AllianzGI Managed Accounts Trust NCSRS Certified semi-annual shareholder report (management investment company)

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

Allianz Global Investors Managed Accounts Trust

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105
(Address of principal executive offices) (Zip code)

Lawrence G. Altadonna — 1345 Avenue of the Americas, New York, New York 10105
(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-739-3371

Date of fiscal year end: October 31, 2010

Date of reporting period: April 30, 2010

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 20549-2001. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


ITEM 1.	REPORT TO SHAREHOLDERS

April 30, 2010

Allianz Global Investors Managed Accounts Trust
Equity Shares: Series I

Fixed Income SHares: Series C, H, M, R


Contents

Letter to Shareholders		2-3
Important Information		4
Portfolio Insights/Performance & Statistics		5-14
Benchmark Descriptions		15
Schedules of Investments		16-70
Statements of Assets and Liabilities		71
Statements of Operations		72
Statements of Changes in Net Assets		73-75
Financial Highlights		76-80
Notes to Financial Statements		81-112
Privacy Policy		113

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 1

Dear Shareholder:

The U.S. economy’s revival that began in 2009 carried over into 2010. Credit markets functioned better. Risk premiums relative to the perceived safe haven of U.S. Treasury bonds dropped. Many fixed-income investors responded by moving assets out of Treasuries and into corporate, mortgage-backed and municipal bonds. As interest rates generally dropped, bond prices – which move in the opposite direction – rose. This resulted in gains across the yield curve for bond investors. Equities continued their remarkable run, extending the stock market’s sharp rebound off the March 2009 low.

Six Months in Review:

For the fiscal six-month period ended April 30, 2010, the Allianz Global Investors Managed Accounts Trust:


•	Equity Shares: Series I returned 8.42% prior to the deduction of fees.

•	Fixed Income SHares: Series C returned 11.29% prior to the deduction of fees.

•	Fixed Income SHares: Series H returned 3.80% prior to the deduction of fees.

•	Fixed Income SHares: Series M returned 5.45% prior to the deduction of fees.

•	Fixed Income SHares: Series R returned 5.54% prior to the deduction of fees.

As the U.S. economy improved – as evidenced by GDP growth of 5.6% during the fourth quarter of 2009 and 3.2% during the first quarter of 2010 – investors felt more confident about increasing their exposure to higher-yielding, lower-quality bonds. Investors who did so – in corporate, mortgage-backed and municipal securities – were generally rewarded. And because it is riskier to invest in securities with longer maturities, investors who did so during the period were also rewarded.

Corporate bonds showed continued strength during the period, as cost-cutting, improved productivity and lower borrowing costs resulted in higher corporate profits and fewer defaults. Mortgage-backed securities benefitted from what appeared to be, at least on a macro basis, a gradually-improving housing market. In addition to those healthier trends, the municipal market also benefitted from three factors: rising state taxes, the soon-to-be expired Bush tax cuts, which will lift the top federal bracket to 39.6%, and a declining supply of new issuance. All three are contributing to investor demand for municipal bonds.

Rising corporate profits and low interest rates also kept most stocks on an upward trajectory. Consumer spending – approximately two-thirds of the U.S. economy – began to perk up, and although unemployment remained near double-digit levels, hiring appeared to accelerate towards the end of the reporting period.

2 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Positioned to Face Today’s Challenges:

Although the U.S. and global economies appear healthier, it has been argued that the ongoing recovery has been driven by the extraordinary fiscal and monetary measures that have been taken in the U.S. and abroad over the last two years. These measures are now beginning to be withdrawn. Going forward, the true strength and resilience of the U.S. and other economies are likely to be tested.

For fixed-income investors, these risks are in addition to the traditional risks associated with fixed-income investments, such as interest rate risk, credit risk and currency risk. Any of these variables can impact, for better or worse, the credit quality of a bond. This requires careful and thorough investment research. As for equities, the sizable gains that have occurred in U.S. markets over the past year are exceedingly rare. In fact, the last time a rally of this magnitude and velocity occurred was in the 1930s. Careful stock selection has never been more important than it is today.

