy Gas District, Alabama Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 1200 | 1272 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 1000 | 1089 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2054 | 1990 | 1903 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 1000 | 1073 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 800 | 850 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 1500 | 1606 |
|  5.250% due 03/01/2055 | 2000 | 2111 |
|  |  | 14133 |
| ALASKA 0.2% | ALASKA 0.2% | ALASKA 0.2% |
|  Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021 | Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021 | Northern Tobacco Securitization Corp., Alaska Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (c) | 4500 | 508 |
| ARIZONA 0.7% | ARIZONA 0.7% | ARIZONA 0.7% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  6.750% due 12/01/2055 | 250 | 256 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018 |
|  5.000% due 07/01/2028 | 250 | 258 |
|  Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 | Phoenix Civic Improvement Corp. Arizona Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 1250 | 1277 |
|  |  | 1791 |
| ARKANSAS 0.7% | ARKANSAS 0.7% | ARKANSAS 0.7% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2019 | Arkansas Development Finance Authority Revenue Bonds, Series 2019 | Arkansas Development Finance Authority Revenue Bonds, Series 2019 |
|  4.500% due 09/01/2049 | 1200 | 1167 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2020 | Arkansas Development Finance Authority Revenue Bonds, Series 2020 | Arkansas Development Finance Authority Revenue Bonds, Series 2020 |
|  4.750% due 09/01/2049 | 200 | 196 |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 500 | 542 |
|  |  | 1905 |
| CALIFORNIA 6.3% | CALIFORNIA 6.3% | CALIFORNIA 6.3% |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 1000 | 1072 |
|  5.000% due 02/01/2055 | 700 | 757 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 | California Community Choice Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 600 | 623 |
|  California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 | California Community Housing Agency Revenue Bonds, Series 2022 |
|  4.500% due 08/01/2052 | 250 | 195 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2055 (c) | 1000 | 190 |
|  California Educational Facilities Authority Revenue Bonds, Series 2023 | California Educational Facilities Authority Revenue Bonds, Series 2023 | California Educational Facilities Authority Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2053 | 1000 | 969 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  6.000% due 03/01/2053 | 800 | 813 |
|  7.000% due 03/01/2053 | 250 | 251 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2060 (c) | 2250 | 217 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 1000 | 1044 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2038 | 500 | 514 |
|  California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 |
|  6.250% due 07/01/2054 | 250 | 257 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 500 | 500 |
|  California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.375% due 08/15/2057 | 250 | 257 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 200 | 177 |
|  CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 |
|  0.000% due 09/01/2062 (d) | 500 | 329 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (c) | 9000 | 882 |
|  3.714% due 06/01/2041 | 2000 | 1557 |
|  4.214% due 06/01/2050 | 100 | 73 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 300 | 296 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2061 | 1000 | 901 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  4.000% due 05/15/2048 | 1000 | 904 |
|  Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 | Sacramento County, California Special Tax Bonds, Series 2022 |
|  5.000% due 09/01/2047 | 500 | 505 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 300 | 339 |
|  Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2060 (c) | 2500 | 392 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  0.000% due 06/01/2054 (c) | 2000 | 414 |
|  University of California Revenue Bonds, Series 2022 | University of California Revenue Bonds, Series 2022 | University of California Revenue Bonds, Series 2022 |
|  5.000% due 05/15/2052 | 1800 | 1876 |
|  |  | 16304 |
| COLORADO 4.7% | COLORADO 4.7% | COLORADO 4.7% |
|  Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 |
|  5.500% due 12/01/2044 | 1000 | 1014 |
|  Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 |
|  6.500% due 12/15/2054 | 250 | 250 |
|  Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017 |
|  5.000% due 12/01/2037 | 250 | 250 |
|  Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 |
|  5.250% due 12/01/2048 | 500 | 501 |
|  Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2047 | 500 | 482 |
|  Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 |
|  0.000% due 12/01/2051 (d) | 750 | 622 |
|  Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 |
|  4.000% due 03/15/2046 | 1000 | 951 |
|  Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 |
|  6.125% due 12/15/2054 | 750 | 730 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 |
|  4.000% due 12/01/2043 | 1000 | 934 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 1939 | 1982 |
|  Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 |
|  5.125% due 12/01/2033 | 870 | 902 |
|  Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 | Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 | Longs Peak Metropolitan District, Colorado General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 | 500 | 489 |
|  Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2036 | 750 | 715 |
|  Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 |
|  5.250% due 12/01/2051 | 550 | 526 |
|  Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 |
|  5.750% due 12/01/2054 | 500 | 503 |
|  Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 |
|  0.000% due 12/01/2050 (d) | 1000 | 864 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 |
|  5.000% due 12/01/2049 | 500 | 476 |
|  |  | 12191 |
| DELAWARE 0.4% | DELAWARE 0.4% | DELAWARE 0.4% |
|  Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 |
|  3.167% due 10/01/2038 | 965 | 848 |
|  7.120% due 10/01/2038 | 175 | 171 |
|  |  | 1019 |
| DISTRICT OF COLUMBIA 0.1% | DISTRICT OF COLUMBIA 0.1% | DISTRICT OF COLUMBIA 0.1% |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2025 |
|  5.250% due 07/15/2055 | 300 | 316 |
| FLORIDA 11.2% | FLORIDA 11.2% | FLORIDA 11.2% |
|  Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 |
|  6.300% due 07/01/2055 | 250 | 262 |
|  Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.600% due 05/01/2044 | 620 | 634 |
|  Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 |
|  5.625% due 05/01/2054 | 405 | 405 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 |
|  5.000% due 05/01/2042 | 300 | 305 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2055 | 250 | 249 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 |
|  4.250% due 05/01/2032 | 390 | 395 |
|  Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 250 | 251 |
|  Berry Bay II Community Development District, Florida Special Assessment Notes, Series 2024 | Berry Bay II Community Development District, Florida Special Assessment Notes, Series 2024 | Berry Bay II Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.450% due 05/01/2031 | 220 | 223 |
|  Brevard County, Florida Health Facilities Authority Revenue Bonds, Series 2022 | Brevard County, Florida Health Facilities Authority Revenue Bonds, Series 2022 | Brevard County, Florida Health Facilities Authority Revenue Bonds, Series 2022 |
|  5.000% due 04/01/2047 | 1000 | 1016 |
|  Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 | Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 | Capital Trust Agency Inc, Florida Revenue Bonds, Series 2021 |
|  5.000% due 01/01/2056 | 250 | 211 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 |
|  5.250% due 07/01/2050 | 1300 | 1262 |
|  Charlotte County Industrial Development Authority, Florida Revenue Notes, Series 2025 | Charlotte County Industrial Development Authority, Florida Revenue Notes, Series 2025 | Charlotte County Industrial Development Authority, Florida Revenue Notes, Series 2025 |
|  5.125% due 10/01/2035 | 685 | 709 |
|  Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 500 | 496 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 07/01/2047 | 400 | 394 |
|  5.250% due 07/01/2053 | 1400 | 1379 |
|  Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 | Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 | Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 |
|  6.000% due 07/01/2045 | 600 | 598 |
|  6.250% due 07/01/2055 | 200 | 199 |
|  Florida Local Government Finance Commission Revenue Bonds, Series 2025 | Florida Local Government Finance Commission Revenue Bonds, Series 2025 | Florida Local Government Finance Commission Revenue Bonds, Series 2025 |
|  6.625% due 11/15/2045 | 335 | 354 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 | Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 | Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.000% due 05/01/2036 | 615 | 644 |
|  GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.300% due 05/01/2045 | 1000 | 996 |
|  Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.700% due 05/01/2044 | 1000 | 1017 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.750% due 05/01/2055 | 500 | 505 |
|  Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.450% due 05/01/2055 | 250 | 246 |
|  Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 |
|  5.350% due 05/01/2044 | 420 | 423 |
|  Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.700% due 06/15/2045 | 615 | 640 |
|  Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2045 | 230 | 232 |
|  Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2044 | 425 | 426 |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 580 | 591 |
|  5.550% due 05/01/2054 | 530 | 537 |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2040 | 400 | 424 |
|  LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.375% due 05/01/2044 | 840 | 838 |
|  Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.550% due 05/01/2045 | 250 | 252 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 |
|  5.250% due 10/01/2055 | 1000 | 1050 |
|  Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 |
|  5.000% due 10/01/2034 | 440 | 494 |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2044 | 1000 | 956 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 | 615 | 615 |
|  Newfield Community Development District, Florida Special Assessment Notes, Series 2025 | Newfield Community Development District, Florida Special Assessment Notes, Series 2025 | Newfield Community Development District, Florida Special Assessment Notes, Series 2025 |
|  5.000% due 05/01/2035 | 790 | 841 |
|  Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.200% due 05/01/2054 | 150 | 146 |
|  Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.550% due 05/01/2054 | 250 | 241 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2047 | 150 | 150 |
|  Osceola County, Florida Transportation Revenue Notes, Series 2020 | Osceola County, Florida Transportation Revenue Notes, Series 2020 | Osceola County, Florida Transportation Revenue Notes, Series 2020 |
|  0.000% due 10/01/2028 (c) | 475 | 429 |
|  Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2044 | 475 | 482 |
|  Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.375% due 05/01/2055 | 100 | 98 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2025 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2025 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2045 | 250 | 250 |
|  Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 780 | 777 |
|  Reflection Bay Community Development District, Florida Special Assessment Notes, Series 2025 | Reflection Bay Community Development District, Florida Special Assessment Notes, Series 2025 | Reflection Bay Community Development District, Florida Special Assessment Notes, Series 2025 |
|  5.000% due 05/01/2035 | 625 | 656 |
|  Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 | Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 | Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.750% due 05/01/2045 | 100 | 103 |
|  Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 300 | 295 |
|  School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 1000 | 1001 |
|  Seagrove Community Development District, Florida Special Assessment Bonds, Series 2024 | Seagrove Community Development District, Florida Special Assessment Bonds, Series 2024 | Seagrove Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  4.875% due 06/15/2044 | 250 | 245 |
|  St Johns County, Florida Industrial Development Authority Revenue Notes, Series 2021 | St Johns County, Florida Industrial Development Authority Revenue Notes, Series 2021 | St Johns County, Florida Industrial Development Authority Revenue Notes, Series 2021 |
|  4.000% due 12/15/2029 | 225 | 224 |
|  4.000% due 12/15/2030 | 200 | 199 |
|  4.000% due 12/15/2031 | 210 | 208 |
|  Sunrise Community Development District, Florida Special Assessment Bonds, Series 2025 | Sunrise Community Development District, Florida Special Assessment Bonds, Series 2025 | Sunrise Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.625% due 05/01/2045 | 350 | 347 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 |
|  4.850% due 05/01/2038 | 490 | 508 |
|  Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 |
|  4.000% due 05/01/2034 | 250 | 254 |
|  Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 | Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 | Westview South Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  6.000% due 05/01/2045 | 1000 | 1043 |
|  |  | 28725 |
| GEORGIA 0.8% | GEORGIA 0.8% | GEORGIA 0.8% |
|  Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 |
|  0.000% due 12/15/2048 (d) | 500 | 449 |
|  Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 |
|  5.000% due 04/01/2034 | 100 | 102 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 550 | 589 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2025 |
|  5.000% due 12/01/2055 | 900 | 959 |
|  |  | 2099 |
| IDAHO 0.2% | IDAHO 0.2% | IDAHO 0.2% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2060 | 200 | 221 |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 430 | 410 |
|  |  | 631 |
| ILLINOIS 5.2% | ILLINOIS 5.2% | ILLINOIS 5.2% |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2018 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2018 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2018 |
|  5.000% due 12/01/2046 | 500 | 461 |
|  Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 | Chicago Board of Education, Illinois General Obligation Bonds, Series 2025 |
|  5.000% due 12/01/2040 | 1000 | 981 |
|  5.750% due 12/01/2050 | 1400 | 1394 |

