# EDGAR Filing Document

**Accession Number:** 0001098605
**File Stem:** 0001193125-23-064717
**Filing Date:** 2023-3
**Character Count:** 720547
**Document Hash:** 5d704231e738600d0076ca2a11641498
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064717.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-064717

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Managed Accounts Trust
- **CENTRAL INDEX KEY:** 0001098605
- **IRS NUMBER:** 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:** 23717352

**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           |

##### [**Table of Contents**](#toc)
**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, 2022

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

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

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##### [**Table of Contents**](#toc)
**Item 1.** **Reports to Shareholders.** <br>

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

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##### [**Table of Contents**](#toc)
![LOGO](g606552g56f90.jpg)

PIMCO MANAGED ACCOUNTS TRUST

## Annual Report
December 31, 2022

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")

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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| | | |
|:---|:---|:---|
|  | | Page |
| &nbsp;&nbsp; [Letter from the Chair of the Board & President](#tx606552_1) |  | 2 |
| &nbsp;&nbsp; [Important Information About the Portfolios](#tx606552_2) |  | 5 |
| &nbsp;&nbsp; [Expense Examples](#tx606552_3) |  | 20 |
| &nbsp;&nbsp; [Benchmark Descriptions](#tx606552_4) |  | 21 |
| &nbsp;&nbsp; [Financial Highlights](#tx606552_5) |  | 22 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities](#tx606552_6) |  | 24 |
| &nbsp;&nbsp; [Statements of Operations](#tx606552_7) |  | 26 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx606552_8) |  | 28 |
| &nbsp;&nbsp; [Statements of Cash Flows](#tx606552_9) |  | 30 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx606552_10) |  | 97 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx606552_11) |  | 136 |
| &nbsp;&nbsp; [Glossary](#tx606552_12) |  | 137 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx606552_14) |  | 139 |
| &nbsp;&nbsp; [Distribution Information](#tx606552_13) |  | 140 |
| &nbsp;&nbsp; [Management of the Trust](#tx606552_15) |  | 142 |
| &nbsp;&nbsp; [Privacy Policy](#tx606552_16) |  | 147 |
| &nbsp;&nbsp; [Investment Strategy Updates](#tx606552_17) |  | 149 |
| &nbsp;&nbsp; [Changes to Board of Trustees](#tx606552_18) |  | 150 |
| &nbsp;&nbsp; [Changes to Portfolio Managers](#tx606552_118) |  | 151 |
| &nbsp;&nbsp; Portfolio | Portfolio<br>Summary | Schedule of<br>Investments |
| &nbsp;&nbsp; [Fixed Income SHares: Series C](#tx606552_19) | 10 | [31](#tx606552_24) |
| &nbsp;&nbsp; [Fixed Income SHares: Series LD](#tx606552_20) | 12 | [46](#tx606552_25) |
| &nbsp;&nbsp; [Fixed Income SHares: Series M](#tx606552_21) | 14 | [58](#tx606552_26) |
| &nbsp;&nbsp; [Fixed Income SHares: Series R](#tx606552_22) | 16 | [78](#tx606552_27) |
| &nbsp;&nbsp; [Fixed Income SHares: Series TE](#tx606552_23) | 18 | [90](#tx606552_28) |

---

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##### [**Table of Contents**](#toc)
**Letter from the Chair of the Board & President** 

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Managed Accounts Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022, the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

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

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##### [**Table of Contents**](#toc)
During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

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

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|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022<sub>3</sub> |

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##### [**Table of Contents**](#toc)
**Letter from the Chair of the Board & President (Cont.)** 

Sincerely,

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|:---|:---|
| ![LOGO](g606552g26k88.jpg) | ![LOGO](g606552g19a01.jpg) |
| ![LOGO](g606552g54k60.jpg) | ![LOGO](g606552g17d17.jpg) |
| Deborah A. DeCotis | Eric D. Johnson |
| Chair of the Board of Trustees | President |

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

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

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**Important Information About the Portfolios** 

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities and other instruments held by a Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates to rise or yields of U.S. Treasury securities (or yields of other types of bonds) (e.g., central bank monetary policies, inflation rates, general economic conditions). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. A Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolios currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

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

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

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual

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| **ANNUAL REPORT** | DECEMBER 31, 2022<sub>5</sub> |

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**Important Information About the Portfolios (Cont.)** 

issuers, all of which may negatively impact the Portfolios' performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolios' service providers and disrupt the Portfolios' operations.

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

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

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

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

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

The dividend rate that a Portfolio pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a

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| **6** | **PIMCO MANAGED ACCOUNTS TRUST** |

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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:

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|:---|:---|:---|
| **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 |

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The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with PIMCO as the Investment Adviser and Administrator, PIMCO Investments LLC and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolios. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Portfolio's prospectus, summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Portfolio creates a contract between or among any shareholders of a Portfolio, on the one hand, and the Trust, a Portfolio, a service provider to the Trust or a Portfolio, and/or the Trustees or officers of the Trust, on the other hand.

The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent or use a new prospectus, summary prospectus or SAI with respect to a Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

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

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Portfolios as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Portfolio, and information about how each Portfolio voted proxies relating

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| **ANNUAL REPORT** | DECEMBER 31, 2022<sub>7</sub> |

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**Important Information About the Portfolios (Cont.)** 

to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Portfolios at (888) 87-PIMCO, on the Portfolios' website at www.pimco.com/FISH, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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

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

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws prior guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolios to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Portfolios' investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the "Act") without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios 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 proposed amendments would expand the scope of the current rule in a number of ways that would

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| **8** | **PIMCO MANAGED ACCOUNTS TRUST** |

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result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolios will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolios) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolios will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **ANNUAL REPORT** | DECEMBER 31, 2022<sub>9</sub> |

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| **Fixed Income SHares: Series C** | **FXICX** |

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Cumulative Returns Through December 31, 2022

![LOGO](g606552g31x56.jpg)

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

---

| | |
|:---|:---|
| Allocation Breakdown as of December 31, 2022<sup>†§</sup> |  |
| U.S. Government Agencies | 28.0% |
| Corporate Bonds & Notes | 26.3% |
| Asset-Backed Securities | 19.3% |
| U.S. Treasury Obligations | 10.8% |
| Non-Agency Mortgage-Backed Securities | 5.0% |
| Preferred Securities | 3.7% |
| Short-Term Instruments<sup>‡</sup> | 3.2% |
| Municipal Bonds & Notes | 2.5% |
| Loan Participations and Assignments | 1.0% |
| Other | 0.2% |

---

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| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value. |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Year | 10 Year | Commencement<br>of Operations<br>(03/17/00) |
| ![LOGO](g606552g94o20.jpg) | Fixed Income SHares: Series C | (16.74)% | 0.07% | 1.36% | 7.45% |
| ![LOGO](g606552g08y58.jpg) | Bloomberg U.S. Intermediate Credit Index | (9.10)% | 1.08% | 1.75% | 4.42%<sup>¨</sup> |

---

*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.* 

<sup>¨</sup> Average Annual Return since 03/31/00

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns presented do not reflect the deduction of taxes that a shareholder would pay on portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the "wrap account" level. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.* 

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

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| | |
|:---|:---|
| **10** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)
Investment Objective

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

Portfolio Insights

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

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

» There were no other material contributors for this Portfolio.

» Overweight exposure to U.S. duration detracted from relative performance, as interest rates rose.

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

» Overweight exposure to the financials sector detracted from relative performance, as spreads widened.

» Positions in non-agency mortgage-backed securities and other securitized assets detracted from relative performance, as spreads widened.

---

| | |
|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Fixed Income SHares: Series LD** | **FXIDX** |

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Cumulative Returns Through December 31, 2022

![LOGO](g606552g16h84.jpg)

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

---

| | |
|:---|:---|
| Allocation Breakdown as of December 31, 2022<sup>†§</sup> |  |
| Corporate Bonds & Notes | 50.2% |
| Asset-Backed Securities | 26.4% |
| Non-Agency Mortgage-Backed Securities | 18.7% |
| Short-Term Instruments<sup>‡</sup> | 3.1% |
| U.S. Government Agencies | 1.0% |
| Municipal Bonds & Notes | 0.6% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value. |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Year | Commencement<br>of Operations<br>(12/20/13) |
| ![LOGO](g606552g94o20.jpg) | Fixed Income SHares: Series LD | (5.53)% | 1.13% | 2.31% |
| ![LOGO](g606552g08y58.jpg) | ICE BofAML 1-3 Year U.S. Treasury Index | (3.65)% | 0.77% | 0.70% |

---

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

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.23%. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus,as supplemented.* 

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| | |
|:---|:---|
| **12** | **PIMCO MANAGED ACCOUNTS TRUST** |

---

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##### [**Table of Contents**](#toc)
Investment Objective

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

Portfolio Insights

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

» Underweight exposure to U.S. duration on the 5-year to 10-year portion of the yield curve contributed to relative performance, as U.S. interest rates rose.

» Holdings of high yield corporate credit contributed to relative performance, as the income from corporate bonds offset the impact from credit spread widening.

» Overweight exposure to non-agency residential mortgage-backed securities ("MBS") detracted from relative performance, as spreads widened.

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

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| | |
|:---|:---|
| » | Holdings of agency MBS detracted from relative performance, as the asset class provided negative total return.  |

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| | |
|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Fixed Income SHares: Series M** | **FXIMX** |

---

Cumulative Returns Through December 31, 2022

![LOGO](g606552g27v50.jpg)

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

---

| | |
|:---|:---|
| Allocation Breakdown as of December 31, 2022<sup>†§</sup> |  |
| U.S. Government Agencies | 33.8% |
| Asset-Backed Securities | 26.5% |
| Corporate Bonds & Notes | 16.0% |
| Non-Agency Mortgage-Backed Securities | 13.5% |
| Short-Term Instruments<sup>‡</sup> | 5.5% |
| Municipal Bonds & Notes | 2.0% |
| U.S. Treasury Obligations | 1.5% |
| Other | 1.2% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value. |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Year | 10 Year | Commencement<br>of Operations<br>(03/17/00) |
| ![LOGO](g606552g94o20.jpg) | Fixed Income SHares: Series M | (14.99)% | 0.84% | 2.69% | 6.20% |
| ![LOGO](g606552g08y58.jpg) | Bloomberg U.S. MBS Fixed-Rate Index | (11.81)% | (0.53)% | 0.75% | 3.70%<sup>¨</sup> |

---

*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.* 

<sup>¨</sup> Average Annual Return since 03/31/00

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns presented do not reflect the deduction of taxes that a shareholder would pay on portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the "wrap account" level. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.01%. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

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| | |
|:---|:---|
| **14** | **PIMCO MANAGED ACCOUNTS TRUST** |

---

------

##### [**Table of Contents**](#toc)
Investment Objective

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

Portfolio Insights

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

» Underweight exposure to agency mortgage-backed securities ("MBS"), particularly in September, contributed to relative performance, as spreads widened.

» There were no other material contributors for this Portfolio.

» Positions in non-agency MBS and other securitized assets detracted from relative performance, as spreads widened.

» Overweight exposure to the financial sector within investment grade corporate credit detracted from relative performance, as credit spreads widened.

» Short exposure to U.K. and U.S. breakeven inflation ("BEI") in the first eight months of the reporting period detracted from performance, as BEI rates rose.

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

» Overweight exposure to U.S. duration, particularly in March, detracted from relative performance, as interest rates rose.

---

| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **15** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Fixed Income SHares: Series R** | **FXIRX** |

---

Cumulative Returns Through December 31, 2022

![LOGO](g606552g45q31.jpg)

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

---

| | |
|:---|:---|
| Allocation Breakdown as of December 31, 2022<sup>†§</sup> | Allocation Breakdown as of December 31, 2022<sup>†§</sup> |
| U.S. Treasury Obligations | 77.5% |
| Sovereign Issues | 9.4% |
| U.S. Government Agencies | 5.8% |
| Corporate Bonds & Notes | 4.6% |
| Short-Term Instruments | 1.1% |
| Asset-Backed Securities | 1.0% |
| Non-Agency Mortgage-Backed Securities | 0.6% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value. |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Year | 10 Year | Commencement<br>of Operations<br>(04/15/04) |
| ![LOGO](g606552g94o20.jpg) | Fixed Income SHares: Series R | (17.30)% | 2.28% | 1.43% | 5.12% |
| ![LOGO](g606552g08y58.jpg) | Bloomberg U.S. TIPS Index | (11.85)% | 2.11% | 1.12% | 3.67%<sup>¨</sup> |

---

*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.* 

<sup>¨</sup> Average Annual Return since 04/30/04

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns presented do not reflect the deduction of taxes that a shareholder would pay on portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the "wrap account" level. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.05%. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

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| | |
|:---|:---|
| **16** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)
Investment Objective

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

Portfolio Insights

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

» Overweight exposure to European breakeven inflation ("BEI"), the yield differential between nominal government bonds and like-maturity inflation-linked bonds, contributed to relative performance, as European BEI moved higher.

» Overweight exposure to U.S. BEI, most notably early in the period, contributed to relative performance as U.S. BEI moved higher.

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

» Underweight exposure to German interest rates contributed to relative performance, as German interest rates rose.

» Exposure to U.S. Treasury Inflation-Protected Securities ("TIPS") detracted from absolute returns, as TIPS posted negative returns.

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

» Overweight exposure to Danish interest rates detracted from relative performance, as Danish interest rates rose.

» Underweight exposure to U.K. BEI, most notable over January to August, detracted from relative performance as U.K. BEI spreads moved higher.

---

| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **17** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Fixed Income SHares: Series TE** | **FXIEX** |

---

Cumulative Returns Through December 31, 2022

![LOGO](g606552g50d32.jpg)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Year | 10 Year | Commencement<br>of Operations<br>(06/25/12) |
| ![LOGO](g606552g94o20.jpg) | Fixed Income SHares: Series TE | (9.91)% | 1.73% | 2.46% | 2.49% |
| ![LOGO](g606552g08y58.jpg) | Bloomberg 1-Year Municipal Bond Index | (1.13)% | 1.02% | 0.83% | 0.82% |

---

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

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

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| | |
|:---|:---|
| **18** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Allocation Breakdown as of December 31, 2022<sup>†§</sup> | Allocation Breakdown as of December 31, 2022<sup>†§</sup> |
| Municipal Bonds & Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health, Hospital & Nursing Home Revenue | 17.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ad Valorem Property Tax | 12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Revenue | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Funded | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Power & Light Revenue | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Revenue | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Revenue | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Local or Guaranteed Housing | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; General Fund | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Revenue | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Revenue Tolls | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Assessment | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuclear Revenue | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Revenue | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Taxes | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 3.6% |
| Short-Term Instruments<sup>‡</sup> | 1.3% |
| Corporate Bonds & Notes | 0.5% |

---

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| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value. |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

Investment Objective

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

Portfolio Insights

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

» Security selection within the special tax sector contributed to performance, as the Portfolio's holdings outperformed the broader market.

» Security selection within the healthcare sector contributed to performance, as the Portfolio's holdings outperformed the broader market.

» Security selection within the industrial revenue sector contributed to performance, as the Portfolio's holdings outperformed the broader market.

» Duration positioning detracted from performance, as municipal yields rose.

» Underweight exposure to the water and sewer sector detracted from performance, as the sector outperformed the broader municipal market.

» Underweight exposure to the pre-refunded segment detracted from performance, as the sector outperformed the broader municipal market.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **19** |

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##### [**Table of Contents**](#toc)
**Expense Examples** 

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Portfolios is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | Beginning<br>Account Value<br>(07/01/22) | Ending<br>Account Value<br>(12/31/22) | Expenses Paid<br>During Period\* | Beginning<br>Account Value<br>(07/01/22) | Ending<br>Account Value<br>(12/31/22) | Expenses Paid<br>During Period\* | Net Annualized<br>Expense Ratio\*\* |
|  Series C | $1000.00 | $977.20 | $1.21 | $1000.00 | $1024.26 | $1.24 | 0.24% |
|  Series LD | 1000.00 | 989.80 | 12.17 | 1000.00 | 1013.25 | 12.31 | 2.40 |
|  Series M | 1000.00 | 965.90 | 0.05 | 1000.00 | 1025.43 | 0.05 | 0.01 |
|  Series R | 1000.00 | 954.40 | 7.72 | 1000.00 | 1017.58 | 7.97 | 1.55 |
|  Series TE | 1000.00 | 996.20 | 0.56 | 1000.00 | 1024.92 | 0.57 | 0.11 <sup>(a)</sup> |

---

*\* Expenses Paid During Period are equal to the net annualized expense ratio for the Portfolio, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).* 

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

*<sup>(a)</sup> The Net Annualized Expense Ratio reflected in the expense example above includes 0.11% of non-cash interest expense as shown in the Financial Statements. If the example excluded non-cash interest expense, Expenses Paid During Period would have been $0.00 for Actual Performance and $0.00 for Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Portfolio, but instead is offset by additional interest income recorded by the Portfolio in Tender Option Bonds ("TOBs") transactions accounted for as secured borrowings. Refer to Note 5, Borrowings and Other Financing Transactions, in the Notes to Financial Statements for additional information regarding TOBs.* 

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| | |
|:---|:---|
| **20** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)
**Benchmark Descriptions** 

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

---

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

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)
**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<br>the Year Ended^: | **Net Asset**<br> **Value**<br> **Beginning**<br> **of Year<sup>(a)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(b)</sup>** | **Net**<br> **Realized/<br>Unrealized**<br> **Gain (Loss)** | **Total** | **From Net<br>Investment**<br> **Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>From Net**<br> **Realized**<br> **Capital**<br> **Gains** | **Tax Basis**<br> **Return of**<br> **Capital** | **Total** |
|  **Series C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.77 | $&nbsp;&nbsp;&nbsp;&nbsp;0.33 | $&nbsp;&nbsp;&nbsp;&nbsp;(2.12) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | $0.00 | $0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.08 | 0.34 | (0.31) | 0.03 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.43 | 0.34 | 0.66 | 1.00 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.94 | 0.38 | 0.52 | 0.90 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.30 | 0.36 | (0.34) | 0.02 | (0.38) | 0.00 | 0.00 | (0.38) |
|  **Series LD** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $9.41 | $0.25 | $(0.77) | $(0.52) | $(0.26) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | $0.00 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 9.62 | 0.28 | (0.24) | 0.04 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 9.40 | 0.35 | 0.23 | 0.58 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.40 | 0.36 | 0.00 | 0.36 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 9.73 | 0.38 | (0.28) | 0.10 | (0.42) | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | (0.43) |
|  **Series M** |  |  |  |  |  |  |  |  |
| &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; 12/31/2021 | 10.68 | 0.42 | (0.26) | 0.16 | (0.42) | (0.09) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.48 | 0.41 | 0.53 | 0.94 | (0.41) | (0.33) | 0.00 | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.14 | 0.47 | 0.37 | 0.84 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.31 | 0.46 | (0.24) | 0.22 | (0.39) | 0.00 | 0.00 | (0.39) |
|  **Series R** |  |  |  |  |  |  |  |  |
| &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; 12/31/2021 | 10.74 | 0.72 | 0.02 | 0.74 | (0.69) | 0.00 | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 9.40 | 0.22 | 1.33 | 1.55 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 8.68 | 0.26 | 0.70 | 0.96 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 9.26 | 0.37 | (0.60) | (0.23) | (0.35) | 0.00 | 0.00 | (0.35) |
|  **Series TE** |  |  |  |  |  |  |  |  |
| &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; 12/31/2021 | 10.76 | 0.38 | (0.06) | 0.32 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.36 | 0.37 | 0.73 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.94 | 0.38 | 0.45 | 0.83 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.22 | 0.38 | (0.28) | 0.10 | (0.38) | 0.00 | 0.00 | (0.38) |

---

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

---

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

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

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

<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. 

---

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

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** | |
|<br>**Net Assets**<br> **Value End<br>of Year<sup>(a)</sup>** |<br>**Total**<br> **Return<sup>(d)(e)</sup>** |<br>**Net Asset**<br> **End of Year**<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<br>(Loss)** |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $8.54 | (16.74)% | $1155312 | 0.15% | 0.15% | 0.00% | 0.00% | 3.58% | 308% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.77 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1540072 | 0.02 | 0.02 | 0.00 | 0.00 | 3.10 | 282 |
| 11.08 | 9.77 | 1585611 | 0.03 | 0.03 | 0.00 | 0.00 | 3.18 | 562 |
| 10.43 | 9.18 | 1434199 | 0.21 | 0.21 | 0.00 | 0.00 | 3.72 | 533 |
| 9.94 | 0.21 | 1185003 | 0.31 | 0.31 | 0.00 | 0.00 | 3.62 | 450 |
| $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 |
| 9.62 | 6.28 | 108895 | 0.66 | 0.66 | 0.00 | 0.00 | 3.63 | 69 |
| 9.40 | 3.85 | 79806 | 2.98 | 2.98 | 0.00 | 0.00 | 3.82 | 88 |
| 9.40 | 1.07 | 82684 | 3.02 | 3.02 | 0.00 | 0.00 | 3.94 | 290 |
| $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 |
| 10.68 | 9.12 | 1562661 | 0.02 | 0.02 | 0.00 | 0.00 | 3.80 | 635 |
| 10.48 | 8.40 | 1442194 | 0.06 | 0.06 | 0.00 | 0.00 | 4.47 | 543 |
| 10.14 | 2.23 | 1241128 | 0.31 | 0.31 | 0.00 | 0.00 | 4.58 | 495 |
| $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 |
| 10.74 | 16.58 | 157315 | 0.26 | 0.26 | 0.00 | 0.00 | 2.13 | 295 |
| 9.40 | 11.10 | 130421 | 1.35 | 1.35 | 0.00 | 0.00 | 2.80 | 357 |
| 8.68 | (2.52) | 115407 | 1.29 | 1.29 | 0.00 | 0.00 | 4.16 | 231 |
| $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 |
| 10.76 | 7.19 | 91321 | 0.04 | 0.04 | 0.00 | 0.00 | 3.47 | 57 |
| 10.39 | 8.42 | 87423 | 0.08 | 0.08 | 0.00 | 0.00 | 3.69 | 31 |
| 9.94 | 0.97 | 82521 | 0.08 | 0.08 | 0.00 | 0.00 | 3.79 | 57 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)
**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;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $&nbsp;&nbsp;&nbsp;&nbsp;1610043 | $&nbsp;&nbsp;&nbsp;&nbsp;129487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 46687 | 2828 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 87 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 168 | 40 |
|  Cash | 0 | 9 |
|  Deposits with counterparty | 25877 | 2238 |
|  Foreign currency, at value | 800 | 161 |
|  Receivable for investments sold | 75 | 633 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 |
|  Receivable for TBA investments sold | 633432 | 45499 |
|  Receivable for Portfolio shares sold | 2889 | 265 |
|  Interest and/or dividends receivable | 9499 | 914 |
|  Dividends receivable from Affiliates | 144 | 9 |
|  Reimbursement receivable from PIMCO | 1 | 1 |
|  Other assets | 18 | 0 |
|  **Total Assets** | 2329720 | 182185 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $66322 | $60648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for tender option bond floating rate certificates | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 0 | 15011 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 93 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2561 | 365 |
|  Payable for investments purchased | 0 | 52 |
|  Payable for investments in Affiliates purchased | 144 | 9 |
|  Payable for TBA investments purchased | 1098563 | 30506 |
|  Deposits from counterparty | 2273 | 521 |
|  Payable for Portfolio shares redeemed | 765 | 0 |
|  Distributions payable | 3681 | 10 |
|  Overdraft due to custodian | 6 | 0 |
|  Other liabilities | 0 | 0 |
|  **Total Liabilities** | 1174408 | 107221 |
|  **Net Assets** | $1155312 | $74964 |
|  **Net Assets Consist of:** |  |  |
|  Shares of beneficial interest of $0.001 par value (unlimited number authorized) | $135 | $9 |
|  Paid in capital in excess of par | 1585987 | 88748 |
|  Distributable earnings (accumulated loss) | (430810) | (13793) |
|  **Net Assets** | $1155312 | $74964 |
|  **Shares Issued and Outstanding** | 135275 | 8722 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $8.54 | $8.59 |
|  Cost of investments in securities | $1811300 | $137633 |
|  Cost of investments in Affiliates | $46682 | $2827 |
|  Cost of foreign currency held | $793 | $160 |
|  Proceeds received on short sales | $0 | $15205 |
|  Cost or premiums of financial derivative instruments, net | $(370) | $(1006) |
|  \* Includes repurchase agreements of: | $4074 | $341 |

---

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

---

<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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| | | |
|:---|:---|:---|
| **24** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
| **Series M** | **Series R** | **Series TE** |
| $&nbsp;&nbsp;&nbsp;&nbsp;1621931 | $&nbsp;&nbsp;&nbsp;&nbsp;358455 | $&nbsp;&nbsp;&nbsp;&nbsp;74961 |
| 86348 | 0 | 662 |
| 98 | 761 | 0 |
| 193 | 1014 | 0 |
| 1 | 1 | 0 |
| 16256 | 4680 | 0 |
| 1243 | 1344 | 0 |
| 51 | 2 | 36 |
| 0 | 60 | 0 |
| 755368 | 5278 | 0 |
| 3544 | 29 | 880 |
| 6957 | 877 | 818 |
| 312 | 0 | 2 |
| 1 | 1 | 1 |
| 17 | 0 | 0 |
| 2492320 | 372502 | 77360 |
| $0 | $0 | $0 |
| 0 | 124885 | 0 |
| 0 | 0 | 3396 |
| 281989 | 0 | 0 |
| 180 | 475 | 0 |
| 1458 | 2791 | 0 |
| 0 | 0 | 0 |
| 312 | 0 | 2 |
| 1051076 | 25812 | 0 |
| 4418 | 653 | 0 |
| 669 | 474 | 4103 |
| 4343 | 1023 | 304 |
| 0 | 0 | 0 |
| 0 | 0 | 2 |
| 1344445 | 156113 | 7807 |
| $1147875 | $216389 | $69553 |
| $137 | $27 | $8 |
| 1401635 | 305128 | 74149 |
| (253897) | (88766) | (4604) |
| $1147875 | $216389 | $69553 |
| 137415 | 27248 | 7519 |
| $8.35 | $7.94 | $9.25 |
| $1756190 | $415438 | $75907 |
| $86325 | $0 | $662 |
| $1235 | $1587 | $0 |
| $284874 | $0 | $0 |
| $733 | $(204) | $0 |
| $2224 | $2854 | $350 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **25** |

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##### [**Table of Contents**](#toc)
**Statements of Operations** 

---

| | | |
|:---|:---|:---|
| Year Ended December 31, 2022 |  |  |
| (Amounts in thousands<sup>†</sup>) | **Series C** | **Series LD** |
|  **Investment Income:** |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;48788 | $&nbsp;&nbsp;&nbsp;&nbsp;4402 |
|  Dividends from Investments in Affiliates | 251 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 49039 | 4421 |
|  **Expenses:** |  |  |
|  Interest expense | 1909 | 1606 |
|  Miscellaneous expense | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1914 | 1607 |
|  **Net Investment Income (Loss)** | 47125 | 2814 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities | (79941) | (8120) |
|  Investments in Affiliates | 13 | 2 |
|  Exchange-traded or centrally cleared financial derivative instruments | (13821) | 6016 |
|  Over the counter financial derivative instruments | 24412 | 679 |
|  Short sales | 0 | (9) |
|  Foreign currency | (1532) | (112) |
|  **Net Realized Gain (Loss)** | (70869) | (1544) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in securities | (224354) | (7097) |
|  Investments in Affiliates | 5 | 2 |
|  Exchange-traded or centrally cleared financial derivative instruments | (8743) | (495) |
|  Over the counter financial derivative instruments | 1500 | 203 |
|  Foreign currency assets and liabilities | (583) | (18) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (232175) | (7405) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(255919) | $&nbsp;&nbsp;&nbsp;&nbsp;(6135) |

---

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

---

---

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

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Series M** | **Series R** | **Series TE** |
| $59993 | $24141 | $3422 |
| 528 | 0 | 49 |
| 60521 | 24141 | 3471 |
| 137 | 2149 | 59 |
| 7 | 2 | 0 |
| 144 | 2151 | 59 |
| 60377 | 21990 | 3412 |
| (66637) | (14007) | (3735) |
| (11) | 0 | (41) |
| (60207) | 14691 | 127 |
| 13286 | 7784 | 0 |
| 0 | 0 | 0 |
| (2752) | (940) | 0 |
| (116321) | 7528 | (3649) |
| (167196) | (74147) | (8297) |
| 25 | 0 | 43 |
| (2330) | (1254) | (23) |
| 959 | (1915) | 0 |
| (711) | 107 | 0 |
| (169253) | (77209) | (8277) |
| $&nbsp;&nbsp;&nbsp;&nbsp;(225197) | $&nbsp;&nbsp;&nbsp;&nbsp;(47691) | $&nbsp;&nbsp;&nbsp;&nbsp;(8514) |

---

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **27** |

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------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Series C** | **Series C** | **Series LD** | **Series LD** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31,**<br> **2022** | **Year Ended<br>December 31,**<br> **2021** | **Year Ended<br>December 31,**<br> **2022** | **Year Ended<br>December 31,**<br> **2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $47125 | $48773 | $2814 | $3437 |
|  Net realized gain (loss) | (70869) | 28949 | (1544) | 1621 |
|  Net change in unrealized appreciation (depreciation) | (232175) | (71732) | (7405) | (4702) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (255919) | 5990 | (6135) | 356 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains | (61847) | (50117) | (3160) | (3025) |
|  **Total Distributions<sup>(a)</sup>** | (61847) | (50117) | (3160) | (3025) |
|  **Portfolio Share Transactions:** |  |  |  |  |
|  Receipts for shares sold | 369688 | 297211 | 27893 | 61350 |
|  Cost of shares redeemed | (436682) | (298623) | (66242) | (44968) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (66994) | (1412) | (38349) | 16382 |
|  **Total Increase (Decrease) in Net Assets** | (384760) | (45539) | (47644) | 13713 |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 1540072 | 1585611 | &nbsp;&nbsp;&nbsp;&nbsp;122608 | 108895 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1155312 | $&nbsp;&nbsp;&nbsp;&nbsp;1540072 | $&nbsp;&nbsp;&nbsp;&nbsp;74964 | $&nbsp;&nbsp;&nbsp;&nbsp;122608 |
|  **Shares of Beneficial Interest:** |  |  |  |  |
|  Shares sold | 40129 | 27439 | 3120 | 6396 |
|  Shares redeemed | (47849) | (27590) | (7423) | (4693) |
|  Net increase (decrease) in shares outstanding | (7720) | (151) | (4303) | 1703 |

---

---

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

---

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

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series M** | **Series M** | **Series R** | **Series R** | **Series TE** | **Series TE** |
| **Year Ended<br>December 31,**<br> **2022** | **Year Ended<br>December 31,**<br> **2021** | **Year Ended<br>December 31,**<br> **2022** | **Year Ended<br>December 31,**<br> **2021** | **Year Ended<br>December 31,**<br> **2022** | **Year Ended<br>December 31,**<br> **2021** |
| $60377 | $62815 | $21990 | $13592 | $3412 | $2949 |
| (116321) | 8729 | 7528 | 4938 | (3649) | 864 |
| (169253) | (47531)  | (77209) | (3495) | (8277) | (1211) |
| (225197)  | 24013 | (47691) | 15035 | (8514) | 2602 |
| (63547) | (74982) | (28718) | (13319) | (3325) | (2925) |
| (63547) | (74982) | (28718) | (13319) | (3325) | (2925) |
| 358432 | 309678 | 124525 | 169841 | 17909 | 13119 |
| (442628) | (300555) | (90990) | (69609) | (24827) | &nbsp;&nbsp;&nbsp;&nbsp;(15807) |
| (84196)  | 9123 | 33535 | 100232 | (6918) | (2688) |
| (372940)  | (41846) | (42874) | 101948 | &nbsp;&nbsp;&nbsp;&nbsp;(18757) | (3011) |
| 1520815 | 1562661 | 259263 | 157315 | 88310 | 91321 |
| $&nbsp;&nbsp;&nbsp;&nbsp;1147875 | $&nbsp;&nbsp;&nbsp;&nbsp;1520815 | $&nbsp;&nbsp;&nbsp;&nbsp;216389 | $&nbsp;&nbsp;&nbsp;&nbsp;259263 | $&nbsp;&nbsp;&nbsp;&nbsp;69553 | $&nbsp;&nbsp;&nbsp;&nbsp;88310 |
| 39513 | 29274 | 13507 | 15873 | 1876 | 1220 |
| (49282) | (28454) | (10278) | (6503) | (2604) | (1461) |
| (9769) | 820 | 3229 | 9370 | (728) | (241) |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **29** |

---

------

##### [**Table of Contents**](#toc)
**Statements of Cash Flows** 

---

| | | |
|:---|:---|:---|
| Year Ended December 31, 2022<br>(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 | $(6135) | $(47691) |
|  **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 | (104056) | (425716) |
|  Proceeds from sales of long-term securities | 305443 | 352910 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 8370 | (1283) |
| (Increase) decrease in deposits with counterparty | 261 | (1469) |
| (Increase) decrease in receivable for investments sold | (40298) | 5486 |
| (Increase) decrease in interest and/or dividends receivable | 266 | (121) |
| (Increase) decrease in dividends receivable from Affiliates | (9) | 0 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 5537 | 13214 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 631 | 7763 |
|  Increase (decrease) in payable for investments purchased | 25256 | 5364 |
|  Increase (decrease) in deposits from counterparty | 521 | 54 |
|  Proceeds from (Payments on) short sales transactions, net | 15196 | 0 |
|  Proceeds from (Payments on) foreign currency transactions | (130) | (833) |
|  *Net Realized (Gain) Loss* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 8120 | 14007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (2) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (6016) | (14691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (679) | (7784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short sales | 9 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 112 | 940 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 7097 | 74147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (2) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 495 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (203) | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | 18 | (107) |
|  Net amortization (accretion) on investments | 683 | 3600 |
|  Net Cash Provided by (Used for) Operating Activities | 220485 | (19041) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |  |
|  Proceeds from shares sold | 27922 | 124878 |
|  Payments on shares redeemed | (67120) | (90592) |
|  Cash distributions paid | (3428) | (29895) |
|  Proceeds from reverse repurchase agreements | 599933 | 410 |
|  Payments on reverse repurchase agreements | (637038) | (48816) |
|  Proceeds from sale-buyback transactions | 4684287 | 6093280 |
|  Payments on sale-buyback transactions | (4825099) | (6030830) |
|  Net Cash Received from (Used for) Financing Activities | (220543) | 18435 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (58) | (606) |
|  **Cash and Foreign Currency:** |  |  |
|  Beginning of year | 228 | 1951 |
|  End of year | $170 | $1345 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |  |
|  Interest expense paid during the year | $1582 | $2226 |

---

---

| | |
|:---|:---|
| <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's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

