# EDGAR Filing Document

**Accession Number:** 0001098605
**File Stem:** 0001193125-25-196891
**Filing Date:** 2025-9
**Character Count:** 690759
**Document Hash:** 4b3d416cdae6b1ef2f036bf10bc1c05b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196891.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196891

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09721
- **FILM NUMBER:** 251295576

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### PIMCO Managed Accounts Trust

#### (Exact name of registrant as specified in charter)

#### 1633 Broadway, New York, NY 10019

#### (Address of principal executive offices)

#### Bijal Y. Parikh

#### Treasurer (Principal Financial & Accounting Officer)

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

#### (Name and address of agent for service)
Copies to:

#### David C. Sullivan

#### Ropes & Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199
Registrant's telephone number, including area code: (800) 927-4648

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

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

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

------

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

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

• Fixed Income SHares: Series C

• Fixed Income SHares: Series LD

• Fixed Income SHares: Series M

• Fixed Income SHares: Series R

• Fixed Income SHares: Series TE

(b) Not applicable to the Registrant.

# FXICX

# Fixed Income SHares: Series C

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g936156i9097c87368a9f9fa6ef4.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the Fixed Income SHares: Series C (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/FISH**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fixed Income SHares: Series C | $8 | 0.15%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1706066 |
| # of Portfolio Holdings | 685 |
| Portfolio Turnover Rate | 280% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares Portfolios are an integral part of "wrap-fee" programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios and PIMCO. Participants in these programs pay a "wrap" fee to the sponsor of the program. |

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.7% |
| Corporate Bonds & Notes | 48.8% |
| U.S. Treasury Obligations | 19.2% |
| Asset-Backed Securities | 11.1% |
| Non-Agency Mortgage-Backed Securities | 5.9% |
| Sovereign Issues | 4.9% |
| Preferred Securities | 1.5% |
| Municipal Bonds & Notes | 0.7% |
| Loan Participations and Assignments | 0.2% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | (0.5%) |
| Other Assets and Liabilities, Net | (53.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/FISH](g936156ifc69a0d78ef0b5ea6194.jpg)

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

# FXICX
![Image](g936156i48b43b8074bd1b58eaa8.jpg)

# Fixed Income SHares: Series C
Semi-Annual Shareholder Report \| June 30, 2025

FISH2755TSRSAR_063025

# FXIDX

# Fixed Income SHares: Series LD

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g936156i9097c87368a9f9fa6ef4.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the Fixed Income SHares: Series LD (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/FISH**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fixed Income SHares: Series LD | $72 | 1.43%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $53540 |
| # of Portfolio Holdings | 373 |
| Portfolio Turnover Rate | 168% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares Portfolios are an integral part of "wrap-fee" programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios and PIMCO. Participants in these programs pay a "wrap" fee to the sponsor of the program. |

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 53.2% |
| Corporate Bonds & Notes | 33.8% |
| Asset-Backed Securities | 26.4% |
| Non-Agency Mortgage-Backed Securities | 20.8% |
| Sovereign Issues | 4.3% |
| U.S. Treasury Obligations | 3.0% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 0.2% |
| Financial Derivative Instruments | (0.7%) |
| Other Assets and Liabilities, Net | (41.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/FISH](g936156ifc69a0d78ef0b5ea6194.jpg)

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

# FXIDX
![Image](g936156i48b43b8074bd1b58eaa8.jpg)

# Fixed Income SHares: Series LD
Semi-Annual Shareholder Report \| June 30, 2025

FISH2761TSRSAR_063025

# FXIMX

# Fixed Income SHares: Series M

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g936156i9097c87368a9f9fa6ef4.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the Fixed Income SHares: Series M (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/FISH**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fixed Income SHares: Series M | $7 | 0.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $1707968 |
| # of Portfolio Holdings | 1199 |
| Portfolio Turnover Rate | 304% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares Portfolios are an integral part of "wrap-fee" programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios and PIMCO. Participants in these programs pay a "wrap" fee to the sponsor of the program. |

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 54.7% |
| Corporate Bonds & Notes | 37.5% |
| Asset-Backed Securities | 29.8% |
| Non-Agency Mortgage-Backed Securities | 13.2% |
| U.S. Treasury Obligations | 7.2% |
| Sovereign Issues | 1.1% |
| Preferred Securities | 0.8% |
| Municipal Bonds & Notes | 0.7% |
| Loan Participations and Assignments | 0.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.9% |
| Financial Derivative Instruments | (0.4%) |
| Other Assets and Liabilities, Net | (46.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/FISH](g936156ifc69a0d78ef0b5ea6194.jpg)

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

# FXIMX
![Image](g936156i48b43b8074bd1b58eaa8.jpg)

# Fixed Income SHares: Series M
Semi-Annual Shareholder Report \| June 30, 2025

FISH2756TSRSAR_063025

# FXIRX

# Fixed Income SHares: Series R

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g936156i9097c87368a9f9fa6ef4.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the Fixed Income SHares: Series R (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/FISH**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fixed Income SHares: Series R | $199 | 3.87%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $159627 |
| # of Portfolio Holdings | 449 |
| Portfolio Turnover Rate | 62% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares Portfolios are an integral part of "wrap-fee" programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios and PIMCO. Participants in these programs pay a "wrap" fee to the sponsor of the program. |

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 135.5% |
| U.S. Government Agencies | 38.2% |
| Asset-Backed Securities | 9.9% |
| Sovereign Issues | 9.2% |
| Corporate Bonds & Notes | 1.4% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Short-Term Instruments | 1.1% |
| Financial Derivative Instruments | (0.8%) |
| Other Assets and Liabilities, Net | (95.6%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/FISH](g936156ifc69a0d78ef0b5ea6194.jpg)

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

# FXIRX
![Image](g936156i48b43b8074bd1b58eaa8.jpg)

# Fixed Income SHares: Series R
Semi-Annual Shareholder Report \| June 30, 2025

FISH2757TSRSAR_063025

# FXIEX

# Fixed Income SHares: Series TE

#### Semi-Annual Shareholder Report \| June 30, 2025
![Image](g936156i9097c87368a9f9fa6ef4.jpg)

## Portfolio Performance
This semi-annual shareholder report contains important information about the Fixed Income SHares: Series TE (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/FISH**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Portfolio costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fixed Income SHares: Series TE | $0 | 0.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $204498 |
| # of Portfolio Holdings | 292 |
| Portfolio Turnover Rate | 29% |
| Total Net Advisory Fees Paid During the Reporting Period<sup>Footnote Reference†</sup> | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;No investment management fees or expenses are incurred by the Portfolio. The PIMCO Fixed Income SHares Portfolios are an integral part of "wrap-fee" programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios and PIMCO. Participants in these programs pay a "wrap" fee to the sponsor of the program. |

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Municipal Bonds & Notes | 89.5% |
| U.S. Government Agencies | 4.4% |
| Corporate Bonds & Notes | 0.4% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 6.6% |
| Other Assets and Liabilities, Net | (0.9%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/FISH](g936156ifc69a0d78ef0b5ea6194.jpg)

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

# FXIEX
![Image](g936156i48b43b8074bd1b58eaa8.jpg)

# Fixed Income SHares: Series TE
Semi-Annual Shareholder Report \| June 30, 2025

FISH2760TSRSAR_063025

------

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

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

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

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

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

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

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

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

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

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

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

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

PIMCO Managed Accounts Trust

(b) Not applicable to the Registrant.

------

![LOGO](g936156g13e39.jpg)

PIMCO MANAGED ACCOUNTS TRUST

## Semiannual Financial and Other Information
June 30, 2025

#### Fixed Income SHares (FISH)
Fixed Income SHares: Series C ("FISH: Series C")

Fixed Income SHares: Series LD ("FISH: Series LD")

Fixed Income SHares: Series M ("FISH: Series M")

Fixed Income SHares: Series R ("FISH: Series R")

Fixed Income SHares: Series TE ("FISH: Series TE")

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Portfolios](#tx936156_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx936156_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx936156_3) | 8 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx936156_4) | 10 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx936156_5) | 12 |
| &nbsp;&nbsp; [Statements of Cash Flows (N-CSR Item 7)](#tx936156_6) | 14 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx936156_7) | 66 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx936156_8) | 85 |
| &nbsp;&nbsp; [Glossary](#tx936156_10) | 88 |
| &nbsp;&nbsp; [Distribution Information](#tx936156_11) | 89 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx936156_13) | 90 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx936156_14) | 91 |
| &nbsp;&nbsp; [Approval of Investment Management Agreement (N-CSR Item 11)](#tx936156_17) | 92 |
| Portfolio | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [Fixed Income SHares: Series C](#tx936156_18) | 15 |
| &nbsp;&nbsp; [Fixed Income SHares: Series LD](#tx936156_19) | 27 |
| &nbsp;&nbsp; [Fixed Income SHares: Series M](#tx936156_20) | 36 |
| &nbsp;&nbsp; [Fixed Income SHares: Series R](#tx936156_21) | 51 |
| &nbsp;&nbsp; [Fixed Income SHares: Series TE](#tx936156_22) | 60 |

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Important Information About the Portfolios

PIMCO Managed Accounts Trust (the "Trust") is an open-end management investment company that includes the Fixed Income SHares: Series C, Fixed Income SHares: Series LD, Fixed Income SHares: Series M, Fixed Income SHares: Series R and Fixed Income SHares: Series TE (each, a "Portfolio" and collectively, the "Portfolios").

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

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Portfolios may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

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

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

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

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

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

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or

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

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similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Portfolios and their investments.

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

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

The dividend rate that a Portfolio pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including, without limit, the amount of a Portfolio's undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Portfolio. As portfolio and market conditions change, the rate of distributions on the common shares and a Portfolio's dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Portfolio's distribution rate or that the rate will be sustainable in the future.

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

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

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

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

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted

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| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

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Important Information About the Portfolios (Cont.)

by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolios' website at www.pimco.com/FISH, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolios file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolios' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/FISH, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

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

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance

based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| **4** | **PIMCO MANAGED ACCOUNTS TRUST** |

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|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset<br>Value<br>Beginning**<br> **of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **Series C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $8.86 | $0.23 | $0.22 | $0.45 | $(0.26) | $0.00 | $0.00 | $(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.84 | 0.44 | 0.02 | 0.46 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.54 | 0.40 | 0.29 | 0.69 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.77 | 0.33 | (2.12) | (1.79) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.08 | 0.34 | (0.31) | 0.03 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.43 | 0.34 | 0.66 | 1.00 | (0.35) | 0.00 | 0.00 | (0.35) |
|  **Series LD** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $8.98 | $0.20 | $0.04 | $0.24 | $(0.23) | $0.00 | $0.00 | $(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.81 | 0.38 | 0.21 | 0.59 | (0.37) | 0.00 | (0.05) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.59 | 0.34 | 0.17 | 0.51 | (0.17) | 0.00 | (0.12) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.41 | 0.25 | (0.77) | (0.52) | (0.26) | (0.04) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 9.62 | 0.28 | (0.24) | 0.04 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 9.40 | 0.35 | 0.23 | 0.58 | (0.36) | 0.00 | 0.00 | (0.36) |
|  **Series M** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $8.60 | $0.24 | $0.23 | $0.47 | $(0.25) | $0.00 | $0.00 | $(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 8.60 | 0.50 | 0.01 | 0.51 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 8.35 | 0.47 | 0.26 | 0.73 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.33 | 0.42 | (1.95) | (1.53) | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.68 | 0.42 | (0.26) | 0.16 | (0.42) | (0.09) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.48 | 0.41 | 0.53 | 0.94 | (0.41) | (0.33) | 0.00 | (0.74) |
|  **Series R** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $8.02 | $0.19 | $0.38 | $0.57 | $(0.17) | $0.00 | $0.00 | $(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 7.99 | 0.20 | (0.01) | 0.19 | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 7.94 | 0.19 | 0.05 | 0.24 | (0.04) | 0.00 | (0.15) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.79 | 0.81 | (2.59) | (1.78) | (1.07) | 0.00 | 0.00 | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.74 | 0.72 | 0.02 | 0.74 | (0.69) | 0.00 | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 9.40 | 0.22 | 1.33 | 1.55 | (0.21) | 0.00 | 0.00 | (0.21) |
|  **Series TE** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/2025 - 06/30/2025+ | $9.72 | $0.23 | $(0.19) | $0.04 | $(0.23) | $0.00 | $0.00 | $(0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 | 9.67 | 0.48 | 0.05 | 0.53 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2023 | 9.25 | 0.47 | 0.41 | 0.88 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.71 | 0.41 | (1.47) | (1.06) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.76 | 0.38 | (0.06) | 0.32 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.36 | 0.37 | 0.73 | (0.36) | 0.00 | 0.00 | (0.36) |

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

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+ Unaudited

\* Annualized, except for organizational expense, if any.

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

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

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

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

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

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

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| **6** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/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** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)(e)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses<sup>(f)</sup>** |  | **Expenses<br>Excluding<br>Waivers<sup>(f)</sup>** |  | **Expenses<br>Excluding<br>Interest<br>Expense<sup>(f)</sup>** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers<sup>(f)</sup>** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $9.05 | 5.11% | $1706066 | 0.15 | %\* | 0.15 | %\* | 0.00 | %\* | 0.00 | %\* | 5.12 | %\* | 280% |
| 8.86 | 5.26 | 1588834 | 0.27 |  | 0.27 |  | 0.00 |  | 0.00 |  | 4.97 |  | 546 |
| 8.84 | 8.34 | 1282061 | 0.03 |  | 0.03 |  | 0.00 |  | 0.00 |  | 4.69 |  | 571 |
| 8.54 | (16.74) | 1155312 | 0.15 |  | 0.15 |  | 0.00 |  | 0.00 |  | 3.58 |  | 308 |
| 10.77 | 0.34 | 1540072 | 0.02 |  | 0.02 |  | 0.00 |  | 0.00 |  | 3.10 |  | 282 |
| 11.08 | 9.77 | 1585611 | 0.03 |  | 0.03 |  | 0.00 |  | 0.00 |  | 3.18 |  | 562 |
| $8.99 | 2.74% | $53540 | 1.43 | %\* | 1.43 | %\* | 0.01 | %\* | 0.01 | %\* | 4.42 | %\* | 168% |
| 8.98 | 6.81 | 50640 | 1.36 |  | 1.36 |  | 0.00 |  | 0.00 |  | 4.24 |  | 414 |
| 8.81 | 6.07 | 73673 | 2.31 |  | 2.31 |  | 0.00 |  | 0.00 |  | 3.90 |  | 192 |
| 8.59 | (5.53) | 74964 | 1.57 |  | 1.57 |  | 0.00 |  | 0.00 |  | 2.75 |  | 43 |
| 9.41 | 0.38 | 122608 | 0.23 |  | 0.23 |  | 0.00 |  | 0.00 |  | 2.94 |  | 97 |
| 9.62 | 6.28 | 108895 | 0.66 |  | 0.66 |  | 0.00 |  | 0.00 |  | 3.63 |  | 69 |
| $8.82 | 5.48% | $1707968 | 0.14 | %\* | 0.14 | %\* | 0.00 | %\* | 0.00 | %\* | 5.57 | %\* | 304% |
| 8.60 | 6.06 | 1592323 | 0.14 |  | 0.14 |  | 0.00 |  | 0.00 |  | 5.80 |  | 576 |
| 8.60 | 8.99 | 1279095 | 0.04 |  | 0.04 |  | 0.00 |  | 0.00 |  | 5.62 |  | 569 |
| 8.35 | (14.99) | 1147875 | 0.01 |  | 0.01 |  | 0.00 |  | 0.00 |  | 4.58 |  | 495 |
| 10.33 | 1.45 | 1520815 | 0.01 |  | 0.01 |  | 0.00 |  | 0.00 |  | 3.97 |  | 468 |
| 10.68 | 9.12 | 1562661 | 0.02 |  | 0.02 |  | 0.00 |  | 0.00 |  | 3.80 |  | 635 |
| $8.42 | 7.13% | $159627 | 3.87 | %\* | 3.87 | %\* | 0.00 | %\* | 0.00 | %\* | 4.58 | %\* | 62% |
| 8.02 | 2.35 | 145985 | 4.30 |  | 4.30 |  | 0.00 |  | 0.00 |  | 2.45 |  | 278 |
| 7.99 | 3.05 | 163970 | 3.31 |  | 3.31 |  | 0.00 |  | 0.00 |  | 2.45 |  | 223 |
| 7.94 | (17.22) | 216389 | 0.87 |  | 0.87 |  | 0.00 |  | 0.00 |  | 8.88 |  | 93 |
| 10.79 | 7.09 | 259263 | 0.05 |  | 0.05 |  | 0.00 |  | 0.00 |  | 6.71 |  | 162 |
| 10.74 | 16.58 | 157315 | 0.26 |  | 0.26 |  | 0.00 |  | 0.00 |  | 2.13 |  | 295 |
| $9.53 | 0.37% | $204498 | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 4.78 | %\* | 29% |
| 9.72 | 5.53 | 157830 | 0.00 |  | 0.00 |  | 0.00 |  | 0.00 |  | 4.91 |  | 13 |
| 9.67 | 9.74 | 61959 | 0.06 |  | 0.06 |  | 0.00 |  | 0.00 |  | 5.05 |  | 56 |
| 9.25 | (9.91) | 69553 | 0.07 |  | 0.07 |  | 0.00 |  | 0.00 |  | 4.29 |  | 67 |
| 10.71 | 3.04 | 88310 | 0.02 |  | 0.02 |  | 0.00 |  | 0.00 |  | 3.50 |  | 20 |
| 10.76 | 7.19 | 91321 | 0.04 |  | 0.04 |  | 0.00 |  | 0.00 |  | 3.47 |  | 57 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **Series C** | **Series LD** |
|  **Assets:** |  |  |
|  *Investments, at value* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $2628989 | $75971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 169 | 90 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1401 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 5177 | 154 |
|  Deposits with counterparty | 5910 | 2452 |
|  Foreign currency, at value | 2478 | 111 |
|  Receivable for investments sold | 3091 | 417 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 |
|  Receivable for TBA investments sold | 1016080 | 46848 |
|  Receivable for Portfolio shares sold | 2393 | 78 |
|  Interest and/or dividends receivable | 18424 | 353 |
|  Dividends receivable from Affiliates | 37 | 7 |
|  Reimbursement receivable from PIMCO | 1 | 1 |
|  Other assets | 17 | 0 |
|  **Total Assets** | 3684167 | 126590 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $42393 | $13922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 77458 | 9205 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 3845 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 10788 | 443 |
|  Payable for investments purchased | 202 | 0 |
|  Payable for investments in Affiliates purchased | 38 | 7 |
|  Payable for TBA investments purchased | 1825426 | 48531 |
|  Deposits from counterparty | 9264 | 0 |
|  Payable for Portfolio shares redeemed | 707 | 0 |
|  Distributions payable | 7980 | 226 |
|  Other liabilities | 0 | 0 |
|  **Total Liabilities** | 1978101 | 73050 |
|  **Commitments and Contingent Liabilities<sup>^</sup>** |  |  |
|  **Net Assets** | $1706066 | $53540 |
|  **Net Assets Consist of:** |  |  |
|  Shares of beneficial interest of $0.001 par value (unlimited number authorized) | $189 | $6 |
|  Paid in capital in excess of par | 2060755 | 62838 |
|  Distributable earnings (accumulated loss) | (354878) | (9304) |
|  **Net Assets** | $1706066 | $53540 |
|  **Shares Issued and Outstanding** | 188609 | 5953 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** | $9.05 | $8.99 |
|  Cost of investments in securities | $2620494 | $76493 |
|  Cost of investments in Affiliates | $169 | $90 |
|  Cost of foreign currency held | $2433 | $108 |
|  Proceeds received on short sales | $76236 | $9111 |
|  Cost or premiums of financial derivative instruments, net | $(604) | $(30) |
|  \* Includes repurchase agreements of: | $0 | $0 |

---

---

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

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Series M** | **Series R** | **Series TE** |
| $2486236 | $313556 | $192925 |
| 14569 | 0 | 13416 |
| 4712 | 416 | 0 |
| 5918 | 727 | 0 |
| 16958 | 2810 | 0 |
| 3779 | 966 | 0 |
| 1470 | 1 | 0 |
| 0 | 477 | 0 |
| 1192544 | 10775 | 0 |
| 2360 | 32 | 506 |
| 15644 | 1167 | 2268 |
| 16 | 0 | 45 |
| 1 | 1 | 1 |
| 17 | 0 | 0 |
| 3744224 | 330928 | 209161 |
| $0 | $0 | $0 |
| 2758 | 138490 | 0 |
| 0 | 0 | 0 |
| 4345 | 533 | 0 |
| 12559 | 1917 | 0 |
| 4164 | 3704 | 3802 |
| 18 | 0 | 47 |
| 1995578 | 25007 | 0 |
| 8468 | 960 | 0 |
| 699 | 12 | 0 |
| 7666 | 678 | 814 |
| 1 | 0 | 0 |
| 2036256 | 171301 | 4663 |
| $1707968 | $159627 | $204498 |
| $194 | $19 | $21 |
| 1886859 | 235152 | 210136 |
| (179085) | (75544) | (5659) |
| $1707968 | $159627 | $204498 |
| 193584 | 18962 | 21462 |
| $8.82 | $8.42 | $9.53 |
| $2521782 | $328192 | $194350 |
| $14569 | $0 | $13413 |
| $3712 | $1301 | $0 |
| $0 | $0 | $0 |
| $9455 | $(1581) | $0 |
| $0 | $1600 | $0 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |  |
| (Amounts in thousands<sup>†</sup>) | **Series C** | **Series LD** |
|  **Investment Income:** |  |  |
|  Interest | $42456 | $1411 |
|  Dividends | 32 | 3 |
|  Dividends from Investments in Affiliates | 227 | 79 |
|  Miscellaneous income | 46 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 42761 | 1493 |
|  **Expenses:** |  |  |
|  Interest expense | 1191 | 362 |
|  Miscellaneous expense | 12 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1203 | 364 |
|  **Net Investment Income (Loss)** | 41558 | 1129 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities | 978 | (88) |
|  Investments in Affiliates | 10 | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | 12820 | 160 |
|  Over the counter financial derivative instruments | (7686) | (293) |
|  Foreign currency | 616 | 45 |
|  **Net Realized Gain (Loss)** | 6738 | (175) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in securities | 60672 | 1420 |
|  Investments in Affiliates | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (19438) | (307) |
|  Over the counter financial derivative instruments | (7903) | (630) |
|  Foreign currency assets and liabilities | 148 | 7 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 33479 | 490 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $81775 | $1444 |

---

---

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

---

---

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

---

------

---

| | | |
|:---|:---|:---|
| **Series M** | **Series R** | **Series TE** |
| $46165 | $6415 | $4137 |
| 23 | 16 | 2 |
| 191 | 0 | 297 |
| 0 | 0 | 0 |
| 46379 | 6431 | 4436 |
| 1128 | 2945 | 0 |
| 9 | 2 | 0 |
| 1137 | 2947 | 0 |
| 45242 | 3484 | 4436 |
| 474 | (945) | (1374) |
| 13 | 0 | 4 |
| 7200 | (1509) | 0 |
| (8415) | (1519) | 0 |
| 412 | (5) | 0 |
| (316) | (3978) | (1370) |
| 52686 | 11114 | (2723) |
| (1) | 0 | (2) |
| 1091 | 1851 | 0 |
| (9776) | (1515) | 0 |
| 344 | (286) | 0 |
| 44344 | 11164 | (2725) |
| $89270 | $10670 | $341 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Series C** | **Series C** | **Series LD** | **Series LD** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $41558 | $70298 | $1129 | $2360 |
|  Net realized gain (loss) | 6738 | (15571) | (175) | (226) |
|  Net change in unrealized appreciation (depreciation) | 33479 | 12848 | 490 | 1506 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 81775 | 67575 | 1444 | 3640 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains | (47410) | (69446) | (1349) | (2317) |
|  Tax basis return of capital | 0 | 0 | 0 | (286) |
|  **Total Distributions<sup>(a)</sup>** | (47410) | (69446) | (1349) | (2603) |
|  **Portfolio Share Transactions:** |  |  |  |  |
|  Receipts for shares sold | 250848 | 590934 | 7760 | 15311 |
|  Cost of shares redeemed | (167981) | (282290) | (4955) | (39381) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 82867 | 308644 | 2805 | (24070) |
|  **Total Increase (Decrease) in Net Assets** | 117232 | 306773 | 2900 | (23033) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of period | 1588834 | 1282061 | 50640 | 73673 |
|  End of period | $1706066 | $1588834 | $53540 | $50640 |
|  **Shares of Beneficial Interest:** |  |  |  |  |
|  Shares sold | 28077 | 66048 | 863 | 1726 |
|  Shares redeemed | (18806) | (31713) | (551) | (4450) |
|  Net increase (decrease) in shares outstanding | 9271 | 34335 | 312 | (2724) |

---

---

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

---

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

---

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

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series M** | **Series M** | **Series R** | **Series R** | **Series TE** | **Series TE** |
| **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** | **Six Months Ended<br>June 30, 2025<br>(Unaudited)** | **Year Ended<br>December 31, 2024** |
| $45242 | $81977 | $3484 | $3865 | $4436 | $5850 |
| (316) | (948) | (3978) | (1335) | (1370) | 1027 |
| 44344 | (1972) | 11164 | 1145 | (2725) | (930) |
| 89270 | 79057 | 10670 | 3675 | 341 | 5947 |
| (46759) | (83052) | (3195) | (3067) | (4436) | (5776) |
| 0 | 0 | 0 | 0 | 0 | 0 |
| (46759) | (83052) | (3195) | (3067) | (4436) | (5776) |
| 241307 | 597619 | 20953 | 31255 | 82667 | 115277 |
| (168173) | (280396) | (14786) | (49848) | (31904) | (19577) |
| 73134 | 317223 | 6167 | (18593) | 50763 | 95700 |
| 115645 | 313228 | 13642 | (17985) | 46668 | 95871 |
| 1592323 | 1279095 | 145985 | 163970 | 157830 | 61959 |
| $1707968 | $1592323 | $159627 | $145985 | $204498 | $157830 |
| 27796 | 68951 | 2545 | 3879 | 8569 | 11829 |
| (19357) | (32503) | (1793) | (6182) | (3340) | (2004) |
| 8439 | 36448 | 752 | (2303) | 5229 | 9825 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |  |
| (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 | $1444 | $10670 |
|  **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 | (138368) | (223320) |
|  Proceeds from sales of long-term securities | 127157 | 226469 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 1713 | (1598) |
| (Increase) decrease in deposits with counterparty | (1636) | 650 |
| (Increase) decrease in receivable for investments sold | (16793) | 25340 |
| (Increase) decrease in interest and/or dividends receivable | (23) | (142) |
| (Increase) decrease in dividends receivable from Affiliates | (6) | 0 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (26) | 551 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | (316) | (1626) |
| (Increase) decrease in other assets | 1 | 0 |
|  Increase (decrease) in payable for investments purchased | 18140 | (34261) |
|  Increase (decrease) in deposits from counterparty | 0 | 681 |
|  Proceeds from (Payments on) short sales transactions, net | (138) | 0 |
|  Proceeds from (Payments on) foreign currency transactions | 52 | (100) |
|  *Net Realized (Gain) Loss* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 88 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (1) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (160) | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 293 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (45) | 5 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1420) | (11114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 307 | (1851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 630 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (7) | 286 |
|  Net amortization (accretion) on investments | (86) | 156 |
|  **Net Cash Provided by (Used for) Operating Activities** | (9200) | (3716) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |  |
|  Proceeds from shares sold | 7682 | 21050 |
|  Payments on shares redeemed | (5018) | (14874) |
|  Cash distributions paid\* | (1324) | (2631) |
|  Proceeds from reverse repurchase agreements | 97569 | 0 |
|  Payments on reverse repurchase agreements | (89049) | (8169) |
|  Proceeds from sale-buyback transactions | 11777 | 1423277 |
|  Payments on sale-buyback transactions | (12672) | (1415042) |
|  **Net Cash Received from (Used for) Financing Activities** | 8965 | 3611 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (235) | (105) |
|  **Cash and Foreign Currency:** |  |  |
|  Beginning of period | 346 | 1071 |
|  End of period | $111 | $966 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |  |
|  Interest expense paid during the period | $260 | $3108 |

---

---

| | |
|:---|:---|
| <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 period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO MANAGED ACCOUNTS TRUST** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Fixed Income SHares: Series C June 30, 2025 (Unaudited)