The Road Ahead:

The market and economic recoveries that have occurred over the past year are encouraging. But we are in an uncertain period and market volatility has by no means dissipated. Investing is a long-term endeavor and there are never guarantees that past performance can be replicated in the future. Historically, however, the U.S. and global economies have been resilient over long periods of time.

Thank you for investing with us. We appreciate your business and your trust. We will report back to you in six months. In the meantime, we encourage you to consult with your financial advisor and to visit our website, www.allianzinvestors.com, for additional fund information and investment insight.

Cordially,



Hans W. Kertess		Brian S. Shlissel
Chairman		President & CEO

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4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 3

Allianz Global Investors Managed Accounts Trust
Equity Shares: Series I
Fixed Income SHares: Series C, H, M, R
Important Information
April 30, 2010 (unaudited)

In an economic environment where interest rates may trend upward, rising rates will negatively impact the performance of most bond funds, and fixed income securities held by a fund and are likely to cause these instruments to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

Equity Shares: Series I and Fixed Income SHares: Series C, H, M, R (the “Portfolios”) may be subject to various risks as described in their prospectuses. Some of these risks may include, but are not limited to, the following: derivative risk, foreign (non-U.S.) investment risk, high-yield security risk, counterparty risk and issuer non-diversification risk. The Portfolios may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a Portfolio could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic, political and other developments. This risk may be enhanced when a Portfolio invests in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified Portfolio. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall Portfolio.

The Portfolios have adopted written proxy voting policies and procedures (the “Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Portfolios as the policies and procedures that the Portfolios will use when voting proxies on behalf of the Portfolios. Copies of the written Proxy Policy and the factors that the Portfolios may consider in determining how to vote proxies for each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Portfolios’ shareholder servicing agent at (800) 628-1237, on the Allianz Global Investors Distributors’ website at www.allianzinvestors.com and on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Past performance is no guarantee of future results. Total return is calculated by subtracting the value of an investment in each Portfolio at the beginning of each specified period from its value at the end of the period and dividing the remainder by the value of the investment at the beginning of the period and expressing the result as a percentage. The calculation assumes that all income dividends have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of more than one year represents the average annual total return. Total return for a period of less than one year is not annualized.

An investment in the Portfolios involves risk, including the loss of principal. Total return, distribution yield, net asset value and duration will fluctuate with changes in market conditions. The following data is provided for information only and is not intended for trading purposes. Net asset value is equal to total assets less total liabilities divided by the number of shares outstanding.

This report, including the financial information herein is transmitted to the shareholders of Allianz Global Investors Managed Accounts Trust for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Portfolios or any other securities mentioned in this report.

4 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust
Equity Shares: Series I Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited)


Symbol:	Primary Investments:	Inception Date:
ALIIX	Equity securities of non-U.S. Companies.	8/3/09

		Net Assets:
		$2.3 million

		Portfolio Managers:
		Lucy MacDonald
		Matthew Bowyer


•	For the fiscal six-month period ended April 30, 2010, Series I returned 8.42% prior to the deduction of fees, outperforming its benchmark, the Morgan Stanley Capital International Europe Australasia Far East (MSCI EAFE) Index (the “benchmark index”), which returned 2.48% during the reporting period.


•	The markets were relatively volatile during the reporting period, continuing a strong run into the end of the year before dropping sharply in January. Markets recovered much of these losses through to mid-April before once again coming off sharply, ending the six-month period slightly up overall. Series I posted strong returns during the reporting period and outperformed relative to the unmanaged MSCI EAFE Index.

•	Stock selection decisions in the telecommunication services, financials and information technology sectors contributed positively to performance. Holdings in these sectors included Inmarsat, Standard Chartered and Baidu Inc. Stock selection in industrials detracted from performance, primarily attributable to positions in to Gamesa and Alstom.

•	Baidu Inc, the Chinese Internet search engine company, performed well during the reporting period as investors expected the company to benefit from any possible pull out of Google from China. When Google was caught up in wrangling with the Chinese authorities over censorship of its searches and threatened to pull out of the country, it was expected that Baidu would pick up the majority of Google’s search business.