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

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series C** 

December 31, 2022

**(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 139.4%** | **INVESTMENTS IN SECURITIES 139.4%** | **INVESTMENTS IN SECURITIES 139.4%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.5%** |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  8.993% (LIBOR03M + 4.750%) due 04/20/2028 ~ | 3400 | 3391 |
|  **Bally's Corp.** | **Bally's Corp.** | **Bally's Corp.** |
|  7.542% (LIBOR03M + 3.250%) due 10/02/2028 ~ | 5955 | 5526 |
|  **SkyMiles IP Ltd.** | **SkyMiles IP Ltd.** | **SkyMiles IP Ltd.** |
|  7.993% (LIBOR03M + 3.750%) due 10/20/2027 ~ | 1200 | 1226 |
|  **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
|  8.108% (LIBOR03M + 3.750%) due 04/21/2028 ~ | 3834 | 3796 |
|  **Zephyrus Capital Aviation Partners LLC** | **Zephyrus Capital Aviation Partners LLC** | **Zephyrus Capital Aviation Partners LLC** |
|  4.605% due 10/15/2038 | 3579 | 3062 |
|  **Total Loan Participations and Assignments (Cost $17,981)** | **Total Loan Participations and Assignments (Cost $17,981)** | **17001** |
| **CORPORATE BONDS & NOTES 37.7%** | **CORPORATE BONDS & NOTES 37.7%** | **CORPORATE BONDS & NOTES 37.7%** |
| **BANKING & FINANCE 24.3%** | **BANKING & FINANCE 24.3%** | **BANKING & FINANCE 24.3%** |
|  **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
|  3.375% due 02/01/2031 | 4000 | 3182 |
|  **Ares Finance Co. LLC** | **Ares Finance Co. LLC** | **Ares Finance Co. LLC** |
|  3.250% due 06/15/2030 | 4950 | 4096 |
|  **Aviation Capital Group LLC** | **Aviation Capital Group LLC** | **Aviation Capital Group LLC** |
|  3.500% due 11/01/2027 | 1300 | 1137 |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.528% due 11/18/2027 | 6141 | 4917 |
|  **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
|  5.875% due 09/24/2023 •(c)(d) | 1000 | 1031 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  3.419% due 12/20/2028 •  | 25728 | 23341 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  2.894% due 11/24/2032 •  | 6900 | 5271 |
|  4.375% due 03/15/2028 •(c)(d) | 200 | 153 |
|  7.250% due 03/15/2023 •(c)(d) | 800 | 958 |
|  7.750% due 09/15/2023 •(c)(d) | 600 | 587 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  1.904% due 09/30/2028 •  | 8000 | 6674 |
|  4.400% due 08/14/2028 | 14700 | 13926 |
|  4.500% due 02/25/2030 •(c)(d) | 900 | 692 |
|  4.625% due 02/25/2031 •(c)(d) | 1900 | 1473 |
|  **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
|  3.500% due 03/30/2051 | 7100 | 4535 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **CaixaBank SA** | **CaixaBank SA** | **CaixaBank SA** |
|  3.625% due 09/14/2028 •(c)(d) | 200 | 151 |
|  **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** |
|  3.500% due 09/19/2029 | 4000 | 3392 |
|  **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
|  3.200% due 12/17/2030 | 3200 | 2434 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  3.785% due 03/17/2033 •(e) | 2000 | 1716 |
|  **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
|  4.655% due 08/22/2028 •  | 6300 | 6057 |
|  **Credit Agricole SA** | **Credit Agricole SA** | **Credit Agricole SA** |
|  7.500% due 06/23/2026 •(c)(d) | 100 | 118 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  6.500% due 08/08/2023 (d) | 7466 | 7248 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  7.500% due 07/17/2023 •(c)(d) | 10000 | 8016 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  4.300% due 02/15/2029 | 3000 | 2839 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  2.129% due 11/24/2026 •(e) | 1400 | 1236 |
|  2.311% due 11/16/2027 •  | 9500 | 8067 |
|  3.729% due 01/14/2032 •(e) | 1200 | 882 |
|  3.961% due 11/26/2025 •  | 9000 | &nbsp;&nbsp;&nbsp;&nbsp;8606 |
|  5.625% due 05/19/2031 •  | 200 | 209 |
|  **Erste Group Bank AG** | **Erste Group Bank AG** | **Erste Group Bank AG** |
|  6.500% due 04/15/2024 •(c)(d) | 400 | 419 |
|  **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
|  4.230% due 06/14/2029 | 300 | 205 |
|  **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
|  4.000% due 05/15/2030 | 3850 | 3234 |
|  **FleetBoston Financial Corp.** | **FleetBoston Financial Corp.** | **FleetBoston Financial Corp.** |
|  6.875% due 01/15/2028 | 2120 | 2243 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  2.748% due 06/14/2024 | 4900 | 5614 |
|  3.810% due 01/09/2024 | 2000 | 1948 |
|  5.584% due 03/18/2024 | 400 | 396 |
|  **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** | **Global Atlantic Fin Co.** |
|  3.125% due 06/15/2031 | 1200 | 883 |
|  **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** |
|  4.000% due 01/15/2030 | 3278 | 2877 |
|  5.250% due 06/01/2025 | 2450 | 2412 |
|  5.300% due 01/15/2029 | 3150 | 2987 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  6.162% (SOFRRATE + 1.850%)<br>due 03/15/2028 ~ | 20000 | 19709 |
|  **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
|  2.050% due 02/15/2027 | 4000 | 3258 |
|  **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** |
|  3.700% due 03/15/2028 | 3200 | 2893 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  4.583% due 06/19/2029 •  | 4000 | 3690 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **31** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.875% due 09/28/2026 •(c)(d) |  | 11800 | $— | &nbsp;&nbsp;&nbsp;&nbsp;12762 |
|  6.000% due 09/29/2023 •(c)(d) |  | 200 |  | 212 |
|  6.375% due 09/17/2024 •(c)(d) | $— | 1200 |  | 1146 |
|  6.500% due 03/23/2028 •(c)(d) |  | 400 |  | 369 |
|  **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** |
|  5.500% due 03/01/2028 •(c)(d) |  | 250 |  | 222 |
|  5.875% due 09/01/2031 •(c)(d) |  | 250 |  | 216 |
|  **KKR Financial Holdings LLC** | **KKR Financial Holdings LLC** | **KKR Financial Holdings LLC** | **KKR Financial Holdings LLC** | **KKR Financial Holdings LLC** |
|  5.400% due 05/23/2033 | $— | 9000 |  | 8406 |
|  **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** |
|  4.300% due 02/01/2061 |  | 2000 |  | 1223 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  7.500% due 09/27/2025 •(c)(d) |  | 7100 |  | 6867 |
|  **Maple Grove Funding Trust** | **Maple Grove Funding Trust** | **Maple Grove Funding Trust** | **Maple Grove Funding Trust** | **Maple Grove Funding Trust** |
|  4.161% due 08/15/2051 |  | 8000 |  | 5397 |
|  **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 |  | 4019 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  0.000% due 04/02/2032 þ(e) |  | 7000 |  | 3998 |
|  3.591% due 07/22/2028 •  |  | 9000 |  | 8269 |
|  **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** |
|  3.692% due 06/05/2028 |  | 1600 |  | 1420 |
|  **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** |
|  2.750% due 03/09/2028 | $— | 3000 |  | 2435 |
|  **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** |
|  3.750% due 03/01/2029 •(c)(d) |  | 5850 |  | 4531 |
|  6.625% due 03/26/2026 •(c)(d) |  | 5000 |  | 4935 |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  5.500% due 02/15/2024 |  | 2152 |  | 2125 |
|  **Sammons Financial Group, Inc.** | **Sammons Financial Group, Inc.** | **Sammons Financial Group, Inc.** | **Sammons Financial Group, Inc.** | **Sammons Financial Group, Inc.** |
|  3.350% due 04/16/2031 |  | 3000 |  | 2290 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  5.375% due 11/18/2030 •(c)(d) |  | 5400 |  | 4388 |
|  **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
|  3.950% due 12/01/2027 |  | 1100 |  | 983 |
|  **Tesco Property Finance PLC** | **Tesco Property Finance PLC** | **Tesco Property Finance PLC** | **Tesco Property Finance PLC** | **Tesco Property Finance PLC** |
|  5.411% due 07/13/2044 |  | 183 |  | 199 |
|  5.744% due 04/13/2040 |  | 599 |  | 678 |
|  5.801% due 10/13/2040 |  | 6635 |  | 7564 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  2.879% due 10/30/2030 •  | $— | 10000 |  | 8515 |
|  3.350% due 03/02/2033 •  |  | 8000 |  | 6761 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.150% due 01/24/2029 | $— | 5400 | 5087 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;280729 |
| **INDUSTRIALS 11.7%** | **INDUSTRIALS 11.7%** | **INDUSTRIALS 11.7%** | **INDUSTRIALS 11.7%** |
|  **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 |  | 2060 | 1798 |
|  5.000% due 06/15/2025 |  | 2734 | 2677 |
|  **Aker BP ASA** | **Aker BP ASA** | **Aker BP ASA** | **Aker BP ASA** |
|  2.000% due 07/15/2026 |  | 1300 | 1150 |
|  **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 |  | 2867 | 2734 |
|  **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 |  | 1943 | 1689 |
|  3.375% due 11/01/2028 |  | 5367 | 4486 |
|  3.575% due 07/15/2029 |  | 1929 | 1726 |
|  3.650% due 08/15/2030 |  | 2568 | 2291 |
|  3.700% due 04/01/2028 |  | 2389 | 2067 |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  5.500% due 04/20/2026 |  | 4100 | 3950 |
|  5.750% due 04/20/2029 |  | 1700 | 1557 |
|  **Ashtead Capital, Inc.** | **Ashtead Capital, Inc.** | **Ashtead Capital, Inc.** | **Ashtead Capital, Inc.** |
|  4.250% due 11/01/2029 |  | 1600 | 1438 |
|  **Bacardi Ltd.** | **Bacardi Ltd.** | **Bacardi Ltd.** | **Bacardi Ltd.** |
|  4.450% due 05/15/2025 |  | 6300 | 6119 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |
|  4.375% due 12/15/2028 |  | 6900 | 6491 |
|  **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** |
|  3.300% due 06/15/2034 |  | 2672 | 2274 |
|  **CDW LLC** | **CDW LLC** | **CDW LLC** | **CDW LLC** |
|  2.670% due 12/01/2026 |  | 4200 | 3737 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  5.125% due 07/01/2049 |  | 2000 | 1520 |
|  **Continental Airlines Pass-Through Trust** | **Continental Airlines Pass-Through Trust** | **Continental Airlines Pass-Through Trust** | **Continental Airlines Pass-Through Trust** |
|  4.000% due 04/29/2026 |  | 1325 | 1265 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  5.300% due 10/01/2029 |  | 1000 | 980 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  3.750% due 05/15/2030 |  | 450 | 398 |
|  5.250% due 04/15/2029 |  | 11400 | 11047 |
|  **EQM Midstream Partners LP** | **EQM Midstream Partners LP** | **EQM Midstream Partners LP** | **EQM Midstream Partners LP** |
|  4.125% due 12/01/2026 |  | 800 | 713 |
|  **Ferguson Finance PLC** | **Ferguson Finance PLC** | **Ferguson Finance PLC** | **Ferguson Finance PLC** |
|  3.250% due 06/02/2030 |  | 2500 | 2126 |
|  **Fraport AG Frankfurt Airport Services Worldwide** | **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 | 2404 |
|  **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** |
|  3.875% due 07/26/2029 | $— | 4000 | 3429 |
|  **Kansas City Southern** | **Kansas City Southern** | **Kansas City Southern** | **Kansas City Southern** |
|  4.200% due 11/15/2069 |  | 4600 | 3421 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
|  3.200% due 08/08/2024 | $| 2600 | 2459 |
|  3.500% due 08/18/2026 |  | 4750 | 4294 |
|  **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
|  4.875% due 06/22/2028 |  | 5500 | 5252 |
|  **Melco Resorts Finance Ltd.** | **Melco Resorts Finance Ltd.** | **Melco Resorts Finance Ltd.** | **Melco Resorts Finance Ltd.** |
|  5.375% due 12/04/2029 |  | 400 | 322 |
|  **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** |
|  6.500% due 06/20/2027 |  | 1800 | 1794 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.522% due 09/17/2025 |  | 2000 | 1860 |
|  4.345% due 09/17/2027 |  | 2900 | 2634 |
|  4.810% due 09/17/2030 |  | 700 | 596 |
|  **Rolls-Royce PLC** | **Rolls-Royce PLC** | **Rolls-Royce PLC** | **Rolls-Royce PLC** |
|  3.625% due 10/14/2025 |  | 200 | 185 |
|  4.625% due 02/16/2026 | EUR | 300 | 312 |
|  5.750% due 10/15/2027 | GBP | 1100 | 1224 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  2.800% due 03/08/2027 | $| 2700 | 2316 |
|  **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
|  2.900% due 03/01/2030 |  | 3800 | 3191 |
|  **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** |
|  3.610% due 02/15/2119 |  | 6500 | 4334 |
|  **U.S. Airways Pass-Through Trust** | **U.S. Airways Pass-Through Trust** | **U.S. Airways Pass-Through Trust** | **U.S. Airways Pass-Through Trust** |
|  3.950% due 05/15/2027 |  | 488 | 444 |
|  **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** |
|  2.700% due 11/01/2033 |  | 4423 | 3581 |
|  2.875% due 04/07/2030 |  | 1545 | 1317 |
|  3.450% due 01/07/2030 |  | 1656 | 1398 |
|  4.000% due 10/11/2027 |  | 1030 | 959 |
|  4.150% due 10/11/2025 |  | 905 | 877 |
|  5.875% due 04/15/2029 |  | 9564 | &nbsp;&nbsp;&nbsp;&nbsp;9442 |
|  **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
|  4.625% due 04/15/2029 |  | 1000 | 872 |
|  **Vmed O2 U.K. Financing PLC** | **Vmed O2 U.K. Financing PLC** | **Vmed O2 U.K. Financing PLC** | **Vmed O2 U.K. Financing PLC** |
|  4.750% due 07/15/2031 |  | 6000 | 4886 |
|  **Volkswagen Group of America Finance LLC** | **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 | 1145 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  4.279% due 03/15/2032 |  | 1600 | 1322 |
|  **Weir Group PLC** | **Weir Group PLC** | **Weir Group PLC** | **Weir Group PLC** |
|  2.200% due 05/13/2026 |  | 3400 | 3019 |
|  **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
|  4.950% due 09/15/2028 |  | 1400 | 1347 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;134869 |
| **UTILITIES 1.7%** | **UTILITIES 1.7%** | **UTILITIES 1.7%** | **UTILITIES 1.7%** |
|  **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** |
|  4.550% due 11/15/2030 |  | 2500 | 2346 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  3.300% due 12/01/2027 | 2800 | 2476 |
|  3.500% due 06/15/2025 | 1200 | 1133 |
|  3.750% due 07/01/2028 | 1800 | 1600 |
|  3.950% due 12/01/2047 | 2400 | 1636 |
|  4.300% due 03/15/2045 | 700 | 499 |
|  4.500% due 07/01/2040 | 1800 | 1413 |
|  4.550% due 07/01/2030 | 3400 | 3090 |
|  5.250% due 03/01/2052 | 2000 | 1642 |
|  **Toledo Edison Co.** | **Toledo Edison Co.** | **Toledo Edison Co.** |
|  2.650% due 05/01/2028 | 4584 | 4013 |
|  |  | 19848 |
|  **Total Corporate Bonds & Notes<br>(Cost $502,944)** | **Total Corporate Bonds & Notes<br>(Cost $502,944)** | **435446** |
| **MUNICIPAL BONDS & NOTES 3.6%** | **MUNICIPAL BONDS & NOTES 3.6%** | **MUNICIPAL BONDS & NOTES 3.6%** |
| **CALIFORNIA 0.7%** | **CALIFORNIA 0.7%** | **CALIFORNIA 0.7%** |
|  **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** |
|  3.487% due 06/01/2036 | 3300 | 2638 |
|  3.714% due 06/01/2041 | 4500 | 3382 |
|  **University of California Revenue Bonds, Series 2012** | **University of California Revenue Bonds, Series 2012** | **University of California Revenue Bonds, Series 2012** |
|  4.858% due 05/15/2112 | 2995 | 2533 |
|  |  | 8553 |
| **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 | 1017 | 1071 |
| **MICHIGAN 0.9%** | **MICHIGAN 0.9%** | **MICHIGAN 0.9%** |
|  **Michigan State University Revenue Bonds, Series 2022** | **Michigan State University Revenue Bonds, Series 2022** | **Michigan State University Revenue Bonds, Series 2022** |
|  4.165% due 08/15/2122 | 3200 | 2367 |
|  **University of Michigan Revenue Bonds, Series 2022** | **University of Michigan Revenue Bonds, Series 2022** | **University of Michigan Revenue Bonds, Series 2022** |
|  4.454% due 04/01/2122 | 10000 | 8137 |
|  |  | 10504 |
| **NEW JERSEY 0.3%** | **NEW JERSEY 0.3%** | **NEW JERSEY 0.3%** |
|  **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** | **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** | **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** |
|  3.915% due 05/01/2119 | 5000 | 3313 |
| **NEW YORK 0.6%** | **NEW YORK 0.6%** | **NEW YORK 0.6%** |
|  **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** | **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** | **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** |
|  3.287% due 08/01/2069 | 11700 | 7659 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **33** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **VIRGINIA 0.3%** | **VIRGINIA 0.3%** | **VIRGINIA 0.3%** |
|  **University of Virginia Revenue Bonds, Series 2019** | **University of Virginia Revenue Bonds, Series 2019** | **University of Virginia Revenue Bonds, Series 2019** |
|  3.227% due 09/01/2119 | 5500 | 3227 |
| **WEST VIRGINIA 0.7%** | **WEST VIRGINIA 0.7%** | **WEST VIRGINIA 0.7%** |
|  **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 | 9000 | 7699 |
|  **Total Municipal Bonds & Notes<br>(Cost $56,942)** | **Total Municipal Bonds & Notes<br>(Cost $56,942)** | **42026** |
| **U.S. GOVERNMENT AGENCIES 40.1%** | **U.S. GOVERNMENT AGENCIES 40.1%** | **U.S. GOVERNMENT AGENCIES 40.1%** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  6.500% due 01/01/2038 - 10/01/2038 | 25 | 26 |
|  **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** |
|  2.500% due 01/01/2053 | 77400 | 67092 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  4.000% due 09/01/2048 | 266 | 254 |
|  4.500% due 08/01/2039 - 11/01/2041 | 109 | 108 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.500% due 02/01/2053 | 131800 | 111751 |
|  3.000% due 02/01/2053 | 8500 | 7468 |
|  3.500% due 02/01/2053 | 96100 | 87374 |
|  4.000% due 02/01/2053 - 03/01/2053 | 64800 | 60808 |
|  4.500% due 02/01/2053 | 133200 | 128230 |
|  **Total U.S. Government Agencies (Cost $467,857)** | **Total U.S. Government Agencies (Cost $467,857)** | **463111** |
| **U.S. TREASURY OBLIGATIONS 15.5%** | **U.S. TREASURY OBLIGATIONS 15.5%** | **U.S. TREASURY OBLIGATIONS 15.5%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.375% due 11/15/2040 (i) | 10000 | 6507 |
|  1.750% due 08/15/2041 (g)(i) | 100000 | 68482 |
|  2.000% due 11/15/2041 (g) | 145000 | 103604 |
|  **Total U.S. Treasury Obligations<br>(Cost $252,250)** | **Total U.S. Treasury Obligations<br>(Cost $252,250)** | **178593** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2%** |
|  **Angel Oak Mortgage Trust** | **Angel Oak Mortgage Trust** | **Angel Oak Mortgage Trust** |
|  1.581% due 09/25/2066 ~ | 2369 | 1865 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  4.273% due 01/20/2047 ^~ | 21 | 19 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  2.634% due 05/25/2034 ~ | 11 | 9 |
|  3.789% due 10/25/2033 ~ | 8 | 7 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.553% due 02/25/2036 ^~ | 265 | 185 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Cascade Funding Mortgage Trust** | **Cascade Funding Mortgage Trust** | **Cascade Funding Mortgage Trust** |
|  4.000% due 10/25/2068 ~ | 1179 | 1138 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  3.790% due 09/25/2035 ~ | 18 | 17 |
|  6.080% due 09/25/2035 •  | 36 | 35 |
|  **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
|  5.618% due 12/15/2038 ~ | 9700 | 8969 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.789% due 05/25/2036 ~ | 31 | 26 |
|  6.000% due 08/25/2034 | 3152 | 3012 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.680% due 08/25/2034 ^~ | 1 | 1 |
|  5.029% due 03/25/2035 •  | 50 | 40 |
|  **Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates** | **Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates** | **Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates** |
|  3.139% due 07/25/2033 ~ | 1 | 1 |
|  **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
|  2.436% due 02/25/2061 ~ | 2644 | 2437 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  1.926% due 07/27/2061 ~ | 5543 | 5031 |
|  2.691% due 03/25/2060 ~ | 5913 | &nbsp;&nbsp;&nbsp;&nbsp;5662 |
|  4.991% due 08/25/2067 ~ | 2110 | 2056 |
|  **Downey Savings & Loan Association Mortgage Loan Trust** | **Downey Savings & Loan Association Mortgage Loan Trust** | **Downey Savings & Loan Association Mortgage Loan Trust** |
|  3.728% due 07/19/2044 ~ | 206 | 184 |
|  4.859% due 08/19/2045 •  | 320 | 267 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% due 06/13/2045 ~ | 612 | 730 |
|  4.461% due 06/13/2045 •  | 399 | 477 |
|  **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** |
|  4.849% due 06/25/2045 ~ | 772 | 557 |
|  **GreenPoint Mortgage Funding Trust Pass-Through Certificates** | **GreenPoint Mortgage Funding Trust Pass-Through Certificates** | **GreenPoint Mortgage Funding Trust Pass-Through Certificates** |
|  3.726% due 10/25/2033 ~ | 1 | 1 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  2.880% due 03/25/2033 •  | 4 | 4 |
|  3.767% due 09/25/2035 ~ | 49 | 46 |
|  3.955% due 09/25/2035 ~ | 46 | 45 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  4.719% due 01/19/2038 •  | 77 | 67 |
|  5.033% due 06/20/2035 ~ | 129 | 115 |
|  **HomeBanc Mortgage Trust** | **HomeBanc Mortgage Trust** | **HomeBanc Mortgage Trust** |
|  4.909% due 01/25/2036 •  | 230 | 216 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  2.675% due 02/25/2035 ~ | 5 | 4 |
|  3.062% due 11/25/2033 ~ | 11 | 10 |
|  3.453% due 07/25/2035 ~ | 90 | 87 |
|  3.708% due 07/25/2035 ~ | 28 | 28 |
|  **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
|  1.892% due 10/25/2066 þ | 2721 | 2500 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ | $| 3530 | 3382 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.381% due 04/25/2065 ~ |  | 1602 | 1444 |
|  1.947% due 04/25/2065 ~ |  | 1628 | 1473 |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  2.428% due 04/05/2042 ~ |  | 5000 | 3822 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  3.888% due 08/25/2034 ~ |  | 170 | 164 |
|  **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** |
|  5.268% due 08/15/2038 •  |  | 1200 | 1130 |
|  **New York Mortgage Trust** | **New York Mortgage Trust** | **New York Mortgage Trust** | **New York Mortgage Trust** |
|  1.670% due 08/25/2061 þ |  | 5479 | 4938 |
|  **Preston Ridge Partners Mortgage LLC** | **Preston Ridge Partners Mortgage LLC** | **Preston Ridge Partners Mortgage LLC** | **Preston Ridge Partners Mortgage LLC** |
|  3.720% due 02/25/2027 þ |  | 3525 | 3312 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  4.809% due 04/25/2046 ~ |  | 700 | 208 |
|  **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** |
|  4.681% due 06/20/2070 ~ | GBP | 6774 | 8160 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.780% due 02/25/2034 ~ | $| 14 | 13 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  5.009% due 09/25/2045 •  |  | 269 | 245 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  3.826% due 07/20/2045 ~ | GBP | 9404 | &nbsp;&nbsp;&nbsp;&nbsp;11247 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  5.389% due 10/25/2059 ~ | $| 4445 | 4402 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.048% due 02/25/2046 ~ |  | 249 | 219 |
|  5.009% due 01/25/2045 ~ |  | 24 | 23 |
|  5.129% due 11/25/2034 •  |  | 384 | 347 |
|  **Warwick Finance Residential Mortgages PLC** | **Warwick Finance Residential Mortgages PLC** | **Warwick Finance Residential Mortgages PLC** | **Warwick Finance Residential Mortgages PLC** |
|  4.387% (SONIO/N + 0.950%) due 12/21/2049 ~ | GBP | 728 | 880 |
|  **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** |
|  4.243% due 10/25/2037 ~ | $| 1834 | 1616 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $89,589)** | **Total Non-Agency Mortgage-Backed Securities (Cost $89,589)** | **Total Non-Agency Mortgage-Backed Securities (Cost $89,589)** | **82873** |
| **ASSET-BACKED SECURITIES 27.7%** | **ASSET-BACKED SECURITIES 27.7%** | **ASSET-BACKED SECURITIES 27.7%** | **ASSET-BACKED SECURITIES 27.7%** |
|  **AASET Trust** | **AASET Trust** | **AASET Trust** | **AASET Trust** |
|  2.798% due 01/15/2047 |  | 6109 | 4932 |
|  **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** |
|  5.169% due 04/25/2034 ~ |  | 244 | 229 |
|  **ACREC Ltd.** | **ACREC Ltd.** | **ACREC Ltd.** | **ACREC Ltd.** |
|  5.476% due 10/16/2036 ~ |  | 2000 | 1928 |
|  **Ameriquest Mortgage Securities Trust** | **Ameriquest Mortgage Securities Trust** | **Ameriquest Mortgage Securities Trust** | **Ameriquest Mortgage Securities Trust** |
|  4.974% due 03/25/2036 ~ |  | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.304% due 01/25/2035 ~ | 2877 | 2764 |
|  5.409% due 01/25/2035 •  | 1269 | 1150 |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 2880 | 2833 |
|  **Aqueduct European CLO DAC** | **Aqueduct European CLO DAC** | **Aqueduct European CLO DAC** |
|  2.096% due 07/20/2030 ~ | 6461 | 6780 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.668% due 11/15/2036 •  | 7600 | 7349 |
|  **Aurium CLO DAC** | **Aurium CLO DAC** | **Aurium CLO DAC** |
|  2.048% due 04/16/2030 ~ | 6824 | 7161 |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  5.124% due 09/25/2035 ~ | 3838 | 3823 |
|  5.389% due 10/25/2037 ~ | 8 | 8 |
|  **BlueMountain Fuji EUR CLO DAC** | **BlueMountain Fuji EUR CLO DAC** | **BlueMountain Fuji EUR CLO DAC** |
|  2.208% due 04/15/2034 •  | 6000 | 6126 |
|  **BlueMountain Fuji EUR CLO II DAC** | **BlueMountain Fuji EUR CLO II DAC** | **BlueMountain Fuji EUR CLO II DAC** |
|  2.028% due 07/15/2030 ~ | 6339 | 6628 |
|  **BlueMountain Fuji Eur CLO V DAC** | **BlueMountain Fuji Eur CLO V DAC** | **BlueMountain Fuji Eur CLO V DAC** |
|  2.288% due 01/15/2033 ~ | 7550 | 7784 |
|  **BNPP AM Euro CLO DAC** | **BNPP AM Euro CLO DAC** | **BNPP AM Euro CLO DAC** |
|  1.978% due 04/15/2031 ~ | 1800 | 1868 |
|  **Cairn CLO DAC** | **Cairn CLO DAC** | **Cairn CLO DAC** |
|  2.178% due 04/30/2031 ~ | 5921 | 6182 |
|  2.275% due 01/31/2030 •  | 4865 | 5105 |
|  **Centex Home Equity Loan Trust** | **Centex Home Equity Loan Trust** | **Centex Home Equity Loan Trust** |
|  5.349% due 10/25/2035 ~ | 4279 | 4163 |
|  **CLNC Ltd.** | **CLNC Ltd.** | **CLNC Ltd.** |
|  5.689% due 08/20/2035 •  | 5413 | 5320 |
|  **Conseco Finance Corp.** | **Conseco Finance Corp.** | **Conseco Finance Corp.** |
|  6.530% due 02/01/2031 ~ | 1018 | 892 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.465% due 10/23/2031 ~ | 12800 | &nbsp;&nbsp;&nbsp;&nbsp;12561 |
|  **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** |
|  2.676% due 09/15/2031 ~ | 4500 | 4688 |
|  **ECAF Ltd.** | **ECAF Ltd.** | **ECAF Ltd.** |
|  3.473% due 06/15/2040 | 119 | 74 |
|  4.947% due 06/15/2040 | 347 | 218 |
|  **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** |
|  5.139% due 02/27/2068 •  | 5352 | 5093 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.169% due 07/15/2031 ~ | 8880 | 8727 |
|  **GoldenTree Loan Management EUR CLO DAC** | **GoldenTree Loan Management EUR CLO DAC** | **GoldenTree Loan Management EUR CLO DAC** |
|  2.356% due 01/20/2032 •  | 3200 | 3313 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  5.169% due 07/25/2045 •  | 1544 | 1505 |
|  **Harvest CLO DAC** | **Harvest CLO DAC** | **Harvest CLO DAC** |
|  2.018% due 10/15/2031 •  | 7500 | 7804 |
|  2.433% due 11/18/2029 •  | 302 | 319 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **35** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** |
|  2.846% due 12/15/2029 •  | 8004 | 8407 |
|  **LCCM Trust** | **LCCM Trust** | **LCCM Trust** |
|  5.768% due 11/15/2038 ~ | 5000 | 4804 |
|  **MACH Cayman Ltd.** | **MACH Cayman Ltd.** | **MACH Cayman Ltd.** |
|  3.474% due 10/15/2039 | 1698 | 1375 |
|  **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** |
|  5.155% due 04/22/2027 ~ | 5228 | 5175 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.058% due 10/15/2030 •  | 2816 | 2945 |
|  2.736% due 12/15/2031 ~ | 7300 | &nbsp;&nbsp;&nbsp;&nbsp;7581 |
|  **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** |
|  5.119% due 10/15/2030 •  | 5200 | 5100 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  4.629% due 02/25/2037 •  | 144 | 44 |
|  **METAL LLC** | **METAL LLC** | **METAL LLC** |
|  4.581% due 10/15/2042 | 1881 | 988 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  5.034% due 09/25/2035 ~ | 30 | 30 |
|  5.639% due 07/25/2037 •  | 7000 | 5827 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  5.109% due 04/25/2037 •  | 90 | 27 |
|  **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
|  5.439% due 12/27/2066 •  | 11734 | &nbsp;&nbsp;&nbsp;&nbsp;11543 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  5.274% due 09/25/2035 ~ | 149 | 148 |
|  **OCP Euro CLO DAC** | **OCP Euro CLO DAC** | **OCP Euro CLO DAC** |
|  2.382% due 09/22/2034 •  | 7200 | 7491 |
|  **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** |
|  5.343% due 10/20/2031 ~ | 2000 | 1961 |
|  **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
|  1.150% due 05/15/2029 | 1809 | 1763 |
|  **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** |
|  2.098% due 10/15/2031 •  | 5867 | 6091 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  4.879% due 10/15/2029 ~ | 7167 | 7062 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.868% due 07/25/2051 þ | 4671 | 4146 |
|  1.992% due 02/25/2061 þ | 2528 | 2292 |
|  **Progress Residential Trust** | **Progress Residential Trust** | **Progress Residential Trust** |
|  2.393% due 12/17/2040 | 2100 | 1732 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  5.079% due 11/25/2035 •  | 1451 | 1426 |
|  5.109% due 01/25/2036 •  | 1500 | 1446 |
|  5.349% due 08/25/2035 •  | 6189 | 6062 |
|  **S-Jets Ltd.** | **S-Jets Ltd.** | **S-Jets Ltd.** |
|  3.967% due 08/15/2042 | 3756 | 2919 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  5.169% due 02/25/2034 • | 6870 | 6614 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Segovia European CLO DAC** | **Segovia European CLO DAC** | **Segovia European CLO DAC** | **Segovia European CLO DAC** |
|  2.173% due 01/18/2031 •  | EUR | 1028 | 1080 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.225% due 01/23/2029 ~ | $| 10305 | 10177 |
|  5.293% due 10/20/2028 • | 5.293% due 10/20/2028 • | 5803 | 5757 |
|  5.338% due 07/25/2030 • | 5.338% due 07/25/2030 • | 11700 | 11524 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.526% due 04/18/2038 ~ | 5.526% due 04/18/2038 ~ | 7800 | 7563 |
|  **Stonepeak ABS** | **Stonepeak ABS** | **Stonepeak ABS** | **Stonepeak ABS** |
|  2.301% due 02/28/2033 |  | 1517 | 1352 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  5.094% due 03/25/2034 ~ | 5.094% due 03/25/2034 ~ | 1677 | 1578 |
|  **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
|  4.959% due 04/15/2028 • | 4.959% due 04/15/2028 • | 4317 | 4288 |
|  **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** |
|  5.083% due 04/20/2028 • | 5.083% due 04/20/2028 • | 3855 | 3844 |
|  **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** |
|  2.239% due 01/12/2032 •  | EUR | 2500 | 2578 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 04/15/2027 ~ | $| 15719 | &nbsp;&nbsp;&nbsp;&nbsp;15695 |
|  5.143% due 10/20/2028 •  |  | 6710 | 6629 |
|  5.263% due 04/20/2029 ~ |  | 12673 | 12548 |
|  **Vertical Bridge Holdings LLC** | **Vertical Bridge Holdings LLC** | **Vertical Bridge Holdings LLC** | **Vertical Bridge Holdings LLC** |
|  3.706% due 02/15/2057 |  | 2000 | 1587 |
|  **WAVE LLC** | **WAVE LLC** | **WAVE LLC** | **WAVE LLC** |
|  3.597% due 09/15/2044 |  | 2026 | 1543 |
|  **Total Asset-Backed Securities (Cost $342,953)** | **Total Asset-Backed Securities (Cost $342,953)** | **Total Asset-Backed Securities (Cost $342,953)** | **320076** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  1.750% due 07/13/2030 | EUR | 5200 | 3889 |
|  **Total Sovereign Issues (Cost $6,130)** | **Total Sovereign Issues (Cost $6,130)** | **Total Sovereign Issues (Cost $6,130)** | **3889** |
|  |  | **SHARES** |  |
| **PREFERRED SECURITIES 5.2%** | **PREFERRED SECURITIES 5.2%** | **PREFERRED SECURITIES 5.2%** | **PREFERRED SECURITIES 5.2%** |
| **BANKING & FINANCE 4.5%** | **BANKING & FINANCE 4.5%** | **BANKING & FINANCE 4.5%** | **BANKING & FINANCE 4.5%** |
|  **American Express Co.** | **American Express Co.** | **American Express Co.** | **American Express Co.** |
|  3.550% due 09/15/2026 •(c) |  | 3600000 | 2964 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  5.875% due 03/15/2028 •(c) |  | 6700000 | 5941 |
|  **CaixaBank SA** | **CaixaBank SA** | **CaixaBank SA** | **CaixaBank SA** |
|  6.750% due 06/13/2024 •(c)(d) |  | 200000 | 209 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Capital Farm Credit ACA** | **Capital Farm Credit ACA** | **Capital Farm Credit ACA** |
|  5.000% due 03/15/2026 •(c) | 4700000 | 4078 |
|  **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
|  4.000% due 12/01/2030 •(c) | 5000000 | 3985 |
|  5.000% due 12/01/2027 •(c) | 5000000 | 4183 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  3.875% due 02/18/2026 •(c) | 5300000 | 4537 |
|  **CoBank ACB** | **CoBank ACB** | **CoBank ACB** |
|  4.250% due 01/01/2027 •(c) | 2000000 | 1709 |
|  6.450% due 10/01/2027 •(c) | 5500000 | 5429 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  3.800% due 05/10/2026 •(c) | 2300000 | 1889 |
|  **MetLife Capital Trust** | **MetLife Capital Trust** | **MetLife Capital Trust** |
|  7.875% due 12/15/2067 | 600000 | 650 |
|  **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
|  3.400% due 09/15/2026 •(c) | 5000000 | 3965 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  5.900% due 06/15/2024 •(c) | 13400000 | 12167 |
|  |  | 51706 |
| **INDUSTRIALS 0.7%** | **INDUSTRIALS 0.7%** | **INDUSTRIALS 0.7%** |
|  **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
|  8.099% (US0003M + 3.330%) due 03/15/2023 ~(c) | 9000000 | 8927 |
|  **Total Preferred Securities (Cost $68,258)** | **Total Preferred Securities (Cost $68,258)** | **60633** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **REPURCHASE AGREEMENTS (f) 0.4%** | **REPURCHASE AGREEMENTS (f) 0.4%** | **REPURCHASE AGREEMENTS (f) 0.4%** |
|  |  | 4074 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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%** |
|  3.989% due 01/05/2023 - 03/23/2023 (a)(b)(k) | 2334 | $— | 2321 |
|  **Total Short-Term Instruments (Cost $6,396)** | **Total Short-Term Instruments (Cost $6,396)** |  | **6395** |
| **Total Investments in Securities (Cost $1,811,300)** | **Total Investments in Securities (Cost $1,811,300)** |  | **1610043** |
|  | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 4.0%** | **INVESTMENTS IN AFFILIATES 4.0%** | **INVESTMENTS IN AFFILIATES 4.0%** | **INVESTMENTS IN AFFILIATES 4.0%** |
| **SHORT-TERM INSTRUMENTS 4.0%** | **SHORT-TERM INSTRUMENTS 4.0%** | **SHORT-TERM INSTRUMENTS 4.0%** | **SHORT-TERM INSTRUMENTS 4.0%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 4805162 |  | 46687 |
|  **Total Short-Term Instruments (Cost $46,682)** | **Total Short-Term Instruments (Cost $46,682)** |  | **46687** |
| **Total Investments in Affiliates (Cost $46,682)** | **Total Investments in Affiliates (Cost $46,682)** |  | **46687** |
| **Total Investments 143.4% (Cost $1,857,982)** | **Total Investments 143.4% (Cost $1,857,982)** | $— | **1656730** |
|  **Financial Derivative<br>Instruments (h)(j) (0.2)%**<br> **(Cost or Premiums, net $(370))** | **Financial Derivative<br>Instruments (h)(j) (0.2)%**<br> **(Cost or Premiums, net $(370))** |  | **(2399)** |
| **Other Assets and Liabilities, net (43.2)%** | **Other Assets and Liabilities, net (43.2)%** |  | **(499019)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **1155312** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

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

---

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

---

| | |
|:---|:---|
| **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)** **Coupon represents a weighted average yield to maturity.** 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **37** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)** 

**(b)** **Zero coupon security.** 

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

**(d)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 3.785% | 03/17/2033 | 03/10/2022 | $2000 | $1716 | 0.15% |
|  Deutsche Bank AG | 2.129 | 11/24/2026 | 11/17/2020 | 1400 | 1236 | 0.11 |
|  Deutsche Bank AG | 3.729 | 01/14/2032 | 01/11/2021 | 1200 | 882 | 0.08 |
|  Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 6095 | 3998 | 0.35 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;10695 | $&nbsp;&nbsp;&nbsp;&nbsp;7832 | 0.69% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(f) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
|  FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;4074 | U.S. Treasury Bills 0.000% due 06/08/2023 | $(4156) | $4074 | $4074 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(4156)** | $**4074** | $**4074** |

---

**REVERSE REPURCHASE AGREEMENTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(2)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  BOS | 4.200% | 11/14/2022 | 01/09/2023 | $(6621) | $(6659) |
|  BSN | 4.150 | 11/03/2022 | 01/04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(59246) | (59663) |
|  **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  | $**(66322)** |

---

**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, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/<br>(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 |
|  BOS | $0 | $(6659) | $0 | $(6659) | $6400 | $(259) |
|  BSN | 0 | (59663) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(59663) | &nbsp;&nbsp;&nbsp;&nbsp;59023 | &nbsp;&nbsp;&nbsp;&nbsp;(640) |
|  FICC | 4074 | 0 | 0 | 4074 | (4156) | (82) |
|  **Total Borrowings and Other Financing Transactions** | $**4074** | $**(66322)** | $**0** |  |  |  |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** |
|  U.S. Treasury Obligations | $0 | $(66322) | $0 | $0 | $(66322) |
|  **Total Borrowings** | $**0** | $**(66322)** | $**0** | $**0** | $**(66322)** |
|  **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**  | $**(66322)** |

---

**(g)** **Securities with an aggregate market value of $67,799 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(179899) at a weighted average interest rate of 0.981%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

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

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

**FUTURES CONTRACTS:** 

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 1310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154948) | $2566 | $82 | $0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**2566** | $**82** | $**0** |

---

**SWAP AGREEMENTS:** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2025 | 0.947% | $3700 | $&nbsp;&nbsp;&nbsp;&nbsp;(140) | $146 | $6 | $0 | $(1) |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2026 | 1.022 | 700 | 10 | (10) | 0 | 0 | 0 |
|  Auchan Holding SA | 1.000 | Quarterly | 12/20/2027 | 2.280 | 500 | (29) | (1) | (30) | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 1.297 | $1500 | (7) | (8) | (15) | 1 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 1.531 | 2000 | (8) | (42) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;&nbsp;&nbsp;1 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 1.674 | 2000 | (12) | (57) | (69) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Energy Transfer Operating LP | 1.000 | Quarterly | 12/20/2025 | 0.751 | $3500 | (44) | 70 | 26 | 2 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2023 | 0.438 | 5800 | (201) | &nbsp;&nbsp;&nbsp;&nbsp;234 | 33 | 1 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2024 | 0.522 | 3400 | (5) | 30 | 25 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2024 | 0.564 | 1400 | (23) | 35 | 12 | 0 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **39** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  General Electric Co. | 1.000% | Quarterly | 06/20/2026 | 0.801% | $400 | $3 | $0 | $3 | $0 | $0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 1.445 | EUR 1,700 | 5 | (44) | (39) | 0 | (1) |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 1.009 | $1400 | 32 | (32) | 0 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(419) | $&nbsp;&nbsp;&nbsp;&nbsp;321 | $&nbsp;&nbsp;&nbsp;&nbsp;(98) | $&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/<br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/<br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 3-Month CAD-Bank Bill | 0.980% | Semi-Annual | 02/26/2024 | CAD 232,300 | $217 | $(9495) | $(9278) | $0 | $(58) |
| Pay | 3-Month CAD-Bank Bill | 0.880 | Semi-Annual | 03/03/2024 | 107000 | 6 | (4414) | (4408) | 0 | (31) |
|  |  |  |  |  |  | $223 | $(13909) | $(13686) | $0 | $(89) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(196)** | $**(13588)** | $**(13784)** | $**5** | $**(93)** |

---

**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, 2022:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
|  | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**82** | $**5** | $**87** | $**0** | $**0** | $**(93)** | $**(93)** |

---

**(i)** **Securities with an aggregate market value of $17,321 and cash of $25,877 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. 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 sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