#### (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 154.1% | INVESTMENTS IN SECURITIES 154.1% | INVESTMENTS IN SECURITIES 154.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  6.519% - 6.522% (TSFR3M + 2.250%) due 04/20/2028 ~ | 2210 | 2199 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.577% (TSFR1M + 2.250%) due 02/10/2032 ~ | 1197 | 1197 |
|  SkyMiles IP Ltd. | SkyMiles IP Ltd. | SkyMiles IP Ltd. |
|  8.022% (TSFR3M + 3.750%) due 10/20/2027 ~ | 368 | 371 |
|  Total Loan Participations and Assignments (Cost $3,766) | Total Loan Participations and Assignments (Cost $3,766) | 3767 |
| CORPORATE BONDS & NOTES 48.8% | CORPORATE BONDS & NOTES 48.8% | CORPORATE BONDS & NOTES 48.8% |
| BANKING & FINANCE 32.4% | BANKING & FINANCE 32.4% | BANKING & FINANCE 32.4% |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.950% due 02/15/2029 | 1600 | 1654 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.184% due 07/26/2035 •  | 1600 | 1633 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 4000 | 3584 |
|  6.150% due 10/01/2034 | 4550 | 4550 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  6.500% due 02/08/2029 | 2000 | 2027 |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  2.875% due 06/15/2028 | 3300 | 3111 |
|  Ares Finance Co. LLC | Ares Finance Co. LLC | Ares Finance Co. LLC |
|  3.250% due 06/15/2030 | 4950 | 4608 |
|  Ares Management Corp. | Ares Management Corp. | Ares Management Corp. |
|  5.600% due 10/11/2054 | 2500 | 2362 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.380% due 01/07/2030 | 3000 | 3069 |
|  5.526% due 07/11/2031 | 5000 | 5112 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 | 1300 | 1267 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 6141 | 5840 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 5000 | 5216 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.538% due 03/14/2030 •  | 10000 | 10314 |
|  6.033% due 01/17/2035 | 2000 | 2108 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.468% due 01/23/2035 •  | 25300 | 26001 |
|  5.511% due 01/24/2036 •  | 15000 | 15429 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.894% due 11/24/2032 •  | 6900 | 6109 |
|  6.692% due 09/13/2034 •  | 4100 | 4478 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.600% due 06/10/2029 | 3750 | 3888 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 8000 | 7552 |
|  4.500% due 02/25/2030 •(d)(e) | 900 | 804 |
|  4.625% due 02/25/2031 •(d)(e) | 1900 | 1695 |
|  5.738% due 02/20/2035 •  | 7500 | 7771 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 | 7100 | 4822 |
|  6.350% due 01/05/2034 | 2500 | 2683 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.037% due 06/15/2035 •  | 3000 | 3141 |
|  6.840% due 09/13/2034 •  | 5000 | 5495 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 8700 | 9239 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.964% due 11/02/2034 •  | 3000 | 3489 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 | 3200 | 2824 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 3000 | 3030 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 3000 | 3134 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 | 2500 | 2531 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.785% due 03/17/2033 •  | 2000 | 1870 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  5.710% due 01/21/2033 •  | 3500 | 3645 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  | 3000 | 3111 |
|  7.500% due 06/23/2026 •(d)(e) | 100 | 139 |
|  Credit Suisse AG AT1 Claim | 10000 | 1200 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.300% due 02/15/2029 | 3000 | 2962 |
|  5.200% due 09/01/2034 | 6000 | 5947 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.410% due 01/30/2037 «(g) | 700 | 699 |
|  5.790% due 01/30/2040 «(g) | 1200 | 1184 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  | 1200 | 1100 |
|  5.403% due 09/11/2035 •  | 5000 | 4974 |
|  5.625% due 05/19/2031 •  | 200 | 240 |
|  6.819% due 11/20/2029 •  | 9000 | 9605 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.500% due 07/01/2030 | 7500 | 7783 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.230% due 06/14/2029 | 300 | 225 |
|  5.750% due 05/20/2035 | 4000 | 4057 |
|  6.500% due 05/20/2055 | 2100 | 2150 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 | 3850 | 3691 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 400 | 390 |
|  4.950% due 05/28/2027 | 5000 | 4969 |
|  6.125% due 03/08/2034 | 4150 | 4042 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 4700 | 4754 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.900% due 01/13/2035 | 4900 | 4973 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  3.125% due 06/15/2031 | 1200 | 1067 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  4.000% due 01/15/2030 | 3278 | 3153 |
|  5.300% due 01/15/2029 | 3150 | 3187 |
|  6.250% due 09/15/2054 | 2500 | 2442 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  5.536% due 01/28/2036 •  | 15000 | 15388 |
|  5.851% due 04/25/2035 •  | 19700 | 20668 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  2.050% due 02/15/2027 | 4000 | 3816 |
|  6.000% due 07/15/2029 | 1000 | 1014 |
|  Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
|  5.875% due 05/01/2030 | 1500 | 1499 |
|  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 | 3138 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 7650 | 7576 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.875% due 09/28/2026 •(d)(e) | 11800 | 16217 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 | 100 | 82 |
|  3.950% due 11/01/2027 | 100 | 96 |
|  4.650% due 04/01/2029 (h) | 400 | 360 |
|  5.950% due 02/15/2028 | 200 | 195 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  5.450% due 08/15/2030 | 5000 | 5181 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.294% due 07/22/2035 •  | 4000 | 4072 |
|  5.350% due 06/01/2034 •  | 20000 | 20583 |
|  5.766% due 04/22/2035 •  | 4900 | 5150 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.324% due 09/21/2034 •  | 3000 | 3216 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | $| 3000 | 2716 |
|  4.750% due 12/15/2028 |  | 400 | 397 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 |  | 9000 | 8671 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.300% due 02/01/2061 |  | 2000 | 1212 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  7.500% due 09/27/2025 •(d)(e) |  | 7100 | 7137 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  6.750% due 11/17/2028 |  | 5700 | 6081 |
|  Maple Grove Funding Trust | Maple Grove Funding Trust | Maple Grove Funding Trust | Maple Grove Funding Trust |
|  4.161% due 08/15/2051 |  | 8000 | 5436 |
|  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 | 4004 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(g) |  | 7000 | 4859 |
|  5.320% due 07/19/2035 •  |  | 2500 | 2532 |
|  5.587% due 01/18/2036 •  |  | 10000 | 10269 |
|  5.831% due 04/19/2035 •  |  | 14300 | 14987 |
|  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 | 2741 |
|  NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. | NMI Holdings, Inc. |
|  6.000% due 08/15/2029 |  | 6000 | 6164 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(d)(e) |  | 5850 | 5268 |
|  6.625% due 03/26/2026 •(d)(e) |  | 5000 | 5041 |
|  Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | CAD | 3000 | 2218 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | $| 3000 | 2756 |
|  6.875% due 04/15/2034 |  | 5800 | 6224 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  5.694% due 04/15/2031 •  |  | 2000 | 2064 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 |  | 3100 | 3109 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.450% due 05/03/2028 |  | 3600 | 3682 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  6.450% due 03/18/2035 |  | 1700 | 1709 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.950% due 12/01/2027 |  | 1100 | 1082 |
|  Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC |
|  5.411% due 07/13/2044 | GBP | 172 | 228 |
|  5.744% due 04/13/2040 |  | 564 | 774 |
|  5.801% due 10/13/2040 |  | 6264 | 8622 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  6.301% due 09/22/2034 •  | $| 10326 | 11094 |
|  6.537% due 08/12/2033 •  |  | 10000 | 10881 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  5.000% due 01/15/2035 |  | 3000 | 2950 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.750% due 04/01/2034 |  | 3000 | 3069 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.350% due 03/02/2033 •  |  | 8000 | 7308 |
|  5.211% due 12/03/2035 •  |  | 20000 | 20085 |
|  5.499% due 01/23/2035 •(h) |  | 15400 | 15799 |
|  |  |  | 553549 |
| INDUSTRIALS 12.3% | INDUSTRIALS 12.3% | INDUSTRIALS 12.3% | INDUSTRIALS 12.3% |
|  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 |  | 1698 | 1653 |
|  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 |  | 2201 | 2204 |
|  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 |  | 1639 | 1573 |
|  3.375% due 11/01/2028 |  | 4284 | 4178 |
|  3.575% due 07/15/2029 |  | 1608 | 1560 |
|  3.650% due 02/15/2029 |  | 2153 | 2084 |
|  3.700% due 04/01/2028 |  | 1912 | 1878 |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  5.500% due 04/20/2026 |  | 1367 | 1364 |
|  5.750% due 04/20/2029 |  | 1700 | 1700 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  4.250% due 11/01/2029 | 1600 | 1568 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  4.375% due 12/15/2028 | 6900 | 6837 |
|  6.875% due 11/21/2053 | 3500 | 3719 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  6.298% due 05/01/2029 | 2000 | 2115 |
|  6.388% due 05/01/2031 | 2300 | 2473 |
|  6.528% due 05/01/2034 | 1900 | 2066 |
|  6.858% due 05/01/2054 | 8200 | 8985 |
|  7.008% due 05/01/2064 | 1700 | 1869 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 2247 | 2092 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  5.125% due 07/01/2049 | 2000 | 1664 |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  5.000% due 10/15/2034 | 5500 | 5441 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  5.200% due 02/15/2035 | 3000 | 3033 |
|  5.700% due 02/15/2055 | 3000 | 2909 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.750% due 05/15/2030 | 450 | 432 |
|  5.600% due 09/01/2034 | 4100 | 4166 |
|  5.700% due 04/01/2035 | 4000 | 4076 |
|  6.200% due 04/01/2055 | 4000 | 3941 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 1600 | 1613 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 2500 | 2356 |
|  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 | 2994 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.103% due 08/23/2042 | 4500 | 4507 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 1400 | 1393 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  5.450% due 09/15/2034 | 2750 | 2775 |
|  5.950% due 09/15/2054 | 650 | 632 |
|  6.200% due 03/01/2055 | 3700 | 3729 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.875% due 07/26/2029 | 4000 | 3877 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.375% due 06/01/2046 | 5000 | 4048 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 4750 | 4689 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.650% due 05/01/2045 | 2500 | 2508 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  4.875% due 06/22/2028 | 5500 | 5565 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.250% due 08/15/2033 | 300 | 263 |
|  3.625% due 09/01/2030 | 200 | 188 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.700% due 03/17/2035 | 3400 | 3493 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.522% due 09/17/2025 | 2000 | 1989 |
|  4.345% due 09/17/2027 | 2900 | 2786 |
|  4.810% due 09/17/2030 | 700 | 643 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.200% due 08/01/2029 | 2500 | 2510 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  5.500% due 08/03/2035 | 7500 | 7670 |
|  6.000% due 08/03/2055 | 7500 | 7494 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 1600 | 1646 |
|  6.750% due 03/01/2033 | 500 | 516 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 1100 | 1549 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.400% due 03/20/2034 | 4000 | 4059 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 245 | 225 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 3800 | 3511 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 3784 | 3391 |
|  2.875% due 04/07/2030 | 1310 | 1238 |
|  3.450% due 01/07/2030 | 1360 | 1301 |
|  4.000% due 10/11/2027 | 797 | 790 |
|  5.875% due 04/15/2029 | 4810 | 4912 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 1000 | 971 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  5.150% due 07/15/2034 | 5000 | 5053 |
|  5.625% due 07/15/2054 | 5000 | 4854 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 | 2000 | 1968 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  4.125% due 08/15/2031 | 4800 | 4446 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 6800 | 6880 |
|  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 | 5554 |
|  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 | 1235 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 | 7700 | 7460 |
|  5.700% due 05/19/2032 | 1400 | 1426 |
|  5.700% due 09/12/2054 | 4600 | 4160 |
|  |  | 210447 |
| UTILITIES 4.1% | UTILITIES 4.1% | UTILITIES 4.1% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.800% due 03/15/2032 | 6250 | 6349 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  6.000% due 01/15/2035 | 3000 | 3114 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  4.550% due 11/15/2030 | 2500 | 2459 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.300% due 04/15/2041 | 2500 | 1847 |
|  E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |
|  6.650% due 04/30/2038 | 1300 | 1437 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 1050 | 1058 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.000% due 04/22/2064 | 5500 | 5216 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  4.250% due 05/01/2046 | 600 | 498 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  1.700% due 02/15/2031 | 8200 | 7025 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.750% due 10/15/2031 | 4600 | 4557 |
|  5.050% due 11/01/2034 | 4700 | 4576 |
|  5.700% due 11/01/2054 | 2000 | 1848 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.300% due 12/01/2027 | 2800 | 2710 |
|  3.750% due 07/01/2028 | 1800 | 1747 |
|  3.950% due 12/01/2047 | 2400 | 1695 |
|  4.300% due 03/15/2045 | 700 | 529 |
|  4.500% due 07/01/2040 | 1800 | 1501 |
|  4.550% due 07/01/2030 | 3400 | 3320 |
|  5.250% due 03/01/2052 | 2000 | 1666 |
|  6.700% due 04/01/2053 | 5000 | 5020 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.150% due 02/15/2050 | 1800 | 1369 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  5.725% due 03/15/2035 | 2500 | 2516 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.000% due 04/01/2047 | 3700 | 2661 |
|  4.650% due 10/01/2043 | 200 | 162 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 | 4584 | 4299 |
|  |  | 69179 |
|  Total Corporate Bonds & Notes (Cost $840,704) | Total Corporate Bonds & Notes (Cost $840,704) | 833175 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% |
| CALIFORNIA 0.3% | CALIFORNIA 0.3% | CALIFORNIA 0.3% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.714% due 06/01/2041 | 1200 | 918 |
|  3.850% due 06/01/2050 | 2860 | 2604 |
|  Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021 |
|  2.587% due 06/01/2029 | 2515 | 2333 |
|  |  | 5855 |
| 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 | 860 | 921 |
| WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  4.875% due 06/01/2049 | 6025 | 5530 |
|  Total Municipal Bonds & Notes (Cost $12,806) | Total Municipal Bonds & Notes (Cost $12,806) | 12306 |
| U.S. GOVERNMENT AGENCIES 61.7% | U.S. GOVERNMENT AGENCIES 61.7% | U.S. GOVERNMENT AGENCIES 61.7% |
|  Freddie Mac | Freddie Mac | Freddie Mac |
|  6.500% due 01/01/2038 | 12 | 12 |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  2.500% due 08/01/2055 | 77400 | 65771 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  4.000% due 09/01/2048 - 09/01/2052 | 22778 | 21239 |
|  4.500% due 08/01/2039 - 10/01/2053 | 27959 | 26809 |
|  5.000% due 07/01/2053 - 01/01/2054 | 93079 | 91590 |
|  5.500% due 10/01/2053 - 01/01/2054 | 4338 | 4343 |
|  6.500% due 02/01/2054 | 10383 | 10763 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 - 08/01/2055 | 278000 | 240573 |
|  4.000% due 08/01/2055 | 64800 | 60249 |
|  4.500% due 08/01/2055 | 106384 | 101723 |
|  5.000% due 07/01/2055 - 08/01/2055 | 80000 | 78408 |
|  5.500% due 08/01/2055 | 201300 | 201120 |
|  6.000% due 08/01/2055 | 99000 | 100515 |
|  6.500% due 08/01/2055 | 47000 | 48462 |
|  Total U.S. Government Agencies (Cost $1,041,094) | Total U.S. Government Agencies (Cost $1,041,094) | 1051577 |
| U.S. TREASURY OBLIGATIONS 19.2% | U.S. TREASURY OBLIGATIONS 19.2% | U.S. TREASURY OBLIGATIONS 19.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 02/15/2055 (h)(l) | 30000 | 29213 |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  0.125% due 10/15/2025 (j) | 10013 | 9979 |
|  0.500% due 01/15/2028 (j)(l) | 65020 | 63820 |
|  1.750% due 01/15/2034 (h)(l) | 126368 | 125331 |
|  2.125% due 01/15/2035 (h) | 97879 | 99536 |
|  Total U.S. Treasury Obligations (Cost $323,988) | Total U.S. Treasury Obligations (Cost $323,988) | 327879 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.9% |
|  AG Trust | AG Trust | AG Trust |
|  6.327% due 07/15/2041 •  | 4181 | 4195 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.581% due 09/25/2066 ~ | 1863 | 1578 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.539% due 12/15/2036 •  | 1587 | 1552 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.078% due 01/20/2047 ~ | 15 | 13 |
|  BANK5 | BANK5 | BANK5 |
|  5.769% due 06/15/2057 | 2835 | 2949 |
|  5.788% due 06/15/2057 | 5700 | 5924 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.000% due 05/25/2034 ~ | 6 | 5 |
|  6.159% due 10/25/2033 ~ | 4 | 4 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.545% due 02/25/2036 ~ | 214 | 154 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  6.363% due 07/15/2056 ~ | 6500 | 6817 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.462% due 02/15/2057 | 3500 | 3592 |
|  5.857% due 02/15/2057 | 2250 | 2348 |
|  BSST Mortgage Trust | BSST Mortgage Trust | BSST Mortgage Trust |
|  5.612% due 02/15/2037 •  | 300 | 271 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  5.302% due 01/17/2039 •  | 5000 | 4999 |
|  5.347% due 12/15/2038 •  | 3255 | 3254 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.080% due 09/25/2035 •  | 19 | 19 |
|  6.180% due 09/25/2035 •  | 9 | 9 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  5.726% due 12/15/2038 •  | 7974 | 7876 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.834% due 05/25/2036 •  | 25 | 21 |
|  6.000% due 08/25/2034 | 1940 | 2003 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  5.074% due 03/25/2035 •  | 39 | 36 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.784% due 02/25/2061 ~ | 2058 | 2039 |
|  4.197% due 07/27/2061 ~ | 3964 | 3931 |
|  4.991% due 08/25/2067 ~ | 1246 | 1241 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 | 1100 | 1149 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.952% due 08/19/2045 •  | 273 | 243 |
|  5.274% due 07/19/2044 ~ | 144 | 137 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% due 06/13/2045 •  | 391 | 536 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  7.182% due 10/25/2033 ~ | 1 | 1 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.894% due 06/25/2045 •  | 586 | 464 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  5.559% due 07/15/2035 •  | 1298 | 870 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  5.293% due 09/25/2035 ~ | 34 | 33 |
|  5.880% due 03/25/2033 •  | 2 | 2 |
|  6.562% due 09/25/2035 ~ | 10 | 11 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.812% due 01/19/2038 •  | 60 | 53 |
|  5.112% due 06/20/2035 •  | 97 | 92 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.954% due 01/25/2036 •  | 117 | 114 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.158% due 04/15/2037 •  | 976 | 966 |
|  5.776% due 12/15/2036 •  | 100 | 63 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.875% due 02/25/2035 ~ | 3 | 3 |
|  5.952% due 11/25/2033 ~ | 3 | 3 |
|  6.373% due 07/25/2035 ~ | 49 | 50 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 | 2169 | 2171 |
|  Lux Trust | Lux Trust | Lux Trust |
|  7.002% due 08/15/2040 •  | 4500 | 4538 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 556 | 540 |
|  1.947% due 04/25/2065 ~ | 565 | 549 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  2.509% due 04/05/2042 ~ | 5000 | 4369 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.335% due 08/25/2034 ~ | $| 111 | 107 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  5.526% due 08/15/2038 •  |  | 1200 | 1160 |
|  New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust |
|  4.670% due 08/25/2061 þ |  | 4037 | 4011 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  6.567% due 06/25/2063 þ |  | 1599 | 1612 |
|  OPEN Trust | OPEN Trust | OPEN Trust | OPEN Trust |
|  7.401% due 11/15/2040 •  |  | 2882 | 2890 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ |  | 2212 | 2223 |
|  6.808% due 09/25/2043 ~ |  | 609 | 616 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.854% due 04/25/2046 •  |  | 700 | 178 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  5.312% due 01/15/2039 •  |  | 2900 | 2890 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  6.525% due 02/25/2034 ~ |  | 7 | 7 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  5.054% due 09/25/2045 •  |  | 159 | 148 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  5.434% due 10/25/2059 •  |  | 2204 | 2222 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.665% due 09/25/2068 þ |  | 6446 | 6525 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  5.054% due 01/25/2045 •  |  | 15 | 15 |
|  5.174% due 11/25/2034 •  |  | 258 | 249 |
|  5.399% due 02/25/2046 •  |  | 211 | 193 |
|  Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC | Warwick Finance Residential Mortgages PLC |
|  5.189% due 12/21/2049 •  | GBP | 341 | 470 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.862% due 12/15/2039 | $| 2600 | 2486 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.998% due 10/25/2037 ~ |  | 1159 | 1142 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $101,080) | Total Non-Agency Mortgage-Backed Securities (Cost $101,080) | Total Non-Agency Mortgage-Backed Securities (Cost $101,080) | 100931 |
| ASSET-BACKED SECURITIES 11.1% | ASSET-BACKED SECURITIES 11.1% | ASSET-BACKED SECURITIES 11.1% | ASSET-BACKED SECURITIES 11.1% |
| AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.980% due 04/16/2029 |  | 2300 | 2340 |
|  6.400% due 03/17/2031 |  | 2300 | 2383 |
|  |  |  | 4723 |
| AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% | AUTOMOBILE SEQUENTIAL 0.7% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  6.020% due 02/20/2030 |  | 7500 | 7852 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  6.440% due 03/20/2029 |  | 1964 | 1979 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.930% due 07/17/2028 |  | 2083 | 2094 |
|  |  |  | 11925 |
| CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% | CMBS OTHER 0.6% |
|  ACREC Ltd. | ACREC Ltd. | ACREC Ltd. | ACREC Ltd. |
|  5.579% due 10/16/2036 •  |  | 802 | 800 |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.776% due 11/15/2036 •  |  | 4727 | 4738 |
|  Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust | Starwood Commercial Mortgage Trust |
|  5.629% due 04/18/2038 •  |  | 3589 | 3579 |
|  |  |  | 9117 |
| HOME EQUITY OTHER 1.2% | HOME EQUITY OTHER 1.2% | HOME EQUITY OTHER 1.2% | HOME EQUITY OTHER 1.2% |
|  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 |
|  5.214% due 04/25/2034 •  |  | 189 | 180 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.349% due 01/25/2035 •  |  | 975 | 990 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.454% due 01/25/2035 •  | $— | 1269 | 1238 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  5.394% due 10/25/2035 •  |  | 2647 | 2649 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  5.214% due 07/25/2045 •  |  | 433 | 434 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.674% due 02/25/2037 •  |  | 132 | 37 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.684% due 07/25/2037 •  |  | 7000 | 6226 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.154% due 01/25/2036 •  |  | 1152 | 1140 |
|  5.394% due 08/25/2035 •  |  | 2141 | 2126 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.214% due 02/25/2034 •  |  | 4710 | 4862 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  5.139% due 03/25/2034 •  |  | 990 | 1027 |
|  |  |  | 20909 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.154% due 04/25/2037 •  |  | 84 | 22 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  6.530% due 02/01/2031 ~ |  | 572 | 520 |
| OTHER ABS 8.3% | OTHER ABS 8.3% | OTHER ABS 8.3% | OTHER ABS 8.3% |
|  Aaset Trust | Aaset Trust | Aaset Trust | Aaset Trust |
|  2.798% due 01/15/2047 |  | 4396 | 4098 |
|  Apidos CLO | Apidos CLO | Apidos CLO | Apidos CLO |
|  5.622% due 07/16/2031 •  |  | 2018 | 2021 |
|  APL Finance DAC | APL Finance DAC | APL Finance DAC | APL Finance DAC |
|  7.000% due 07/21/2031 |  | 3084 | 3113 |
|  Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust |
|  5.522% due 02/16/2050 « |  | 5000 | 5043 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.717% due 10/24/2031 •  |  | 2048 | 2051 |
|  Aurium CLO DAC | Aurium CLO DAC | Aurium CLO DAC | Aurium CLO DAC |
|  2.922% due 04/16/2030 •  |  | 6261 | 7378 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.870% due 07/17/2037 •  | $— | 6200 | 6225 |
|  BlueMountain EUR CLO DAC | BlueMountain EUR CLO DAC | BlueMountain EUR CLO DAC | BlueMountain EUR CLO DAC |
|  3.109% due 04/15/2034 •  |  | 6000 | 7040 |
|  3.189% due 01/15/2033 •  |  | 7544 | 8879 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.879% due 04/15/2031 •  |  | 1797 | 2112 |
|  Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC | Cairn CLO DAC |
|  2.856% due 01/31/2030 •  |  | 3969 | 4663 |
|  Capital Automotive Reit | Capital Automotive Reit | Capital Automotive Reit | Capital Automotive Reit |
|  5.750% due 09/15/2053 | $— | 6571 | 6620 |
|  CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC | CVC Cordatus Loan Fund DAC |
|  2.605% due 09/15/2031 •  |  | 3023 | 3560 |
|  ECAF Ltd. | ECAF Ltd. | ECAF Ltd. | ECAF Ltd. |
|  3.473% due 06/15/2040 | $— | 56 | 49 |
|  4.947% due 06/15/2040 |  | 164 | 147 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.170% due 02/27/2068 •  |  | 3808 | 3777 |
|  Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. | Elmwood CLO Ltd. |
|  5.612% due 04/22/2035 •  |  | 11929 | 11929 |
|  Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. | Gallatin CLO Ltd. |
|  5.608% due 07/15/2031 •  |  | 6688 | 6705 |
|  Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC | Harvest CLO DAC |
|  2.919% due 10/15/2031 •  |  | 4278 | 5039 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  2.200% due 01/17/2041 | $— | 2256 | 2083 |
|  MACH Cayman Ltd. | MACH Cayman Ltd. | MACH Cayman Ltd. | MACH Cayman Ltd. |
|  3.474% due 10/15/2039 |  | 727 | 707 |
|  Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC | Man GLG Euro CLO DAC |
|  2.665% due 12/15/2031 •  |  | 3174 | 3729 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  METAL LLC | METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | $| 1493 | 993 |
|  Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. | Mountain View CLO Ltd. |
|  5.415% due 10/15/2034 •  |  | 3300 | 3297 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  2.600% due 08/15/2068 |  | 1640 | 1580 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.116% due 09/22/2034 •  | EUR | 5333 | 6281 |
|  OZLM Ltd. | OZLM Ltd. | OZLM Ltd. | OZLM Ltd. |
|  5.410% due 04/17/2031 •  | $| 9374 | 9380 |
|  5.469% due 10/20/2031 •  |  | 1731 | 1734 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 |  | 700 | 701 |
|  6.660% due 07/15/2031 |  | 369 | 371 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.999% due 10/15/2031 •  | EUR | 1969 | 2314 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  5.318% due 10/15/2029 •  | $| 533 | 533 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  2.393% due 12/17/2040 |  | 1777 | 1673 |
|  SLAM Ltd. | SLAM Ltd. | SLAM Ltd. | SLAM Ltd. |
|  5.807% due 05/15/2050 |  | 7200 | 7339 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  6.104% due 10/16/2056 •  |  | 1525 | 1557 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 |  | 564 | 541 |
|  Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC | Toro European CLO DAC |
|  3.185% due 01/12/2032 •  | EUR | 2379 | 2800 |
|  Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC |
|  3.706% due 02/15/2057 | $| 2000 | 1781 |
|  WAVE LLC | WAVE LLC | WAVE LLC | WAVE LLC |
|  3.597% due 09/15/2044 |  | 1283 | 1232 |
|  |  |  | 141075 |
|  Total Asset-Backed Securities (Cost $188,274) | Total Asset-Backed Securities (Cost $188,274) | Total Asset-Backed Securities (Cost $188,274) | 188291 |
| SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  6.875% due 05/13/2037 |  | 4000 | 4182 |
|  7.375% due 05/13/2055 |  | 1700 | 1759 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  6.850% due 08/12/2035 | PEN | 98600 | 28743 |
|  Province of Ontario | Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | CAD | 100 | 74 |
|  3.800% due 12/02/2034 |  | 15200 | 11157 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 |  | 600 | 440 |
|  4.450% due 09/01/2034 |  | 7000 | 5411 |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  8.875% due 02/28/2035 | ZAR | 606300 | 31979 |
|  Total Sovereign Issues (Cost $81,261) | Total Sovereign Issues (Cost $81,261) | Total Sovereign Issues (Cost $81,261) | 83745 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 1.5% | PREFERRED SECURITIES 1.5% | PREFERRED SECURITIES 1.5% | PREFERRED SECURITIES 1.5% |
| BANKING & FINANCE 1.5% | BANKING & FINANCE 1.5% | BANKING & FINANCE 1.5% | BANKING & FINANCE 1.5% |
|  Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
|  5.000% due 03/15/2026 •(d) |  | 4700000 | 4723 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(d) |  | 5000000 | 4639 |
|  5.000% due 12/01/2027 •(d) |  | 5000000 | 4902 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(d) |  | 2000000 | 1932 |
|  6.450% due 10/01/2027 •(d) |  | 5500000 | 5552 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.750% due 06/15/2029 •(d) |  | 2700000 | 2811 |
|  MetLife Capital Trust | MetLife Capital Trust | MetLife Capital Trust | MetLife Capital Trust |
|  8.252% due 12/15/2067 |  | 600000 | 659 |
|  Total Preferred Securities (Cost $25,422) | Total Preferred Securities (Cost $25,422) | Total Preferred Securities (Cost $25,422) | 25218 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |  |
|  4.380% (f) |  | 505280 | 505 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.300% due 07/03/2025 - 10/21/2025 (a)(b)(l) | 1599 | $— | 1595 |
| Total Short-Term Instruments<br> (Cost $2,099) | Total Short-Term Instruments<br> (Cost $2,099) |  | 2100 |
| Total Investments in Securities (Cost $2,620,494) | Total Investments in Securities (Cost $2,620,494) |  | 2628989 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 17392 |  | 169 |
| Total Short-Term Instruments<br> (Cost $169) | Total Short-Term Instruments<br> (Cost $169) |  | 169 |
| Total Investments in Affiliates<br> (Cost $169) | Total Investments in Affiliates<br> (Cost $169) |  | 169 |
| Total Investments 154.1% (Cost $2,620,663) | Total Investments 154.1% (Cost $2,620,663) | $— | 2629158 |
|  Financial Derivative<br>Instruments (i)(k) (0.5)%<br> (Cost or Premiums, net $(604)) | Financial Derivative<br>Instruments (i)(k) (0.5)%<br> (Cost or Premiums, net $(604)) |  | (8055) |
| Other Assets and Liabilities, net (53.6)% | Other Assets and Liabilities, net (53.6)% |  | (915037) |
| Net Assets 100.0% |  | $— | 1706066 |

---

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

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

---

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

---

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

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

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

(b) Zero coupon security.

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

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

(e) Contingent convertible security.

(f) Coupon represents a 7-Day Yield.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Deloitte LLP | 5.410% | 01/30/2037 | 10/30/2024 | $700 | $699 | 0.04% |
|  Deloitte LLP | 5.790 | 01/30/2040 | 10/30/2024 | 1200 | 1184 | 0.07 |
|  Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 6267 | 4859 | 0.29 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6742 | 0.40% |

---

18 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 4.300% | 12/20/2024 | TBD<sup>(2)</sup> | $(8785) | $(8988) |
|  DEU | 4.400 | 07/01/2025 | 07/08/2025 | (3073) | (3073) |
|  | 4.420 | 06/24/2025 | 07/01/2025 | (3028) | (3031) |
|  | 4.420 | 06/24/2025 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23060) | (23079) |
|  | 4.430 | 06/25/2025 | 07/02/2025 | (552) | (552) |
|  JPS | 4.420 | 06/04/2025 | 07/02/2025 | (2295) | (2303) |
|  | 4.550 | 06/30/2025 | 07/01/2025 | (1041) | (1041) |
|  MEI | 3.000 | 06/23/2025 | 08/01/2025 | (326) | (326) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42393) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% | U.S. Government Agencies (4.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 07/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89500 | $(76236) | $(77458) |
|  Total Short Sales (4.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76236) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77458) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BRC | $0 | $(8988) | $0 | $(8988) | $9335 | $347 |
|  DEU | 0 | (29735) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3276) |
|  JPS | 0 | (3344) | 0 | (3344) | 3372 | 28 |
|  MEI | 0 | (326) | 0 | (326) | 359 | 33 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42393) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $(326) | $(8988) | $(9314) |
|  U.S. Treasury Obligations | (4072) | (25934) | 0 | 0 | (30006) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4072) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25934) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39320) |
|  Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | Payable for reverse repurchase agreements<sup>(4)</sup> | $(39320) |

---

(h) Securities with an aggregate market value of $39,525 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(34492) at a weighted average interest rate of 4.377%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

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

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

<sup>(4)</sup> Unsettled reverse repurchase agreements liability of $(3073) is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

---

------

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

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Expiration**<br> **Month** | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | **Expiration**<br> **Month** | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 672 | $60205 | $521 | $133 | $0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 856 | 178068 | 646 | 47 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412956 | 7591 | 1151 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 406 | 51845 | 1197 | 56 | (179) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 3830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437637) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8513) | $0 | $(1855) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $1442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2034) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 12/20/2026 | 0.350% | $— | 700 | $5 | $2 | $7 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.367 |  | 1500 | 17 | (3) | 14 | 0 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.256 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 25 | 18 | 43 | 0 | (1) |
|  Energy Transfer Operating LP | 1.000 | Quarterly | 12/20/2025 | 0.192 | $— | 3500 | 35 | (21) | 14 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.312 |  | 1400 | 12 | 2 | 14 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.416 |  | 3900 | 24 | 42 | 66 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.462 |  | 1000 | 5 | 13 | 18 | 0 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 4.701 | EUR | 100 | 7 | (5) | 2 | 0 | 0 |
|  Électricité de France SA | 1.000 | Quarterly | 06/20/2030 | 0.763 |  | 1500 | 21 | (1) | 20 | 1 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $198 | $2 | $(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 12/18/2025 | $175700 | $130 | $1327 | $1457 | $12 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.264 | Annual | 06/30/2031 | 58500 | 0 | 1049 | 1049 | 0 | (123) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.266 | Annual | 06/30/2031 | 194300 | 0 | 3457 | 3457 | 0 | (408) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 10000 | (55) | 83 | 28 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 5700 | (20) | 84 | 64 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 5700 | (21) | 112 | 91 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 5700 | (21) | 107 | 86 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 5700 | (21) | 90 | 69 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 4000 | (16) | 63 | 47 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 5700 | (21) | 69 | 48 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 5700 | (22) | 130 | 108 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 5700 | (21) | 124 | 103 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 2850 | (14) | 137 | 123 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 5100 | (23) | 239 | 216 | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 10100 | (44) | 439 | 395 | 0 | (36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 11500 | 38 | (81) | (43) | 0 | (43) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 90700 | 40 | (2444) | (2404) | 0 | (351) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128000 | (49) | (2515) | (2564) | 0 | (497) |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | 76900 | (577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2688) | 0 | (115) |
|  Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 | 400 | 0 | 0 | 0 | 0 | (1) |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 | 300 | 0 | (1) | (1) | 0 | (1) |
|  Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 7100 | 0 | 66 | 66 | 0 | (15) |
|  |  |  |  |  |  | $(717) | $424 | $(293) | $12 | $(1810) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566) | $471 | $(95) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1811) |

---

20 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2034) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1811) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3845) |

---

(j) Securities with an aggregate market value of $43,797 and cash of $5,910 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 07/2025 | 10 | $7 | $0 | $0 |
|  | 07/2025 | 17352 | 2409 | 0 | (18) |
|  | 07/2025 | $9165 | 14109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | 0 |
|  | 07/2025 | 5978 | 4774 | 40 | 0 |
|  | 07/2025 | 1094 | 1818 | 14 | 0 |
|  | 08/2025 | 14109 | $9171 | 0 | (121) |
|  | 08/2025 | 4755 | 5978 | 0 | (40) |
|  | 08/2025 | 34484 | 4804 | 0 | (32) |
|  | 08/2025 | 1818 | 1095 | 0 | (14) |
|  | 08/2025 | $7 | 10 | 0 | 0 |
|  BOA | 07/2025 | 919 | $599 | 0 | (6) |
|  | 07/2025 | 44822 | 50965 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1833) |
|  | 07/2025 | 34242398 | 2099 | 0 | (9) |
|  | 07/2025 | 15221198 | 11166 | 0 | (122) |
|  | 07/2025 | 98 | 76 | 0 | (1) |
|  | 07/2025 | $415 | 532 | 3 | 0 |
|  | 08/2025 | 944 | $740 | 0 | (4) |
|  | 08/2025 | 539 | 17 | 0 | (2) |
|  | 08/2025 | $3322 | 23755 | 9 | 0 |
|  BPS | 07/2025 | 6241 | $1144 | 0 | (5) |
|  | 07/2025 | 2625 | 259 | 0 | (1) |
|  | 07/2025 | 4220 | 440 | 0 | (7) |
|  | 07/2025 | 1515 | 46 | 0 | (1) |
|  | 07/2025 | 32199 | 801 | 0 | (4) |
|  | 07/2025 | 88061 | 2709 | 0 | (309) |
|  | 07/2025 | $1120 | 6241 | 29 | 0 |
|  | 07/2025 | 2761 | 45050186 | 12 | 0 |
|  | 07/2025 | 720 | 23771 | 12 | 0 |
|  | 07/2025 | 604 | 17977 | 12 | 0 |
|  | 08/2025 | 14158 | $1982 | 0 | (3) |
|  | 08/2025 | 93378 | 2865 | 0 | (344) |
|  | 08/2025 | $3354 | 23924 | 1 | 0 |
|  | 08/2025 | 1585 | 137804 | 18 | 0 |
|  | 08/2025 | 223 | 7300 | 28 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 07/2025 | 12740 | $8211 | $0 | $(174) |
|  | 07/2025 | 7998 | 2297 | 0 | (77) |
|  | 07/2025 | 188524 | 138 | 0 | (2) |
|  | 07/2025 | 414 | 41 | 0 | 0 |
|  | 07/2025 | 127837 | 3174 | 0 | (22) |
|  | 07/2025 | $23733 | 17443 | 210 | 0 |
|  | 07/2025 | 1139 | 3846 | 3 | 0 |
|  | 07/2025 | 122 | 17579 | 0 | 0 |
|  | 07/2025 | 31 | 43269 | 1 | 0 |
|  | 07/2025 | 473 | 1770 | 19 | 0 |
|  | 07/2025 | 5929 | 241233 | 86 | 0 |
|  | 07/2025 | 1202 | 21732 | 23 | 0 |
|  | 07/2025 | 577446 | $31948 | 0 | (618) |
|  | 08/2025 | 17443 | 23736 | 0 | (210) |
|  BSH | 07/2025 | 100455 | 27771 | 0 | (572) |
|  CBK | 07/2025 | 171855 | 30746 | 0 | (885) |
|  | 07/2025 | 14 | 10 | 0 | 0 |
|  | 07/2025 | 19291 | 14 | 0 | 0 |
|  | 07/2025 | 1155 | 122 | 0 | 0 |
|  | 07/2025 | 79257 | 2383 | 0 | (57) |
|  | 07/2025 | 144182 | 4431 | 0 | (510) |
|  | 07/2025 | $29608 | 171855 | 2023 | 0 |
|  | 07/2025 | 1972 | 32112969 | 5 | 0 |
|  | 07/2025 | 2330 | 3199781 | 43 | 0 |
|  | 07/2025 | 224 | 7479 | 6 | 0 |
|  | 07/2025 | 3846 | 114133 | 65 | 0 |
|  | 08/2025 | 5887 | $819 | 0 | (7) |
|  | 08/2025 | 210343 | 6454 | 0 | (775) |
|  | 08/2025 | $9945 | 857481 | 38 | (5) |
|  | 09/2025 | 4573 | $238 | 0 | (3) |
|  DUB | 07/2025 | 450 | 290 | 0 | (6) |
|  | 07/2025 | 3884 | 1121 | 0 | (33) |
|  | 07/2025 | 190907 | 140 | 0 | (2) |
|  | 07/2025 | 95 | 74 | 0 | (1) |
|  | 07/2025 | $49744 | 42879 | 765 | 0 |
|  | 07/2025 | 133 | 2172892 | 0 | 0 |
|  | 07/2025 | 755 | 22442 | 14 | 0 |
|  | 08/2025 | 42785 | $49744 | 0 | (765) |
|  | 08/2025 | $4560 | 393851 | 23 | 0 |
|  | 09/2025 | 1 | $0 | 0 | 0 |
|  GLM | 07/2025 | 89698 | 16272 | 0 | (238) |
|  | 07/2025 | 24948 | 767 | 0 | (88) |
|  | 07/2025 | $16437 | 89698 | 73 | 0 |
|  | 07/2025 | 467 | 7617342 | 1 | 0 |
|  | 07/2025 | 190 | 242 | 0 | 0 |
|  | 08/2025 | 241 | $190 | 0 | (1) |
|  | 10/2025 | $16272 | 91752 | 231 | 0 |
|  IND | 07/2025 | 569 | 5382 | 0 | 0 |
|  | 08/2025 | 5370 | $569 | 0 | 0 |
|  JPM | 07/2025 | 15644 | 2168 | 0 | (20) |
|  | 07/2025 | 202672 | 149 | 0 | (1) |
|  | 07/2025 | 1818 | 1084 | 0 | (24) |
|  | 07/2025 | 3664 | 2853 | 0 | (29) |
|  | 07/2025 | 76441 | 1881 | 0 | (15) |
|  | 07/2025 | 89024 | 2737 | 0 | (314) |
|  | 07/2025 | $57 | 77877 | 1 | 0 |
|  | 07/2025 | 5174 | 19425 | 215 | 0 |
|  | 07/2025 | 272 | 348 | 2 | 0 |
|  | 07/2025 | 627 | 18608 | 11 | 0 |
|  | 07/2025 | 345 | 6162 | 3 | 0 |
|  | 08/2025 | 32051 | $4462 | 0 | (33) |
|  | 08/2025 | 347 | 272 | 0 | (2) |
|  | 08/2025 | 107247 | 3290 | 0 | (395) |
|  | 08/2025 | $3343 | 23891 | 7 | 0 |
|  | 08/2025 | 1773 | 153694 | 16 | 0 |
|  | 08/2025 | 55 | 1806 | 7 | 0 |
|  MBC | 07/2025 | 32626 | $23756 | 1 | (203) |
|  | 07/2025 | 4742 | 5771 | 0 | (206) |
|  | 07/2025 | 8544 | 1186 | 0 | (9) |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | 8802 | $6861 | $0 | $(61) |
|  | 07/2025 | 39786 | 1202 | 0 | (23) |
|  | 07/2025 | 54640 | 1676 | 0 | (196) |
|  | 07/2025 | $34397 | 47282 | 325 | 0 |
|  | 07/2025 | 2248 | 1943 | 41 | 0 |
|  | 07/2025 | 1123 | 832 | 19 | 0 |
|  | 07/2025 | 469 | 7621276 | 0 | 0 |
|  | 07/2025 | 2961 | 425429 | 0 | (7) |
|  | 07/2025 | 3632 | 13599 | 140 | 0 |
|  | 07/2025 | 7173 | 9276 | 122 | 0 |
|  | 07/2025 | 336 | 11205 | 9 | 0 |
|  | 07/2025 | 44 | 1307 | 1 | 0 |
|  | 08/2025 | 47203 | $34397 | 0 | (326) |
|  | 08/2025 | 18701 | 2599 | 0 | (24) |
|  | 08/2025 | 9255 | 7173 | 0 | (124) |
|  | 08/2025 | 83596 | 2580 | 0 | (293) |
|  MYI | 07/2025 | 14625 | 10741 | 1 | 0 |
|  | 07/2025 | 302099 | 2073 | 0 | (25) |
|  | 07/2025 | $1517 | 219089 | 5 | 0 |
|  | 07/2025 | 624 | 6291 | 0 | 0 |
|  | 07/2025 | 0 | 1 | 0 | 0 |
|  | 08/2025 | 20713 | $2893 | 0 | (11) |
|  | 08/2025 | 6290 | 624 | 0 | (1) |
|  | 08/2025 | $2073 | 300988 | 25 | 0 |
|  SCX | 07/2025 | 33 | $40 | 0 | (1) |
|  | 07/2025 | 59 | 17 | 0 | (1) |
|  | 07/2025 | 3364 | 23 | 0 | 0 |
|  | 07/2025 | 4144 | 142 | 0 | 0 |
|  | 07/2025 | $2174 | 35425807 | 7 | 0 |
|  | 07/2025 | 1432 | 1848 | 21 | 0 |
|  | 07/2025 | 8662 | 257516 | 164 | 0 |
|  | 08/2025 | 42956 | $6011 | 0 | (13) |
|  | 08/2025 | 1843 | 1432 | 0 | (21) |
|  | 08/2025 | 30649 | 939 | 0 | (114) |
|  | 08/2025 | $1385 | 118928 | 0 | (1) |
|  | 08/2025 | 23 | 3352 | 0 | 0 |
|  SOG | 07/2025 | 498384 | $3453 | 0 | (8) |
|  | 07/2025 | $65 | 655 | 0 | 0 |
|  | 08/2025 | 655 | $65 | 0 | 0 |
|  | 08/2025 | $11 | 918 | 0 | 0 |
|  | 08/2025 | 3453 | 496555 | 8 | 0 |
|  SSB | 07/2025 | 18275 | $24745 | 0 | (341) |
|  UAG | 07/2025 | 588 | 164 | 0 | (11) |
|  | 07/2025 | 163043 | 120 | 0 | (1) |
|  | 07/2025 | 3908 | 385 | 0 | (3) |
|  | 07/2025 | 6342 | 191 | 0 | (4) |
|  | 07/2025 | $988 | 142952 | 5 | 0 |
|  | 07/2025 | 120 | 163122 | 1 | 0 |
|  | 09/2025 | 1822 | 35313 | 45 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10788) |

---

#### 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<br>Credit Spread at<br>June 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Mexico Government International Bond | 1.000% | Quarterly | 12/20/2028 | 0.784% | $400 | $(4) | $7 | $3 | $0 |
| JPM | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.401 | 600 | (5) | 8 | 3 | 0 |
| MYC | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.291 | 200 | (3) | 4 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 6 | 9 | 15 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.538 | 700 | (2) | 8 | 6 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.674 | 500 | (10) | 15 | 5 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 0.784 | 1900 | (20) | 34 | 14 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 23

------

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

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(5)</sup> |
|  AZD | $175 | $0 | $0 | $175 | $(225) | $0 | $0 | $(225) | $(50) | $0 | $(50) |
|  BOA | 12 | 0 | 0 | 12 | (1977) | 0 | 0 | (1977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) |
|  BPS | 112 | 0 | 0 | 112 | (674) | 0 | 0 | (674) | (562) | 640 | 78 |
|  BRC | 342 | 0 | 0 | 342 | (1103) | 0 | 0 | (1103) | (761) | 411 | (350) |
|  BSH | 0 | 0 | 0 | 0 | (572) | 0 | 0 | (572) | (572) | 328 | (244) |
|  CBK | 2180 | 0 | 0 | 2180 | (2242) | 0 | 0 | (2242) | (62) | 415 | 353 |
|  DUB | 802 | 0 | 0 | 802 | (807) | 0 | 0 | (807) | (5) | 0 | (5) |
|  GLM | 305 | 0 | 0 | 305 | (327) | 0 | 0 | (327) | (22) | 0 | (22) |
|  GST | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  JPM | 262 | 0 | 3 | 265 | (833) | 0 | 0 | (833) | (568) | 687 | 119 |
|  MBC | 658 | 0 | 0 | 658 | (1472) | 0 | 0 | (1472) | (814) | 592 | (222) |
|  MYC | 0 | 0 | 41 | 41 | 0 | 0 | 0 | 0 | 41 | 0 | 41 |
|  MYI | 31 | 0 | 0 | 31 | (37) | 0 | 0 | (37) | (6) | 0 | (6) |
|  SCX | 192 | 0 | 0 | 192 | (151) | 0 | 0 | (151) | 41 | 0 | 41 |
|  SOG | 8 | 0 | 0 | 8 | (8) | 0 | 0 | (8) | 0 | 0 | 0 |
|  SSB | 0 | 0 | 0 | 0 | (341) | 0 | 0 | (341) | (341) | 0 | (341) |
|  UAG | 51 | 0 | 0 | 51 | (19) | 0 | 0 | (19) | 32 | 357 | 389 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10788) | $&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;(10788) |  |  |  |

---

(l) Securities with an aggregate market value of $5,143 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

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

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

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1387 | $1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 12 | 14 |
|  | $0 | $2 | $0 | $0 | $1399 | $1401 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5130 | $0 | $5130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 47 | 0 | 0 | 0 | 47 |
|  | $0 | $47 | $0 | $5130 | $0 | $5177 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $5130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399 | $6578 |