---

---

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

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 12/01/2043 | 1000 | 1052 |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2048 | 1000 | 1029 |
|  Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 |
|  5.000% due 01/01/2033 | 500 | 554 |
|  Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 | Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 | Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 300 | 311 |
|  Chicago, Illinois General Obligation Bonds, Series 2023 | Chicago, Illinois General Obligation Bonds, Series 2023 | Chicago, Illinois General Obligation Bonds, Series 2023 |
|  5.500% due 01/01/2039 | 300 | 315 |
|  Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/15/2047 | 1975 | 1790 |
|  5.250% due 05/15/2054 | 100 | 78 |
|  5.500% due 05/15/2054 | 400 | 325 |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 440 | 448 |
|  Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 | Illinois Sales Tax State Revenue Bonds, Series 2016 |
|  3.000% due 06/15/2034 | 1180 | 1113 |
|  Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 | Illinois State General Obligation Bonds, Series 2018 |
|  5.000% due 10/01/2033 | 1000 | 1047 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2037 | 1000 | 1102 |
|  Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 | Illinois State General Obligation Notes, Series 2020 |
|  5.500% due 05/01/2030 | 850 | 910 |
|  Village of Gilberts, Illinois Special Service Area No 24, Special Tax Bonds, Series 2014 | Village of Gilberts, Illinois Special Service Area No 24, Special Tax Bonds, Series 2014 | Village of Gilberts, Illinois Special Service Area No 24, Special Tax Bonds, Series 2014 |
|  5.375% due 03/01/2034 | 443 | 429 |
|  |  | 13339 |
| INDIANA 0.8% | INDIANA 0.8% | INDIANA 0.8% |
|  Evansville, Indiana Revenue Bonds, Series 2017 | Evansville, Indiana Revenue Bonds, Series 2017 | Evansville, Indiana Revenue Bonds, Series 2017 |
|  5.450% due 01/01/2038 | 500 | 477 |
|  Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 100 | 100 |
|  Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 |
|  5.750% due 01/01/2036 | 175 | 175 |
|  6.250% due 07/01/2056 | 295 | 283 |
|  Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 |
|  6.250% due 07/01/2056 | 295 | 283 |
|  Mishawaka, Indiana Revenue Bonds, Series 2017 | Mishawaka, Indiana Revenue Bonds, Series 2017 | Mishawaka, Indiana Revenue Bonds, Series 2017 |
|  5.375% due 01/01/2038 | 300 | 294 |
|  Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 |
|  5.375% due 12/01/2041 | 245 | 224 |
|  Valparaiso, Indiana Revenue Bonds, Series 2025 | Valparaiso, Indiana Revenue Bonds, Series 2025 | Valparaiso, Indiana Revenue Bonds, Series 2025 |
|  6.250% due 10/01/2050 | 250 | 254 |
|  |  | 2090 |
| IOWA 0.9% | IOWA 0.9% | IOWA 0.9% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, (FNMA Insured), Series 2024 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, (FNMA Insured), Series 2024 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, (FNMA Insured), Series 2024 |
|  4.650% due 07/01/2043 | 2000 | 2039 |
|  Iowa Finance Authority Revenue Bonds, Series 2022 | Iowa Finance Authority Revenue Bonds, Series 2022 | Iowa Finance Authority Revenue Bonds, Series 2022 |
|  8.000% due 01/01/2042 | 250 | 222 |
|  |  | 2261 |
| KANSAS 0.4% | KANSAS 0.4% | KANSAS 0.4% |
|  Colby, Kansas Revenue Notes, Series 2024 | Colby, Kansas Revenue Notes, Series 2024 | Colby, Kansas Revenue Notes, Series 2024 |
|  5.500% due 07/01/2026 | 1000 | 1000 |
| KENTUCKY 0.8% | KENTUCKY 0.8% | KENTUCKY 0.8% |
|  Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 | Kentucky Public Energy Authority Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2036 | 1400 | 1488 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kentucky Public Energy Authority Revenue Notes, Series 2025 | Kentucky Public Energy Authority Revenue Notes, Series 2025 | Kentucky Public Energy Authority Revenue Notes, Series 2025 |
|  5.000% due 12/01/2033 | 500 | 519 |
|  |  | 2007 |
| LOUISIANA 0.8% | LOUISIANA 0.8% | LOUISIANA 0.8% |
|  Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 | Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025 |
|  4.750% due 07/01/2065 | 1500 | 1462 |
|  Louisiana Public Facilities Authority Revenue Bonds, Series 2020 | Louisiana Public Facilities Authority Revenue Bonds, Series 2020 | Louisiana Public Facilities Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2050 | 660 | 579 |
|  |  | 2041 |
| MAINE 0.4% | MAINE 0.4% | MAINE 0.4% |
|  Finance Authority of Maine Revenue Bonds, Series 2015 | Finance Authority of Maine Revenue Bonds, Series 2015 | Finance Authority of Maine Revenue Bonds, Series 2015 |
|  5.000% due 08/01/2035 | 675 | 697 |
|  Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 |
|  4.625% due 12/01/2047 | 250 | 252 |
|  |  | 949 |
| MARYLAND 0.5% | MARYLAND 0.5% | MARYLAND 0.5% |
|  Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 | Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 | Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 |
|  4.000% due 08/01/2051 | 1000 | 884 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2045 | 300 | 327 |
|  |  | 1211 |
| MASSACHUSETTS 2.3% | MASSACHUSETTS 2.3% | MASSACHUSETTS 2.3% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2020 | Commonwealth of Massachusetts General Obligation Bonds, Series 2020 | Commonwealth of Massachusetts General Obligation Bonds, Series 2020 |
|  5.000% due 07/01/2048 | 600 | 617 |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2048 | 700 | 739 |
|  Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, (AGM Insured), Series 2025 |
|  5.000% due 07/01/2050 | 600 | 619 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2013 | Massachusetts Development Finance Agency Revenue Bonds, Series 2013 | Massachusetts Development Finance Agency Revenue Bonds, Series 2013 |
|  4.000% due 07/01/2043 | 1750 | 1612 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2048 | 1000 | 944 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2044 | 350 | 351 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 |
|  6.000% due 07/01/2050 | 1000 | 1065 |
|  |  | 5947 |
| MICHIGAN 0.8% | MICHIGAN 0.8% | MICHIGAN 0.8% |
|  Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
|  4.000% due 04/01/2044 | 497 | 390 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 1500 | 1707 |
|  |  | 2097 |
| MINNESOTA 1.4% | MINNESOTA 1.4% | MINNESOTA 1.4% |
|  Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024 | Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024 | Minnesota Agricultural & Economic Development Board Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2054 | 1000 | 1035 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 01/01/2055 | 1955 | 2199 |
|  Shakopee, Minnesota Senior Housing Revenue Bonds, Series 2025 | Shakopee, Minnesota Senior Housing Revenue Bonds, Series 2025 | Shakopee, Minnesota Senior Housing Revenue Bonds, Series 2025 |
|  5.625% due 11/01/2045 | 250 | 252 |
|  |  | 3486 |
| MISSOURI 0.4% | MISSOURI 0.4% | MISSOURI 0.4% |
|  Jefferson County Industrial Development Authority, Missouri Revenue Bonds, (FNMA Insured), Series 2024 | Jefferson County Industrial Development Authority, Missouri Revenue Bonds, (FNMA Insured), Series 2024 | Jefferson County Industrial Development Authority, Missouri Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 02/01/2043 | 996 | 993 |
| MULTI-STATE 2.0% | MULTI-STATE 2.0% | MULTI-STATE 2.0% |
|  Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, (FNMA Insured), Series 2024 |
|  4.375% due 04/01/2043 | 1000 | 1017 |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  0.000% due 01/25/2043 | 2191 | 2232 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.140% due 01/25/2040 | 487 | 476 |
|  4.415% due 08/25/2040 | 493 | 499 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.519% due 08/25/2041 ~ | 497 | 503 |
|  4.547% due 10/25/2040 | 494 | 505 |
|  |  | 5232 |
| NEVADA 0.2% | NEVADA 0.2% | NEVADA 0.2% |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 290 | 289 |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (c) | 1000 | 158 |
|  |  | 447 |
| NEW HAMPSHIRE 1.3% | NEW HAMPSHIRE 1.3% | NEW HAMPSHIRE 1.3% |
|  New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 | New Hampshire Business Finance Authority Affordable Housing Bonds, (HUD Insured), Series 2024 |
|  4.150% due 10/20/2040 | 399 | 400 |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.086% due 01/20/2041 ~ | 2000 | 1558 |
|  4.086% due 11/20/2042 | 997 | 973 |
|  5.625% due 06/01/2039 | 200 | 200 |
|  New Hampshire Business Finance Authority Revenue Notes, Series 2021 | New Hampshire Business Finance Authority Revenue Notes, Series 2021 | New Hampshire Business Finance Authority Revenue Notes, Series 2021 |
|  4.000% due 01/01/2030 | 280 | 283 |
|  |  | 3414 |
| NEW JERSEY 1.2% | NEW JERSEY 1.2% | NEW JERSEY 1.2% |
|  New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 |
|  5.750% due 04/01/2031 | 1000 | 1007 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.550% due 05/01/2041 | 995 | 1012 |
|  Passaic County, New Jersey Improvement Authority Revenue Bonds, Series 2025 | Passaic County, New Jersey Improvement Authority Revenue Bonds, Series 2025 | Passaic County, New Jersey Improvement Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2044 | 750 | 757 |
|  Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 | Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018 |
|  5.000% due 06/01/2046 | 200 | 197 |
|  |  | 2973 |
| NEW MEXICO 0.2% | NEW MEXICO 0.2% | NEW MEXICO 0.2% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 500 | 474 |