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

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

&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 Delivered** | **Currency to<br>be Received** | **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 Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | $— | 51 | ZAR | 908 | $2 | $0 |
|  BPS | 02/2023 | IDR | 816477 | $— | 52 | 0 | (1) |
|  | 03/2023 | COP | 2774539 |  | 567 | 2 | 0 |
|  | 03/2023 | INR | 10891 |  | 131 | 0 | 0 |
|  | 03/2023 | MXN | 11314 |  | 561 | 0 | (11) |
|  BRC | 01/2023 | $— | 1343 | GBP | 1107 | 0 | (4) |
|  | 01/2023 |  | 566 | SGD | 762 | 3 | 0 |
|  GLM | 01/2023 |  | 296 | PLN | 1502 | 47 | 0 |
|  | 03/2023 | COP | 2774539 | $— | 575 | 10 | 0 |
|  | 03/2023 | $— | 575 | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774539 | 0 | (11) |
|  | 05/2023 |  | 7 | ZAR | 123 | 0 | 0 |
|  JPM | 01/2023 | GBP | 43655 | $— | 52715 | 0 | (71) |
|  | 02/2023 | IDR | 1410220 |  | 90 | 0 | (1) |
|  | 02/2023 | $— | 57 | TWD | 1727 | 0 | 0 |
|  | 03/2023 | IDR | 1509788 | $— | 96 | 0 | 0 |
|  MBC | 01/2023 | EUR | 105183 |  | 110239 | 0 | (2402) |
|  | 03/2023 | IDR | 916358 |  | 59 | 0 | 0 |
|  MYI | 01/2023 | AUD | 395 |  | 265 | 0 | (4) |
|  | 02/2023 | $— | 105 | TWD | 3193 | 0 | 0 |
|  | 03/2023 | IDR | 1291150 | $— | 82 | 0 | (1) |
|  SCX | 01/2023 | CAD | 2795 |  | 2081 | 16 | 0 |
|  | 01/2023 | $— | 915 | EUR | 859 | 5 | 0 |
|  | 01/2023 |  | 162 | KRW | 213621 | 7 | 0 |
|  | 02/2023 | IDR | 1483872 | $— | 94 | 0 | (1) |
|  | 02/2023 | $— | 510 | TWD | 15691 | 3 | 0 |
|  TOR | 01/2023 | CAD | 7106 | $— | 5286 | 38 | 0 |
|  UAG | 02/2023 | IDR | 2202297 |  | 139 | 0 | (3) |
|  | 03/2023 | $— | 65 | ZAR | 1165 | 3 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**136** | $**(2510)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap<br>Agreements,<br>at Value<sup>(4)</sup>** | **Swap<br>Agreements,<br>at Value<sup>(4)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GST | Mexico Government International Bond | 1.000% | Quarterly | 06/20/2023 | 0.336% | $&nbsp;&nbsp;&nbsp;&nbsp;2300 | $(21) | $29 | $8 | $0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.640 | 1700 | (14) | 26 | &nbsp;&nbsp;&nbsp;&nbsp;12 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;(46) | &nbsp;&nbsp;&nbsp;&nbsp;32 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(14) |
|  JPM | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.961 | 600 | (5) | 6 | 1 | 0 |
|  MYC | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.640 | 1400 | (12) | 22 | 10 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.846 | 200 | (3) | 4 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.048 | 2000 | 5 | (8) | 0 | (3) |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **41** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap<br>Agreements,<br>at Value<sup>(4)</sup>** | **Swap<br>Agreements,<br>at Value<sup>(4)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Mexico Government International Bond | 1.000% | Quarterly | 06/20/2027 | 1.191% | $700 | $(2) | $(3) | $0 | $(5) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | &nbsp;&nbsp;&nbsp;&nbsp;2200 | (76) | 47 | 0 | (29) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(174)** | $**155** | $**32** | $**(51)** |

---

**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, 2022:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(5)</sup>** |
|  BOA | $2 | $0 | $0 | $2 | $0 | $0 | $0 | $0 | $2 | $0 | $2 |
|  BPS | 2 | 0 | 0 | 2 | (12) | 0 | 0 | (12) | (10) | 0 | (10) |
|  BRC | 3 | 0 | 0 | 3 | (4) | 0 | 0 | (4) | (1) | 0 | (1) |
|  GLM | 57 | 0 | 0 | 57 | (11) | 0 | 0 | (11) | 46 | 0 | 46 |
|  GST | 0 | 0 | 20 | 20 | 0 | 0 | (14) | (14) | 6 | 0 | 6 |
|  JPM | 0 | 0 | 1 | 1 | (72) | 0 | 0 | (72) | (71) | 0 | (71) |
|  MBC | 0 | 0 | 0 | 0 | (2402) | 0 | 0 | (2402) | &nbsp;&nbsp;&nbsp;&nbsp;(2402) | &nbsp;&nbsp;&nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp;(530) |
|  MYC | 0 | 0 | 11 | 11 | 0 | 0 | (37) | (37) | (26) | 0 | (26) |
|  MYI | 0 | 0 | 0 | 0 | (5) | 0 | 0 | (5) | (5) | 0 | (5) |
|  SCX | 31 | 0 | 0 | 31 | (1) | 0 | 0 | (1) | 30 | 0 | 30 |
|  TOR | 38 | 0 | 0 | 38 | 0 | 0 | 0 | 0 | 38 | 0 | 38 |
|  UAG | 3 | 0 | 0 | 3 | (3) | 0 | 0 | (3) | 0 | 0 | 0 |
|  **Total Over the Counter** | $**136** | $**0** | $**32** | $**168** | $**(2510)** | $**0** | $**(51)** | $**(2561)** |  |  |  |

---

**(k)** **Securities with an aggregate market value of $1,872 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

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

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**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, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $0 | $0 | $0 | $0 | $82 | $82 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | 0 | 5 |
|  | $0 | $5 | $0 | $0 | $82 | $87 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $136 | $0 | $136 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 32 | 0 | 0 | 0 | 32 |
|  | $0 | $32 | $0 | $136 | $0 | $168 |
|  | $0 | $37 | $0 | $136 | $82 | $255 |
|  **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; Swap Agreements  | $0 | $4 | $0 | $0 | $89 | $93 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2510 | $0 | $2510 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 51 | 0 | 0 | 0 | 51 |
|  | $0 | $51 | $0 | $2510 | $0 | $2561 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654 |

---

**The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $0 | $0 | $0 | $0 | $(11631) | $(11631) |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (670) | 0 | 0 | (1520) | (2190) |
|  | $0 | $(670) | $0 | $0 | $(13151) | $(13821) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23348 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23348 |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 398 | 398 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | 242 | 0 | 0 | (352) | (110) |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 776 | 0 | 0 | 0 | 776 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $23348 | $46 | $24412 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $348 | $0 | $23348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13105) | $10591 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **43** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1104 | $1104 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (459) | 0 | 0 | (9388) | (9847) |
|  | $0 | $(459) | $0 | $0 | $(8284) | $(8743) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2090 | $0 | $2090 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | (97) | 0 | 0 | (19) | (116) |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (474) | 0 | 0 | 0 | (474) |
|  | $0 | $(571) | $0 | $2090 | $(19) | $1500 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8303) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7243) |

---

**FAIR VALUE MEASUREMENTS** 

**The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $17001 | $0 | $17001 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 280729 | 0 | 280729 |
| &nbsp;&nbsp;&nbsp; Industrials | 0 | 134869 | 0 | 134869 |
| &nbsp;&nbsp;&nbsp; Utilities | 0 | 19848 | 0 | 19848 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;&nbsp; California | 0 | 8553 | 0 | 8553 |
| &nbsp;&nbsp;&nbsp; Illinois | 0 | 1071 | 0 | 1071 |
| &nbsp;&nbsp;&nbsp; Michigan | 0 | 10504 | 0 | 10504 |
| &nbsp;&nbsp;&nbsp; New Jersey | 0 | 3313 | 0 | 3313 |
| &nbsp;&nbsp;&nbsp; New York | 0 | 7659 | 0 | 7659 |
| &nbsp;&nbsp;&nbsp; Virginia | 0 | 3227 | 0 | 3227 |
| &nbsp;&nbsp;&nbsp; West Virginia | 0 | 7699 | 0 | 7699 |
|  U.S. Government Agencies | 0 | 463111 | 0 | 463111 |
|  U.S. Treasury Obligations | 0 | 178593 | 0 | 178593 |
|  Non-Agency Mortgage-Backed Securities | 0 | 82873 | 0 | 82873 |
|  Asset-Backed Securities | 0 | 320076 | 0 | 320076 |
|  Sovereign Issues | 0 | 3889 | 0 | 3889 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 51706 | 0 | 51706 |
| &nbsp;&nbsp;&nbsp; Industrials | 0 | 8927 | 0 | 8927 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0 | 4074 | 0 | 4074 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | 0 | 2321 | 0 | 2321 |
|  | $0 | $1610043 | $0 | $1610043 |
|  **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;&nbsp; Central Funds Used for Cash Management Purposes | $46687 | $0 | $0 | $46687 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656730 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $87 | $0 | $87 |
|  Over the counter | 0 | 168 | 0 | 168 |
|  | $0 | $255 | $0 | $255 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | 0 | (93) | 0 | (93) |
|  Over the counter | 0 | (2561) | 0 | (2561) |
|  | $0 | $(2654) | $0 | $(2654) |
|  Total Financial Derivative Instruments | $0 | $(2399) | $0 | $(2399) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654331 |

---

**There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.** 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **45** |

---

------

##### [**Table of Contents**](#toc)
**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 172.7%** | **INVESTMENTS IN SECURITIES 172.7%** | **INVESTMENTS IN SECURITIES 172.7%** |
| **CORPORATE BONDS & NOTES 88.6%** | **CORPORATE BONDS & NOTES 88.6%** | **CORPORATE BONDS & NOTES 88.6%** |
| **BANKING & FINANCE 46.8%** | **BANKING & FINANCE 46.8%** | **BANKING & FINANCE 46.8%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  1.650% due 10/29/2024 (d) | 1200 | 1108 |
|  4.500% due 09/15/2023 (d) | 1000 | 994 |
|  **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
|  2.750% due 01/15/2023 (d) | 1300 | 1298 |
|  **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
|  1.450% due 10/02/2023 (d) | 1000 | 970 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  3.375% due 05/15/2024 (d) | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;1168 |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  5.500% due 01/15/2023 (d) | 400 | 399 |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  3.892% due 05/24/2024 (d) | 1000 | 979 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  5.304% due 08/09/2026 •(d) | 600 | 596 |
|  5.396% (BBSW3M + 2.150%) due 06/26/2024 ~ | 500 | 343 |
|  6.024% (US0003M + 1.380%) due 05/16/2024 ~(d) | 700 | 700 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  4.705% due 01/10/2025 •(d) | 1600 | 1585 |
|  **BPCE SA** | **BPCE SA** | **BPCE SA** |
|  1.652% due 10/06/2026 •(d) | 1000 | 890 |
|  **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
|  3.650% due 04/05/2027 (d) | 400 | 373 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  5.975% (US0003M + 1.240%) due 06/12/2024 ~ | 700 | 663 |
|  **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** |
|  5.795% (US0003M + 1.060%) due 09/12/2023 ~(d) | 500 | 500 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  0.962% due 11/08/2023 (d) | 1100 | 1059 |
|  2.222% due 09/18/2024 •(d) | 500 | 483 |
|  **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** |
|  5.400% (US0003M + 0.850%) due 08/08/2023 ~ | 1000 | 1000 |
|  **Five Corners Funding Trust** | **Five Corners Funding Trust** | **Five Corners Funding Trust** |
|  4.419% due 11/15/2023 (d) | 500 | 496 |
|  **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
|  1.650% due 10/12/2024 (d) | 1200 | 1084 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  1.250% due 12/08/2023 (d) | 1200 | 1152 |
|  1.625% due 01/15/2026 (d) | 400 | 356 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  6.115% (US0003M + 1.380%) due 09/12/2026 ~(d) | $| 2070 | 2039 |
|  **LeasePlan Corp. NV** | **LeasePlan Corp. NV** | **LeasePlan Corp. NV** | **LeasePlan Corp. NV** |
|  2.875% due 10/24/2024 (d) |  | 2100 | 1972 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  4.518% (BBSW3M + 1.400%) due 03/07/2025 ~ | AUD | 1000 | 673 |
|  4.716% due 08/11/2026 •(d) | $| 1000 | 979 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  4.363% due 08/01/2024 •(d) |  | 2000 | 1974 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.519% due 06/25/2024 •(d) |  | 900 | 892 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  1.851% due 07/16/2025 (d) |  | 200 | 182 |
|  2.329% due 01/22/2027 (d) |  | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;1490 |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  4.500% due 03/15/2023 (d) |  | 700 | 698 |
|  **QNB Finance Ltd.** | **QNB Finance Ltd.** | **QNB Finance Ltd.** | **QNB Finance Ltd.** |
|  4.883% (BBSW3M + 1.750%) due 02/01/2023 ~ | AUD | 1500 | 1022 |
|  5.988% (US0003M + 1.250%) due 03/21/2024 ~ | $| 600 | 604 |
|  **Scentre Group Trust** | **Scentre Group Trust** | **Scentre Group Trust** | **Scentre Group Trust** |
|  3.500% due 02/12/2025 |  | 800 | 766 |
|  **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** |
|  3.550% due 04/15/2024 (d) |  | 300 | 290 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  1.488% due 12/14/2026 •(d) |  | 1900 | 1653 |
|  **Stellantis Finance U.S., Inc.** | **Stellantis Finance U.S., Inc.** | **Stellantis Finance U.S., Inc.** | **Stellantis Finance U.S., Inc.** |
|  1.711% due 01/29/2027 (d) |  | 800 | 687 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  4.488% due 05/12/2026 •(d) |  | 700 | 685 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  4.375% due 05/15/2025 (d) |  | 300 | 292 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;35094 |
| **INDUSTRIALS 34.8%** | **INDUSTRIALS 34.8%** | **INDUSTRIALS 34.8%** | **INDUSTRIALS 34.8%** |
|  **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
|  3.222% due 08/15/2024 (d) |  | 1600 | 1542 |
|  3.557% due 08/15/2027 (d) |  | 400 | 366 |
|  **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
|  0.950% due 02/15/2024 (d) |  | 600 | 569 |
|  1.570% due 01/15/2026 (d) |  | 600 | 535 |
|  4.875% due 07/15/2026 (d) |  | 600 | 579 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  4.508% due 05/01/2023 (d) |  | 500 | 499 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  2.250% due 11/15/2023 (d) | 200 | 195 |
|  3.459% due 09/15/2026 (d) | 900 | 849 |
|  **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
|  0.700% due 03/02/2023 (d) | 300 | 298 |
|  5.279% (US0003M + 0.500%) due 03/02/2023 ~(d) | 200 | 200 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  6.090% (US0003M + 1.650%) due 02/01/2024 ~(d) | 1400 | 1407 |
|  **DAE Funding LLC** | **DAE Funding LLC** | **DAE Funding LLC** |
|  1.550% due 08/01/2024 (d) | 600 | 558 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  5.450% due 06/15/2023 (d) | 165 | 165 |
|  **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
|  7.375% due 01/15/2026 (d) | 500 | 512 |
|  **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
|  1.200% due 10/01/2027 (d) | 700 | 595 |
|  **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
|  1.200% due 03/01/2026 (d) | 700 | 611 |
|  **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** |
|  3.125% due 07/26/2024 (d) | 650 | 622 |
|  6.125% due 07/27/2027 (d) | 1100 | 1096 |
|  **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
|  1.230% due 10/01/2025 (d) | 1000 | 884 |
|  **Kansas City Southern** | **Kansas City Southern** | **Kansas City Southern** |
|  3.000% due 05/15/2023 (d) | 1500 | 1487 |
|  **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
|  4.500% due 04/30/2024 (d) | 400 | 395 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.043% due 09/15/2023 (d) | 1000 | 980 |
|  **Pacific National Finance Pty. Ltd.** | **Pacific National Finance Pty. Ltd.** | **Pacific National Finance Pty. Ltd.** |
|  6.000% due 04/07/2023 (d) | 1000 | 1000 |
|  **Petronas Energy Canada Ltd.** | **Petronas Energy Canada Ltd.** | **Petronas Energy Canada Ltd.** |
|  2.112% due 03/23/2028 (d) | 1000 | 876 |
|  **Renesas Electronics Corp.** | **Renesas Electronics Corp.** | **Renesas Electronics Corp.** |
|  1.543% due 11/26/2024 | 1700 | 1560 |
|  **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** |
|  1.250% due 11/24/2023 (d) | 600 | 578 |
|  2.875% due 04/16/2024 | 1000 | 971 |
|  **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
|  1.250% due 08/09/2024 (d) | 2000 | 1859 |
|  **Transurban Queensland Finance Pty. Ltd.** | **Transurban Queensland Finance Pty. Ltd.** | **Transurban Queensland Finance Pty. Ltd.** |
|  5.238% (BBSW3M + 2.050%) due 12/16/2024 ~ | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;1035 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  3.638% due 03/15/2025 (d) | 700 | 666 |
|  **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
|  4.400% due 03/15/2024 (d) | 800 | 787 |
|  4.950% due 09/15/2028 (d) | 300 | 289 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
|  3.650% due 03/05/2025 | 600 | 576 |
|  3.700% due 09/15/2026 | 1000 | 936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26077 |
| **UTILITIES 7.0%** | **UTILITIES 7.0%** | **UTILITIES 7.0%** |
|  **AES Corp.** | **AES Corp.** | **AES Corp.** |
|  1.375% due 01/15/2026 (d) | 1300 | 1156 |
|  **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** |
|  5.000% due 11/12/2024 | 1500 | 1487 |
|  **KT Corp.** | **KT Corp.** | **KT Corp.** |
|  4.000% due 08/08/2025 (d) | 1400 | 1363 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  2.100% due 08/01/2027 (d) | 200 | 171 |
|  2.950% due 03/01/2026 (d) | 100 | 92 |
|  3.250% due 06/15/2023 (d) | 100 | 99 |
|  3.400% due 08/15/2024 (d) | 200 | 192 |
|  3.850% due 11/15/2023 | 100 | 98 |
|  4.950% due 06/08/2025 (d) | 500 | 493 |
|  **Trans-Allegheny Interstate Line Co.** | **Trans-Allegheny Interstate Line Co.** | **Trans-Allegheny Interstate Line Co.** |
|  3.850% due 06/01/2025 (d) | 100 | 97 |
|  |  | 5248 |
|  **Total Corporate Bonds & Notes (Cost $70,328)** | **Total Corporate Bonds & Notes (Cost $70,328)** | **66419** |
| **MUNICIPAL BONDS & NOTES 1.0%** | **MUNICIPAL BONDS & NOTES 1.0%** | **MUNICIPAL BONDS & NOTES 1.0%** |
| **ILLINOIS 0.4%** | **ILLINOIS 0.4%** | **ILLINOIS 0.4%** |
|  **Illinois State General Obligation Notes, Series 2020** | **Illinois State General Obligation Notes, Series 2020** | **Illinois State General Obligation Notes, Series 2020** |
|  5.375% due 05/01/2023 | 300 | 302 |
| **PENNSYLVANIA 0.6%** | **PENNSYLVANIA 0.6%** | **PENNSYLVANIA 0.6%** |
|  **Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006** | **Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006** | **Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006** |
|  4.488% (US0003M + 0.130%) due 10/25/2036 ~ | 485 | 477 |
|  **Total Municipal Bonds & Notes (Cost $778)** | **Total Municipal Bonds & Notes (Cost $778)** | **779** |
| **U.S. GOVERNMENT AGENCIES 1.8%** | **U.S. GOVERNMENT AGENCIES 1.8%** | **U.S. GOVERNMENT AGENCIES 1.8%** |
|  **Freddie Mac** |  |  |
|  1.000% due 09/15/2044 (d) | 1567 | 1326 |
|  **Ginnie Mae** |  |  |
|  4.522% due 08/20/2061 ~ | 1 | 1 |
|  4.803% due 10/20/2037 ~ | 20 | 20 |
|  **Total U.S. Government Agencies (Cost $1,595)** | **Total U.S. Government Agencies (Cost $1,595)** | **1347** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **47** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 33.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 33.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 33.0%** |
|  **Avon Finance PLC** | **Avon Finance PLC** | **Avon Finance PLC** |
|  4.331% due 09/20/2048 •  | 590 | 700 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  4.496% due 09/20/2034 ~ | 17 | 16 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  2.842% due 04/25/2033 ~ | 10 | 10 |
|  3.830% due 01/25/2034 ~ | 3 | 3 |
|  4.191% due 11/25/2034 ~ | 18 | 16 |
|  **Brass PLC** | **Brass PLC** | **Brass PLC** |
|  5.344% due 11/16/2066 ~ | 27 | 27 |
|  **BWAY Mortgage Trust** | **BWAY Mortgage Trust** | **BWAY Mortgage Trust** |
|  5.568% due 09/15/2036 •  | 1400 | 1338 |
|  **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** |
|  5.018% due 01/15/2034 •  | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;1163 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.371% due 05/25/2051 ~ | 939 | 859 |
|  5.410% due 10/25/2035 ~ | 2 | 2 |
|  **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
|  3.187% due 06/25/2033 ~ | 5 | 5 |
|  6.500% due 04/25/2033 | 14 | 14 |
|  **DROP Mortgage Trust** | **DROP Mortgage Trust** | **DROP Mortgage Trust** |
|  5.470% due 10/15/2043 •  | 1500 | 1431 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | 1269 | 1234 |
|  **GCAT Trust** | **GCAT Trust** | **GCAT Trust** |
|  1.348% due 05/25/2066 ~ | 588 | 473 |
|  1.503% due 05/25/2066 ~ | 588 | 464 |
|  **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** |
|  5.118% due 02/15/2038 •  | 200 | 186 |
|  **Gemgarto PLC** | **Gemgarto PLC** | **Gemgarto PLC** |
|  3.999% due 12/16/2067 •  | 1212 | 1441 |
|  **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** |
|  7.736% due 08/15/2039 ~ | 1200 | 1211 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  4.371% due 02/25/2052 •  | 1313 | 1200 |
|  4.778% due 12/25/2051 •  | 442 | 404 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.767% due 09/25/2035 ~ | 2 | 2 |
|  7.303% due 08/25/2033 •  | 31 | 29 |
|  **Impac CMB Trust** | **Impac CMB Trust** | **Impac CMB Trust** |
|  5.029% due 03/25/2035 ~ | 141 | 128 |
|  5.389% due 07/25/2033 ~ | 56 | 55 |
|  **InTown Mortgage Trust** | **InTown Mortgage Trust** | **InTown Mortgage Trust** |
|  6.825% due 08/15/2039 ~ | 400 | 398 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  5.768% due 12/15/2031 •  | 530 | 505 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  2.675% due 02/25/2035 ~ | 1 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.861% due 06/25/2035 ~ | $— | 1 | $— | 1 |
|  4.059% due 09/25/2034 ~ |  | 5 |  | 4 |
|  4.157% due 04/25/2035 ~ |  | 10 |  | 10 |
|  4.490% due 02/25/2034 ~ |  | 9 |  | 9 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ |  | 485 |  | 464 |
|  **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** |
|  4.392% due 10/20/2029 ~ |  | 5 |  | 5 |
|  4.798% due 06/15/2030 •  |  | 6 |  | 6 |
|  **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** |
|  3.046% due 02/25/2035 ~ |  | 52 |  | 49 |
|  4.849% due 04/25/2029 •  |  | 2 |  | 2 |
|  5.029% due 10/25/2028 ~ |  | 1 |  | 1 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.131% due 07/25/2060 ~ |  | 628 |  | 553 |
|  1.381% due 04/25/2065 ~ |  | 160 |  | 144 |
|  **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** |
|  4.023% due 11/25/2034 ~ |  | 2 |  | 1 |
|  **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** |
|  4.371% due 09/25/2051 •  |  | 174 |  | 159 |
|  **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** |
|  0.941% due 10/25/2058 ~ |  | 374 |  | 326 |
|  2.750% due 07/25/2059 ~ |  | 507 |  | 474 |
|  2.750% due 11/25/2059 ~ |  | 519 |  | 475 |
|  3.500% due 12/25/2057 ~ |  | 589 |  | 558 |
|  **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** |
|  5.413% due 11/15/2038 ~ |  | 1300 |  | &nbsp;&nbsp;&nbsp;&nbsp;1182 |
|  **Prime Mortgage Trust** | **Prime Mortgage Trust** | **Prime Mortgage Trust** | **Prime Mortgage Trust** | **Prime Mortgage Trust** |
|  4.789% due 02/25/2034 •  |  | 3 |  | 3 |
|  **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** |
|  4.822% due 02/03/2053 ~ |  | 687 |  | 680 |
|  **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
|  5.039% due 10/19/2026 ~ |  | 28 |  | 26 |
|  5.113% due 10/20/2027 ~ |  | 4 |  | 4 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  |  | 146 |  | 175 |
|  **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** |
|  3.905% due 06/25/2029 ~ | $— | 3 |  | 3 |
|  4.919% due 07/19/2034 ~ |  | 18 |  | 16 |
|  4.999% due 09/19/2032 ~ |  | 4 |  | 4 |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  2.412% due 04/25/2045 ~ |  | 9 |  | 8 |
|  5.029% due 09/25/2043 •  |  | 3 |  | 3 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  4.071% due 10/20/2051 •  |  | 210 |  | 252 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  1.636% due 04/25/2060 ~ | $— | 1072 |  | 944 |
|  2.710% due 01/25/2060 ~ |  | 339 |  | 312 |
|  3.750% due 05/25/2058 ~ |  | 657 |  | 622 |
|  5.389% due 05/25/2058 ~ |  | 465 |  | 461 |
|  5.389% due 10/25/2059 ~ |  | 407 |  | 403 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** |
|  3.729% due 07/15/2059 ~ | 1656 | 1979 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.448% due 06/25/2042 ~ | 2 | 2 |
|  4.929% due 12/25/2045 •  | 82 | 76 |
|  4.969% due 10/25/2045 ~ | 12 | 11 |
|  5.129% due 11/25/2034 •  | 31 | 28 |
|  5.189% due 06/25/2044 •  | 11 | 10 |
|  **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
|  5.370% due 12/13/2031 •  | 1000 | 987 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $26,805)** | **Total Non-Agency Mortgage-Backed Securities (Cost $26,805)** | **24747** |
| **ASSET-BACKED SECURITIES 46.5%** | **ASSET-BACKED SECURITIES 46.5%** | **ASSET-BACKED SECURITIES 46.5%** |
|  **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** |
|  5.283% due 10/20/2031 •  | 600 | 589 |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  4.991% due 04/14/2029 •  | 86 | 85 |
|  **Amortizing Residential Collateral Trust** | **Amortizing Residential Collateral Trust** | **Amortizing Residential Collateral Trust** |
|  5.389% due 10/25/2034 •  | 131 | 128 |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 494 | 486 |
|  **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
|  5.009% due 07/17/2030 ~ | 400 | 396 |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  5.189% due 10/27/2032 ~ | 21 | 20 |
|  5.514% due 03/25/2035 ~ | 559 | 551 |
|  5.589% due 01/25/2045 ~ | 102 | 100 |
|  **Blackrock European CLO DAC** | **Blackrock European CLO DAC** | **Blackrock European CLO DAC** |
|  1.998% due 10/15/2031 ~ | 2000 | 2076 |
|  **BXMT Ltd.** | **BXMT Ltd.** | **BXMT Ltd.** |
|  5.322% due 11/15/2037 ~ | 1100 | 1083 |
|  **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** |
|  2.078% due 01/15/2031 ~ | 800 | 835 |
|  **Carlyle Global Market Strategies Euro CLO DAC** | **Carlyle Global Market Strategies Euro CLO DAC** | **Carlyle Global Market Strategies Euro CLO DAC** |
|  2.548% due 11/15/2031 ~ | 700 | 726 |
|  **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** |
|  5.243% due 04/20/2031 •  | 1300 | 1279 |
|  **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
|  5.363% due 10/20/2029 •  | 784 | 774 |
|  **Chase Funding Trust** | **Chase Funding Trust** | **Chase Funding Trust** |
|  5.129% due 10/25/2032 ~ | 41 | 40 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.083% due 05/25/2036 ~ | 328 | 323 |
|  **Delta Funding Home Equity Loan Trust** | **Delta Funding Home Equity Loan Trust** | **Delta Funding Home Equity Loan Trust** |
|  5.138% due 09/15/2029 ~ | 4 | 4 |
|  **ELFI Graduate Loan Program LLC** | **ELFI Graduate Loan Program LLC** | **ELFI Graduate Loan Program LLC** |
|  1.530% due 12/26/2046 | 1051 | 920 |
|  **Finance America Mortgage Loan Trust** | **Finance America Mortgage Loan Trust** | **Finance America Mortgage Loan Trust** |
|  5.214% due 08/25/2034 ~ | 96 | 89 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  4.709% due 04/25/2036 •  | 1061 | &nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** |
|  1.266% due 10/19/2037 | 494 | 438 |
|  **Ford Auto Securitization Trust** | **Ford Auto Securitization Trust** | **Ford Auto Securitization Trust** |
|  0.887% due 08/15/2024 | 461 | 337 |
|  **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** |
|  5.153% due 11/20/2030 •  | 1300 | 1284 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.909% due 06/25/2036 •  | 488 | 468 |
|  **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** |
|  5.343% due 07/20/2031 ~ | 896 | 882 |
|  **Harvest CLO DAC** | **Harvest CLO DAC** | **Harvest CLO DAC** |
|  1.040% due 07/15/2031 | 400 | 387 |
|  **HERA Commercial Mortgage Ltd.** | **HERA Commercial Mortgage Ltd.** | **HERA Commercial Mortgage Ltd.** |
|  5.389% due 02/18/2038 ~ | 900 | 872 |
|  **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** |
|  1.988% due 04/15/2030 •  | 1200 | 1256 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.283% due 10/20/2027 •  | 71 | 71 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.323% due 04/20/2031 ~ | 250 | 244 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.419% due 10/16/2036 •  | 100 | 96 |
|  6.150% due 11/15/2035 ~ | 434 | 429 |
|  **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
|  5.300% due 07/15/2036 ~ | 518 | 505 |
|  **MidOcean Credit CLO** | **MidOcean Credit CLO** | **MidOcean Credit CLO** |
|  5.445% due 01/29/2030 •  | 1203 | 1189 |
|  **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** |
|  1.170% due 09/16/2069 | 556 | 494 |
|  1.690% due 05/15/2069 | 990 | 892 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  5.319% due 11/25/2034 •  | 561 | 532 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  5.049% due 01/25/2036 ~ | 550 | 540 |
|  **OCP Euro CLO DAC** | **OCP Euro CLO DAC** | **OCP Euro CLO DAC** |
|  2.382% due 09/22/2034 •  | 500 | 520 |
|  **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** |
|  2.158% due 04/15/2031 •  | 256 | 266 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  5.475% due 02/20/2028 •  | 274 | 272 |
|  **PFP Ltd.** | **PFP Ltd.** | **PFP Ltd.** |
|  5.326% due 08/09/2037 •  | 1168 | 1118 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.992% due 02/25/2061 þ | 379 | 344 |
|  2.487% due 07/25/2051 þ | 751 | 697 |
|  **RAAC Trust** | **RAAC Trust** | **RAAC Trust** |
|  4.939% due 01/25/2046 ~ | 468 | 456 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  5.064% due 01/25/2035 ~ | 299 | 274 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **49** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  5.108% due 04/25/2023 •  | $| 497 | 481 |
|  5.858% due 04/25/2023 ~ |  | 281 | 279 |
|  6.058% due 07/25/2023 ~ |  | 227 | 224 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  4.436% due 09/15/2054 ~ |  | 2601 | &nbsp;&nbsp;&nbsp;&nbsp;2499 |
|  4.918% due 03/17/2053 •  |  | 136 | 131 |
|  5.239% due 09/15/2054 •  |  | 644 | 624 |
|  **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** |
|  3.020% due 02/25/2040 |  | 67 | 64 |
|  **TCW CLO Ltd.** | **TCW CLO Ltd.** | **TCW CLO Ltd.** | **TCW CLO Ltd.** |
|  5.328% due 04/25/2031 ~ |  | 1300 | 1280 |
|  **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** |
|  2.239% due 01/12/2032 •  | EUR | 500 | 516 |
|  **Towd Point Asset Trust** | **Towd Point Asset Trust** | **Towd Point Asset Trust** | **Towd Point Asset Trust** |
|  5.053% due 11/20/2061 •  | $| 336 | 331 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  5.263% due 04/20/2029 ~ |  | 416 | 412 |
|  5.343% due 01/20/2029 •  |  | 290 | 287 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.079% due 10/15/2030 •  |  | 1400 | 1375 |
|  **Total Asset-Backed Securities (Cost $36,827)** | **Total Asset-Backed Securities (Cost $36,827)** | **Total Asset-Backed Securities (Cost $36,827)** | **34895** |
| **SHORT-TERM INSTRUMENTS 1.8%** | **SHORT-TERM INSTRUMENTS 1.8%** | **SHORT-TERM INSTRUMENTS 1.8%** | **SHORT-TERM INSTRUMENTS 1.8%** |
| **REPURCHASE AGREEMENTS (c) 0.5%** | **REPURCHASE AGREEMENTS (c) 0.5%** | **REPURCHASE AGREEMENTS (c) 0.5%** | **REPURCHASE AGREEMENTS (c) 0.5%** |
|  |  |  | 341 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **U.S. TREASURY BILLS 1.3%** | **U.S. TREASURY BILLS 1.3%** | **U.S. TREASURY BILLS 1.3%** | **U.S. TREASURY BILLS 1.3%** |
|  4.106% due 02/02/2023 - 03/02/2023 (a)(b)(g) | 962 | $— | 959 |
|  **Total Short-Term Instruments (Cost $1,300)** | **Total Short-Term Instruments (Cost $1,300)** |  | **1300** |
| **Total Investments in Securities (Cost $137,633)** | **Total Investments in Securities (Cost $137,633)** |  | **129487** |
|  | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 3.8%** | **INVESTMENTS IN AFFILIATES 3.8%** | **INVESTMENTS IN AFFILIATES 3.8%** | **INVESTMENTS IN AFFILIATES 3.8%** |
| **SHORT-TERM INSTRUMENTS 3.8%** | **SHORT-TERM INSTRUMENTS 3.8%** | **SHORT-TERM INSTRUMENTS 3.8%** | **SHORT-TERM INSTRUMENTS 3.8%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%** |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 291045 |  | 2828 |
|  **Total Short-Term Instruments (Cost $2,827)** | **Total Short-Term Instruments (Cost $2,827)** |  | **2828** |
| **Total Investments in Affiliates (Cost $2,827)** | **Total Investments in Affiliates (Cost $2,827)** |  | **2828** |
| **Total Investments 176.5% (Cost $140,460)** | **Total Investments 176.5% (Cost $140,460)** | $— | **132315** |
|  **Financial Derivative Instruments (e)(f) (0.4)%**<br> **(Cost or Premiums, net $(1006))** | **Financial Derivative Instruments (e)(f) (0.4)%**<br> **(Cost or Premiums, net $(1006))** |  | **(323)** |
| **Other Assets and Liabilities, net (76.1)%** | **Other Assets and Liabilities, net (76.1)%** |  | **(57028)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **74964** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

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

---

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

---

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

---

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

**(b)** **Zero coupon security.** 

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
|  FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;341 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(348) | $341 | $341 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(348)** | $**341** | $**341** |

---

**REVERSE REPURCHASE AGREEMENTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(2)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  BPS | 4.550% | 12/02/2022 | 01/03/2023 | $(2361) | $(2371) |
|  | 4.600 | 12/16/2022 | TBD<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(15388) | (15424) |
|  | 4.720 | 10/31/2022 | 02/03/2023 | (1000) | (1008) |
|  | 4.750 | 12/16/2022 | TBD<sup>(3)</sup> | (1498) | (1502) |
|  FBF | 4.700 | 12/16/2022 | TBD<sup>(3)</sup> | (930) | (932) |
|  FOB | 4.500 | 12/16/2022 | TBD<sup>(3)</sup> | (7083) | (7099) |
|  NOM | 4.500 | 12/16/2022 | TBD<sup>(3)</sup> | (1177) | (1180) |
|  RCY | 4.440 | 12/05/2022 | 01/05/2023 | (1313) | (1317) |
|  RDR | 4.500 | 12/16/2022 | TBD<sup>(3)</sup> | (2525) | (2530) |
|  SOG | 4.490 | 12/16/2022 | TBD<sup>(3)</sup> | (4214) | (4224) |
|  | 4.500 | 12/16/2022 | TBD<sup>(3)</sup> | (4388) | (4398) |
|  | 4.570 | 12/16/2022 | TBD<sup>(3)</sup> | (3879) | (3887) |
|  TDM | 4.490 | 12/16/2022 | TBD<sup>(3)</sup> | (4261) | (4270) |
|  | 4.500 | 12/16/2022 | TBD<sup>(3)</sup> | (8595) | (8614) |
|  | 4.510 | 12/16/2022 | TBD<sup>(3)</sup> | (1887) | (1892) |
|  **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  | $**(60648)** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  U.S. Government Agencies (20.0)% | U.S. Government Agencies (20.0)% | U.S. Government Agencies (20.0)% | U.S. Government Agencies (20.0)% | U.S. Government Agencies (20.0)% | U.S. Government Agencies (20.0)% |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000% | 02/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;16000 | $(15205) | $(15011) |
|  **Total Short Sales (20.0)%** |  |  |  | $**(15205)** | $**(15011)** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **51** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

**The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/<br>(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 |
|  BPS | $0 | $(20305) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;(20305) | $&nbsp;&nbsp;&nbsp;&nbsp;21268 | $963 |
|  FBF | 0 | (932) | 0 | (932) | 971 | 39 |
|  FICC | 341 | 0 | 0 | 341 | (348) | (7) |
|  FOB | 0 | (7099) | 0 | (7099) | 7545 | 446 |
|  NOM | 0 | (1180) | 0 | (1180) | 1241 | 61 |
|  RCY | 0 | (1317) | 0 | (1317) | 1326 | 9 |
|  RDR | 0 | (2530) | 0 | (2530) | 2646 | 116 |
|  SOG | 0 | (12509) | 0 | (12509) | 13589 | &nbsp;&nbsp;&nbsp;&nbsp;1080 |
|  TDM | 0 | (14776) | 0 | (14776) | 15138 | 362 |
|  **Total Borrowings and Other Financing Transactions** | $**341** | $**(60648)** | $**0** |  |  |  |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight<br>and 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 | $(2371) | $(1008) | $(55952) | $(59331) |
|  U.S. Government Agencies | 0 | (1317) | 0 | 0 | (1317) |
|  **Total Borrowings** | $**0** | $**(3688)** | $**(1008)** | $**(55952)** | $**(60648)** |
|  **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**  | $**(60648)** |

---

**(d)** **Securities with an aggregate market value of $63,974 and cash of $11 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(140431) at a weighted average interest rate of 1.099%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

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

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

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

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2023 | 303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71993 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |

---

**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** |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 13 | $(3127) | $8 | $2 | $0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 39 | (7998) | 23 | 9 | 0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 179 | (19319) | 16 | 34 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 10 | (1343) | 4 | 13 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 88 | (10409) | 53 | 40 | 0 |
|  |  |  |  | $104 | $98 | $0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**83** | $**98** | $**(32)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay)<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(3)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay)<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(3)</sup>** | **Asset** | **Liability** |
|  CDX.IG-36 5-Year Index | (1.000)% | Quarterly | 06/20/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;11300 | $(286) | $144 | $(142) | $0 | $0 |
|  CDX.IG-37 5-Year Index | (1.000) | Quarterly | 12/20/2026 | 25000 | (612) | 326 | (286) | 3 | 0 |
|  CDX.IG-39 5-Year Index | (1.000) | Quarterly | 12/20/2027 | 29300 | (85) | (160) | (245) | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(983) | $&nbsp;&nbsp;&nbsp;&nbsp;310 | $&nbsp;&nbsp;&nbsp;&nbsp;(673) | $&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**INTEREST RATE SWAPS - BASIS SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| 3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.098% | Quarterly | 01/13/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;7400 | $(3) | $3 | $0 | $0 | $(1) |
| 3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.098% | Quarterly | 01/13/2023 | 5700 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/<br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/<br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.550% | Annual | 09/02/2024 | 62100 | $(32) | $(1017) | $(1049) | $0 | $(43) |
|  Pay | 3-Month USD-LIBOR | 0.250 | Semi-Annual | 06/16/2023 | 37800 | 12 | (908) | (896) | 0 | (22) |
|  |  |  |  |  |  | $(20) | $(1925) | $(1945) | $0 | $(65) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**(1006)** | $**(1612)** | $**(2618)** | $**3** | $**(67)** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **53** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series LD (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, 2022:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | $**0** | $**98** | $**3** | $**101** | $**0** | $**(32)** | $**(67)** | $**(99)** |

---

**Cash of $2,227 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</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>(2)</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>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