•	Alstom is a world leader in transport and energy infrastructure, providing a wide range of equipment and power turbines while also offering technology solutions to eliminate pollutants and reduce emissions. The company is a late-cycle play where an upturn in power generation equipment orders is more likely to occur after a strengthening economic environment has filtered through into corporate spending. The stock has underperformed of late though due to investor concerns over rising competition from local providers in emerging markets, particularly China.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 5

Allianz Global Investors Managed Accounts Trust
Equity Shares: Series I Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited) (continued)


Total Returns (Six Months ended 4/30/10)

Series I			8.42%


MSCI EAFE Index			2.48%

Change in Value of $10,000 Investments in
Series I and MSCI EAFE Index

Country Allocation
(as a % of net assets)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.


Shareholder Expense Example	Actual	Hypothetical
		(5% return before expenses)
Beginning Account Value (11/1/09)	$1,000.00	$1,000.00
Ending Account Value (4/30/10)	$1,084.20	$1,024.74
Expenses Paid During Period	$0.03	$0.03

Expenses are equal to the expense ratio of 0.005%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

6 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series C Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited)


Symbol:	Primary Investments:	Inception Date:
FXICX	Intermediate maturity fixed income securities.	3/17/00

		Net Assets:
		$3.0 billion

		Portfolio Managers:
		Mark R. Kiesel
		Curtis Mewbourne


•	For the fiscal six month period ended April 30, 2010, Series C returned 11.29% prior to the deduction of fees, outperforming the unmanaged Barclays Capital Intermediate U.S. Credit Index (the “benchmark index”), which returned 4.35% during the reporting period.

•	At April 30, 2010, Series C’s duration was 8.65 years, compared to 9.57 years on October 31, 2009.

•	Series C’s duration positioning above that of the benchmark index detracted from performance, as 10-year U.S. Treasury yields rose 27 basis points during the six-month period.

•	An overweighting in natural gas pipeline credits was positive for performance, as this sector benefitted from infrastructure spending policies and reduced capital expenditures.

•	The consumer finance sector also contributed to performance as these companies continue to navigate economic and regulatory headwinds. This sector also faces reduced deterioration of asset quality while benefiting from fiscal/monetary policy support.

•	A below-index position in real estate investment trusts (“REITs”) detracted from performance as REITs benefited from strong investor demand, recapitalization efforts and active real estate portfolio management.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 7

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series C Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited) (continued)


Total Returns (Six Months ended 4/30/10)

Series C			11.29%


Barclays Capital Intermediate U.S. Credit Index			4.35%

Change in Value of $10,000 Investments in
Series C and the Barclays Capital Intermediate
U.S. Credit Index

Moody’s Ratings
(as a % of total investments)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.


Shareholder Expense Example	Actual	Hypothetical
		(5% return before expenses)
Beginning Account Value (11/1/09)	$1,000.00	$1,000.00
Ending Account Value (4/30/10)	$1,112.90	$1,024.78
Expenses Paid During Period	$0.01	$0.01

Expenses are equal to the expense ratio of 0.002%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

8 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series H Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited)


Symbol:	Primary Investments:	Inception Date:
FXIHX	High yield municipal	4/2/07
	securities.

		Net Assets:
		$3.5 million

		Portfolio Manager:
		John Cummings


•	For the fiscal six-month period ended April 30, 2010, Series H returned 3.80% prior to the deduction of fees, underperforming its benchmark, the unmanaged Barclays Capital High Yield Muni Index (the “benchmark index”), which returned 6.70% during the reporting period.

•	An overweight position in higher quality bonds hindered performance, as lower quality municipals outperformed and investors became more comfortable moving out on the risk spectrum.

•	The primary detractor from performance was duration positioning below the benchmark index, as municipal yields moved lower across the curve.

•	Overweight positioning in the hospital sector added to returns, as this sector outperformed during the six-month period. Education sector exposure detracted slightly from returns.

•	Exposure to the tobacco sector was positive for performance, while exposure to the utility sector detracted from performance.