---

60 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NEW YORK 4.1% | NEW YORK 4.1% | NEW YORK 4.1% |
|  Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 500 | 416 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2053 | 200 | 210 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2046 | 1000 | 1045 |
|  New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 | New York Energy Finance Development Corp. Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2056 | 600 | 636 |
|  New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 | New York Liberty Development Corp. Revenue Bonds, Series 2014 |
|  5.000% due 11/15/2044 | 1000 | 1000 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2036 | 660 | 743 |
|  New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 | New York Transportation Development Corp. Revenue Bonds, (BAM Insured), Series 2024 |
|  5.500% due 06/30/2060 | 1000 | 1037 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2040 | 2000 | 2029 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 | New York Transportation Development Corp. Revenue Bonds, Series 2025 |
|  6.000% due 06/30/2059 | 750 | 789 |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 |
|  5.375% due 08/01/2054 | 1000 | 870 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2047 | 1000 | 1045 |
|  Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (c) | 2000 | 178 |
|  Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 |
|  7.500% due 11/01/2055 (f) | 500 | 549 |
|  |  | 10547 |
| OHIO 4.7% | OHIO 4.7% | OHIO 4.7% |
|  Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2057 (c) | 11300 | 839 |
|  5.000% due 06/01/2055 | 5400 | 4378 |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 1155 | 1049 |
|  5.500% due 02/15/2057 | 510 | 501 |
|  Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 | Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 | Dayton-Montgomery County, Ohio Port Authority Revenue Bonds, Series 2025 |
|  6.625% due 01/01/2045 | 200 | 209 |
|  Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 | Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 | Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2055 | 150 | 159 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 750 | 676 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 695 | 764 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.550% due 09/01/2045 | 1000 | 998 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2045 | 250 | 251 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.100% due 01/01/2046 | 500 | 503 |
|  6.250% due 01/01/2045 | 400 | 411 |
|  6.300% due 01/01/2045 | 500 | 506 |
|  6.375% due 01/01/2045 | 250 | 259 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 01/01/2045 | 200 | 205 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 |
|  6.500% due 01/01/2045 | 300 | 311 |
|  |  | 12019 |
| OREGON 0.2% | OREGON 0.2% | OREGON 0.2% |
|  Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 |
|  0.000% due 06/15/2038 (c) | 750 | 443 |
|  University of Oregon Revenue Bonds, Series 2020 | University of Oregon Revenue Bonds, Series 2020 | University of Oregon Revenue Bonds, Series 2020 |
|  5.000% due 04/01/2050 | 200 | 204 |
|  |  | 647 |
| PENNSYLVANIA 3.1% | PENNSYLVANIA 3.1% | PENNSYLVANIA 3.1% |
|  Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 | Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 | Bucks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 07/01/2046 | 275 | 238 |
|  4.000% due 07/01/2051 | 800 | 672 |
|  5.000% due 07/01/2040 | 1250 | 1290 |
|  5.000% due 07/01/2054 | 200 | 193 |
|  Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 |
|  5.000% due 11/01/2046 | 45 | 45 |
|  Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 400 | 390 |
|  Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 |
|  4.000% due 07/01/2049 | 500 | 448 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2044 | 150 | 145 |
|  Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 |
|  6.000% due 07/01/2045 | 1000 | 983 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  6.000% due 06/30/2061 | 1000 | 1054 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2060 | 1000 | 1104 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 08/15/2049 | 500 | 509 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.900% due 06/01/2041 | 997 | 1030 |
|  |  | 8101 |
| PUERTO RICO 4.3% | PUERTO RICO 4.3% | PUERTO RICO 4.3% |
|  Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 | Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2005 |
|  0.000% due 05/15/2050 (c) | 2000 | 410 |
|  Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 | Commonwealth of Puerto Rico Bonds, Series 2022 |
|  0.000% due 11/01/2043 | 777 | 498 |
|  0.000% due 11/01/2051 | 3134 | 2053 |
|  GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 | GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
|  7.500% due 08/20/2040 | 1311 | 1276 |
|  Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 | Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007 |
|  3.359% (US0003M + 0.520%) due 07/01/2029 ~ | 735 | 713 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 |
|  5.250% due 07/01/2040 ^(a) | 1150 | 771 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (c) | 1730 | 581 |
|  0.000% due 07/01/2051 (c) | 17345 | 4361 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|  4.550% due 07/01/2040 | 500 | 500 |
|  |  | 11163 |
| RHODE ISLAND 0.9% | RHODE ISLAND 0.9% | RHODE ISLAND 0.9% |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2040 | 1000 | 1000 |
|  5.000% due 06/01/2050 | 1250 | 1240 |
|  |  | 2240 |
| SOUTH CAROLINA 1.3% | SOUTH CAROLINA 1.3% | SOUTH CAROLINA 1.3% |
|  County of Lancaster, Special Assessment Revenue Bonds, Series 2025 | County of Lancaster, Special Assessment Revenue Bonds, Series 2025 | County of Lancaster, Special Assessment Revenue Bonds, Series 2025 |
|  6.000% due 06/01/2045 | 500 | 516 |
|  South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2025 |
|  5.625% due 10/01/2050 | 650 | 650 |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 200 | 211 |
|  5.500% due 12/01/2054 | 625 | 667 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 1200 | 1211 |
|  |  | 3255 |
| TENNESSEE 0.4% | TENNESSEE 0.4% | TENNESSEE 0.4% |
|  Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.000% due 01/01/2056 | 1000 | 1101 |
| TEXAS 10.7% | TEXAS 10.7% | TEXAS 10.7% |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.500% due 08/15/2050 | 1000 | 1003 |
|  Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 500 | 520 |
|  Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 100 | 101 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 |
|  12.000% due 06/01/2043 ^(a) | 73 | 7 |
|  Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 |
|  3.625% due 07/01/2026 | 250 | 245 |
|  Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 |
|  5.500% due 09/01/2054 | 500 | 511 |
|  City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 | City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 | City of Lavon, Texas, Special Assessment Revenue Bonds, Series 2025 |
|  5.750% due 09/15/2045 | 875 | 902 |
|  Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 |
|  5.100% due 09/01/2044 | 350 | 351 |
|  Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 | Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025 |
|  5.250% due 11/01/2043 | 1000 | 1068 |
|  Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 | Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 | Dallas Housing Finance Corp. Texas Revenue Bonds, Series 2022 |
|  6.000% due 12/01/2062 | 250 | 235 |
|  Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 |
|  6.125% due 12/31/2055 | 1250 | 1290 |