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

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **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 Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | JPY | 62000 | $— | 457 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  BRC | 01/2023 | CAD | 532 |  | 397 | 4 | 0 |
|  | 01/2023 | $— | 3629 | EUR | 3404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 |
|  | 01/2023 |  | 100 | JPY | 13300 | 1 | 0 |
|  JPM | 01/2023 | GBP | 4033 | $— | 4870 | 0 | (7) |
|  MYI | 01/2023 | $— | 404 | JPY | 55297 | &nbsp;&nbsp;&nbsp;&nbsp;18 | 0 |
|  SCX | 01/2023 | EUR | 9564 | $— | 9955 | 0 | (287) |
|  | 01/2023 | $— | 288 | GBP | 236 | 0 | (3) |
|  | 02/2023 | AUD | 4547 | $— | 3049 | 0 | (53) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**40** | $**(365)** |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**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, 2022:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/**<br> **(Received)** |<br>**Net<br>Exposure<sup>(1)</sup>** |
|  BOA | $0 | $0 | $0 | $0 | $(15) | $0 | $0 | $(15) | $(15) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  BRC | 22 | 0 | 0 | 22 | 0 | 0 | 0 | 0 | 22 | 0 | 22 |
|  JPM | 0 | 0 | 0 | 0 | (7) | 0 | 0 | (7) | (7) | 0 | (7) |
|  MYI | 18 | 0 | 0 | 18 | 0 | 0 | 0 | 0 | 18 | 0 | 18 |
|  SCX | 0 | 0 | 0 | 0 | (343) | 0 | 0 | (343) | &nbsp;&nbsp;&nbsp;&nbsp;(343) | &nbsp;&nbsp;&nbsp;&nbsp;342 | (1) |
|  **Total Over the Counter** | $**40** | $**0** | $**0** | $**40** | $**(365)** | $**0** | $**0** | $**(365)** |  |  |  |

---

**(g)** **Securities with an aggregate market value of $342 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

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

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

**The following is a summary of the fair valuation of the 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, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $0 | $0 | $0 | $0 | $98 | $98 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 0 | 3 |
|  | $0 | $3 | $0 | $0 | $98 | $101 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $40 | $0 | $40 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
|  **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; Future s  | $0 | $0 | $0 | $0 | $32 | $32 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 66 | 67 |
|  | $0 | $1 | $0 | $0 | $98 | $99 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $365 | $0 | $365 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **55** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series LD (Cont.)** 

**The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $0 | $0 | $0 | $0 | $8712 | $8712 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (347) | 0 | 0 | (2349) | (2696) |
|  | $0 | $(347) | $0 | $0 | $6363 | $6016 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $575 | $0 | $575 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | 59 | 0 | 0 | 45 | 104 |
|  | $0 | $59 | $0 | $575 | $45 | $679 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6695 |
|  **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; Futures  | $0 | $0 | $0 | $0 | $837 | $837 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 314 | 0 | 0 | (1646) | (1332) |
|  | $0 | $314 | $0 | $0 | $(809) | $(495) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $236 | $0 | $236 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | (33) | 0 | 0 | 0 | (33) |
|  | $0 | $(33) | $0 | $236 | $0 | $203 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $281 | $0 | $236 | $(809) | $(292) |

---

**FAIR VALUE MEASUREMENTS** 

**The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35094 |
| &nbsp;&nbsp;&nbsp; Industrials | 0 | 26077 | 0 | 26077 |
| &nbsp;&nbsp;&nbsp; Utilities | 0 | 5248 | 0 | 5248 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Illinois | 0 | 302 | 0 | 302 |
| &nbsp;&nbsp;&nbsp; Pennsylvania | 0 | 477 | 0 | 477 |
|  U.S. Government Agencies | 0 | 1347 | 0 | 1347 |
|  Non-Agency Mortgage-Backed Securities | 0 | 24747 | 0 | 24747 |
|  Asset-Backed Securities | 0 | 34895 | 0 | 34895 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0 | 341 | 0 | 341 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | 0 | 959 | 0 | 959 |
|  | $0 | $129487 | $0 | $129487 |
|  **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;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | $0 | $0 | $2828 |
|  Total Investments | $2828 | $129487 | $0 | $132315 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $(15011) | $0 | $(15011) |
|  **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 | 101 | 0 | 101 |
|  Over the counter | 0 | 40 | 0 | 40 |
|  | $0 | $141 | $0 | $141 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | 0 | (99) | 0 | (99) |
|  Over the counter | 0 | (365) | 0 | (365) |
|  | $0 | $(464) | $0 | $(464) |
|  Total Financial Derivative Instruments | $0 | $(323) | $0 | $(323) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116981 |

---

**There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.** 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **57** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series M** 

**(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 141.3%** | **INVESTMENTS IN SECURITIES 141.3%** | **INVESTMENTS IN SECURITIES 141.3%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%** |
|  **Castlelake LP** | **Castlelake LP** | **Castlelake LP** |
|  2.950% (LIBOR03M + 2.950%) due 05/13/2031 «~ | 9288 | 8406 |
|  **Total Loan Participations and Assignments (Cost $9,276)** | **Total Loan Participations and Assignments (Cost $9,276)** | **8406** |
| **CORPORATE BONDS & NOTES 23.8%** | **CORPORATE BONDS & NOTES 23.8%** | **CORPORATE BONDS & NOTES 23.8%** |
| **BANKING & FINANCE 16.1%** | **BANKING & FINANCE 16.1%** | **BANKING & FINANCE 16.1%** |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.528% due 11/18/2027 | 243 | 195 |
|  4.250% due 04/15/2026 | 4600 | 4175 |
|  **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
|  5.875% due 09/24/2023 •(d)(e) | 1000 | 1031 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  4.375% due 01/12/2026 | 1400 | 1356 |
|  4.972% due 05/16/2029 •  | 3100 | 2917 |
|  6.375% due 12/15/2025 •(d)(e) | 1500 | 1667 |
|  7.125% due 06/15/2025 •(d)(e) | 200 | 229 |
|  7.250% due 03/15/2023 •(d)(e) | 1000 | 1198 |
|  7.750% due 09/15/2023 •(d)(e) | 1100 | 1077 |
|  8.000% due 06/15/2024 •(d)(e) | 3800 | 3702 |
|  **BPCE SA** | **BPCE SA** | **BPCE SA** |
|  4.625% due 07/11/2024 | 14300 | 13925 |
|  **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** |
|  3.500% due 09/19/2029 | 4000 | 3392 |
|  **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
|  4.100% due 06/15/2051 | 5000 | 2963 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  2.976% due 11/05/2030 •  | 15000 | 12644 |
|  3.785% due 03/17/2033 •(f) | 5000 | 4290 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  6.500% due 08/08/2023 (e) | 16000 | 15531 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  6.250% due 12/18/2024 •(d)(e) | 1500 | 1183 |
|  7.500% due 07/17/2023 •(d)(e) | 1000 | 802 |
|  7.500% due 12/11/2023 •(d)(e) | 3000 | 2628 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  5.625% due 05/19/2031 •  | 900 | 942 |
|  **Doctors Co. An Interinsurance Exchange** | **Doctors Co. An Interinsurance Exchange** | **Doctors Co. An Interinsurance Exchange** |
|  4.500% due 01/18/2032 | 2000 | 1612 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Erste Group Bank AG** | **Erste Group Bank AG** | **Erste Group Bank AG** |
|  6.500% due 04/15/2024 •(d)(e) | 400 | 419 |
|  **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
|  4.850% due 04/17/2028 | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;3788 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  3.375% due 11/13/2025 | 200 | 181 |
|  4.134% due 08/04/2025 | 1000 | 938 |
|  **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
|  2.625% due 01/15/2027 | 9000 | 7525 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  3.691% due 06/05/2028 •  | 4500 | 4188 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  2.099% due 06/04/2026 •  | 6000 | 5465 |
|  4.583% due 06/19/2029 •  | 3400 | 3136 |
|  6.000% due 05/22/2027 •(d)(e) | 1000 | 920 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  4.625% due 01/06/2026 | 5200 | 5084 |
|  **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** |
|  6.250% due 05/16/2024 •(d)(e) | 200 | 207 |
|  **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** | **Liberty Mutual Group, Inc.** |
|  4.125% due 12/15/2051 •  | 6700 | 5467 |
|  4.300% due 02/01/2061 | 4000 | 2445 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  7.500% due 09/27/2025 •(d)(e) | 6000 | 5803 |
|  **Massachusetts Mutual Life Insurance Co.** | **Massachusetts Mutual Life Insurance Co.** | **Massachusetts Mutual Life Insurance Co.** |
|  5.077% due 02/15/2069 •  | 4500 | 4019 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  0.000% due 04/02/2032 þ(f) | 8000 | 4569 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.800% due 04/05/2026 | 2000 | 1958 |
|  **Ohio National Financial Services, Inc.** | **Ohio National Financial Services, Inc.** | **Ohio National Financial Services, Inc.** |
|  5.800% due 01/24/2030 | 6300 | 5803 |
|  **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** |
|  2.875% due 06/11/2028 | 9700 | 7632 |
|  **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
|  3.900% due 10/15/2029 | 4600 | 3858 |
|  **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
|  3.244% due 10/05/2026 | 2000 | 1859 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  7.875% due 12/18/2023 •(d)(e) | 1300 | 1290 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  3.971% due 03/30/2026 •  | 3500 | 3346 |
|  **Tesco Property Finance PLC** | **Tesco Property Finance PLC** | **Tesco Property Finance PLC** |
|  5.661% due 10/13/2041 | 96 | 107 |
|  5.744% due 04/13/2040 | 599 | 677 |
|  5.801% due 10/13/2040 | 654 | 746 |
|  **Trustage Financial Group, Inc.** | **Trustage Financial Group, Inc.** | **Trustage Financial Group, Inc.** |
|  4.625% due 04/15/2032 | 5300 | 4585 |
|  **UBS AG** | **UBS AG** | **UBS AG** |
|  5.125% due 05/15/2024 (e) | 4700 | 4649 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 8500 | 8590 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  3.350% due 03/02/2033 •  | 7000 | 5916 |
|  3.584% due 05/22/2028 •  | 600 | 558 |
|  4.150% due 01/24/2029 | 1600 | 1507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;184694 |
| **INDUSTRIALS 6.0%** | **INDUSTRIALS 6.0%** | **INDUSTRIALS 6.0%** |
|  **Air Canada** | **Air Canada** | **Air Canada** |
|  4.625% due 08/15/2029 | 900 | 583 |
|  **Alaska Airlines Pass-Through Trust** | **Alaska Airlines Pass-Through Trust** | **Alaska Airlines Pass-Through Trust** |
|  4.800% due 02/15/2029 | 2951 | 2814 |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.150% due 08/15/2033 | 5187 | 4306 |
|  3.375% due 11/01/2028 | 4944 | 4132 |
|  3.500% due 08/15/2033 | 519 | 394 |
|  4.000% due 01/15/2027 | 1004 | 872 |
|  4.950% due 07/15/2024 | 806 | 804 |
|  **Atlantia SpA** | **Atlantia SpA** | **Atlantia SpA** |
|  1.875% due 02/12/2028 | 400 | 357 |
|  **Bacardi Ltd.** | **Bacardi Ltd.** | **Bacardi Ltd.** |
|  4.700% due 05/15/2028 | 1000 | 957 |
|  **Bowdoin College** | **Bowdoin College** | **Bowdoin College** |
|  4.693% due 07/01/2112 | 6600 | 5412 |
|  **CVS Pass-Through Trust** | **CVS Pass-Through Trust** | **CVS Pass-Through Trust** |
|  7.507% due 01/10/2032 | 4755 | 4951 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  6.100% due 07/15/2027 | 900 | 926 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  4.200% due 04/15/2027 | 300 | 284 |
|  **Flex Intermediate Holdco LLC** | **Flex Intermediate Holdco LLC** | **Flex Intermediate Holdco LLC** |
|  3.363% due 06/30/2031 | 2800 | 2192 |
|  4.317% due 12/30/2039 | 2800 | 2021 |
|  **KB Home** | **KB Home** | **KB Home** |
|  4.000% due 06/15/2031 | 7000 | 5636 |
|  **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
|  4.875% due 06/22/2028 | 6650 | 6351 |
|  **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
|  3.966% due 08/06/2061 | 8500 | 4778 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  4.810% due 09/17/2030 | 3100 | 2638 |
|  **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** |
|  0.000% due 01/30/2023 (c)(d) | 46 | 0 |
|  **Pacific National Finance Pty. Ltd.** | **Pacific National Finance Pty. Ltd.** | **Pacific National Finance Pty. Ltd.** |
|  4.750% due 03/22/2028 | 1700 | 1510 |
|  **Prosus NV** | **Prosus NV** | **Prosus NV** |
|  3.680% due 01/21/2030 | 5500 | 4584 |
|  4.193% due 01/19/2032 | 2000 | 1661 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Rolls-Royce PLC** | **Rolls-Royce PLC** | **Rolls-Royce PLC** | **Rolls-Royce PLC** |
|  0.875% due 05/09/2024 | EUR | 700 | 707 |
|  1.625% due 05/09/2028 |  | 100 | 85 |
|  3.375% due 06/18/2026 | GBP | 100 | 105 |
|  3.625% due 10/14/2025 | $| 1800 | 1665 |
|  4.625% due 02/16/2026 | EUR | 200 | 208 |
|  5.750% due 10/15/2027 | GBP | 200 | 223 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  5.625% due 08/08/2025 | $| 400 | 383 |
|  **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
|  2.900% due 03/01/2030 |  | 3800 | 3191 |
|  **Turkish Airlines Pass-Through Trust** | **Turkish Airlines Pass-Through Trust** | **Turkish Airlines Pass-Through Trust** | **Turkish Airlines Pass-Through Trust** |
|  4.200% due 09/15/2028 |  | 3325 | 2912 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  4.279% due 03/15/2032 |  | 1500 | 1239 |
|  |  |  | 68881 |
| **UTILITIES 1.7%** | **UTILITIES 1.7%** | **UTILITIES 1.7%** | **UTILITIES 1.7%** |
|  **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
|  4.250% due 05/01/2030 |  | 2600 | 2316 |
|  **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** |
|  7.350% due 12/01/2026 ^(a) |  | 103 | 57 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  3.150% due 01/01/2026 |  | 3200 | 2977 |
|  3.450% due 07/01/2025 |  | 1300 | 1232 |
|  3.500% due 06/15/2025 |  | 1100 | 1039 |
|  4.500% due 07/01/2040 |  | 1500 | 1178 |
|  4.550% due 07/01/2030 |  | 1300 | 1181 |
|  4.750% due 02/15/2044 |  | 3000 | 2306 |
|  **Texas Electric Market Stabilization Funding N LLC** | **Texas Electric Market Stabilization Funding N LLC** | **Texas Electric Market Stabilization Funding N LLC** | **Texas Electric Market Stabilization Funding N LLC** |
|  5.167% due 02/01/2052 |  | 7700 | 7360 |
|  |  |  | 19646 |
|  **Total Corporate Bonds & Notes<br>(Cost $316,908)** | **Total Corporate Bonds & Notes<br>(Cost $316,908)** | **Total Corporate Bonds & Notes<br>(Cost $316,908)** | **273221** |
| **MUNICIPAL BONDS & NOTES 2.9%** | **MUNICIPAL BONDS & NOTES 2.9%** | **MUNICIPAL BONDS & NOTES 2.9%** | **MUNICIPAL BONDS & NOTES 2.9%** |
| **CALIFORNIA 1.8%** | **CALIFORNIA 1.8%** | **CALIFORNIA 1.8%** | **CALIFORNIA 1.8%** |
|  **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** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** |
|  3.850% due 06/01/2050 |  | 15150 | 13424 |
|  **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** | **Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010** |
|  7.168% due 07/01/2040 |  | 3500 | 4048 |
|  **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020** | **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020** | **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020** | **Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2020** |
|  3.706% due 05/15/2120 |  | 4800 | 3027 |
|  |  |  | 20499 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **59** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **NEW JERSEY 0.3%** | **NEW JERSEY 0.3%** | **NEW JERSEY 0.3%** |
|  **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** | **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** | **Rutgers, The State University of New Jersey Revenue Bonds, Series 2019** |
|  3.915% due 05/01/2119 | 5800 | 3843 |
| **NEW YORK 0.4%** | **NEW YORK 0.4%** | **NEW YORK 0.4%** |
|  **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** | **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** | **Port Authority of New York & New Jersey Revenue Bonds, Series 2019** |
|  3.287% due 08/01/2069 | 8000 | 5236 |
| **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 | 638 |
| **VIRGINIA 0.3%** | **VIRGINIA 0.3%** | **VIRGINIA 0.3%** |
|  **University of Virginia Revenue Bonds, Series 2019** | **University of Virginia Revenue Bonds, Series 2019** | **University of Virginia Revenue Bonds, Series 2019** |
|  3.227% due 09/01/2119 | 5600 | 3286 |
|  **Total Municipal Bonds & Notes<br>(Cost $42,220)** | **Total Municipal Bonds & Notes<br>(Cost $42,220)** | **33502** |
| **U.S. GOVERNMENT AGENCIES 50.3%** | **U.S. GOVERNMENT AGENCIES 50.3%** | **U.S. GOVERNMENT AGENCIES 50.3%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  1.917% due 12/01/2034 •  | 21 | 21 |
|  3.100% due 05/01/2033 •  | 19 | 19 |
|  3.965% due 09/01/2032 •  | 3 | 3 |
|  3.973% due 11/01/2032 •  | 5 | 5 |
|  4.062% due 01/01/2033 •  | 12 | 11 |
|  4.123% due 10/01/2032 •  | 1 | 1 |
|  4.220% due 09/01/2027 •  | 11 | 11 |
|  4.311% due 05/25/2042 ~ | 7 | 6 |
|  4.508% due 03/25/2041 ~ | 6 | 5 |
|  6.500% due 07/18/2027 | 6 | 6 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  1.955% due 08/01/2032 •  | 15 | 14 |
|  3.293% due 02/01/2033 •  | 11 | 11 |
|  3.571% due 02/01/2029 •  | 2 | 2 |
|  4.000% due 11/01/2047 | 9 | 9 |
|  4.125% due 08/01/2029 •  | 1 | 1 |
|  4.375% due 01/01/2032 - 10/01/2032 •  | 22 | 22 |
|  4.625% due 10/01/2032 •  | 39 | 38 |
|  4.768% due 08/15/2029 - 12/15/2031 ~ | 9 | 8 |
|  4.818% due 09/15/2030 •  | 2 | 2 |
|  4.868% due 03/15/2032 •  | 2 | 2 |
|  4.968% due 02/15/2024 •  | 43 | 43 |
|  6.000% due 12/15/2028 | 67 | 68 |
|  7.000% due 04/01/2029 - 03/01/2030 | 5 | 6 |
|  7.500% due 08/15/2030 | 14 | 14 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  1.750% (H15T1Y + 1.500%) due 11/20/2023 - 10/20/2026 ~ | 5 | 5 |
|  1.750% due 10/20/2027 •  | 2 | 2 |
|  2.625% (H15T1Y + 1.500%) due 02/20/2023 - 08/20/2026 ~ | 3 | 3 |
|  2.625% due 01/20/2027 - 03/20/2032 •  | 49 | 50 |
|  2.875% (H15T1Y + 1.500%) due 04/20/2023 - 06/20/2026 ~ | 6 | 5 |
|  2.875% due 04/20/2027 - 06/20/2032 •  | 16 | 16 |
|  3.000% (H15T1Y + 1.500%) due 06/20/2025 - 08/20/2025 ~ | 1 | 1 |
|  3.000% due 09/20/2027 •  | 1 | 1 |
|  **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** |
|  2.500% due 01/01/2053 - 02/01/2053 | 350900 | 304346 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  3.000% due 01/01/2046 | 84 | 75 |
|  3.500% due 05/01/2047 | 113 | 106 |
|  4.000% due 12/01/2044 - 03/01/2049 | 24 | 24 |
|  6.000% due 08/01/2023 - 12/01/2023 | 5 | 5 |
|  6.500% due 12/01/2028 | 1 | 1 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.000% due 02/01/2053 | 8500 | 7468 |
|  3.500% due 02/01/2053 | 55900 | 50824 |
|  4.000% due 01/01/2053 | 186900 | 175307 |
|  4.500% due 02/01/2053 | 40000 | 38507 |
|  **Vendee Mortgage Trust** | **Vendee Mortgage Trust** | **Vendee Mortgage Trust** |
|  6.500% due 09/15/2024 | 51 | 51 |
|  **Total U.S. Government Agencies (Cost $583,656)** | **Total U.S. Government Agencies (Cost $583,656)** | **577125** |
| **U.S. TREASURY OBLIGATIONS 2.3%** | **U.S. TREASURY OBLIGATIONS 2.3%** | **U.S. TREASURY OBLIGATIONS 2.3%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  2.000% due 11/15/2041 | 25000 | 17863 |
|  4.000% due 11/15/2052 | 8100 | 8114 |
|  **Total U.S. Treasury Obligations<br>(Cost $32,362)** | **Total U.S. Treasury Obligations<br>(Cost $32,362)** | **25977** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 20.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 20.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 20.1%** |
|  **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** |
|  3.208% due 01/25/2036 ^~ | 10 | 9 |
|  3.611% due 11/25/2035 ^~ | 69 | 53 |
|  3.769% due 02/25/2036 ^~ | 83 | 59 |

---

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** |
|  2.968% due 11/25/2046 ~ | $— | 478 | $— | 152 |
|  4.599% due 10/25/2046 •  |  | 360 |  | 195 |
|  4.769% due 09/25/2046 ^~ |  | 370 |  | 314 |
|  **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** |
|  6.000% due 07/25/2046 ^ |  | 77 |  | 64 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  2.943% due 08/27/2036 ~ |  | 7812 |  | 7341 |
|  3.426% due 04/20/2035 ^~ |  | 56 |  | 48 |
|  3.571% due 09/20/2046 ^~ |  | 39 |  | 34 |
|  3.721% due 09/20/2047 ^~ |  | 84 |  | 69 |
|  3.958% due 02/20/2036 ~ |  | 97 |  | 90 |
|  4.733% due 10/20/2036 ~ |  | 81 |  | 61 |
|  4.809% due 04/25/2037 ^~ |  | 64 |  | 56 |
|  4.953% due 05/20/2047 ~ |  | 31 |  | 28 |
|  5.189% due 05/25/2037 ^•  |  | 62 |  | 54 |
|  5.500% due 03/25/2036 ^ |  | 8 |  | 6 |
|  5.831% due 04/25/2037 ~ |  | 411 |  | 362 |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  2.641% due 02/25/2034 ~ |  | 72 |  | 70 |
|  3.200% due 05/25/2035 ^~ |  | 219 |  | 191 |
|  3.942% due 07/25/2035 ^~ |  | 7 |  | 6 |
|  5.500% due 09/25/2035 ^ |  | 169 |  | 144 |
|  5.500% due 05/25/2037 ^ |  | 73 |  | 54 |
|  **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
|  3.223% due 03/26/2037 ~ |  | 59 |  | 47 |
|  3.280% due 07/26/2036 ~ |  | 17 |  | 14 |
|  3.758% due 03/27/2037 ~ |  | 229 |  | 187 |
|  4.689% due 05/25/2047 ^•  |  | 30 |  | 27 |
|  4.829% due 05/25/2047 ^•  |  | 192 |  | 180 |
|  5.689% due 09/25/2047 •  |  | 54 |  | 47 |
|  6.789% due 10/25/2047 •  |  | 9854 |  | &nbsp;&nbsp;&nbsp;&nbsp;8091 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  2.839% due 06/25/2035 ^~ |  | 6 |  | 6 |
|  2.888% due 05/25/2034 ~ |  | 19 |  | 17 |
|  3.255% due 05/25/2047 ^~ |  | 96 |  | 85 |
|  3.372% due 03/25/2035 ~ |  | 32 |  | 29 |
|  3.373% due 02/25/2034 ~ |  | 30 |  | 28 |
|  3.845% due 02/25/2036 ^~ |  | 38 |  | 34 |
|  3.857% due 10/25/2035 ~ |  | 26 |  | 25 |
|  3.874% due 01/25/2035 ~ |  | 6 |  | 6 |
|  3.887% due 11/25/2034 ~ |  | 37 |  | 36 |
|  4.010% due 01/25/2034 ~ |  | 30 |  | 29 |
|  4.393% due 08/25/2035 ~ |  | 5 |  | 4 |
|  5.230% due 10/25/2035 ~ |  | 168 |  | 157 |
|  6.662% due 12/25/2046 ^~ |  | 383 |  | 309 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.115% due 05/25/2035 ~ |  | 45 |  | 42 |
|  3.341% due 05/25/2036 ^~ |  | 358 |  | 207 |
|  3.553% due 02/25/2036 ^~ |  | 189 |  | 132 |
|  3.609% due 08/25/2036 ^~ |  | 244 |  | 171 |
|  3.668% due 11/25/2036 ^~ |  | 79 |  | 37 |
|  3.678% due 02/25/2036 ^~ |  | 20 |  | 15 |
|  3.736% due 01/25/2036 ~ |  | 3022 |  | 2746 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.765% due 06/25/2034 ~ | $— | 1001 | $— | 832 |
|  4.533% due 07/25/2035 ^~ |  | 349 |  | 255 |
|  4.829% due 04/25/2036 ^•  |  | 71 |  | 98 |
|  **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** |
|  9.073% due 03/25/2036 ^•  |  | 183 |  | 107 |
|  **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** |
|  4.579% due 01/25/2037 ~ |  | 52 |  | 44 |
|  **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** |
|  3.523% due 01/26/2036 ^~ |  | 408 |  | 328 |
|  **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
|  2.952% due 08/15/2057 |  | 4565 |  | 4012 |
|  **Bruegel DAC** | **Bruegel DAC** | **Bruegel DAC** | **Bruegel DAC** | **Bruegel DAC** |
|  2.621% due 05/22/2031 •  |  | 5484 |  | 5527 |
|  **Cascade Funding Mortgage Trust** | **Cascade Funding Mortgage Trust** | **Cascade Funding Mortgage Trust** | **Cascade Funding Mortgage Trust** | **Cascade Funding Mortgage Trust** |
|  2.800% due 06/25/2069 ~ | $— | 1375 |  | 1331 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.162% due 03/25/2037 ^~ |  | 21 |  | 19 |
|  3.393% due 03/25/2037 ^~ |  | 38 |  | 35 |
|  3.707% due 09/25/2036 ^~ |  | 692 |  | 573 |
|  6.000% due 05/25/2037 ^ |  | 98 |  | 51 |
|  **ChaseFlex Trust** | **ChaseFlex Trust** | **ChaseFlex Trust** | **ChaseFlex Trust** | **ChaseFlex Trust** |
|  4.689% due 07/25/2037 ~ |  | 123 |  | 118 |
|  5.000% due 07/25/2037 ^ |  | 71 |  | 26 |
|  **ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates Trust** | **ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates Trust** | **ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates Trust** | **ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates Trust** | **ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates Trust** |
|  4.112% due 08/25/2037 ^þ |  | 23 |  | 19 |
|  **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** |
|  4.619% due 10/25/2035 •  |  | 665 |  | 603 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  2.960% due 10/25/2046 ^~ |  | 88 |  | 78 |
|  2.994% due 09/25/2037 ~ |  | 26 |  | 26 |
|  3.223% due 03/25/2037 ^~ |  | 41 |  | 34 |
|  3.410% due 12/25/2035 ^~ |  | 68 |  | 40 |
|  3.595% due 07/25/2037 ^~ |  | 400 |  | 346 |
|  3.871% due 09/25/2037 ^~ |  | 234 |  | 201 |
|  3.885% due 08/25/2035 ~ |  | 7 |  | 7 |
|  4.194% due 08/25/2035 ~ |  | 241 |  | 235 |
|  4.829% due 01/25/2037 •  |  | 1589 |  | 1337 |
|  5.410% due 10/25/2035 ~ |  | 45 |  | 42 |
|  5.500% due 12/25/2035 |  | 109 |  | 60 |
|  6.250% due 11/25/2037 ~ |  | 92 |  | 44 |
|  6.470% due 11/25/2035 ~ |  | 10 |  | 10 |
|  **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 ^ |  | 4647 |  | &nbsp;&nbsp;&nbsp;&nbsp;3972 |
|  6.000% due 06/25/2037 |  | 2902 |  | 2480 |
|  6.500% due 06/25/2037 ^ |  | 79 |  | 69 |
|  **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
|  3.545% due 02/10/2036 |  | 1667 |  | 1526 |
|  **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 |  | 14 |  | 13 |
|  **Countrywide Alternative Loan Resecuritization Trust** | **Countrywide Alternative Loan Resecuritization Trust** | **Countrywide Alternative Loan Resecuritization Trust** | **Countrywide Alternative Loan Resecuritization Trust** | **Countrywide Alternative Loan Resecuritization Trust** |
|  4.205% due 08/25/2037 ^~ |  | 47 |  | 25 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **61** |

---

------

##### [**Table of Contents**](#toc)
**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)** |
|  6.000% due 08/25/2037 ^~ | $— | 50 | $— | 26 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  3.048% due 02/25/2036 •  |  | 265 |  | 236 |
|  3.298% due 11/25/2047 ^•  |  | 493 |  | 397 |
|  3.317% due 05/25/2036 ~ |  | 14 |  | 11 |
|  3.338% due 11/20/2035 •  |  | 4516 |  | 3700 |
|  3.428% due 11/25/2047 ^~ |  | 1369 |  | 1105 |
|  3.579% due 08/25/2035 ~ |  | 127 |  | 114 |
|  3.594% due 06/25/2037 ^~ |  | 53 |  | 45 |
|  3.803% due 11/25/2035 ^~ |  | 57 |  | 48 |
|  4.533% due 02/20/2047 ^•  |  | 849 |  | 644 |
|  4.563% due 07/20/2046 ^~ |  | 27 |  | 20 |
|  4.669% due 08/25/2037 •  |  | 364 |  | 317 |
|  4.739% due 11/25/2036 ~ |  | 3986 |  | &nbsp;&nbsp;&nbsp;&nbsp;3247 |
|  4.749% due 11/25/2036 ~ |  | 33 |  | 37 |
|  4.749% due 05/25/2047 ~ |  | 652 |  | 549 |
|  4.769% due 07/25/2046 ^•  |  | 45 |  | 43 |
|  4.769% due 09/25/2046 ^•  |  | 201 |  | 186 |
|  4.829% due 05/25/2035 ~ |  | 854 |  | 775 |
|  4.889% due 05/25/2035 ^~ |  | 160 |  | 121 |
|  4.889% due 05/25/2035 ^•  |  | 1312 |  | 1153 |
|  4.889% due 06/25/2035 •  |  | 73 |  | 62 |
|  4.909% due 07/25/2035 ~ |  | 75 |  | 64 |
|  4.909% due 12/25/2035 ~ |  | 501 |  | 429 |
|  5.009% due 08/25/2035 ^•  |  | 82 |  | 70 |
|  5.009% due 10/25/2035 •  |  | 6 |  | 6 |
|  5.500% due 11/25/2035 |  | 77 |  | 49 |
|  5.500% due 02/25/2036 ^ |  | 49 |  | 31 |
|  5.750% due 03/25/2037 ^•  |  | 88 |  | 51 |
|  5.750% due 07/25/2037 ^ |  | 14 |  | 9 |
|  5.750% due 04/25/2047 ^ |  | 99 |  | 57 |
|  5.849% due 11/25/2035 •  |  | 652 |  | 580 |
|  6.000% due 12/25/2034 |  | 47 |  | 42 |
|  6.000% due 03/25/2036 ^ |  | 149 |  | 71 |
|  6.000% due 08/25/2036 ^ |  | 461 |  | 284 |
|  6.000% due 08/25/2036 ^•  |  | 47 |  | 29 |
|  6.000% due 02/25/2037 ^ |  | 396 |  | 181 |
|  6.000% due 04/25/2037 |  | 7249 |  | 6156 |
|  6.000% due 04/25/2037 ^ |  | 60 |  | 36 |
|  6.000% due 05/25/2037 ^ |  | 328 |  | 162 |
|  6.000% due 08/25/2037 ^•  |  | 338 |  | 178 |
|  6.250% due 11/25/2036 ^ |  | 60 |  | 45 |
|  6.500% due 05/25/2036 ^ |  | 1269 |  | 678 |
|  6.500% due 12/25/2036 ^ |  | 62 |  | 29 |
|  6.500% due 08/25/2037 ^ |  | 340 |  | 150 |
|  7.731% due 07/25/2035 ~ |  | 26 |  | 24 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  4.889% due 03/25/2036 •  |  | 1440 |  | 1432 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  2.964% due 10/20/2035 ~ |  | 2 |  | 2 |
|  2.980% due 04/25/2035 ^~ |  | 12 |  | 1 |
|  2.984% due 01/25/2036 ^~ |  | 30 |  | 27 |
|  3.163% due 06/25/2034 ~ |  | 371 |  | 343 |
|  3.229% due 05/20/2036 ^~ |  | 87 |  | 79 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.366% due 05/20/2036 ~ | $— | 29 | $— | 26 |
|  3.608% due 08/25/2034 ~ |  | 2112 |  | 2038 |
|  3.677% due 02/20/2036 ~ |  | 128 |  | 102 |
|  3.792% due 11/25/2034 ~ |  | 40 |  | 36 |
|  3.802% due 11/25/2037 ~ |  | 85 |  | 73 |
|  4.084% due 08/25/2034 ^~ |  | 21 |  | 18 |
|  4.849% due 05/25/2035 ~ |  | 48 |  | 39 |
|  4.929% due 02/25/2035 ~ |  | 8 |  | 7 |
|  5.009% due 03/25/2035 •  |  | 156 |  | 133 |
|  5.069% due 03/25/2036 ~ |  | 107 |  | 57 |
|  5.129% due 02/25/2035 •  |  | 199 |  | 166 |
|  5.169% due 02/25/2035 ~ |  | 169 |  | 140 |
|  5.500% due 07/25/2037 ^ |  | 228 |  | 106 |
|  5.750% due 12/25/2035 ^ |  | 61 |  | 33 |
|  5.910% due 02/20/2036 ^~ |  | 10 |  | 9 |
|  6.000% due 02/25/2037 ^ |  | 217 |  | 110 |
|  6.000% due 03/25/2037 ^ |  | 79 |  | 39 |
|  6.000% due 07/25/2037 |  | 162 |  | 78 |
|  6.500% due 11/25/2036 ^ |  | 571 |  | 226 |
|  **Countrywide Home Loan Reperforming REMIC Trust** | **Countrywide Home Loan Reperforming REMIC Trust** | **Countrywide Home Loan Reperforming REMIC Trust** | **Countrywide Home Loan Reperforming REMIC Trust** | **Countrywide Home Loan Reperforming REMIC Trust** |
|  6.000% due 03/25/2035 ^ |  | 38 |  | 35 |
|  **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.** |
|  3.792% due 03/25/2032 ~ |  | 7 |  | 6 |
|  5.539% due 09/25/2034 ^~ |  | 36 |  | 38 |
|  **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
|  2.746% due 04/26/2038 ~ |  | 117 |  | 113 |
|  3.323% due 04/28/2037 ~ |  | 167 |  | 154 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  1.756% due 10/25/2066 ~ |  | 9997 |  | 8227 |
|  1.796% due 12/27/2060 ~ |  | 3572 |  | 3280 |
|  **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 ~ |  | 3663 |  | &nbsp;&nbsp;&nbsp;&nbsp;3096 |
|  **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** |
|  4.769% due 08/25/2047 ~ |  | 197 |  | 170 |
|  **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** |
|  4.689% due 04/25/2037 ~ |  | 200 |  | 141 |
|  **Deutsche Mortgage & Asset Receiving Corp.** | **Deutsche Mortgage & Asset Receiving Corp.** | **Deutsche Mortgage & Asset Receiving Corp.** | **Deutsche Mortgage & Asset Receiving Corp.** | **Deutsche Mortgage & Asset Receiving Corp.** |
|  3.854% due 11/27/2036 •  |  | 80 |  | 79 |
|  **Downey Savings & Loan Association Mortgage Loan Trust** | **Downey Savings & Loan Association Mortgage Loan Trust** | **Downey Savings & Loan Association Mortgage Loan Trust** | **Downey Savings & Loan Association Mortgage Loan Trust** | **Downey Savings & Loan Association Mortgage Loan Trust** |
|  4.979% due 07/19/2045 ^•  |  | 4 |  | 0 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% due 06/13/2045 ~ |  | 1717 |  | 2051 |
|  4.461% due 06/13/2045 •  |  | 399 |  | 477 |
|  **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** |
|  3.938% due 04/25/2036 ^~ | $— | 56 |  | 47 |
|  4.088% due 01/25/2036 ^~ |  | 142 |  | 79 |
|  **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** |
|  4.282% due 11/25/2037 ^~ |  | 25 |  | 22 |
|  **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** |
|  5.118% due 02/15/2038 •  |  | 5120 |  | 4762 |
|  **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** |
|  3.348% due 11/19/2035 ^~ |  | 82 |  | 70 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** |
|  4.789% due 05/25/2037 •  | 1788 | 1623 |
|  4.789% due 12/25/2046 ^~ | 199 | 178 |
|  **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** |
|  7.736% due 08/15/2039 ~ | 2600 | 2624 |
|  **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
|  3.602% due 10/10/2049 ~ | 5000 | 4180 |
|  **GSC Capital Corp. Mortgage Trust** | **GSC Capital Corp. Mortgage Trust** | **GSC Capital Corp. Mortgage Trust** |
|  4.749% due 05/25/2036 ^•  | 68 | 62 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  2.954% due 04/25/2035 ~ | 16 | 15 |
|  3.344% due 04/25/2035 ~ | 21 | 20 |
|  3.767% due 09/25/2035 ~ | 78 | 73 |
|  4.113% due 11/25/2035 ~ | 91 | 53 |
|  4.142% due 09/25/2035 ~ | 27 | 25 |
|  4.250% due 09/25/2034 ~ | 30 | 28 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  3.308% due 07/19/2045 ~ | 27 | 23 |
|  3.756% due 12/19/2035 ^~ | 77 | 42 |
|  3.764% due 06/19/2036 ^~ | 134 | 62 |
|  3.928% due 12/19/2035 ^~ | 18 | 17 |
|  4.719% due 01/19/2038 •  | 26 | 22 |
|  4.749% due 12/19/2036 •  | 4962 | &nbsp;&nbsp;&nbsp;&nbsp;4092 |
|  4.779% due 05/19/2035 ~ | 1224 | 1090 |
|  4.819% due 12/19/2036 ^~ | 2966 | 2686 |
|  4.839% due 01/19/2036 ~ | 81 | 50 |
|  4.839% due 01/19/2038 ^•  | 24 | 39 |
|  5.019% due 01/19/2035 ~ | 20 | 19 |
|  **HomeBanc Mortgage Trust** | **HomeBanc Mortgage Trust** | **HomeBanc Mortgage Trust** |
|  4.749% due 12/25/2036 ~ | 7 | 7 |
|  **Impac Secured Assets Trust** | **Impac Secured Assets Trust** | **Impac Secured Assets Trust** |
|  4.689% due 11/25/2036 •  | 95 | 93 |
|  **IndyMac IMSC Mortgage Loan Trust** | **IndyMac IMSC Mortgage Loan Trust** | **IndyMac IMSC Mortgage Loan Trust** |
|  4.749% due 07/25/2047 •  | 196 | 135 |
|  **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** |
|  3.380% due 08/25/2036 ~ | 1509 | 1193 |
|  **IndyMac INDB Mortgage Loan Trust** | **IndyMac INDB Mortgage Loan Trust** | **IndyMac INDB Mortgage Loan Trust** |
|  4.989% due 11/25/2035 ^~ | 130 | 77 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  2.824% due 06/25/2037 ^~ | 55 | 45 |
|  3.038% due 10/25/2035 ~ | 504 | 400 |
|  3.115% due 06/25/2036 ~ | 3764 | 2461 |
|  3.129% due 06/25/2036 ~ | 762 | 598 |
|  3.196% due 11/25/2035 ^~ | 89 | 77 |
|  3.227% due 09/25/2035 ^~ | 53 | 44 |
|  3.229% due 08/25/2035 ~ | 546 | 433 |
|  3.645% due 06/25/2035 ^~ | 22 | 19 |
|  4.769% due 09/25/2046 •  | 81 | 70 |
|  4.949% due 03/25/2035 ~ | 32 | 31 |
|  **InTown Mortgage Trust** | **InTown Mortgage Trust** | **InTown Mortgage Trust** |
|  6.825% due 08/15/2039 ~ | 4500 | 4482 |
|  **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
|  3.741% due 12/25/2036 ~ | 5 | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.529% due 06/27/2037 •  | $— | 1535 | $— | 1148 |
|  4.709% due 10/25/2036 ~ |  | 3183 |  | 2794 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  3.000% due 04/25/2052 ~ |  | 10294 |  | 8628 |
|  3.169% due 06/25/2037 ^~ |  | 68 |  | 51 |
|  3.416% due 04/25/2035 ~ |  | 1 |  | 1 |
|  3.424% due 09/25/2034 ~ |  | 80 |  | 76 |
|  3.453% due 07/25/2035 ~ |  | 112 |  | 108 |
|  3.763% due 11/25/2035 ^~ |  | 43 |  | 35 |
|  3.850% due 01/25/2037 ^~ |  | 9 |  | 7 |
|  3.879% due 11/25/2035 ^~ |  | 29 |  | 25 |
|  4.157% due 04/25/2035 ~ |  | 1 |  | 1 |
|  4.188% due 07/25/2035 ~ |  | 60 |  | 56 |
|  6.000% due 01/25/2036 ^ |  | 96 |  | 49 |
|  **Lavender Trust** | **Lavender Trust** | **Lavender Trust** | **Lavender Trust** | **Lavender Trust** |
|  6.250% due 10/26/2036 |  | 221 |  | 118 |
|  **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
|  1.750% due 07/25/2061 þ |  | 1975 |  | 1795 |
|  1.875% due 10/25/2068 þ |  | 5851 |  | &nbsp;&nbsp;&nbsp;&nbsp;5267 |
|  **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** | **Lehman Mortgage Trust** |
|  4.663% due 12/25/2035 ~ |  | 172 |  | 36 |
|  5.071% due 01/25/2036 ^~ |  | 48 |  | 43 |
|  6.000% due 07/25/2036 ^ |  | 56 |  | 29 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.659% due 02/25/2036 •  |  | 4289 |  | 3733 |
|  4.769% due 11/25/2046 •  |  | 8967 |  | 7570 |
|  4.789% due 08/25/2046 ^~ |  | 31 |  | 29 |
|  4.849% due 04/25/2046 ^~ |  | 7 |  | 8 |
|  4.869% due 11/25/2046 ^•  |  | 9 |  | 9 |
|  **Luminent Mortgage Trust** | **Luminent Mortgage Trust** | **Luminent Mortgage Trust** | **Luminent Mortgage Trust** | **Luminent Mortgage Trust** |
|  4.729% due 12/25/2036 ~ |  | 424 |  | 364 |
|  4.789% due 10/25/2046 ~ |  | 112 |  | 97 |
|  **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** |
|  4.869% due 05/25/2037 ~ |  | 90 |  | 40 |
|  **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 |  | 717 |  | 514 |
|  8.000% due 07/25/2035 |  | 702 |  | 542 |
|  **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** |
|  4.392% due 10/20/2029 ~ |  | 18 |  | 18 |
|  **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** |
|  4.709% due 01/25/2037 •  |  | 109 |  | 35 |
|  4.989% due 03/25/2037 •  |  | 768 |  | 224 |
|  6.000% due 05/25/2037 ^ |  | 128 |  | 99 |
|  **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** |
|  3.165% due 02/25/2036 ~ |  | 20 |  | 19 |
|  4.138% due 11/25/2035 ~ |  | 27 |  | 26 |
|  4.676% due 11/25/2029 ~ |  | 32 |  | 28 |
|  4.849% due 04/25/2029 •  |  | 13 |  | 12 |
|  5.049% due 09/25/2029 •  |  | 13 |  | 12 |
|  6.149% due 07/25/2029 ~ |  | 13 |  | 12 |
|  6.250% due 10/25/2036 |  | 1185 |  | 573 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **63** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  2.428% due 04/05/2042 ~ | 5000 | 3822 |
|  **Morgan Stanley Dean Witter Capital, Inc. Trust** | **Morgan Stanley Dean Witter Capital, Inc. Trust** | **Morgan Stanley Dean Witter Capital, Inc. Trust** |
|  3.281% due 03/25/2033 ~ | 30 | 26 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  2.915% due 07/25/2035 ~ | 1195 | 1040 |
|  3.736% due 06/25/2036 ~ | 33 | 31 |
|  4.709% due 01/25/2035 •  | 17 | 15 |
|  6.000% due 10/25/2037 ^ | 67 | 40 |
|  **Morgan Stanley Re-REMIC Trust** | **Morgan Stanley Re-REMIC Trust** | **Morgan Stanley Re-REMIC Trust** |
|  2.666% due 03/26/2037 þ | 59 | 55 |
|  2.702% due 02/26/2037 •  | 107 | 96 |
|  5.500% due 10/26/2035 ~ | 5909 | 3977 |
|  **NAAC Reperforming Loan REMIC Trust** | **NAAC Reperforming Loan REMIC Trust** | **NAAC Reperforming Loan REMIC Trust** |
|  7.500% due 03/25/2034 ^ | 306 | 266 |
|  **New York Mortgage Trust** | **New York Mortgage Trust** | **New York Mortgage Trust** |
|  5.250% due 07/25/2062 þ | 4435 | 4179 |
|  **NLT Trust** | **NLT Trust** | **NLT Trust** |
|  1.162% due 08/25/2056 ~ | 4328 | 3424 |
|  **Nomura Asset Acceptance Corp. Alternative Loan Trust** | **Nomura Asset Acceptance Corp. Alternative Loan Trust** | **Nomura Asset Acceptance Corp. Alternative Loan Trust** |
|  5.077% due 02/25/2036 ^~ | 272 | 232 |
|  **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** |
|  6.500% due 10/26/2037 | 4580 | 2323 |
|  **Preston Ridge Partners Mortgage LLC** | **Preston Ridge Partners Mortgage LLC** | **Preston Ridge Partners Mortgage LLC** |
|  3.720% due 02/25/2027 þ | 2579 | 2423 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  3.430% due 02/25/2035 ^~ | 161 | 131 |
|  4.689% due 08/25/2035 •  | 76 | 58 |
|  4.729% due 12/25/2036 •  | 192 | 178 |
|  4.789% due 05/25/2047 •  | 62 | 54 |
|  4.809% due 06/25/2037 ~ | 59 | 53 |
|  4.889% due 08/25/2037 ~ | 155 | 138 |
|  5.092% due 02/25/2036 ^~ | 95 | 74 |
|  5.189% due 10/25/2045 ~ | 58 | 47 |
|  6.000% due 09/25/2035 | 663 | 573 |
|  6.000% due 06/25/2036 | 2766 | 2237 |
|  8.000% due 04/25/2036 ^•  | 71 | 61 |
|  **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
|  6.000% due 06/25/2036 | 166 | 71 |
|  6.000% due 11/25/2036 ^ | 121 | 46 |
|  6.000% due 03/25/2037 ^ | 97 | 33 |
|  6.250% due 11/25/2036 ^ | 83 | 33 |
|  6.500% due 04/25/2037 ^ | 1130 | 306 |
|  **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** |
|  3.769% due 03/25/2035 ^~ | 848 | 470 |
|  6.000% due 09/25/2036 ^ | 111 | 85 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  | 12617 | &nbsp;&nbsp;&nbsp;&nbsp;15124 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.448% due 05/25/2035 ^~ | 218 | 166 |
|  3.550% due 02/25/2036 ^~ | 169 | 135 |
|  3.637% due 09/25/2036 ^~ | 1740 | 1174 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.658% due 10/25/2036 ^~ | $— | 88 | $— | 52 |
|  3.808% due 07/25/2037 ^~ |  | 4 |  | 2 |
|  3.902% due 10/25/2034 ~ |  | 10 |  | 9 |
|  4.709% due 10/25/2035 •  |  | 652 |  | 595 |
|  5.124% due 06/25/2034 •  |  | 219 |  | 198 |
|  **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** |
|  1.567% due 02/25/2036 ^•  |  | 250 |  | 199 |
|  4.569% due 09/25/2047 ~ |  | 38 |  | 34 |
|  4.579% due 09/25/2047 ~ |  | 364 |  | 318 |
|  4.649% due 03/25/2037 ~ |  | 79 |  | 27 |
|  4.769% due 06/25/2036 ~ |  | 2144 |  | &nbsp;&nbsp;&nbsp;&nbsp;2052 |
|  4.769% due 07/25/2046 ^~ |  | 329 |  | 228 |
|  4.789% due 05/25/2036 •  |  | 472 |  | 361 |
|  4.809% due 09/25/2047 ^~ |  | 798 |  | 638 |
|  4.829% due 05/25/2046 •  |  | 692 |  | 207 |
|  4.909% due 05/25/2046 ^•  |  | 50 |  | 28 |
|  5.039% due 03/19/2034 •  |  | 141 |  | 128 |
|  5.039% due 02/19/2035 ~ |  | 66 |  | 59 |
|  5.079% due 12/19/2033 •  |  | 136 |  | 130 |
|  **SunTrust Adjustable Rate Mortgage Loan Trust** | **SunTrust Adjustable Rate Mortgage Loan Trust** | **SunTrust Adjustable Rate Mortgage Loan Trust** | **SunTrust Adjustable Rate Mortgage Loan Trust** | **SunTrust Adjustable Rate Mortgage Loan Trust** |
|  3.128% due 02/25/2037 ^~ |  | 88 |  | 76 |
|  **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 |  | 211 |  | 187 |
|  **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 ~ |  | 2916 |  | 940 |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  2.994% due 09/25/2037 ~ |  | 18 |  | 17 |
|  5.029% due 09/25/2043 •  |  | 107 |  | 101 |
|  5.129% due 09/25/2034 ~ |  | 14 |  | 13 |
|  **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 ~ |  | 7269 |  | 6928 |
|  **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** | **Verus Securitization Trust** |
|  1.824% due 11/25/2066 ~ |  | 4067 |  | 3445 |
|  **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** |
|  4.182% due 10/20/2035 ~ |  | 11 |  | 10 |
|  **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** |
|  2.748% due 02/25/2047 ^•  |  | 1267 |  | 1055 |
|  2.798% due 06/25/2047 ^•  |  | 33 |  | 24 |
|  2.858% due 07/25/2047 •  |  | 9639 |  | 7724 |
|  3.048% due 08/25/2046 ~ |  | 601 |  | 551 |
|  3.248% due 11/25/2042 ~ |  | 11 |  | 10 |
|  3.372% due 12/25/2036 ^~ |  | 667 |  | 591 |
|  3.548% due 11/25/2046 •  |  | 152 |  | 131 |
|  3.600% due 12/25/2036 ^~ |  | 77 |  | 65 |
|  3.683% due 08/25/2036 ^~ |  | 57 |  | 52 |
|  4.159% due 08/25/2033 ~ |  | 118 |  | 112 |
|  4.929% due 12/25/2045 •  |  | 3 |  | 3 |
|  5.029% due 01/25/2045 ~ |  | 102 |  | 95 |
|  5.129% due 11/25/2034 •  |  | 96 |  | 87 |
|  5.169% due 10/25/2044 •  |  | 462 |  | 417 |
|  5.209% due 11/25/2045 ~ |  | 113 |  | 99 |
|  5.369% due 11/25/2034 •  |  | 265 |  | 240 |