---

24 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2034 | $2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 1810 | 1811 |
|  | $0 | $1 | $0 | $0 | $3844 | $3845 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $10788 | $0 | $10788 |
|  | $0 | $1 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10788 | $3844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14633 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2417 | $2417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1435 | 0 | 0 | 8968 | 10403 |
|  | $0 | $1435 | $0 | $0 | $11385 | $12820 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(7718) | $0 | $(7718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 32 | 0 | 0 | 0 | 32 |
|  | $0 | $32 | $0 | $(7718) | $0 | $(7686) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7718) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11385 | $5134 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $3148 | $3148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (19) | 0 | 0 | (22567) | (22586) |
|  | $0 | $(19) | $0 | $0 | $(19419) | $(19438) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(7944) | $0 | $(7944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 41 | 0 | 0 | 0 | 41 |
|  | $0 | $41 | $0 | $(7944) | $0 | $(7903) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $22 | $0 | $(7944) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19419) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27341) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3767 | $0 | $3767 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553549 |
| &nbsp;&nbsp; Industrials | 0 | 210447 | 0 | 210447 |
| &nbsp;&nbsp; Utilities | 0 | 69179 | 0 | 69179 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 5855 | 0 | 5855 |
| &nbsp;&nbsp; Illinois | 0 | 921 | 0 | 921 |
| &nbsp;&nbsp; West Virginia | 0 | 5530 | 0 | 5530 |
|  U.S. Government Agencies | 0 | 1051577 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051577 |
|  U.S. Treasury Obligations | 0 | 327879 | 0 | 327879 |
|  Non-Agency Mortgage-Backed Securities | 0 | 100931 | 0 | 100931 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 4723 | 0 | 4723 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 11925 | 0 | 11925 |
| &nbsp;&nbsp; CMBS Other | 0 | 9117 | 0 | 9117 |
| &nbsp;&nbsp; Home Equity Other | 0 | 20909 | 0 | 20909 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
| &nbsp;&nbsp; Home Equity Sequential | $0 | $22 | $0 | $22 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 520 | 0 | 520 |
| &nbsp;&nbsp; Other ABS | 0 | 136032 | 5043 | 141075 |
|  Sovereign Issues | 0 | 83745 | 0 | 83745 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 25218 | 0 | 25218 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 505 | 0 | 505 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1595 | 0 | 1595 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628989 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | $0 | $0 | $169 |
|  Total Investments | $169 | $2622063 | $6926 | $2629158 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 25

------

Schedule of Investments PIMCO Fixed Income SHares: Series C (Cont.) June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77458) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77458) |
|  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 | 189 | 1212 | 0 | 1401 |
|  Over the counter | 0 | 5177 | 0 | 5177 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $6389 | $0 | $6578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **06/30/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $(179) | $(3666) | $0 | $(3845) |
|  Over the counter | 0 | (10788) | 0 | (10788) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | $(14454) | $0 | $(14633) |
|  Total Financial Derivative Instruments | $10 | $(8065) | $0 | $(8055) |
|  Totals | $179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543645 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

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

---

------

Schedule of Investments PIMCO Fixed Income SHares: Series LD June 30, 2025 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 141.9% | INVESTMENTS IN SECURITIES 141.9% | INVESTMENTS IN SECURITIES 141.9% | INVESTMENTS IN SECURITIES 141.9% | INVESTMENTS IN SECURITIES 141.9% |
| CORPORATE BONDS & NOTES 33.8% | CORPORATE BONDS & NOTES 33.8% | CORPORATE BONDS & NOTES 33.8% | CORPORATE BONDS & NOTES 33.8% | CORPORATE BONDS & NOTES 33.8% |
| BANKING & FINANCE 17.0% | BANKING & FINANCE 17.0% | BANKING & FINANCE 17.0% | BANKING & FINANCE 17.0% | BANKING & FINANCE 17.0% |
|  ABN AMRO Bank NV |  |  |  |  |
|  5.387% due 12/03/2028 ~ | $— | 500 | $— | 500 |
|  6.575% due 10/13/2026 •  |  | 300 |  | 301 |
|  American Tower Corp. |  |  |  |  |
|  5.000% due 01/31/2030 |  | 200 |  | 204 |
|  Athene Global Funding |  |  |  |  |
|  5.684% due 02/23/2026 (d) |  | 800 |  | 806 |
|  Avolon Holdings Funding Ltd. |  |  |  |  |
|  5.500% due 01/15/2026 |  | 300 |  | 300 |
|  Barclays PLC |  |  |  |  |
|  5.304% due 08/09/2026 •(d) |  | 600 |  | 600 |
|  BPCE SA |  |  |  |  |
|  6.612% due 10/19/2027 •  |  | 400 |  | 410 |
|  Ford Motor Credit Co. LLC |  |  |  |  |
|  4.134% due 08/04/2025 |  | 400 |  | 400 |
|  7.341% due 03/06/2026 ~ |  | 500 |  | 505 |
|  HSBC Holdings PLC |  |  |  |  |
|  5.966% (US0003M + 1.380%) due 09/12/2026 ~(d) |  | 2070 |  | 2076 |
|  ING Groep NV |  |  |  |  |
|  5.422% due 03/25/2029 ~ |  | 500 |  | 500 |
|  Lloyds Banking Group PLC |  |  |  |  |
|  4.716% due 08/11/2026 •(d) |  | 1000 |  | 1000 |
|  Mizuho Financial Group, Inc. |  |  |  |  |
|  5.446% due 05/13/2031 ~ |  | 1000 |  | 1000 |
|  ORIX Corp. |  |  |  |  |
|  4.650% due 09/10/2029 |  | 500 |  | 504 |
|  |  |  |  | 9106 |
| INDUSTRIALS 10.5% | INDUSTRIALS 10.5% | INDUSTRIALS 10.5% | INDUSTRIALS 10.5% | INDUSTRIALS 10.5% |
|  Arrow Electronics, Inc. |  |  |  |  |
|  5.150% due 08/21/2029 |  | 300 |  | 305 |
|  Berry Global, Inc. |  |  |  |  |
|  1.570% due 01/15/2026 |  | 600 |  | 589 |
|  4.875% due 07/15/2026 |  | 280 |  | 280 |
|  Boeing Co. |  |  |  |  |
|  2.196% due 02/04/2026 |  | 300 |  | 295 |
|  Broadcom, Inc. |  |  |  |  |
|  3.459% due 09/15/2026 |  | 900 |  | 892 |
|  Canadian Natural Resources Ltd. |  |  |  |  |
|  5.000% due 12/15/2029 |  | 200 |  | 202 |
|  HCA, Inc. |  |  |  |  |
|  5.000% due 03/01/2028 |  | 100 |  | 102 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
|  1.230% due 10/01/2025 |  | 411 |  | 407 |
|  Las Vegas Sands Corp. |  |  |  |  |
|  5.900% due 06/01/2027 |  | 500 |  | 511 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  4.911% due 09/01/2027 |  | 200 |  | 201 |
|  Synopsys, Inc. |  |  |  |  |
|  4.650% due 04/01/2028 |  | 200 |  | 202 |
|  Uber Technologies, Inc. |  |  |  |  |
|  6.250% due 01/15/2028 |  | 1000 |  | 1005 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 |  | 300 |  | 301 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 |  | 300 |  | 302 |
|  |  |  |  | 5594 |
| UTILITIES 6.3% | UTILITIES 6.3% | UTILITIES 6.3% | UTILITIES 6.3% | UTILITIES 6.3% |
|  AES Corp. |  |  |  |  |
|  1.375% due 01/15/2026 |  | 1300 |  | 1276 |
|  Evergy Kansas Central, Inc. |  |  |  |  |
|  4.700% due 03/13/2028 |  | 600 |  | 607 |
|  ONEOK, Inc. |  |  |  |  |
|  4.400% due 10/15/2029 |  | 300 |  | 298 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Gas & Electric Co. |  |  |
|  2.950% due 03/01/2026 | 100 | 99 |
|  5.339% due 09/04/2025 ~ | 300 | 300 |
|  Southern California Edison Co. |  |  |
|  4.700% due 06/01/2027 | 300 | 301 |
|  5.250% due 03/15/2030 | 500 | 505 |
|  |  | 3386 |
|  Total Corporate Bonds & Notes (Cost $18,092) | Total Corporate Bonds & Notes (Cost $18,092) | 18086 |
| U.S. GOVERNMENT AGENCIES 53.2% | U.S. GOVERNMENT AGENCIES 53.2% | U.S. GOVERNMENT AGENCIES 53.2% |
|  Fannie Mae |  |  |
|  5.205% due 09/25/2054 - 03/25/2055 •(d) | 2099 | 2094 |
|  5.305% due 05/25/2055 •  | 193 | 193 |
|  5.355% due 01/25/2055 •  | 469 | 468 |
|  5.405% due 06/25/2054 - 01/25/2055 •  | 912 | 912 |
|  5.455% due 01/25/2055 •  | 468 | 468 |
|  5.505% due 01/25/2055 •  | 187 | 188 |
|  5.555% due 11/25/2053 •  | 275 | 276 |
|  Freddie Mac |  |  |
|  1.000% due 09/15/2044 (d) | 1098 | 965 |
|  5.175% due 04/25/2055 •(d) | 677 | 676 |
|  5.205% due 09/25/2054 •(d) | 668 | 667 |
|  5.245% due 11/25/2054 •(d) | 1321 | 1319 |
|  5.255% due 10/25/2054 - 02/25/2055 •  | 755 | 755 |
|  5.255% due 04/25/2055 •(d) | 668 | 667 |
|  5.305% due 10/25/2052 - 02/25/2055 •  | 1242 | 1233 |
|  5.305% due 06/25/2055 •(d) | 1971 | 1978 |
|  5.306% due 06/25/2055 «•  | 400 | 401 |
|  5.404% due 07/25/2055 •  | 200 | 200 |
|  5.455% due 12/25/2054 - 01/25/2055 •  | 983 | 982 |
|  5.455% due 03/25/2055 •(d) | 800 | 800 |
|  5.505% due 01/25/2055 - 02/25/2055 •  | 561 | 562 |
|  5.555% due 05/25/2054 •  | 336 | 337 |
|  5.555% due 06/25/2055 •(d) | 694 | 698 |
|  Ginnie Mae |  |  |
|  4.882% due 10/20/2037 •  | 14 | 14 |
|  5.126% due 08/20/2061 •  | 1 | 1 |
|  5.204% due 06/20/2055 •  | 600 | 600 |
|  5.252% due 05/20/2055 •  | 199 | 199 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  5.000% due 08/01/2055 | 2000 | 1959 |
|  5.500% due 08/01/2055 | 3200 | 3197 |
|  6.000% due 08/01/2055 | 5600 | 5686 |
|  Total U.S. Government Agencies (Cost $28,515) | Total U.S. Government Agencies (Cost $28,515) | 28495 |
| U.S. TREASURY OBLIGATIONS 3.0% | U.S. TREASURY OBLIGATIONS 3.0% | U.S. TREASURY OBLIGATIONS 3.0% |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 07/15/2026 (d) | 1071 | 1061 |
|  0.125% due 10/15/2026 | 235 | 232 |
|  2.125% due 04/15/2029 | 332 | 341 |
|  Total U.S. Treasury Obligations (Cost $1,624) | Total U.S. Treasury Obligations (Cost $1,624) | 1634 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 20.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.8% |
|  AG Trust |  |  |
|  6.327% due 07/15/2041 •  | 190 | 191 |
|  Banc of America Funding Trust |  |  |
|  7.621% due 09/20/2034 ~ | 6 | 6 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  5.939% due 01/25/2034 ~ | 3 | 3 |
|  6.547% due 04/25/2033 ~ | 7 | 7 |
|  6.971% due 11/25/2034 ~ | 13 | 12 |
|  BWAY Mortgage Trust |  |  |
|  5.676% due 09/15/2036 •  | 1000 | 965 |
|  BX Trust |  |  |
|  5.126% due 01/15/2034 •  | 457 | 457 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust |  |  |
|  5.000% due 05/25/2051 •  | 791 | 735 |
|  7.230% due 10/25/2035 •  | 1 | 1 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.695% due 06/25/2033 ~ | 4 | 4 |
|  6.500% due 04/25/2033 | 9 | 9 |
|  DROP Mortgage Trust |  |  |
|  5.576% due 10/15/2043 •  | 1000 | 971 |
|  Extended Stay America Trust |  |  |
|  5.506% due 07/15/2038 •  | 1115 | 1116 |
|  GCAT Trust |  |  |
|  1.348% due 05/25/2066 ~ | 406 | 354 |
|  1.503% due 05/25/2066 ~ | 406 | 355 |
|  Gemgarto PLC |  |  |
|  5.124% due 12/16/2067 •  | 216 | 297 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.000% due 12/25/2051 •  | 381 | 353 |
|  5.000% due 02/25/2052 •  | 1108 | 1029 |
|  GSR Mortgage Loan Trust |  |  |
|  5.293% due 09/25/2035 ~ | 1 | 1 |
|  6.559% due 08/25/2033 •  | 9 | 9 |
|  Impac CMB Trust |  |  |
|  5.074% due 03/25/2035 •  | 97 | 94 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.809% due 12/15/2031 •  | 276 | 274 |
|  JP Morgan Mortgage Trust |  |  |
|  5.875% due 02/25/2035 ~ | 1 | 1 |
|  6.592% due 09/25/2034 ~ | 3 | 3 |
|  7.157% due 02/25/2034 ~ | 7 | 7 |
|  7.534% due 04/25/2035 ~ | 5 | 5 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.906% due 06/15/2030 •  | 3 | 2 |
|  5.137% due 10/20/2029 •  | 3 | 2 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.894% due 04/25/2029 •  | 1 | 1 |
|  5.519% due 02/25/2035 ~ | 40 | 38 |
|  MFA Trust |  |  |
|  1.131% due 07/25/2060 ~ | 412 | 376 |
|  1.381% due 04/25/2065 ~ | 56 | 54 |
|  6.105% due 12/25/2068 þ | 132 | 133 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.600% due 11/25/2034 ~ | 1 | 1 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.000% due 09/25/2051 •  | 148 | 138 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  0.941% due 10/25/2058 ~ | 166 | 159 |
|  3.500% due 12/25/2057 ~ | 398 | 386 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.521% due 11/15/2038 •  | 1000 | 999 |
|  OBX Trust |  |  |
|  6.520% due 07/25/2063 þ | 254 | 256 |
|  Prime Mortgage Trust |  |  |
|  4.834% due 02/25/2034 •  | 2 | 1 |
|  Sequoia Mortgage Trust |  |  |
|  5.132% due 10/19/2026 •  | 14 | 14 |
|  5.192% due 10/20/2027 •  | 1 | 1 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ | 3 | 2 |
|  5.012% due 07/19/2034 •  | 9 | 8 |
|  5.092% due 09/19/2032 •  | 1 | 1 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.074% due 09/25/2043 •  | 2 | 2 |
|  5.642% due 04/25/2045 ~ | 5 | 5 |
|  Towd Point Mortgage Trust |  |  |
|  2.710% due 01/25/2060 ~ | 197 | 190 |
|  3.750% due 05/25/2058 ~ | 376 | 370 |
|  5.434% due 05/25/2058 •  | 228 | 234 |
|  5.434% due 10/25/2059 •  | 202 | 203 |
|  Verus Securitization Trust |  |  |
|  5.712% due 01/25/2069 þ | 192 | 193 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.974% due 12/25/2045 •  | 53 | 54 |
|  5.014% due 10/25/2045 •  | 8 | 8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.174% due 11/25/2034 •  | 21 | 20 |
|  5.234% due 06/25/2044 •  | 8 | 8 |
|  5.799% due 06/25/2042 •  | 2 | 1 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $11,564) | Total Non-Agency Mortgage-Backed Securities (Cost $11,564) | 11119 |
| ASSET-BACKED SECURITIES 26.4% | ASSET-BACKED SECURITIES 26.4% | ASSET-BACKED SECURITIES 26.4% |
| AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% | AUTOMOBILE SEQUENTIAL 0.4% |
|  ARI Fleet Lease Trust |  |  |
|  4.590% due 03/15/2034 | 200 | 201 |
| CMBS OTHER 1.2% |  |  |
|  BXMT Ltd. |  |  |
|  6.328% due 11/15/2037 •  | 378 | 378 |
|  HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. | HERA Commercial Mortgage Ltd. |
|  5.479% due 02/18/2038 •  | 139 | 139 |
|  MF1 Ltd. |  |  |
|  5.509% due 10/16/2036 •  | 40 | 40 |
|  6.128% due 12/15/2035 •  | 88 | 88 |
|  |  | 645 |
| HOME EQUITY OTHER 3.2% | HOME EQUITY OTHER 3.2% | HOME EQUITY OTHER 3.2% |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.434% due 10/25/2034 •  | 97 | 97 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.234% due 10/27/2032 •  | 4 | 4 |
|  5.559% due 03/25/2035 •  | 162 | 162 |
|  Chase Funding Trust |  |  |
|  5.174% due 10/25/2032 •  | 24 | 24 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.798% due 05/25/2036 •  | 114 | 114 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  5.246% due 09/15/2029 •  | 3 | 3 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  5.259% due 08/25/2034 •  | 75 | 71 |
|  GSAMP Trust |  |  |
|  4.954% due 06/25/2036 •  | 333 | 324 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.364% due 11/25/2034 •  | 437 | 443 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  5.094% due 01/25/2036 •  | 25 | 25 |
|  RAAC Trust |  |  |
|  4.984% due 01/25/2046 •  | 208 | 208 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  5.109% due 01/25/2035 •  | 243 | 223 |
|  |  | 1698 |
| WHOLE LOAN COLLATERAL 1.3% | WHOLE LOAN COLLATERAL 1.3% | WHOLE LOAN COLLATERAL 1.3% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.754% due 04/25/2036 •  | 695 | 680 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 20.3% | OTHER ABS 20.3% | OTHER ABS 20.3% | OTHER ABS 20.3% | OTHER ABS 20.3% |
|  37 Capital CLO Ltd. |  |  |  |  |
|  5.536% due 10/15/2034 •  | $— | 400 | $— | 400 |
|  522 Funding CLO Ltd. |  |  |  |  |
|  5.571% due 10/20/2031 •  |  | 194 |  | 194 |
|  Ares CLO Ltd. |  |  |  |  |
|  5.573% due 04/25/2034 •  |  | 400 |  | 400 |
|  Blackrock European CLO DAC |  |  |  |  |
|  2.899% due 10/15/2031 •  |  | 1247 |  | 1465 |
|  Canyon CLO Ltd. |  |  |  |  |
|  5.336% due 07/15/2034 •  | $— | 400 |  | 400 |
|  Carlyle Euro CLO DAC |  |  |  |  |
|  2.979% due 01/15/2031 •  |  | 458 |  | 539 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.893% due 11/15/2031 •  |  | 353 |  | 416 |
|  Dryden CLO Ltd. |  |  |  |  |
|  5.362% due 08/20/2034 •  | $— | 400 |  | 399 |
|  Elevation CLO Ltd. |  |  |  |  |
|  5.412% due 07/25/2034 •  |  | 400 |  | 400 |
|  ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC | ELFI Graduate Loan Program LLC |
|  1.530% due 12/26/2046 |  | 693 |  | 616 |
|  Harvest CLO DAC |  |  |  |  |
|  1.040% due 07/15/2031 |  | 297 |  | 340 |
|  LCM Ltd. |  |  |  |  |
|  5.611% due 04/20/2031 •  | $— | 134 |  | 135 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 |  | 288 |  | 268 |
|  1.690% due 05/15/2069 |  | 522 |  | 486 |
|  OCP Euro CLO DAC |  |  |  |  |
|  3.116% due 09/22/2034 •  |  | 370 |  | 436 |
|  Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
|  5.309% due 01/20/2035 •  | $— | 400 |  | 398 |
|  Octagon Ltd. |  |  |  |  |
|  5.576% due 07/21/2035 •  |  | 500 |  | 500 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.259% due 01/15/2033 •  |  | 189 |  | 222 |
|  Sculptor CLO Ltd. |  |  |  |  |
|  5.329% due 07/20/2034 •  | $— | 400 |  | 400 |
|  SLM Student Loan Trust |  |  |  |  |
|  5.375% due 04/25/2049 |  | 26 |  | 26 |
|  6.325% due 01/27/2026 |  | 85 |  | 85 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.026% due 03/17/2053 •  |  | 71 |  | 70 |
|  5.284% due 09/15/2054 •  |  | 1010 |  | 1007 |
|  Toro European CLO DAC |  |  |  |  |
|  3.185% due 01/12/2032 •  |  | 476 |  | 560 |
|  Towd Point Asset Trust |  |  |  |  |
|  5.132% due 11/20/2061 •  | $— | 116 |  | 116 |
|  Tralee CLO Ltd. |  |  |  |  |
|  5.502% due 10/25/2032 •  |  | 291 |  | 291 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Voya Ltd. |  |  |  |
|  5.518% due 10/15/2030 •  | 324 | $— | 325 |
|  |  |  | 10894 |
|  Total Asset-Backed Securities (Cost $14,318) | Total Asset-Backed Securities (Cost $14,318) |  | 14118 |
| SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% | SOVEREIGN ISSUES 4.3% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 10/01/2025 (a) | 7500 |  | 1332 |
|  Cassa Depositi e Prestiti SpA |  |  |  |
|  5.875% due 04/30/2029 | 300 |  | 314 |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  5.000% due 10/30/2026 | 300 |  | 363 |
|  5.375% due 02/19/2030 | 300 |  | 306 |
|  Total Sovereign Issues (Cost $2,176) | Total Sovereign Issues (Cost $2,176) |  | 2315 |
|  | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 4.380% (c) | 203493 |  | 204 |
| Total Short-Term Instruments<br> (Cost $204) | Total Short-Term Instruments<br> (Cost $204) |  | 204 |
| Total Investments in Securities (Cost $76,493) | Total Investments in Securities (Cost $76,493) |  | 75971 |
| INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% | INVESTMENTS IN AFFILIATES 0.2% |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 9256 |  | 90 |
| Total Short-Term Instruments<br> (Cost $90) | Total Short-Term Instruments<br> (Cost $90) |  | 90 |
| Total Investments in Affiliates<br>(Cost $90) | Total Investments in Affiliates<br>(Cost $90) |  | 90 |
| Total Investments 142.1%<br>(Cost $76,583) | Total Investments 142.1%<br>(Cost $76,583) | $— | 76061 |
|  Financial Derivative Instruments (e)(f) (0.7)%<br> (Cost or Premiums, net $(30)) |  |  | (366) |
| Other Assets and Liabilities, net (41.4)% | Other Assets and Liabilities, net (41.4)% |  | (22155) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 53540 |

---

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

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

---

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

---

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

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

(a) Zero coupon security.

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

(c) Coupon represents a 7-Day Yield.

---

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

---

------

June 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  SBI | 4.520% | 06/12/2025 | TBD<sup>(2)</sup> | $(9497) | $(9519) |
|  TDM | 4.490 | 12/20/2024 | TBD<sup>(2)</sup> | (776) | (795) |
|  | 4.500 | 01/31/2025 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2972) | (3027) |
|  | 4.500 | 02/18/2025 | TBD<sup>(2)</sup> | (572) | (581) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13922) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions |
|  BCY | 4.620% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(531) | $(531) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(531) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (17.2)% | U.S. Government Agencies (17.2)% | U.S. Government Agencies (17.2)% | U.S. Government Agencies (17.2)% | U.S. Government Agencies (17.2)% | U.S. Government Agencies (17.2)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000% | 08/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | $(9111) | $(9205) |
|  Total Short Sales (17.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9205) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  SBI | $0 | $(9519) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9519) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 |
|  TDM | 0 | (4403) | 0 | (4403) | 4481 | 78 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | (531) | (531) | 531 | (0) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13922) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(531) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(4403) | $(4403) |
|  U.S. Government Agencies | 0 | 0 | 0 | (9519) | (9519) |
|  Total | $0 | $0 | $0 | $(13922) | $(13922) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | (531) | 0 | 0 | 0 | (531) |
|  Total | $(531) | $0 | $0 | $0 | $(531) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(531) | $&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;(13922) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14453) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | $(14453) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 29

------

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

(d) Securities with an aggregate market value of $14,875 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(15895) at a weighted average interest rate of 4.532%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

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

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

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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  | 09/2025 | 176 | $42093 | $(13) | $0 | $(3) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 402 | 97083 | 171 | 30 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 23 | 4785 | 21 | 1 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63438 | 694 | 77 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 27 | $(3027) | $(43) | $0 | $(8) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 48 | (5485) | (137) | 0 | (23) |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5718) | (196) | 0 | (65) |
|  |  |  |  | $(376) | $0 | $(96) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.IG-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 3800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) | $57 | $(47) | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 02/11/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 12 | 1 | 13 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 2600 | 0 | (37) | (37) | 0 | (3) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 51203 | 48 | (585) | (537) | 0 | (76) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 2400 | 10 | (36) | (26) | 0 | (4) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 1200 | (19) | 50 | 31 | 0 | (1) |
|  |  |  |  |  |  | $(53) | $(550) | $(603) | $0 | $(84) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(623) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability<sup>(5)</sup> | Variation Margin<br>Liability<sup>(5)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185) |

---

30 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

**Cash of $2,452 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. 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. 

<sup>(4)</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>(5)</sup> Unsettled variation margin liability of $(1) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 07/2025 | 14 | $9 | $0 | $0 |
|  | 07/2025 | 3690 | 4196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) |
|  | 07/2025 | $78 | 106657 | 1 | 0 |
|  | 07/2025 | 7 | 9 | 0 | 0 |
|  | 08/2025 | 9 | $7 | 0 | 0 |
|  | 08/2025 | 19 | 1 | 0 | 0 |
|  BPS | 07/2025 | 112 | 20 | 0 | 0 |
|  | 07/2025 | 105 | 10 | 0 | 0 |
|  | 07/2025 | 95 | 10 | 0 | 0 |
|  | 07/2025 | 133 | 4 | 0 | 0 |
|  | 07/2025 | $20 | 112 | 1 | 0 |
|  | 07/2025 | 19 | 303828 | 0 | 0 |
|  | 07/2025 | 8 | 231 | 0 | 0 |
|  | 08/2025 | 619 | $87 | 0 | 0 |
|  | 08/2025 | $16 | 1402 | 0 | 0 |
|  | 10/2025 | 3035 | $508 | 0 | (38) |
|  BRC | 07/2025 | 508 | 146 | 0 | (5) |
|  | 07/2025 | $248 | 182 | 2 | 0 |
|  | 07/2025 | 72 | 244 | 0 | 0 |
|  | 07/2025 | 3 | 367 | 0 | 0 |
|  | 07/2025 | 10 | 37 | 0 | 0 |
|  | 07/2025 | 74 | 1341 | 2 | 0 |
|  | 08/2025 | 182 | $248 | 0 | (2) |
|  | 08/2025 | $109 | 788 | 2 | 0 |
|  CBK | 07/2025 | 2151 | $394 | 0 | (2) |
|  | 07/2025 | 360836 | 263 | 0 | (5) |
|  | 07/2025 | 1302 | 39 | 0 | (1) |
|  | 07/2025 | $371 | 2151 | 25 | 0 |
|  | 07/2025 | 50 | 810870 | 0 | 0 |
|  | 07/2025 | 208 | 6176 | 4 | 0 |
|  | 08/2025 | 54 | 394 | 1 | 0 |
|  | 08/2025 | 121 | 10411 | 1 | 0 |
|  DUB | 07/2025 | 246 | $71 | 0 | (2) |
|  | 07/2025 | 13636 | 10 | 0 | 0 |
|  | 07/2025 | $4281 | 3690 | 66 | 0 |
|  | 07/2025 | 3 | 45258 | 0 | 0 |
|  | 07/2025 | 2 | 50 | 0 | 0 |
|  | 08/2025 | 3682 | $4281 | 0 | (66) |
|  | 08/2025 | $56 | 4831 | 0 | 0 |
|  FAR | 07/2025 | 308 | $199 | 0 | (4) |
|  | 07/2025 | 2267 | 407 | 0 | (10) |
|  | 07/2025 | 51 | 62 | 0 | (2) |
|  | 07/2025 | 7401 | 51 | 0 | (1) |
|  | 07/2025 | $210 | 322 | 1 | 0 |
|  | 07/2025 | 415 | 2267 | 2 | 0 |
|  | 07/2025 | 64 | 51 | 1 | 0 |
|  | 07/2025 | 90 | 12959 | 0 | 0 |
|  | 07/2025 | 6 | 7 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 08/2025 | 322 | $211 | $0 | $(2) |
|  | 08/2025 | 51 | 64 | 0 | (1) |
|  | 08/2025 | 653 | 91 | 0 | 0 |
|  | 08/2025 | 7 | 6 | 0 | 0 |
|  | 08/2025 | $27 | 2314 | 0 | 0 |
|  | 08/2025 | 51 | 7374 | 1 | 0 |
|  | 09/2025 | 311 | 1745 | 5 | 0 |
|  GLM | 07/2025 | 16203 | $498 | 0 | (57) |
|  | 07/2025 | $12 | 192346 | 0 | 0 |
|  | 07/2025 | 2 | 3 | 0 | 0 |
|  | 07/2025 | 26 | 840 | 3 | 0 |
|  | 08/2025 | 3 | $2 | 0 | 0 |
|  | 10/2025 | 4300 | 707 | 0 | (67) |
|  IND | 07/2025 | $10 | 95 | 0 | 0 |
|  | 08/2025 | 95 | $10 | 0 | 0 |
|  JPM | 07/2025 | 11603 | 8 | 0 | 0 |
|  | 07/2025 | 62 | 48 | 0 | (1) |
|  | 07/2025 | $107 | 402 | 5 | 0 |
|  | 07/2025 | 4 | 6 | 0 | 0 |
|  | 07/2025 | 14 | 429 | 0 | 0 |
|  | 07/2025 | 21 | 380 | 0 | 0 |
|  | 08/2025 | 662 | $93 | 0 | 0 |
|  | 08/2025 | 6 | 5 | 0 | 0 |
|  | 08/2025 | 2445 | 75 | 0 | (9) |
|  | 08/2025 | $18 | 1564 | 0 | 0 |
|  MBC | 07/2025 | 323 | $236 | 0 | (2) |
|  | 07/2025 | 148 | 116 | 0 | (1) |
|  | 07/2025 | 650 | 20 | 0 | (1) |
|  | 07/2025 | $235 | 324 | 2 | 0 |
|  | 07/2025 | 11 | 187055 | 0 | 0 |
|  | 07/2025 | 3 | 417 | 0 | 0 |
|  | 07/2025 | 77 | 287 | 3 | 0 |
|  | 07/2025 | 119 | 154 | 2 | 0 |
|  | 07/2025 | 32 | 1002 | 3 | 0 |
|  | 08/2025 | 323 | $235 | 0 | (2) |
|  | 08/2025 | 154 | 119 | 0 | (2) |
|  MYI | 07/2025 | 5756 | 40 | 0 | 0 |
|  | 07/2025 | $2 | 293 | 0 | 0 |
|  | 07/2025 | 9 | 95 | 0 | 0 |
|  | 08/2025 | 666 | $93 | 0 | 0 |
|  | 08/2025 | 95 | 9 | 0 | 0 |
|  | 08/2025 | 14 | 9 | 0 | 0 |
|  | 08/2025 | $28 | 204 | 1 | 0 |
|  | 08/2025 | 40 | 5735 | 0 | 0 |
|  | 10/2025 | 200 | $33 | 0 | (3) |
|  SCX | 07/2025 | 4 | 1 | 0 | 0 |
|  | 07/2025 | 647 | 4 | 0 | 0 |
|  | 07/2025 | 14 | 8 | 0 | 0 |
|  | 07/2025 | $53 | 39 | 1 | 0 |
|  | 07/2025 | 55 | 894503 | 0 | 0 |
|  | 07/2025 | 24 | 31 | 0 | 0 |
|  | 07/2025 | 83 | 2421 | 0 | 0 |
|  | 08/2025 | 1148 | $161 | 0 | 0 |
|  | 08/2025 | 31 | 24 | 0 | 0 |
|  | 08/2025 | $126 | 913 | 2 | 0 |
|  | 08/2025 | 19 | 1621 | 0 | 0 |
|  | 08/2025 | 4 | 644 | 0 | 0 |
|  SSB | 07/2025 | 221 | $299 | 0 | (4) |
|  UAG | 07/2025 | 37 | 10 | 0 | (1) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $(442) |

---

32 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600% | 08/12/2025 | 26800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $17 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.600 | 08/12/2025 | 26800 | 22 | 0 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 CDX.IG-44 5-Year Index | Sell | 0.900% | 07/16/2025 | 6550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  JPM | Put - OTC CDX.IG-44 5-Year Index | Sell | 1.000 | 07/16/2025 | 900 | (1) | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(8) | $(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  BOA | $1 | $0 | $0 | $1 | $(151) | $0 | $0 | $(151) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |
|  BPS | 1 | 0 | 0 | 1 | (38) | 0 | 0 | (38) | (37) | 0 | (37) |
|  BRC | 6 | 0 | 0 | 6 | (7) | 0 | 0 | (7) | (1) | 0 | (1) |
|  CBK | 31 | 0 | 0 | 31 | (8) | 0 | 0 | (8) | 23 | 0 | 23 |
|  DUB | 66 | 0 | 0 | 66 | (68) | 0 | 0 | (68) | (2) | 0 | (2) |
|  FAR | 10 | 0 | 0 | 10 | (20) | 0 | 0 | (20) | (10) | 0 | (10) |
|  GLM | 3 | 0 | 0 | 3 | (124) | 0 | 0 | (124) | (121) | 0 | (121) |
|  GST | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  JPM | 5 | 0 | 0 | 5 | (10) | 0 | 0 | (10) | (5) | 0 | (5) |
|  MBC | 10 | 0 | 0 | 10 | (8) | 0 | 0 | (8) | 2 | 0 | 2 |
|  MYC | 0 | 17 | 0 | 17 | 0 | 0 | 0 | 0 | 17 | 0 | 17 |
|  MYI | 1 | 0 | 0 | 1 | (3) | 0 | 0 | (3) | (2) | 0 | (2) |
|  SCX | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  SSB | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | (4) | 0 | (4) |
|  UAG | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442) | $&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;(443) |  |  |  |

---

<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 | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

---

------

Schedule of Investments PIMCO Fixed Income Shares: Series LD (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 June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | $0 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 17 | 17 |
|  | $0 | $0 | $0 | $137 | $17 | $154 |
|  | $0 | $0 | $0 | $137 | $125 | $262 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $99 | $99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 84 | 86 |
|  | $0 | $2 | $0 | $0 | $183 | $185 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $442 | $0 | $442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $442 | $0 | $443 |
|  | $0 | $3 | $0 | $442 | $183 | $628 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $500 | $500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (53) | 0 | 0 | (287) | (340) |
|  | $0 | $(53) | $0 | $0 | $213 | $160 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(264) | $0 | $(264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (29) | 0 | 0 | 0 | (29) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264) | $0 | $(293) |
|  | $0 | $(82) | $0 | $(264) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $361 | $361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (8) | 0 | 0 | (660) | (668) |
|  | $0 | $(8) | $0 | $0 | $(299) | $(307) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(612) | $0 | $(612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (25) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 7 | 0 | 0 | 0 | 7 |
|  | $0 | $7 | $0 | $(612) | $(25) | $(630) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) | $0 | $(612) | $(324) | $(937) |

---

34 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $9106 | $0 | $9106 |
| &nbsp;&nbsp; Industrials | 0 | 5594 | 0 | 5594 |
| &nbsp;&nbsp; Utilities | 0 | 3386 | 0 | 3386 |
|  U.S. Government Agencies | 0 | 28094 | 401 | 28495 |
|  U.S. Treasury Obligations | 0 | 1634 | 0 | 1634 |
|  Non-Agency Mortgage-Backed Securities | 0 | 11119 | 0 | 11119 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 201 | 0 | 201 |
| &nbsp;&nbsp; CMBS Other | 0 | 645 | 0 | 645 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1698 | 0 | 1698 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 680 | 0 | 680 |
| &nbsp;&nbsp; Other ABS | 0 | 10894 | 0 | 10894 |
|  Sovereign Issues | 0 | 2315 | 0 | 2315 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 204 | 0 | 204 |
|  | $0 | $75570 | $401 | $75971 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $90 | $0 | $0 | $90 |
|  Total Investments | $90 | $75570 | $401 | $76061 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  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 | $(9205) | $0 | $(9205) |
|  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 | 108 | 0 | 108 |
|  Over the counter | 0 | 154 | 0 | 154 |
|  | $0 | $262 | $0 | $262 |
|  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 | (184) | 0 | (184) |
|  Over the counter | 0 | (443) | 0 | (443) |
|  | $0 | $(627) | $0 | $(627) |
|  Total Financial Derivative Instruments | $0 | $(365) | $0 | $(365) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66491 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