|  6.697% due 01/01/2043 « | 300 | 300 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 500 | 515 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **61** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 |
|  4.250% due 12/01/2034 | 400 | 406 |
|  Frenship Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Frenship Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Frenship Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 1000 | 1042 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2043 | 1000 | 1024 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2036 | 2150 | 2351 |
|  Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 |
|  5.250% due 07/15/2034 | 300 | 323 |
|  Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2053 | 600 | 619 |
|  Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Leander Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2055 | 2000 | 2083 |
|  Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Liberty Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/01/2055 | 2000 | 2077 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2050 | 200 | 206 |
|  Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 200 | 201 |
|  Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 | Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 | Matagorda County, Texas Navigation District No 1, Revenue Bonds, Series 2001 |
|  2.600% due 11/01/2029 | 500 | 485 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2031 ^(a) | 260 | 203 |
|  4.000% due 07/01/2036 ^ | 915 | 826 |
|  4.250% due 07/01/2036 ^(a) | 920 | 718 |
|  4.750% due 07/01/2051 ^ | 50 | 38 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2055 | 500 | 487 |
|  5.000% due 11/01/2060 | 1000 | 964 |
|  5.250% due 08/15/2043 | 500 | 547 |
|  North Texas Municipal Water District Water System Revenue Bonds, Series 2025 | North Texas Municipal Water District Water System Revenue Bonds, Series 2025 | North Texas Municipal Water District Water System Revenue Bonds, Series 2025 |
|  5.000% due 09/01/2044 | 2000 | 2127 |
|  Pilot Point, Texas Special Assessment Bonds, Series 2025 | Pilot Point, Texas Special Assessment Bonds, Series 2025 | Pilot Point, Texas Special Assessment Bonds, Series 2025 |
|  6.125% due 09/15/2045 | 680 | 704 |
|  Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 |
|  5.375% due 09/01/2045 | 420 | 423 |
|  Princeton, Texas Special Assessment Notes, Series 2024 | Princeton, Texas Special Assessment Notes, Series 2024 | Princeton, Texas Special Assessment Notes, Series 2024 |
|  4.250% due 09/01/2031 | 261 | 265 |
|  Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2054 | 200 | 206 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 |
|  6.875% due 11/15/2055 | 200 | 188 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2025 |
|  5.000% due 11/15/2049 | 500 | 518 |
|  5.500% due 11/15/2052 | 300 | 324 |
|  Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 |
|  4.120% (TSFR3M) due 12/15/2026 ~ | 500 | 500 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.125% due 10/15/2047 | 600 | 579 |
|  |  | 27482 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTAH 2.4% | UTAH 2.4% | UTAH 2.4% |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 06/01/2040 | 1000 | 1104 |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 |
|  5.000% due 07/15/2035 | 1300 | 1310 |
|  Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 |
|  5.500% due 06/15/2039 | 500 | 514 |
|  6.000% due 06/15/2054 | 1000 | 1027 |
|  Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2025 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2025 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2025 |
|  5.500% due 06/01/2050 | 500 | 501 |
|  Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 | Salt Lake City, Utah Airport Revenue Bonds, (AGM/CR Insured), Series 2021 |
|  4.000% due 07/01/2051 | 1000 | 893 |
|  UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 |
|  4.375% due 06/01/2052 | 1000 | 917 |
|  |  | 6266 |
| VERMONT 0.1% | VERMONT 0.1% | VERMONT 0.1% |
|  Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 |
|  4.375% due 06/01/2052 | 250 | 252 |
| VIRGINIA 0.5% | VIRGINIA 0.5% | VIRGINIA 0.5% |
|  Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 | Farms New Kent Community Development Authority, Virginia Special Assessment Bonds, Series 2021 |
|  3.750% due 03/01/2036 | 365 | 353 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 1000 | 1061 |
|  |  | 1414 |
| WASHINGTON 1.3% | WASHINGTON 1.3% | WASHINGTON 1.3% |
|  Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019 | Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019 | Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019 |
|  4.000% due 04/01/2044 | 1000 | 937 |
|  Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 | Washington Health Care Facilities Authority Revenue Notes, Series 2025 |
|  5.000% due 10/01/2035 | 700 | 794 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  6.000% due 07/01/2059 | 500 | 510 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  3.947% due 11/20/2041 | 199 | 189 |
|  6.000% due 01/01/2046 | 700 | 700 |
|  7.000% due 07/01/2064 | 100 | 103 |
|  |  | 3233 |
| WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2047 (c) | 1000 | 96 |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2055 | 900 | 959 |
|  |  | 1055 |
| WISCONSIN 2.1% | WISCONSIN 2.1% | WISCONSIN 2.1% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 |
|  6.750% due 08/01/2031 | 1000 | 770 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  0.000% due 01/01/2061 (c) | 1915 | 166 |
|  4.500% due 06/01/2056 | 225 | 158 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 |
|  5.000% due 12/15/2044 | 290 | 277 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.250% due 06/15/2045 | 550 | 561 |
|  5.750% due 12/31/2065 | 1800 | 1855 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 |
|  0.000% due 09/01/2029 (c) | 171 | 131 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2043 | 100 | 88 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.875% due 07/01/2055 | 300 | 300 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2025 |
|  6.250% due 11/15/2055 | 600 | 595 |
|  Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2025 |
|  5.625% due 07/01/2035 | 575 | 605 |
|  |  | 5506 |
|  Total Municipal Bonds & Notes (Cost $219,415) | Total Municipal Bonds & Notes (Cost $219,415) | 223864 |
| U.S. GOVERNMENT AGENCIES 2.7% | U.S. GOVERNMENT AGENCIES 2.7% | U.S. GOVERNMENT AGENCIES 2.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.720% due 01/01/2041 | 981 | 910 |
|  3.800% due 01/01/2040 | 982 | 923 |
|  3.850% due 07/01/2039 - 01/01/2040 | 1487 | 1405 |
|  4.250% due 08/01/2038 | 989 | 981 |
|  4.370% due 03/01/2040 | 490 | 488 |
|  4.900% due 02/01/2040 | 493 | 515 |
|  5.210% due 08/01/2040 | 296 | 317 |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates | Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
|  2.990% due 04/25/2043 ~ | 196 | 169 |
|  3.157% due 01/25/2039 ~ | 700 | 471 |
|  3.427% due 01/25/2043 ~ | 300 | 202 |
|  5.306% due 01/25/2042 ~ | 300 | 246 |
|  Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificate |
|  4.625% due 07/15/2040 •  | 244 | 251 |
|  Total U.S. Government Agencies (Cost $6,789) | Total U.S. Government Agencies (Cost $6,789) | 6878 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  AM Bidco Holdings LLC «(b) | 6 | 0 |
|  Total Common Stocks (Cost $0) | Total Common Stocks (Cost $0) | 0 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 3.850% (e) | 147405 | 147 |
| Total Short-Term Instruments<br>(Cost $147) | Total Short-Term Instruments<br>(Cost $147) | 147 |
| Total Investments in Securities<br>(Cost $236,665) | Total Investments in Securities<br>(Cost $236,665) | 241205 |