---

---

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

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  2.748% due 04/25/2047 •  | 241 | 187 |
|  2.818% due 04/25/2047 •  | 353 | 274 |
|  4.051% due 09/25/2036 ^þ | 128 | 37 |
|  4.466% due 05/25/2035 ^~ | 228 | 195 |
|  **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** |
|  3.563% due 07/25/2037 ^~ | 24 | 21 |
|  **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** |
|  6.000% due 06/25/2037 ^ | 30 | 25 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $259,388)** | **Total Non-Agency Mortgage-Backed Securities (Cost $259,388)** | **230702** |
| **ASSET-BACKED SECURITIES 39.5%** | **ASSET-BACKED SECURITIES 39.5%** | **ASSET-BACKED SECURITIES 39.5%** |
|  **Aames Mortgage Investment Trust** | **Aames Mortgage Investment Trust** | **Aames Mortgage Investment Trust** |
|  5.169% due 10/25/2035 •  | 120 | 117 |
|  5.216% due 06/25/2035 •  | 163 | 162 |
|  **AASET Trust** | **AASET Trust** | **AASET Trust** |
|  3.844% due 01/16/2038 | 1434 | 883 |
|  3.967% due 05/16/2042 | 743 | 577 |
|  **Accredited Mortgage Loan Trust** | **Accredited Mortgage Loan Trust** | **Accredited Mortgage Loan Trust** |
|  4.649% due 09/25/2036 ~ | 3097 | 3040 |
|  5.109% due 09/25/2035 ~ | 78 | 77 |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  4.499% due 12/25/2036 ~ | 299 | 87 |
|  4.544% due 08/25/2036 •  | 309 | 293 |
|  4.669% due 07/25/2036 •  | 108 | 86 |
|  4.989% due 02/25/2036 •  | 27 | 27 |
|  5.004% due 12/25/2035 •  | 2000 | 1768 |
|  5.049% due 11/25/2035 ~ | 44 | 44 |
|  5.289% due 12/25/2034 ~ | 109 | 97 |
|  5.319% due 02/25/2036 ^•  | 70 | 66 |
|  5.364% due 06/25/2034 •  | 363 | 329 |
|  5.364% due 07/25/2035 •  | 14 | 14 |
|  **Aegis Asset-Backed Securities Trust** | **Aegis Asset-Backed Securities Trust** | **Aegis Asset-Backed Securities Trust** |
|  4.716% due 03/25/2035 ~ | 172 | 164 |
|  5.034% due 12/25/2035 ~ | 200 | 188 |
|  5.109% due 06/25/2035 •  | 158 | 145 |
|  5.389% due 03/25/2035 ^~ | 48 | 45 |
|  **Ameriquest Mortgage Securities Trust** | **Ameriquest Mortgage Securities Trust** | **Ameriquest Mortgage Securities Trust** |
|  4.974% due 03/25/2036 ~ | 29 | 29 |
|  **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.094% due 11/25/2035 •  | 71 | 69 |
|  5.169% due 09/25/2035 •  | 6986 | 6819 |
|  5.499% due 03/25/2035 •  | 200 | 195 |
|  **Amortizing Residential Collateral Trust** | **Amortizing Residential Collateral Trust** | **Amortizing Residential Collateral Trust** |
|  5.389% due 10/25/2034 •  | 89 | 87 |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.539% due 09/25/2036 •  | 768 | 256 |
|  4.769% due 03/25/2036 ~ | 284 | 152 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  4.849% due 01/25/2036 •  | 75 | 68 |
|  5.029% due 01/25/2036 •  | 3060 | 2669 |
|  **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** |
|  4.499% due 01/25/2037 ~ | 339 | 201 |
|  4.549% due 01/25/2037 •  | 213 | 127 |
|  4.609% due 01/25/2037 ~ | 128 | 76 |
|  4.669% due 11/25/2036 ~ | 8889 | 5773 |
|  5.389% due 06/25/2037 •  | 147 | 118 |
|  **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** |
|  3.658% due 12/25/2036 •  | 6300 | 5492 |
|  5.289% due 06/25/2035 •  | 92 | 89 |
|  **Aurium CLO DAC** | **Aurium CLO DAC** | **Aurium CLO DAC** |
|  2.048% due 04/16/2030 ~ | 5280 | 5540 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  6.461% due 08/19/2038 ~ | 3200 | 3154 |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  3.644% due 07/25/2036 ~ | 57 | 57 |
|  3.847% due 10/25/2036 ~ | 33 | 20 |
|  4.421% due 11/25/2035 ^~ | 96 | 86 |
|  4.619% due 02/25/2037 •  | 11884 | &nbsp;&nbsp;&nbsp;&nbsp;10868 |
|  4.916% due 03/25/2034 •  | 1900 | 1849 |
|  4.929% due 06/25/2036 •  | 1 | 1 |
|  5.034% due 12/25/2035 ~ | 34 | 34 |
|  5.064% due 08/25/2036 ~ | 72 | 72 |
|  5.124% due 09/25/2035 ~ | 3734 | 3719 |
|  5.189% due 09/25/2046 ~ | 87 | 81 |
|  5.214% due 06/25/2036 ~ | 17 | 17 |
|  5.439% due 08/25/2037 •  | 4934 | 4415 |
|  5.569% due 06/25/2043 •  | 753 | 721 |
|  5.589% due 06/25/2036 •  | 600 | 576 |
|  5.639% due 08/25/2037 •  | 33 | 32 |
|  **BPCRE Holder LLC** | **BPCRE Holder LLC** | **BPCRE Holder LLC** |
|  6.725% due 01/16/2037 •  | 1500 | 1480 |
|  **BSPRT Issuer Ltd.** | **BSPRT Issuer Ltd.** | **BSPRT Issuer Ltd.** |
|  6.632% due 07/15/2039 •  | 7000 | 6849 |
|  **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** |
|  2.428% due 08/15/2030 •  | 1096 | 1145 |
|  **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
|  4.609% due 01/25/2037 •  | 1200 | 867 |
|  4.649% due 02/25/2037 ~ | 4008 | 3601 |
|  5.439% due 05/25/2035 ~ | 300 | 286 |
|  **Cendant Mortgage Corp.** | **Cendant Mortgage Corp.** | **Cendant Mortgage Corp.** |
|  6.000% due 07/25/2043 ~ | 9 | 8 |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.889% due 10/25/2037 ~ | 6000 | 5714 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.559% due 05/25/2037 ~ | 11633 | 10020 |
|  4.789% due 11/25/2046 •  | 103 | 100 |
|  5.064% due 11/25/2045 •  | 6 | 6 |
|  5.124% due 09/25/2035 ^•  | 492 | 486 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **65** |

---

------

##### [**Table of Contents**](#toc)
**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)** |
|  6.069% due 07/25/2035 •  | $— | 1000 | $— | 861 |
|  6.851% due 05/25/2036 ^þ |  | 132 |  | 49 |
|  **CLNC Ltd.** | **CLNC Ltd.** | **CLNC Ltd.** | **CLNC Ltd.** | **CLNC Ltd.** |
|  5.689% due 08/20/2035 •  |  | 5341 |  | 5249 |
|  **Conseco Finance Corp.** | **Conseco Finance Corp.** | **Conseco Finance Corp.** | **Conseco Finance Corp.** | **Conseco Finance Corp.** |
|  7.060% due 02/01/2031 ~ |  | 318 |  | 284 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  4.889% due 01/25/2046 ^~ |  | 3824 |  | 3577 |
|  5.289% due 03/25/2047 ^•  |  | 55 |  | 45 |
|  **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** |
|  3.209% due 03/25/2036 •  |  | 1076 |  | 1052 |
|  3.363% due 04/25/2035 •  |  | 83 |  | 81 |
|  4.106% due 01/25/2037 •  |  | 988 |  | 976 |
|  4.332% due 10/25/2046 ^~ |  | 9555 |  | 9309 |
|  4.529% due 06/25/2035 •  |  | 7336 |  | 6628 |
|  4.529% due 07/25/2037 ^•  |  | 772 |  | 757 |
|  4.539% due 09/25/2046 •  |  | 863 |  | 856 |
|  4.589% due 09/25/2037 ~ |  | 2815 |  | 2435 |
|  4.589% due 06/25/2047 ^•  |  | 12052 |  | &nbsp;&nbsp;&nbsp;&nbsp;10316 |
|  4.609% due 09/25/2037 ^•  |  | 272 |  | 279 |
|  4.609% due 09/25/2047 ^•  |  | 678 |  | 646 |
|  4.619% due 10/25/2047 •  |  | 99 |  | 98 |
|  4.639% due 06/25/2047 ~ |  | 180 |  | 172 |
|  4.649% due 04/25/2046 •  |  | 3390 |  | 3093 |
|  4.669% due 02/25/2037 •  |  | 6112 |  | 5747 |
|  4.689% due 03/25/2047 ^~ |  | 59 |  | 58 |
|  4.709% due 05/25/2036 ~ |  | 34 |  | 41 |
|  4.789% due 08/25/2036 •  |  | 1059 |  | 1055 |
|  4.989% due 06/25/2036 •  |  | 74 |  | 74 |
|  5.079% due 05/25/2036 ~ |  | 61 |  | 61 |
|  5.109% due 07/25/2034 •  |  | 40 |  | 40 |
|  5.189% due 08/25/2047 ~ |  | 202 |  | 201 |
|  5.289% due 10/25/2034 •  |  | 42 |  | 41 |
|  5.364% due 02/25/2034 •  |  | 12 |  | 12 |
|  5.484% due 07/25/2035 ~ |  | 482 |  | 477 |
|  5.889% due 02/25/2035 •  |  | 156 |  | 153 |
|  **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** |
|  4.164% due 07/25/2037 ~ |  | 9 |  | 6 |
|  4.264% due 07/25/2037 •  |  | 187 |  | 125 |
|  **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** |
|  4.513% due 08/15/2030 •  |  | 26 |  | 25 |
|  **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** |
|  2.038% due 04/15/2033 •  |  | 10100 |  | 10490 |
|  **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** |
|  5.139% due 02/27/2068 •  | $— | 5352 |  | 5093 |
|  **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** |
|  5.129% due 05/25/2040 •  |  | 8 |  | 7 |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  4.669% due 12/25/2036 •  |  | 223 |  | 97 |
|  4.709% due 04/25/2036 •  |  | 137 |  | 132 |
|  4.869% due 04/25/2036 •  |  | 400 |  | 362 |
|  4.869% due 08/25/2036 ~ |  | 122 |  | 113 |
|  5.109% due 10/25/2035 ~ |  | 6 |  | 6 |
|  5.109% due 11/25/2035 •  |  | 107 |  | 98 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.259% due 09/25/2034 ~ | $— | 15 | $— | 15 |
|  5.334% due 03/25/2035 ~ |  | 56 |  | 55 |
|  5.574% due 12/25/2034 ~ |  | 886 |  | 849 |
|  5.589% due 01/25/2035 •  |  | 90 |  | 89 |
|  5.814% due 10/25/2034 ~ |  | 328 |  | 323 |
|  **First NLC Trust** | **First NLC Trust** | **First NLC Trust** | **First NLC Trust** | **First NLC Trust** |
|  1.286% due 05/25/2035 •  |  | 706 |  | 591 |
|  4.459% due 08/25/2037 ~ |  | 44 |  | 21 |
|  **FIRSTPLUS Home Loan Owner Trust** | **FIRSTPLUS Home Loan Owner Trust** | **FIRSTPLUS Home Loan Owner Trust** | **FIRSTPLUS Home Loan Owner Trust** | **FIRSTPLUS Home Loan Owner Trust** |
|  7.320% due 11/10/2023 ^ |  | 6 |  | 0 |
|  **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
|  4.539% due 01/25/2037 ~ |  | 218 |  | 100 |
|  4.709% due 08/25/2036 ~ |  | 188 |  | 65 |
|  4.729% due 02/25/2036 ~ |  | 34 |  | 32 |
|  4.729% due 02/25/2037 ~ |  | 716 |  | 256 |
|  4.929% due 02/25/2036 ~ |  | 300 |  | 252 |
|  4.929% due 04/25/2036 •  |  | 2905 |  | 2515 |
|  5.124% due 07/25/2035 ~ |  | 191 |  | 190 |
|  5.179% due 12/25/2029 ~ |  | 5 |  | 5 |
|  **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** |
|  5.049% due 10/15/2030 •  |  | 3200 |  | 3130 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.169% due 07/15/2031 ~ |  | 5030 |  | 4943 |
|  **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** |
|  4.629% due 04/25/2047 ~ |  | 75 |  | 70 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.479% due 01/25/2037 •  |  | 2198 |  | 1336 |
|  4.509% due 12/25/2036 •  |  | 1607 |  | 804 |
|  4.529% due 12/25/2036 ~ |  | 6884 |  | 3731 |
|  4.529% due 01/25/2037 ~ |  | 39741 |  | &nbsp;&nbsp;&nbsp;&nbsp;23743 |
|  4.539% due 12/25/2046 ~ |  | 472 |  | 237 |
|  4.589% due 11/25/2036 •  |  | 410 |  | 199 |
|  4.619% due 12/25/2046 ~ |  | 142 |  | 71 |
|  4.689% due 09/25/2036 •  |  | 2834 |  | 1049 |
|  4.869% due 06/25/2036 •  |  | 201 |  | 108 |
|  4.929% due 04/25/2036 •  |  | 249 |  | 161 |
|  6.039% due 10/25/2034 •  |  | 13 |  | 13 |
|  **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** |
|  5.484% due 05/25/2035 •  |  | 70 |  | 69 |
|  **Home Equity Loan Trust** | **Home Equity Loan Trust** | **Home Equity Loan Trust** | **Home Equity Loan Trust** | **Home Equity Loan Trust** |
|  4.619% due 04/25/2037 •  |  | 558 |  | 538 |
|  4.729% due 04/25/2037 ~ |  | 500 |  | 439 |
|  **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** |
|  4.529% due 11/25/2036 ~ |  | 273 |  | 244 |
|  4.549% due 11/25/2036 •  |  | 231 |  | 197 |
|  4.709% due 04/25/2037 •  |  | 217 |  | 184 |
|  **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** |
|  4.609% due 12/25/2036 ~ |  | 199 |  | 55 |
|  4.729% due 12/25/2036 ~ |  | 908 |  | 246 |
|  4.829% due 12/25/2036 •  |  | 605 |  | 165 |
|  5.169% due 11/25/2035 ~ |  | 3184 |  | 2838 |
|  **Invesco Euro CLO DAC** | **Invesco Euro CLO DAC** | **Invesco Euro CLO DAC** | **Invesco Euro CLO DAC** | **Invesco Euro CLO DAC** |
|  2.028% due 07/15/2031 ~ |  | 900 |  | 936 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **IXIS Real Estate Capital Trust** | **IXIS Real Estate Capital Trust** | **IXIS Real Estate Capital Trust** |
|  5.019% due 02/25/2036 •  | 16 | 17 |
|  **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** |
|  4.649% due 03/25/2037 •  | 126 | 122 |
|  4.649% due 06/25/2037 ~ | 51 | 51 |
|  4.669% due 01/25/2037 •  | 547 | 544 |
|  4.794% due 05/25/2036 •  | 10 | 10 |
|  4.794% due 07/25/2036 ~ | 161 | 155 |
|  6.337% due 08/25/2036 ^þ | 92 | 55 |
|  **KKR CLO Ltd.** | **KKR CLO Ltd.** | **KKR CLO Ltd.** |
|  5.029% due 07/15/2030 •  | 14897 | 14627 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.243% due 07/20/2030 •  | 12425 | &nbsp;&nbsp;&nbsp;&nbsp;12239 |
|  **Lehman ABS Mortgage Loan Trust** | **Lehman ABS Mortgage Loan Trust** | **Lehman ABS Mortgage Loan Trust** |
|  4.479% due 06/25/2037 •  | 161 | 114 |
|  4.589% due 06/25/2037 ~ | 130 | 92 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.559% due 02/25/2037 ^•  | 951 | 790 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  5.034% due 11/25/2035 •  | 72 | 71 |
|  5.439% due 06/25/2035 •  | 366 | 355 |
|  5.664% due 02/25/2035 •  | 9304 | 9107 |
|  5.814% due 03/25/2032 •  | 123 | 121 |
|  **MACH Cayman Ltd.** | **MACH Cayman Ltd.** | **MACH Cayman Ltd.** |
|  3.474% due 10/15/2039 | 1698 | 1375 |
|  **Mackay Shields EURO CLO DAC** | **Mackay Shields EURO CLO DAC** | **Mackay Shields EURO CLO DAC** |
|  2.386% due 10/20/2032 •  | 1900 | 1961 |
|  **Madison Park Euro Funding DAC** | **Madison Park Euro Funding DAC** | **Madison Park Euro Funding DAC** |
|  2.178% due 07/15/2032 ~ | 5700 | 5912 |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.486% due 11/15/2028 ~ | 5017 | 4962 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.188% due 10/15/2032 •  | 9295 | 9626 |
|  **MAPS Ltd.** | **MAPS Ltd.** | **MAPS Ltd.** |
|  4.212% due 05/15/2043 | 2529 | 2261 |
|  **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** |
|  4.609% due 08/25/2036 ~ | 146 | 59 |
|  4.689% due 08/25/2036 ~ | 241 | 98 |
|  4.749% due 02/25/2036 ~ | 303 | 123 |
|  4.829% due 11/25/2036 ~ | 3745 | 2284 |
|  4.869% due 06/25/2036 •  | 130 | 52 |
|  4.869% due 08/25/2036 ~ | 145 | 59 |
|  4.889% due 11/25/2035 ~ | 8013 | 4632 |
|  4.959% due 01/25/2036 ~ | 150 | 147 |
|  5.139% due 12/25/2034 ^•  | 13 | 12 |
|  5.139% due 10/25/2035 ^~ | 200 | 185 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  4.839% due 02/25/2047 •  | 842 | 509 |
|  4.869% due 08/25/2037 •  | 693 | 371 |
|  5.109% due 05/25/2036 •  | 74 | 73 |
|  **MESA Trust** | **MESA Trust** | **MESA Trust** |
|  4.816% due 12/25/2031 ~ | 58 | 58 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **METAL LLC** | **METAL LLC** | **METAL LLC** |
|  4.581% due 10/15/2042 | 3224 | 1695 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.176% due 02/19/2037 ~ | 2300 | 2216 |
|  **MidOcean Credit CLO** | **MidOcean Credit CLO** | **MidOcean Credit CLO** |
|  5.725% due 02/20/2031 ~ | 4000 | 3932 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.459% due 10/25/2036 ~ | 74 | 35 |
|  4.499% due 10/25/2036 •  | 604 | 298 |
|  4.529% due 10/25/2036 •  | 2194 | &nbsp;&nbsp;&nbsp;&nbsp;1053 |
|  4.529% due 11/25/2036 •  | 195 | 98 |
|  4.539% due 10/25/2036 ~ | 177 | 88 |
|  4.539% due 11/25/2036 •  | 969 | 585 |
|  4.569% due 03/25/2037 •  | 328 | 148 |
|  4.589% due 02/25/2037 ~ | 112 | 55 |
|  4.609% due 11/25/2036 ~ | 1171 | 585 |
|  4.639% due 03/25/2037 •  | 328 | 148 |
|  4.689% due 06/25/2036 ~ | 159 | 83 |
|  4.689% due 06/25/2036 •  | 375 | 326 |
|  4.689% due 09/25/2036 ~ | 331 | 127 |
|  4.989% due 12/25/2035 •  | 10000 | 9150 |
|  5.009% due 12/25/2035 •  | 148 | 143 |
|  5.289% due 05/25/2034 •  | 71 | 66 |
|  5.379% due 06/25/2035 •  | 254 | 248 |
|  5.439% due 04/25/2035 •  | 200 | 185 |
|  5.639% due 07/25/2037 •  | 400 | 333 |
|  **Morgan Stanley Capital, Inc. Trust** | **Morgan Stanley Capital, Inc. Trust** | **Morgan Stanley Capital, Inc. Trust** |
|  4.969% due 01/25/2036 ~ | 548 | 525 |
|  **Morgan Stanley Dean Witter Capital, Inc. Trust** | **Morgan Stanley Dean Witter Capital, Inc. Trust** | **Morgan Stanley Dean Witter Capital, Inc. Trust** |
|  5.739% due 02/25/2033 •  | 305 | 299 |
|  **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** |
|  4.559% due 04/25/2037 •  | 480 | 263 |
|  4.619% due 04/25/2037 ~ | 160 | 89 |
|  4.709% due 04/25/2036 •  | 82 | 59 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  4.849% due 02/25/2037 ~ | 104 | 28 |
|  5.109% due 04/25/2037 •  | 211 | 63 |
|  6.459% due 11/25/2036 ^~ | 231 | 89 |
|  6.465% due 09/25/2046 ^þ | 298 | 114 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  5.364% due 10/25/2033 •  | 991 | 949 |
|  **Newcastle Mortgage Securities Trust** | **Newcastle Mortgage Securities Trust** | **Newcastle Mortgage Securities Trust** |
|  4.619% due 04/25/2037 •  | 1595 | 1562 |
|  4.729% due 04/25/2037 ~ | 4292 | 3924 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  5.004% due 02/25/2036 •  | 10 | 10 |
|  6.032% due 10/25/2036 ^þ | 149 | 37 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  4.689% due 06/25/2036 •  | 84 | 64 |
|  5.094% due 01/25/2036 ~ | 2606 | 2553 |
|  **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
|  4.529% due 01/25/2037 •  | 52 | 31 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **67** |

---

------

##### [**Table of Contents**](#toc)
**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)** |
|  4.559% due 05/25/2037 ~ | $— | 10143 | $— | 5584 |
|  4.609% due 01/25/2037 •  |  | 208 |  | 124 |
|  4.719% due 04/25/2037 ~ |  | 100 |  | 48 |
|  4.929% due 01/25/2036 •  |  | 300 |  | 266 |
|  5.154% due 08/25/2035 ~ |  | 400 |  | 382 |
|  **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** |
|  5.079% due 11/25/2035 •  |  | 1996 |  | 1897 |
|  **Ownit Mortgage Loan Trust** | **Ownit Mortgage Loan Trust** | **Ownit Mortgage Loan Trust** | **Ownit Mortgage Loan Trust** | **Ownit Mortgage Loan Trust** |
|  5.289% due 10/25/2036 ^•  |  | 131 |  | 120 |
|  **Park Place Securities, Inc.** | **Park Place Securities, Inc.** | **Park Place Securities, Inc.** | **Park Place Securities, Inc.** | **Park Place Securities, Inc.** |
|  5.124% due 09/25/2035 •  |  | 200 |  | 195 |
|  **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** |
|  5.124% due 08/25/2035 ~ |  | 192 |  | 184 |
|  5.124% due 09/25/2035 ~ |  | 316 |  | 303 |
|  5.184% due 07/25/2035 •  |  | 117 |  | 115 |
|  5.214% due 07/25/2035 ~ |  | 950 |  | 871 |
|  5.334% due 06/25/2035 •  |  | 37 |  | 36 |
|  5.439% due 10/25/2034 •  |  | 319 |  | 313 |
|  5.514% due 03/25/2035 •  |  | 307 |  | 296 |
|  5.634% due 01/25/2036 ~ |  | 93 |  | 91 |
|  6.189% due 12/25/2034 ~ |  | 4191 |  | &nbsp;&nbsp;&nbsp;&nbsp;4048 |
|  **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** |
|  4.529% due 09/25/2036 ~ |  | 354 |  | 102 |
|  **Popular ABS Mortgage Pass-Through Trust** | **Popular ABS Mortgage Pass-Through Trust** | **Popular ABS Mortgage Pass-Through Trust** | **Popular ABS Mortgage Pass-Through Trust** | **Popular ABS Mortgage Pass-Through Trust** |
|  4.649% due 11/25/2036 ~ |  | 30 |  | 29 |
|  4.974% due 02/25/2036 ~ |  | 81 |  | 80 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.744% due 07/25/2051 þ |  | 1868 |  | 1696 |
|  2.240% due 09/27/2060 þ |  | 1628 |  | 1491 |
|  **Purple Finance CLO DAC** | **Purple Finance CLO DAC** | **Purple Finance CLO DAC** | **Purple Finance CLO DAC** | **Purple Finance CLO DAC** |
|  2.343% due 01/25/2031 •  |  | 1840 |  | 1928 |
|  **RAAC Trust** | **RAAC Trust** | **RAAC Trust** | **RAAC Trust** | **RAAC Trust** |
|  4.739% due 11/25/2046 •  | $— | 337 |  | 302 |
|  4.989% due 06/25/2044 ~ |  | 27 |  | 22 |
|  4.989% due 09/25/2045 ~ |  | 1248 |  | 1198 |
|  5.589% due 10/25/2045 ~ |  | 34 |  | 34 |
|  5.889% due 09/25/2047 ~ |  | 483 |  | 463 |
|  **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** |
|  6.875% due 10/25/2039 •  |  | 4793 |  | 4786 |
|  **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 |  | 2511 |
|  5.608% due 05/25/2036 þ |  | 9590 |  | 4477 |
|  5.812% due 11/25/2036 þ |  | 513 |  | 199 |
|  6.254% due 08/25/2036 þ |  | 9184 |  | 4014 |
|  7.238% due 09/25/2037 ^þ |  | 216 |  | 101 |
|  **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** |
|  4.949% due 09/25/2036 •  |  | 83 |  | 78 |
|  4.989% due 05/25/2036 ^•  |  | 655 |  | 592 |
|  5.029% due 01/25/2036 •  |  | 442 |  | 415 |
|  5.079% due 10/25/2035 •  |  | 50 |  | 49 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.649% due 11/25/2036 •  | 254 | 231 |
|  4.729% due 11/25/2036 ~ | 306 | 284 |
|  4.729% due 04/25/2037 ~ | 1354 | 1269 |
|  4.809% due 06/25/2036 •  | 92 | 92 |
|  5.019% due 10/25/2035 •  | 26 | 26 |
|  5.019% due 12/25/2035 •  | 88 | 87 |
|  5.034% due 03/25/2035 •  | 10 | 10 |
|  5.049% due 11/25/2035 ~ | 37 | 37 |
|  5.049% due 12/25/2035 ~ | 107 | 96 |
|  5.079% due 11/25/2035 •  | 128 | 126 |
|  5.229% due 12/25/2034 ~ | 7 | 6 |
|  **Salomon Mortgage Loan Trust** | **Salomon Mortgage Loan Trust** | **Salomon Mortgage Loan Trust** |
|  4.798% due 11/25/2033 •  | 13 | 12 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  2.914% due 01/25/2036 ^þ | 44 | 34 |
|  4.569% due 07/25/2036 ~ | 195 | 69 |
|  4.669% due 05/25/2036 •  | 4234 | 2305 |
|  4.709% due 07/25/2036 ~ | 191 | 68 |
|  4.869% due 07/25/2036 •  | 653 | 233 |
|  4.889% due 05/25/2036 •  | 880 | 479 |
|  4.929% due 03/25/2036 •  | 114 | 102 |
|  5.049% due 08/25/2035 ^•  | 115 | 87 |
|  5.064% due 01/25/2035 ~ | 19 | 18 |
|  5.349% due 01/25/2036 ^•  | 35 | 33 |
|  **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** |
|  4.709% due 07/25/2036 •  | 28151 | 6534 |
|  5.064% due 10/25/2035 •  | 622 | 604 |
|  **SLM Private Education Loan Trust** | **SLM Private Education Loan Trust** | **SLM Private Education Loan Trust** |
|  9.068% due 10/15/2041 •  | 2147 | 2305 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  5.858% due 04/25/2023 ~ | 2613 | 2595 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.453% due 07/20/2032 ~ | 5900 | 5701 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.469% due 06/25/2037 ~ | 40 | 29 |
|  4.499% due 02/25/2037 •  | 281 | 81 |
|  4.569% due 02/25/2037 ~ | 394 | 114 |
|  4.569% due 07/25/2037 •  | 1525 | 1377 |
|  4.889% due 06/25/2036 •  | 8374 | &nbsp;&nbsp;&nbsp;&nbsp;8174 |
|  4.914% due 03/25/2036 ~ | 163 | 161 |
|  5.339% due 10/25/2037 •  | 243 | 179 |
|  **Specialty Underwriting & Residential Finance Trust** | **Specialty Underwriting & Residential Finance Trust** | **Specialty Underwriting & Residential Finance Trust** |
|  4.353% due 12/25/2036 •  | 1269 | 1203 |
|  4.659% due 04/25/2037 •  | 128 | 93 |
|  4.689% due 09/25/2037 •  | 8114 | 5659 |
|  4.689% due 11/25/2037 ~ | 665 | 384 |
|  5.364% due 12/25/2035 ~ | 97 | 94 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.520% due 07/15/2038 •  | 5005 | 4905 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  4.539% due 09/25/2036 •  | 53 | 51 |
|  4.769% due 03/25/2036 •  | 140 | 136 |
|  4.989% due 01/25/2036 •  | 108 | 105 |

