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PIMCO Managed Accounts Trust Statement of Additional Information

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PIMCO Managed Accounts Trust Statement of Additional Information PIMCO Managed Accounts Trust Statement of Additional Information April 30, 2021 This Statement of Additional Information is not a prospectus, and should be read in conjunction with the prospectus of PIMCO Managed Accounts Trust (the “Trust”) for Fixed Income SHares: Series C, Fixed Income SHares: Series M, Fixed Income SHares: Series R, Fixed Income SHares: Series TE and Fixed Income SHares: Series LD dated April 30, 2021 and as supplemented from time to time (the “Prospectus”). Through the Prospectus, the Trust offers five series of shares: Fixed Income SHares: Series C, Fixed Income SHares: Series M, Fixed Income SHares: Series R, Fixed Income SHares: Series TE and Fixed Income SHares: Series LD (each, a “Portfolio”). Fixed Income SHares: Series C (“FISH: Series C”) FXICX Fixed Income SHares: Series M (“FISH: Series M”) FXIMX Fixed Income SHares: Series R (“FISH: Series R”) FXIRX Fixed Income SHares: Series TE (“FISH: Series TE”) FXIEX Fixed Income SHares: Series LD (“FISH: Series LD”) FXIDX Audited financial statements for FISH: Series C, FISH: Series M, FISH: Series R, FISH Series TE and FISH: Series LD, for the fiscal year ended December 31, 2020, including notes thereto, and the reports of PricewaterhouseCoopers LLP thereon are incorporated herein by reference from the Trust’s Annual Report. The Trust’s Annual Report was filed electronically with the Securities and Exchange Commission (the “SEC”) on March 4, 2021. Copies of the Prospectus and Annual Report, which are incorporated by reference into (and are legally a part of) this Statement of Additional Information, may be obtained free of charge at the address and telephone number listed below or by visiting https://www.pimco.com/en-us/investments/fish. Pacific Investment Management Company LLC (“PIMCO” or the “Adviser”) is the investment adviser to the Portfolios. Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 1-888-877-4626 TABLE OF CONTENTS DESCRIPTION OF THE TRUST................................................................ 1 INVESTMENT OBJECTIVES AND POLICIES . ....................... 1 Municipal Securities .................................................................... 1 Mortgage-Related and Other Asset-Backed Securities . ....................... 17 Inflation-Indexed Bonds................................................................. 27 Bank Obligations . ................................................................. 28 Bank Capital Securities ................................................................. 29 Loans and Other Indebtedness, Loan Participations and Assignments . ........................... 29 Senior Loans . .................................................................... 31 Corporate Debt Securities. ............................................................. 32 High Yield Securities (“Junk Bonds”) and Securities of Distressed Companies . ............... 33 Creditor Liability and Participation on Creditors’Committees................................... 34 Variable and Floating Rate Securities ...................................................... 35 Event-Linked Bonds .................................................................... 35 ConvertibleSecurities................................................................... 36 Warrants to Purchase Securities . ........................................................ 38 Non-U.S. Securities .................................................................... 38 Foreign Currency Transactions. ........................................................... 48 Foreign Currency Exchange-Related Securities . ............................................ 50 Real Estate Assets and Related Derivatives. .................................... 51 Borrowing . ......................................................................... 52 Commodities.......................................................................... 53 Derivative Instruments . ............................................................... 54 Structured Products. ................................................................... 68 Delayed Funding Loans and Revolving Credit Facilities . ................................... 70 When-Issued, Delayed Delivery and Forward Commitment Transactions . ......... 70 Standby Commitment Agreements......................................................... 71 Short Sales . ..................................................................... 71 144ASecurities........................................................................ 72 Illiquid Investments .................................................................... 72 Loans of Portfolio Securities ............................................................. 72 Regulatory Risk ....................................................................... 73 Government Intervention in Financial Markets . .......................................... 74 U.S. Government Securities .............................................................. 75 Preferred Securities. .................................................................... 76 Repurchase Agreements ................................................................. 76 Portfolio Operations .................................................................... 77 INVESTMENT RESTRICTIONS ................................................................ 78 Fundamental Investment Restrictions ...................................................... 78 Non-Fundamental Investment Restrictions .................................................. 81 Other Information Regarding Investment Restrictions . ................................ 81 MANAGEMENT OF THE TRUST . .............................................................. 84 Trustees and Officers . .................................................................. 84 Trustees of the Trust .................................................................... 86 Executive Officers ..................................................................... 91 Committees of the Board of Trustees . ............... 94 Securities Ownership . .................................................................. 96 i Trustees’ Compensation ................................................................. 97 Code of Ethics ........................................................................ 98 Proxy Voting Policies and Procedures . ............................................... 98 InvestmentAdviser ..................................................................... 99 Advisory Contract. .................................................................... 100 Portfolio Manager Compensation.......................................................... 101 Securities Ownership . .................................................................. 102 Other Accounts Managed ................................................................ 102 Conflicts of Interest .................................................................... 103 Portfolio Administrator. ............................................................... 107 DISTRIBUTION OF TRUST SHARES ........................................................... 108 Distributor............................................................................ 108 Account Managers’ and Associates’ Compensation. .......................................... 108 Potential Conflicts of Interest. ........................................................... 109 PORTFOLIO TRANSACTIONS AND BROKERAGE . ........................ 109 Investment Decisions and Portfolio Transactions . ........................... 109 Brokerage and Research Services . ........................................................ 110 Holdings of Securities of the Trust’s Regular Brokers and Dealers............................... 112 Portfolio Turnover . .................................................................. 113 Disclosure of Portfolio Holdings . ......................................................... 113 NET ASSET VALUE . .................................................................. 115 TAXATION.................................................................................. 116 Taxation of the Portfolios................................................................ 116 PORTFOLIO DISTRIBUTIONS................................................................. 118 Sales, Exchanges or Redemptions of Shares................................................. 120 Issuer Deductibility of Interest ............................................................ 120 Original Issue Discount, Payment-in-Kind Securities, Market Discount, Preferred Securities and Commodity-Linked Notes ............................................................... 120 Higher Risk Securities.................................................................. 121 Securities Purchased at a Premium ........................................................ 121 Catastrophe Bonds . .................................................................... 122 Passive Foreign Investment Companies. ...................................... 122 Foreign Currency Transactions. ........................................................... 122 Options, Futures, Forward Contracts, and Swap Agreements. ............................. 122 Derivatives, Hedging and Other Transactions . ......................................... 123 Commodities and Commodity-Linked Instruments. ....................... 123 Book-Tax Differences..................................................................
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