---

62 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% | INVESTMENTS IN AFFILIATES 5.7% |
| SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1516944 | $— | 14777 |
| Total Short-Term Instruments<br>(Cost $14,772) | Total Short-Term Instruments<br>(Cost $14,772) |  | 14777 |
| Total Investments in Affiliates<br>(Cost $14,772) | Total Investments in Affiliates<br>(Cost $14,772) |  | 14777 |
| Total Investments 99.4%<br>(Cost $251,437) | Total Investments 99.4%<br>(Cost $251,437) | $— | 255982 |
|  Financial Derivative Instruments (g) 0.0%<br> (Cost or Premiums, net $0) |  |  | 36 |
| Other Assets and Liabilities, net 0.6% | Other Assets and Liabilities, net 0.6% |  | 1449 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 257467 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

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

---

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

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

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

(c) Zero coupon security.

(d) Security becomes interest bearing at a future date.

(e) Coupon represents a 7-Day Yield.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AM Bidco Operations LLC | TBD% - 3.792% | 10/21/2027 | 10/21/2025 | $127 | $125 | 0.05% |
|  Westchester County, New York Local Development Corp. Revenue Bonds, Series 2025 | 7.500 | 11/01/2055 | 08/25/2025 | 500 | 549 | 0.21 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | 0.26% |

---

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

#### FUTURES CONTRACTS:

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note March Futures  | 03/2026 | 176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19789) | $133 | $36 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

------

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | Total | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | Total |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

Cash of $359 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

#### 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 December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $133 | $133 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446 | $9446 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 0 | 147 | 147 |
| &nbsp;&nbsp; Industrials | 0 | 723 | 0 | 723 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | 14133 | 0 | 14133 |
| &nbsp;&nbsp; Alaska | 0 | 508 | 0 | 508 |
| &nbsp;&nbsp; Arizona | 0 | 1791 | 0 | 1791 |
| &nbsp;&nbsp; Arkansas | 0 | 1905 | 0 | 1905 |
| &nbsp;&nbsp; California | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16304 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16304 |
| &nbsp;&nbsp; Colorado | 0 | 12191 | 0 | 12191 |
| &nbsp;&nbsp; Delaware | 0 | 1019 | 0 | 1019 |
| &nbsp;&nbsp; District of Columbia | 0 | 316 | 0 | 316 |
| &nbsp;&nbsp; Florida | 0 | 28725 | 0 | 28725 |
| &nbsp;&nbsp; Georgia | 0 | 2099 | 0 | 2099 |
| &nbsp;&nbsp; Idaho | 0 | 631 | 0 | 631 |
| &nbsp;&nbsp; Illinois | 0 | 13339 | 0 | 13339 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
| &nbsp;&nbsp; Indiana | $0 | $2090 | $0 | $2090 |
| &nbsp;&nbsp; Iowa | 0 | 2261 | 0 | 2261 |
| &nbsp;&nbsp; Kansas | 0 | 1000 | 0 | 1000 |
| &nbsp;&nbsp; Kentucky | 0 | 2007 | 0 | 2007 |
| &nbsp;&nbsp; Louisiana | 0 | 2041 | 0 | 2041 |
| &nbsp;&nbsp; Maine | 0 | 949 | 0 | 949 |
| &nbsp;&nbsp; Maryland | 0 | 1211 | 0 | 1211 |
| &nbsp;&nbsp; Massachusetts | 0 | 5947 | 0 | 5947 |
| &nbsp;&nbsp; Michigan | 0 | 2097 | 0 | 2097 |
| &nbsp;&nbsp; Minnesota | 0 | 3486 | 0 | 3486 |
| &nbsp;&nbsp; Missouri | 0 | 993 | 0 | 993 |
| &nbsp;&nbsp; Multi-State | 0 | 5232 | 0 | 5232 |
| &nbsp;&nbsp; Nevada | 0 | 447 | 0 | 447 |
| &nbsp;&nbsp; New Hampshire | 0 | 3414 | 0 | 3414 |
| &nbsp;&nbsp; New Jersey | 0 | 2973 | 0 | 2973 |
| &nbsp;&nbsp; New Mexico | 0 | 474 | 0 | 474 |
| &nbsp;&nbsp; New York | 0 | 10547 | 0 | 10547 |
| &nbsp;&nbsp; Ohio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12019 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2025** |
| &nbsp;&nbsp; Oregon | $0 | $647 | $0 | $647 |
| &nbsp;&nbsp; Pennsylvania | 0 | 8101 | 0 | 8101 |
| &nbsp;&nbsp; Puerto Rico | 0 | 11163 | 0 | 11163 |
| &nbsp;&nbsp; Rhode Island | 0 | 2240 | 0 | 2240 |
| &nbsp;&nbsp; South Carolina | 0 | 3255 | 0 | 3255 |
| &nbsp;&nbsp; Tennessee | 0 | 1101 | 0 | 1101 |
| &nbsp;&nbsp; Texas | 0 | 27182 | 300 | 27482 |
| &nbsp;&nbsp; Utah | 0 | 6266 | 0 | 6266 |
| &nbsp;&nbsp; Vermont | 0 | 252 | 0 | 252 |
| &nbsp;&nbsp; Virginia | 0 | 1414 | 0 | 1414 |
| &nbsp;&nbsp; Washington | 0 | 3233 | 0 | 3233 |
| &nbsp;&nbsp; West Virginia | 0 | 1055 | 0 | 1055 |
| &nbsp;&nbsp; Wisconsin | 0 | 5506 | 0 | 5506 |
|  U.S. Government Agencies | 0 | 6878 | 0 | 6878 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 147 | 0 | 147 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241205 |