---

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.289% due 05/25/2035 •  | 454 | 441 |
|  5.319% due 09/25/2034 •  | 468 | 463 |
|  5.514% due 07/25/2033 •  | 22 | 21 |
|  5.664% due 12/25/2034 •  | 1138 | 1090 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  4.524% due 07/25/2036 •  | 1576 | 1554 |
|  4.539% due 09/25/2036 ~ | 49 | 46 |
|  4.619% due 01/25/2037 •  | 1877 | 1138 |
|  4.639% due 09/25/2036 •  | 6 | 6 |
|  4.729% due 12/25/2036 •  | 59 | 57 |
|  4.809% due 02/25/2037 •  | 281 | 271 |
|  5.289% due 08/25/2037 •  | 41 | 40 |
|  5.389% due 08/25/2037 •  | 166 | 164 |
|  **Structured Asset Securities Corp. Trust** | **Structured Asset Securities Corp. Trust** | **Structured Asset Securities Corp. Trust** |
|  5.079% due 09/25/2035 •  | 413 | 391 |
|  **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
|  5.526% due 03/15/2038 •  | 12600 | 12198 |
|  **Vertical Bridge Holdings LLC** | **Vertical Bridge Holdings LLC** | **Vertical Bridge Holdings LLC** |
|  2.636% due 09/15/2050 | 7000 | 6253 |
|  3.706% due 02/15/2057 | 1400 | 1111 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.283% due 09/15/2030 •  | 13944 | 13723 |
|  **WaMu Asset-Backed Certificates WaMu Trust** | **WaMu Asset-Backed Certificates WaMu Trust** | **WaMu Asset-Backed Certificates WaMu Trust** |
|  4.614% due 05/25/2037 •  | 6332 | 5768 |
|  4.629% due 05/25/2037 •  | 1069 | 878 |
|  **WAVE LLC** | **WAVE LLC** | **WAVE LLC** |
|  3.597% due 09/15/2044 | 2026 | 1543 |
|  **Wells Fargo Home Equity Asset-Backed Securities Trust** | **Wells Fargo Home Equity Asset-Backed Securities Trust** | **Wells Fargo Home Equity Asset-Backed Securities Trust** |
|  4.884% due 05/25/2036 ~ | 160 | 159 |
|  5.964% due 02/25/2035 ~ | 2 | 2 |
|  **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** |
|  4.989% due 04/25/2034 •  | 105 | 99 |
|  **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** | **Wells Fargo Mortgage-Backed Securities Trust** |
|  4.511% due 10/25/2036 ^~ | 176 | 152 |
|  **Total Asset-Backed Securities (Cost $490,848)** | **Total Asset-Backed Securities (Cost $490,848)** | **453055** |
|  | **SHARES** |  |
| **PREFERRED SECURITIES 1.0%** | **PREFERRED SECURITIES 1.0%** | **PREFERRED SECURITIES 1.0%** |
| **BANKING & FINANCE 0.9%** | **BANKING & FINANCE 0.9%** | **BANKING & FINANCE 0.9%** |
|  **American AgCredit Corp.** | **American AgCredit Corp.** | **American AgCredit Corp.** |
|  5.250% due 06/15/2026 •(d) | 6000000 | 5073 |
|  **CaixaBank SA** | **CaixaBank SA** | **CaixaBank SA** |
|  6.750% due 06/13/2024 •(d)(e) | 200000 | 209 |
|  **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
|  5.000% due 12/01/2027 •(d) | 4200000 | 3513 |
|  **Farm Credit Bank of Texas** | **Farm Credit Bank of Texas** | **Farm Credit Bank of Texas** |
|  5.700% due 09/15/2025 •(d) | 1700000 | 1581 |
|  |  | 10376 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **General Electric Co.** | **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
|  8.099% (US0003M + 3.330%) due 03/15/2023 ~(d) | 1000000 | $— | 992 |
|  **Total Preferred Securities (Cost $12,957)** | **Total Preferred Securities (Cost $12,957)** |  | **11368** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| **SHORT-TERM INSTRUMENTS 0.7%** | **SHORT-TERM INSTRUMENTS 0.7%** | **SHORT-TERM INSTRUMENTS 0.7%** | **SHORT-TERM INSTRUMENTS 0.7%** |
| **REPURCHASE AGREEMENTS (g) 0.2%** | **REPURCHASE AGREEMENTS (g) 0.2%** | **REPURCHASE AGREEMENTS (g) 0.2%** | **REPURCHASE AGREEMENTS (g) 0.2%** |
|  |  |  | 2224 |
| **U.S. TREASURY BILLS 0.5%** | **U.S. TREASURY BILLS 0.5%** | **U.S. TREASURY BILLS 0.5%** | **U.S. TREASURY BILLS 0.5%** |
|  3.649% due 01/05/2023 - 03/02/2023 (b)(c)(j) | 6359 |  | 6351 |
|  **Total Short-Term Instruments (Cost $8,575)** | **Total Short-Term Instruments (Cost $8,575)** |  | **8575** |
| **Total Investments in Securities (Cost $1,756,190)** | **Total Investments in Securities (Cost $1,756,190)** |  | **1621931** |
|  | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 7.5%** | **INVESTMENTS IN AFFILIATES 7.5%** | **INVESTMENTS IN AFFILIATES 7.5%** | **INVESTMENTS IN AFFILIATES 7.5%** |
| **SHORT-TERM INSTRUMENTS 7.5%** | **SHORT-TERM INSTRUMENTS 7.5%** | **SHORT-TERM INSTRUMENTS 7.5%** | **SHORT-TERM INSTRUMENTS 7.5%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.5%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 8887221 |  | 86348 |
|  **Total Short-Term Instruments (Cost $86,325)** | **Total Short-Term Instruments (Cost $86,325)** |  | **86348** |
| **Total Investments in Affiliates (Cost $86,325)** | **Total Investments in Affiliates (Cost $86,325)** |  | **86348** |
| **Total Investments 148.8% (Cost $1,842,515)** | **Total Investments 148.8% (Cost $1,842,515)** | $— | **1708279** |
|  **Financial Derivative Instruments (h)(i) (0.1)%**<br> **(Cost or Premiums, net $733)** | **Financial Derivative Instruments (h)(i) (0.1)%**<br> **(Cost or Premiums, net $733)** |  | **(1347)** |
| **Other Assets and Liabilities, net (48.7)%** | **Other Assets and Liabilities, net (48.7)%** |  | **(559057)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **1147875** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **69** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)** 

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

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

---

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

---

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

---

**(a)** **Payment in-kind security.** 

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

**(c)** **Zero coupon security.** 

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

**(e)** **Contingent convertible security.** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 3.785% | 03/17/2033 | 03/10/2022 | $5000 | $4290 | 0.37% |
|  Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 6966 | 4569 | 0.40 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;11966 | $&nbsp;&nbsp;&nbsp;&nbsp;8859 | 0.77% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
|  FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;2224 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(2269) | $2224 | $2224 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | $**(2269)** | $**2224** | $**2224** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  U.S. Government Agencies (24.6)% | U.S. Government Agencies (24.6)% | U.S. Government Agencies (24.6)% | U.S. Government Agencies (24.6)% | U.S. Government Agencies (24.6)% | U.S. Government Agencies (24.6)% |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500% | 01/01/2053 | $4000 | $(3346) | $(3388) |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | (187447) | (185719) |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 02/01/2053 | 99000 | (94081) | (92882) |
|  **Total Short Sales (24.6)%** |  |  |  | $**(284874)** | $**(281989)** |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**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, 2022:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/<br>(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $2224 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;2224 | $&nbsp;&nbsp;&nbsp;&nbsp;(2269) | $&nbsp;&nbsp;&nbsp;&nbsp;(45) |
|  **Total Borrowings and Other Financing Transactions** | $**2224** | $**0** | $**0** |  |  |  |

---

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

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

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(56,282) at a weighted average interest rate of 0.056%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

**FUTURES CONTRACTS:** 

**SHORT FUTURES CONTRACTS** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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  | 03/2023 | 678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76137) | $206 | $95 | $0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**206** | $**95** | $**0** |

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**SWAP AGREEMENTS:** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  AT&T, Inc. | 1.000% | Quarterly | 12/20/2026 | 1.022% | $7000 | $113 | $(116) | $(3) | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2023 | 0.709 | 300 | 1 | 0 | 1 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 1.297 | 2100 | (10) | (11) | (21) | 1 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2024 | 2.457 | 1000 | 35 | 13 | 48 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2023 | 0.438 | 2650 | (19) | 34 | 15 | 1 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2024 | 0.522 | 1550 | (2) | 13 | 11 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2024 | 0.564 | 600 | (9) | 14 | 5 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.801 | 200 | 2 | (1) | 1 | 0 | 0 |
|  Lennar Corp. | 5.000 | Quarterly | 12/20/2025 | 0.999 | 1200 | 227 | (92) | 135 | 1 | 0 |
|  Southwest Airlines Co. | 1.000 | Quarterly | 12/20/2026 | 0.969 | 500 | (2) | 3 | 1 | 0 | 0 |
|  Telefonica Emisiones SAU | 1.000 | Quarterly | 06/20/2028 | 1.311 | EUR 2,600 | 6 | (47) | (41) | 0 | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;342 | $&nbsp;&nbsp;&nbsp;&nbsp;(190) | $&nbsp;&nbsp;&nbsp;&nbsp;152 | $&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **71** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)** 

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(2)</sup>** 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay)<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay)<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  iTraxx Asia Ex-Japan 38 5-Year Index | (1.000)% | Quarterly | 12/20/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | $&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;0 |

---

**INTEREST RATE SWAPS** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 3-Month CAD-Bank Bill | 0.980% | Semi-Annual | 02/26/2024 | CAD | 232400 | $217 | $(9499) | $(9282) | $0 | $(58) |
| Pay | 3-Month CAD-Bank Bill | 0.880 | Semi-Annual | 03/03/2024 |  | 107000 | 6 | (4413) | (4407) | 0 | (31) |
| Pay | 3-Month CAD-Bank Bill | 1.235 | Semi-Annual | 03/04/2025 |  | 55000 | 157 | (3241) | (3084) | 0 | (88) |
|  |  |  |  |  |  |  | $380 | $(17153) | $(16773) | $0 | $(177) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  |  | $**755** | $**(17366)** | $**(16611)** | $**3** | $**(180)** |

---

**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, 2022:** 

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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** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
|  | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**95** | $**3** | $**98** | $**0** | $**0** | $**(180)** | $**(180)** |

---

**Cash of $16,256 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. 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> 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> 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>(4)</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. 

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| | | |
|:---|:---|:---|
| **72** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) 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 Delivered** | **Currency to<br>be Received** | **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 Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 02/2023 | CHF | 88 | $— | 93 | $0 | $(3) |
|  | 02/2023 | NOK | 1054 |  | 106 | 0 | (2) |
|  BPS | 01/2023 | ILS | 1811 |  | 529 | 13 | 0 |
|  | 03/2023 | INR | 18282 |  | 220 | 0 | 0 |
|  BRC | 01/2023 | $— | 563 | SGD | 759 | 3 | 0 |
|  | 02/2023 | NOK | 1608 | $— | 161 | 0 | (3) |
|  CBK | 01/2023 | $— | 8248 | EUR | 7763 | 65 | 0 |
|  | 05/2023 |  | 3 | MXN | 52 | 0 | 0 |
|  JPM | 01/2023 | GBP | 18813 | $— | 22717 | 0 | (30) |
|  | 02/2023 | MXN | 12702 |  | 620 | 0 | (27) |
|  MBC | 01/2023 | EUR | 58089 |  | 60881 | 0 | (1326) |
|  | 01/2023 | $— | 6405 | EUR | 6072 | 97 | 0 |
|  | 02/2023 |  | 2827 | CAD | 3746 | 0 | (59) |
|  SCX | 01/2023 |  | 233 | KRW | 307840 | 11 | 0 |
|  | 02/2023 | CAD | 991 | $— | 733 | 1 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**190** | $**(1450)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(1)</sup>** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap<br>Agreements,<br>at Value<sup>(4)</sup>** | **Swap<br>Agreements,<br>at Value<sup>(4)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GST | Mexico Government International Bond | 1.000% | Quarterly | 12/20/2024 | 0.640% | $&nbsp;&nbsp;&nbsp;&nbsp;200 | $(2) | $4 | $2 | $0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | 200 | (8) | 5 | 0 | (3) |
|  MYC | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.640 | 200 | (2) | 3 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.048 | 300 | 1 | (1) | 0 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.191 | 100 | 0 | (1) | 0 | (1) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | 300 | (11) | 7 | 0 | (4) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(22)** | $**17** | $**3** | $**(8)** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **73** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)** 

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

**The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:** 

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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** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(5)</sup>** |
|  BOA | $0 | $0 | $0 | $0 | $(5) | $0 | $0 | $(5) | $(5) | $0 | $(5) |
|  BPS | 13 | 0 | 0 | 13 | 0 | 0 | 0 | 0 | 13 | (10) | 3 |
|  BRC | 3 | 0 | 0 | 3 | (3) | 0 | 0 | (3) | 0 | 0 | 0 |
|  CBK | 65 | 0 | 0 | 65 | 0 | 0 | 0 | 0 | 65 | 0 | 65 |
|  GST | 0 | 0 | 2 | 2 | 0 | 0 | (3) | (3) | (1) | 0 | (1) |
|  JPM | 0 | 0 | 0 | 0 | (57) | 0 | 0 | (57) | (57) | 0 | (57) |
|  MBC | 97 | 0 | 0 | 97 | (1385) | 0 | 0 | (1385) | &nbsp;&nbsp;&nbsp;&nbsp;(1288) | &nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp;(274) |
|  MYC | 0 | 0 | 1 | 1 | 0 | 0 | (5) | (5) | (4) | 0 | (4) |
|  SCX | 12 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 12 | 0 | 12 |
|  **Total Over the Counter** | $**190** | $**0** | $**3** | $**193** | $**(1450)** | $**0** | $**(8)** | $**(1458)** |  |  |  |

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**(j)** **Securities with an aggregate market value of $1,014 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

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

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| | | |
|:---|:---|:---|
| **74** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)
December 31, 2022

**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, 2022:** 

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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; Futures  | $0 | $0 | $0 | $0 | $95 | $95 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 0 | 3 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $190 | $0 | $190 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 0 | 3 |
|  | $0 | $3 | $0 | $190 | $0 | $193 |
|  | $0 | $6 | $0 | $190 | $95 | $291 |
|  **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; Swap Agreements  | $0 | $3 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | $180 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1450 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 0 | 8 |
|  | $0 | $8 | $0 | $1450 | $0 | $1458 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | $177 | $1638 |

---

**The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $0 | $0 | $0 | $0 | $(35768) | $(35768) |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (914) | 0 | 0 | (23525) | (24439) |
|  | $0 | $(914) | $0 | $0 | $(59293) | $(60207) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $12635 | $0 | $12635 |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 398 | 398 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | 301 | 0 | 0 | (352) | (51) |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 304 | 0 | 0 | 0 | 304 |
|  | $0 | $605 | $0 | $12635 | $46 | $13286 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12635 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59247) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46921) |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **75** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(472) | $(472) |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (506) | 0 | 0 | (1352) | (1858) |
|  | $0 | $(506) | $0 | $0 | $(1824) | $(2330) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1196 | $0 | $1196 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | (41) | 0 | 0 | (11) | (52) |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (185) | 0 | 0 | 0 | (185) |
|  | $0 | $(226) | $0 | $1196 | $(11) | $959 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(732) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1835) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1371) |

---

**FAIR VALUE MEASUREMENTS** 

**The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $8406 | $8406 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 184694 | 0 | 184694 |
| &nbsp;&nbsp;&nbsp; Industrials | 0 | 68881 | 0 | 68881 |
| &nbsp;&nbsp;&nbsp; Utilities | 0 | 19646 | 0 | 19646 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;&nbsp; California | 0 | 20499 | 0 | 20499 |
| &nbsp;&nbsp;&nbsp; New Jersey | 0 | 3843 | 0 | 3843 |
| &nbsp;&nbsp;&nbsp; New York | 0 | 5236 | 0 | 5236 |
| &nbsp;&nbsp;&nbsp; Pennsylvania | 0 | 638 | 0 | 638 |
| &nbsp;&nbsp;&nbsp; Virginia | 0 | 3286 | 0 | 3286 |
|  U.S. Government Agencies | 0 | 577125 | 0 | 577125 |
|  U.S. Treasury Obligations | 0 | 25977 | 0 | 25977 |
|  Non-Agency Mortgage-Backed Securities | 0 | 230702 | 0 | 230702 |
|  Asset-Backed Securities | 0 | 453055 | 0 | 453055 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 10376 | 0 | 10376 |
| &nbsp;&nbsp;&nbsp; Industrials | 0 | 992 | 0 | 992 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0 | 2224 | 0 | 2224 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | 0 | 6351 | 0 | 6351 |
|  | $0 | $1613525 | $8406 | $1621931 |
|  **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;&nbsp; Central Funds Used for Cash Management Purposes | $86348 | $0 | $0 | $86348 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708279 |
|  **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 | $(281989) | $0 | $(281989) |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $98 | $0 | $98 |
|  Over the counter | 0 | 193 | 0 | 193 |
|  | $0 | $291 | $0 | $291 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | 0 | (180) | 0 | (180) |
|  Over the counter | 0 | (1458) | 0 | (1458) |
|  | $0 | $(1638) | $0 | $(1638) |
|  Total Financial Derivative Instruments | $0 | $(1347) | $0 | $(1347) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424943 |

---

**There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.** 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **77** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series R** 

**(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 165.7%** | **INVESTMENTS IN SECURITIES 165.7%** | **INVESTMENTS IN SECURITIES 165.7%** |
| **CORPORATE BONDS & NOTES 7.7%** | **CORPORATE BONDS & NOTES 7.7%** | **CORPORATE BONDS & NOTES 7.7%** |
| **BANKING & FINANCE 7.7%** | **BANKING & FINANCE 7.7%** | **BANKING & FINANCE 7.7%** |
|  **Jyske Realkredit AS** | **Jyske Realkredit AS** | **Jyske Realkredit AS** |
|  1.500% due 10/01/2053 | 3645 | 394 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.519% due 06/25/2024 •  | 200 | 198 |
|  6.274% (US0003M + 1.550%) due 06/25/2024 ~ | 300 | 300 |
|  **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** |
|  1.000% due 10/01/2050 | 3631 | 386 |
|  1.000% due 10/01/2053 | 1841 | 194 |
|  1.500% due 10/01/2053 | 2440 | 264 |
|  2.000% due 10/01/2053 | 500 | 57 |
|  **Nykredit Realkredit AS** | **Nykredit Realkredit AS** | **Nykredit Realkredit AS** |
|  1.000% due 10/01/2050 | 4058 | 431 |
|  1.000% due 10/01/2053 | 3206 | 334 |
|  1.500% due 10/01/2053 | 32868 | 3555 |
|  2.000% due 10/01/2053 | 5891 | 647 |
|  2.500% due 10/01/2047 | 17 | 2 |
|  3.000% due 10/01/2053 | 5250 | 672 |
|  **Realkredit Danmark AS** | **Realkredit Danmark AS** | **Realkredit Danmark AS** |
|  1.000% due 10/01/2050 | 11125 | 1181 |
|  1.000% due 10/01/2053 | 1453 | 153 |
|  1.500% due 10/01/2050 | 39287 | 4258 |
|  1.500% due 10/01/2053 | 21216 | 2239 |
|  2.000% due 10/01/2053 | 1633 | 179 |
|  2.500% due 04/01/2047 | 12 | 2 |
|  3.000% due 10/01/2053 | 4664 | 597 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 600 | 606 |
|  **Total Corporate Bonds & Notes<br>(Cost $23,127)** | **Total Corporate Bonds & Notes<br>(Cost $23,127)** | **16649** |
| **U.S. GOVERNMENT AGENCIES 9.6%** | **U.S. GOVERNMENT AGENCIES 9.6%** | **U.S. GOVERNMENT AGENCIES 9.6%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  2.889% due 10/01/2044 •  | 2 | 1 |
|  4.834% due 02/25/2037 ~ | 10 | 10 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  3.757% due 09/01/2036 •  | 9 | 9 |
|  4.133% due 07/01/2036 •  | 24 | 25 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  3.858% due 08/20/2068 ~ | 294 | 286 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  3.500% due 12/01/2045 | 8 | 7 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.000% due 02/01/2053 | 2200 | 1933 |
|  4.000% due 01/01/2053 | 9200 | 8629 |
|  4.500% due 02/01/2053 | 5600 | 5391 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 02/01/2053 | 4600 | 4533 |
|  **Total U.S. Government Agencies<br>(Cost $20,880)** | **Total U.S. Government Agencies<br>(Cost $20,880)** | **20824** |
| **U.S. TREASURY OBLIGATIONS 128.3%** | **U.S. TREASURY OBLIGATIONS 128.3%** | **U.S. TREASURY OBLIGATIONS 128.3%** |
|  **U.S. Treasury Inflation Protected Securities (c)** | **U.S. Treasury Inflation Protected Securities (c)** | **U.S. Treasury Inflation Protected Securities (c)** |
|  0.125% due 10/15/2024 | 4530 | 4363 |
|  0.125% due 10/15/2025 (e)(h) | 804 | 764 |
|  0.125% due 04/15/2026 | 6523 | 6134 |
|  0.125% due 07/15/2026 | 4712 | 4441 |
|  0.125% due 10/15/2026 (e) | 9379 | 8794 |
|  0.125% due 04/15/2027 (e) | 3377 | 3149 |
|  0.125% due 01/15/2030 (e) | 18451 | 16585 |
|  0.125% due 07/15/2030 | 1976 | 1770 |
|  0.125% due 01/15/2031 | 7704 | 6847 |
|  0.125% due 07/15/2031 (e) | 48333 | 42741 |
|  0.125% due 01/15/2032 (e) | 19136 | 16775 |
|  0.125% due 02/15/2051 | 4922 | 3175 |
|  0.125% due 02/15/2052 | 4068 | 2639 |
|  0.250% due 01/15/2025 | 10317 | 9898 |
|  0.250% due 07/15/2029 | 8739 | 8005 |
|  0.250% due 02/15/2050 | 4463 | 3014 |
|  0.375% due 07/15/2025 | 5248 | 5041 |
|  0.375% due 01/15/2027 (h) | 370 | 349 |
|  0.375% due 07/15/2027 | 9795 | 9235 |
|  0.500% due 04/15/2024 | 7444 | 7240 |
|  0.500% due 01/15/2028 | 4639 | 4365 |
|  0.625% due 01/15/2026 | 6823 | 6551 |
|  0.625% due 07/15/2032 (e) | 11077 | 10155 |
|  0.625% due 02/15/2043 | 3655 | 2952 |
|  0.750% due 07/15/2028 (e) | 15671 | 14935 |
|  0.750% due 02/15/2042 | 2756 | 2309 |
|  0.750% due 02/15/2045 (e) | 12364 | 10010 |
|  0.875% due 01/15/2029 (e) | 18175 | 17325 |
|  0.875% due 02/15/2047 | 5981 | 4909 |
|  1.000% due 02/15/2046 | 7030 | 5978 |
|  1.000% due 02/15/2048 | 1554 | 1310 |
|  1.000% due 02/15/2049 | 3233 | 2706 |
|  1.375% due 02/15/2044 (h) | 588 | 547 |
|  1.750% due 01/15/2028 (e) | 14161 | 14158 |
|  2.000% due 01/15/2026 | 2272 | 2269 |
|  2.125% due 02/15/2040 | 1599 | 1694 |
|  2.125% due 02/15/2041 | 7171 | 7603 |
|  2.500% due 01/15/2029 | 3635 | 3792 |
|  3.375% due 04/15/2032 (e)(h) | 428 | 490 |
|  3.625% due 04/15/2028 | 2414 | 2632 |
|  **Total U.S. Treasury Obligations<br>(Cost $324,650)** | **Total U.S. Treasury Obligations<br>(Cost $324,650)** | **277649** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0%** |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  3.775% due 01/20/2047 ~ | 347 | 294 |

---

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.548% due 12/20/2046 ^•  | 577 | 465 |
|  **Grifonas Finance PLC** | **Grifonas Finance PLC** | **Grifonas Finance PLC** |
|  1.264% due 08/28/2039 ~ | 87 | 84 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.767% due 09/25/2035 ~ | 8 | 7 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  5.253% due 06/20/2035 ~ | 233 | 204 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  5.229% due 05/25/2034 •  | 594 | 524 |
|  **MortgageIT Mortgage Loan Trust** | **MortgageIT Mortgage Loan Trust** | **MortgageIT Mortgage Loan Trust** |
|  5.394% due 12/25/2034 ~ | 8 | 7 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  4.749% due 06/25/2046 •  | 198 | 46 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  4.471% due 02/20/2054 •  | 470 | 566 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $2,304)** | **Total Non-Agency Mortgage-Backed Securities (Cost $2,304)** | **2197** |
| **ASSET-BACKED SECURITIES 1.7%** | **ASSET-BACKED SECURITIES 1.7%** | **ASSET-BACKED SECURITIES 1.7%** |
|  **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** |
|  4.989% due 10/25/2034 •  | 10 | 10 |
|  **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** |
|  5.229% due 01/16/2030 •  | 381 | 377 |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.739% due 10/25/2037 •  | 89 | 88 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.469% due 01/25/2037 •  | 140 | 104 |
|  4.679% due 09/25/2036 ~ | 281 | 268 |
|  5.079% due 10/25/2035 ^•  | 500 | 452 |
|  **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** |
|  5.244% due 08/25/2034 •  | 36 | 35 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.248% due 01/15/2030 •  | 143 | 149 |
|  **Massachusetts Educational Financing Authority** | **Massachusetts Educational Financing Authority** | **Massachusetts Educational Financing Authority** |
|  5.308% due 04/25/2038 •  | 23 | 23 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  5.049% due 01/25/2035 •  | 250 | 241 |
|  **Mountain View CLO Ltd.** | **Mountain View CLO Ltd.** | **Mountain View CLO Ltd.** |
|  4.761% due 10/13/2027 •  | 37 | 37 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  5.154% due 05/25/2035 ~ | 1253 | 1220 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  1.799% due 05/25/2035 ~ | 33 | 31 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.225% due 01/23/2029 ~ | 299 | 295 |
|  5.315% due 01/23/2029 •  | 208 | 207 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  5.389% due 08/25/2037 •  | 12 | 12 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 07/15/2027 •  | 32 | 32 |
|  **Total Asset-Backed Securities<br>(Cost $3,494)** | **Total Asset-Backed Securities<br>(Cost $3,494)** | **3581** |
| **SOVEREIGN ISSUES 15.6%** | **SOVEREIGN ISSUES 15.6%** | **SOVEREIGN ISSUES 15.6%** |
|  **Australia Government International Bond** | **Australia Government International Bond** | **Australia Government International Bond** |
|  3.000% due 09/20/2025 (c) | 1171 | 842 |
|  **Canada Government Real Return Bond** | **Canada Government Real Return Bond** | **Canada Government Real Return Bond** |
|  4.250% due 12/01/2026 (c) | 1051 | 856 |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  0.100% due 03/01/2026 (c) | 2643 | 2800 |
|  0.100% due 07/25/2031 (c) | 1036 | 1062 |
|  0.100% due 07/25/2038 (c) | 1695 | 1626 |
|  0.250% due 07/25/2024 (c) | 3674 | 3962 |
|  **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** |
|  0.400% due 05/15/2030 (c) | 467 | 438 |
|  1.400% due 05/26/2025 (c) | 9506 | 10046 |
|  **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** |
|  0.005% due 03/10/2031 (c) | 52203 | 412 |
|  0.100% due 03/10/2028 (c) | 416139 | 3280 |
|  0.100% due 03/10/2029 (c) | 655811 | 5187 |
|  **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** |
|  7.750% due 05/29/2031 | 8021 | 380 |
|  **New Zealand Government International Bond** | **New Zealand Government International Bond** | **New Zealand Government International Bond** |
|  2.000% due 09/20/2025 (c) | 372 | 235 |
|  3.000% due 09/20/2030 (c) | 1475 | 983 |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.940% due 02/12/2029 | 200 | 48 |
|  **Qatar Government International Bond** | **Qatar Government International Bond** | **Qatar Government International Bond** |
|  3.875% due 04/23/2023 | 300 | 299 |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  0.125% due 03/22/2024 (c) | 1029 | 1264 |
|  **Total Sovereign Issues (Cost $37,129)** | **Total Sovereign Issues (Cost $37,129)** | **33720** |
| **SHORT-TERM INSTRUMENTS 1.8%** | **SHORT-TERM INSTRUMENTS 1.8%** | **SHORT-TERM INSTRUMENTS 1.8%** |
| **REPURCHASE AGREEMENTS (d) 1.3%** | **REPURCHASE AGREEMENTS (d) 1.3%** | **REPURCHASE AGREEMENTS (d) 1.3%** |
|  |  | 2854 |
| **SHORT-TERM NOTES 0.2%** | **SHORT-TERM NOTES 0.2%** | **SHORT-TERM NOTES 0.2%** |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  2.100% due 07/25/2023 (c) | 373 | 409 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **79** |

---

------

##### [**Table of Contents**](#toc)
**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 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** |
|  4.189% due 03/02/2023 (a)(b)(h) | $— | 576 | $— | 572 |
|  **Total Short-Term Instruments<br>(Cost $3,854)** | **Total Short-Term Instruments<br>(Cost $3,854)** | **Total Short-Term Instruments<br>(Cost $3,854)** |  | **3835** |
| **Total Investments in Securities**<br> **(Cost $415,438)** | **Total Investments in Securities**<br> **(Cost $415,438)** | **Total Investments in Securities**<br> **(Cost $415,438)** |  | **358455** |
| **Total Investments 165.7%**<br> **(Cost $415,438)** | **Total Investments 165.7%**<br> **(Cost $415,438)** | **Total Investments 165.7%**<br> **(Cost $415,438)** | $— | **358455** |
|  **Financial Derivative<br>Instruments (f)(g) (0.7)%**<br> **(Cost or Premiums, net $(204))** | **Financial Derivative<br>Instruments (f)(g) (0.7)%**<br> **(Cost or Premiums, net $(204))** | **Financial Derivative<br>Instruments (f)(g) (0.7)%**<br> **(Cost or Premiums, net $(204))** |  | **(1491)** |
| **Other Assets and Liabilities, net (65.0)%** | **Other Assets and Liabilities, net (65.0)%** | **Other Assets and Liabilities, net (65.0)%** |  | **(140575)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **216389** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

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

---

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

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

**(b)** **Zero coupon security.** 

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

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) 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 | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;2854 | U.S. Treasury Notes 0.125% due 05/15/2023 | $(2911) | $2854 | $2854 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(2911)** | $**2854** | $**2854** |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**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>** |
|  BCY | 4.180% | 11/03/2022 | 01/05/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16087) | $(16201) |
|  BOS | 4.210 | 11/09/2022 | 01/09/2023 | (3121) | (3141) |
|  | 4.430 | 12/12/2022 | 01/05/2023 | (2027) | (2032) |
|  MSC | 4.160 | 11/01/2022 | 01/12/2023 | (58383) | (58808) |
|  | 4.170 | 11/03/2022 | 01/05/2023 | (23786) | (23953) |
|  TDM | 4.350 | 12/05/2022 | 01/05/2023 | (9441) | (9474) |
|  | 4.360 | 12/08/2022 | 01/05/2023 | (3491) | (3502) |
|  | 4.470 | 12/15/2022 | 01/05/2023 | (7754) | (7773) |
|  **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  | $**(124884)** |

---

**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, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds 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/<br>(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 | $2854 | $0 | $0 | $2854 | $(2911) | $(57) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  BCY | 0 | 0 | (16201) | &nbsp;&nbsp;&nbsp;&nbsp;(16201) | &nbsp;&nbsp;&nbsp;&nbsp;15921 | &nbsp;&nbsp;&nbsp;&nbsp;(280) |
|  BOS | 0 | 0 | (5173) | (5173) | 5140 | (33) |
|  MSC | 0 | 0 | (82761) | (82761) | 82779 | 18 |
|  TDM | 0 | 0 | (20749) | (20749) | 20448 | (301) |
|  **Total Borrowings and Other Financing Transactions** | $**2854** | $**0** | $**(124884)** |  |  |  |

---

**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 Obligations | $0 | $(124884) | $0 | $0 | $(124884) |
|  **Total Borrowings** | $**0** | $**(124884)** | $**0** | $**0** | $**(124884)** |
|  **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**  | $**(124884)** |

---

**(e)** **Securities with an aggregate market value of $124,679 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(119892) at a weighted average interest rate of 1.676%. 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 $(79) of deferred price drop. 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **81** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)** 

<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;**(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month Euribor March Futures  | 03/2023 | 198 | $51392 | $(1739) | $16 | $(11) |
|  Euro-Bund March Futures  | 03/2023 | 32 | 4553 | (322) | 16 | (36) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 97 | &nbsp;&nbsp;&nbsp;&nbsp;19893 | (1) | 0 | (15) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 119 | 12844 | (45) | 0 | (10) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 15 | 2015 | 12 | 0 | (8) |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 39 | 4613 | (101) | 0 | (2) |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 9 | 1087 | (71) | 1 | (3) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(2267) | $&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;(85) |

---

**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** |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 12 | $(885) | $19 | $1 | $0 |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(1)</sup> | 01/2023 | 5 | 0 | 4 | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2023 | 52 | (6443) | 210 | 24 | (15) |
|  Euro-BTP Italy Government Bond March Futures  | 03/2023 | 60 | (6751) | 105 | 8 | (8) |
|  Euro-BTP March Futures  | 03/2023 | 119 | &nbsp;&nbsp;&nbsp;&nbsp;(13875) | 1023 | 143 | (113) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2023 | 51 | (7383) | 1069 | 191 | (34) |
|  Euro-Oat March Futures  | 03/2023 | 32 | (4361) | 303 | 40 | (22) |
|  Euro-Schatz March Futures  | 03/2023 | 683 | (77074) | 815 | 95 | (34) |
|  Gold 100 oz. February Futures  | 02/2023 | 18 | (3287) | (93) | 0 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 22 | (24384) | 448 | 33 | 0 |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(1)</sup> | 01/2023 | 5 | (31) | (26) | 2 | (5) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 337 | (37844) | 81 | 43 | (5) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 79 | (9902) | (3) | 12 | 0 |
|  |  |  |  | $3955 | $592 | $(236) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**1688** | $**625** | $**(321)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  General Electric Co. | 1.000% | Quarterly | 12/20/2023 | 0.438% | $&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  iTraxx Europe Main 37 5-Year Index | 1.000% | Quarterly | 06/20/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;500 | $&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ <br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ <br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300% | Semi-Annual | 09/20/2027 | 172740 | $(3) | $22 | $19 | $1 | $0 |
| Pay | 3-Month EUR-EURIBOR | 0.526 | Annual | 11/21/2023 | 11300 | 0 | (415) | (415) | 0 | (2) |
| Receive | 3-Month NZD-BBR | 3.250 | Semi-Annual | 03/21/2028 | 1200 | 4 | 46 | 50 | 0 | (2) |
| Receive<sup>(6)</sup> | 3-Month USD-LIBOR | 1.840 | Semi-Annual | 11/21/2028 | $5500 | 0 | 452 | 452 | 8 | 0 |
| Pay<sup>(6)</sup> | 3-Month USD-LIBOR | 1.888 | Semi-Annual | 11/21/2053 | 1100 | 0 | (301) | (301) | 0 | (6) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 2000 | (11) | (206) | (217) | 0 | (5) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 900 | (7) | (92) | (99) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 1800 | (7) | (159) | (166) | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 800 | (3) | (71) | (74) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 0.000 | Annual | 11/04/2032 | 6500 | (66) | (1825) | (1891) | 0 | (29) |
| Pay | 6-Month EUR-EURIBOR | 0.000 | Annual | 11/08/2032 | 5800 | (118) | (1571) | (1689) | 0 | (26) |
| Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 1000 | 62 | 445 | 507 | 8 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 1100 | 1 | 556 | 557 | 9 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 1900 | 118 | 844 | 962 | 15 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 | 1200 | 3 | 36 | 39 | 2 | 0 |
| Receive | CPTFEMU | 3.520 | Maturity | 09/15/2024 | 800 | (2) | (12) | (14) | 0 | 0 |
| Pay | CPTFEMU | 2.965 | Maturity | 05/15/2027 | 200 | 0 | 7 | 7 | 1 | 0 |
| Pay | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1000 | 1 | 33 | 34 | 2 | 0 |
| Pay | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 300 | 0 | 8 | 8 | 1 | 0 |
| Pay | CPTFEMU | 2.359 | Maturity | 08/15/2030 | 1600 | 10 | 56 | 66 | 5 | 0 |
| Receive | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 3900 | (28) | (803) | (831) | 0 | (10) |
| Pay | CPTFEMU | 2.600 | Maturity | 05/15/2032 | 1400 | 7 | 51 | 58 | 4 | 0 |
| Pay | CPTFEMU | 2.570 | Maturity | 06/15/2032 | 900 | 0 | 26 | 26 | 3 | 0 |
| Pay | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 2100 | (6) | 34 | 28 | 7 | 0 |
| Pay | CPTFEMU | 2.470 | Maturity | 07/15/2032 | 800 | 0 | 31 | 31 | 2 | 0 |
| Pay | CPTFEMU | 1.710 | Maturity | 03/15/2033 | 300 | (1) | 52 | 51 | 1 | 0 |
| Receive | CPTFEMU | 2.488 | Maturity | 05/15/2037 | 1210 | 1 | (72) | (71) | 0 | (3) |
| Receive | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 300 | 0 | (25) | (25) | 1 | 0 |
| Receive | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 400 | (10) | (22) | (32) | 1 | 0 |
| Receive | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 170 | 0 | (20) | (20) | 0 | 0 |
| Receive | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 300 | 0 | (3) | (3) | 0 | 0 |
| Pay | CPURNSA | 2.210 | Maturity | 02/05/2023 | 3240 | 0 | 293 | 293 | 0 | (2) |
| Receive | CPURNSA | 3.583 | Maturity | 02/08/2023 | 9700 | 0 | (325) | (325) | 5 | 0 |
| Receive | CPURNSA | 4.950 | Maturity | 03/07/2023 | 3900 | 0 | (56) | (56) | 5 | 0 |
| Receive | CPURNSA | 5.033 | Maturity | 03/08/2023 | 400 | 0 | (5) | (5) | 1 | 0 |
| Receive | CPURNSA | 5.470 | Maturity | 03/21/2023 | 8900 | 0 | (67) | (67) | 4 | 0 |
| Pay | CPURNSA | 2.220 | Maturity | 04/13/2023 | 318 | 0 | 27 | 27 | 0 | 0 |
| Pay | CPURNSA | 2.314 | Maturity | 02/26/2026 | 2700 | 0 | 260 | 260 | 0 | (1) |
| Pay | CPURNSA | 2.419 | Maturity | 03/05/2026 | 2100 | 0 | 192 | 192 | 0 | 0 |
| Pay | CPURNSA | 2.768 | Maturity | 05/13/2026 | 1800 | 0 | 128 | 128 | 0 | 0 |
| Pay | CPURNSA | 2.813 | Maturity | 05/14/2026 | 800 | 0 | 55 | 55 | 0 | 0 |
| Pay | CPURNSA | 2.703 | Maturity | 05/25/2026 | 830 | 0 | 61 | 61 | 0 | 0 |
| Pay | CPURNSA | 2.690 | Maturity | 06/01/2026 | 600 | 0 | 44 | 44 | 0 | 0 |
| Receive | CPURNSA | 2.370 | Maturity | 06/06/2028 | 2200 | 0 | (188) | (188) | 0 | 0 |
| Receive | CPURNSA | 2.165 | Maturity | 04/16/2029 | 2000 | 0 | (223) | (223) | 0 | 0 |
| Receive | CPURNSA | 1.954 | Maturity | 06/03/2029 | 1000 | 0 | (130) | (130) | 0 | 0 |
| Receive | CPURNSA | 1.998 | Maturity | 07/25/2029 | 1300 | 0 | (161) | (161) | 0 | 0 |
| Receive | CPURNSA | 1.883 | Maturity | 11/20/2029 | 500 | 1 | (70) | (69) | 0 | 0 |
| Pay | CPURNSA | 2.311 | Maturity | 02/24/2031 | 1500 | 1 | 156 | 157 | 0 | 0 |
| Receive | FRCPXTOB | 1.410 | Maturity | 11/15/2039 | 300 | 0 | (100) | (100) | 1 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **83** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ <br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ <br>Receive<br>Floating<br>Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | UKRPI | 6.290% | Maturity | 03/15/2024 | GBP | 2900 | $(1) | $218 | $217 | $1 | $0 |
| Pay | UKRPI | 6.440 | Maturity | 05/15/2024 |  | 900 | 0 | 52 | 52 | 0 | 0 |
| Pay | UKRPI | 6.600 | Maturity | 05/15/2024 |  | 2200 | 6 | 113 | 119 | 1 | 0 |
| Pay | UKRPI | 5.200 | Maturity | 06/15/2024 |  | 1400 | 0 | 71 | 71 | 0 | (1) |
| Pay | UKRPI | 5.330 | Maturity | 06/15/2024 |  | 1500 | 0 | 72 | 72 | 0 | (1) |
| Receive | UKRPI | 3.850 | Maturity | 09/15/2024 |  | 1900 | (1) | (291) | (292) | 0 | (2) |
| Receive | UKRPI | 3.330 | Maturity | 01/15/2025 |  | 1500 | 45 | (333) | (288) | 0 | (1) |
| Pay | UKRPI | 4.735 | Maturity | 12/15/2026 |  | 900 | (12) | 100 | 88 | 2 | 0 |
| Pay | UKRPI | 4.615 | Maturity | 02/15/2027 |  | 1200 | 0 | 109 | 109 | 3 | 0 |
| Pay | UKRPI | 4.626 | Maturity | 02/15/2027 |  | 1400 | 1 | 125 | 126 | 4 | 0 |
| Receive | UKRPI | 3.438 | Maturity | 01/15/2030 |  | 800 | 0 | (168) | (168) | 0 | (4) |
| Receive | UKRPI | 3.480 | Maturity | 01/15/2030 |  | 700 | 9 | (153) | (144) | 0 | (3) |
| Receive | UKRPI | 3.325 | Maturity | 08/15/2030 |  | 2050 | (5) | (447) | (452) | 0 | (14) |
| Pay | UKRPI | 3.470 | Maturity | 01/15/2031 |  | 100 | 0 | 24 | 24 | 1 | 0 |
| Pay | UKRPI | 3.484 | Maturity | 01/15/2031 |  | 400 | 0 | 95 | 95 | 2 | 0 |
| Receive | UKRPI | 3.750 | Maturity | 04/15/2031 |  | 740 | 0 | (149) | (149) | 0 | (5) |
| Receive | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 1800 | 0 | (245) | (245) | 0 | (11) |
| Pay | UKRPI | 4.125 | Maturity | 09/15/2032 |  | 390 | 0 | 5 | 5 | 2 | 0 |
| Pay | UKRPI | 4.130 | Maturity | 09/15/2032 |  | 1710 | 0 | 20 | 20 | 10 | 0 |
| Pay | UKRPI | 4.143 | Maturity | 10/15/2032 |  | 900 | 0 | 9 | 9 | 6 | 0 |
| Receive | UKRPI | 3.566 | Maturity | 03/15/2036 |  | 600 | 0 | (122) | (122) | 0 | (5) |
| Receive | UKRPI | 3.580 | Maturity | 03/15/2036 |  | 1300 | (6) | (256) | (262) | 0 | (11) |
| Pay | UKRPI | 3.720 | Maturity | 09/15/2037 |  | 1300 | 0 | 46 | 46 | 11 | 0 |
|  |  |  |  |  |  |  | $(17) | $(4112) | $(4129) | $130 | $(152) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  |  | $**(25)** | $**(4100)** | $**(4125)** | $**131** | $**(152)** |

---

**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, 2022:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>(7)</sup>** | **Variation Margin<br>Asset<sup>(7)</sup>** | | **Market Value** | **Variation Margin<br>Liability<sup>(7)</sup>** | **Variation Margin<br>Liability<sup>(7)</sup>** | |
|  | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**630** | $**131** | $**761** | $**0** | $**(323)** | $**(152)** | $**(475)** |

---

**Cash of $4,680 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</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>(3)</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>(4)</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. 