---

------

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 145.5% | INVESTMENTS IN SECURITIES 145.5% | INVESTMENTS IN SECURITIES 145.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/13/2031 « | 6793 | 6417 |
|  Total Loan Participations and Assignments (Cost $6,787) | Total Loan Participations and Assignments (Cost $6,787) | 6417 |
| CORPORATE BONDS & NOTES 37.5% | CORPORATE BONDS & NOTES 37.5% | CORPORATE BONDS & NOTES 37.5% |
| BANKING & FINANCE 27.5% | BANKING & FINANCE 27.5% | BANKING & FINANCE 27.5% |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.848% due 01/03/2030 •  | 3600 | 3802 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.250% due 03/15/2035 | 3000 | 2980 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.950% due 01/15/2051 | 1500 | 951 |
|  5.550% due 07/15/2033 | 1100 | 1135 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  6.350% due 10/23/2029 | 4300 | 4346 |
|  7.950% due 08/11/2028 | 7550 | 7978 |
|  Ares Management Corp. | Ares Management Corp. | Ares Management Corp. |
|  5.600% due 10/11/2054 | 2500 | 2362 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.380% due 01/07/2030 | 3000 | 3069 |
|  5.526% due 07/11/2031 | 5000 | 5112 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  6.750% due 10/25/2028 | 5250 | 5583 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 243 | 231 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 5000 | 5216 |
|  Banco Santander SA |  |  |
|  5.538% due 03/14/2030 •  | 6800 | 7014 |
|  6.033% due 01/17/2035 | 3200 | 3373 |
|  Bank of America Corp. |  |  |
|  5.288% due 04/25/2034 •  | 15000 | 15306 |
|  Barclays PLC |  |  |
|  6.224% due 05/09/2034 •  | 2000 | 2123 |
|  7.437% due 11/02/2033 •  | 1200 | 1362 |
|  BGC Group, Inc. |  |  |
|  6.150% due 04/02/2030 | 4000 | 4057 |
|  8.000% due 05/25/2028 | 4300 | 4601 |
|  Blue Owl Capital Corp. |  |  |
|  2.875% due 06/11/2028 | 9700 | 9039 |
|  BPCE SA |  |  |
|  6.714% due 10/19/2029 •  | 7500 | 7945 |
|  7.003% due 10/19/2034 •  | 7500 | 8243 |
|  Capital One Financial Corp. |  |  |
|  7.624% due 10/30/2031 •  | 5000 | 5651 |
|  CI Financial Corp. |  |  |
|  4.100% due 06/15/2051 | 5000 | 3558 |
|  Citadel Finance LLC |  |  |
|  5.900% due 02/10/2030 | 4100 | 4141 |
|  Citadel LP |  |  |
|  6.375% due 01/23/2032 | 2700 | 2821 |
|  Citigroup, Inc. |  |  |
|  3.785% due 03/17/2033 •  | 5000 | 4675 |
|  5.449% due 06/11/2035 •  | 15000 | 15328 |
|  6.270% due 11/17/2033 •  | 10000 | 10771 |
|  Constellation Insurance, Inc. |  |  |
|  6.800% due 01/24/2030 | 6300 | 6268 |
|  Cousins Properties LP |  |  |
|  5.250% due 07/15/2030 | 3800 | 3873 |
|  5.375% due 02/15/2032 | 2400 | 2427 |
|  Credit Agricole SA |  |  |
|  5.862% due 01/09/2036 •  | 3000 | 3111 |
|  Credit Suisse AG AT1 Claim | 5500 | 660 |
|  Crown Castle, Inc. |  |  |
|  5.200% due 09/01/2034 | 3000 | 2974 |
|  DaVinciRe Holdings Ltd. |  |  |
|  5.950% due 04/15/2035 | 3150 | 3172 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Deloitte LLP |  |  |
|  5.410% due 01/30/2032 «(h) | 1800 | 1814 |
|  5.590% due 01/30/2035 «(h) | 1100 | 1099 |
|  5.970% due 01/30/2045 «(h) | 900 | 868 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  5.625% due 05/19/2031 •  | 900 | 1078 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 2000 | 1782 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.500% due 04/01/2034 | 5000 | 5110 |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 77600 | 93270 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.500% due 06/04/2029 | 2600 | 2682 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.850% due 04/17/2028 | 4000 | 4037 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.375% due 11/13/2025 | 200 | 199 |
|  5.800% due 03/05/2027 | 1000 | 1008 |
|  6.125% due 03/08/2034 | 4000 | 3896 |
|  6.800% due 05/12/2028 | 10000 | 10338 |
|  6.950% due 03/06/2026 | 4500 | 4544 |
|  7.350% due 11/04/2027 | 5000 | 5194 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 3000 | 3035 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  2.625% due 01/15/2027 | 9000 | 8633 |
|  6.875% due 08/15/2029 | 3200 | 3283 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 01/08/2029 | 3000 | 3076 |
|  5.900% due 01/13/2035 | 2000 | 2030 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 | 400 | 410 |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.625% due 09/15/2034 | 1500 | 1496 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.561% due 10/24/2034 •  | 5000 | 5531 |
|  Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
|  5.875% due 05/01/2030 | 2000 | 1998 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 3200 | 3202 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 1600 | 1463 |
|  5.719% due 03/04/2035 •  | 2000 | 2075 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.500% due 05/23/2029 •  | 400 | 494 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  4.150% due 04/15/2032 | 1101 | 1043 |
|  4.875% due 02/01/2035 | 1000 | 969 |
|  Jane Street Group | Jane Street Group | Jane Street Group |
|  7.125% due 04/30/2031 | 2000 | 2106 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  5.294% due 07/22/2035 •  | 2400 | 2443 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.324% due 09/21/2034 •  | 3000 | 3216 |
|  Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP | Ladder Capital Finance Holdings LLLP |
|  5.500% due 08/01/2030 (a) | 1500 | 1511 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  | 6700 | 6527 |
|  4.300% due 02/01/2061 | 4000 | 2424 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  7.500% due 09/27/2025 •(e)(f) | 6000 | 6031 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.750% due 06/15/2035 | 4000 | 4048 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 4000 | 4053 |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  5.077% due 02/15/2069 •  | 4500 | 4004 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(h) | 8000 | 5553 |
|  5.250% due 04/21/2034 •  | 20000 | 20352 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  5.783% due 07/03/2034 | 2750 | 2846 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund |
|  6.500% due 07/23/2029 | 1500 | 1537 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 4000 | 2958 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  5.125% due 04/15/2035 | 2000 | 2003 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.900% due 10/15/2029 | 4600 | 4380 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.100% due 12/10/2029 | 2500 | 2555 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 2000 | 1970 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 | 1500 | 1528 |
|  Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. | Stellantis Finance U.S., Inc. |
|  6.450% due 03/18/2035 | 8300 | 8344 |
|  Tesco Property Finance PLC | Tesco Property Finance PLC | Tesco Property Finance PLC |
|  5.661% due 10/13/2041 | 91 | 123 |
|  5.744% due 04/13/2040 | 564 | 774 |
|  5.801% due 10/13/2040 | 618 | 850 |
|  Trustage Financial Group, Inc. |  |  |
|  4.625% due 04/15/2032 | 5300 | 5025 |
|  UBS Group AG |  |  |
|  5.699% due 02/08/2035 •  | 9000 | 9352 |
|  VICI Properties LP |  |  |
|  5.625% due 04/01/2035 | 4800 | 4846 |
|  Wells Fargo & Co. |  |  |
|  3.350% due 03/02/2033 •  | 7000 | 6395 |
|  |  | 468669 |
| INDUSTRIALS 7.1% | INDUSTRIALS 7.1% | INDUSTRIALS 7.1% |
|  Air Canada |  |  |
|  4.625% due 08/15/2029 | 900 | 655 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 2265 | 2269 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.150% due 08/15/2033 | 4372 | 4025 |
|  3.375% due 11/01/2028 | 3946 | 3849 |
|  3.500% due 08/15/2033 | 437 | 396 |
|  Amrize Finance U.S. LLC |  |  |
|  5.400% due 04/07/2035 | 5400 | 5482 |
|  Bacardi Ltd. |  |  |
|  4.700% due 05/15/2028 | 1000 | 1004 |
|  Bayer U.S. Finance LLC |  |  |
|  4.375% due 12/15/2028 | 358 | 355 |
|  6.500% due 11/21/2033 | 2200 | 2360 |
|  6.875% due 11/21/2053 | 2300 | 2444 |
|  Booz Allen Hamilton, Inc. |  |  |
|  5.950% due 04/15/2035 | 2000 | 2035 |
|  Bowdoin College |  |  |
|  4.693% due 07/01/2112 | 6600 | 5192 |
|  Cheniere Energy, Inc. |  |  |
|  5.650% due 04/15/2034 | 2000 | 2049 |
|  CVS Pass-Through Trust |  |  |
|  7.507% due 01/10/2032 | 3716 | 3892 |
|  Diageo Investment Corp. |  |  |
|  5.625% due 04/15/2035 | 1500 | 1569 |
|  Diamondback Energy, Inc. |  |  |
|  5.550% due 04/01/2035 | 2600 | 2629 |
|  DR Horton, Inc. |  |  |
|  5.000% due 10/15/2034 | 4000 | 3957 |
|  Energy Transfer LP |  |  |
|  5.600% due 09/01/2034 | 6000 | 6097 |
|  6.200% due 04/01/2055 | 4000 | 3941 |
|  Eni SpA |  |  |
|  5.750% due 05/19/2035 | 1800 | 1842 |
|  Flex Intermediate Holdco LLC |  |  |
|  3.363% due 06/30/2031 | 2800 | 2490 |
|  4.317% due 12/30/2039 | 2800 | 2213 |
|  Harbour Energy PLC |  |  |
|  6.327% due 04/01/2035 | 2000 | 1990 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HCA, Inc. |  |  |  |  |
|  5.750% due 03/01/2035 | $— | 2500 | $— | 2572 |
|  Kraft Heinz Foods Co. |  |  |  |  |
|  4.375% due 06/01/2046 |  | 5000 |  | 4048 |
|  Mars, Inc. |  |  |  |  |
|  5.650% due 05/01/2045 |  | 2500 |  | 2508 |
|  5.700% due 05/01/2055 |  | 5700 |  | 5690 |
|  Mondelez International, Inc. |  |  |  |  |
|  4.625% due 07/03/2031 |  | 5000 |  | 3806 |
|  Mundys SpA |  |  |  |  |
|  1.875% due 02/12/2028 |  | 400 |  | 456 |
|  National Fuel Gas Co. |  |  |  |  |
|  5.950% due 03/15/2035 | $— | 1650 |  | 1688 |
|  Nissan Motor Co. Ltd. |  |  |  |  |
|  4.810% due 09/17/2030 |  | 3100 |  | 2846 |
|  Occidental Petroleum Corp. |  |  |  |  |
|  5.375% due 01/01/2032 |  | 1200 |  | 1191 |
|  Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. | Pacific National Finance Pty. Ltd. |
|  4.750% due 03/22/2028 |  | 1700 |  | 1651 |
|  Quanta Services, Inc. |  |  |  |  |
|  5.250% due 08/09/2034 |  | 2700 |  | 2735 |
|  Rolls-Royce PLC |  |  |  |  |
|  1.625% due 05/09/2028 |  | 100 |  | 115 |
|  3.375% due 06/18/2026 |  | 100 |  | 136 |
|  5.750% due 10/15/2027 |  | 200 |  | 282 |
|  Smith & Nephew PLC |  |  |  |  |
|  5.400% due 03/20/2034 | $— | 5000 |  | 5074 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  4.911% due 09/01/2027 |  | 2000 |  | 2013 |
|  5.026% due 10/01/2029 |  | 2400 |  | 2409 |
|  Tennessee Gas Pipeline Co. LLC | 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 |  | 3511 |
|  Turkish Airlines Pass-Through Trust | 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 |  | 1625 |  | 1574 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 |  | 1883 |  | 1907 |
|  Vale Overseas Ltd. |  |  |  |  |
|  6.400% due 06/28/2054 |  | 3000 |  | 2951 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  4.125% due 08/15/2031 |  | 2500 |  | 2316 |
|  Weir Group, Inc. |  |  |  |  |
|  5.350% due 05/06/2030 |  | 2200 |  | 2232 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.450% due 11/15/2034 |  | 1700 |  | 1667 |
|  Woodside Finance Ltd. |  |  |  |  |
|  6.000% due 05/19/2035 |  | 3350 |  | 3421 |
|  |  |  |  | 121534 |
| UTILITIES 2.9% |  |  |  |  |
|  AES Corp. |  |  |  |  |
|  5.800% due 03/15/2032 |  | 5000 |  | 5079 |
|  Appalachian Power Co. |  |  |  |  |
|  5.650% due 04/01/2034 |  | 1900 |  | 1956 |
|  Black Hills Corp. |  |  |  |  |
|  6.000% due 01/15/2035 |  | 4100 |  | 4255 |
|  Edison International |  |  |  |  |
|  5.450% due 06/15/2029 |  | 600 |  | 594 |
|  5.750% due 06/15/2027 |  | 1800 |  | 1813 |
|  Electricite de France SA |  |  |  |  |
|  5.950% due 04/22/2034 |  | 5500 |  | 5738 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 |  | 6000 |  | 7675 |
|  FORESEA Holding SA |  |  |  |  |
|  7.500% due 06/15/2030 | $— | 27 |  | 27 |
|  IPALCO Enterprises, Inc. |  |  |  |  |
|  4.250% due 05/01/2030 |  | 2600 |  | 2498 |
|  Pacific Gas & Electric Co. |  |  |  |  |
|  4.500% due 07/01/2040 |  | 1500 |  | 1251 |
|  4.550% due 07/01/2030 |  | 1300 |  | 1270 |
|  4.750% due 02/15/2044 |  | 3000 |  | 2444 |
|  4.950% due 07/01/2050 |  | 700 |  | 565 |
|  6.000% due 08/15/2035 |  | 2000 |  | 2023 |
|  6.700% due 04/01/2053 |  | 4700 |  | 4719 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PPL Capital Funding, Inc. |  |  |
|  5.250% due 09/01/2034 | 2900 | 2925 |
|  Puget Energy, Inc. |  |  |
|  5.725% due 03/15/2035 | 3000 | 3019 |
|  Southern California Edison Co. |  |  |
|  4.875% due 03/01/2049 | 400 | 320 |
|  System Energy Resources, Inc. |  |  |
|  6.000% due 04/15/2028 | 1900 | 1979 |
|  |  | 50150 |
|  Total Corporate Bonds & Notes (Cost $632,746) |  | 640353 |
| MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% |
| CALIFORNIA 0.6% | CALIFORNIA 0.6% | CALIFORNIA 0.6% |
|  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 | 6710 | 6109 |
|  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 | 3455 | 3854 |
|  |  | 9963 |
| NEW YORK 0.1% |  |  |
|  New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 |
|  6.385% due 02/01/2055 | 820 | 853 |
| PENNSYLVANIA 0.0% |  |  |
|  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 | 642 |
|  Total Municipal Bonds & Notes (Cost $11,107) |  | 11458 |
| U.S. GOVERNMENT AGENCIES 54.7% | U.S. GOVERNMENT AGENCIES 54.7% | U.S. GOVERNMENT AGENCIES 54.7% |
|  Fannie Mae |  |  |
|  4.981% due 05/25/2042 ~ | 5 | 5 |
|  5.361% due 03/25/2041 ~ | 4 | 4 |
|  6.348% due 11/01/2032 •  | 4 | 4 |
|  6.357% due 01/01/2033 •  | 7 | 7 |
|  6.363% due 05/01/2033 •  | 10 | 10 |
|  6.446% due 12/01/2034 •  | 16 | 17 |
|  6.500% due 07/18/2027 | 1 | 1 |
|  7.095% due 09/01/2027 •  | 5 | 5 |
|  7.465% due 09/01/2032 •  | 1 | 1 |
|  Freddie Mac |  |  |
|  4.000% due 11/01/2047 | 6 | 6 |
|  4.868% due 08/15/2029 - 12/15/2031 •  | 2 | 2 |
|  4.918% due 09/15/2030 •  | 1 | 1 |
|  4.955% due 08/01/2032 •  | 11 | 12 |
|  4.968% due 03/15/2032 •  | 1 | 1 |
|  6.000% due 12/15/2028 | 30 | 31 |
|  6.375% due 01/01/2032 •  | 12 | 12 |
|  6.703% due 02/01/2033 •  | 5 | 5 |
|  7.000% due 04/01/2029 - 03/01/2030 | 3 | 3 |
|  7.250% due 10/01/2032 •  | 2 | 2 |
|  7.500% due 08/15/2030 | 8 | 8 |
|  7.500% due 10/01/2032 •  | 25 | 25 |
|  Ginnie Mae |  |  |
|  4.625% due 07/20/2027 - 07/20/2029 •  | 6 | 6 |
|  4.750% due 10/20/2027 •  | 1 | 0 |
|  4.875% due 04/20/2027 - 06/20/2032 •  | 9 | 9 |
|  5.625% due 01/20/2027 - 03/20/2032 •  | 15 | 16 |
|  Ginnie Mae, TBA |  |  |
|  2.500% due 08/01/2055 (a) | 350900 | 298178 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 01/01/2046 - 11/01/2051 | 43745 | 37912 |
|  3.500% due 05/01/2047 | 91 | 84 |
|  4.000% due 12/01/2044 - 09/01/2052 | 65283 | 60866 |
|  5.000% due 11/01/2033 - 07/01/2053 | 21927 | 21583 |
|  5.500% due 09/01/2053 - 12/01/2053 | 1718 | 1719 |
|  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 07/01/2055 | 8500 | 7356 |
|  4.500% due 08/01/2055 | 140000 | 133866 |
|  5.000% due 08/01/2055 | 188000 | 184148 |
|  5.500% due 08/01/2055 | 48100 | 48057 |
|  6.000% due 08/01/2055 | 50000 | 50765 |
|  6.500% due 08/01/2055 | 86900 | 89603 |
|  Total U.S. Government Agencies (Cost $926,620) | Total U.S. Government Agencies (Cost $926,620) | 934331 |
| U.S. TREASURY OBLIGATIONS 7.2% | U.S. TREASURY OBLIGATIONS 7.2% | U.S. TREASURY OBLIGATIONS 7.2% |
|  U.S. Treasury Bonds |  |  |
|  4.250% due 08/15/2054 (i) | 40000 | 36541 |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  1.250% due 04/15/2028 (k) | 53470 | 53379 |
|  1.750% due 01/15/2034 (k)(m) | 33183 | 32911 |
|  Total U.S. Treasury Obligations (Cost $123,839) |  | 122831 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.2% |
|  Adjustable Rate Mortgage Trust |  |  |
|  4.047% due 01/25/2036 ~ | 4 | 3 |
|  4.609% due 02/25/2036 ~ | 71 | 45 |
|  5.107% due 11/25/2035 ~ | 56 | 39 |
|  AG Trust |  |  |
|  6.327% due 07/15/2041 •  | 5750 | 5768 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  4.644% due 10/25/2046 •  | 322 | 163 |
|  4.814% due 09/25/2046 •  | 291 | 274 |
|  5.319% due 11/25/2046 •  | 471 | 114 |
|  Arroyo Mortgage Trust |  |  |
|  4.950% due 07/25/2057 þ | 1964 | 1958 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 07/25/2046 | 58 | 51 |
|  Banc of America Funding Trust |  |  |
|  4.746% due 08/27/2036 ~ | 4949 | 4760 |
|  4.750% due 09/20/2047 ~ | 59 | 52 |
|  4.812% due 10/20/2036 •  | 65 | 50 |
|  4.846% due 09/20/2046 ~ | 30 | 27 |
|  4.854% due 04/25/2037 •  | 52 | 44 |
|  5.032% due 05/20/2047 •  | 23 | 21 |
|  5.234% due 05/25/2037 •  | 50 | 43 |
|  5.500% due 03/25/2036 | 5 | 5 |
|  5.625% due 04/20/2035 ~ | 40 | 37 |
|  5.831% due 04/25/2037 ~ | 334 | 290 |
|  6.249% due 02/20/2036 ~ | 64 | 61 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.403% due 05/25/2035 ~ | 178 | 160 |
|  5.500% due 09/25/2035 | 123 | 109 |
|  5.500% due 05/25/2037 | 62 | 47 |
|  5.904% due 02/25/2034 ~ | 55 | 55 |
|  6.107% due 07/25/2035 ~ | 4 | 4 |
|  BCAP LLC Trust |  |  |
|  3.805% due 07/26/2036 ~ | 14 | 12 |
|  4.734% due 05/25/2047 •  | 24 | 22 |
|  4.770% due 03/26/2037 ~ | 48 | 39 |
|  4.874% due 05/25/2047 •  | 155 | 141 |
|  5.172% due 03/27/2037 ~ | 186 | 159 |
|  5.734% due 09/25/2047 •  | 47 | 41 |
|  6.834% due 10/25/2047 •  | 7590 | 5680 |
|  Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust | Bear Stearns Adjustable Rate Mortgage Trust |
|  4.250% due 05/25/2047 ~ | 76 | 68 |
|  4.361% due 05/25/2034 ~ | 16 | 15 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **37** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.521% due 02/25/2036 ~ | $— | 30 | $— | 27 |
|  4.847% due 03/25/2035 ~ |  | 20 |  | 19 |
|  5.117% due 01/25/2035 ~ |  | 5 |  | 5 |
|  5.375% due 02/25/2034 ~ |  | 21 |  | 20 |
|  5.925% due 11/25/2034 ~ |  | 23 |  | 21 |
|  6.244% due 06/25/2035 ~ |  | 1 |  | 1 |
|  6.373% due 12/25/2046 •  |  | 256 |  | 214 |
|  6.464% due 10/25/2035 ~ |  | 18 |  | 18 |
|  6.884% due 01/25/2034 ~ |  | 24 |  | 24 |
|  7.080% due 10/25/2035 •  |  | 117 |  | 111 |
|  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 |
|  4.180% due 08/25/2036 ~ |  | 208 |  | 140 |
|  4.333% due 11/25/2036 ~ |  | 64 |  | 29 |
|  4.545% due 02/25/2036 ~ |  | 153 |  | 110 |
|  4.714% due 05/25/2036 ~ |  | 293 |  | 140 |
|  4.810% due 07/25/2035 ~ |  | 289 |  | 196 |
|  4.849% due 02/25/2036 ~ |  | 16 |  | 14 |
|  4.874% due 04/25/2036 •  |  | 53 |  | 47 |
|  4.880% due 01/25/2036 ~ |  | 1647 |  | 1526 |
|  5.467% due 05/25/2035 ~ |  | 25 |  | 24 |
|  5.495% due 06/25/2034 ~ |  | 698 |  | 627 |
|  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 |
|  4.814% due 01/25/2037 •  |  | 43 |  | 42 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.062% due 01/26/2036 ~ |  | 246 |  | 175 |
|  Benchmark Mortgage Trust |  |  |  |  |
|  2.952% due 08/15/2057 |  | 4565 |  | 4280 |
|  BMO Mortgage Trust |  |  |  |  |
|  5.625% due 12/15/2057 ~ |  | 3500 |  | 3635 |
|  BX Trust |  |  |  |  |
|  5.409% due 05/15/2035 •  |  | 4000 |  | 3993 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ |  | 5787 |  | 5214 |
|  3.250% due 09/25/2063 ~ |  | 3527 |  | 3163 |
|  Chase Mortgage Finance Trust |  |  |  |  |
|  4.266% due 03/25/2037 ~ |  | 15 |  | 14 |
|  4.669% due 03/25/2037 ~ |  | 29 |  | 27 |
|  4.897% due 09/25/2036 ~ |  | 479 |  | 399 |
|  6.000% due 05/25/2037 |  | 95 |  | 41 |
|  ChaseFlex Trust |  |  |  |  |
|  5.000% due 07/25/2037 |  | 67 |  | 22 |
|  5.034% due 07/25/2037 •  |  | 108 |  | 96 |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.283% due 08/25/2037 |  | 19 |  | 16 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.664% due 10/25/2035 •  |  | 456 |  | 440 |
|  CIM Trust |  |  |  |  |
|  5.500% due 08/25/2064 ~ |  | 14533 |  | 14674 |
|  Citigroup Mortgage Loan Trust |  |  |  |  |
|  4.118% due 10/25/2046 ~ |  | 64 |  | 56 |
|  4.400% due 09/25/2037 ~ |  | 9 |  | 9 |
|  4.770% due 03/25/2037 ~ |  | 33 |  | 29 |
|  4.783% due 09/25/2037 ~ |  | 177 |  | 163 |
|  4.874% due 01/25/2037 •  |  | 1149 |  | 1006 |
|  5.135% due 07/25/2037 ~ |  | 311 |  | 278 |
|  5.500% due 12/25/2035 |  | 107 |  | 52 |
|  5.988% due 08/25/2035 ~ |  | 4 |  | 4 |
|  6.250% due 11/25/2037 ~ |  | 93 |  | 37 |
|  6.310% due 11/25/2035 •  |  | 9 |  | 9 |
|  7.230% due 10/25/2035 •  |  | 30 |  | 31 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.251% due 12/25/2035 ~ |  | 57 |  | 35 |
|  6.686% due 08/25/2035 ~ |  | 75 |  | 75 |
|  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 |  | 5932 |  | 5201 |
|  6.500% due 06/25/2037 |  | 62 |  | 56 |
|  COMM Mortgage Trust |  |  |  |  |
|  3.545% due 02/10/2036 |  | 1667 |  | 1638 |
|  Community Program Loan Trust |  |  |  |  |
|  4.500% due 04/01/2029 |  | 1 |  | 1 |
|  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 |
|  3.931% due 08/25/2037 ~ |  | 46 |  | 20 |
|  6.000% due 08/25/2037 ~ |  | 48 |  | 22 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.144% due 05/25/2036 ~ | $— | 6 | $— | 5 |
|  4.400% due 06/25/2037 ~ |  | 31 |  | 30 |
|  4.449% due 08/25/2035 ~ |  | 103 |  | 95 |
|  4.612% due 02/20/2047 •  |  | 693 |  | 556 |
|  4.714% due 08/25/2037 •  |  | 285 |  | 265 |
|  4.784% due 11/25/2036 •  |  | 2877 |  | 2662 |
|  4.794% due 11/25/2036 •  |  | 16 |  | 21 |
|  4.794% due 05/25/2047 •  |  | 546 |  | 503 |
|  4.814% due 07/25/2046 •  |  | 18 |  | 19 |
|  4.814% due 09/25/2046 •  |  | 151 |  | 147 |
|  4.852% due 07/20/2046 •  |  | 20 |  | 17 |
|  4.874% due 05/25/2035 •  |  | 572 |  | 535 |
|  4.918% due 11/25/2035 ~ |  | 39 |  | 37 |
|  4.934% due 05/25/2035 •  |  | 1092 |  | 949 |
|  4.934% due 06/25/2035 •  |  | 60 |  | 57 |
|  4.954% due 07/25/2035 •  |  | 60 |  | 55 |
|  4.954% due 12/25/2035 •  |  | 421 |  | 387 |
|  5.054% due 08/25/2035 •  |  | 67 |  | 62 |
|  5.399% due 02/25/2036 •  |  | 210 |  | 192 |
|  5.500% due 11/25/2035 |  | 64 |  | 37 |
|  5.500% due 02/25/2036 |  | 43 |  | 25 |
|  5.649% due 11/25/2047 •  |  | 363 |  | 322 |
|  5.689% due 11/20/2035 •  |  | 3746 |  | 3358 |
|  5.750% due 03/25/2037 •  |  | 80 |  | 41 |
|  5.750% due 07/25/2037 |  | 12 |  | 7 |
|  5.750% due 04/25/2047 |  | 91 |  | 47 |
|  5.779% due 11/25/2047 •  |  | 1007 |  | 895 |
|  5.894% due 11/25/2035 •  |  | 533 |  | 496 |
|  6.000% due 12/25/2034 |  | 35 |  | 32 |
|  6.000% due 03/25/2036 |  | 142 |  | 64 |
|  6.000% due 08/25/2036 •  |  | 43 |  | 24 |
|  6.000% due 08/25/2036 |  | 419 |  | 238 |
|  6.000% due 02/25/2037 |  | 376 |  | 148 |
|  6.000% due 04/25/2037 |  | 5814 |  | 4867 |
|  6.000% due 05/25/2037 |  | 328 |  | 139 |
|  6.000% due 08/25/2037 •  |  | 328 |  | 155 |
|  6.250% due 11/25/2036 |  | 51 |  | 37 |
|  6.500% due 05/25/2036 |  | 1231 |  | 559 |
|  6.500% due 12/25/2036 |  | 59 |  | 25 |
|  6.500% due 08/25/2037 |  | 338 |  | 143 |
|  7.607% due 07/25/2035 •  |  | 20 |  | 18 |
|  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 |
|  4.048% due 05/20/2036 ~ |  | 69 |  | 65 |
|  4.180% due 02/20/2036 ~ |  | 98 |  | 88 |
|  4.478% due 10/20/2035 ~ |  | 2 |  | 2 |
|  4.517% due 05/20/2036 ~ |  | 23 |  | 22 |
|  4.551% due 11/25/2037 ~ |  | 68 |  | 62 |
|  4.894% due 05/25/2035 •  |  | 35 |  | 31 |
|  4.925% due 01/25/2036 ~ |  | 21 |  | 20 |
|  4.974% due 02/25/2035 •  |  | 3 |  | 3 |
|  5.054% due 03/25/2035 •  |  | 120 |  | 108 |
|  5.114% due 03/25/2036 •  |  | 6 |  | 1 |
|  5.138% due 11/25/2034 ~ |  | 27 |  | 26 |
|  5.174% due 02/25/2035 •  |  | 157 |  | 146 |
|  5.214% due 02/25/2035 •  |  | 133 |  | 124 |
|  5.415% due 06/25/2034 ~ |  | 314 |  | 289 |
|  5.500% due 07/25/2037 |  | 226 |  | 91 |
|  5.696% due 08/25/2034 ~ |  | 1403 |  | 1378 |
|  5.750% due 12/25/2035 |  | 56 |  | 27 |
|  6.000% due 02/25/2037 |  | 203 |  | 89 |
|  6.000% due 03/25/2037 |  | 76 |  | 32 |
|  6.000% due 07/25/2037 |  | 162 |  | 69 |
|  6.500% due 11/25/2036 |  | 525 |  | 154 |
|  6.662% due 02/20/2036 •  |  | 7 |  | 6 |
|  7.743% due 08/25/2034 ~ |  | 13 |  | 12 |
|  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 |  | 20 |  | 23 |
|  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. |
|  5.063% due 03/25/2032 ~ |  | 5 |  | 5 |
|  5.584% due 09/25/2034 •  |  | 11 |  | 21 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  1.756% due 10/25/2066 ~ |  | 7037 |  | 6194 |
|  3.431% due 11/10/2032 |  | 1200 |  | 983 |
|  3.500% due 04/26/2038 ~ |  | 100 |  | 98 |
|  3.844% due 04/28/2037 ~ |  | 98 |  | 91 |
|  4.118% due 12/27/2060 ~ |  | 2719 |  | 2710 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.821% due 10/15/2036 •  |  | 1000 |  | 991 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
|  0.899% due 04/25/2066 ~ | 2433 | 2153 |
|  Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust | Deutsche Alt-A Securities Mortgage Loan Trust |
|  4.814% due 08/25/2047 •  | 150 | 138 |
|  Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust | Deutsche Alt-B Securities Mortgage Loan Trust |
|  4.734% due 04/25/2037 •  | 164 | 115 |
|  Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. |
|  4.554% due 11/27/2036 •  | 9 | 9 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  5.072% due 07/19/2045 •  | 3 | 0 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.308% due 06/13/2045 •  | 817 | 1122 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.355% due 01/25/2036 ~ | 124 | 61 |
|  5.338% due 04/25/2036 ~ | 40 | 34 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  6.344% due 11/25/2037 ~ | 15 | 11 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.843% due 11/19/2035 ~ | 80 | 63 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.834% due 05/25/2037 •  | 1417 | 1360 |
|  4.834% due 12/25/2046 •  | 161 | 157 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.722% due 10/10/2049 ~ | 5000 | 4209 |
|  GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust | GSC Capital Corp. Mortgage Trust |
|  4.794% due 05/25/2036 •  | 47 | 45 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.440% due 04/25/2035 ~ | 14 | 12 |
|  5.283% due 04/25/2035 ~ | 13 | 12 |
|  5.293% due 09/25/2035 ~ | 55 | 53 |
|  5.957% due 09/25/2035 ~ | 18 | 16 |
|  6.916% due 11/25/2035 ~ | 84 | 44 |
|  7.323% due 09/25/2034 ~ | 21 | 21 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.306% due 06/19/2036 ~ | 114 | 47 |
|  4.812% due 01/19/2038 •  | 20 | 18 |
|  4.842% due 12/19/2036 •  | 4470 | 3509 |
|  4.872% due 05/19/2035 •  | 1017 | 978 |
|  4.912% due 12/19/2036 •  | 2364 | 2232 |
|  4.932% due 01/19/2036 •  | 72 | 47 |
|  4.932% due 01/19/2038 •  | 24 | 36 |
|  5.112% due 01/19/2035 •  | 16 | 16 |
|  5.174% due 12/19/2035 ~ | 66 | 34 |
|  5.227% due 07/19/2045 •  | 22 | 19 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  4.794% due 07/25/2047 •  | 166 | 109 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.795% due 08/25/2036 ~ | 1267 | 993 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  5.034% due 11/25/2035 •  | 111 | 63 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.203% due 06/25/2037 ~ | 48 | 39 |
|  3.446% due 06/25/2036 ~ | 680 | 590 |
|  3.571% due 06/25/2036 ~ | 3263 | 2238 |
|  3.678% due 10/25/2035 ~ | 445 | 361 |
|  3.736% due 08/25/2035 ~ | 426 | 313 |
|  3.961% due 11/25/2035 ~ | 71 | 67 |
|  4.089% due 09/25/2035 ~ | 43 | 35 |
|  4.576% due 06/25/2035 ~ | 15 | 14 |
|  4.814% due 09/25/2046 •  | 66 | 60 |
|  4.994% due 03/25/2035 •  | 13 | 13 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.754% due 10/25/2036 •  | 2381 | 2180 |
|  4.794% due 12/25/2036 ~ | 3 | 3 |
|  4.939% due 06/27/2037 •  | 1260 | 759 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  1.974% due 01/05/2040 | 2940 | 2663 |
|  7.235% due 10/05/2040 | 3200 | 3407 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 04/25/2052 ~ | 8574 | 7319 |
|  5.078% due 11/25/2035 ~ | 31 | 25 |
|  5.298% due 06/25/2037 ~ | 54 | 42 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.531% due 01/25/2037 ~ | $— | 6 | $— | 5 |
|  5.710% due 11/25/2035 ~ |  | 22 |  | 18 |
|  6.000% due 01/25/2036 |  | 94 |  | 42 |
|  6.373% due 07/25/2035 ~ |  | 60 |  | 61 |
|  6.739% due 07/25/2035 ~ |  | 38 |  | 38 |
|  7.172% due 09/25/2034 ~ |  | 47 |  | 46 |
|  7.534% due 04/25/2035 ~ |  | 1 |  | 1 |
|  Lavender Trust | Lavender Trust | Lavender Trust | Lavender Trust | Lavender Trust |
|  6.250% due 10/26/2036 |  | 206 |  | 93 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.750% due 07/25/2061 |  | 1503 |  | 1499 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.362% due 12/25/2035 ~ |  | 172 |  | 26 |
|  5.094% due 01/25/2036 ~ |  | 35 |  | 34 |
|  6.000% due 07/25/2036 |  | 55 |  | 26 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.704% due 02/25/2036 •  |  | 3309 |  | 3074 |
|  4.814% due 11/25/2046 •  |  | 7009 |  | 6178 |
|  4.834% due 08/25/2046 •  |  | 22 |  | 23 |
|  4.914% due 11/25/2046 •  |  | 7 |  | 10 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.774% due 12/25/2036 •  |  | 324 |  | 296 |
|  4.834% due 10/25/2046 •  |  | 88 |  | 80 |
|  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 |
|  4.914% due 05/25/2037 •  |  | 80 |  | 31 |
|  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 |  | 598 |  | 395 |
|  8.000% due 07/25/2035 |  | 589 |  | 414 |
|  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 |
|  5.137% due 10/20/2029 •  |  | 9 |  | 8 |
|  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 |
|  4.754% due 01/25/2037 •  |  | 102 |  | 31 |
|  5.034% due 03/25/2037 •  |  | 720 |  | 168 |
|  6.000% due 05/25/2037 |  | 118 |  | 91 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.894% due 04/25/2029 •  |  | 8 |  | 7 |
|  5.094% due 09/25/2029 •  |  | 1 |  | 1 |
|  5.094% due 11/25/2029 •  |  | 16 |  | 14 |
|  5.655% due 07/25/2029 •  |  | 5 |  | 5 |
|  5.742% due 02/25/2036 ~ |  | 13 |  | 13 |
|  6.028% due 11/25/2035 •  |  | 22 |  | 21 |
|  6.250% due 10/25/2036 |  | 1020 |  | 367 |
|  Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust | Morgan Stanley Capital Trust |
|  2.509% due 04/05/2042 ~ |  | 5000 |  | 4369 |
|  3.912% due 09/09/2032 |  | 3180 |  | 2825 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.355% due 03/25/2033 ~ |  | 13 |  | 11 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.601% due 07/25/2035 ~ |  | 962 |  | 859 |
|  4.754% due 01/25/2035 •  |  | 11 |  | 11 |
|  6.000% due 10/25/2037 |  | 67 |  | 34 |
|  6.309% due 06/25/2036 ~ |  | 12 |  | 11 |
|  Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust | Morgan Stanley Re-REMIC Trust |
|  3.262% due 02/26/2037 •  |  | 80 |  | 75 |
|  3.277% due 03/26/2037 |  | 43 |  | 45 |
|  5.500% due 10/26/2035 ~ |  | 4836 |  | 3021 |
|  NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust | NAAC Reperforming Loan REMIC Trust |
|  7.500% due 03/25/2034 |  | 229 |  | 215 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  6.864% due 10/25/2063 |  | 8735 |  | 8829 |
|  New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust | New York Mortgage Trust Loan Trust |
|  5.250% due 07/25/2062 þ |  | 3575 |  | 3573 |
|  NLT Trust | NLT Trust | NLT Trust | NLT Trust | NLT Trust |
|  1.162% due 08/25/2056 ~ |  | 3198 |  | 2790 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 ~ |  | 21 |  | 0 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  6.500% due 10/26/2037 |  | 4331 |  | 1788 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  5.521% due 11/15/2038 •  |  | 1200 |  | 1198 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  6.120% due 11/25/2062 ~ |  | 2352 |  | 2351 |
|  7.045% due 09/25/2063 þ |  | 1506 |  | 1529 |
|  7.159% due 10/25/2063 þ |  | 3661 |  | 3724 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ | 1843 | 1852 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.734% due 08/25/2035 •  | 65 | 46 |
|  4.774% due 12/25/2036 •  | 143 | 128 |
|  4.834% due 05/25/2047 •  | 52 | 48 |
|  4.854% due 06/25/2037 •  | 45 | 40 |
|  4.920% due 02/25/2035 ~ | 139 | 124 |
|  4.934% due 08/25/2037 •  | 103 | 99 |
|  5.234% due 10/25/2045 •  | 51 | 36 |
|  5.849% due 02/25/2036 ~ | 74 | 63 |
|  6.000% due 09/25/2035 | 467 | 412 |
|  6.000% due 06/25/2036 | 2173 | 1780 |
|  8.000% due 04/25/2036 •  | 58 | 49 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  6.000% due 06/25/2036 | 167 | 63 |
|  6.000% due 11/25/2036 | 122 | 43 |
|  6.000% due 03/25/2037 | 98 | 29 |
|  6.250% due 11/25/2036 | 83 | 30 |
|  6.500% due 04/25/2037 | 1138 | 303 |
|  Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust | Residential Funding Mortgage Securities, Inc. Trust |
|  5.243% due 03/25/2035 ~ | 675 | 436 |
|  6.000% due 09/25/2036 | 89 | 71 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  0.943% due 05/25/2065 ~ | 868 | 815 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.316% due 07/25/2037 ~ | 3 | 2 |
|  4.556% due 09/25/2036 ~ | 1420 | 965 |
|  4.600% due 10/25/2036 ~ | 77 | 38 |
|  4.665% due 02/25/2036 ~ | 137 | 101 |
|  4.754% due 10/25/2035 •  | 513 | 488 |
|  5.169% due 06/25/2034 •  | 143 | 138 |
|  5.373% due 10/25/2034 ~ | 4 | 4 |
|  5.799% due 05/25/2035 •  | 181 | 142 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.694% due 03/25/2037 •  | 63 | 24 |
|  4.794% due 09/25/2047 •  | 31 | 29 |
|  4.814% due 06/25/2036 •  | 1468 | 1447 |
|  4.814% due 07/25/2046 •  | 275 | 191 |
|  4.814% due 09/25/2047 •  | 305 | 284 |
|  4.834% due 05/25/2036 •  | 383 | 314 |
|  4.854% due 09/25/2047 •  | 607 | 536 |
|  4.874% due 05/25/2046 •  | 676 | 237 |
|  4.954% due 05/25/2046 •  | 28 | 17 |
|  5.132% due 03/19/2034 •  | 86 | 81 |
|  5.132% due 02/19/2035 •  | 47 | 44 |
|  5.172% due 12/19/2033 •  | 71 | 69 |
|  6.226% due 02/25/2036 •  | 189 | 161 |
|  SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust | SunTrust Adjustable Rate Mortgage Loan Trust |
|  6.615% due 02/25/2037 ~ | 52 | 48 |
|  SunTrust Alternative Loan Trust | SunTrust Alternative Loan Trust | SunTrust Alternative Loan Trust |
|  6.000% due 12/25/2035 | 147 | 137 |
|  TBW Mortgage-Backed Trust |  |  |
|  5.965% due 07/25/2037 ~ | 2638 | 750 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.400% due 09/25/2037 ~ | 6 | 6 |
|  5.074% due 09/25/2043 •  | 63 | 62 |
|  5.174% due 09/25/2034 •  | 10 | 10 |
|  Towd Point Mortgage Trust |  |  |
|  3.750% due 02/25/2059 ~ | 4702 | 4601 |
|  4.518% due 10/25/2064 ~ | 4791 | 4787 |
|  VASA Trust |  |  |
|  5.326% due 07/15/2039 •  | 1000 | 973 |
|  Verus Securitization Trust |  |  |
|  1.824% due 11/25/2066 ~ | 2942 | 2692 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  7.444% due 10/20/2035 ~ | 9 | 8 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.142% due 12/25/2036 ~ | 63 | 56 |
|  4.252% due 12/25/2036 ~ | 575 | 522 |
|  4.974% due 12/25/2045 •  | 2 | 2 |
|  5.074% due 01/25/2045 •  | 75 | 74 |
|  5.077% due 08/25/2036 ~ | 46 | 43 |
|  5.099% due 02/25/2047 •  | 1015 | 930 |
|  5.149% due 06/25/2047 •  | 23 | 19 |
|  5.174% due 11/25/2034 •  | 65 | 62 |
|  5.209% due 07/25/2047 •  | 7710 | 6471 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.214% due 10/25/2044 •  | $— | 341 | 333 |
|  5.254% due 11/25/2045 •  |  | 89 | 84 |
|  5.399% due 08/25/2046 •  |  | 465 | 426 |
|  5.414% due 11/25/2034 •  |  | 178 | 170 |
|  5.599% due 11/25/2042 •  |  | 7 | 6 |
|  5.899% due 11/25/2046 •  |  | 137 | 121 |
|  6.172% due 08/25/2033 ~ |  | 78 | 76 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.928% due 09/25/2036 |  | 119 | 32 |
|  4.884% due 05/25/2035 •  |  | 175 | 148 |
|  5.099% due 04/25/2047 •  |  | 198 | 161 |
|  5.169% due 04/25/2047 •  |  | 289 | 237 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.520% due 07/25/2037 ~ |  | 20 | 18 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.000% due 06/25/2037 |  | 20 | 19 |
|  7.379% due 10/25/2036 ~ |  | 109 | 100 |
|  Total Non-Agency Mortgage-Backed Securities<br>(Cost $241,638) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $241,638) | Total Non-Agency Mortgage-Backed Securities<br>(Cost $241,638) | 225056 |
| ASSET-BACKED SECURITIES 29.8% | ASSET-BACKED SECURITIES 29.8% | ASSET-BACKED SECURITIES 29.8% | ASSET-BACKED SECURITIES 29.8% |
| AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.610% due 11/10/2027 |  | 1001 | 1001 |
|  5.330% due 07/10/2029 |  | 1000 | 1011 |
|  5.630% due 11/10/2027 |  | 579 | 579 |
|  5.900% due 08/10/2027 |  | 577 | 578 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 |  | 1542 | 1552 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  4.972% due 03/15/2030 |  | 2400 | 1830 |
|  Octane Receivables Trust |  |  |  |
|  6.440% due 03/20/2029 | $— | 1333 | 1343 |
|  |  |  | 7894 |
| CMBS OTHER 1.3% |  |  |  |
|  BDS LLC |  |  |  |
|  6.454% due 08/19/2038 •  |  | 1515 | 1516 |
|  BSPRT Issuer Ltd. |  |  |  |
|  6.608% due 07/15/2039 •  |  | 2178 | 2184 |
|  Greystone Commercial Real Estate LLC | Greystone Commercial Real Estate LLC | Greystone Commercial Real Estate LLC | Greystone Commercial Real Estate LLC |
|  5.793% due 01/15/2043 •  |  | 7000 | 7009 |
|  MF1 LLC |  |  |  |
|  5.635% due 02/18/2040 •  |  | 5500 | 5493 |
|  MF1 Ltd. |  |  |  |
|  5.668% due 02/19/2037 •  |  | 1675 | 1676 |
|  TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. | TPG Real Estate Finance Issuer Ltd. |
|  5.628% due 03/15/2038 •  |  | 5310 | 5305 |
|  |  |  | 23183 |
| CREDIT CARD BULLET 0.1% |  |  |  |
|  Golden Credit Card Trust |  |  |  |
|  4.310% due 09/15/2027 |  | 2630 | 2629 |
| HOME EQUITY OTHER 11.3% |  |  |  |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.214% due 10/25/2035 •  |  | 48 | 47 |
|  ABFC Trust | ABFC Trust | ABFC Trust | ABFC Trust |
|  4.714% due 11/25/2036 •  |  | 7576 | 4831 |
|  5.434% due 06/25/2037 •  |  | 128 | 107 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.694% due 09/25/2036 •  |  | 1044 | 1040 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.654% due 12/25/2036 •  |  | 282 | 71 |
|  4.714% due 07/25/2036 •  |  | 91 | 73 |
|  4.744% due 08/25/2036 •  |  | 179 | 174 |
|  5.034% due 02/25/2036 •  |  | 7 | 6 |
|  5.049% due 12/25/2035 •  |  | 1442 | 1367 |
|  5.094% due 11/25/2035 •  |  | 12 | 13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.334% due 12/25/2034 •  | $— | 90 | $— | 81 |
|  5.364% due 02/25/2036 •  |  | 50 |  | 47 |
|  5.409% due 06/25/2034 •  |  | 271 |  | 258 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  5.079% due 12/25/2035 •  |  | 141 |  | 132 |
|  5.134% due 03/25/2035 •  |  | 36 |  | 35 |
|  5.154% due 06/25/2035 •  |  | 66 |  | 63 |
|  5.434% due 03/25/2035 •  |  | 26 |  | 25 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.139% due 11/25/2035 •  |  | 29 |  | 28 |
|  5.214% due 09/25/2035 •  |  | 550 |  | 551 |
|  5.544% due 03/25/2035 •  |  | 116 |  | 115 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  5.434% due 10/25/2034 •  |  | 66 |  | 66 |
|  Argent Securities Trust |  |  |  |  |
|  4.584% due 09/25/2036 •  |  | 718 |  | 231 |
|  4.814% due 03/25/2036 •  |  | 265 |  | 146 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.894% due 01/25/2036 •  |  | 64 |  | 61 |
|  5.074% due 01/25/2036 •  |  | 2576 |  | 2379 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.929% due 12/25/2036 •  |  | 6300 |  | 5787 |
|  5.334% due 06/25/2035 •  |  | 51 |  | 50 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.894% due 02/25/2037 •  |  | 10315 |  | 9942 |
|  4.974% due 11/25/2035 •  |  | 75 |  | 75 |
|  5.109% due 08/25/2036 •  |  | 11 |  | 11 |
|  5.334% due 03/25/2034 •  |  | 1403 |  | 1470 |
|  5.484% due 08/25/2037 •  |  | 4186 |  | 3743 |
|  5.614% due 06/25/2043 •  |  | 421 |  | 417 |
|  5.684% due 08/25/2037 •  |  | 8 |  | 8 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.654% due 01/25/2037 •  |  | 1200 |  | 902 |
|  4.694% due 02/25/2037 •  |  | 2919 |  | 2826 |
|  5.484% due 05/25/2035 •  |  | 175 |  | 170 |
|  CIT Mortgage Loan Trust |  |  |  |  |
|  6.684% due 10/25/2037 •  |  | 4292 |  | 4337 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.604% due 05/25/2037 •  |  | 9986 |  | 8798 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.169% due 09/25/2035 •  |  | 147 |  | 146 |
|  6.114% due 07/25/2035 •  |  | 1000 |  | 864 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.934% due 01/25/2046 •  |  | 2868 |  | 2720 |
|  5.334% due 03/25/2047 •  |  | 49 |  | 38 |
|  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 |
|  3.387% due 03/25/2036 •  |  | 367 |  | 363 |
|  3.685% due 04/25/2035 •  |  | 33 |  | 33 |
|  4.276% due 10/25/2046 ~ |  | 4441 |  | 4439 |
|  4.574% due 07/25/2037 •  |  | 31 |  | 31 |
|  4.634% due 06/25/2047 •  |  | 10440 |  | 9230 |
|  4.664% due 10/25/2047 •  |  | 22 |  | 21 |
|  4.684% due 06/25/2047 •  |  | 121 |  | 117 |
|  4.694% due 04/25/2046 •  |  | 2660 |  | 2523 |
|  4.714% due 06/25/2035 •  |  | 6006 |  | 5466 |
|  4.714% due 02/25/2037 •  |  | 3518 |  | 3324 |
|  4.834% due 09/25/2037 •  |  | 2181 |  | 1999 |
|  4.874% due 09/25/2037 •  |  | 178 |  | 186 |
|  4.874% due 09/25/2047 •  |  | 420 |  | 420 |
|  5.154% due 07/25/2034 •  |  | 10 |  | 10 |
|  5.334% due 10/25/2034 •  |  | 19 |  | 19 |
|  5.934% due 02/25/2035 •  |  | 60 |  | 59 |
|  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 |
|  2.841% due 01/25/2036 |  | 39 |  | 34 |
|  4.554% due 07/25/2037 •  |  | 7 |  | 5 |
|  4.654% due 07/25/2037 •  |  | 155 |  | 102 |
|  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 |
|  5.066% due 08/15/2030 •  |  | 14 |  | 14 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.174% due 05/25/2040 •  |  | 5 |  | 5 |
|  First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust |
|  1.656% due 05/25/2035 •  |  | 577 |  | 514 |
|  4.504% due 08/25/2037 •  |  | 39 |  | 20 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.584% due 01/25/2037 •  | 199 | 91 |
|  4.754% due 08/25/2036 •  | 175 | 55 |
|  4.774% due 02/25/2036 •  | 18 | 18 |
|  4.774% due 02/25/2037 •  | 665 | 203 |
|  4.974% due 02/25/2036 •  | 300 | 272 |
|  4.974% due 04/25/2036 •  | 2614 | 2386 |
|  5.224% due 12/25/2029 •  | 4 | 4 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.674% due 04/25/2047 •  | 45 | 43 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.524% due 01/25/2037 •  | 1939 | 1169 |
|  4.554% due 12/25/2036 •  | 1442 | 715 |
|  4.574% due 12/25/2036 •  | 6175 | 3295 |
|  4.574% due 01/25/2037 •  | 35063 | 21373 |
|  4.734% due 09/25/2036 •  | 2606 | 900 |
|  4.734% due 12/25/2046 •  | 420 | 208 |
|  4.834% due 11/25/2036 •  | 367 | 171 |
|  4.894% due 12/25/2046 •  | 126 | 62 |
|  4.914% due 06/25/2036 •  | 175 | 97 |
|  4.974% due 04/25/2036 •  | 216 | 146 |
|  6.084% due 10/25/2034 •  | 12 | 12 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.529% due 05/25/2035 •  | 20 | 20 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.664% due 04/25/2037 •  | 336 | 324 |
|  4.774% due 04/25/2037 •  | 500 | 441 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.574% due 11/25/2036 •  | 207 | 194 |
|  4.594% due 11/25/2036 •  | 167 | 152 |
|  4.754% due 04/25/2037 •  | 169 | 149 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.654% due 12/25/2036 •  | 189 | 47 |
|  4.774% due 12/25/2036 •  | 860 | 206 |
|  4.874% due 12/25/2036 •  | 573 | 137 |
|  5.214% due 11/25/2035 •  | 2023 | 1880 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.839% due 07/25/2036 •  | 95 | 94 |
|  6.337% due 08/25/2036 | 84 | 49 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  4.524% due 06/25/2037 •  | 145 | 96 |
|  4.634% due 06/25/2037 •  | 117 | 78 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  5.484% due 06/25/2035 •  | 258 | 253 |
|  5.709% due 02/25/2035 •  | 6185 | 6086 |
|  5.859% due 03/25/2032 •  | 8 | 12 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.654% due 08/25/2036 •  | 132 | 48 |
|  4.734% due 08/25/2036 •  | 218 | 80 |
|  4.794% due 02/25/2036 •  | 279 | 102 |
|  4.874% due 11/25/2036 •  | 3330 | 1969 |
|  4.914% due 06/25/2036 •  | 120 | 42 |
|  4.914% due 08/25/2036 •  | 131 | 48 |
|  4.934% due 11/25/2035 •  | 6578 | 3715 |
|  5.004% due 01/25/2036 •  | 84 | 84 |
|  5.184% due 12/25/2034 •  | 10 | 10 |
|  5.184% due 10/25/2035 •  | 166 | 158 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.914% due 08/25/2037 •  | 632 | 310 |
|  5.154% due 05/25/2036 •  | 10 | 10 |
|  5.334% due 02/25/2047 •  | 734 | 431 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  4.504% due 10/25/2036 •  | 67 | 29 |
|  4.544% due 10/25/2036 •  | 543 | 282 |
|  4.574% due 10/25/2036 •  | 1997 | 871 |
|  4.574% due 11/25/2036 •  | 173 | 82 |
|  4.584% due 10/25/2036 •  | 159 | 82 |
|  4.614% due 03/25/2037 •  | 300 | 128 |
|  4.634% due 02/25/2037 •  | 100 | 44 |
|  4.654% due 11/25/2036 •  | 1036 | 492 |
|  4.684% due 03/25/2037 •  | 300 | 128 |
|  4.734% due 06/25/2036 •  | 454 | 341 |
|  4.734% due 09/25/2036 •  | 312 | 107 |
|  4.734% due 11/25/2036 •  | 858 | 486 |
|  5.034% due 12/25/2035 •  | 9956 | 9300 |
|  5.054% due 12/25/2035 •  | 68 | 67 |
|  5.334% due 05/25/2034 •  | 53 | 51 |
|  5.424% due 06/25/2035 •  | 47 | 47 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.484% due 04/25/2035 •  | $— | 136 | $— | 128 |
|  5.684% due 07/25/2037 •  |  | 400 |  | 356 |
|  Morgan Stanley Capital, Inc. Trust | Morgan Stanley Capital, Inc. Trust | Morgan Stanley Capital, Inc. Trust | Morgan Stanley Capital, Inc. Trust | Morgan Stanley Capital, Inc. Trust |
|  5.014% due 01/25/2036 •  |  | 369 |  | 359 |
|  Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust | Morgan Stanley Dean Witter Capital, Inc. Trust |
|  5.784% due 02/25/2033 •  |  | 164 |  | 174 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.604% due 04/25/2037 •  |  | 420 |  | 218 |
|  4.664% due 04/25/2037 •  |  | 140 |  | 73 |
|  4.754% due 04/25/2036 •  |  | 71 |  | 50 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.960% due 11/25/2036 •  |  | 211 |  | 78 |
|  6.465% due 09/25/2046 þ |  | 275 |  | 90 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  5.409% due 10/25/2033 •  |  | 620 |  | 618 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  4.664% due 04/25/2037 •  |  | 601 |  | 597 |
|  4.774% due 04/25/2037 •  |  | 4292 |  | 3985 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  6.532% due 10/25/2036 |  | 141 |  | 29 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.734% due 06/25/2036 •  |  | 75 |  | 55 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.604% due 05/25/2037 •  |  | 8809 |  | 4726 |
|  4.714% due 01/25/2037 •  |  | 45 |  | 26 |
|  4.764% due 04/25/2037 •  |  | 91 |  | 45 |
|  4.874% due 01/25/2037 •  |  | 180 |  | 106 |
|  4.974% due 01/25/2036 •  |  | 285 |  | 269 |
|  5.199% due 08/25/2035 •  |  | 238 |  | 232 |
|  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 |
|  5.124% due 11/25/2035 •  |  | 1287 |  | 1242 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  5.334% due 10/25/2036 •  |  | 101 |  | 96 |
|  Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. |
|  5.169% due 09/25/2035 •  |  | 121 |  | 118 |
|  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 |
|  5.169% due 08/25/2035 •  |  | 94 |  | 94 |
|  5.169% due 09/25/2035 •  |  | 135 |  | 133 |
|  5.229% due 07/25/2035 •  |  | 2 |  | 1 |
|  5.259% due 07/25/2035 •  |  | 950 |  | 917 |
|  5.484% due 10/25/2034 •  |  | 142 |  | 141 |
|  5.559% due 03/25/2035 •  |  | 115 |  | 113 |
|  6.234% due 12/25/2034 •  |  | 2992 |  | 2988 |
|  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 |
|  4.574% due 09/25/2036 •  |  | 338 |  | 83 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  5.134% due 11/25/2046 •  |  | 262 |  | 241 |
|  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 |  | 7350 |  | 2351 |
|  5.608% due 05/25/2036 þ |  | 9550 |  | 4144 |
|  5.812% due 11/25/2036 þ |  | 513 |  | 172 |
|  6.254% due 08/25/2036 þ |  | 9184 |  | 3527 |
|  7.238% due 09/25/2037 |  | 206 |  | 81 |
|  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 |
|  5.124% due 10/25/2035 •  |  | 6 |  | 6 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  4.694% due 11/25/2036 •  |  | 189 |  | 176 |
|  4.774% due 11/25/2036 •  |  | 210 |  | 197 |
|  5.094% due 12/25/2035 •  |  | 82 |  | 71 |
|  5.114% due 04/25/2037 •  |  | 921 |  | 896 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.614% due 07/25/2036 •  |  | 182 |  | 60 |
|  4.754% due 07/25/2036 •  |  | 178 |  | 58 |
|  4.914% due 07/25/2036 •  |  | 609 |  | 200 |
|  4.974% due 03/25/2036 •  |  | 90 |  | 83 |
|  5.109% due 01/25/2035 •  |  | 16 |  | 14 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.754% due 07/25/2036 •  |  | 27104 |  | 5628 |
|  5.109% due 10/25/2035 •  |  | 293 |  | 289 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.514% due 06/25/2037 •  |  | 35 |  | 23 |
|  4.614% due 07/25/2037 •  |  | 1184 |  | 1065 |
|  4.654% due 02/25/2037 •  |  | 264 |  | 71 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.794% due 02/25/2037 •  | 370 | 99 |
|  4.934% due 06/25/2036 •  | 2257 | 2234 |
|  4.959% due 03/25/2036 •  | 29 | 29 |
|  5.384% due 10/25/2037 •  | 197 | 152 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.584% due 09/25/2036 •  | 8 | 8 |
|  5.034% due 01/25/2036 •  | 41 | 40 |
|  5.334% due 05/25/2035 •  | 209 | 206 |
|  5.364% due 09/25/2034 •  | 91 | 78 |
|  5.559% due 07/25/2033 •  | 14 | 14 |
|  5.709% due 12/25/2034 •  | 1138 | 1104 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.584% due 09/25/2036 •  | 28 | 27 |
|  4.664% due 01/25/2037 •  | 1645 | 939 |
|  4.854% due 02/25/2037 •  | 169 | 167 |
|  6.434% due 08/25/2037 •  | 18 | 18 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  5.124% due 09/25/2035 •  | 267 | 256 |
|  WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust | WaMu Asset-Backed Certificates WaMu Trust |
|  4.659% due 05/25/2037 •  | 4864 | 4567 |
|  4.674% due 05/25/2037 •  | 910 | 808 |
|  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 |
|  5.034% due 04/25/2034 •  | 72 | 72 |
|  |  | 192478 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  ABFC Trust |  |  |
|  4.654% due 01/25/2037 •  | 291 | 160 |
|  4.754% due 01/25/2037 •  | 183 | 101 |
|  4.874% due 01/25/2037 •  | 110 | 61 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.694% due 03/25/2037 •  | 69 | 68 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.894% due 02/25/2037 •  | 96 | 19 |
|  5.154% due 04/25/2037 •  | 196 | 51 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.814% due 03/25/2036 •  | 29 | 29 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.774% due 12/25/2036 •  | 31 | 30 |
|  6.234% due 08/25/2037 •  | 12 | 12 |
|  |  | 531 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Corp. |  |  |
|  7.060% due 02/01/2031 ~ | 179 | 166 |
| WHOLE LOAN COLLATERAL 0.9% |  |  |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.199% due 07/25/2036 ~ | 4 | 4 |
|  5.234% due 09/25/2046 •  | 64 | 61 |
|  5.348% due 10/25/2036 ~ | 30 | 14 |
|  5.634% due 06/25/2036 •  | 600 | 615 |
|  8.925% due 03/25/2036 •  | 183 | 57 |
|  Cendant Mortgage Corp. |  |  |
|  6.000% due 07/25/2043 ~ | 6 | 6 |
|  Citigroup Mortgage Loan Trust |  |  |
|  4.834% due 11/25/2046 •  | 58 | 57 |
|  6.851% due 05/25/2036 þ | 119 | 43 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.934% due 03/25/2036 •  | 262 | 274 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.714% due 12/25/2036 •  | 198 | 81 |
|  4.754% due 04/25/2036 •  | 90 | 88 |
|  4.914% due 04/25/2036 •  | 400 | 361 |
|  4.914% due 08/25/2036 •  | 93 | 90 |
|  5.154% due 11/25/2035 •  | 83 | 78 |
|  5.379% due 03/25/2035 •  | 22 | 23 |
|  5.619% due 12/25/2034 •  | 886 | 894 |
|  5.634% due 01/25/2035 •  | 43 | 43 |
|  5.859% due 10/25/2034 •  | 208 | 209 |
|  Lehman XS Trust |  |  |
|  4.604% due 02/25/2037 •  | 776 | 589 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PRET LLC |  |  |  |  |
|  4.744% due 07/25/2051 þ | $— | 1087 | $— | 1082 |
|  RAAC Trust |  |  |  |  |
|  5.034% due 06/25/2044 •  |  | 18 |  | 16 |
|  5.034% due 09/25/2045 •  |  | 521 |  | 513 |
|  5.934% due 09/25/2047 •  |  | 401 |  | 398 |
|  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 |
|  4.994% due 09/25/2036 •  |  | 61 |  | 58 |
|  5.034% due 05/25/2036 •  |  | 556 |  | 471 |
|  5.074% due 01/25/2036 •  |  | 327 |  | 303 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.714% due 05/25/2036 •  |  | 3742 |  | 1929 |
|  4.934% due 05/25/2036 •  |  | 778 |  | 401 |
|  5.094% due 08/25/2035 •  |  | 88 |  | 65 |
|  5.394% due 01/25/2036 •  |  | 23 |  | 22 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.704% due 04/25/2037 •  |  | 106 |  | 78 |
|  4.734% due 09/25/2037 •  |  | 6968 |  | 4785 |
|  4.734% due 11/25/2037 •  |  | 583 |  | 321 |
|  5.000% due 12/25/2036 •  |  | 751 |  | 742 |
|  5.409% due 12/25/2035 •  |  | 40 |  | 40 |
|  |  |  |  | 14811 |
| OTHER ABS 15.7% |  |  |  |  |
|  Anchorage Capital CLO Ltd. |  |  |  |  |
|  5.319% due 10/20/2034 •  |  | 4300 |  | 4301 |
|  Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust | Apollo Aviation Securitization Equity Trust |
|  5.522% due 02/16/2050 « |  | 4500 |  | 4538 |
|  Ares CLO Ltd. |  |  |  |  |
|  5.433% due 10/28/2034 •  |  | 4600 |  | 4605 |
|  Atlantic Avenue Ltd. |  |  |  |  |
|  5.529% due 01/20/2035 •  |  | 6200 |  | 6198 |
|  Atlas Senior Loan Fund Ltd. |  |  |  |  |
|  5.379% due 01/18/2035 •  |  | 2100 |  | 2099 |
|  5.499% due 10/23/2032 •  |  | 6506 |  | 6515 |
|  Aurium CLO DAC |  |  |  |  |
|  2.922% due 04/16/2030 •  |  | 4844 |  | 5708 |
|  Bain Capital Credit CLO Ltd. |  |  |  |  |
|  5.269% due 04/23/2035 •  | $— | 3700 |  | 3689 |
|  5.299% due 10/21/2034 •  |  | 3200 |  | 3185 |
|  5.335% due 07/24/2034 •  |  | 2000 |  | 1992 |
|  5.469% due 10/20/2034 •  |  | 7500 |  | 7518 |
|  Betony CLO Ltd. |  |  |  |  |
|  5.621% due 04/30/2031 •  |  | 2194 |  | 2197 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  5.359% due 07/20/2034 •  |  | 6000 |  | 6007 |
|  Carval CLO Ltd. |  |  |  |  |
|  5.259% due 07/20/2032 •  |  | 7250 |  | 7255 |
|  Cedar Funding CLO Ltd. |  |  |  |  |
|  5.581% due 04/20/2034 •  |  | 3750 |  | 3761 |
|  Diameter Credit Funding Ltd. |  |  |  |  |
|  3.940% due 01/25/2038 |  | 1300 |  | 1279 |
|  Dryden CLO Ltd. |  |  |  |  |
|  5.362% due 08/20/2034 •  |  | 3600 |  | 3591 |
|  Dryden Euro CLO DAC |  |  |  |  |
|  2.939% due 04/15/2033 •  |  | 7621 |  | 8974 |
|  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 |
|  5.170% due 02/27/2068 •  | $— | 3808 |  | 3777 |
|  Elevation CLO Ltd. |  |  |  |  |
|  5.412% due 07/25/2034 •  |  | 7000 |  | 7008 |
|  Fortress Credit BSL Ltd. |  |  |  |  |
|  5.369% due 07/23/2032 •  |  | 2773 |  | 2776 |
|  Gallatin CLO Ltd. |  |  |  |  |
|  5.608% due 07/15/2031 •  |  | 3789 |  | 3798 |
|  Invesco Euro CLO DAC |  |  |  |  |
|  2.929% due 07/15/2031 •  |  | 666 |  | 784 |
|  KKR CLO Ltd. |  |  |  |  |
|  5.468% due 07/15/2030 •  | $— | 1686 |  | 1687 |
|  LCM Ltd. |  |  |  |  |
|  5.326% due 01/15/2034 •  |  | 2000 |  | 1993 |
|  5.336% due 10/15/2034 •  |  | 11900 |  | 11870 |
|  5.549% due 07/20/2034 •  |  | 5600 |  | 5604 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MACH Cayman Ltd. |  |  |
|  3.474% due 10/15/2039 | 727 | 707 |
|  Madison Park Euro Funding DAC | Madison Park Euro Funding DAC | Madison Park Euro Funding DAC |
|  3.079% due 07/15/2032 •  | 5686 | 6679 |
|  Madison Park Funding Ltd. |  |  |
|  5.256% due 10/15/2034 •  | 4900 | 4906 |
|  5.319% due 10/19/2034 •  | 5300 | 5293 |
|  MAPS Ltd. |  |  |
|  4.212% due 05/15/2043 | 536 | 535 |
|  METAL LLC |  |  |
|  4.581% due 10/15/2042 | 2560 | 1702 |
|  Mountain View CLO Ltd. |  |  |
|  5.415% due 10/15/2034 •  | 11200 | 11190 |
|  Navesink CLO Ltd. |  |  |
|  5.526% due 04/15/2036 •  | 6000 | 6003 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  4.100% due 12/16/2058 ~ | 236 | 233 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  7.230% due 03/15/2072 | 2200 | 2377 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  6.502% due 02/20/2041 •  | 2913 | 2978 |
|  Ocean Trails CLO |  |  |
|  5.546% due 07/15/2034 •  | 4800 | 4806 |
|  OFSI BSL Ltd. |  |  |
|  5.539% due 04/20/2034 •  | 3700 | 3704 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 413 | 417 |
|  Pagaya AI Debt Trust |  |  |
|  9.099% due 04/15/2031 | 381 | 382 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  4.053% due 02/15/2035 •  | 2100 | 2474 |
|  Parallel Ltd. |  |  |
|  5.366% due 07/15/2034 •  | 6000 | 5990 |
|  Pikes Peak CLO |  |  |
|  5.489% due 10/11/2034 •  | 8200 | 8208 |
|  Sandstone Peak Ltd. |  |  |
|  5.536% due 10/15/2034 •  | 7000 | 7004 |
|  Slam Ltd. |  |  |
|  5.335% due 09/15/2049 | 3858 | 3856 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  9.176% due 10/15/2041 •  | 1407 | 1476 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.500% due 12/16/2041 | 500 | 487 |
|  TCW CLO AMR Ltd. |  |  |
|  5.624% due 08/16/2034 •  | 7100 | 7110 |
|  Trinitas CLO Ltd. |  |  |
|  5.379% due 10/20/2033 •  | 2900 | 2902 |
|  5.612% due 01/25/2034 •  | 9500 | 9511 |
|  5.622% due 01/25/2034 •  | 16500 | 16510 |
|  Trinitas Euro CLO DAC |  |  |
|  0.000% due 07/15/2039 «•(a) | 2100 | 2474 |
|  3.166% due 10/20/2032 •  | 252 | 297 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  5.399% due 07/20/2032 •  | 6391 | 6383 |
|  Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC | Vertical Bridge Holdings LLC |
|  2.636% due 09/15/2050 | 7000 | 6960 |
|  3.706% due 02/15/2057 | 1400 | 1246 |
|  Voya CLO Ltd. |  |  |
|  5.329% due 04/20/2034 •  | 7100 | 7073 |
|  WAVE LLC |  |  |
|  3.597% due 09/15/2044 | 1283 | 1232 |
|  Whitehorse Ltd. |  |  |
|  5.768% due 10/15/2031 •  | 2257 | 2261 |
|  |  | 268075 |
|  Total Asset-Backed Securities<br>(Cost $543,190) |  | 509767 |
| SOVEREIGN ISSUES 1.1% |  |  |
|  Brazil Government International Bond | Brazil Government International Bond | Brazil Government International Bond |
|  6.125% due 03/15/2034 | 11500 | 11414 |
|  Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
|  6.000% due 05/13/2030 | 1600 | 1658 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Province of Ontario |  |  |
|  3.800% due 12/02/2034<br> CAD | 8000 | 5872 |
|  Total Sovereign Issues<br>(Cost $18,749) |  | 18944 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% |  |  |
| INDUSTRIALS 0.0% |  |  |
|  Drillco Holding Lux SA «(h) | 1575 | 32 |
|  Foresea Holdings SA « | 623 | 13 |
|  Total Common Stocks (Cost $32) |  | 45 |
| PREFERRED SECURITIES 0.8% | PREFERRED SECURITIES 0.8% | PREFERRED SECURITIES 0.8% |
| BANKING & FINANCE 0.8% | BANKING & FINANCE 0.8% | BANKING & FINANCE 0.8% |
|  American AgCredit Corp. |  |  |
|  5.250% due 06/15/2026 •(e) | 6000000 | 5828 |
|  Charles Schwab Corp. |  |  |
|  5.000% due 12/01/2027 •(e) | 4200000 | 4118 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Farm Credit Bank of Texas |  |  |  |
|  5.700% due 09/15/2025 •(e) |  | 1700000 | 1699 |
|  7.750% due 06/15/2029 •(e) |  | 2500000 | 2602 |
|  Total Preferred Securities<br> (Cost $14,287) |  |  | 14247 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.0% |  |  |  |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (g) |  | 187545 | 188 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |  |
|  4.338% due 07/03/2025 - 10/21/2025 (b)(c)(m) | $— | 2617 | 2599 |
| Total Short-Term Instruments<br> (Cost $2,787) |  |  | 2787 |
| Total Investments in Securities<br> (Cost $2,521,782) |  |  | 2486236 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | 1496272 | $— | 14569 |
| Total Short-Term Instruments (Cost $14,569) |  |  | 14569 |
| Total Investments in Affiliates (Cost $14,569) |  |  | 14569 |
| Total Investments 146.4% (Cost $2,536,351) |  | $— | 2500805 |
|  Financial Derivative<br>Instruments (j)(l) (0.4)%<br> (Cost or Premiums, net $9,455) | Financial Derivative<br>Instruments (j)(l) (0.4)%<br> (Cost or Premiums, net $9,455) |  | (6274) |
| Other Assets and Liabilities, net (46.0)% | Other Assets and Liabilities, net (46.0)% |  | (786563) |
| Net Assets 100.0% |  | $— | 1707968 |