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|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>12/31/2025 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $14777 | $0 | $0 | $14777 |
|  Total Investments | $14777 | $231312 | $9893 | $255982 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $36 | $0 | $36 |
|  Total Financial Derivative Instruments | $0 | $36 | $0 | $36 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256018 |

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 12/31/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $9418 | $0 | $3 | $0 | $25 | $0 | $0 | $9446 | $25 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 200 | 0 | (3) | 0 | 0 | (50) | 0 | 0 | 147 | (37) |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Texas | 0 | 300 | 0 | 0 | 0 | 0 | 0 | 0 | 300 | 0 |
|  U.S. Government Agencies | 241 | 0 | 0 | 2 | 0 | 3 | 0 | (246) | 0 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 12/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 12/31/2025 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $2167 | Discounted Cash Flow | Discount Rate | 6.650-8.360 | 7.063 |
|  | 7279 | Recent Transaction | Purchase Price | 82.578-100.00 | 99.702 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 147 | Discounted Cash Flow | Discount Rate | 23.405 |  |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas | 300 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893 |  |  |  |  |

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<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

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| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **65** |

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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."

Each Portfolio has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolios' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Portfolios' CODM. Each Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolios as a whole and each Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Portfolios' portfolio managers as a team. The financial information in the form of each Portfolio's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Portfolio's comparative benchmarks and to make resource allocation decisions for each Portfolio's single segment, is consistent with that presented within the Portfolios' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by 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, including but not limited to ASC 946. 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.

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| **66** | **PIMCO MANAGED ACCOUNTS TRUST** |

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(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolios do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Portfolios may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Distributions to Shareholders Each Portfolio distributes substantially all of its net investment income to shareholders in the form of dividends. Dividends are declared daily and distributed monthly, generally on the last business day of the month. In addition, each Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. 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 funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended (the "Act"), which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **67** |

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Notes to Financial Statements (Cont.)

fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The net asset value ("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 each 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").

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, exchange-traded funds ("ETFs"), exchange-traded notes and

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| **68** | **PIMCO MANAGED ACCOUNTS TRUST** |

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December 31, 2025

financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), a Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a 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

each Portfolio's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise

be determined if believed to be more reflective of the rates at which a Portfolio may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Portfolio normally will be taken into account in calculating the NAV. A Portfolio's whole loan investments, including those originated by the 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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **69** |

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Notes to Financial Statements (Cont.)

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective 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 fair value Levels of a Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S.

bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes

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obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation

Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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 tables below show the Portfolios' transactions in and earnings from investments in the affiliated funds for the period ended December 31, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

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| Portfolio Name | Market Value<br>12/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Fixed Income SHares: Series LD | $0 | $2243 | $0 | $0 | $3 | $2246 | $42 | $0 |

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#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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| Portfolio Name | Market Value<br>12/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>12/31/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Fixed Income SHares: Series C | $2733 | $707146 | $(671101) | $31 | $11 | $38820 | $1238 | $0 |
|  PIMCO Fixed Income SHares: Series LD | 1480 | 59099 | (59678) | 2 | 0 | 903 | 99 | 0 |
|  PIMCO Fixed Income SHares: Series M | 3366 | 745946 | (723400) | 43 | 5 | 25960 | 2342 | 0 |
|  PIMCO Fixed Income SHares: Series TE | 9818 | 170252 | (165300) | 8 | (1) | 14777 | 551 | 0 |

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

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

(b) Investments in Securities

The 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

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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.

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. The Portfolios may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. For CBOs, CLOs and other CDOs, the cash flows from the trust are split into portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the first loss from any defaults from the bonds or loans in the trust, although more senior tranches may also bear losses. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying

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collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a 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 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, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolios as of December 31, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Portfolio's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations.

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U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

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

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

Roll-timing strategies can be used where a 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.

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). 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 a 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

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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 the Adviser 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 the Adviser 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: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a 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 the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A 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 the 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 December 31, 2025, 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

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(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 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.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **77** |

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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.

(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 centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is

recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a 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, a Portfolio 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

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| **78** | **PIMCO MANAGED ACCOUNTS TRUST** |

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swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap.

If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, 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 entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

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

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

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **79** |

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Notes to Financial Statements (Cont.)

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 as the value of the fixed rate bonds that the Portfolios hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

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.

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| Risks | FISH:<br>Series C | FISH:<br>Series LD | FISH:<br>Series M | FISH:<br>Series R | FISH:<br>Series TE |
|  Small Portfolio |  | X |  |  | X |
|  Interest Rate | X | X | X | X | X |
|  Credit | X | X | X | X | X |
|  Market | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X |  |
|  Mortgage-Related and Other Asset-Backed Securities | X | X | X | X |  |
|  Emerging Markets | X | X | X | X |  |

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| **Risks** | **FISH:<br>Series C** | **FISH:<br>Series LD** | **FISH:<br>Series M** | **FISH:<br>Series R** | **FISH:<br>Series TE** |
|  Focused Investment | X | X | X | X | X |
|  Derivatives | X | X | X | X | X |
|  Liquidity | X | X | X | X | X |
|  Management | X | X | X | X | X |
|  High Yield | X | X | X | X | X |
|  Currency | X | X | X | X |  |
|  Leveraging | X | X | X | X | X |
|  Issuer | X | X | X | X | X |
|  Turnover | X | X | X | X |  |
|  Municipal Securities | X | X | X | X | X |
|  Municipal Project-Specific |  |  |  |  | X |
|  Municipal Bond Market |  |  |  |  | X |
|  California State-Specific |  |  |  |  | X |
|  New York State-Specific |  |  |  |  | X |
|  Puerto Rico-Specific |  |  |  |  | X |
|  Sovereign Debt |  |  |  | X |  |
|  Inflation/Deflation | X | X | X | X | X |
|  Contingent Convertible Securities | X |  | X |  |  |
|  Collateralized Loan Obligations | X | X | X | X |  |
|  AMT Bonds |  |  |  |  | X |

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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 or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller portfolio may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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

Market Risk is the risk that the value of securities owned by a Portfolio may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

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

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| **80** | **PIMCO MANAGED ACCOUNTS TRUST** |

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exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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 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.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a 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 a Portfolio, a reduction in a 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 regulations 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 investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Portfolio's shares may be constrained by the liquidity of the Portfolio's portfolio holdings.

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 market, credit, call and liquidity risks. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of a 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

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Notes to Financial Statements (Cont.)

use of when-issued, delayed delivery or forward commitment transactions, and 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. The use of leverage may also increase a Portfolio's sensitivity to interest rate changes and other market risks.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

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 specific projects (such as those relating to education, health care, housing, transportation and utilities), industrial development bonds, or in bonds from issuers in a single state.

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

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

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

Puerto Rico-Specific Risk is the risk that by investing in municipal bonds issued by Puerto Rico or its instrumentalities, 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.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy or changes in fiscal or monetary policies. 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 may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of a Portfolio's investment becoming further subordinated as a result of conversion from debt to equity, the risk of a Portfolio's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a 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

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| | |
|:---|:---|
| **82** | **PIMCO MANAGED ACCOUNTS TRUST** |

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December 31, 2025

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.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose the 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. AMT Bonds may also be less liquid than other municipal securities, which could make them more difficult to sell in stressed market conditions. In addition, changes in federal tax law could alter the treatment of AMT Bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Portfolio's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

(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 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 actual or threatened war or armed conflicts, military conflicts, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/ environmental disasters, which can all negatively impact the securities markets and cause a 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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. Furthermore, volatile financial markets can expose a 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **83** |

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Notes to Financial Statements (Cont.)