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> 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>(7)</sup> Unsettled variation margin asset of $5 and liability of $(2) for closed futures is outstanding at period end. 

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

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **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 Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 02/2023 | NOK | 210 | $— | 21 | $0 | $0 |
|  BPS | 01/2023 | $— | 551 | EUR | 517 | 2 | 0 |
|  | 03/2023 | MXN | 8166 | $— | 405 | 0 | (8) |
|  BRC | 01/2023 | $— | 341 | EUR | 321 | 2 | 0 |
|  | 02/2023 | NOK | 320 | $— | 32 | 0 | (1) |
|  CBK | 01/2023 | BRL | 1598 |  | 304 | 2 | 0 |
|  | 01/2023 | DKK | 1850 |  | 261 | 0 | (6) |
|  | 01/2023 | JPY | 50800 |  | 369 | 0 | (19) |
|  | 01/2023 | PEN | 96 |  | 25 | 0 | 0 |
|  | 01/2023 | $— | 158 | DKK | 1100 | 0 | 0 |
|  | 01/2023 |  | 728 | EUR | 685 | 6 | 0 |
|  | 01/2023 |  | 25 | PEN | 96 | 0 | 0 |
|  | 02/2023 | PEN | 539 | $— | 135 | 0 | (7) |
|  DUB | 01/2023 | DKK | 58617 |  | 8262 | 0 | (180) |
|  GLM | 01/2023 | $— | 300 | BRL | 1598 | 3 | 0 |
|  | 04/2023 | BRL | 1598 | $— | 295 | 0 | (3) |
|  JPM | 01/2023 | $— | 220 | DKK | 1570 | 6 | 0 |
|  MBC | 01/2023 | AUD | 35 | $— | 23 | 0 | 0 |
|  | 01/2023 | CAD | 1100 |  | 820 | 8 | 0 |
|  | 01/2023 | DKK | 53007 |  | 7488 | 0 | (146) |
|  | 01/2023 | EUR | 21551 |  | 22591 | 0 | (488) |
|  | 01/2023 | GBP | 1459 |  | 1778 | 14 | 0 |
|  | 01/2023 | JPY | 196490 |  | 1427 | 0 | (71) |
|  | 01/2023 | $— | 2342 | EUR | 2218 | 33 | 0 |
|  | 01/2023 |  | 303 | JPY | 39800 | 1 | 0 |
|  MYI | 01/2023 | AUD | 1114 | $— | 748 | 0 | (11) |
|  | 01/2023 | JPY | 937785 |  | 6840 | 0 | (310) |
|  SCX | 01/2023 | AUD | 87 |  | 59 | 0 | (1) |
|  | 01/2023 | NZD | 1836 |  | 1144 | 0 | (22) |
|  | 01/2023 | $— | 124 | PEN | 477 | 2 | 0 |
|  TOR | 01/2023 | PLN | 442 | $— | 87 | 0 | (14) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**79** | $**(1287)** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **85** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series R (Cont.)** 

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/<br>Receive<br>Floating<br>Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
|  BRC<br> Call - OTC 2-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 1.410% | 02/02/2023 | 11400 | $57 | $0 |
|  CBK<br> Call - OTC 2-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 1.720 | 02/23/2023 | 20400 | 112 | 0 |
|  DUB<br> Put - OTC 30-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.237 | 11/17/2023 | 4100 | 254 | 912 |
|  GLM<br> Call - OTC 5-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.200 | 04/26/2023 | 5800 | 62 | 4 |
|  JPM<br> Call - OTC 2-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 1.710 | 01/25/2023 | 21800 | 133 | 0 |
|  MYC<br> Call - OTC 2-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 1.428 | 01/31/2023 | 11500 | 59 | 0 |
| Call - OTC 5-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.200 | 05/31/2023 | 16300 | 196 | 19 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**873** | $**935** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell<br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 600 | $&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**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 | $(54) | $(61) |
|  JPM | Cap - OTC CPURNSA | 233.916 | Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0 | 04/22/2024 | 6500 | (47) | 0 |
|  | Cap - OTC CPURNSA | 234.781 | Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0 | 05/16/2024 | 500 | (4) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(105) | $&nbsp;&nbsp;&nbsp;&nbsp;(61) |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/<br>Receive<br>Floating<br>Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  BRC<br> Call - OTC 10-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 1.558% | 02/02/2023 | 2500 | $(57) | $0 |
|  CBK<br> Call - OTC 10-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 1.736 | 02/23/2023 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;(111) | &nbsp;&nbsp;&nbsp;&nbsp;0 |
|  DUB<br> Put - OTC 5-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.340 | 11/17/2023 | 20200 | (254) | (1309) |

---

---

| | | |
|:---|:---|:---|
| **86** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/<br>Receive<br>Floating<br>Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GLM<br> Call - OTC 10-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.350% | 04/26/2023 | 3200 | $(63) | $(6) |
| Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.547 | 03/07/2023 | 900 | (20) | (2) |
| Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.547 | 03/07/2023 | 900 | (20) | (57) |
| Call - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 2.067 | 06/09/2023 | 1200 | (14) | (3) |
| Put - OTC 10-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 3.140 | 06/09/2023 | 1200 | (17) | (39) |
|  JPM<br> Call - OTC 10-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 1.785 | 01/25/2023 | 4900 | (136) | 0 |
|  MYC<br> Call - OTC 10-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 1.579 | 01/31/2023 | 2500 | (58) | 0 |
| Call - OTC 10-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.350 | 05/31/2023 | 9000 | (196) | (27) |
|  |  |  |  |  |  | $(946) | $(1443) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(1052)** | $**(1504)** |

---

**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, 2022:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/**<br> **(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  BPS | $2 | $0 | $0 | $2 | $(8) | $0 | $0 | $(8) | $(6) | $0 | $(6) |
|  BRC | 2 | 0 | 0 | 2 | (1) | 0 | 0 | (1) | 1 | 0 | 1 |
|  CBK | 8 | 0 | 0 | 8 | (32) | 0 | 0 | (32) | (24) | 0 | (24) |
|  DUB | 0 | 912 | 0 | 912 | (180) | (1309) | 0 | (1489) | &nbsp;&nbsp;&nbsp;&nbsp;(577) | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;(272) |
|  GLM | 3 | 4 | 0 | 7 | (3) | (168) | 0 | (171) | (164) | 0 | (164) |
|  JPM | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  MBC | 56 | 0 | 0 | 56 | (705) | 0 | 0 | (705) | (649) | 572 | (77) |
|  MYC | 0 | 19 | 0 | 19 | 0 | (27) | 0 | (27) | (8) | 257 | 249 |
|  MYI | 0 | 0 | 0 | 0 | (321) | 0 | 0 | (321) | (321) | 328 | 7 |
|  SCX | 2 | 0 | 0 | 2 | (23) | 0 | 0 | (23) | (21) | 4 | (17) |
|  TOR | 0 | 0 | 0 | 0 | (14) | 0 | 0 | (14) | (14) | 13 | (1) |
|  **Total Over the Counter** | $**79** | $**935** | $**0** | $**1014** | $**(1287)** | $**(1504)** | $**0** | $**(2791)** |  |  |  |

---

**(h)** **Securities with an aggregate market value of $1,478 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **87** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series R (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, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $0 | $0 | $0 | $0 | $630 | $630 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 130 | 131 |
|  | $0 | $1 | $0 | $0 | $760 | $761 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $79 | $0 | $79 |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 935 | 935 |
|  | $0 | $0 | $0 | $79 | $935 | $1014 |
|  | $0 | $1 | $0 | $79 | $1695 | $1775 |
|  **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; Futures  | $2 | $0 | $0 | $0 | $321 | $323 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 152 | 152 |
|  | $2 | $0 | $0 | $0 | $473 | $475 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1287 | $0 | $1287 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1504 | 1504 |
|  | $0 | $0 | $0 | $1287 | $1504 | $2791 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;1287 | $&nbsp;&nbsp;&nbsp;&nbsp;1977 | $&nbsp;&nbsp;&nbsp;&nbsp;3266 |

---

**The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $181 | $0 | $0 | $0 | $14989 | $15170 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | (483) | (479) |
|  | $181 | $4 | $0 | $0 | $14506 | $14691 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $7578 | $0 | $7578 |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (34) | (34) |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | 100 | 0 | 0 | 140 | 240 |
|  | $0 | $100 | $0 | $7578 | $106 | $7784 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;181 | $&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;7578 | $&nbsp;&nbsp;&nbsp;&nbsp;14612 | $&nbsp;&nbsp;&nbsp;&nbsp;22475 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp; Futures  | $(93) | $0 | $0 | $0 | $965 | $872 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | (2131) | (2126) |
|  | $(93) | $5 | $0 | $0 | $(1166) | $(1254) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1480) | $0 | $(1480) |
| &nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (236) | (236) |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | (31) | 0 | 0 | (168) | (199) |
|  | $0 | $(31) | $0 | $(1480) | $(404) | $(1915) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;(93) | $&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(1480) | $&nbsp;&nbsp;&nbsp;&nbsp;(1570) | $&nbsp;&nbsp;&nbsp;&nbsp;(3169) |

---

**FAIR VALUE MEASUREMENTS** 

**The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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;&nbsp; Banking & Finance | $0 | $16649 | $0 | $16649 |
|  U.S. Government Agencies | 0 | 20824 | 0 | 20824 |
|  U.S. Treasury Obligations | 0 | 277649 | 0 | 277649 |
|  Non-Agency Mortgage-Backed Securities | 0 | 2197 | 0 | 2197 |
|  Asset-Backed Securities | 0 | 3581 | 0 | 3581 |
|  Sovereign Issues | 0 | 33720 | 0 | 33720 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0 | 2854 | 0 | 2854 |
| &nbsp;&nbsp;&nbsp; Short-Term Notes | 0 | 409 | 0 | 409 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | 0 | 572 | 0 | 572 |
|  Total Investments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358455 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358455 |
|  **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 | 570 | 186 | 0 | 756 |
|  Over the counter | 0 | 1014 | 0 | 1014 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | $1200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1770 |
|  **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 | (281) | (192) | 0 | (473) |
|  Over the counter | 0 | (2791) | 0 | (2791) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281) | $(2983) | $0 | $(3264) |
|  Total Financial Derivative Instruments | $289 | $(1783) | $0 | $(1494) |
|  Totals | $289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356961 |

---

**There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.** 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **89** |

---

------

##### [**Table of Contents**](#toc)
**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 107.8%** | **INVESTMENTS IN SECURITIES 107.8%** | **INVESTMENTS IN SECURITIES 107.8%** |
| **CORPORATE BONDS & NOTES 0.6%** | **CORPORATE BONDS & NOTES 0.6%** | **CORPORATE BONDS & NOTES 0.6%** |
| **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** |
|  **Benloch Ranch Improvement Association No. 2** | **Benloch Ranch Improvement Association No. 2** | **Benloch Ranch Improvement Association No. 2** |
|  10.000% due 12/01/2051 « | 200 | 194 |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **Tower Health** | **Tower Health** | **Tower Health** |
|  4.451% due 02/01/2050 | 400 | 194 |
|  **Total Corporate Bonds & Notes (Cost $442)** | **Total Corporate Bonds & Notes (Cost $442)** | **388** |
| **MUNICIPAL BONDS & NOTES 106.7%** | **MUNICIPAL BONDS & NOTES 106.7%** | **MUNICIPAL BONDS & NOTES 106.7%** |
| **ALABAMA 1.9%** | **ALABAMA 1.9%** | **ALABAMA 1.9%** |
|  **Lower Alabama Gas District Revenue Bonds, Series 2016** | **Lower Alabama Gas District Revenue Bonds, Series 2016** | **Lower Alabama Gas District Revenue Bonds, Series 2016** |
|  5.000% due 09/01/2046 | 500 | 501 |
|  **Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019** | **Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019** | **Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019** |
|  4.500% due 05/01/2032 | 940 | 851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1352 |
| **ARIZONA 0.4%** | **ARIZONA 0.4%** | **ARIZONA 0.4%** |
|  **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 | 259 |
| **CALIFORNIA 15.1%** | **CALIFORNIA 15.1%** | **CALIFORNIA 15.1%** |
|  **Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022** | **Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022** | **Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022** |
|  0.000% due 10/01/2047 (b) | 1000 | 479 |
|  **California Community Choice Financing Authority Revenue Bonds, Series 2021** | **California Community Choice Financing Authority Revenue Bonds, Series 2021** | **California Community Choice Financing Authority Revenue Bonds, Series 2021** |
|  4.000% due 02/01/2052 | 1000 | 985 |
|  **California Community Housing Agency Revenue Bonds, Series 2019** | **California Community Housing Agency Revenue Bonds, Series 2019** | **California Community Housing Agency Revenue Bonds, Series 2019** |
|  5.000% due 04/01/2049 | 500 | 438 |
|  **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 | 205 |
|  **California Health Facilities Financing Authority Revenue Bonds, Series 2016** | **California Health Facilities Financing Authority Revenue Bonds, Series 2016** | **California Health Facilities Financing Authority Revenue Bonds, Series 2016** |
|  5.000% due 11/15/2046 (c) | 3000 | 3150 |
|  **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 (a) | 2250 | 111 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **California Municipal Finance Authority Revenue Bonds, Series 2021** | **California Municipal Finance Authority Revenue Bonds, Series 2021** | **California Municipal Finance Authority Revenue Bonds, Series 2021** |
|  4.000% due 09/01/2050 (d) | 1000 | 799 |
|  **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 | 264 |
|  **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021** | **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021** | **CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021** |
|  2.650% due 12/01/2046 | 250 | 187 |
|  3.500% due 10/01/2046 | 750 | 546 |
|  **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 (b) | 500 | 238 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018** |
|  5.000% due 06/01/2030 | 1300 | 1465 |
|  **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 (a) | 5500 | 641 |
|  **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 | 308 |
|  **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** |
|  1.850% due 06/01/2031 | 60 | 59 |
|  **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 | 487 |
|  **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 (a) | 1000 | 156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10518 |
| **COLORADO 6.1%** | **COLORADO 6.1%** | **COLORADO 6.1%** |
|  **Colorado Health Facilities Authority Revenue Bonds, Series 2013** | **Colorado Health Facilities Authority Revenue Bonds, Series 2013** | **Colorado Health Facilities Authority Revenue Bonds, Series 2013** |
|  5.000% due 12/01/2033 | 2125 | 2136 |
|  **Colorado Health Facilities Authority Revenue Bonds, Series 2019** | **Colorado Health Facilities Authority Revenue Bonds, Series 2019** | **Colorado Health Facilities Authority Revenue Bonds, Series 2019** |
|  4.000% due 08/01/2049 | 1000 | 840 |
|  **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 (b) | 750 | 387 |
|  **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 | 412 |
|  **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 | 459 |
|  |  | 4234 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **CONNECTICUT 1.6%** | **CONNECTICUT 1.6%** | **CONNECTICUT 1.6%** |
|  **Connecticut Special Tax State Revenue Bonds, Series 2018** | **Connecticut Special Tax State Revenue Bonds, Series 2018** | **Connecticut Special Tax State Revenue Bonds, Series 2018** |
|  5.000% due 01/01/2029 | 110 | 121 |
|  **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014** | **Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2014** |
|  5.000% due 07/01/2026 | 1000 | 1028 |
|  |  | 1149 |
| **DELAWARE 1.5%** | **DELAWARE 1.5%** | **DELAWARE 1.5%** |
|  **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 | 1005 | 857 |
|  7.120% due 10/01/2038 | 175 | 168 |
|  |  | 1025 |
| **FLORIDA 2.8%** | **FLORIDA 2.8%** | **FLORIDA 2.8%** |
|  **Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013** | **Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013** | **Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013** |
|  5.000% due 10/01/2028 | 555 | 564 |
|  **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 (a) | 475 | 361 |
|  **Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022** | **Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022** | **Palm Beach County, Florida Health Facilities Authority Revenue Notes, Series 2022** |
|  5.000% due 11/01/2031 | 400 | 431 |
|  **St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2021** | **St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2021** | **St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2021** |
|  4.000% due 12/15/2031 | 210 | 191 |
|  **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 | 208 |
|  4.000% due 12/15/2030 | 200 | 184 |
|  |  | 1939 |
| **GEORGIA 1.4%** | **GEORGIA 1.4%** | **GEORGIA 1.4%** |
|  **Municipal Electric Authority of Georgia Revenue Bonds, Series 2022** | **Municipal Electric Authority of Georgia Revenue Bonds, Series 2022** | **Municipal Electric Authority of Georgia Revenue Bonds, Series 2022** |
|  5.500% due 07/01/2063 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1010 |
| **ILLINOIS 15.1%** | **ILLINOIS 15.1%** | **ILLINOIS 15.1%** |
|  **Chicago, Illinois General Obligation Bonds, Series 2002** | **Chicago, Illinois General Obligation Bonds, Series 2002** | **Chicago, Illinois General Obligation Bonds, Series 2002** |
|  5.500% due 01/01/2037 | 1000 | 1015 |
|  **Chicago, Illinois General Obligation Bonds, Series 2017** | **Chicago, Illinois General Obligation Bonds, Series 2017** | **Chicago, Illinois General Obligation Bonds, Series 2017** |
|  5.750% due 01/01/2034 | 1500 | 1565 |
|  **Chicago, Illinois General Obligation Notes, Series 2016** | **Chicago, Illinois General Obligation Notes, Series 2016** | **Chicago, Illinois General Obligation Notes, Series 2016** |
|  5.000% due 01/01/2024 | 1000 | 1011 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **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 | 1012 |
|  **Illinois State General Obligation Notes, Series 2017** | **Illinois State General Obligation Notes, Series 2017** | **Illinois State General Obligation Notes, Series 2017** |
|  5.000% due 12/01/2026 | 2000 | 2063 |
|  **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 | 903 |
|  **Illinois State Revenue Bonds, Series 2013** | **Illinois State Revenue Bonds, Series 2013** | **Illinois State Revenue Bonds, Series 2013** |
|  5.000% due 06/15/2026 | 1000 | 1006 |
|  **Illinois State Revenue Bonds, Series 2016** | **Illinois State Revenue Bonds, Series 2016** | **Illinois State Revenue Bonds, Series 2016** |
|  3.000% due 06/15/2031 | 1000 | 913 |
|  3.000% due 06/15/2034 | 1180 | 1028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10516 |
| **INDIANA 2.1%** | **INDIANA 2.1%** | **INDIANA 2.1%** |
|  **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** | **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** | **Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012** |
|  4.250% due 11/01/2030 | 1000 | 967 |
|  **Rockport, Indiana Revenue Bonds, Series 2009** | **Rockport, Indiana Revenue Bonds, Series 2009** | **Rockport, Indiana Revenue Bonds, Series 2009** |
|  3.050% due 06/01/2025 | 500 | 501 |
|  |  | 1468 |
| **IOWA 1.0%** | **IOWA 1.0%** | **IOWA 1.0%** |
|  **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** | **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** | **Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022** |
|  4.000% due 12/01/2050 | 500 | 479 |
|  **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 | 236 |
|  |  | 715 |
| **KENTUCKY 1.7%** | **KENTUCKY 1.7%** | **KENTUCKY 1.7%** |
|  **Kentucky Public Energy Authority Revenue Bonds, Series 2020** | **Kentucky Public Energy Authority Revenue Bonds, Series 2020** | **Kentucky Public Energy Authority Revenue Bonds, Series 2020** |
|  4.000% due 12/01/2050 | 1170 | 1159 |
| **LOUISIANA 0.9%** | **LOUISIANA 0.9%** | **LOUISIANA 0.9%** |
|  **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** | **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** | **Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017** |
|  2.100% due 06/01/2037 | 650 | 630 |
| **MICHIGAN 4.8%** | **MICHIGAN 4.8%** | **MICHIGAN 4.8%** |
|  **Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001** | **Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001** | **Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001** |
|  6.000% due 05/01/2029 | 355 | 391 |
|  **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** | **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** | **Detroit, Michigan Sewage Disposal System Revenue Bonds, (AGM Insured), Series 2006** |
|  3.108% (US0003M) due 07/01/2032 ~ | 1000 | 978 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **91** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series TE (Cont.)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Michigan Finance Authority Revenue Notes, Series 2014** | **Michigan Finance Authority Revenue Notes, Series 2014** | **Michigan Finance Authority Revenue Notes, Series 2014** |
|  4.000% due 10/01/2024 | 2000 | 1998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3367 |
| **NEVADA 2.4%** | **NEVADA 2.4%** | **NEVADA 2.4%** |
|  **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 | 500 | 444 |
|  **Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018** | **Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018** | **Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018** |
|  4.125% due 06/01/2058 | 1250 | 1137 |
|  **Reno, Nevada Revenue Bonds, Series 2018** | **Reno, Nevada Revenue Bonds, Series 2018** | **Reno, Nevada Revenue Bonds, Series 2018** |
|  0.000% due 07/01/2058 (a) | 1000 | 118 |
|  |  | 1699 |
| **NEW HAMPSHIRE 0.4%** | **NEW HAMPSHIRE 0.4%** | **NEW HAMPSHIRE 0.4%** |
|  **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 | 265 |
| **NEW JERSEY 8.9%** | **NEW JERSEY 8.9%** | **NEW JERSEY 8.9%** |
|  **Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017** | **Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017** | **Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017** |
|  5.000% due 03/01/2042 | 1250 | 1302 |
|  **Atlantic City, New Jersey General Obligation Notes, (BAM Insured), Series 2017** | **Atlantic City, New Jersey General Obligation Notes, (BAM Insured), Series 2017** | **Atlantic City, New Jersey General Obligation Notes, (BAM Insured), Series 2017** |
|  5.000% due 03/01/2026 | 250 | 266 |
|  **New Jersey Economic Development Authority Revenue Notes, Series 2019** | **New Jersey Economic Development Authority Revenue Notes, Series 2019** | **New Jersey Economic Development Authority Revenue Notes, Series 2019** |
|  5.250% due 09/01/2024 | 1000 | 1033 |
|  **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 | 995 |
|  **New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013** | **New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013** | **New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013** |
|  5.250% due 07/01/2035 | 1000 | 1006 |
|  **Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018** | **Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018** | **Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018** |
|  5.000% due 06/01/2031 | 500 | 525 |
|  5.000% due 06/01/2033 | 1000 | 1045 |
|  |  | 6172 |
| **NEW YORK 7.4%** | **NEW YORK 7.4%** | **NEW YORK 7.4%** |
|  **Build NYC Resource Corp., New York Revenue Bonds, Series 2018** | **Build NYC Resource Corp., New York Revenue Bonds, Series 2018** | **Build NYC Resource Corp., New York Revenue Bonds, Series 2018** |
|  5.625% due 12/01/2050 | 495 | 466 |
|  **New York Liberty Development Corp. Revenue Bonds, Series 2005** | **New York Liberty Development Corp. Revenue Bonds, Series 2005** | **New York Liberty Development Corp. Revenue Bonds, Series 2005** |
|  5.250% due 10/01/2035 | 500 | 550 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **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 | 911 |
|  **New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022** | **New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022** | **New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022** |
|  4.000% due 07/01/2051 | 500 | 468 |
|  **New York State Dormitory Authority Revenue Bonds, Series 2019** | **New York State Dormitory Authority Revenue Bonds, Series 2019** | **New York State Dormitory Authority Revenue Bonds, Series 2019** |
|  5.000% due 05/01/2048 | 500 | 524 |
|  **New York State Energy Research & Development Authority Revenue Bonds, Series 1994** | **New York State Energy Research & Development Authority Revenue Bonds, Series 1994** | **New York State Energy Research & Development Authority Revenue Bonds, Series 1994** |
|  3.500% due 10/01/2029 | 1000 | 989 |
|  **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 (a) | 2000 | 207 |
|  **TSASC, Inc., New York Revenue Bonds, Series 2017** | **TSASC, Inc., New York Revenue Bonds, Series 2017** | **TSASC, Inc., New York Revenue Bonds, Series 2017** |
|  5.000% due 06/01/2033 | 1000 | 1027 |
|  |  | 5142 |
| **OHIO 2.7%** | **OHIO 2.7%** | **OHIO 2.7%** |
|  **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 (a) | 4000 | 459 |
|  5.000% due 06/01/2034 | 1000 | 1056 |
|  5.000% due 06/01/2055 | 400 | 348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1863 |
| **PENNSYLVANIA 2.2%** | **PENNSYLVANIA 2.2%** | **PENNSYLVANIA 2.2%** |
|  **Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022** | **Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022** | **Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania Revenue Bonds, Series 2022** |
|  5.250% due 05/01/2042 | 500 | 482 |
|  **Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017** | **Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017** | **Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017** |
|  5.000% due 02/15/2045 (c) | 1000 | 1019 |
|  |  | 1501 |
| **PUERTO RICO 9.7%** | **PUERTO RICO 9.7%** | **PUERTO RICO 9.7%** |
|  **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 (a) | 955 | 419 |
|  0.000% due 11/01/2051 (a) | 3478 | 1361 |
|  **Commonwealth of Puerto Rico General Obligation Bonds, Series 2021** | **Commonwealth of Puerto Rico General Obligation Bonds, Series 2021** | **Commonwealth of Puerto Rico General Obligation Bonds, Series 2021** |
|  4.000% due 07/01/2041 | 850 | 668 |
|  **Commonwealth of Puerto Rico General Obligation Notes, Series 2021** | **Commonwealth of Puerto Rico General Obligation Notes, Series 2021** | **Commonwealth of Puerto Rico General Obligation Notes, Series 2021** |
|  0.000% due 07/01/2024 (a) | 54 | 50 |
|  5.625% due 07/01/2027 | 179 | 183 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **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 ^ | 920 | 770 |
|  **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** |
|  3.027% (0.67\*US0003M + 0.520%) due 07/01/2029 ~ | 1010 | 910 |
|  **Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022** | **Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022** | **Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022** |
|  0.000% due 07/01/2032 (a) | 61 | 36 |
|  0.000% due 07/01/2053 (b) | 424 | 235 |
|  5.000% due 07/01/2062 | 94 | 87 |
|  **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018** |
|  0.000% due 07/01/2051 (a) | 8500 | 1541 |
|  **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 | 460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6720 |
| **RHODE ISLAND 1.8%** | **RHODE ISLAND 1.8%** | **RHODE ISLAND 1.8%** |
|  **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 | 1006 |
|  5.000% due 06/01/2050 | 250 | 248 |
|  |  | 1254 |
| **TENNESSEE 0.3%** | **TENNESSEE 0.3%** | **TENNESSEE 0.3%** |
|  **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006** | **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006** | **Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006** |
|  5.250% due 09/01/2024 | 200 | 203 |
| **TEXAS 8.3%** | **TEXAS 8.3%** | **TEXAS 8.3%** |
|  **Central Texas Turnpike System Revenue Bonds, Series 2015** | **Central Texas Turnpike System Revenue Bonds, Series 2015** | **Central Texas Turnpike System Revenue Bonds, Series 2015** |
|  0.000% due 08/15/2037 (a) | 1000 | 511 |
|  **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 | 247 |
|  **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 | 445 |
|  **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021** | **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021** | **New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021** |
|  5.500% due 01/01/2057 | 250 | 181 |
|  **North Texas Tollway Authority Revenue Bonds, Series 2018** | **North Texas Tollway Authority Revenue Bonds, Series 2018** | **North Texas Tollway Authority Revenue Bonds, Series 2018** |
|  5.000% due 01/01/2048 | 1000 | 1030 |
|  **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** |
|  4.645% (US0003M) due 12/15/2026 ~ | 500 | 487 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** | **Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008** |
|  6.250% due 12/15/2026 | 2755 | 2901 |
|  |  | 5802 |
| **U.S. VIRGIN ISLANDS 3.0%** | **U.S. VIRGIN ISLANDS 3.0%** | **U.S. VIRGIN ISLANDS 3.0%** |
|  **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Notes, Series 2022** | **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Notes, Series 2022** | **Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Notes, Series 2022** |
|  5.000% due 10/01/2026 | 2000 | 2055 |
| **VIRGINIA 0.8%** | **VIRGINIA 0.8%** | **VIRGINIA 0.8%** |
|  **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 | 610 | 560 |
| **WASHINGTON 2.0%** | **WASHINGTON 2.0%** | **WASHINGTON 2.0%** |
|  **Seattle, Washington Municipal Light and Power Revenue Bonds, Series 2018** | **Seattle, Washington Municipal Light and Power Revenue Bonds, Series 2018** | **Seattle, Washington Municipal Light and Power Revenue Bonds, Series 2018** |
|  4.000% due 01/01/2040 (c) | 500 | 497 |
|  **Washington State Convention Center Public Facilities District Revenue Notes, Series 2021** | **Washington State Convention Center Public Facilities District Revenue Notes, Series 2021** | **Washington State Convention Center Public Facilities District Revenue Notes, Series 2021** |
|  4.000% due 07/01/2031 | 600 | 550 |
|  **Washington State General Obligation Bonds, Series 2020** | **Washington State General Obligation Bonds, Series 2020** | **Washington State General Obligation Bonds, Series 2020** |
|  5.000% due 02/01/2036 | 300 | 333 |
|  |  | 1380 |
| **WISCONSIN 0.4%** | **WISCONSIN 0.4%** | **WISCONSIN 0.4%** |
|  **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 (a) | 1980 | 86 |
|  6.500% due 09/01/2036 | 200 | 180 |
|  |  | 266 |
|  **Total Municipal Bonds & Notes (Cost $75,115)** | **Total Municipal Bonds & Notes (Cost $75,115)** | **74223** |
| **SHORT-TERM INSTRUMENTS 0.5%** | **SHORT-TERM INSTRUMENTS 0.5%** | **SHORT-TERM INSTRUMENTS 0.5%** |
| **REPURCHASE AGREEMENTS (e) 0.5%** | **REPURCHASE AGREEMENTS (e) 0.5%** | **REPURCHASE AGREEMENTS (e) 0.5%** |
|  |  | 350 |
|  **Total Short-Term Instruments (Cost $350)** | **Total Short-Term Instruments (Cost $350)** | **350** |
| **Total Investments in Securities (Cost $75,907)** | **Total Investments in Securities (Cost $75,907)** | **74961** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **93** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series TE (Cont.)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 0.9%** | **INVESTMENTS IN AFFILIATES 0.9%** | **INVESTMENTS IN AFFILIATES 0.9%** | **INVESTMENTS IN AFFILIATES 0.9%** |
| **SHORT-TERM INSTRUMENTS 0.9%** | **SHORT-TERM INSTRUMENTS 0.9%** | **SHORT-TERM INSTRUMENTS 0.9%** | **SHORT-TERM INSTRUMENTS 0.9%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.9%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.9%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.9%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.9%** |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 68127 | $— | 662 |
|  **Total Short-Term Instruments (Cost $662)** | **Total Short-Term Instruments (Cost $662)** |  | **662** |
| **Total Investments in Affiliates (Cost $662)** | **Total Investments in Affiliates (Cost $662)** |  | **662** |
| **Total Investments 108.7% (Cost $76,569)** | **Total Investments 108.7% (Cost $76,569)** | $— | **75623** |
| **Other Assets and Liabilities, net (8.7)%** |  |  | **(6070)** |
| **Net Assets 100.0%** |  | $— | **69553** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

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

---

**(a)** **Zero coupon security.** 

**(b)** **Security becomes interest bearing at a future date.** 

**(c)** **Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Portfolio sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5, Tender Option Bond Transactions, in the Notes to Financial Statements for more information.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  California Municipal Finance Authority Revenue Bonds, Series 2021 | 4.000% | 09/01/2050 | 08/03/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;905 | $&nbsp;&nbsp;&nbsp;&nbsp;799 | 1.15% |

---

---

| | | |
|:---|:---|:---|
| **94** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**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 | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;350 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(357) | $350 | $350 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(357)** | $**350** | $**350** |

---

**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, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/<br>(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $350 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;350 | $&nbsp;&nbsp;&nbsp;&nbsp;(357) | $&nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  **Total Borrowings and Other Financing Transactions** | $**350** | $**0** | $**0** |  |  |  |

---

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

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

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

**The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $0 | $0 | $0 | $0 | $127 | $127 |
|  **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; 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;(23) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | DECEMBER 31, 2022 | **95** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Fixed Income SHares: Series TE (Cont.)** 

December 31, 2022

**FAIR VALUE MEASUREMENTS** 

**The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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;&nbsp; Banking & Finance | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | $194 |
| &nbsp;&nbsp;&nbsp; Industrials | 0 | 194 | 0 | 194 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;&nbsp; Alabama | 0 | 1352 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 |
| &nbsp;&nbsp;&nbsp; Arizona | 0 | 259 | 0 | 259 |
| &nbsp;&nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10518 | 0 | 10518 |
| &nbsp;&nbsp;&nbsp; Colorado | 0 | 4234 | 0 | 4234 |
| &nbsp;&nbsp;&nbsp; Connecticut | 0 | 1149 | 0 | 1149 |
| &nbsp;&nbsp;&nbsp; Delaware | 0 | 1025 | 0 | 1025 |
| &nbsp;&nbsp;&nbsp; Florida | 0 | 1939 | 0 | 1939 |
| &nbsp;&nbsp;&nbsp; Georgia | 0 | 1010 | 0 | 1010 |
| &nbsp;&nbsp;&nbsp; Illinois | 0 | 10516 | 0 | 10516 |
| &nbsp;&nbsp;&nbsp; Indiana | 0 | 1468 | 0 | 1468 |
| &nbsp;&nbsp;&nbsp; Iowa | 0 | 715 | 0 | 715 |
| &nbsp;&nbsp;&nbsp; Kentucky | 0 | 1159 | 0 | 1159 |
| &nbsp;&nbsp;&nbsp; Louisiana | 0 | 630 | 0 | 630 |
| &nbsp;&nbsp;&nbsp; Michigan | 0 | 3367 | 0 | 3367 |
| &nbsp;&nbsp;&nbsp; Nevada | 0 | 1699 | 0 | 1699 |
| &nbsp;&nbsp;&nbsp; New Hampshire | 0 | 265 | 0 | 265 |
| &nbsp;&nbsp;&nbsp; New Jersey | 0 | 6172 | 0 | 6172 |
| &nbsp;&nbsp;&nbsp; New York | 0 | 5142 | 0 | 5142 |
| &nbsp;&nbsp;&nbsp; Ohio | 0 | 1863 | 0 | 1863 |
| &nbsp;&nbsp;&nbsp; Pennsylvania | 0 | 1501 | 0 | 1501 |
| &nbsp;&nbsp;&nbsp; Puerto Rico | 0 | 6720 | 0 | 6720 |
| &nbsp;&nbsp;&nbsp; Rhode Island | 0 | 1254 | 0 | 1254 |
| &nbsp;&nbsp;&nbsp; Tennessee | 0 | 203 | 0 | 203 |
| &nbsp;&nbsp;&nbsp; Texas | 0 | 5802 | 0 | 5802 |
| &nbsp;&nbsp;&nbsp; U.S. Virgin Islands | 0 | 2055 | 0 | 2055 |
| &nbsp;&nbsp;&nbsp; Virginia | 0 | 560 | 0 | 560 |
| &nbsp;&nbsp;&nbsp; Washington | 0 | 1380 | 0 | 1380 |
| &nbsp;&nbsp;&nbsp; Wisconsin | 0 | 266 | 0 | 266 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0 | 350 | 0 | 350 |
|  | $0 | $74767 | $194 | $74961 |
|  **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;&nbsp; Central Funds Used for Cash Management Purposes | $662 | $0 | $0 | $662 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | $74767 | $194 | $75623 |

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**There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.** 

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| **96** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

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**Notes to Financial Statements** 

December 31, 2022

1. ORGANIZATION

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

Hereinafter, the Board of Trustees of the Portfolios shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolios is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

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| **ANNUAL REPORT** | DECEMBER 31, 2022 | **97** |

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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,

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and recordkeeping practices under income tax regulations. For instance, a Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

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

(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolios' investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolios' financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolios' financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed

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| **ANNUAL REPORT** | DECEMBER 31, 2022 | **99** |

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**Notes to Financial Statements (Cont.)** 

by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolios' financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolios' financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Portfolio's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, a 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

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the normally scheduled close of regular trading on the NYSE for that day. Each Portfolio generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Portfolio may calculate its NAV as of the normally scheduled 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 the Portfolios 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. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair

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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 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 a Portfolio is not open for business, which may result in a Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

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

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 a Portfolio is not open for business. As a result, to the extent that a Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Portfolio's next calculated NAV.