---

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

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

---

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

---

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

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

(a) When-issued security.

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

(c) Zero coupon security.

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

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

(f) Contingent convertible security.

(g) Coupon represents a 7-Day Yield.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | **Maturity**<br> **Date** | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Deloitte LLP 5.410% due 01/30/2032 | 5.410% | 01/30/2032 | 10/30/2024 | $1800 | $1814 | 0.11% |
|  Deloitte LLP 5.590% due 01/30/2035 | 5.590 | 01/30/2035 | 10/30/2024 | 1100 | 1099 | 0.06 |
|  Deloitte LLP 5.970% due 01/30/2045 | 5.970 | 01/30/2045 | 10/30/2024 | 900 | 868 | 0.05 |
|  Drillco Holding Lux SA |  |  | 06/08/2023 | 32 | 32 | 0.00 |
|  Morgan Stanley | 0.000 | 04/02/2032 | 02/11/2020 | 7163 | 5553 | 0.33 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9366 | 0.55% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  UBS | 4.440% | 06/13/2025 | 08/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2752) | $(2758) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2758) |

---

42 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | $0 | $0 | $(2758) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2758) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
|  Total Borrowings and Other Financing Transactions | $&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;(2758) |  |  |  |

---

#### 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 | $0 | $(2758) | $0 | $(2758) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2758) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(2758) |
|  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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2758) |

---

(i) Securities with an aggregate market value of $2,741 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(28060) at a weighted average interest rate of 4.368%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(2)</sup> Payable for sale-buyback transactions includes $(15) of deferred price drop. 

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

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

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Canada Government 10-Year Bond September Futures  | 09/2025 | 384 | $34403 | $298 | $76 | $0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 2330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484695 | 1757 | 127 | 0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 8317 | 906553 | 9452 | 1105 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 3400 | 381225 | 7008 | 1063 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 1284 | 152957 | 5596 | 1725 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 4503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514538) | $(9994) | $0 | $(2181) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2181) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 12/20/2026 | 0.328% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | $52 | $16 | $68 | $0 | $(1) |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.367 | 2100 | 23 | (3) | 20 | 0 | 0 |
|  Lennar Corp. | 5.000 | Quarterly | 12/20/2025 | 0.242 | 1200 | 108 | (79) | 29 | 0 | 0 |
|  Southwest Airlines Co. | 1.000 | Quarterly | 12/20/2026 | 0.451 | 500 | 2 | 2 | 4 | 0 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 4.701 | 1500 | 116 | (94) | 22 | 3 | 0 |
|  Électricité de France SA | 1.000 | Quarterly | 06/20/2030 | 0.763 | 300 | 4 | 0 | 4 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 43

------

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

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.261% | Annual | 02/28/2029 | $116700 | $0 | $962 | $962 | $0 | $(129) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 02/28/2029 | 116850 | 0 | 878 | 878 | 0 | (130) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/28/2029 | 150700 | 0 | 1129 | 1129 | 0 | (167) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 261225 | 652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2738) | 0 | (386) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 166800 | 2636 | (3653) | (1017) | 0 | (254) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 5800 | (22) | (28) | (50) | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 5800 | (20) | 72 | 52 | 0 | (21) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 5700 | (20) | 94 | 74 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 5600 | (19) | 109 | 90 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 8620 | (35) | 131 | 96 | 0 | (31) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 5000 | (19) | 133 | 114 | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 5700 | (22) | 181 | 159 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 5700 | (20) | 265 | 245 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 5600 | (20) | 253 | 233 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 48700 | 7902 | 163 | 8065 | 0 | (350) |
|  Pay | 1-Year BRL-CDI | 13.353 | Maturity | 01/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553200 | 0 | 758 | 758 | 500 | 0 |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 202400 | (117) | 2236 | 2119 | 0 | (284) |
|  Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 02/15/2034 | 131300 | (272) | 657 | 385 | 0 | (176) |
|  Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 | 16300 | 0 | 18 | 18 | 24 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 | 24200 | 0 | 19 | 19 | 35 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 | 37100 | 0 | 21 | 21 | 54 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | 64000 | (1401) | (836) | (2237) | 0 | (96) |
|  |  |  |  |  |  | $9203 | $172 | $9375 | $613 | $(2163) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9508 | $14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2164) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2181) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2164) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4345) |

---

(k) Securities with an aggregate market value of $45,010 and cash of $16,958 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

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

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

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

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

---

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

---

------

June 30, 2025 (Unaudited)