•	Positioning in longer maturities was positive for performance, as this portion of the curve outperformed the general municipal market during the period.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 9

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series H Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited) (continued)


Total Returns (Six Months ended 4/30/10)

Series H			3.80%


Barclays Capital High Yield Muni Index			6.70%

Change in Value of $10,000 Investments in
Series H and the Barclays Capital High Yield
Muni Index

Moody’s Ratings
(as a % of total investments)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.


Shareholder Expense Example	Actual		Hypothetical
			(5% return before expenses)
Beginning Account Value (11/1/09)	$	1,000.00	$	1,000.00
Ending Account Value (4/30/10)	$	1,038.00	$	1,024.79
Expenses Paid During Period		—		—

Expenses are equal to the expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

10 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series M Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited)


Symbol:	Primary Investments:	Inception Date:
FXIMX	Intermediate maturity	3/17/00
	mortgage-backed securities.

		Net Assets:
		$3.0 billion

		Portfolio Managers:
		Scott Simon
		Curtis Mewbourne


•	For the fiscal six-month period ended April 30, 2010, Series M returned 5.45% prior to the deduction of fees, outperforming the unmanaged Barclays Capital Fixed Rate Mortgage Backed Securities Index (the “benchmark index”), which returned 2.03% during the reporting period.

•	On April 30, 2010, Series M’s duration was 8.33 years, compared to 8.17 years on October 31, 2009.

•	Series M’s duration positioning above that of the benchmark index detracted from performance as 10-year U.S. Treasury yields rose 27 basis points during the six-month period.

•	Allocations to senior non-Agency Mortgage Backed Securities positions benefited performance as the sector rallied due to new foreclosure mitigation policy initiatives, continued absence of new supply and improved availability of financing.

•	Overweight positioning in 4.5% coupons benefitted performance, as Fannie and Freddie’s delinquent loan buyout announcements led higher coupons to underperform.

•	An allocation to super senior Commercial Mortgage-Backed Securities also contributed to performance as investors continued to search for attractive yields in AAA assets in the face of extremely limited supply.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 11

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series M Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited) (continued)


Total Returns (Six Months ended 4/30/10)

Series M			5.45%


Barclays Capital Fixed Rate Mortgage Backed Securities Index			2.03%

Change in Value of $10,000 Investments in
Series M and the Barclays Capital Fixed Rate
Mortgage Backed Securities Index

Moody’s Ratings
(as a % of total investments)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.


Shareholder Expense Example	Actual	Hypothetical
		(5% return before expenses)

Beginning Account Value (11/1/09)	$1,000.00	$1,000.00
Ending Account Value (4/30/10)	$1,054.50	$1,024.77
Expenses Paid During Period	$0.02	$0.02

Expenses are equal to the expense ratio of 0.004%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

12 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series R Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited)


Symbol:	Primary Investments:	Inception Date:
FXIRX	Intermediate maturity inflation-indexed fixed income securities.	4/15/04

		Net Assets:
		$349.6 million

		Portfolio Manager:
		Mihir Worah


•	For the fiscal six-month period ended April 30, 2010, Series R returned 5.54% prior to the deduction of fees, outperforming the unmanaged Barclays Capital U.S. TIPS Index (the “benchmark index”), which returned 3.49% during the reporting period.

•	On April 30, 2010, Series R’s duration was 6.94 years, compared to its 7.02 years on October 31, 2009.

•	Series R’s underweight position in U.S. Treasury Inflation-Protected Securities (“TIPS”) contributed negatively to performance, as U.S. real yields declined during the reporting period.

•	Exposure to European nominal bonds was positive for performance, as the yield curve declined during the six-month period.

•	Series R’s nominal duration positioning above that of the benchmark index contributed negatively to performance, as 10-year U.S. Treasury yields rose amid the economic recovery during the reporting period.

•	Series R’s curve-steepening position in the United States contributed positively to performance, as the yield curve steepened during the six months ended April 30, 2010.

•	Series R’s exposure to non-agency mortgage-backed securities contributed positively to performance, buoyed by continued limited supply and strong collateral performance.