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

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the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

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

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

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

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

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, 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 valued (denominated) in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates (currency spot and forward rates) obtained from Pricing Sources. As a result, the NAV of a Portfolio's shares may be

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affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business.

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 and non-U.S. bonds 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.

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

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

Short-term debt instruments (such as commercial paper) 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 and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolios. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolios' website at www.pimco.com, or upon request, as applicable. The tables below show the

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Portfolios' transactions in and earnings from these affiliated funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Market<br>Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market<br>Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| Fixed Income SHares: Series C | $17 | $&nbsp;&nbsp;&nbsp;&nbsp;125052 | $(78400) | $13 | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;46687 | $&nbsp;&nbsp;&nbsp;&nbsp;251 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Fixed Income SHares: Series LD | 1510 | 71519 | (70205) | 2 | 2 | 2828 | 19 | 0 |
| Fixed Income SHares: Series M | 156 | 118328 | (32150) | (11) | 25 | 86348 | 528 | 0 |
| Fixed Income SHares: Series TE | &nbsp;&nbsp;&nbsp;&nbsp;3011 | 31349 | &nbsp;&nbsp;&nbsp;&nbsp;(33700) | &nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;43 | 662 | 49 | 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 to the rate of inflation. In general, the value of an inflation-indexed security tends to decrease when real interest rates increase and can increase when real interest rates decrease. Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in

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

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

In the event of the insolvency of the agent selling a participation, a Portfolio may be treated as a general creditor of the agent and may not benefit from any set-off between the agent and the borrower. When a Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

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

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

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The types of loans and related investments in which the Portfolios may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolios may acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. Because investing in unfunded loan commitments creates a future obligation for a Portfolio to provide funding to a borrower upon demand in exchange for a fee, the Portfolio will segregate or earmark liquid assets with the Portfolio's custodian in amounts sufficient to satisfy any such future obligations. A Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

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

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

As CMOs have evolved, some classes of CMO bonds have become more common. For example, a Portfolio may invest in parallel-pay and planned amortization class ("PAC") CMOs and multi-class pass-through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or non-PAC bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb

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**Notes to Financial Statements (Cont.)** 

sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A Portfolio may invest in various tranches of CMO bonds, including support bonds and equity or "first loss" tranches (see "Collateralized Debt Obligations" above).

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

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

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolios as of December 31, 2022, as applicable, are disclosed in the Notes to Schedules of Investments.

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

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA

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

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

Roll-timing strategies can be used where a Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolios to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Portfolios' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolios and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. A Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

The following disclosures contain information on a Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Portfolio. The location of these instruments in each Portfolio's financial statements is described below.

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

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

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Portfolio or counterparty at any time. A Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Portfolio to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Portfolio's use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce a Portfolio's obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price. A Portfolio will segregate assets determined to be liquid by PIMCO or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Portfolio are reflected as a liability on the Statements of Assets and Liabilities. A Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio will segregate assets determined to be liquid by

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PIMCO or will otherwise cover its obligations under sale-buyback transactions. Sale-buybacks involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price.

(d) Short Sales Short sales are transactions in which a Portfolio sells a security that it may not own. A Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Portfolio. A short sale is "against the box" if a Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Portfolio's loss on a short sale could theoretically be unlimited in cases where a Portfolio is unable, for whatever reason, to close out its short position.

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

The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying

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Fixed Rate Bond's downside investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds.

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

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

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

Each Portfolio's transfer of Fixed Rate Bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Floaters, less certain transaction expenses, is paid to a Portfolio. A Portfolio typically invests the cash received in additional municipal bonds. The Portfolios account for the transactions described above as secured

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

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

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

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

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

For the period ended December 31, 2022, the Portfolios' average leverage outstanding from the use of TOB transactions and the daily weighted average interest rate, including fees, were as follows:

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| **Portfolio Name** | **Average Leverage<br>Outstanding (000s)** | **Weighted Average<br>Interest Rate** |
| Fixed Income Shares: Series TE | $&nbsp;&nbsp;&nbsp;&nbsp;3375 | 1.72% |

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| **ANNUAL REPORT** | DECEMBER 31, 2022 | **115** |

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(f) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Portfolios of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. The Portfolios are currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolios did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

The following disclosures contain information on how and why the Portfolios use financial derivative instruments, and how financial derivative instruments affect the Portfolios' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Portfolios.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. The contractual obligations of a buyer or seller of a forward foreign currency contract may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and

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recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. Although forwards may be intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the value of such currencies increase. In addition, a Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. 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 An option on an instrument (or an index) is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. Writing put options tends to increase a Portfolio's exposure to the underlying instrument. Writing call options tends to decrease a Portfolio's exposure to the underlying instrument. When a Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market.

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| **ANNUAL REPORT** | DECEMBER 31, 2022 | **117** |

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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.

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

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

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

(d) Swap Agreements are bilaterally negotiated agreements between a Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

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

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

For purposes of a Portfolio's investment policy adopted pursuant to Rule 35d-1 under the Act (if any), the Portfolio will account for derivative instruments at market value. For purposes of applying a Portfolio's other investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Portfolio at market value, notional value or full exposure value (i.e., the sum of the notional amount for the contract plus the market value) or any combination of the foregoing (e.g., notional value for purposes of calculating the numerator and market value for purposes of calculating the denominator for compliance with a particular policy or restriction). In the case of a credit default swap, in applying certain of a Portfolio's investment policies and restrictions, the Portfolios will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Portfolio's other investment policies and restrictions. For example, a Portfolio may value credit default swaps at full exposure value for purposes of a Portfolio's credit quality guidelines (if any) because such value in general better reflects a Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, a Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

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

A Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that

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amount is positive. The risk may be mitigated by having a master netting arrangement between a Portfolio and the counterparty and by the posting of collateral to a Portfolio to cover a Portfolio's exposure to the counterparty.

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

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

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

Credit default swap agreements on corporate or sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability

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to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

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

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

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Portfolio is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

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

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

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| **Risks** | **FISH: Series C** | **FISH: Series LD** | **FISH: Series M** | **FISH: Series R** | **FISH: Series TE** |
| Inflation/Deflation | X | X | X | X | X |
| Contingent Convertible Securities | X |  | X |  |  |
| LIBOR Transition | X | X | X |  |  |
| Collateralized Loan Obligation | X | 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. Additionally, a smaller Portfolio may be more adversely affected by large purchases or redemptions of Portfolio shares.

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

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

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

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

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage- related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

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

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

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subject the Portfolio to greater risk. The Portfolio also will be subject to focused investment risk to the extent that it invests a substantial portion of its assets in a particular issuer, market, asset class, country or geographic region.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the 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 the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. 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 OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

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

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

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

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

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

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

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

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

Municipal Project-Specific Risk is the risk that the Portfolio may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

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

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

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

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

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Inflation/Deflation Risk is the risk that the value of assets or income from a Portfolio's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a Portfolio's investments could decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of a Portfolio's investments.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Portfolio's investment becoming further subordinated as a result of conversion from debt to equity, the risk that principal amount due can be written down to a lesser amount, and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Portfolio rely in some fashion upon LIBOR.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Portfolio.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes the 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, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO's manager may perform poorly.

(b) Other Risks

In general, a Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Portfolio's Prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Portfolio's performance.

Market Disruption Risk is the risk of investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes

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or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which a Portfolio's service providers, including PIMCO as a Portfolio's investment adviser, rely, and could otherwise disrupt a Portfolio's service providers' ability to fulfill their obligations to a Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Portfolio holds, and may adversely affect a Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets is the risk that federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Portfolio itself is regulated. Such legislation or regulation could limit or preclude a Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose a Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of a Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk is the risk that 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 is the risk arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Portfolio. While a Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk is the risk that, as the use of technology has become more prevalent in the course of business, the Portfolios have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity,

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result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolios and their shareholders may suffer losses as a result of a cyber security breach related to the Portfolios, their service providers, trading counterparties or the issuers in which a Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

A Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Portfolio to close out and net its total exposure to a counterparty in the event of a default 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

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maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

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

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

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolios may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolios are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

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

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the Trust (although PIMCO may receive compensation under the Advisory Contract with respect to future series of the Trust). The financial statements reflect the fact that no investment management fees or expenses are incurred by the Portfolios.

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

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

The Trust is responsible for the following expenses: (i) salaries and other compensation or expenses, including travel expenses, of any of the Trust's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Administrator or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Trust or any of its Portfolios; (iii) brokerage fees and commissions, and other portfolio transaction expenses incurred for any of the Portfolios; (iv) expenses of each Portfolio's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by a Portfolio of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) fees and expenses of any underlying funds or other pooled vehicles in which a Portfolio invests; (vii) dividend and interest expenses on short positions taken by the Portfolios; (viii) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (ix) extraordinary expenses, including extraordinary legal expenses, as may arise including expenses incurred in connection with litigation, proceedings, other claims and the legal obligations of the Trust to indemnify its trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (x) to the extent permitted by the Board, organizational and offering expenses of the Trust

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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) Expense Limitation Agreement The Adviser has contractually agreed pursuant to an expense limitation agreement (the "Expense Limitation Agreement") to bear the expenses of or make payments to each Portfolio to the extent that, for any calendar month, "Specified Expenses", as defined in the Expense Limitation Agreement of such Portfolio would exceed 0.00%. "Specified Expenses" of a Portfolio means all expenses incurred by the Portfolio, including organizational and offering expenses and expenses associated with obtaining or maintaining a Legal Entity Identifier, but excluding any brokerage fees and commissions and other portfolio transaction expenses, costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities, fees and expenses of any underlying Portfolios or other pooled vehicles in which the Portfolio invests, taxes, governmental fees, dividends and interest on short positions, and extraordinary expenses, including extraordinary legal expenses. This Expense Limitation Agreement shall continue in effect, unless sooner terminated by the Board, for so long as the Adviser serves as the investment adviser to the applicable Portfolio pursuant to the Advisory Contract. The waivers, if any, are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Portfolios are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolios from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| **Portfolio Name** | **Purchases** | **Sales** | **Realized<br>Gain/Loss** |
| Fixed Income SHares: Series C | $&nbsp;&nbsp;&nbsp;&nbsp;2890 | $1828 | $(22) |
| Fixed Income SHares: Series LD | 1128 | &nbsp;&nbsp;&nbsp;&nbsp;15046 | &nbsp;&nbsp;&nbsp;&nbsp;(229) |

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| **Portfolio Name** | **Purchases** | **Sales** | **Realized<br>Gain/Loss** |
| Fixed Income SHares: Series M | $&nbsp;&nbsp;&nbsp;&nbsp;4910 | $&nbsp;&nbsp;&nbsp;&nbsp;3542 | $56 |
| Fixed Income SHares: Series R | 7736 | 78 | (6) |
| Fixed Income SHares: Series TE | 6268 | 2635 | &nbsp;&nbsp;&nbsp;&nbsp;(225) |

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

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11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as "portfolio turnover." Each Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect 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, 2022, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;5167793 | $&nbsp;&nbsp;&nbsp;&nbsp;5108677 | $91727 | $320565 |
| Fixed Income SHares: Series LD | 67341 | 210025 | 36714 | 79714 |
| Fixed Income SHares: Series M | 8566896 | 8803789 | &nbsp;&nbsp;&nbsp;&nbsp;138375 | &nbsp;&nbsp;&nbsp;&nbsp;321036 |
| Fixed Income SHares: Series R | 382691 | 319790 | 18268 | 30685 |
| Fixed Income SHares: Series TE | 0 | 0 | 53849 | 54562 |

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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.

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On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolios in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S. registered investment companies, including the Portfolios.

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, 2022, the Portfolios have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Portfolios file U.S. federal, state, and local tax returns as required. The Portfolios' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of December 31, 2022, 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<br>Late-Year<br>Loss<br>Deferral-<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral-<br>Ordinary<sup>(6)</sup>** | **Total<br>Components<br>of<br>Distributable<br>Earnings** |
| Fixed Income Shares: Series C | $0 | $15842 | $0 | $(228929) | $0 | $(217723) | $0 | $0 | $(430810) |

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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<br>Late-Year<br>Loss<br>Deferral-<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral-<br>Ordinary<sup>(6)</sup>** | **Total<br>Components<br>of<br>Distributable<br>Earnings** |
| Fixed Income Shares: Series LD | $0 | $0 | $0 | $(9884) | $(10) | $0 | $(2791) | $(1108) | $(13793) |
| Fixed Income Shares: Series M | 0 | 8860 | 0 | (148100) | 0 | (114657) | 0 | 0 | (253897) |
| Fixed Income Shares: Series R | 0 | 0 | 0 | (61129) | (1023) | (26341) | 0 | (273) | (88766) |
| Fixed Income Shares: Series TE | 37 | 0 | 0 | (893) | 0 | (3748) | 0 | 0 | (4604) |

---

---

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

---

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

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: swap contracts, treasury inflation-protected securities (TIPS), interest accrued from defaulted securities, return of capital from non-REIT securities, straddle loss deferrals, inverse floaters, RIB/TOB adjustments, 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, 2022 through December 31, 2022 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, 2022 through December 31, 2022 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, 2022, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
| Fixed Income Shares: Series C | $&nbsp;&nbsp;&nbsp;&nbsp;194979 | $&nbsp;&nbsp;&nbsp;&nbsp;22744 |
| Fixed Income Shares: Series LD | 0 | 0 |
| Fixed Income Shares: Series M | 54261 | 60396 |
| Fixed Income Shares: Series R | 1502 | 24839 |
| Fixed Income Shares: Series TE | 2910 | 838 |

---

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

---

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|:---|:---|
| **134** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br>Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
| Fixed Income Shares: Series C | $&nbsp;&nbsp;&nbsp;&nbsp;1855620 | $4516 | $&nbsp;&nbsp;&nbsp;&nbsp;(217017) | $&nbsp;&nbsp;&nbsp;&nbsp;(212501) |
| Fixed Income Shares: Series LD | 124332 | 850 | (10738) | (9888) |
| Fixed Income Shares: Series M | 1553974 | &nbsp;&nbsp;&nbsp;&nbsp;17314 | (162668) | (145354) |
| Fixed Income Shares: Series R | 418594 | 10692 | (75044) | (64352) |
| Fixed Income Shares: Series TE | 76514 | 1333 | (2224) | (891) |

---

---

| | |
|:---|:---|
| <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 forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: swap contracts, treasury inflation-protected securities (TIPS), interest accrued from defaulted securities, return of capital from non-REIT securities, straddle loss deferrals, inverse floaters, and short positions. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolios made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Tax-Exempt<br>Income<br>Distributions** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return<br>of<br>Capital<sup>(9)</sup>** | **Tax-Exempt<br>Income<br>Distributions** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return<br>of<br>Capital<sup>(9)</sup>** |
| Fixed Income Shares: Series C | $0 | $61847 | $0 | $0 | $0 | $50117 | $0 | $0 |
| Fixed Income Shares: Series LD | 0 | 2820 | 340 | 0 | 0 | 3025 | 0 | 0 |
| Fixed Income Shares: Series M | 0 | 63547 | 0 | 0 | 0 | 74982 | 0 | 0 |
| Fixed Income Shares: Series R | 0 | 28718 | 0 | 0 | 0 | 13319 | 0 | 0 |
| Fixed Income Shares: Series TE | 3050 | 275 | 0 | 0 | 2821 | 104 | 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.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **135** |

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**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 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 (constituting PIMCO Managed Accounts Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of cash flows for Fixed Income SHares: Series LD and Fixed Income SHares: Series R for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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 as of December 31, 2022, the results of each of their operations and each of the cash flows for Fixed Income SHares: Series LD and Fixed Income SHares: Series R for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**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, 2022 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 28, 2023

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

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| **136** | **PIMCO MANAGED ACCOUNTS TRUST** |

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

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| **BCY** | Barclays Capital, Inc. | **JPM** | JP Morgan Chase Bank N.A. |
| **BOA** | Bank of America N.A. | **MBC** | HSBC Bank Plc |
| **BOS** | BofA Securities, Inc. | **MSC** | Morgan Stanley & Co. LLC. |
| **BPS** | BNP Paribas S.A. | **MYC** | Morgan Stanley Capital Services LLC |
| **BRC** | Barclays Bank PLC | **MYI** | Morgan Stanley & Co. International PLC |
| **BSN** | The Bank of Nova Scotia - Toronto | **NOM** | Nomura Securities International, Inc. |
| **CBK** | Citibank N.A. | **RCY** | Royal Bank of Canada |
| **DUB** | Deutsche Bank AG | **RDR** | RBC Capital Markets LLC |
| **FBF** | Credit Suisse International | **SCX** | Standard Chartered Bank, London |
| **FICC** | Fixed Income Clearing Corporation | **SOG** | Societe Generale Paris |
| **FOB** | Credit Suisse Securities (USA) LLC | **TDM** | TD Securities (USA) LLC |
| **GLM** | Goldman Sachs Bank USA | **TOR** | The Toronto-Dominion Bank |
| **GST** | Goldman Sachs International | **UAG** | UBS AG Stamford |
| **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** |
| **AUD** | Australian Dollar | **JPY** | Japanese Yen |
| **BRL** | Brazilian Real | **KRW** | South Korean Won |
| **CAD** | Canadian Dollar | **MXN** | Mexican Peso |
| **CHF** | Swiss Franc | **NOK** | Norwegian Krone |
| **COP** | Colombian Peso | **NZD** | New Zealand Dollar |
| **DKK** | Danish Krone | **PEN** | Peruvian New Sol |
| **EUR** | Euro | **PLN** | Polish Zloty |
| **GBP** | British Pound | **SGD** | Singapore Dollar |
| **IDR** | Indonesian Rupiah | **TWD** | Taiwanese Dollar |
| **ILS** | Israeli Shekel | **USD (or $)** | United States Dollar |
| **INR** | Indian Rupee | **ZAR** | South African Rand |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** |
| **OTC** | Over the Counter |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |
| **BBSW3M** | 3 Month Bank Bill Swap Rate | **LIBOR03M** | 3 Month USD-LIBOR |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **MUTKCALM** | Tokyo Overnight Average Rate |
| **CPALEMU** | Euro Area All Items Non-Seasonally Adjusted Index | **SOFR** | Secured Overnight Financing Rate |
| **CPTFEMU** | Eurozone HICP ex-Tobacco Index | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CPURNSA** | Consumer Price All Urban Non-Seasonally Adjusted Index | **UKRPI** | United Kingdom Retail Prices Index |
| **FRCPXTOB** | France Consumer Price ex-Tobacco Index | **US0003M** | ICE 3-Month USD LIBOR |
| **H15T1Y** | 1 Year US Treasury Yield Curve Constant Maturity Rate |  |  |
| **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** |
| **ACA** | American Capital Access Holding Ltd. | **BAM** | Build America Mutual Assurance |
| **AGM** | Assured Guaranty Municipal | **Q-SBLF** | Qualified School Bond Loan Fund |

---

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **137** |

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

(Unaudited)

---

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

---

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|:---|:---|
| **138** | **PIMCO MANAGED ACCOUNTS TRUST** |

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**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 Porfolios' 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 2022 ordinary income dividend that qualifies for the corporate dividend 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, 2022 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 2022.

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, 2022 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, 2022 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 Dividends as defined in Proposed Treasury Regulation Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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>** | **163(j)<br>Interest<br>Dividends<br>(000s)<sup>†</sup>** |
| Fixed Income Shares: Series C | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46676 |
| Fixed Income Shares: Series LD | 0% | 0% | 2820 | 0 | 2820 |
| Fixed Income Shares: Series M | 0% | 0% | 50069 | 0 | 60366 |
| Fixed Income Shares: Series R | 0% | 0% | 28718 | 0 | 21795 |
| Fixed Income Shares: Series TE | 0% | 0% | 3325 | 0 | 0 |

---

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| | |
|:---|:---|
| <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 2023, 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 2022.

Section 199A Dividends. Non-corporate Portfolio shareholders of the Portfolios below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolios as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

---

| | |
|:---|:---|
|  | **199A Dividends** |
| Fixed Income Shares: Series C | 0% |
| Fixed Income Shares: Series LD | 0% |
| Fixed Income Shares: Series M | 0% |
| Fixed Income Shares: Series R | 0% |
| Fixed Income Shares: Series TE | 0% |

---

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|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **139** |

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##### [**Table of Contents**](#toc)
**Distribution Information** 

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, 2022 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO Fixed Income<br>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 2022 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
| August 2022 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
| September 2022 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
| October 2022 | $0.0250 | $0.0000 | $0.0000 | $0.0250 |
| November 2022 | $0.0263 | $0.0000 | $0.0000 | $0.0263 |
| December 2022 | $0.0272 | $0.0000 | $0.0000 | $0.0272 |
| **PIMCO Fixed Income<br>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 2022 | $0.0194 | $0.0000 | $0.0000 | $0.0194 |
| August 2022 | $0.0092 | $0.0000 | $0.0000 | $0.0092 |
| September 2022 | $0.0151 | $0.0000 | $0.0000 | $0.0151 |
| October 2022 | $0.0153 | $0.0000 | $0.0000 | $0.0153 |
| November 2022 | $0.0026 | $0.0000 | $0.0000 | $0.0026 |
| December 2022 | $0.0000 | $0.0000 | $0.0990 | $0.0990 |
| **PIMCO Fixed Income<br>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 2022 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
| August 2022 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
| September 2022 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
| October 2022 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
| November 2022 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
| December 2022 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
| **PIMCO Fixed Income<br>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 2022 | $0.1167 | $0.0000 | $0.0000 | $0.1167 |
| August 2022 | $0.1482 | $0.0000 | $0.0000 | $0.1482 |
| September 2022 | $0.0047 | $0.0000 | $0.0000 | $0.0047 |
| October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| December 2022 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |

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| **140** | **PIMCO MANAGED ACCOUNTS TRUST** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO Fixed Income<br>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 2022 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
| August 2022 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
| September 2022 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
| October 2022 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
| November 2022 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
| December 2022 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |

---

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

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

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| **ANNUAL REPORT** | DECEMBER 31, 2022 | **141** |

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**Management of the Trust** 

The chart below identifies Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons below is c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

The Trust's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (800) 927-4648.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and<br>Year of Birth** | **Position(s)<br>Held <br>with the <br>Trust** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s)**<br> **During the Past 5 Years** | **Number<br>of Portfolios<br>in Fund<br>Complex <br>Overseen<br>by Trustee** | **Other <br>Directorships<br>Held by Trustee<br>During the <br>Past 5 Years** |
|  **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Deborah A. DeCotis**<br> 1952 | Chair of the Board, Trustee | Chair since 2019, Trustee since 2011. | Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); Trustee, Smith College (since 2017); and Director, Watford Re (since 2017). Formerly, Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005-2015); Trustee, Stanford University (2010-2015); Principal, LaLoop LLC, a retail accessories company (1999-2014); Director, Helena Rubenstein Foundation (1997-2010); and Director, Armor Holdings (2002-2010). | 26 | Trustee, Allianz Funds (2011- 2021); Trustee, Virtus Funds (2021-Present). |
| **Sarah E. Cogan**<br> 1956 | Trustee | Since 2019. | Retired Partner, Simpson Thacher & Bartlett LLP (law firm) (1989-2018); Director, Girl Scouts of Greater New York, Inc. (since 2016); and Trustee, Natural Resources Defense Council, Inc. (since 2013). | 26 | Trustee, Allianz Funds (2019- 2021); Trustee, Virtus Funds (2021-Present) |
| **Joseph B. Kittredge, Jr.**<br> 1954 | Trustee | Since 2020. | Trustee (since 2019) and Governance Committee (since 2020), Vermont Law School; Director and Treasurer, Center for Reproductive Rights (since 2015); Formerly, Director (2013-2020) and Chair (2018-2020), ACLU of Massachusetts; General Counsel, Grantham, Mayo, Van Otterloo & Co. LLC (2005-2018) and Partner (2007-2018); President, GMO Trust (institutional mutual funds) (2009-2018); Chief Executive Officer, GMO Trust (2009-2015); President and Chief Executive Officer, GMO Series Trust (platform based mutual funds) (2011-2013). | 26 | Trustee, GMO Trust (2010-2018); Chairman of the Board of Trustees, GMO Series Trust (2011-2018). |

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| **142** | **PIMCO MANAGED ACCOUNTS TRUST** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and<br>Year of Birth** | **Position(s)<br>Held <br>with the <br>Trust** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s)**<br> **During the Past 5 Years** | **Number<br>of Portfolios<br>in Fund<br>Complex <br>Overseen<br>by Trustee** | **Other <br>Directorships<br>Held by Trustee<br>During the <br>Past 5 Years** |
| **Kathleen A. McCartney**<br> 1956 | Trustee | Since 2022. | President, Smith College (since 2013); Director (since 2013) and President (since 2020), Five Colleges, Inc., consortium of liberal arts colleges and<br> universities (since 2013); Formerly, Director, American Council on Education Board of Directors, (2015-2019); Director, Consortium on Financing Higher Education Board of Directors (2015-2019); Director, edX Board of Directors, online course provider (2012-2013); Director, Bellwether Education Partners Board, national nonprofit organization (2010-2013); Dean, Harvard Graduate School of Education (2006-2013); Trustee, Tufts University (2007-2013). | 26 |  |
| **Alan Rappaport**<br> 1953 | Trustee | Since 2010. | Director, Victory Capital Holdings, Inc., an asset management firm (since 2013). Formerly, Adjunct Professor, New York University Stern School of Business (2011-2020); Lecturer, Stanford University Graduate School of Business (2013-2020); Advisory Director (formerly Vice Chairman), Roundtable Investment Partners (2009-2018); Member of Board of Overseers, NYU Langone Medical Center (2015-2016); Trustee, American Museum of Natural History (2005-2015); Trustee, NYU Langone Medical Center (2007-2015); and Vice Chairman (formerly, Chairman and President), U.S. Trust (formerly, Private Bank of Bank of America, the predecessor entity of U.S. Trust) (2001-2008). | 26 | Trustee, Allianz Funds (2010-2021); Chairman of the Board of Trustees, Virtus Closed-End Funds (2021-Present) |
| **E. Grace Vandecruze**<br> 1963 | Trustee | Since 2021. | Founder and Managing Director, Grace Global Capital LLC, a strategic advisory firm to the insurance industry (since 2006); Director, The Doctors Company, a medical malpractice | 26 |  |

---

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **143** |

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##### [**Table of Contents**](#toc)
**Management of the Trust (Cont.)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and<br>Year of Birth** | **Position(s)<br>Held <br>with the <br>Trust** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s)**<br> **During the Past 5 Years** | **Number<br>of Portfolios<br>in Fund<br>Complex <br>Overseen<br>by Trustee** | **Other <br>Directorships<br>Held by Trustee<br>During the <br>Past 5 Years** |
|  |  |  | insurance company (since 2020); Chief Financial Officer, Athena Technology Acquisition Corp, a special purpose acquisition company (since 2021); Director, Link Logistics REIT, a real estate company (since 2021); Director and Member of the Investment & Risk Committee, Resolution Life Group Holdings, a global life insurance group (since 2021); and Director, Wharton Graduate Executive Board. Formerly, Director, Resolution Holdings (2015-2019). Formerly, Director and Member of the Audit Committee and the Wealth Solutions Advisory Committee, M Financial Group, a life insurance company (2015-2021); Director, SBLI USA, a life insurance company (2015-2018). |  |  |
|  **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **David N. Fisher\***<br> 1968 | Trustee | Since 2019. | Managing Director and Co-Head of U.S. Global Wealth Management Strategic Accounts, PIMCO (since 2021); Managing Director and Head of Traditional Product Strategies, PIMCO (2015-2021); and Director, Court Appointed Special Advocates (CASA) of Orange County, a non-profit organization (since 2015). Formerly, Global Bond Strategist, PIMCO (2008-2015); and Managing Director and Head of Global Fixed Income, HSBC Global Asset Management (2005-2008). | 26 |  |
| **John C. Maney\*\***<br> 1959 | Trustee | Since 2006. | Senior Advisor to PIMCO (since June 2021); Non-Executive Director and a member of the Compensation Committee of PIMCO Europe Ltd (since December 2017). Formerly, Consultant to PIMCO (January 2020-June 2021); Managing Director of Allianz Asset Management of America | 26 |  |

---

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| | |
|:---|:---|
| **144** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)
(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and<br>Year of Birth** | **Position(s)<br>Held <br>with the <br>Trust** | **Term of Office<br>and Length<br>of Time Served** | **Principal Occupation(s)**<br> **During the Past 5 Years** | **Number<br>of Portfolios<br>in Fund<br>Complex <br>Overseen<br>by Trustee** | **Other <br>Directorships<br>Held by Trustee<br>During the <br>Past 5 Years** |
|  |  |  | L.P. (2005-2019); member of the Management Board and Chief Operating Officer of Allianz Asset Management of America L.P (2006-2019); Member of the Management Board of Allianz Global Investors Fund Management LLC (2007-2014) and Managing Director of Allianz Global Investors Fund Management LLC (2011-2014). |  |  |

---

\* Mr. Fisher is an "interested person" of the Portfolios, as defined in Section 2(a)(19) of the Act, due to his affiliation with PIMCO and its affiliates. Mr. Fisher's address is 650 Newport Center Drive, Newport Beach, California 92660.

\*\* Mr. Maney is an "interested person" of the Portfolios, as defined in Section 2(a)(19) of the Act, due to his affiliation with PIMCO and its affiliates. Mr. Maney's address is 650 Newport Center Drive, Newport Beach, California 92660.

**Officers** 

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and<br>Year of Birth** | **Position(s) Held with<br>Trust** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During Past 5 Years\*** |
| **Eric D. Johnson\*\***<br> 1970 | President | Since 2019 | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
| **Keisha Audain-Pressley**<br> 1975 | Chief Compliance Officer | Since 2018 | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. |
| **Ryan G. Leshaw\*\***<br> 1980 | Chief Legal Officer | Since 2019 | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Joshua D. Ratner**<br> 1976 | Senior Vice President | Since 2019 | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter G. Strelow\*\***<br> 1970 | Senior Vice President | Since 2019 | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit\*\***<br> 1981 | Vice President, Senior Counsel and Secretary | Since 2018 | Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill**<br> 1980 | Vice President | Since August 2022 | Senior Vice President, PIMCO. Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. |

---

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **145** |

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##### [**Table of Contents**](#toc)
**Management of the Trust (Cont.)** 

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address and<br>Year of Birth** | **Position(s) Held with<br>Trust** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s) During Past 5 Years\*** |
| **Elizabeth A. Duggan\*\***<br> 1964 | Vice President | Since 2021 | Executive Vice President, PIMCO. Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. |
| **Mark A. Jelic\*\***<br> 1981 | Vice President | Since 2021 | Senior Vice President, PIMCO. Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. |
| **Kenneth W. Lee\*\***<br> 1972 | Vice President | Since August 2022 | Senior Vice President, PIMCO. Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. |
| **Brian J. Pittluck\*\***<br> 1977 | Vice President | Since 2020 | Senior Vice President, PIMCO. Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. |
| **Keith A. Werber\*\***<br> 1973 | Vice President | Since June 2022 | Executive Vice President, PIMCO. Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. |
| **Bijal Y. Parikh\*\***<br> 1978 | Treasurer | Since 2021 | Executive Vice President, PIMCO. Treasurer, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
| **Brandon T. Evans\*\***<br> 1982 | Deputy Treasurer | Since March 2022 | Senior Vice President, PIMCO. Deputy Treasurer, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. |
| **Erik C. Brown\*\*\***<br> 1967 | Assistant Treasurer | Since 2015 | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO-Sponsored Closed-End Funds, PIMCO-Sponsored Interval Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Capital Solutions BDC Corp. and PIMCO Flexible Real Estate Income Fund. |

---

---

| | |
|:---|:---|
| <sup>(</sup>\*<sup>)</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

---

<sup>(</sup>\*\*<sup>)</sup> The address of these officers is Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, California 92660.

<sup>(</sup>\*\*\*<sup>)</sup> The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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|:---|:---|
| **146** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)
**Privacy Policy<sup>1</sup>** 

(Unaudited)

The Portfolios<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Portfolios have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

**Obtaining Non-Public Personal Information** 

In the course of providing shareholders with products and services, the Portfolios and certain service providers to the Portfolios, such as the Portfolios' investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

**Respecting Your Privacy** 

As a matter of policy, the Portfolios do not disclose any non-public personal information provided by shareholders or gathered by the Portfolios to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Portfolios. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Portfolios or their affiliates may also retain non-affiliated companies to market Portfolio shares or products which use Portfolio shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Portfolios may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

**Sharing Information with Third Parties** 

The Portfolios reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Portfolios believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Portfolios may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

**Sharing Information with Affiliates** 

The Portfolios may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Portfolios or their Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Portfolios may share may include, for example, a shareholder's participation in the Portfolios or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Portfolios' experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Portfolios' Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

---

| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **147** |

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##### [**Table of Contents**](#toc)
**Privacy Policy<sup>1</sup> (Cont.)** 

(Unaudited)

**Procedures to Safeguard Private Information** 

The Portfolios take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Portfolios have implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

**Information Collected from Websites** 

The Portfolios or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Portfolios or their service providers includes client non-public personal information.

**Changes to the Privacy Policy** 

From time to time, the Portfolios may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Portfolios' distributor and does not provide brokerage services or any financial advice to investors in the Portfolios solely because it distributes the Portfolios. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Portfolios" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, a Portfolio may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e.* by using "we" instead of "the Portfolios").

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| | |
|:---|:---|
| **148** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)
**Investment Strategy Updates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)

Disclosure Related to Fixed Income SHares: Series TE (the "Portfolio"): On December 15, 2022, the Board approved changes to the Portfolio's investment guidelines to permit the Portfolio to invest without limit in municipal securities subject to the federal alternative minimum tax. Such changes will become effective March 16, 2023. Please see the Portfolio's Prospectus and Statement of Additional Information, as supplemented from time to time, for a more detailed description of the Portfolio's investment policies, strategies and guidelines and the risks of investing in the Portfolio.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **149** |

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##### [**Table of Contents**](#toc)
**Changes to Board of Trustees** 

(Unaudited)

Effective July 1, 2022, the Board of Trustees appointed Ms. Kathleen McCartney as a Trustee of the Trust.

Effective December 31, 2022, Mr. William B. Ogden, IV retired from his position as Trustee of the Trust.

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| | |
|:---|:---|
| **150** | **PIMCO MANAGED ACCOUNTS TRUST** |

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##### [**Table of Contents**](#toc)
**Changes to Portfolio Managers** 

(Unaudited)

Effective October 3, 2022, the PIMCO FISH: Series M Portfolio's portfolio is jointly and primarily managed by David Braun, Mike Cudzil and Vinayak Seshasayee, and Scott Mathers no longer serves as portfolio manager.

---

| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | DECEMBER 31, 2022 | **151** |

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##### [**Table of Contents**](#toc)
**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolios listed on the Report cover.

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##### [**Table of Contents**](#toc)
![LOGO](g606552g75h91.jpg)

FISH3001AR_123122

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Not applicable to the Registrant.

**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 Joseph B. Kittredge, Jr., 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. Kittredge is "independent" as such term is interpreted under this Item 3.

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

---

| | | |
|:---|:---|:---|
| (a)  | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | December 31, 2022 | $245898 |
|  | December 31, 2021 | $255175 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees<sup>(1)</sup></u> |
|  | December 31, 2022 | $— |
|  | December 31, 2021 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees <sup>(2)</sup></u> |
|  | December 31, 2022 | $— |
|  | December 31, 2021 | $— |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees <sup>(3)</sup></u> |
|  | December 31, 2022 | $— |
|  | December 31, 2021 | $— |

---

"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.

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##### [**Table of Contents**](#toc)

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<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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

(g) ---

| | | | |
|:---|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
| Entity | December 31, 2022 | December 31, 2022 | December 31, 2021 |
|  PIMCO Managed Accounts Trust | $— |  | $— |
|  Pacific Investment Management Company LLC ("PIMCO") |  | 20915827 | 14971260 |
|  Totals | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20915827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14971260 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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

Joseph B. Kittredge, Jr.

Alan Rappaport

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Grace Vandecruze

Kathleen A. McCartney

------

##### [**Table of Contents**](#toc)
**Item 6.** **Schedule of Investments.** <br>

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

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

Not applicable to open-end investment companies.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**Item 10.** **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 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Exhibits.** <br>

(a)(1) [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d606552dex99codeeth.htm)

(a)(2) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d606552dex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d606552dex99906cert.htm)

------

##### [**Table of Contents**](#toc)
**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/ Eric D. Johnson<br>|
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: | March 8, 2023 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Eric D. Johnson<br>|
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: | March 8, 2023 |

---

---

| | |
|:---|:---|
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: | March 8, 2023 |

---

## Ex-99.Code

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

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

**PIMCO Funds** 

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

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

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

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

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

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

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

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

This Code has been adopted for the purpose of promoting:

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

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

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

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

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

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

------

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

------

Sarbanes-Oxley Code of Ethics

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

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

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"2) 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.

------

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

------

Sarbanes-Oxley Code of Ethics

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 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 not 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 reasonable3 and both the Covered Person and the giver are present4; or (iii) gifts or
meals/conferences/events received from the Covered Person's employer;

------

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

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

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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.5 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.

------

However, PIMCO 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.

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

------

Sarbanes-Oxley Code of Ethics

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

Each Covered Person must:

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

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

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

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

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

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

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

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

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

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

------

Sarbanes-Oxley Code of Ethics

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

**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.

------

Sarbanes-Oxley Code of Ethics

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

------

Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

Adopted: September 29, 2004

Effective: October 5, 2004

Amended: April 1, 2005

Amended: May 24, 2005

Amended: February 24, 2009 (added ETF)

Amended: March 31, 2009

Amended: August 11, 2009

Amended: March 30, 2010 (added PES and PESVIT)

Amended: March 1, 2011

Amended: February 27, 2013

Amended: November 7, 2013 (non-material changes)

Amended: February 26, 2014 (non-material changes)

Amended: August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds)

Amended: January 17, 2015

Amended: December 14, 2016 (added PIMCO Sponsored Interval Funds)

Amended: February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds)

Amended: May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds)

Amended: June 15, 2019 (updated Exhibit A for OEF/ETF)

Amended: January 1, 2021 (updated PFO/PAO in Exhibit A)

Amended: June 22, 2022 (added PIMCO Sponsored BDCs)

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Trust** | **Principal Executive**<br> **Officer** | **Principal Financial**<br> **Officer** | **Principal Accounting<br>Officer** |
| &nbsp;&nbsp; PIMCO Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts<br>Trust | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End<br>Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser | Pacific Investment Management Company LLC ("PIMCO") |
| &nbsp;&nbsp; Principal Underwriter\*\* | PIMCO Investments LLC |
| &nbsp;&nbsp; Administrator\*\*\* | PIMCO |

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31, ___. I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <u> </u> <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Eric D. Johnson, 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 8, 2023<br>|
| Signature: | /s/ Eric D. Johnson<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 8, 2023<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;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
|  By: | /s/ Eric D. Johnson<br>| By: | /s/ Bijal Y. Parikh<br>|
|  Name: | Eric D. Johnson<br>| Name: | Bijal Y. Parikh<br>|
|  Title: | President (Principal Executive Officer)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
|  Date: | March 8, 2023<br>| Date: | March 8, 2023<br>|

---

**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.