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 07/2025 | 17386 | $2414 | $0 | $(18) |
|  | 07/2025 | $7411 | 11409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | 0 |
|  | 07/2025 | 6190 | 4944 | 41 | 0 |
|  | 07/2025 | 978 | 1625 | 13 | 0 |
|  | 08/2025 | 11409 | $7416 | 0 | (98) |
|  | 08/2025 | 4924 | 6190 | 0 | (41) |
|  | 08/2025 | 34533 | 4811 | 0 | (32) |
|  | 08/2025 | 1625 | 979 | 0 | (13) |
|  BOA | 07/2025 | 102370 | 116399 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4187) |
|  | 07/2025 | 34242398 | 2099 | 0 | (9) |
|  | 07/2025 | 15221198 | 11166 | 0 | (122) |
|  | 07/2025 | 99 | 77 | 0 | (1) |
|  | 07/2025 | $421 | 539 | 3 | 0 |
|  | 08/2025 | 958 | $751 | 0 | (4) |
|  | 08/2025 | 539 | 17 | 0 | (2) |
|  | 08/2025 | $3322 | 23755 | 9 | 0 |
|  BPS | 07/2025 | 6185 | $1133 | 0 | (5) |
|  | 07/2025 | 2625 | 259 | 0 | (1) |
|  | 07/2025 | 4220 | 440 | 0 | (6) |
|  | 07/2025 | 1515 | 46 | 0 | (1) |
|  | 07/2025 | 63429 | 1559 | 0 | (15) |
|  | 07/2025 | 90373 | 2780 | 0 | (317) |
|  | 07/2025 | $1110 | 6185 | 28 | 0 |
|  | 07/2025 | 2811 | 45864359 | 13 | 0 |
|  | 07/2025 | 720 | 23771 | 12 | 0 |
|  | 07/2025 | 604 | 17977 | 12 | 0 |
|  | 08/2025 | 14170 | $1984 | 0 | (3) |
|  | 08/2025 | 95540 | 2931 | 0 | (352) |
|  | 08/2025 | $3344 | 23852 | 1 | 0 |
|  | 08/2025 | 1579 | 137227 | 18 | 0 |
|  | 08/2025 | 223 | 7300 | 28 | 0 |
|  BRC | 07/2025 | 13490 | $8694 | 0 | (185) |
|  | 07/2025 | 2927 | 3983 | 0 | (35) |
|  | 07/2025 | 9367 | 2690 | 0 | (91) |
|  | 07/2025 | 188584 | 138 | 0 | (2) |
|  | 07/2025 | 586 | 58 | 0 | (1) |
|  | 07/2025 | 16961 | 414 | 0 | (6) |
|  | 07/2025 | $1334 | 4504 | 3 | 0 |
|  | 07/2025 | 122 | 17581 | 0 | 0 |
|  | 07/2025 | 32 | 43398 | 1 | 0 |
|  | 07/2025 | 464 | 1737 | 18 | 0 |
|  | 07/2025 | 1880 | 76873 | 27 | 0 |
|  | 07/2025 | 1226 | 22159 | 24 | 0 |
|  | 08/2025 | 3983 | 2927 | 35 | 0 |
|  | 08/2025 | 274 | 11370 | 4 | 0 |
|  CBK | 07/2025 | 171855 | $30747 | 0 | (884) |
|  | 07/2025 | 697 | 805 | 0 | (16) |
|  | 07/2025 | 19291 | 14 | 0 | 0 |
|  | 07/2025 | 1160 | 122 | 0 | 0 |
|  | 07/2025 | 79257 | 2383 | 0 | (57) |
|  | 07/2025 | 147662 | 4538 | 0 | (522) |
|  | 07/2025 | $1018 | 1559 | 8 | 0 |
|  | 07/2025 | 29608 | 171855 | 2023 | 0 |
|  | 07/2025 | 2185 | 35581258 | 6 | 0 |
|  | 07/2025 | 2538 | 3485029 | 46 | 0 |
|  | 07/2025 | 224 | 7479 | 6 | 0 |
|  | 07/2025 | 3854 | 114367 | 65 | 0 |
|  | 08/2025 | 5898 | $820 | 0 | (7) |
|  | 08/2025 | 213989 | 6566 | 0 | (788) |
|  | 08/2025 | $9905 | 854014 | 37 | (5) |
|  | 09/2025 | 4572 | $238 | 0 | (3) |
|  DUB | 07/2025 | 4549 | 1312 | 0 | (38) |
|  | 07/2025 | 190907 | 140 | 0 | (2) |
|  | 07/2025 | 96 | 75 | 0 | (1) |
|  | 07/2025 | $1418 | 2202 | 31 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | $121824 | 105012 | $1874 | $0 |
|  | 07/2025 | 131 | 2127617 | 0 | 0 |
|  | 07/2025 | 755 | 22442 | 14 | 0 |
|  | 08/2025 | 104782 | $121824 | 0 | (1873) |
|  | 08/2025 | $4541 | 392203 | 23 | 0 |
|  | 09/2025 | 1 | $0 | 0 | 0 |
|  GLM | 07/2025 | 89700 | 16272 | 0 | (238) |
|  | 07/2025 | 24948 | 767 | 0 | (88) |
|  | 07/2025 | $16437 | 89700 | 73 | 0 |
|  | 07/2025 | 518 | 8440028 | 2 | 0 |
|  | 07/2025 | 192 | 245 | 0 | 0 |
|  | 08/2025 | 245 | $192 | 0 | (1) |
|  | 10/2025 | $16272 | 91754 | 231 | 0 |
|  IND | 07/2025 | 569 | 5387 | 0 | 0 |
|  | 08/2025 | 5375 | $569 | 0 | 0 |
|  JPM | 07/2025 | 15675 | 2172 | 0 | (20) |
|  | 07/2025 | 202672 | 149 | 0 | (1) |
|  | 07/2025 | 1625 | 969 | 0 | (21) |
|  | 07/2025 | 3717 | 2894 | 0 | (30) |
|  | 07/2025 | 2749 | 68 | 0 | (1) |
|  | 07/2025 | 91363 | 2809 | 0 | (322) |
|  | 07/2025 | $68 | 93142 | 1 | 0 |
|  | 07/2025 | 4970 | 18666 | 208 | 0 |
|  | 07/2025 | 276 | 353 | 2 | 0 |
|  | 07/2025 | 629 | 18669 | 11 | 0 |
|  | 07/2025 | 352 | 6283 | 3 | 0 |
|  | 08/2025 | 32095 | $4468 | 0 | (33) |
|  | 08/2025 | 352 | 276 | 0 | (2) |
|  | 08/2025 | 108341 | 3324 | 0 | (399) |
|  | 08/2025 | $3343 | 23890 | 7 | 0 |
|  | 08/2025 | 1765 | 153052 | 16 | 0 |
|  | 08/2025 | 42 | 1388 | 5 | 0 |
|  MBC | 07/2025 | 1680 | $1078 | 0 | (28) |
|  | 07/2025 | 24792 | 18051 | 0 | (155) |
|  | 07/2025 | 4911 | 5976 | 0 | (213) |
|  | 07/2025 | 8560 | 1188 | 0 | (9) |
|  | 07/2025 | 1946 | 2234 | 0 | (58) |
|  | 07/2025 | 8930 | 6961 | 0 | (62) |
|  | 07/2025 | 39786 | 1202 | 0 | (23) |
|  | 07/2025 | 55894 | 1715 | 0 | (201) |
|  | 07/2025 | $23663 | 32527 | 223 | 0 |
|  | 07/2025 | 510 | 8286550 | 0 | 0 |
|  | 07/2025 | 2961 | 425467 | 0 | (7) |
|  | 07/2025 | 3564 | 13345 | 138 | 0 |
|  | 07/2025 | 7277 | 9410 | 124 | 0 |
|  | 07/2025 | 336 | 11205 | 9 | 0 |
|  | 07/2025 | 44 | 1307 | 1 | 0 |
|  | 08/2025 | 32472 | $23663 | 0 | (224) |
|  | 08/2025 | 18718 | 2601 | 0 | (24) |
|  | 08/2025 | 9389 | 7277 | 0 | (126) |
|  | 08/2025 | 84794 | 2616 | 0 | (298) |
|  MYI | 07/2025 | 7723 | 5672 | 1 | 0 |
|  | 07/2025 | 302126 | 2073 | 0 | (25) |
|  | 07/2025 | $1517 | 219108 | 5 | 0 |
|  | 07/2025 | 786 | 7927 | 1 | 0 |
|  | 08/2025 | 20730 | $2896 | 0 | (11) |
|  | 08/2025 | 7926 | 786 | 0 | (1) |
|  | 08/2025 | $2073 | 301015 | 25 | 0 |
|  SCX | 07/2025 | 34 | $41 | 0 | (1) |
|  | 07/2025 | 69 | 20 | 0 | (1) |
|  | 07/2025 | 3364 | 23 | 0 | 0 |
|  | 07/2025 | 4144 | 142 | 0 | 0 |
|  | 07/2025 | $2409 | 39251886 | 8 | 0 |
|  | 07/2025 | 1453 | 1874 | 21 | 0 |
|  | 07/2025 | 8642 | 256917 | 163 | 0 |
|  | 08/2025 | 42985 | $6015 | 0 | (13) |
|  | 08/2025 | 1870 | 1453 | 0 | (21) |
|  | 08/2025 | 31366 | 961 | 0 | (117) |
|  | 08/2025 | $1379 | 118431 | 0 | (1) |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 08/2025 | $23 | 3352 | $0 | $0 |
|  SOG | 07/2025 | 498428 | $3453 | 0 | (8) |
|  | 07/2025 | $82 | 825 | 0 | 0 |
|  | 08/2025 | 825 | $82 | 0 | 0 |
|  | 08/2025 | $11 | 914 | 0 | 0 |
|  | 08/2025 | 3453 | 496599 | 8 | 0 |
|  SSB | 07/2025 | 3963 | 2927 | 55 | 0 |
|  UAG | 07/2025 | 688 | $192 | 0 | (13) |
|  | 07/2025 | 163043 | 120 | 0 | (1) |
|  | 07/2025 | 5541 | 546 | 0 | (4) |
|  | 07/2025 | 6342 | 191 | 0 | (4) |
|  | 07/2025 | $988 | 142965 | 5 | 0 |
|  | 07/2025 | 120 | 163122 | 1 | 0 |
|  | 09/2025 | 1758 | 34088 | 43 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12548) |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 CDX.IG-44 5-Year Index | Sell | 0.900% | 07/16/2025 | 25300 | $(29) | $(2) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Mexico Government International Bond | 1.000% | Quarterly | 12/20/2028 | 0.784% | $100 | $(1) | $2 | $1 | $0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.490 | 2100 | (18) | 9 | 0 | (9) |
| MYC | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.493 | 300 | 1 | 1 | 2 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.538 | 100 | (1) | 2 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.674 | 100 | (2) | 3 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 0.784 | 300 | (3) | 5 | 2 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $152 | $0 | $0 | $152 | $(202) | $0 | $0 | $(202) | $(50) | $0 | $(50) |
|  BOA | 12 | 0 | 0 | 12 | (4325) | 0 | 0 | (4325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523) |
|  BPS | 112 | 0 | 0 | 112 | (700) | 0 | 0 | (700) | (588) | 595 | 7 |
|  BRC | 112 | 0 | 0 | 112 | (320) | 0 | 0 | (320) | (208) | 187 | (21) |
|  CBK | 2191 | 0 | 0 | 2191 | (2282) | 0 | 0 | (2282) | (91) | 436 | 345 |
|  DUB | 1942 | 0 | 0 | 1942 | (1914) | 0 | 0 | (1914) | 28 | 0 | 28 |
|  GLM | 306 | 0 | 0 | 306 | (327) | 0 | 0 | (327) | (21) | 0 | (21) |
|  GST | 0 | 0 | 1 | 1 | 0 | (2) | (9) | (11) | (10) | 0 | (10) |
|  JPM | 253 | 0 | 0 | 253 | (829) | 0 | 0 | (829) | (576) | 656 | 80 |
|  MBC | 495 | 0 | 0 | 495 | (1428) | 0 | 0 | (1428) | (933) | 844 | (89) |
|  MYC | 0 | 0 | 6 | 6 | 0 | 0 | 0 | 0 | 6 | 62 | 68 |
|  MYI | 32 | 0 | 0 | 32 | (37) | 0 | 0 | (37) | (5) | 0 | (5) |
|  SCX | 192 | 0 | 0 | 192 | (154) | 0 | 0 | (154) | 38 | 0 | 38 |
|  SOG | 8 | 0 | 0 | 8 | (8) | 0 | 0 | (8) | 0 | 0 | 0 |
|  SSB | 55 | 0 | 0 | 55 | 0 | 0 | 0 | 0 | 55 | 0 | 55 |
|  UAG | 49 | 0 | 0 | 49 | (22) | 0 | 0 | (22) | 27 | 0 | 27 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12548) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12559) |  |  |  |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 47

------

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

(m) Securities with an aggregate market value of $6,570 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

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

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

<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. 

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

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4096 | $4096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 613 | 616 |
|  | $0 | $3 | $0 | $0 | $4709 | $4712 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5911 | $0 | $5911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 0 | 7 |
|  | $0 | $7 | $0 | $5911 | $0 | $5918 |
|  | $0 | $10 | $0 | $5911 | $4709 | $10630 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2181 | $2181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 2163 | 2164 |
|  | $0 | $1 | $0 | $0 | $4344 | $4345 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $12548 | $0 | $12548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9 | 0 | 0 | 0 | 9 |
|  | $0 | $11 | $0 | $12548 | $0 | $12559 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16904 |

---

48 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $4281 | $4281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1629 | 0 | 0 | 1290 | 2919 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $5571 | $7200 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(8493) | $0 | $(8493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 68 | 0 | 0 | 0 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 0 | 10 |
|  | $0 | $78 | $0 | $(8493) | $0 | $(8415) |
|  | $0 | $1707 | $0 | $(8493) | $5571 | $(1215) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $16033 | $16033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (137) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14942) |
|  | $0 | $(137) | $0 | $0 | $1228 | $1091 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(9819) | $0 | $(9819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 27 | 0 | 0 | 0 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 16 | 0 | 0 | 0 | 16 |
|  | $0 | $43 | $0 | $(9819) | $0 | $(9776) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(94) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9819) | $1228 | $(8685) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $0 | $0 | $6417 | $6417 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 464888 | 3781 | 468669 |
| &nbsp;&nbsp; Industrials | 0 | 121534 | 0 | 121534 |
| &nbsp;&nbsp; Utilities | 0 | 50150 | 0 | 50150 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 9963 | 0 | 9963 |
| &nbsp;&nbsp; New York | 0 | 853 | 0 | 853 |
| &nbsp;&nbsp; Pennsylvania | 0 | 642 | 0 | 642 |
|  U.S. Government Agencies | 0 | 934331 | 0 | 934331 |
|  U.S. Treasury Obligations | 0 | 122831 | 0 | 122831 |
|  Non-Agency Mortgage-Backed Securities | 0 | 225056 | 0 | 225056 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 7894 | 0 | 7894 |
| &nbsp;&nbsp; CMBS Other | 0 | 23183 | 0 | 23183 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 2629 | 0 | 2629 |
| &nbsp;&nbsp; Home Equity Other | 0 | 192478 | 0 | 192478 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 531 | 0 | 531 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 166 | 0 | 166 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 14811 | 0 | 14811 |
| &nbsp;&nbsp; Other ABS | 0 | 261063 | 7012 | 268075 |
|  Sovereign Issues | 0 | 18944 | 0 | 18944 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 0 | 45 | 45 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 14247 | 0 | 14247 |
|  U.S. Government Agencies | 0 | 0 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $188 | $0 | $188 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2599 | 0 | 2599 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486236 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14569 | $0 | $0 | $14569 |
|  Total Investments | $14569 | $2468981 | $17255 | $2500805 |
|  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 | 76 | 4636 | 0 | 4712 |
|  Over the counter | 0 | 5918 | 0 | 5918 |
|  | $76 | $10554 | $0 | $10630 |
|  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 | (4345) | 0 | (4345) |
|  Over the counter | 0 | (12559) | 0 | (12559) |
|  | $0 | $(16904) | $0 | $(16904) |
|  Total Financial Derivative Instruments | $76 | $(6350) | $0 | $(6274) |
|  Totals | $14645 | $2462631 | $17255 | $2494531 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 49

------

Schedule of Investments PIMCO Fixed Income SHares: Series M (Cont.) June 30, 2025 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended June 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 06/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $6731 | $0 | $(514) | $1 | $0 | $199 | $0 | $0 | $6417 | $158 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 3739 | 0 | 0 | 0 | 0 | 42 | 0 | 0 | 3781 | 42 |
|  Non-Agency Mortgage-Backed Securities | 2000 | 0 | (157) | 0 | 0 | 9 | 0 | (1852) | 0 | 0 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Other ABS | 0 | 6893 | 0 | 0 | 0 | 119 | 0 | 0 | 7012 | 119 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 55 | 0 | 0 | 0 | 0 | (10) | 0 | 0 | 45 | (10) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(671) | $&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;359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1852) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 06/30/2025 | Valuation Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 06/30/2025 | Valuation Technique | Unobservable<br>Inputs | Input<br>Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value |  |  |  |  |  |
|  Loan Participations and Assignments | $6417 | Indicative Market Quotation | Broker Quote | 94.460 |  |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 3781 | Discounted Cash Flow | Discount Rate | 5.476-6.861 | 5.917 |
|  Asset-Backed Securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 4538 | Proxy Pricing | Base Price | 99.996 |  |
|  | 2474 | Recent Transaction | Purchase Price | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 45 | Indicative Market Quotation | Broker Quote | 20.500 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17255 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

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

---

------

Schedule of Investments PIMCO Fixed Income SHares: Series R June 30, 2025 (Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 196.4% | INVESTMENTS IN SECURITIES 196.4% | INVESTMENTS IN SECURITIES 196.4% | INVESTMENTS IN SECURITIES 196.4% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
| BANKING & FINANCE 1.4% | BANKING & FINANCE 1.4% | BANKING & FINANCE 1.4% | BANKING & FINANCE 1.4% |
|  Jyske Realkredit AS |  |  |  |
|  1.500% due 10/01/2053 | 1876 | $— | 233 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2053 | 24 |  | 3 |
|  1.500% due 10/01/2053 | 785 |  | 99 |
|  2.000% due 10/01/2053 | 499 |  | 66 |
|  Nykredit Realkredit AS |  |  |  |
|  1.000% due 10/01/2050 | 12 |  | 1 |
|  1.500% due 10/01/2053 | 100 |  | 11 |
|  2.500% due 10/01/2047 | 15 |  | 2 |
|  3.000% due 10/01/2053 | 4949 |  | 734 |
|  Realkredit Danmark AS |  |  |  |
|  1.500% due 10/01/2053 | 2238 |  | 287 |
|  2.000% due 10/01/2053 | 367 |  | 45 |
|  2.500% due 04/01/2047 | 11 |  | 2 |
|  3.000% due 10/01/2053 | 4393 |  | 652 |
|  UBS Group AG |  |  |  |
|  7.750% due 03/01/2029 •  | 100 |  | 133 |
|  Total Corporate Bonds & Notes (Cost $2,290) | Total Corporate Bonds & Notes (Cost $2,290) |  | 2268 |
| U.S. GOVERNMENT AGENCIES 38.2% | U.S. GOVERNMENT AGENCIES 38.2% | U.S. GOVERNMENT AGENCIES 38.2% | U.S. GOVERNMENT AGENCIES 38.2% |
|  Fannie Mae |  |  |  |
|  4.865% due 02/25/2037 •  | 8 |  | 8 |
|  5.335% due 06/25/2055 •  | 1688 |  | 1696 |
|  5.697% due 10/01/2044 •  | 1 |  | 1 |
|  Freddie Mac |  |  |  |
|  6.564% due 07/01/2036 •  | 14 |  | 14 |
|  7.195% due 09/01/2036 •  | 5 |  | 5 |
|  Ginnie Mae |  |  |  |
|  3.500% due 12/20/2054 - 06/20/2055 | 13299 |  | 12117 |
|  5.202% due 11/20/2073 •  | 1198 |  | 1204 |
|  5.252% due 09/20/2073 - 10/20/2073 •  | 5433 |  | 5473 |
|  5.282% due 09/20/2073 •  | 3616 |  | 3653 |
|  5.402% due 11/20/2073 •  | 1743 |  | 1769 |
|  5.461% due 08/20/2068 •  | 247 |  | 248 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.500% due 12/01/2045 | 6 |  | 6 |
|  5.500% due 11/01/2054 | 4999 |  | 5003 |
|  6.000% due 03/01/2054 - 07/01/2054 | 9683 |  | 9847 |
|  6.500% due 12/01/2053 - 05/01/2054 | 5297 |  | 5475 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 07/01/2055 | 4900 |  | 4557 |
|  4.500% due 08/01/2055 | 10400 |  | 9944 |
|  Total U.S. Government Agencies (Cost $60,619) | Total U.S. Government Agencies (Cost $60,619) |  | 61020 |
| U.S. TREASURY OBLIGATIONS 135.5% | U.S. TREASURY OBLIGATIONS 135.5% | U.S. TREASURY OBLIGATIONS 135.5% | U.S. TREASURY OBLIGATIONS 135.5% |
|  U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) | U.S. Treasury Inflation Protected Securities (b) |
|  0.125% due 04/15/2027 | 3067 |  | 3004 |
|  0.125% due 01/15/2030 (e) | 12255 |  | 11569 |
|  0.125% due 07/15/2030 | 2127 |  | 1999 |
|  0.125% due 01/15/2031 (e) | 7061 |  | 6544 |
|  0.125% due 07/15/2031 (e) | 10376 |  | 9552 |
|  0.125% due 01/15/2032 (e) | 8331 |  | 7555 |
|  0.125% due 02/15/2051 | 4189 |  | 2284 |
|  0.125% due 02/15/2052 | 2996 |  | 1601 |
|  0.250% due 07/15/2029 (e) | 11914 |  | 11444 |
|  0.250% due 02/15/2050 | 2558 |  | 1487 |
|  0.375% due 01/15/2027 (i) | 398 |  | 393 |
|  0.375% due 07/15/2027 (e) | 10543 |  | 10401 |
|  0.500% due 01/15/2028 (e) | 7464 |  | 7327 |
|  0.625% due 07/15/2032 (e) | 11150 |  | 10405 |
|  0.625% due 02/15/2043 | 3934 |  | 2927 |
|  0.750% due 07/15/2028 (g)(i) | 894 |  | 884 |
|  0.750% due 02/15/2042 | 4528 |  | 3519 |
|  0.750% due 02/15/2045 | 2547 |  | 1861 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.875% due 01/15/2029 | $— | 4827 | 4753 |
|  0.875% due 02/15/2047 |  | 1123 | 814 |
|  1.000% due 02/15/2046 |  | 7567 | 5739 |
|  1.000% due 02/15/2048 |  | 1673 | 1231 |
|  1.000% due 02/15/2049 |  | 3480 | 2527 |
|  1.125% due 01/15/2033 |  | 4953 | 4736 |
|  1.375% due 07/15/2033 (e) |  | 13941 | 13545 |
|  1.500% due 02/15/2053 |  | 1942 | 1540 |
|  1.625% due 10/15/2027 (e) |  | 7038 | 7127 |
|  1.625% due 10/15/2029 (e) |  | 13456 | 13626 |
|  1.625% due 04/15/2030 (e) |  | 6953 | 7005 |
|  1.750% due 01/15/2028 |  | 4524 | 4583 |
|  1.750% due 01/15/2034 (e) |  | 9078 | 9004 |
|  1.875% due 07/15/2034 (e) |  | 13187 | 13205 |
|  2.125% due 01/15/2035 (e) |  | 6200 | 6305 |
|  2.125% due 02/15/2040 |  | 1721 | 1701 |
|  2.125% due 02/15/2041 |  | 2593 | 2540 |
|  2.125% due 02/15/2054 |  | 1568 | 1436 |
|  2.375% due 10/15/2028 (e) |  | 14347 | 14885 |
|  2.375% due 02/15/2055 |  | 508 | 492 |
|  2.500% due 01/15/2029 |  | 1373 | 1429 |
|  3.375% due 04/15/2032 (i) |  | 461 | 513 |
|  3.625% due 04/15/2028 |  | 2598 | 2763 |
|  Total U.S. Treasury Obligations (Cost $231,077) | Total U.S. Treasury Obligations (Cost $231,077) | Total U.S. Treasury Obligations (Cost $231,077) | 216255 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.521% due 01/20/2047 ~ |  | 271 | 234 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.627% due 12/20/2046 •  |  | 465 | 407 |
|  Grifonas Finance PLC |  |  |  |
|  2.669% due 08/28/2039 •  |  | 48 | 55 |
|  GSR Mortgage Loan Trust |  |  |  |
|  5.293% due 09/25/2035 ~ | $— | 5 | 5 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  5.332% due 06/20/2035 •  |  | 166 | 153 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  5.274% due 05/25/2034 •  |  | 434 | 391 |
|  MortgageIT Trust |  |  |  |
|  5.439% due 12/25/2034 •  |  | 5 | 5 |
|  OPEN Trust |  |  |  |
|  7.401% due 11/15/2040 •  |  | 463 | 464 |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  4.794% due 06/25/2046 •  |  | 198 | 43 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $1,781) | Total Non-Agency Mortgage-Backed Securities (Cost $1,781) | Total Non-Agency Mortgage-Backed Securities (Cost $1,781) | 1757 |
| ASSET-BACKED SECURITIES 9.9% | ASSET-BACKED SECURITIES 9.9% | ASSET-BACKED SECURITIES 9.9% | ASSET-BACKED SECURITIES 9.9% |
| HOME EQUITY OTHER 1.1% | HOME EQUITY OTHER 1.1% | HOME EQUITY OTHER 1.1% | HOME EQUITY OTHER 1.1% |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.594% due 01/25/2037 •  |  | 121 | 89 |
|  4.724% due 09/25/2036 •  |  | 173 | 168 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.124% due 10/25/2035 •  |  | 500 | 464 |
|  Home Equity Asset Trust |  |  |  |
|  5.289% due 08/25/2034 •  |  | 21 | 20 |
|  Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust | Morgan Stanley ABS Capital, Inc. Trust |
|  5.094% due 01/25/2035 •  |  | 151 | 147 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  5.199% due 05/25/2035 •  |  | 763 | 759 |
|  Saxon Asset Securities Trust |  |  |  |
|  1.814% due 05/25/2035 •  |  | 20 | 19 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  6.434% due 08/25/2037 •  |  | 1 | 1 |
|  |  |  | 1667 |
| OTHER ABS 8.8% | OTHER ABS 8.8% | OTHER ABS 8.8% | OTHER ABS 8.8% |
|  AGL CLO Ltd. |  |  |  |
|  5.399% due 12/02/2034 •  |  | 1600 | 1601 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Arcano Euro CLO DAC |  |  |  |
|  0.000% due 07/25/2039 •(a) | EUR | 1700 | 2002 |
|  Ares CLO Ltd. |  |  |  |
|  5.506% due 10/15/2030 •  | $| 1500 | 1501 |
|  Avoca Static CLO DAC |  |  |  |
|  3.249% due 01/15/2035 •  | EUR | 925 | 1090 |
|  Bain Capital Credit CLO Ltd. |  |  |  |
|  0.000% due 07/15/2035 •(a) | $| 1700 | 1701 |
|  Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. | Carlyle Global Market Strategies Euro CLO Ltd. |
|  2.893% due 11/15/2031 •  | EUR | 453 | 534 |
|  MAN Euro CLO DAC |  |  |  |
|  4.029% due 10/15/2036 •  |  | 1800 | 2126 |
|  Man GLG Euro CLO DAC |  |  |  |
|  2.665% due 12/15/2031 •  |  | 435 | 511 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.575% due 04/25/2038 •  | $| 10 | 10 |
|  Palmer Square CLO Ltd. |  |  |  |
|  5.371% due 05/21/2034 •  |  | 1600 | 1597 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.113% due 05/15/2033 •  | EUR | 1223 | 1442 |
|  |  |  | 14115 |
|  Total Asset-Backed Securities (Cost $15,157) | Total Asset-Backed Securities (Cost $15,157) | Total Asset-Backed Securities (Cost $15,157) | 15782 |
| SOVEREIGN ISSUES 9.2% | SOVEREIGN ISSUES 9.2% | SOVEREIGN ISSUES 9.2% | SOVEREIGN ISSUES 9.2% |
|  Canada Government Bond |  |  |  |
|  4.250% due 12/01/2026 (b) | CAD | 1116 | 863 |
|  France Government International Bond | France Government International Bond | France Government International Bond | France Government International Bond |
|  0.100% due 03/01/2026 (b) | EUR | 2803 | 3282 |
|  0.100% due 07/25/2031 (b) |  | 1099 | 1236 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (b) |  | 248 | 284 |
|  1.800% due 05/15/2036 (b) |  | 103 | 122 |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  0.100% due 03/10/2028 (b) | JPY | 445942 | 3207 |
|  0.100% due 03/10/2029 (b) |  | 780864 | 5639 |
|  Mexican Udibonos |  |  |  |
|  4.000% due 08/24/2034 (b) | MXN | 714 | 35 |
|  Total Sovereign Issues (Cost $15,462) | Total Sovereign Issues (Cost $15,462) | Total Sovereign Issues (Cost $15,462) | 14668 |
|  |  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 4.380% (c) |  | 205638 | 206 |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (d) 1.0% | REPURCHASE AGREEMENTS (d) 1.0% | REPURCHASE AGREEMENTS (d) 1.0% | REPURCHASE AGREEMENTS (d) 1.0% |
|  |  |  | 1600 |
| Total Short-Term Instruments (Cost $1,806) | Total Short-Term Instruments (Cost $1,806) | Total Short-Term Instruments (Cost $1,806) | 1806 |
| Total Investments in Securities (Cost $328,192) | Total Investments in Securities (Cost $328,192) | Total Investments in Securities (Cost $328,192) | 313556 |
| Total Investments 196.4%<br>(Cost $328,192) | Total Investments 196.4%<br>(Cost $328,192) | Total Investments 196.4%<br>(Cost $328,192) | 313556 |
|  Financial Derivative<br>Instruments (f)(h) (0.8)%<br> (Cost or Premiums, net $(1581)) | Financial Derivative<br>Instruments (f)(h) (0.8)%<br> (Cost or Premiums, net $(1581)) | Financial Derivative<br>Instruments (f)(h) (0.8)%<br> (Cost or Premiums, net $(1581)) | (1307) |
| Other Assets and Liabilities, net (95.6)% | Other Assets and Liabilities, net (95.6)% | Other Assets and Liabilities, net (95.6)% | (152622) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | 159627 |

---

See Accompanying Notes SEMIANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 51

------

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

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

---

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

---

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

(a) When-issued security.

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

(c) Coupon represents a 7-Day Yield.

#### 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 STR | 4.400% | 06/30/2025 | 07/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | U.S. Treasury Notes 0.000% due 08/15/2034 | $(1632) | $1600 | $1600 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1632) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 |

---

#### 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 | 4.450% | 06/04/2025 | 07/09/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69627) | $(69859) |
|  | 4.450 | 06/11/2025 | 07/23/2025 | (2246) | (2251) |
|  | 4.450 | 06/17/2025 | 07/22/2025 | (1977) | (1980) |
|  | 4.490 | 06/25/2025 | 07/02/2025 | (1023) | (1024) |
|  | 4.500 | 06/26/2025 | 07/02/2025 | (10843) | (10850) |
|  BPG | 4.450 | 06/18/2025 | 07/30/2025 | (47726) | (47803) |
|  TDM | 4.450 | 06/09/2025 | 07/21/2025 | (2259) | (2265) |
|  | 4.450 | 06/10/2025 | 07/08/2025 | (2451) | (2458) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138490) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC STR | $1600 | $0 | $0 | $1600 | $(1632) | $(32) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | (85964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287) |
|  BPG | 0 | 0 | (47803) | (47803) | 48066 | 263 |
|  BPS | 0 | 0 | 0 | 0 | (290) | (290) |
|  TDM | 0 | 0 | (4723) | (4723) | 4769 | 46 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138490) |  |  |  |

---

#### 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 | (138490) | 0 | 0 | (138490) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138490) | $&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;(138490) |
|  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  | $(138490) |

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52 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

(e) Securities with an aggregate market value of $139,171 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

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

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(134666) at a weighted average interest rate of 4.331%. 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 $(260) of deferred price drop. 

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 September Futures  | 09/2026 | 241 | $69669 | $156 | $11 | $(32) |
|  Arabica Coffee December Futures  | 12/2025 | 1 | 110 | (6) | 0 | (1) |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 59 | 4451 | 36 | 0 | (21) |
|  Brent Crude March Futures  | 01/2026 | 1 | 65 | (1) | 0 | 0 |
|  Copper September Futures  | 09/2025 | 1 | 127 | 6 | 0 | (1) |
|  Euro-BTP September Futures  | 09/2025 | 81 | 11545 | 33 | 18 | (22) |
|  Gas Oil December Futures  | 12/2025 | 1 | 63 | 3 | 0 | 0 |
|  Gold 100 oz. December Futures  | 12/2025 | 1 | 336 | (2) | 2 | 0 |
|  Iron Ore September Futures  | 09/2025 | 5 | 47 | 0 | 0 | 0 |
|  Live Cattle October Futures  | 10/2025 | 3 | 252 | 0 | 0 | 0 |
|  New York Harbor December Futures  | 11/2025 | 1 | 92 | 6 | 1 | 0 |
|  Platinum October Futures  | 10/2025 | 2 | 134 | 10 | 0 | (1) |
|  RBOB Gasoline December Futures  | 11/2025 | 1 | 76 | 2 | 0 | 0 |
|  Silver September Futures  | 09/2025 | 1 | 181 | (6) | 0 | (1) |
|  Soybean Meal December Futures  | 12/2025 | 11 | 318 | (16) | 1 | 0 |
|  Soybean November Futures  | 11/2025 | 3 | 154 | (2) | 0 | 0 |
|  Soybean Oil January Futures  | 01/2026 | 1 | 32 | 0 | 0 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 37 | 4149 | 69 | 12 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 99 | 11312 | 241 | 48 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 88 | 10483 | 338 | 118 | 0 |
|  WTI Crude December Futures  | 11/2025 | 1 | 62 | 2 | 0 | 0 |
|  |  |  |  | $869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR September Futures  | 09/2025 | 241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69630) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | $18 | $(4) |
|  Aluminum September Futures  | 09/2025 | 1 | (65) | (3) | 0 | (3) |
|  Corn December Futures  | 12/2025 | 7 | (149) | 7 | 1 | 0 |
|  Corn September Futures  | 09/2025 | 14 | (286) | 15 | 1 | 0 |
|  Cotton No. 2 December Futures  | 12/2025 | 5 | (170) | 0 | 3 | 0 |
|  Euro-Bobl September Futures  | 09/2025 | 36 | (4990) | 23 | 10 | (3) |
|  Euro-Bund September Futures  | 09/2025 | 41 | (6286) | 25 | 11 | (1) |
|  Euro-Buxl 30-Year Bond September Futures  | 09/2025 | 2 | (280) | 5 | 1 | 0 |
|  Euro-Oat September Futures  | 09/2025 | 103 | (15025) | 115 | 33 | (7) |
|  Euro-Schatz September Futures  | 09/2025 | 21 | (2653) | 5 | 2 | (1) |
|  Hard Red Winter Wheat December Futures  | 12/2025 | 2 | (55) | 4 | 1 | 0 |
|  Hard Red Winter Wheat September Futures  | 09/2025 | 2 | (53) | 3 | 1 | 0 |
|  Lead September Futures  | 09/2025 | 2 | (102) | (4) | 0 | (4) |
|  Lean Hogs October Futures  | 10/2025 | 3 | (111) | 0 | 3 | 0 |
|  Natural Gas January Futures  | 12/2025 | 1 | (49) | 1 | 2 | 0 |
|  Natural Gas September Futures  | 08/2025 | 6 | (209) | 19 | 16 | 0 |
|  Nickel September Futures  | 09/2025 | 1 | (91) | 2 | 2 | 0 |
|  Soybean January Futures  | 01/2026 | 3 | (156) | 2 | 0 | 0 |
|  Soybean Meal January Futures  | 01/2026 | 2 | (59) | 2 | 0 | 0 |
|  Soybean Oil December Futures  | 12/2025 | 1 | (32) | (3) | 0 | 0 |
|  Sugar No. 11 March Futures  | 02/2026 | 2 | (38) | 0 | 1 | 0 |
|  Sugar No. 11 October Futures  | 09/2025 | 3 | (54) | 5 | 2 | 0 |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 288 | (59911) | (205) | 0 | (16) |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 101 | (11009) | (100) | 0 | (14) |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 179 | (20669) | (904) | 0 | (179) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Wheat December Futures  | 12/2025 | 1 | $(28) | $2 | $0 | $0 |
|  Wheat September Futures  | 09/2025 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | 1 | 1 | 0 |
|  Wheat September Futures  | 09/2025 | 4 | (46) | 5 | 0 | 0 |
|  White Sugar October Futures  | 09/2025 | 1 | (23) | 1 | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1094) | $109 | $(232) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(225) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 15300 | $(278) | $88 | $(190) | $0 | $(1) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 172740 | (3) | 17 | 14 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 160000 | (2) | 10 | 8 | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 607000 | 55 | 73 | 128 | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 12/20/2025 | $18280 | 122 | (108) | 14 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.750 | Annual | 01/18/2026 | 1400 | (7) | 0 | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.758 | Annual | 01/18/2026 | 4800 | (22) | (1) | (23) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.340 | Semi-Annual | 11/21/2028 | 14780 | (186) | (481) | (667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 17303 | (17) | (248) | (265) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2034 | 550 | 24 | (8) | 16 | 0 | (2) |
| Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 1900 | (18) | (35) | (53) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.237 | Semi-Annual | 11/21/2053 | 3050 | 189 | 847 | 1036 | 0 | (18) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 7000 | 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | 1318 | 0 | (48) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 2000 | 53 | 97 | 150 | 0 | (16) |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.120 | Annual | 09/03/2027 | 11600 | 0 | (34) | (34) | 5 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.879 | Annual | 08/15/2032 | 5600 | 0 | 299 | 299 | 0 | (9) |
| Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 | 27100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1161) | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1037) | 0 | (55) |
| Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 1000 | 62 | 527 | 589 | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 1100 | 1 | 646 | 647 | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 1900 | 118 | 998 | 1116 | 5 | 0 |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 | 8070 | 622 | 366 | 988 | 31 | 0 |
| Receive | CPTFEMU | 2.965 | Maturity | 05/15/2027 | 200 | 0 | 4 | 4 | 0 | 0 |
| Receive | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1000 | 1 | 17 | 18 | 0 | 0 |
| Receive | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 300 | 0 | 3 | 3 | 0 | 0 |
| Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 2800 | 0 | 6 | 6 | 1 | 0 |
| Pay | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 2570 | (19) | (532) | (551) | 0 | (1) |
| Receive | CPTFEMU | 2.600 | Maturity | 05/15/2032 | 450 | 0 | 1 | 1 | 1 | 0 |
| Receive | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 2100 | (6) | (64) | (70) | 2 | 0 |
| Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 3100 | (1) | (25) | (26) | 4 | 0 |
| Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 1100 | (2) | (5) | (7) | 2 | 0 |
| Pay | CPTFEMU | 2.487 | Maturity | 05/15/2037 | 10 | 0 | 0 | 0 | 0 | 0 |
| Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 300 | 0 | 10 | 10 | 0 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 400 | (10) | 25 | 15 | 0 | 0 |
| Pay | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 170 | 0 | (1) | (1) | 0 | 0 |
| Pay | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 300 | 0 | 31 | 31 | 0 | 0 |
| Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 700 | 5 | 103 | 108 | 0 | 0 |
| Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 700 | 2 | 122 | 124 | 0 | 0 |
| Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 200 | 0 | 30 | 30 | 0 | 0 |
| Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 400 | 4 | 63 | 67 | 0 | 0 |
| Pay | CPURNSA | 2.208 | Maturity | 10/07/2025 | $15408 | 0 | (95) | (95) | 0 | (5) |
| Receive | CPURNSA | 2.214 | Maturity | 10/10/2025 | 12000 | 0 | 75 | 75 | 3 | 0 |
| Pay | CPURNSA | 2.380 | Maturity | 10/15/2025 | 2600 | 0 | (13) | (13) | 0 | (1) |
| Pay | CPURNSA | 2.341 | Maturity | 11/07/2025 | 5100 | 0 | (33) | (33) | 0 | 0 |
| Pay | CPURNSA | 3.042 | Maturity | 02/21/2026 | 1600 | 0 | (1) | (1) | 0 | 0 |
| Pay | CPURNSA | 2.418 | Maturity | 03/05/2026 | 4500 | (542) | 6 | (536) | 0 | 0 |
| Pay | CPURNSA | 3.323 | Maturity | 04/23/2026 | 6500 | 4 | 24 | 28 | 0 | (3) |
| Pay | CPURNSA | 2.767 | Maturity | 05/13/2026 | 2900 | (295) | 14 | (281) | 0 | (1) |
| Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | 800 | 0 | 76 | 76 | 0 | 0 |
| Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 830 | 0 | 82 | 82 | 0 | 0 |
| Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 600 | 0 | 59 | 59 | 0 | 0 |
| Pay | CPURNSA | 2.370 | Maturity | 06/06/2028 | 2200 | 0 | (238) | (238) | 0 | (1) |
| Pay | CPURNSA | 2.165 | Maturity | 04/16/2029 | 2000 | 0 | (269) | (269) | 0 | (1) |
| Pay | CPURNSA | 1.954 | Maturity | 06/03/2029 | 1000 | 0 | (155) | (155) | 0 | 0 |
| Pay | CPURNSA | 1.997 | Maturity | 07/25/2029 | 1300 | 0 | (192) | (192) | 0 | 0 |
| Pay | CPURNSA | 1.882 | Maturity | 11/20/2029 | 500 | 1 | (82) | (81) | 0 | 0 |
| Receive | CPURNSA | 2.311 | Maturity | 02/24/2031 | 1500 | 1 | 182 | 183 | 1 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | FRCPXTOB | 1.410% | Maturity | 11/15/2039 | EUR | 300 | $0 | $(59) | $(59) | $0 | $0 |
| Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | GBP | 1500 | 8 | 30 | 38 | 10 | 0 |
| Pay | UKRPI | 3.466 | Maturity | 09/15/2034 |  | 600 | 0 | 12 | 12 | 3 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1163) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) |