•	Series R’s exposure to investment-grade corporate debt in the financial sector contributed positively to performance during the reporting period, as corporate spreads over U.S. Treasuries tightened.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 13

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series R Portfolio Insights/Performance & Statistics
April 30, 2010 (unaudited) (continued)


Total Returns (Six Months ended 4/30/10)

Series R			5.54%


Barclays Capital U.S. TIPS Index			3.49%

Change in Value of $10,000 Investments in
Series R and the Barclays Capital U.S. TIPS Index

Moody’s Ratings
(as a % of total investments)

Past performance is no guarantee of future results. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares.


Shareholder Expense Example	Actual			Hypothetical
				(5% return before expenses)


Beginning Account Value (11/1/09)		$1,000.00			$1,000.00
Ending Account Value (4/30/10)		$1,055.40			$1,024.79
Expenses Paid During Period		$0.00	*		$0.00	*

Expenses are equal to the expense ratio of 0.0003%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


*		Less than $0.005

14 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust
Benchmark Descriptions
April 30, 2010 (unaudited)

Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

Prior to November 1, 2006, performance data for the MSCI Indices was calculated gross of dividend tax withholding. Performance data presently shown for the Indices is net of dividend tax withholding. This recalculation results in lower performance for the Indices.

Index/Description


•	Barclays Capital Fixed Rate Mortgage Backed Securities Index

The Barclays Capital Fixed Rate Mortgage Backed Securities Index is an unmanaged index comprised of fixed rate mortgage pass through securities issued by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC), with a Weighted Average Maturity (WAM) of at least one year and at least $250 million par outstanding.


•	Barclays Capital Intermediate U.S. Credit Index

The Barclays Capital Intermediate U.S. Credit Index is an unmanaged index of publicly issued U.S. corporate and specified foreign debentures and secured notes with intermediate maturities ranging from 1 to 10 years. Securities must also meet specific liquidity and quality requirements.


•	Barclays Capital High Yield Muni Index

The Barclays Capital High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moodys Investors Service with a remaining maturity of at least one year.


•	Barclays Capital U.S. TIPS Index

The Barclays Capital U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding. Performance data for this index prior to October 1997 represents returns of the Barclays Capital Inflation Notes Index.


•	Morgan Stanley Capital International Europe Australasia Far East (MSCI EAFE) Index

The MSCI EAFE Index is a widely recognized, unmanaged index of issuers located in the countries of Europe, Australia, and the Far East. Prior to 11/1/06, performance data for the MSCI Index was calculated gross of dividend tax withholding. Performance data presently shown for the Index is net of dividend tax withholding. This recalculation results in lower performance for the Index.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 15

Equity Shares: Series I Schedule of Investments
April 30, 2010 (unaudited)


Shares			Value

COMMON STOCK–90.1%
		Australia–3.1%
	3,206	Australia & New Zealand Banking Group Ltd.	$	71,010

		Belgium–3.3%
	1,548	Anheuser-Busch InBev NV		75,096

		China–3.1%
	100	Baidu, Inc. ADR (l)		68,930

		France–13.2%
	562	Air Liquide S.A.		65,563
	853	Alstom S.A.		50,051
	881	Eutelsat Communications		31,362
	2,691	Vinci S.A.		149,957

				296,933

		Germany–2.3%
	897	BASF SE		52,150

		Israel–1.7%
	1,100	Check Point Software Technologies (l)		39,182

		Italy–3.6%
	2,176	Saipem SpA		81,255

		Japan–21.3%
	1,400	Canon, Inc.		64,041
	1,600	Hitachi Construction Machinery Co., Ltd.		34,021
	1,200	Ibiden Co., Ltd.		43,212
	2	Inpex Corp.		14,074
	6	KDDI Corp.		28,929
	7,000	Mitsui Fudosan Co., Ltd.		129,635
	400	Nidec Corp.		41,040
	900	Shin-Etsu Chemical Co., Ltd.		51,881
	2,000	Shionogi & Co., Ltd.		36,104
	1,100	Sony Corp.		37,663

				480,600

		Korea (Republic of)–3.4%
	200	Samsung Electronics Co., Ltd. GDR (d)		76,650

		Netherlands–5.1%
	948	Koninklijke DSM NV		42,344
	1,523	Koninklijke Philips Electronics NV		51,141
	744	TNT NV		22,737