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolios have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by a Portfolio may adversely affect PIMCO or a Portfolio, including by causing losses or impairing PIMCO's or a Portfolio's operations. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a 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 with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase and certain sale-buyback transactions between a Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

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| | |
|:---|:---|
| **84** | **PIMCO MANAGED ACCOUNTS TRUST** |

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December 31, 2025

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.

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

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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **85** |

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Notes to Financial Statements (Cont.)

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 (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Portfolio, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) 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 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 funds 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 will continue in effect, unless sooner terminated by the Board, for so long as PIMCO serves as the investment adviser to the Portfolios 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 December 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|
| Portfolio Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  Fixed Income SHares: Series TE | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |

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

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|:---|:---|
| **86** | **PIMCO MANAGED ACCOUNTS TRUST** |

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December 31, 2025

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 a Portfolio. Frequent and active trading of a Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Portfolio Name | Purchases | Sales | Purchases | Sales |
|  Fixed Income SHares: Series C | $14257893 | $14165793 | $680639 | $402107 |
|  Fixed Income SHares: Series LD | 243348 | 225792 | 32054 | 25078 |
|  Fixed Income SHares: Series M | 14872408 | 14866162 | 609250 | 219119 |
|  Fixed Income SHares: Series R | 516129 | 493071 | 22021 | 13644 |
|  Fixed Income SHares: Series TE | 2226 | 0 | 153930 | 71655 |

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

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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 December 31, 2025, 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.

In this reporting period, the Portfolios adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolios financial position or the results of its operations. For the annual period covered by this report, the portfolios did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **87** |

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Notes to Financial Statements (Cont.)

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.

As of December 31, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Tax Exempt<br>Income | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified Late-<br>Year Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  Fixed Income SHares : Series C | $0 | $10076 | $0 | $1940 | $0 | $(328423) | $0 | $0 | $(316407) |
|  Fixed Income SHares : Series LD | 0 | 0 | 0 | (451) | (245) | (7158) | 0 | (115) | (7969) |
|  Fixed Income SHares : Series M | 0 | 0 | 0 | (25812) | (5042) | (113643) | 0 | 0 | (144497) |
|  Fixed Income SHares : Series R | 0 | 0 | 0 | (12174) | (520) | (60183) | 0 | 0 | (72877) |
|  Fixed Income SHares : Series TE | 241 | 0 | 0 | 4460 | 0 | (4657) | 0 | 0 | 44 |

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

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, interest accrued on defaulted securities, return of capital distributions from underlying funds, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

(<sup>4)</sup> Capital losses available to offset future net capital gains as shown below.

(<sup>5)</sup> Capital losses realized during the period November 1, 2025 through December 31, 2025 which the Portfolios elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2025 through December 31, 2025 which the Portfolios elected to defer to the following taxable year pursuant to income tax regulations.

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 December 31, 2025, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  Fixed Income SHares : Series C | $225283 | $103140 |
|  Fixed Income SHares : Series LD | 2808 | 4350 |
|  Fixed Income SHares : Series M | 34212 | 79431 |
|  Fixed Income SHares : Series R | 12794 | 47389 |
|  Fixed Income SHares : Series TE | 3938 | 719 |

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

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As of December 31, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  Fixed Income SHares : Series C | $2631775 | $48623 | $(30186) | $18437 |
|  Fixed Income SHares : Series LD | 75350 | 611 | (1064) | (453) |
|  Fixed Income SHares : Series M | 2687197 | 67886 | (89119) | (21233) |
|  Fixed Income SHares : Series R | 369639 | 9712 | (24802) | (15090) |
|  Fixed Income SHares : Series TE | 251656 | 6928 | (2469) | 4459 |

---

---

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

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, sale/buyback transactions, interest accrued on defaulted securities, return of capital distributions from underlying funds, and short positions. 

---

| | |
|:---|:---|
| **88** | **PIMCO MANAGED ACCOUNTS TRUST** |

---

------

December 31, 2025

For the fiscal years ended December 31, 2025 and December 31, 2024, respectively, the Portfolios made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  Fixed Income SHares : Series C | $0 | $95599 | $0 | $0 | $0 | $69446 | $0 | $0 |
|  Fixed Income SHares : Series LD | 0 | 1757 | 0 | 935 | 0 | 2317 | 0 | 286 |
|  Fixed Income SHares : Series M | 0 | 95983 | 0 | 0 | 0 | 83052 | 0 | 0 |
|  Fixed Income SHares : Series R | 0 | 6622 | 0 | 0 | 0 | 3067 | 0 | 0 |
|  Fixed Income SHares : Series TE | 8978 | 1286 | 0 | 0 | 4604 | 1172 | 0 | 0 |

---

---

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

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **89** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Managed Accounts Trust and Shareholders of Fixed Income SHares: Series C, Fixed Income SHares: Series LD, Fixed Income SHares: Series M, Fixed Income SHares: Series R and Fixed Income SHares: Series TE

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the portfolios listed in the table below (constituting PIMCO Managed Accounts Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations, of changes in net assets and, for the portfolios indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets and, for the portfolios indicated in the table below, each of their cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the five years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Fixed Income SHares: Series C (1)

Fixed Income SHares: Series LD (2)

Fixed Income SHares: Series M (1)

Fixed Income SHares: Series R (2)

Fixed Income SHares: Series TE (1)

(1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025 and 2024

(2) Statement of operations and statement of cash flows for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025 and 2024

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 26, 2026

We have served as the auditor of one or more investment companies in PIMCO Managed Accounts Trust since 2000.