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(g) Securities with an aggregate market value of $525 and cash of $2,810 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 07/2025 | 135 | $158 | $0 | $(1) |
|  | 07/2025 | $1708 | 2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | 0 |
|  | 07/2025 | 885 | 707 | 6 | 0 |
|  | 07/2025 | 196 | 326 | 3 | 0 |
|  | 08/2025 | 2629 | $1709 | 0 | (23) |
|  | 08/2025 | 704 | 885 | 0 | (6) |
|  | 08/2025 | 3872 | 542 | 0 | (1) |
|  | 08/2025 | 326 | 196 | 0 | (3) |
|  | 08/2025 | $158 | 135 | 1 | 0 |
|  BOA | 07/2025 | 149 | $97 | 0 | (1) |
|  | 07/2025 | 9264 | 10536 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) |
|  | 07/2025 | $203 | 3314013 | 1 | 0 |
|  | 07/2025 | 148 | 189 | 1 | 0 |
|  | 08/2025 | 185 | $145 | 0 | (1) |
|  | 08/2025 | $89 | 7651 | 0 | 0 |
|  BPS | 07/2025 | 1646 | $302 | 0 | (1) |
|  | 07/2025 | 105 | 77 | 0 | 0 |
|  | 07/2025 | 903 | 126 | 0 | 0 |
|  | 07/2025 | 505 | 50 | 0 | 0 |
|  | 07/2025 | 865 | 90 | 0 | (1) |
|  | 07/2025 | 227 | 7 | 0 | 0 |
|  | 07/2025 | $294 | 1646 | 9 | 0 |
|  | 07/2025 | 395 | 6444205 | 2 | 0 |
|  | 07/2025 | 30 | 983 | 0 | 0 |
|  | 07/2025 | 116 | 3457 | 2 | 0 |
|  | 08/2025 | 3428 | $480 | 0 | (1) |
|  | 08/2025 | 6185 | 43 | 0 | 0 |
|  | 08/2025 | 4287 | 136 | 0 | (11) |
|  | 08/2025 | $315 | 27420 | 4 | 0 |
|  | 08/2025 | 124 | 4063 | 16 | 0 |
|  BRC | 07/2025 | 2303 | $1484 | 0 | (32) |
|  | 07/2025 | 875 | 1191 | 0 | (11) |
|  | 07/2025 | 1836 | 527 | 0 | (18) |
|  | 07/2025 | 29174 | 21 | 0 | 0 |
|  | 07/2025 | 431 | 42 | 0 | 0 |
|  | 07/2025 | $261 | 883 | 1 | 0 |
|  | 07/2025 | 81 | 305 | 3 | 0 |
|  | 07/2025 | 344 | 6216 | 7 | 0 |
|  | 08/2025 | 1191 | 875 | 11 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **55** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  CBK | 07/2025 | 114 | $74 | $0 | $(1) |
|  | 07/2025 | 15021 | 2753 | 0 | (12) |
|  | 07/2025 | 2325631 | 1695 | 0 | (30) |
|  | 07/2025 | 290 | 31 | 0 | 0 |
|  | 07/2025 | 11899 | 358 | 0 | (9) |
|  | 07/2025 | $2626 | 15021 | 139 | 0 |
|  | 07/2025 | 325 | 5292397 | 1 | 0 |
|  | 07/2025 | 132 | 3901 | 2 | 0 |
|  | 08/2025 | 115 | $11 | 0 | 0 |
|  | 08/2025 | 120744 | 3701 | 0 | (448) |
|  | 08/2025 | $88 | 628 | 0 | 0 |
|  | 08/2025 | 1892 | 163176 | 7 | (1) |
|  | 08/2025 | 12 | 377 | 1 | 0 |
|  DUB | 07/2025 | 891 | $257 | 0 | (8) |
|  | 07/2025 | 40909 | 30 | 0 | 0 |
|  | 07/2025 | $2192 | 13958 | 12 | 0 |
|  | 07/2025 | 10582 | 9122 | 163 | 0 |
|  | 07/2025 | 25 | 407423 | 0 | 0 |
|  | 07/2025 | 64 | 83 | 1 | 0 |
|  | 07/2025 | 60 | 1783 | 1 | 0 |
|  | 08/2025 | 13924 | $2192 | 0 | (12) |
|  | 08/2025 | 9102 | 10582 | 0 | (163) |
|  | 08/2025 | $907 | 78368 | 5 | 0 |
|  | 08/2025 | 245 | 7802 | 23 | 0 |
|  GLM | 07/2025 | 16699 | 3029 | 0 | (44) |
|  | 07/2025 | $3060 | 16699 | 14 | 0 |
|  | 07/2025 | 77 | 1255383 | 0 | 0 |
|  | 07/2025 | 37 | 47 | 0 | 0 |
|  | 08/2025 | 2009 | $280 | 0 | (2) |
|  | 08/2025 | 47 | 37 | 0 | 0 |
|  | 10/2025 | $3029 | 17082 | 43 | 0 |
|  IND | 07/2025 | 122 | 1156 | 0 | 0 |
|  | 08/2025 | 1154 | $122 | 0 | 0 |
|  JPM | 07/2025 | 33 | 40 | 0 | (1) |
|  | 07/2025 | 13947 | 2112 | 0 | (90) |
|  | 07/2025 | 130647 | 96 | 0 | (1) |
|  | 07/2025 | 326 | 194 | 0 | (4) |
|  | 07/2025 | 32 | 9 | 0 | 0 |
|  | 07/2025 | 780 | 607 | 0 | (6) |
|  | 07/2025 | $873 | 3277 | 36 | 0 |
|  | 07/2025 | 53 | 68 | 0 | 0 |
|  | 07/2025 | 99 | 1762 | 1 | 0 |
|  | 08/2025 | 3667 | $513 | 0 | (1) |
|  | 08/2025 | 68 | 53 | 0 | 0 |
|  | 08/2025 | 2699 | 82 | 0 | (11) |
|  | 08/2025 | $353 | 30582 | 3 | 0 |
|  | 08/2025 | 678 | 19756 | 7 | (6) |
|  MBC | 07/2025 | 63 | $40 | 0 | (1) |
|  | 07/2025 | 4762 | 3467 | 0 | (30) |
|  | 07/2025 | 674 | 820 | 0 | (29) |
|  | 07/2025 | 619363 | 4311 | 10 | 0 |
|  | 07/2025 | 1873 | 1460 | 0 | (13) |
|  | 07/2025 | 5973 | 180 | 0 | (4) |
|  | 07/2025 | $3465 | 4764 | 33 | 0 |
|  | 07/2025 | 321 | 277 | 5 | 0 |
|  | 07/2025 | 204 | 151 | 3 | 0 |
|  | 07/2025 | 79 | 1283817 | 0 | 0 |
|  | 07/2025 | 97 | 960 | 0 | (2) |
|  | 07/2025 | 626 | 2343 | 24 | 0 |
|  | 07/2025 | 1408 | 1820 | 24 | 0 |
|  | 07/2025 | 8 | 251 | 0 | 0 |
|  | 08/2025 | 4756 | $3465 | 0 | (33) |
|  | 08/2025 | 1452 | 203 | 0 | (1) |
|  | 08/2025 | 32896 | 229 | 0 | 0 |
|  | 08/2025 | 1816 | 1408 | 0 | (24) |
|  | 08/2025 | 17539 | 564 | 0 | (39) |
|  | 08/2025 | $6 | 187 | 1 | 0 |
|  MYI | 07/2025 | 306320 | $2120 | 0 | (7) |
|  | 07/2025 | $6738 | 976642 | 44 | 0 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2025 | $109 | 1101 | $0 | $0 |
|  | 08/2025 | 5015 | $701 | 0 | (3) |
|  | 08/2025 | 973050 | 6738 | 0 | (44) |
|  | 08/2025 | 1100 | 109 | 0 | 0 |
|  RYL | 08/2025 | $83 | 530 | 0 | 0 |
|  SCX | 07/2025 | 14 | $4 | 0 | 0 |
|  | 07/2025 | 888 | 31 | 0 | 0 |
|  | 07/2025 | $358 | 5838368 | 1 | 0 |
|  | 07/2025 | 760 | 109701 | 2 | 0 |
|  | 07/2025 | 281 | 363 | 4 | 0 |
|  | 07/2025 | 136 | 4042 | 3 | 0 |
|  | 08/2025 | 8642 | $1210 | 0 | (2) |
|  | 08/2025 | 109296 | 760 | 0 | (2) |
|  | 08/2025 | 362 | 281 | 0 | (4) |
|  | 08/2025 | $108 | 774 | 1 | 0 |
|  | 08/2025 | 276 | 23664 | 0 | 0 |
|  | 08/2025 | 3 | 112 | 0 | 0 |
|  SSB | 07/2025 | 980 | 724 | 14 | 0 |
|  UAG | 07/2025 | 135 | $38 | 0 | (3) |
|  | 07/2025 | 199869 | 1381 | 0 | (7) |
|  | 07/2025 | 29114 | 22 | 0 | 0 |
|  | 07/2025 | 1239 | 122 | 0 | (1) |
|  | 07/2025 | 948 | 29 | 0 | (1) |
|  | 07/2025 | $21 | 29128 | 0 | 0 |
|  | 09/2025 | 395 | 7648 | 10 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1588) |

---

#### WRITTEN OPTIONS:

#### INFLATION-CAPPED OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Initial<br>Index | Floating Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 1200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.740% | 09/08/2025 | 1900 | $(44) | $(37) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.740 | 09/08/2025 | 1900 | (44) | (13) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 12200 | (111) | (110) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 12200 | (111) | (86) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 3000 | (27) | (33) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 3000 | (27) | (17) |
|  |  |  |  |  |  | $(364) | $(296) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $32 | $0 | $0 | $32 | $(34) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(34) | $(2) | $0 | $(2) |
|  BOA | 2 | 0 | 0 | 2 | (379) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | (69) |
|  BPS | 33 | 0 | 0 | 33 | (14) | 0 | 0 | (14) | 19 | (10) | 9 |
|  BRC | 22 | 0 | 0 | 22 | (61) | (50) | 0 | (111) | (89) | 0 | (89) |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &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;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501) | 0 | 0 | (501) | (351) | 495 | 144 |
|  DUB | 205 | 0 | 0 | 205 | (183) | 0 | 0 | (183) | 22 | 0 | 22 |
|  GLM | 57 | 0 | 0 | 57 | (46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279) | 0 | (325) | (268) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268) |
|  JPM | 47 | 0 | 0 | 47 | (120) | 0 | 0 | (120) | (73) | 0 | (73) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **57** |

---

------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(2)</sup>** |
|  MBC | $100 | $0 | $0 | $100 | $(176) | $0 | $0 | $(176) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |
|  MYI | 44 | 0 | 0 | 44 | (54) | 0 | 0 | (54) | (10) | 0 | (10) |
|  SCX | 11 | 0 | 0 | 11 | (8) | 0 | 0 | (8) | 3 | 0 | 3 |
|  SSB | 14 | 0 | 0 | 14 | 0 | 0 | 0 | 0 | 14 | 0 | 14 |
|  UAG | 10 | 0 | 0 | 10 | (12) | 0 | 0 | (12) | (2) | 0 | (2) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | $&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;727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1588) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1917) |  |  |  |

---

(i) Securities with an aggregate market value of $803 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

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

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

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $38 | $0 | $0 | $0 | $282 | $320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 96 | 96 |
|  | $38 | $0 | $0 | $0 | $378 | $416 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $727 | $0 | $727 |
|  | $38 | $0 | $0 | $727 | $378 | $1143 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $11 | $0 | $0 | $0 | $300 | $311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 222 | 222 |
|  | $11 | $0 | $0 | $0 | $522 | $533 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1588 | $0 | $1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 329 | 329 |
|  | $0 | $0 | $0 | $1588 | $329 | $1917 |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $(338) | $0 | $0 | $0 | $(245) | $(583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (926) | (926) |
|  | $(338) | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1171) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1509) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1765) | $0 | $(1765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 246 | 246 |
|  | $0 | $0 | $0 | $(1765) | $246 | $(1519) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338) | $&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;(1765) | $(925) | $(3028) |

---

58 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;&nbsp; Futures  | $17 | $0 | $0 | $0 | $(588) | $(571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 | 2422 |
|  | $17 | $0 | $0 | $0 | $1834 | $1851 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1428) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (87) | (87) |
|  | $0 | $0 | $0 | $(1428) | $(87) | $(1515) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&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;(1428) | $1747 | $336 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $2268 | $0 | $2268 |
|  U.S. Government Agencies | 0 | 61020 | 0 | 61020 |
|  U.S. Treasury Obligations | 0 | 216255 | 0 | 216255 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1757 | 0 | 1757 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Home Equity Other | 0 | 1667 | 0 | 1667 |
| &nbsp;&nbsp; Other ABS | 0 | 14115 | 0 | 14115 |
|  Sovereign Issues | 0 | 14668 | 0 | 14668 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 206 | 0 | 206 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 1600 | 0 | 1600 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313556 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $142 | $274 | $0 | $416 |
|  Over the counter | 0 | 727 | 0 | 727 |
|  | $142 | $1001 | $0 | $1143 |
|  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 | (102) | (431) | 0 | (533) |
|  Over the counter | 0 | (1917) | 0 | (1917) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) | $(2348) | $0 | $(2450) |
|  Total Financial Derivative Instruments | $40 | $(1347) | $0 | $(1307) |
|  Totals | $40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312249 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **59** |

---

------

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 94.3% | INVESTMENTS IN SECURITIES 94.3% | INVESTMENTS IN SECURITIES 94.3% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Benloch Ranch Improvement Association | Benloch Ranch Improvement Association | Benloch Ranch Improvement Association |
|  10.000% due 12/01/2051 « | 200 | $153 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group |
|  5.403% due 10/01/2033 | 700 | 709 |
|  Total Corporate Bonds & Notes (Cost $895) | Total Corporate Bonds & Notes (Cost $895) | 862 |
| MUNICIPAL BONDS & NOTES 89.5% | MUNICIPAL BONDS & NOTES 89.5% | MUNICIPAL BONDS & NOTES 89.5% |
| ALABAMA 5.9% | ALABAMA 5.9% | ALABAMA 5.9% |
|  Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 | Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 06/01/2055 | 800 | 807 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2054 | 2000 | 2160 |
|  Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 | Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 03/01/2055 | 600 | 635 |
|  Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 | Energy Southeast A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.250% due 07/01/2054 | 1000 | 1071 |
|  Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 | Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2054 | 1990 | 1911 |
|  Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 | Southeast Alabama Gas Supply District Revenue Bonds, Series 2024 |
|  5.000% due 06/01/2049 | 1000 | 1055 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2035 | 800 | 827 |
|  Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 | Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025 |
|  5.000% due 05/01/2055 | 1500 | 1585 |
|  5.250% due 03/01/2055 | 2000 | 2091 |
|  |  | 12142 |
| ARIZONA 0.3% | ARIZONA 0.3% | ARIZONA 0.3% |
|  Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 | Arizona Industrial Development Authority Revenue Bonds, Series 2025 |
|  6.750% due 12/01/2055 | 250 | 251 |
|  Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018 | Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018 |
|  5.000% due 07/01/2028 | 250 | 258 |
|  |  | 509 |
| ARKANSAS 0.3% | ARKANSAS 0.3% | ARKANSAS 0.3% |
|  Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 | Arkansas Development Finance Authority Revenue Bonds, Series 2023 |
|  7.375% due 07/01/2048 | 500 | 542 |
| CALIFORNIA 8.9% | CALIFORNIA 8.9% | CALIFORNIA 8.9% |
|  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 |
|  5.300% due 10/01/2047 (d) | 1000 | 570 |
|  California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 | California Community Choice Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 1000 | 1054 |
|  5.000% due 02/01/2055 | 700 | 744 |
|  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 | 191 |
|  California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
|  0.000% due 06/01/2055 (c) | 1000 | 179 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California Educational Facilities Authority Revenue Bonds, Series 2023 | California Educational Facilities Authority Revenue Bonds, Series 2023 | California Educational Facilities Authority Revenue Bonds, Series 2023 |
|  5.500% due 10/01/2053 | 1000 | 982 |
|  California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 | California Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 1800 | 1854 |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 | California Health Facilities Financing Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2044 | 1000 | 1006 |
|  California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 | California Housing Finance Revenue Bonds, Series 2024 |
|  6.000% due 03/01/2053 | 800 | 809 |
|  7.000% due 03/01/2053 | 250 | 239 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 |
|  0.000% due 01/01/2060 (c) | 2250 | 176 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 | California Infrastructure & Economic Development Bank Revenue Bonds, Series 2025 |
|  9.500% due 01/01/2065 | 1200 | 1138 |
|  California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 | California Municipal Finance Authority Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2039 | 1000 | 1013 |
|  California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 | California Municipal Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2038 | 500 | 491 |
|  California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 | California Public Finance Authority Revenue Bonds, Series 2019 |
|  6.250% due 07/01/2054 | 250 | 256 |
|  California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 | California State General Obligation Bonds, Series 2015 |
|  3.875% due 12/01/2030 | 500 | 495 |
|  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 | 253 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 | California Statewide Communities Development Authority Revenue Bonds, Series 2019 |
|  4.250% due 11/01/2059 | 200 | 172 |
|  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 |
|  4.750% due 09/01/2062 (d) | 500 | 305 |
|  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 |
|  0.010% due 06/01/2066 (c) | 9000 | 954 |
|  3.714% due 06/01/2041 | 2000 | 1531 |
|  4.214% due 06/01/2050 | 100 | 72 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 |
|  5.000% due 06/01/2051 | 300 | 296 |
|  Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
|  5.000% due 07/01/2061 | 1000 | 856 |
|  Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | Los Angeles Department of Airports, California Revenue Bonds, Series 2018 |
|  4.000% due 05/15/2048 | 1000 | 881 |
|  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 | 490 |
|  San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 | San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025 |
|  5.500% due 01/01/2056 | 300 | 329 |
|  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 |
|  0.010% due 06/01/2060 (c) | 2500 | 384 |
|  Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 | Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|  0.000% due 06/01/2054 (c) | 2000 | 402 |
|  |  | 18122 |
| COLORADO 6.5% | COLORADO 6.5% | COLORADO 6.5% |
|  Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 | Aerotropolis Regional Transportation Authority, Colorado Revenue Bonds, Series 2024 |
|  5.500% due 12/01/2044 | 1000 | 968 |
|  Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 | Canyons Metropolitan District No 5, Colorado General Obligation Bonds, Series 2024 |
|  6.500% due 12/15/2054 | 250 | 250 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2017 |
|  5.000% due 12/01/2037 | 250 | 250 |
|  Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 | Centerra Metropolitan District No 1, Colorado Tax Allocation Bonds, Series 2018 |
|  5.250% due 12/01/2048 | 500 | 487 |
|  Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 | Colorado Crossing Metropolitan District No 2, General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2047 | 500 | 460 |
|  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 |
|  5.250% due 12/01/2051 (d) | 750 | 577 |
|  Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 | Colorado State Building Excellent School Certificates of Participation Bonds, Series 2021 |
|  4.000% due 03/15/2046 | 1000 | 874 |
|  Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 | Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, Series 2024 |
|  6.125% due 12/15/2054 | 750 | 725 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 |
|  4.000% due 12/01/2043 | 1000 | 899 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2022 |
|  4.125% due 11/15/2047 | 1000 | 886 |
|  Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 |
|  5.875% due 12/01/2052 | 1950 | 1960 |
|  Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 | Elbert County, Colorado Independence Water & Sanitation District Revenue Notes, Series 2024 |
|  5.125% due 12/01/2033 | 1000 | 1012 |
|  Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 | Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 | Johnstown Village Metropolitan District No 2, Colorado General Obligation Bonds, Series 2020 |
|  5.000% due 12/01/2050 | 500 | 434 |
|  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 | 466 |
|  Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 | Rampart Range Metropolitan District No 5, Colorado Revenue Bonds, Series 2021 |
|  4.000% due 12/01/2036 | 750 | 699 |
|  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 | 480 |
|  Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 | Sterling Ranch Community Authority Board, Colorado Revenue Bonds, Series 2024 |
|  5.750% due 12/01/2054 | 500 | 486 |
|  Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 | Velocity Metropolitan District No 5, Colorado General Obligation Bonds, Series 2020 |
|  6.000% due 12/01/2050 (d) | 1000 | 830 |
|  Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 | Willow Bend Metropolitan District, Colorado General Obligation Bonds, Series 2019 |
|  5.000% due 12/01/2049 | 500 | 448 |
|  |  | 13191 |
| DELAWARE 0.7% | DELAWARE 0.7% | DELAWARE 0.7% |
|  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 | 975 | 805 |
|  7.120% due 10/01/2038 | 175 | 163 |
|  Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 | Delaware State Economic Development Authority Revenue Bonds, Series 2020 |
|  1.250% due 10/01/2045 | 500 | 495 |
|  |  | 1463 |
| DISTRICT OF COLUMBIA 0.8% | DISTRICT OF COLUMBIA 0.8% | DISTRICT OF COLUMBIA 0.8% |
|  Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 | Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2021 |
|  5.000% due 10/01/2046 | 1000 | 1001 |
|  Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 | Washington Metropolitan Area Transit Authority Dedicated, District of Columbia Revenue Bonds, Series 2024 |
|  5.000% due 07/15/2054 | 300 | 303 |
|  5.000% due 07/15/2056 | 300 | 302 |
|  |  | 1606 |

---

60 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| FLORIDA 11.8% | FLORIDA 11.8% | FLORIDA 11.8% |
|  Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 | Alachua County, Florida Housing Finance Authority Revenue Bonds, Series 2025 |
|  6.300% due 07/01/2055 | 250 | 251 |
|  Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 | Antillia Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.600% due 05/01/2044 | 710 | 699 |
|  Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 |
|  5.625% due 05/01/2054 | 405 | 404 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 |
|  5.000% due 05/01/2042 | 300 | 293 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 | Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2055 | 250 | 236 |
|  Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 | Babcock Ranch Community Independent Special District, Florida Special Assessment Notes, Series 2022 |
|  4.250% due 05/01/2032 | 390 | 392 |
|  Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 | Bella Collina Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 250 | 238 |
|  Berry Bay II Community Development District, Florida Special Assessment Notes, Series 2024 | Berry Bay II Community Development District, Florida Special Assessment Notes, Series 2024 | Berry Bay II Community Development District, Florida Special Assessment Notes, Series 2024 |
|  4.450% due 05/01/2031 | 220 | 221 |
|  Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 | Capital Trust Authority, Florida Revenue Bonds, Series 2025 |
|  5.250% due 07/01/2050 | 1300 | 1236 |
|  Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 | Edgewater West Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 500 | 470 |
|  Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 | Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024 |
|  5.250% due 07/01/2053 | 1000 | 999 |
|  Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 | Florida Development Finance Corp. Revenue Bonds, Series 2024 |
|  5.250% due 08/01/2049 | 1000 | 1005 |
|  Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 | Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 | Florida Higher Educational Facilities Financing Authority Revenue Bonds, Series 2025 |
|  6.000% due 07/01/2045 (a) | 600 | 599 |
|  Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 | Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 | Gas Worx Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.000% due 05/01/2036 | 615 | 620 |
|  GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 | GIR East Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.300% due 05/01/2045 | 1000 | 946 |
|  Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 | Golden Gem Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.700% due 05/01/2044 | 1000 | 976 |
|  Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 | Hammock Oaks Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.750% due 05/01/2055 | 500 | 484 |
|  Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 | Hickory Tree Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.450% due 05/01/2055 | 250 | 233 |
|  Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 | Hyde Park Community Development District No 1, Florida Special Assessment Bonds, Series 2024 |
|  5.350% due 05/01/2044 | 420 | 403 |
|  Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 | Ibis Landing Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.700% due 06/15/2045 (a) | 615 | 618 |
|  Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 | Lakes of Sarasota Community Development District 2, Florida Special Assessment Bonds, Series 2025 |
|  5.500% due 05/01/2045 | 230 | 222 |
|  Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 | Lakes of Sarasota Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.300% due 05/01/2044 | 425 | 405 |
|  Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 | Lakewood Ranch Stewardship District, Florida Special Assessment Bonds, Series 2024 |
|  5.250% due 05/01/2044 | 585 | 575 |
|  5.550% due 05/01/2054 | 530 | 517 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 | LTC Ranch West Residential Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.375% due 05/01/2044 | 875 | 828 |
|  Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 | Magnolia Island Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.550% due 05/01/2045 | 250 | 240 |
|  Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 | Miami-Dade County, Florida Aviation Revenue Bonds, Series 2025 |
|  5.250% due 10/01/2055 | 1000 | 1032 |
|  Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 | Miami-Dade County, Florida Aviation Revenue Notes, Series 2024 |
|  5.000% due 10/01/2034 | 700 | 755 |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2044 | 1000 | 916 |
|  Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 | Midtown Miami Community Development District, Florida Special Assessment Bonds, Series 2014 |
|  5.000% due 05/01/2029 | 615 | 615 |
|  Newfield Community Development District, Florida Special Assessment Notes, Series 2025 | Newfield Community Development District, Florida Special Assessment Notes, Series 2025 | Newfield Community Development District, Florida Special Assessment Notes, Series 2025 |
|  5.000% due 05/01/2035 | 790 | 810 |
|  Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 | Newport Isles Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.200% due 05/01/2054 | 150 | 138 |
|  Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 | Normandy Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.550% due 05/01/2054 | 250 | 230 |
|  Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 | Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2024 |
|  5.000% due 08/01/2047 | 150 | 146 |
|  Osceola County, Florida Transportation Revenue Notes, Series 2020 | Osceola County, Florida Transportation Revenue Notes, Series 2020 | Osceola County, Florida Transportation Revenue Notes, Series 2020 |
|  0.000% due 10/01/2028 (c) | 475 | 422 |
|  Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 | Parrish Lakes Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.500% due 05/01/2044 | 525 | 509 |
|  Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 | Pasadena Ridge Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.375% due 05/01/2055 | 100 | 93 |
|  Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 | Pioneer Ranch Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 810 | 753 |
|  Reflection Bay Community Development District, Florida Special Assessment Notes, Series 2025 | Reflection Bay Community Development District, Florida Special Assessment Notes, Series 2025 | Reflection Bay Community Development District, Florida Special Assessment Notes, Series 2025 |
|  5.000% due 05/01/2035 | 625 | 636 |
|  Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 | Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 | Rivers Edge III Community Development District, Florida Special Assessment Bonds, Series 2025 |
|  5.750% due 05/01/2045 | 100 | 100 |
|  Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 | Rookery Community Development District, Florida Special Assessment Bonds, Series 2024 |
|  5.000% due 05/01/2044 | 300 | 279 |
|  School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 | School Board of Miami-Dade County, Florida General Obligation Bonds, Series 2017 |
|  4.000% due 03/15/2042 | 1000 | 947 |
|  Seagrove Community Development District, Florida Special Assesment Bonds, Series 2024 | Seagrove Community Development District, Florida Special Assesment Bonds, Series 2024 | Seagrove Community Development District, Florida Special Assesment Bonds, Series 2024 |
|  4.875% due 06/15/2044 | 250 | 233 |
|  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 | 218 |
|  4.000% due 12/15/2030 | 200 | 193 |
|  4.000% due 12/15/2031 | 210 | 200 |
|  Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 | Village Community Development District No. 15, Florida Special Assessment Bonds, Series 2023 |
|  4.850% due 05/01/2038 | 495 | 500 |
|  Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 | Village Community Development District No. 15, Florida Special Assessment Notes, Series 2024 |
|  4.000% due 05/01/2034 | 250 | 245 |
|  |  | 24080 |
| GEORGIA 1.2% | GEORGIA 1.2% | GEORGIA 1.2% |
|  Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 | Atlanta Development Authority, Georgia Revenue Bonds, Series 2024 |
|  6.500% due 12/15/2048 (d) | 500 | 437 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 | Atlanta Development Authority, Georgia Tax Allocation Notes, Series 2024 |
|  5.000% due 04/01/2034 | 100 | 100 |
|  Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 | Douglas County, Georgia Housing Authority Multifamly Tax-Exempt Bonds, Series 2024 |
|  4.375% due 04/01/2043 | 1000 | 947 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2023 |
|  5.000% due 12/01/2053 | 300 | 316 |
|  Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 | Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 550 | 582 |
|  |  | 2382 |
| IDAHO 0.3% | IDAHO 0.3% | IDAHO 0.3% |
|  Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 | Idaho Health Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/01/2060 | 200 | 218 |
|  Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 | Spring Valley Community Infrastructure District No 1, Idaho Special Assessment Bonds, Series 2021 |
|  3.750% due 09/01/2051 | 447 | 401 |
|  |  | 619 |
| ILLINOIS 4.7% | ILLINOIS 4.7% | ILLINOIS 4.7% |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2048 | 1000 | 1017 |
|  Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 | Chicago O'Hare International Airport, Illinois Revenue Notes, Series 2024 |
|  5.000% due 01/01/2033 | 500 | 540 |
|  Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 | Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 | Chicago Transit Authority Sales Tax Receipts Fund, Illinois Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2049 | 300 | 300 |
|  Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 | Illinois Finance Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/15/2047 | 1975 | 1723 |
|  Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 | Illinois Finance Authority Revenue Bonds, Series 2018 |
|  5.000% due 05/15/2043 | 440 | 434 |
|  Illinois Sales Tax State Revenue Bonds, Series 2017 | Illinois Sales Tax State Revenue Bonds, Series 2017 | Illinois Sales Tax State Revenue Bonds, Series 2017 |
|  3.000% due 06/15/2034 | 1180 | 1049 |
|  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 | 1036 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 02/01/2036 | 1100 | 1180 |
|  5.000% due 05/01/2037 | 1000 | 1058 |
|  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 | 900 |
|  Village of Gilberts, Illinois Special Service Area No 24, Special Tax Bonds, Series 2014 | Village of Gilberts, Illinois Special Service Area No 24, Special Tax Bonds, Series 2014 | Village of Gilberts, Illinois Special Service Area No 24, Special Tax Bonds, Series 2014 |
|  5.375% due 03/01/2034 | 443 | 416 |
|  |  | 9653 |
| INDIANA 0.7% | INDIANA 0.7% | INDIANA 0.7% |
|  Evansville, Indiana Revenue Bonds, Series 2017 | Evansville, Indiana Revenue Bonds, Series 2017 | Evansville, Indiana Revenue Bonds, Series 2017 |
|  5.450% due 01/01/2038 | 500 | 462 |
|  Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 | Indiana Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2054 | 100 | 96 |
|  Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 | Indiana Housing & Community Development Authority Revenue Bonds, Series 2016 |
|  5.750% due 01/01/2036 | 175 | 168 |
|  6.250% due 07/01/2056 | 300 | 284 |
|  Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 | Indianapolis, Indiana Revenue Bonds, Series 2016 |
|  6.250% due 07/01/2056 | 300 | 285 |
|  Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 | Valparaiso, Indiana Revenue Bonds, Series 2021 |
|  5.375% due 12/01/2041 | 250 | 218 |
|  |  | 1513 |
| IOWA 1.1% | IOWA 1.1% | IOWA 1.1% |
|  Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, (FNMA Insured), Series 2024 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, (FNMA Insured), Series 2024 | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, (FNMA Insured), Series 2024 |
|  4.650% due 07/01/2043 | 2000 | 1972 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **61** |