				116,222

16 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Equity Shares: Series I Schedule of Investments
April 30, 2010 (unaudited) (continued)


Shares				Value

		Portugal–1.5%
	9,771	Energias de Portugal S.A.		$	34,968

		Spain–6.5%
	4,677	Banco Santander S.A.			59,470
	905	Inditex S.A.			56,013
	638	Red Electrica Corp. S.A.			30,228

					145,711

		Sweden–7.0%
	5,757	Atlas Copco AB, Class A			92,596
	1,019	Hennes & Mauritz AB, Class B			65,021

					157,617

		Taiwan–1.2%
	2,650	Hon Hai Precision Industry Co., Ltd. GDR			26,739

		United Kingdom–13.8%
	23,011	Centrica PLC			103,362
	5,187	Standard Chartered PLC			138,360
	4,189	Xstrata PLC			68,716

					310,438

		Total Common Stock (cost – $1,847,749)			2,033,501

PREFERRED STOCK–5.4%
		Germany–5.4%
	1,408	Fresenius SE			102,077
	383	Henkel AG & Co. KGaA			20,535

		Total Preferred Stock (cost – $99,942)			122,612

		Total Investments (cost – $1,947,691) (n)	95.5%		2,156,113
		Other assets less liabilities	4.5		101,209

		Net Assets	100.0%	$	2,257,322

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 17

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

CORPORATE BONDS & NOTES–70.9%
		Airlines–1.8%
$	99	American Airlines Pass Through Trust, 10.375%, 7/2/19	Baa3/A−	$	114,953
		Continental Airlines Pass Through Trust,
	2,100	6.503%, 12/15/12	Baa2/BBB+		2,163,000
	900	7.918%, 11/1/11	Baa2/BBB		901,125
		Delta Air Lines, Inc.,
	4,200	7.111%, 3/18/13	WR/BBB−		4,389,000
	300	7.57%, 5/18/12	WR/BBB−		307,125
		Northwest Airlines, Inc.,
	1,487	7.041%, 10/1/23	WR/BBB−		1,512,877
	49,057	7.15%, 4/1/21 (MBIA)	Ba3/BBB−		46,297,081
	68	United Air Lines Pass Through Trust, 10.125%, 3/22/15 (b)(f)	WR/NR		25,214

					55,710,375

		Banking–10.1%
€	2,600	ABN Amro Bank NV, 3.75%, 1/12/12	Aaa/AAA		3,588,015
$	5,000	American Express Bank FSB, 5.50%, 4/16/13	A2/BBB+		5,408,185
	33,700	Australia & New Zealand Banking Group Ltd., 3.70%, 1/13/15 (a)(d)	Aa1/AA		34,024,228
€	2,200	Bank of Scotland PLC, 3.375%, 12/5/11	Aaa/AAA		3,024,402
		Barclays Bank PLC,
€	10,180	4.875%, 12/15/14 (i)	Baa3/A−		11,437,912
$	400	5.00%, 9/22/16	Aa3/AA−		414,999
	25,300	5.20%, 7/10/14	Aa3/AA−		27,161,043
	24,000	6.05%, 12/4/17 (a)(d)	Baa1/A		25,048,560
	5,900	7.434%, 12/15/17 (a)(d)(i)	Baa2/A−		5,841,000
	4,000	8.55%, 6/15/11 (a)(d)(i)	Baa2/A−		4,100,000
£	3,300	14.00%, 6/15/19 (i)	Baa2/A−		6,768,536
$	6,600	CBA Capital Trust II, 6.024%, 3/15/16 (a)(d)(i)	A3/A+		6,302,056
	AUD 2,600	Commonwealth Bank of Australia, 4.50%, 2/20/14	Aaa/AAA		2,308,244
€	3,000	Compagnie de Financement Foncier, 4.00%, 10/25/12	Aaa/AAA		4,200,314
$	4,200	Credit Suisse, 5.00%, 5/15/13	Aa1/A+		4,522,669
	5,000	HBOS Capital Funding L.P., 6.071%, 6/30/14 (a)(d)(i)	Ba3/BB−		4,087,500
	30,600	HBOS PLC, 6.75%, 5/21/18 (a)(d)	Ba1/BBB−		29,344,513
	10,400	HSBC Bank USA N.A., 6.00%, 8/9/17	A1/AA−		11,318,424
		HSBC Capital Funding L.P. (a)(d)(i),
	13,900	4.61%, 6/27/13	A3/A−		13,084,737
	1,350	10.176%, 6/30/30	A3/A−		1,743,525
	28,000	Lloyds TSB Bank PLC, 12.00%, 12/16/24 (a)(d)(i)	Ba1/BB		32,530,027
	25,000	Rabobank Nederland NV, 11.00%, 6/30/19 (a)(d)(i)	A2/AA−		32,263,075
	2,400	RBS Capital Trust I, 4.709%, 7/1/13 (i)	B3/C		1,512,000