---

| | |
|:---|:---|
| **90** | **PIMCO MANAGED ACCOUNTS TRUST** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | GLM | Goldman Sachs Bank USA | RDR | RBC Capital Markets LLC |
| BOA | Bank of America N.A. | GST | Goldman Sachs International | SBI | Citigroup Global Markets Ltd. |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | MBC | HSBC Bank Plc | TDM | TD Securities (USA) LLC |
| CBK | Citibank N.A. | MSC | Morgan Stanley & Co. LLC. | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC | UBS | UBS Securities LLC |
| FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | MYI | Morgan Stanley & Co. International PLC |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | ILS | Israeli Shekel | PLN | Polish Zloty |
| BRL | Brazilian Real | INR | Indian Rupee | SEK | Swedish Krona |
| CAD | Canadian Dollar | JPY | Japanese Yen | SGD | Singapore Dollar |
| CHF | Swiss Franc | KRW | South Korean Won | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | MXN | Mexican Peso | TRY | Turkish New Lira |
| DKK | Danish Krone | NOK | Norwegian Krone | TWD | Taiwanese Dollar |
| EUR | Euro | NZD | New Zealand Dollar | USD (or $) | United States Dollar |
| GBP | British Pound | PEN | Peruvian New Sol | ZAR | South African Rand |
| IDR | Indonesian Rupiah |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| LME | London Metal Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | SONIO | Sterling Overnight Interbank Average Rate |
| Brent | Brent Crude | FRCPXTOB | France Consumer Price ex-Tobacco Index | TSFR1M | Term SOFR 1-Month |
| CAONREPO | Canadian Overnight Repo Rate Average | MUTKCALM | Tokyo Overnight Average Rate | TSFR3M | Term SOFR 3-Month |
| CPALEMU | Euro Area All Items Non-Seasonally Adjusted Index | SOFR | Secured Overnight Financing Rate | UKRPI | United Kingdom Retail Prices Index |
| CPI | Consumer Price Index | SOFRINDX | Secured Overnight Financing Rate Index | US0003M | ICE 3-Month USD LIBOR |
| CPTFEMU | Eurozone HICP ex-Tobacco Index |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| ACA | American Capital Access Holding Ltd. | CR | Custodial Receipts | GNMA | Government National Mortgage Association |
| AGC | Assured Guaranty Corp. | FHLMC | Federal Home Loan Mortgage Corp. | HUD | U.S. Department of Housing and Urban Development |
| AGM | Assured Guaranty Municipal | FNMA | Federal National Mortgage Association | PSF | Public School Fund |
| BAM | Build America Mutual Assurance |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | oz. | Ounce |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | RBOB | Reformulated Blendstock for Oxygenate Blending |
| 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 | MSCI | Morgan Stanley Capital International | TBD | To-Be-Determined |
| BRL-CDI | Brazil Interbank Deposit Rate | OAT | Obligations Assimilables du Trésor | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OIS | Overnight Index Swap |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **91** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolios estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fixed Income SHares - Series C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0411 | $0.0000 | $0.0000 | $0.0411 |
|  August 2025 | $0.0444 | $0.0000 | $0.0000 | $0.0444 |
|  September 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  October 2025 | $0.0443 | $0.0000 | $0.0000 | $0.0443 |
|  November 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  December 2025 | $0.0415 | $0.0000 | $0.0000 | $0.0415 |
| Fixed Income SHares - Series LD | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  August 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  September 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  October 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  November 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  December 2025 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
| Fixed Income SHares - Series M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  August 2025 | $0.0430 | $0.0000 | $0.0000 | $0.0430 |
|  September 2025 | $0.0384 | $0.0000 | $0.0000 | $0.0384 |
|  October 2025 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  November 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  December 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
| Fixed Income SHares - Series R | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0242 | $0.0000 | $0.0000 | $0.0242 |
|  August 2025 | $0.0397 | $0.0000 | $0.0000 | $0.0397 |
|  September 2025 | $0.0172 | $0.0000 | $0.0000 | $0.0172 |
|  October 2025 | $0.0357 | $0.0000 | $0.0000 | $0.0357 |
|  November 2025 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  December 2025 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
| Fixed Income SHares - Series TE | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  July 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  August 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  September 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  October 2025 | $0.0450 | $0.0000 | $0.0000 | $0.0450 |
|  November 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  December 2025 | $0.0403 | $0.0000 | $0.0000 | $0.0403 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio's net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **92** | **PIMCO MANAGED ACCOUNTS TRUST** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolios' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolios' fiscal 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2025 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2025.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2025 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2025 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolios intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Portfolios intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  Fixed Income SHares : Series C | 0.00% | 2.91% | $60946 | $0 |
|  Fixed Income SHares : Series LD | 0.00% | 0.00% | 852 | 0 |
|  Fixed Income SHares : Series M | 0.00% | 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Fixed Income SHares : Series R | 0.00% | 0.00% | 5954 | 0 |
|  Fixed Income SHares : Series TE | 0.00% | 0.00% | 10264 | 0 |

---

---

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

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2026, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **93** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **94** | **PIMCO MANAGED ACCOUNTS TRUST** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **95** |

---

------

Changes to Board of Trustees (Unaudited)

Effective September 18, 2025, the Board of Trustees appointed each of Ms. Sonya Morris and Mr. Mark Michel as Trustees of the Trust.

Effective December 31, 2025, Ms. E. Grace Vandecruze retired from her position as Trustee of the Trust.

Effective January 1, 2026, Mr. Alan Rappaport was appointed Chair of the Trustees of the Trust, succeeding Ms. Deborah A. DeCotis, who continues to serve as a Trustee of the Trust.

---

| | |
|:---|:---|
| **96** | **PIMCO MANAGED ACCOUNTS TRUST** |

---

------

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

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | DECEMBER 31, 2025 | **97** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

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](g751013g75h91.jpg)

FISHFSTMAR_123125

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included with the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The information required by this Item 10 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included with the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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

**Item 16.** **Controls and Procedures.** <br>

(a) The principal executive officer and principal financial & accounting officer have concluded 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.** <br>

------

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.** <br>

(a)(1) [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d751013dex99codeeth.htm)

(a)(2) Not applicable for open-end investment companies.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d751013dex99cert.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) There was no change in the Registrant's independent public accountant for the period covered by the report.

(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d751013dex99906cert.htm)

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Managed Accounts Trust | PIMCO Managed Accounts Trust |
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | March 5, 2026 |

---

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

---

| | |
|:---|:---|
|  By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
|  Date: | March 5, 2026 |
|  By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
|  Date: | March 5, 2026 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>**

**<u>Executive and Senior Financial Officers</u>**

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

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Sarbanes-Oxley Code of Ethics

**II.** **Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"<sup>2</sup>) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. *See also* Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO-Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not "interested persons" of such Fund under the 1940 Act. In addition, it is recognized by each Fund's Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B.</u>

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Sarbanes-Oxley Code of Ethics

examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund's Chief Compliance Officer ("CCO").

\* \* \* \*

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do <u>not</u> include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00;
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable <sup>3</sup> and both the Covered
Person and the giver are present <sup>4</sup>; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

<sup>3</sup> Whether an entertainment expense is "reasonable" will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable *per se*.

<sup>4</sup> In the event a Covered Person is a registered representative of the Funds' principal underwriter, the aggregate annual gift value froma single giver shall not exceed $100.00 as required by the rules of FINRA. However, PIMCO

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Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.<sup>5</sup> This restriction shall not apply to or otherwise limit the ownership of
publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

employees and PIMCO Investments LLC registered representatives are subject to the respective firm's internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

<sup>5</sup> For purposes of the Code, an "affiliate" of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

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Sarbanes-Oxley Code of Ethics

**IV.** **Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

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Sarbanes-Oxley Code of Ethics

**V.** **Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII.** **Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

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Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

---

| | |
|:---|:---|
|  Adopted: | September 29, 2004 |
|  Effective: | October 5, 2004 |
|  Amended: | April 1, 2005 |
|  Amended: | May 24, 2005 |
|  Amended: | February 24, 2009 (added ETF) |
|  Amended: | March 31, 2009 |
|  Amended: | August 11, 2009 |
|  Amended:<br> Amended: | March 30, 2010 (added PES and PESVIT)<br> March 1, 2011 |
|  Amended: | February 27, 2013 |
|  Amended: | November 7, 2013 (non-material changes) |
|  Amended: | February 26, 2014 (non-material changes) |
|  Amended: | August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds) |
|  Amended: | January 17, 2015 |
|  Amended: | December 14, 2016 (added PIMCO Sponsored Interval Funds) |
|  Amended: | February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
|  Amended: | May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
|  Amended: | June 15, 2019 (updated Exhibit A for OEF/ETF) |
|  Amended: | January 1, 2021 (updated PFO/PAO in Exhibit A) |
|  Amended: | June 22, 2022 (added Boards of Real Estate/Private Credit Funds) |
|  Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards)<br> (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting**<br> **Officer**<br>|
| &nbsp;&nbsp; PIMCO Funds<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; PVIT<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; ETF<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; PES<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; PESVIT<br>| Joshua D. Ratner<br>| Bijal Parikh<br>| Bijal Parikh<br>|
| &nbsp;&nbsp; PIMCO<br> Managed<br> Accounts<br> Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp; PIMCO<br> Sponsored<br> Closed-End<br> Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp; PIMCO<br> Sponsored<br> Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp; PIMCO<br> Sponsored<br> BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser <br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp; Principal<br> Underwriter\*\* | PIMCO Investments LLC |
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit B** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31,<u> </u>. I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Managed Accounts
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 5, 2026<br>|
| Signature: | /s/ Joshua D. Ratner<br>|
| Title: | President (Principal Executive Officer)<br>|

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Managed Accounts
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 5, 2026<br>|
| Signature: | /s/ Bijal Y. Parikh<br>|
| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Managed Accounts Trust (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua D. Ratner | By: | /s/ Bijal Y. Parikh |
| Name: | Joshua D. Ratner | Name: | Bijal Y. Parikh |
| Title: | President (Principal Executive Officer) | Title: | Treasurer (Principal Financial & Accounting Officer) |
| Date: | March 5, 2026 | Date: | March 5, 2026 |

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Reports.