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------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 | 214 |
|  |  | 2186 |
| KANSAS 0.5% | KANSAS 0.5% | KANSAS 0.5% |
|  Colby, Kansas Revenue Notes, Series 2024 | Colby, Kansas Revenue Notes, Series 2024 | Colby, Kansas Revenue Notes, Series 2024 |
|  5.500% due 07/01/2026 | 1000 | 1002 |
| LOUISIANA 0.3% | LOUISIANA 0.3% | LOUISIANA 0.3% |
|  Louisiana Public Facilities Authority Revenue Bonds, Series 2020 | Louisiana Public Facilities Authority Revenue Bonds, Series 2020 | Louisiana Public Facilities Authority Revenue Bonds, Series 2020 |
|  4.000% due 04/01/2050 | 660 | 555 |
| MAINE 0.1% | MAINE 0.1% | MAINE 0.1% |
|  Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 | Finance Authority of Maine Revenue Bonds, Series 2024 |
|  4.625% due 12/01/2047 | 250 | 244 |
| MARYLAND 0.6% | MARYLAND 0.6% | MARYLAND 0.6% |
|  Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 | Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 | Maryland Department of Transportation State Revenue Bonds, (AGC/CR Insured), Series 2021 |
|  4.000% due 08/01/2051 | 1000 | 839 |
|  Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 | Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2045 | 300 | 329 |
|  |  | 1168 |
| MASSACHUSETTS 2.2% | MASSACHUSETTS 2.2% | MASSACHUSETTS 2.2% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2020 | Commonwealth of Massachusetts General Obligation Bonds, Series 2020 | Commonwealth of Massachusetts General Obligation Bonds, Series 2020 |
|  5.000% due 07/01/2048 | 600 | 603 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2013 | Massachusetts Development Finance Agency Revenue Bonds, Series 2013 | Massachusetts Development Finance Agency Revenue Bonds, Series 2013 |
|  4.000% due 07/01/2043 | 1750 | 1529 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | Massachusetts Development Finance Agency Revenue Bonds, Series 2016 |
|  5.000% due 10/01/2048 | 1000 | 918 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 | Massachusetts Development Finance Agency Revenue Bonds, Series 2024 |
|  5.000% due 07/01/2044 | 350 | 333 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 | Massachusetts Development Finance Agency Revenue Bonds, Series 2025 |
|  6.000% due 07/01/2050 | 1000 | 1052 |
|  |  | 4435 |
| MICHIGAN 1.5% | MICHIGAN 1.5% | MICHIGAN 1.5% |
|  Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 | Detroit, Michigan General Obligation Bonds, Series 2014 |
|  4.000% due 04/01/2044 | 497 | 389 |
|  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 |
|  3.655% due 07/01/2032 ~ | 1000 | 987 |
|  Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 | Michigan State Hospital Finance Authority Revenue Bonds, Series 2025 |
|  5.000% due 08/15/2055 | 1500 | 1617 |
|  |  | 2993 |
| MINNESOTA 1.1% | MINNESOTA 1.1% | MINNESOTA 1.1% |
|  Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Minnesota Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.500% due 01/01/2055 | 1990 | 2229 |
| MISSOURI 0.5% | MISSOURI 0.5% | MISSOURI 0.5% |
|  Jefferson County Industrial Development Authority, Missouri Revenue Bonds, (FNMA Insured), Series 2024 | Jefferson County Industrial Development Authority, Missouri Revenue Bonds, (FNMA Insured), Series 2024 | Jefferson County Industrial Development Authority, Missouri Revenue Bonds, (FNMA Insured), Series 2024 |
|  4.450% due 02/01/2043 | 1000 | 966 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MULTI-STATE 2.0% | MULTI-STATE 2.0% | MULTI-STATE 2.0% |
|  FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 | FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025 |
|  4.869% due 01/25/2043 | 2199 | 2199 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023 |
|  4.143% due 01/25/2040 ~ | 490 | 472 |
|  4.552% due 08/25/2040 ~ | 495 | 501 |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 |
|  4.615% due 08/25/2041 ~(f) | 498 | 511 |
|  4.685% due 10/25/2040 | 496 | 506 |
|  |  | 4189 |
| NEVADA 0.2% | NEVADA 0.2% | NEVADA 0.2% |
|  Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 | Las Vegas, Nevada Revenue Bonds, Series 2016 |
|  4.375% due 06/15/2035 | 320 | 306 |
|  Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 | Reno, Nevada Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2058 (c) | 1000 | 149 |
|  |  | 455 |
| NEW HAMPSHIRE 1.0% | NEW HAMPSHIRE 1.0% | NEW HAMPSHIRE 1.0% |
|  New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 | New Hampshire Business Finance Authority Revenue Bonds, Series 2025 |
|  4.168% due 01/20/2041 ~ | 2000 | 1472 |
|  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 | 277 |
|  New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 | New Hampshire National Finance Authority Affordable Housing, Series 2024 |
|  4.150% due 10/20/2040 | 400 | 387 |
|  |  | 2136 |
| NEW JERSEY 1.3% | NEW JERSEY 1.3% | NEW JERSEY 1.3% |
|  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 | 991 |
|  New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | New Jersey Housing & Mortgage Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.550% due 05/01/2041 | 1000 | 1002 |
|  Passaic County, New Jersey Improvement Authority Revenue Bonds, Series 2025 | Passaic County, New Jersey Improvement Authority Revenue Bonds, Series 2025 | Passaic County, New Jersey Improvement Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2044 | 750 | 731 |
|  |  | 2724 |
| NEW MEXICO 0.2% | NEW MEXICO 0.2% | NEW MEXICO 0.2% |
|  Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 | Farmington, New Mexico Revenue Bonds, Series 2005 |
|  1.800% due 04/01/2029 | 500 | 459 |
| NEW YORK 3.9% | NEW YORK 3.9% | NEW YORK 3.9% |
|  Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 | Brookhaven Local Development Corp. New York Revenue Bonds, Series 2020 |
|  4.000% due 11/01/2055 | 500 | 400 |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2053 | 200 | 207 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2046 | 1000 | 1028 |
|  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 | 979 |
|  New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 | New York State Dormitory Authority Revenue Bonds, Series 2025 |
|  5.000% due 07/01/2036 | 660 | 719 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 | New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|  5.000% due 10/01/2040 | 2000 | 1991 |
|  New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 | New York Transportation Development Corp. Revenue Bonds, Series 2024 |
|  5.000% due 06/30/2060 | 750 | 705 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 | Onondaga Civic Development Corp. New York Revenue Bonds, Series 2024 |
|  5.375% due 08/01/2054 | 1000 | 789 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 | Port Authority of New York & New Jersey Revenue Bonds, Series 2022 |
|  5.250% due 08/01/2047 | 1000 | 1016 |
|  Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 | Suffolk Tobacco Asset Securitization Corp. New York Revenue Bonds, Series 2021 |
|  0.000% due 06/01/2066 (c) | 2000 | 178 |
|  |  | 8012 |
| OHIO 3.9% | OHIO 3.9% | OHIO 3.9% |
|  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 |
|  0.010% due 06/01/2057 (c) | 11300 | 1052 |
|  5.000% due 06/01/2055 | 2500 | 2134 |
|  Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 | Cuyahoga County, Ohio Revenue Bonds, Series 2017 |
|  5.000% due 02/15/2057 | 1155 | 1067 |
|  5.500% due 02/15/2057 | 510 | 496 |
|  Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 | Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 | Lancaster Port Authority, Ohio Revenue Bonds, Series 2024 |
|  5.000% due 02/01/2055 | 150 | 159 |
|  Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
|  5.000% due 07/01/2049 | 750 | 665 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024 |
|  6.250% due 03/01/2055 | 700 | 769 |
|  Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  4.550% due 09/01/2045 | 1000 | 975 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 | Ohio Housing Finance Agency Revenue Bonds, Series 2024 |
|  6.000% due 01/01/2045 | 250 | 237 |
|  Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 | Ohio Housing Finance Agency Revenue Bonds, Series 2025 |
|  6.375% due 01/01/2045 | 250 | 251 |
|  Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 | Port of Greater Cincinnati Development Authority, Ohio Revenue Bonds, Series 2025 |
|  6.500% due 01/01/2045 | 150 | 151 |
|  |  | 7956 |
| OREGON 0.3% | OREGON 0.3% | OREGON 0.3% |
|  Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 |
|  0.000% due 06/15/2038 (c) | 750 | 417 |
|  University of Oregon Revenue Bonds, Series 2020 | University of Oregon Revenue Bonds, Series 2020 | University of Oregon Revenue Bonds, Series 2020 |
|  5.000% due 04/01/2050 | 200 | 201 |
|  |  | 618 |
| PENNSYLVANIA 3.6% | PENNSYLVANIA 3.6% | PENNSYLVANIA 3.6% |
|  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 | 465 | 460 |
|  Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 | Lancaster County Hospital Authority, Pennsylvania Revenue Bonds, Series 2021 |
|  5.000% due 11/01/2046 | 1045 | 1045 |
|  Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 | Lancaster Municipal Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 05/01/2054 | 400 | 384 |
|  Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 | Lehigh County, Pennsylvania Revenue Bonds, (AGC/CR Insured), Series 2019 |
|  4.000% due 07/01/2049 | 500 | 424 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2024 |
|  5.000% due 11/01/2044 | 150 | 144 |
|  Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 | Montgomery County Industrial Development Authority, Pennsylvania Revenue Notes, Series 2023 |
|  4.100% due 06/01/2029 | 500 | 515 |
|  Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 | Moon Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2015 |
|  6.000% due 07/01/2045 | 1000 | 868 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  6.000% due 06/30/2061 | 1000 | 1048 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2025 |
|  5.000% due 03/15/2060 | 1000 | 1049 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  5.000% due 08/15/2049 | 500 | 496 |
|  Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 | Pennsylvania Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2025 |
|  4.900% due 06/01/2041 | 1000 | 1012 |
|  |  | 7445 |
| PUERTO RICO 5.0% | PUERTO RICO 5.0% | PUERTO RICO 5.0% |
|  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 | 834 | 514 |
|  0.000% due 11/01/2051 | 3379 | 2137 |
|  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 | 984 | 944 |
|  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 |
|  3.568% (US0003M + 0.520%) due 07/01/2029 ~ | 1010 | 966 |
|  Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 |
|  5.250% due 07/01/2040 ^(b) | 2150 | 1048 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|  0.000% due 07/01/2046 (c) | 430 | 137 |
|  0.010% due 07/01/2051 (c) | 17345 | 4055 |
|  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 | 480 |
|  |  | 10281 |
| RHODE ISLAND 1.1% | RHODE ISLAND 1.1% | RHODE ISLAND 1.1% |
|  Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 | Tobacco Settlement Financing Corp. Rhode Island Revenue Bonds, Series 2015 |
|  5.000% due 06/01/2040 | 1000 | 1000 |
|  5.000% due 06/01/2050 | 1250 | 1239 |
|  |  | 2239 |
| SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% | SOUTH CAROLINA 1.0% |
|  South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 | South Carolina Public Service Authority Revenue Bonds, Series 2024 |
|  5.250% due 12/01/2049 | 200 | 205 |
|  5.500% due 12/01/2054 | 625 | 655 |
|  Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 | Spartanburg Regional Health Services District, South Carolina Revenue Bonds, Series 2017 |
|  5.000% due 04/15/2048 | 1200 | 1188 |
|  |  | 2048 |
| TENNESSEE 0.5% | TENNESSEE 0.5% | TENNESSEE 0.5% |
|  Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 | Tennessee Housing Development Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025 |
|  6.000% due 01/01/2056 | 1000 | 1097 |
| TEXAS 9.5% | TEXAS 9.5% | TEXAS 9.5% |
|  Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 | Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025 |
|  4.500% due 08/15/2050 | 1000 | 936 |
|  Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 | Austin Housing Finance Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 100 | 101 |
|  Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 |
|  12.000% due 06/01/2043 | 187 | 141 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 |
|  3.625% due 07/01/2026 | 250 | 240 |
|  Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 | Celina, Texas Special Assessment Bonds, Series 2024 |
|  5.500% due 09/01/2054 | 500 | 478 |
|  Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 | Club Municipal Management District No 1, Texas Special Assessment Bonds, Series 2024 |
|  5.100% due 09/01/2044 | 350 | 335 |
|  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 | 225 |
|  Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 | Denton County, Texas Special Assessment Bonds, Series 2025 |
|  6.125% due 12/31/2055 | 1000 | 1008 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 500 | 507 |
|  EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 | EP Essential Housing WF PFC, Texas Revenue Notes, Series 2024 |
|  4.250% due 12/01/2034 | 400 | 397 |
|  Frenship Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Frenship Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Frenship Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 1000 | 1014 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 | Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2043 | 1000 | 1012 |
|  Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 | Houston, Texas Airport System Revenue Bonds, Series 2024 |
|  5.500% due 07/15/2036 | 2150 | 2238 |
|  Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 | Houston, Texas Airport System Revenue Notes, Series 2024 |
|  5.250% due 07/15/2034 | 300 | 309 |
|  Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Jarrell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 02/15/2053 | 600 | 610 |
|  Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 | Lower Colorado River Authority, Texas Revenue Bonds, Series 2025 |
|  5.000% due 05/15/2050 | 200 | 202 |
|  Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 | Manor Housing Public Facility Corp. Texas Revenue Bonds, Series 2024 |
|  3.400% due 11/01/2042 | 200 | 200 |
|  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 | 477 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2016 |
|  4.000% due 07/01/2031 ^(b) | 260 | 203 |
|  4.000% due 07/01/2036 ^(b) | 915 | 826 |
|  4.250% due 07/01/2036 ^(b) | 920 | 718 |
|  4.750% due 07/01/2051 ^(b) | 50 | 39 |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2060 | 1000 | 919 |
|  North Texas Municipal Water District Water System Revenue Bonds, Series 2025 | North Texas Municipal Water District Water System Revenue Bonds, Series 2025 | North Texas Municipal Water District Water System Revenue Bonds, Series 2025 |
|  5.000% due 09/01/2044 | 2000 | 2085 |
|  Pilot Point, Texas Special Assessment Bonds, Series 2025 | Pilot Point, Texas Special Assessment Bonds, Series 2025 | Pilot Point, Texas Special Assessment Bonds, Series 2025 |
|  6.125% due 09/15/2045 | 680 | 690 |
|  Port Beaumont Navigation District, Texas Revenue Bonds, Series 2020 | Port Beaumont Navigation District, Texas Revenue Bonds, Series 2020 | Port Beaumont Navigation District, Texas Revenue Bonds, Series 2020 |
|  4.000% due 01/01/2050 | 500 | 383 |
|  Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 | Princeton, Texas Special Assessment Bonds, Series 2025 |
|  5.375% due 09/01/2045 | 420 | 405 |
|  Princeton, Texas Special Assessment Notes, Series 2024 | Princeton, Texas Special Assessment Notes, Series 2024 | Princeton, Texas Special Assessment Notes, Series 2024 |
|  4.250% due 09/01/2031 | 300 | 299 |
|  Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 | Royse City Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024 |
|  5.000% due 02/15/2054 | 200 | 204 |
|  Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 | Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2020 |
|  6.875% due 11/15/2055 | 200 | 172 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  4.519% due 12/15/2026 ~ | 500 | 500 |
|  Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2042 | 1000 | 1044 |
|  Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 | Texas Water Development Board Revenue Bonds, Series 2024 |
|  4.125% due 10/15/2047 | 600 | 544 |
|  |  | 19461 |
| UTAH 2.7% | UTAH 2.7% | UTAH 2.7% |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025 |
|  5.000% due 06/01/2040 | 1000 | 1059 |
|  Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 | Downtown Revitalization Public Infrastructure District, Utah Revenue Notes, Series 2025 |
|  5.000% due 07/15/2035 | 1000 | 1004 |
|  Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 | Mida Mountain Village Public Infrastructure District, Utah Tax Allocation Bonds, Series 2024 |
|  5.500% due 06/15/2039 | 500 | 500 |
|  6.000% due 06/15/2054 | 1000 | 1006 |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2048 | 1000 | 1010 |
|  UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 | UIPA Crossroads Public Infrastructure District, Utah Tax Allocation Bonds, Series 2021 |
|  4.375% due 06/01/2052 | 1000 | 861 |
|  |  | 5440 |
| VERMONT 0.1% | VERMONT 0.1% | VERMONT 0.1% |
|  Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 | Vermont Economic Development Authority Revenue Bonds, Series 2022 |
|  4.375% due 06/01/2052 | 250 | 247 |
| VIRGINIA 0.7% | VIRGINIA 0.7% | VIRGINIA 0.7% |
|  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 | 410 | 385 |
|  Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 | Virginia Small Business Financing Authority Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2039 | 1000 | 1030 |
|  |  | 1415 |
| WASHINGTON 0.7% | WASHINGTON 0.7% | WASHINGTON 0.7% |
|  Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019 | Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019 | Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019 |
|  4.000% due 04/01/2044 | 1000 | 876 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 | Washington State Housing Finance Commission Revenue Bonds, Series 2024 |
|  6.000% due 07/01/2059 | 500 | 499 |
|  Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 | Washington State Housing Finance Commission Revenue Bonds, Series 2025 |
|  7.000% due 07/01/2064 | 100 | 102 |
|  |  | 1477 |
| WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% | WEST VIRGINIA 0.4% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
|  0.000% due 06/01/2047 (c) | 1000 | 91 |
|  West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 | West Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.450% due 01/01/2055 | 800 | 817 |
|  |  | 908 |
| WISCONSIN 1.4% | WISCONSIN 1.4% | WISCONSIN 1.4% |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 |
|  6.750% due 08/01/2031 | 500 | 449 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **63** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|  0.000% due 01/01/2061 (c) | $— | 1930 | $— | 136 |
|  4.500% due 06/01/2056 |  | 225 |  | 164 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2024 |
|  5.000% due 12/15/2044 |  | 290 |  | 264 |
|  Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 | Public Finance Authority, Wisconsin Revenue Bonds, Series 2025 |
|  5.250% due 06/15/2045 |  | 550 |  | 548 |
|  Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 | Public Finance Authority, Wisconsin Revenue Notes, Series 2023 |
|  0.010% due 09/01/2029 (c) |  | 371 |  | 275 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018 |
|  4.500% due 07/01/2043 |  | 100 |  | 84 |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2024 |
|  5.875% due 07/01/2055 |  | 300 |  | 290 |
|  Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2025 | Wisconsin Health & Educational Facilities Authority Revenue Notes, Series 2025 |
|  5.625% due 07/01/2035 |  | 575 |  | 593 |
|  |  |  |  | 2803 |
|  Total Municipal Bonds & Notes (Cost $184,442) | Total Municipal Bonds & Notes (Cost $184,442) | Total Municipal Bonds & Notes (Cost $184,442) |  | 183010 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. GOVERNMENT AGENCIES 4.4% | U.S. GOVERNMENT AGENCIES 4.4% | U.S. GOVERNMENT AGENCIES 4.4% | U.S. GOVERNMENT AGENCIES 4.4% | U.S. GOVERNMENT AGENCIES 4.4% |
|  BBRA |  |  |  |  |
|  7.215% due 06/02/2059 « | $— | 1620 | $— | 1620 |
|  BBRA |  |  |  |  |
|  7.215% due 06/01/2059 « |  | 520 |  | 520 |
|  Freddie Mac |  |  |  |  |
|  3.084% due 04/25/2043 ~ |  | 197 |  | 172 |
|  3.260% due 01/25/2039 ~ |  | 700 |  | 453 |
|  3.541% due 01/25/2043 ~ |  | 300 |  | 192 |
|  3.720% due 01/01/2041 |  | 986 |  | 909 |
|  3.800% due 01/01/2040 |  | 987 |  | 921 |
|  3.850% due 07/01/2039 -<br>01/01/2040 |  | 1490 |  | 1398 |
|  4.250% due 08/01/2038 |  | 992 |  | 980 |
|  4.370% due 03/01/2040 |  | 492 |  | 488 |
|  4.900% due 02/01/2040 |  | 494 |  | 515 |
|  4.913% due 07/15/2040 •  |  | 245 |  | 251 |
|  5.210% due 08/01/2040 |  | 297 |  | 318 |
|  5.469% due 01/25/2042 ~ |  | 300 |  | 240 |
|  Total U.S. Government Agencies (Cost $8,937) | Total U.S. Government Agencies (Cost $8,937) | Total U.S. Government Agencies (Cost $8,937) |  | 8977 |
|  | SHARES | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (e) |  | 76308 |  | 76 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Total Short-Term Instruments<br>(Cost $76) | Total Short-Term Instruments<br>(Cost $76) | $— | 76 |
| Total Investments in Securities (Cost $194,350) | Total Investments in Securities (Cost $194,350) |  | 192925 |
| INVESTMENTS IN AFFILIATES 6.6% | INVESTMENTS IN AFFILIATES 6.6% | INVESTMENTS IN AFFILIATES 6.6% | INVESTMENTS IN AFFILIATES 6.6% |
| SHORT-TERM INSTRUMENTS 6.6% | SHORT-TERM INSTRUMENTS 6.6% | SHORT-TERM INSTRUMENTS 6.6% | SHORT-TERM INSTRUMENTS 6.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1377846 |  | 13416 |
| Total Short-Term Instruments<br> (Cost $13,413) | Total Short-Term Instruments<br> (Cost $13,413) |  | 13416 |
| Total Investments in Affiliates<br> (Cost $13,413) | Total Investments in Affiliates<br> (Cost $13,413) |  | 13416 |
| Total Investments 100.9%<br> (Cost $207,763) | Total Investments 100.9%<br> (Cost $207,763) | $— | 206341 |
| Other Assets and Liabilities, net (0.9)% | Other Assets and Liabilities, net (0.9)% |  | (1843) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 204498 |

---

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

^ Security is in default.

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

---

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

---

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

(a) When-issued security.

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

(c) Zero coupon security.

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

(e) Coupon represents a 7-Day Yield.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024 | 4.615% | 08/25/2041 | 03/19/2024 | $502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | 0.25% |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | $153 |
| &nbsp;&nbsp; Industrials | 0 | 709 | 0 | 709 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Alabama | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12142 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; Arizona | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $509 |
| &nbsp;&nbsp; Arkansas | 0 | 542 | 0 | 542 |
| &nbsp;&nbsp; California | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18122 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18122 |
| &nbsp;&nbsp; Colorado | 0 | 13191 | 0 | 13191 |
| &nbsp;&nbsp; Delaware | 0 | 1463 | 0 | 1463 |
| &nbsp;&nbsp; District of Columbia | 0 | 1606 | 0 | 1606 |

---

---

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

---

------

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; Florida | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24080 |
| &nbsp;&nbsp; Georgia | 0 | 2382 | 0 | 2382 |
| &nbsp;&nbsp; Idaho | 0 | 619 | 0 | 619 |
| &nbsp;&nbsp; Illinois | 0 | 9653 | 0 | 9653 |
| &nbsp;&nbsp; Indiana | 0 | 1513 | 0 | 1513 |
| &nbsp;&nbsp; Iowa | 0 | 2186 | 0 | 2186 |
| &nbsp;&nbsp; Kansas | 0 | 1002 | 0 | 1002 |
| &nbsp;&nbsp; Louisiana | 0 | 555 | 0 | 555 |
| &nbsp;&nbsp; Maine | 0 | 244 | 0 | 244 |
| &nbsp;&nbsp; Maryland | 0 | 1168 | 0 | 1168 |
| &nbsp;&nbsp; Massachusetts | 0 | 4435 | 0 | 4435 |
| &nbsp;&nbsp; Michigan | 0 | 2993 | 0 | 2993 |
| &nbsp;&nbsp; Minnesota | 0 | 2229 | 0 | 2229 |
| &nbsp;&nbsp; Missouri | 0 | 966 | 0 | 966 |
| &nbsp;&nbsp; Multi-State | 0 | 4189 | 0 | 4189 |
| &nbsp;&nbsp; Nevada | 0 | 455 | 0 | 455 |
| &nbsp;&nbsp; New Hampshire | 0 | 2136 | 0 | 2136 |
| &nbsp;&nbsp; New Jersey | 0 | 2724 | 0 | 2724 |
| &nbsp;&nbsp; New Mexico | 0 | 459 | 0 | 459 |
| &nbsp;&nbsp; New York | 0 | 8012 | 0 | 8012 |
| &nbsp;&nbsp; Ohio | 0 | 7956 | 0 | 7956 |
| &nbsp;&nbsp; Oregon | 0 | 618 | 0 | 618 |
| &nbsp;&nbsp; Pennsylvania | 0 | 7445 | 0 | 7445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; Puerto Rico | $0 | $10281 | $0 | $10281 |
| &nbsp;&nbsp; Rhode Island | 0 | 2239 | 0 | 2239 |
| &nbsp;&nbsp; South Carolina | 0 | 2048 | 0 | 2048 |
| &nbsp;&nbsp; Tennessee | 0 | 1097 | 0 | 1097 |
| &nbsp;&nbsp; Texas | 0 | 19461 | 0 | 19461 |
| &nbsp;&nbsp; Utah | 0 | 5440 | 0 | 5440 |
| &nbsp;&nbsp; Vermont | 0 | 247 | 0 | 247 |
| &nbsp;&nbsp; Virginia | 0 | 1415 | 0 | 1415 |
| &nbsp;&nbsp; Washington | 0 | 1477 | 0 | 1477 |
| &nbsp;&nbsp; West Virginia | 0 | 908 | 0 | 908 |
| &nbsp;&nbsp; Wisconsin | 0 | 2803 | 0 | 2803 |
|  U.S. Government Agencies | 0 | 6837 | 2140 | 8977 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 76 | 0 | 76 |
|  | $0 | $190632 | $2293 | $192925 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $13416 | $0 | $0 | $13416 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206341 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended June 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/<br>Settlements | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 06/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>06/30/2025<sup>(1)</sup> |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $200 | $0 | $0 | $0 | $0 | $(47) | $0 | $0 | $153 | $(47) |
|  U.S. Government Agencies | 241 | 2140 | 0 | 1 | 0 | (2) | 0 | (240) | 2140 | 0 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | $&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;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 06/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 06/30/2025 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | $153 | Discounted Cash Flow | Discount Rate | 20.912 |  |
|  U.S. Government Agencies | 2140 | Recent Transaction | Purchase Price | 100.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **65** |

---

------

Notes to Financial Statements

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted

in the United States of America ("U.S. GAAP"). Each Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Portfolios is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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

(c) Distributions to Shareholders Each Portfolio distributes substantially all of its net investment income to shareholders in the form of dividends. Dividends are declared daily and distributed monthly, generally on the last business day of the month. In addition, each Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. A Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if a Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources

other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Portfolio's daily internal accounting records and practices, a Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

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

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

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

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange ("NYSE") is open, each Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolios or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that each Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a

quoted price (unadjusted) in active markets for identical investments that a Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolios will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement

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price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), a Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Portfolio's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Portfolio may transact.

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

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Portfolio may differ from the value that would be realized if the securities were sold.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

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

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by pricing services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of

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Notes to Financial Statements (Cont.)

transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Portfolio.

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

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

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

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

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolios. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolios' website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolios' transactions in and earnings from investments in the affiliated funds for the period ended June 30, 2025 (amounts in thousands<sup>†</sup>):

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

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| Portfolio Name | Market Value<br>12/31/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Fixed Income SHares: Series C | $2733 | $335826 | $(338400) | $10 | $0 | $169 | $227 | $0 |
|  PIMCO Fixed Income SHares: Series LD | 1480 | 27979 | (29370) | 1 | 0 | 90 | 79 | 0 |
|  PIMCO Fixed Income SHares: Series M | 3366 | 293091 | (281900) | 13 | (1) | 14569 | 191 | 0 |
|  PIMCO Fixed Income SHares: Series TE | 9818 | 94896 | (91300) | 4 | (2) | 13416 | 297 | 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. 

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **71** |

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Notes to Financial Statements (Cont.)

(b) Investments in Securities

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

Delayed-Delivery Transactions involve a commitment by a Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks.

When a Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of

more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

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

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

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

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

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

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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

As CMOs have evolved, some classes of CMO bonds have become more common. For example, a Portfolio may invest in parallel-pay and planned amortization class ("PAC") CMOs and multi-class pass-through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by

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its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or non-PAC bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A Portfolio may invest in various tranches of CMO bonds, including support bonds and equity or "first loss" tranches (see "Collateralized Debt Obligations" above).

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

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolios as of June 30, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan

Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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

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

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

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by a Portfolio's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by a Portfolio's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to a Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Portfolio or counterparty at any

time. A Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Portfolio to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

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

(d) Short Sales Short sales are transactions in which a Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. A Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Portfolio makes a short sale, it will often borrow the security sold short and deliver it to the counterparty. A Portfolio will ordinarily have to pay a fee or premium to borrow a security and be

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obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Portfolio. A short sale is "against the box" if a Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

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

During the period ended June 30, 2025, the Portfolios did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily

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and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Portfolio's exposure to the underlying instrument. Writing call options tends to decrease a Portfolio's exposure to the underlying instrument. When a Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease a Portfolio's exposure to the underlying instrument. A Portfolio pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

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

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

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

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

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency

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exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Portfolio are included as part of realized gain (loss) on the Statements of Operations.

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

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

A Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Portfolio and the counterparty and by the posting of collateral to a Portfolio to cover a Portfolio's exposure to the counterparty.

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

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

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

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

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

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

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a

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

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

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

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| Risks | FISH:<br>Series C | FISH:<br>Series LD | FISH:<br>Series M | FISH:<br>Series R | FISH:<br>Series TE |
|  Small Portfolio |  | X |  |  | X |
|  Interest Rate | X | X | X | X | X |
|  Credit | X | X | X | X | X |
|  Market | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X |  |

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **79** |

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

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Please see "Description of Principal Risks" in a Portfolio's prospectus for a more detailed description of the risks of investing in a Portfolio.

Small Portfolio Risk is the risk that a smaller portfolio may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller portfolio may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value because of a change in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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

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

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

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Portfolio may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Portfolio's guidelines), which generally carry higher levels of the foregoing risks.

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

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

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Portfolio. A Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Non-centrally-cleared

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

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over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Portfolio's ability to invest in derivatives, limit a Portfolio's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Portfolio's performance.

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

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

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

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

Leveraging Risk is the risk that certain transactions of a Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of

when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Portfolio's sensitivity to interest rate risks.

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

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

investment performance.

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

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

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

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

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

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **81** |

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Notes to Financial Statements (Cont.)

Puerto Rico-Specific Risk is the risk that by investing in municipal bonds issued by Puerto Rico or its instrumentalities, the Portfolio may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

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

Inflation/Deflation Risk is the risk that the value of assets or income from a Portfolio's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a Portfolio's investments could decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy or changes in fiscal or monetary policies. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of a Portfolio's investments.

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

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Portfolio to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that

a Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

AMT Bonds Risk is the risk that "AMT Bonds," which are municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers, may expose the Portfolio to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of a Portfolio's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

(b) Other Risks

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

Market Disruptions Risk A Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which a Portfolio's service providers, including PIMCO as a Portfolio's investment adviser, rely, and could otherwise disrupt a Portfolio's service providers' ability to fulfill their obligations to a Portfolio.

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| **82** | **PIMCO MANAGED ACCOUNTS TRUST** |

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

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/ or intervention may change the way a Portfolio is regulated, affect the expenses incurred directly by a Portfolio and the value of its investments, and limit and/or preclude a Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

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

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Portfolios have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. A breach in cyber security refers to both intentional and

unintentional cyber events that may, among other things, cause a Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolios and their shareholders may suffer losses as a result of a cyber security breach related to the Portfolios, their service providers, trading counterparties or the issuers in which a Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

A Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in

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| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **83** |

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Notes to Financial Statements (Cont.)

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolios, are permitted to transfer their customer account (and

cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

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

9. FEES AND EXPENSES

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

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

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June 30, 2025 (Unaudited)

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 Portfolio or PIMCO. Participants in these programs pay a "wrap" fee to the sponsor of the program. PIMCO may receive fees or other benefits from or through its relationships with the sponsors of such wrap-fee programs for which the Portfolios are an investment option.

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

The Trust is responsible for the following expenses: (i) salaries and other compensation or expenses, including travel expenses, of any of the Trust's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Administrator or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Trust or any of its Portfolios; (iii) brokerage fees and commissions, and other portfolio transaction expenses incurred for any of the Portfolios; (iv) expenses of each Portfolio's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by a Portfolio of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) fees and expenses of any underlying funds or other pooled vehicles

in which a Portfolio invests; (vii) dividend and interest expenses on short positions taken by the Portfolios; (viii) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (ix) extraordinary expenses, including extraordinary legal expenses, as may arise including expenses incurred in connection with litigation, proceedings, other claims and the legal obligations of the Trust to indemnify its trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (x) to the extent permitted by the Board, organizational and offering expenses of the Trust and the Portfolios and any expenses which are capitalized in accordance with generally accepted accounting principles; and (xi) any expenses allocated or allocable to a specific class of shares of a Portfolio, including fees paid pursuant to an administrative services or distribution plan.

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

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Portfolio is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Agreement The Adviser has contractually agreed pursuant to an expense limitation agreement (the "Expense Limitation Agreement") to bear the expenses of or make payments to each Portfolio to the extent that, for any calendar month, "Specified Expenses", as defined in the Expense Limitation Agreement of such Portfolio would exceed 0.00%. "Specified Expenses" of a Portfolio means all expenses incurred by the Portfolio, including organizational and offering expenses and expenses associated with obtaining or maintaining a Legal Entity Identifier, but excluding any brokerage fees and commissions and other portfolio transaction expenses, costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities, fees and expenses of any underlying funds or other pooled vehicles in which the Portfolio invests, taxes, governmental fees, dividends and interest on

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **85** |

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Notes to Financial Statements (Cont.)

short positions, and extraordinary expenses, including extraordinary legal expenses. This Expense Limitation Agreement will continue in effect, unless sooner terminated by the Board, for so long as PIMCO serves as the investment adviser to the Portfolios pursuant to the Advisory Contract. The waivers, if any, are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

10. RELATED PARTY TRANSACTIONS

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

Certain Portfolios are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolios from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended June 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| Portfolio Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  Fixed Income SHares: Series TE | 5020 | 4917 | (367) |

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

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

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as "portfolio turnover." Each Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Portfolio. Frequent and active trading of a Portfolio's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2025 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Portfolio Name | Purchases | Sales | Purchases | Sales |
|  Fixed Income SHares: Series C | $6764022 | $6590665 | $373124 | $210180 |
|  Fixed Income SHares: Series LD | 121373 | 105879 | 12458 | 11829 |
|  Fixed Income SHares: Series M | 7499863 | 7416658 | 228870 | 76473 |
|  Fixed Income SHares: Series R | 186224 | 187138 | 8422 | 11564 |
|  Fixed Income SHares: Series TE | 4366 | 0 | 95734 | 50916 |

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

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13. SHARES OF BENEFICIAL INTEREST

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

14. REGULATORY AND LITIGATION MATTERS

The Portfolios are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made. Due to the timing of when distributions are made by a

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

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June 30, 2025 (Unaudited)

Portfolio, the Portfolio may be subject to an excise tax of 4% of the amount by which 98% of the Portfolio's annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year.

A Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolios' tax positions for all open tax years. As of June 30, 2025, the Portfolios have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Portfolios file U.S. federal, state and local tax returns as required. The Portfolios' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which

can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

As of their last fiscal year ended December 31, 2024, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  Fixed Income SHares: Series C | $246263 | $104099 |
|  Fixed Income SHares: Series LD | 2424 | 4835 |
|  Fixed Income SHares: Series M | 62893 | 83155 |
|  Fixed Income SHares: Series R | 12180 | 43937 |
|  Fixed Income SHares: Series TE | 2778 | 240 |

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

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As of June 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> |
|  Fixed Income SHares: Series C | $2543823 | $60470 | $(56857) | $3613 |
|  Fixed Income SHares: Series LD | 67442 | 1592 | (2593) | (1001) |
|  Fixed Income SHares: Series M | 2541135 | 90531 | (113863) | (23332) |
|  Fixed Income SHares: Series R | 326611 | 10540 | (22601) | (12061) |
|  Fixed Income SHares: Series TE | 207763 | 3007 | (4429) | (1422) |

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

16. SUBSEQUENT EVENTS

In preparing these financial statements, the Portfolios' management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

There were no subsequent events identified that require recognition or disclosure.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **87** |

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

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

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

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolios estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2025 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Fixed Income SHares - Series C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  January 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
|  February 2025 | $0.0381 | $0.0000 | $0.0000 | $0.0381 |
|  March 2025 | $0.0451 | $0.0000 | $0.0000 | $0.0451 |
|  April 2025 | $0.0472 | $0.0000 | $0.0000 | $0.0472 |
|  May 2025 | $0.0457 | $0.0000 | $0.0000 | $0.0457 |
|  June 2025 | $0.0425 | $0.0000 | $0.0000 | $0.0425 |
| PIMCO Fixed Income SHares - Series LD | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  January 2025 | $0.0377 | $0.0000 | $0.0001 | $0.0378 |
|  February 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  March 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  April 2025 | $0.0406 | $0.0000 | $0.0000 | $0.0406 |
|  May 2025 | $0.0427 | $0.0000 | $0.0000 | $0.0427 |
|  June 2025 | $0.0379 | $0.0000 | $0.0000 | $0.0379 |
| PIMCO Fixed Income SHares - Series M | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  January 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  February 2025 | $0.0377 | $0.0000 | $0.0000 | $0.0377 |
|  March 2025 | $0.0413 | $0.0000 | $0.0000 | $0.0413 |
|  April 2025 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  May 2025 | $0.0437 | $0.0000 | $0.0000 | $0.0437 |
|  June 2025 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
| PIMCO Fixed Income SHares - Series R | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  January 2025 | $0.0001 | $0.0000 | $0.0000 | $0.0001 |
|  February 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  March 2025 | $0.0619 | $0.0000 | $0.0000 | $0.0619 |
|  April 2025 | $0.0473 | $0.0000 | $0.0000 | $0.0473 |
|  May 2025 | $0.0251 | $0.0000 | $0.0000 | $0.0251 |
|  June 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
| PIMCO Fixed Income SHares - Series TE | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  January 2025 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  February 2025 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
|  March 2025 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
|  April 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  May 2025 | $0.0399 | $0.0000 | $0.0000 | $0.0399 |
|  June 2025 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |

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

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **89** |

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

Not applicable.

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

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

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **91** |

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

The Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), requires that the Board of Trustees (the "<u>Board</u>" or the "<u>Trustees</u>"), including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act (the "<u>Independent Trustees</u>"), of PIMCO Managed Accounts Trust ("<u>PMAT</u>"), voting separately, annually approve the continuation of the Investment Advisory Contract between PMAT, on behalf of each of its series (each, a "<u>Portfolio</u>" and, collectively, the "<u>Portfolios</u>"), and Pacific Investment Management Company LLC ("<u>PIMCO</u>") (the "<u>Agreement</u>"). At an in-person meeting held on June 25, 2025 (the "<u>Approval Meeting</u>"), the Board, including the Independent Trustees, considered and unanimously approved the continuation of the Agreement for an additional one-year period commencing on August 1, 2025.

In addition to the Approval Meeting, the Contracts Committee and the Performance Committee of the Board held a joint meeting on May 27, 2025 to discuss materials provided by PIMCO in connection with the Trustees' review of the Agreement. The annual contract review process also involved multiple discussions and meetings with members of the Contracts Committee and the full Contracts Committee (the Approval Meeting, together with such discussions and meetings, the "<u>Contract Renewal Meetings</u>"). Throughout the process, the Independent Trustees received legal advice from independent legal counsel that is experienced in 1940 Act matters and independent of PIMCO ("<u>Independent Counsel</u>"), and with whom they met separately from PIMCO during the Contract Renewal Meetings. Representatives from PIMCO attended portions of the Contract Renewal Meetings and responded to questions from the Independent Trustees. The Contracts Committee also received and reviewed a memorandum from Independent Counsel regarding the Trustees' responsibilities in considering the Agreement and the fees paid thereunder.

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

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

including reports on investment performance, investment, operational and other relevant risks for the Portfolios; and other portfolio information for each Portfolio, including any use of derivatives. The Trustees also received periodic reports on, among other matters, pricing and valuation; quality and cost of portfolio trade execution; compliance; and shareholder and other services provided by PIMCO and its affiliates. To assist with their review, the Trustees also reviewed information regarding the investment performance for each Portfolio and certain composites comprised of separate accounts managed by PIMCO that invest in the Portfolios, along with associated benchmark indices for such separate accounts, as well as the estimated profitability to PIMCO with respect to the Portfolios (taking into account profitability estimates of related separate accounts) for the one-year period ended December 31, 2024.

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

Nature, Extent and Quality of Services

As part of their review, the Trustees received and considered descriptions of various functions performed by PIMCO for the Portfolios, such as portfolio management, compliance monitoring, portfolio trading practices, and oversight of third-party service providers. They also considered information regarding the overall organization and business functions of PIMCO, including, without limitation, information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services, and general corporate ownership and business operations unrelated to the Portfolios. The Trustees examined PIMCO's abilities to provide high-quality investment management and other services to the Portfolios. Among other information, the Trustees considered the investment philosophy and research and decision-making processes of PIMCO; the experience of key advisory personnel of PIMCO responsible for portfolio management of the Portfolios, including recent changes to the named portfolio managers of the Portfolios, as applicable; the ability of PIMCO to attract and retain capable personnel; the background and capabilities of the senior management and staff of PIMCO; the general process or philosophy for determining employee compensation; and the operational infrastructure, including technology and systems and cybersecurity measures, of PIMCO.

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

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(Unaudited)

In addition, the Trustees noted the extensive range of services that PIMCO provides to the Portfolios beyond investment management services. In this regard, the Trustees reviewed the extent and quality of PIMCO's services with respect to regulatory compliance and its ability to comply with the investment policies of the Portfolios; the compliance programs and risk controls of PIMCO (including the implementation of new policies and programs); the specific contractual obligations of PIMCO pursuant to the Agreement; the nature, extent, and quality of the investment advisory services PIMCO is responsible for providing to the Portfolios; and PIMCO's risk management function. The Trustees considered conditions that might affect PIMCO's ability to provide high-quality services to the Portfolios in the future under the Agreement, including, but not limited to, PIMCO's financial condition and operational stability. The Trustees also took into account the entrepreneurial, business and other risks that PIMCO has undertaken as investment manager and sponsor of the Portfolios for which it receives no direct management fee. Specifically, the Trustees considered that PIMCO's responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Portfolios. The Trustees also noted PIMCO's activities under its contractual obligation to coordinate, oversee and supervise the Portfolios' various outside service providers, including its negotiation of certain service providers' fees and its due diligence and evaluation of service providers' infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. Specifically, the Trustees considered PIMCO's oversight of shareholder servicing functions provided to the Portfolios. The Trustees also considered PIMCO's ongoing development of its own infrastructure and information technology, including its proprietary software and applications, to support the Portfolios through, among other things, cybersecurity, business continuity planning, and risk management. The Trustees considered PIMCO's strategic managed service arrangement ("<u>Managed Services</u>") with a third-party consultant for various services provided to the Portfolios and requested information from PIMCO regarding PIMCO's retained responsibility and oversight over the Managed Services.

After their review and deliberations, the Trustees concluded that the nature, extent and quality of the overall services provided by PIMCO under the Agreement were appropriate.

Fee and Expense Information

The Trustees also gave substantial consideration to the fact that, with respect to each Portfolio, no fees are payable to PIMCO from the Portfolios under the Agreement, and that PIMCO has entered into an expense limitation agreement with PMAT, on behalf of each Portfolio, pursuant to which PIMCO waives all fees and/or pays or reimburses all expenses of the Portfolios, except extraordinary expenses, including

extraordinary legal expenses, and expenses incurred as a result of portfolio investments, such as any brokerage fees and commissions and other portfolio transaction expenses, costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, fees and expenses of any underlying funds or other pooled vehicles in which the Portfolios invest, taxes, governmental fees and dividends and interest on short positions.

Performance Information

The Trustees also considered the performance of each Portfolio as compared to the performance of a composite comprised of separate accounts managed by PIMCO that invest in such Portfolio, along with associated benchmark indices for such separate accounts. The Trustees noted that because the Portfolios are intended to form only a portion of an overall investment strategy and were developed exclusively for use within separately managed accounts, comparisons to the performance of traditional stand-alone funds or accounts managed by PIMCO would produce limited relevant information. The Trustees noted that the Series C Portfolio outperformed the performance of the associated benchmark for the one-, three-, and five-year periods ending December 31, 2024 but underperformed the performance of the associated benchmark for the ten-year period ending December 31, 2024; the Series M Portfolio outperformed the performance of the associated benchmark for the one-, three-, five- and ten-year periods ending December 31, 2024; the Series R outperformed the performance of the associated benchmark for the one- and ten-year periods ending December 31, 2024 but underperformed the performance of the associated benchmark for the three- and five-year periods ending December 31, 2024; the Series TE underperformed the performance of the associated benchmark for the one- and ten-year periods ending December 31, 2024 but outperformed the performance of the associated benchmark for the three- and five-year periods ending December 31, 2024; and the Series LD Portfolio outperformed the performance of the associated benchmark for the one-, three-, five- and ten-year periods ending December 31, 2024. In addition, the Trustees considered matters bearing on the Portfolios and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting (by both the Board and its Performance Committee).

Profitability, Economies of Scale, and Fall-out Benefits

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **93** |

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

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

The Trustees also considered the amounts paid by the sponsors of the wrap programs to PIMCO and/or its affiliates with respect to wrap account assets invested in the Portfolios, as well as the fees "imputed" to PIMCO, for purposes of arriving at an estimate of profitability arising from PIMCO's and its affiliates' relationships with the Portfolios. Among other information, the Trustees took into account explanations from PIMCO regarding how certain of PIMCO's corporate and shared expenses were allocated among the Portfolios and other funds and accounts managed by PIMCO for purposes of developing profitability estimates. The Trustees also requested information from PIMCO regarding the impact of the Managed Services on PIMCO's profitability with respect to the Portfolios. The Trustees also considered that PIMCO is entitled to earn a reasonable level of profits for the services that it provides to the Portfolios. Based on the profitability analyses provided by PIMCO, the Trustees determined, taking into account the various assumptions made, that such profitability did not appear to be excessive.

Conclusion

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

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

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#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolios listed on the Report cover.

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![LOGO](g936156g75h91.jpg)

FISHFSTMSAR_063025

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

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

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

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

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

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

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

------

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

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

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| | |
|:---|:---|
| (a)(1) | Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports. |
| (a)(2) | Not applicable to the Registrant. |
| (a)(3) | [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d936156dex99a2.htm) |
| (a)(4) | Not applicable to the Registrant. |
| (a)(5) | There was no change in the Registrant's independent public accountant for the period covered by the report. |
| (b) | [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d936156dex99b.htm) |

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------

#### 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.

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| | |
|:---|:---|
| PIMCO Managed Accounts Trust | PIMCO Managed Accounts Trust |
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: September 5, 2025 | Date: September 5, 2025 |
| By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

## Ex-99.(A)(2)

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Managed Accounts
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | September 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Signature: | /s/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | President (Principal Executive Officer) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

------

**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: | September 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Signature: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | Treasurer (Principal Financial & Accounting Officer)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

## Ex-99.(B)

**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/ Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | By: | /s/ Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Name: | Joshua D. Ratner<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Name: | Bijal Y. Parikh<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Title: | President (Principal Executive Officer) | Title: | Treasurer (Principal Financial & Accounting Officer) |
| Date: | September 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Date: | September 5, 2025<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

**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 Report.