18 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Banking (continued)

$	3,600	Resona Bank Ltd., 5.85%, 4/15/16 (a)(d)(i)	A3/BBB	$	3,583,199
€	1,000	Royal Bank of Scotland PLC, 4.625%, 9/22/21, (converts to FRN on 9/22/16)	Ba2/BBB		1,157,627
€	2,100	SNS Bank NV, 2.875%, 1/30/12	Aaa/AAA		2,861,420
¥	200,000	Sumitomo Mitsui Banking Corp., 1.544%, 6/2/49	NR/NR		2,040,419
		Wachovia Bank N.A.,
$	1,700	0.587%, 3/15/16, FRN	Aa3/AA−		1,614,866
€	5,000	6.00%, 5/23/13	Aa2/AA		7,342,004
	AUD 20,000	Westpac Banking Corp., 4.75%, 3/5/14	Aaa/AAA		17,906,909

					306,540,408

		Computers–0.2%
$	5,000	Lexmark International, Inc., 5.90%, 6/1/13	Baa3/BBB−		5,350,450

		Diversified Manufacturing–0.5%
	15,000	Tyco Electronics Group S.A., 6.55%, 10/1/17	Baa2/BBB−		16,831,395

		Drugs & Medical Products–0.5%
	100	Biomet, Inc., 10.00%, 10/15/17	B3/B−		110,500
	1,700	Hospira, Inc., 6.05%, 3/30/17	Baa3/BBB+		1,867,492
	12,000	Pfizer, Inc., 6.20%, 3/15/19	A1/AA		13,707,312

					15,685,304

		Electronics–0.0%
	400	Sanmina-SCI Corp., 8.125%, 3/1/16	B2/CCC		407,000

		Financial Services–34.3%
		American Express Co.,
	100	6.15%, 8/28/17	A3/BBB+		109,804
	11,000	7.25%, 5/20/14	A3/BBB+		12,598,421
	1,592	American Express Travel Related Services Co., Inc., 5.25%, 11/21/11 (a)(d)	A2/BBB+		1,661,602
£	3,500	BAC Capital Trust VII, 5.25%, 8/10/35	Baa3/BB		3,924,205
		Bank of America Corp.,
€	5,000	4.75%, 5/6/19, (converts to FRN on 5/6/14)	A3/A−		6,607,067
$	3,800	5.65%, 5/1/18	A2/A		3,852,280
	4,300	5.75%, 12/1/17	A2/A		4,399,696
	25,300	7.375%, 5/15/14	A2/A		28,521,576
	9,400	8.00%, 1/30/18 (i)	Ba3/BB		9,476,196
	500	Bank of America N.A., 5.30%, 3/15/17	A1/A		496,320
		Bear Stearns Cos. LLC,
	1,500	5.30%, 10/30/15	Aa3/A+		1,617,003
	5,000	5.70%, 11/15/14	Aa3/A+		5,491,885
	35,400	7.25%, 2/1/18	Aa3/A+		40,899,815

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 19

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Financial Services (continued)

$	9,400	BNP Paribas, 5.186%, 6/29/15 (a)(d)(i)	Baa1/A	$	8,718,500
	10,000	Caelus Re Ltd., 6.502%, 6/7/11, FRN (a)(b)(d)(o) (acquisition cost-$9,963,680; purchased 6/20/08-2/9/09)	NR/BB		9,912,580
		CIT Group, Inc.,
	84	7.00%, 5/1/13	NR/NR		83,270
	126	7.00%, 5/1/14	NR/NR		121,912
	126	7.00%, 5/1/15	NR/NR		120,494
	210	7.00%, 5/1/16	NR/NR		200,300
	294	7.00%, 5/1/17	NR/NR		280,420
		Citigroup, Inc.,
	6,000	0.34%, 5/18/11, FRN	A3/A		5,970,216
	3,200	0.382%, 3/16/12, FRN	A3/A		3,140,502
	21,525	5.30%, 10/17/12	A3/A		22,638,596
	19,600	5.50%, 8/27/12	A3/A		20,609,478
	700	5.50%, 4/11/13	A3/A		739,714
	700	5.50%, 10/15/14	A3/A		727,894
	27,930	5.85%, 7/2/13	A3/A		29,825,134
	10,118	6.00%, 8/15/17	A3/A		10,491,385
	5,000	6.625%, 6/15/32	Baa1/A−		4,816,570
	2,100	Citigroup Capital XXI, 8.30%, 12/21/77, (converts to FRN on 12/21/37)	Ba1/BB−		2,110,500
		Countrywide Financial Corp.,
	775	0.689%, 5/7/12, FRN	A2/A		763,664
	40,669	5.80%, 6/7/12	A2/A		43,306,954
		Credit Agricole S.A. (i),
	16,300	6.637%, 5/31/17 (a)(d)	A3/A−		13,895,750
	17,500	6.637%, 5/31/17 (b)	A3/A−		14,796,250
		Ford Motor Credit Co. LLC,
	16,900	7.00%, 10/1/13	B1/B−		17,451,920
	6,700	8.00%, 12/15/16	B1/B−		7,150,669
	6,100	8.70%, 10/1/14	B1/B−		6,586,634
		General Electric Capital Corp.,
	15,000	0.342%, 5/29/12, FRN	Aa2/AA+		14,600,580
	9,594	0.391%, 12/20/13, FRN	Aa2/AA+		9,253,567
	1,000	0.482%, 10/6/15, FRN	Aa2/AA+		921,396
€	10,000	4.625%, 9/15/66, (converts to FRN on 9/15/16) (a)(d)	Aa3/A+		11,368,502
€	25,700	5.50%, 9/15/67, (converts to FRN on 9/15/17)	Aa3/A+		30,925,649
$	20,000	5.625%, 5/1/18	Aa2/AA+		21,226,160
	5,000	6.375%, 11/15/67, (converts to FRN on 11/15/17)	Aa3/A+		4,818,750
£	1,400	6.50%, 9/15/67, (converts to FRN on 9/15/17)	Aa3/A+		2,016,479

20 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Financial Services (continued)

		GMAC, Inc.,
$	15,330	6.00%, 12/15/11	B3/B	$	15,378,366
	1,000	6.75%, 12/1/14	B3/B		1,005,894
	17,300	8.00%, 3/15/20 (a)(d)	B3/B		17,905,500
	14,820	8.00%, 11/1/31	B3/B		14,399,023
	14,100	8.30%, 2/12/15 (a)(d)	B3/B		14,752,125
		Goldman Sachs Group, Inc.,
	4,100	0.721%, 3/22/16, FRN	A1/A		3,780,573
	5,100	0.794%, 1/12/15, FRN	A1/A		4,799,029
€	10,000	1.011%, 5/23/16, FRN	A1/A		11,665,931
$	11,900	5.25%, 10/15/13	A1/A		12,492,430
	19,559	5.35%, 1/15/16	A1/A		19,956,595
	700	5.75%, 10/1/16	A1/A		725,543
	19,800	5.95%, 1/18/18	A1/A		20,341,253
	15,200	6.15%, 4/1/18	A1/A		15,770,289
	14,900	6.25%, 9/1/17	A1/A		15,618,001
	2,700	6.75%, 10/1/37	A2/A−		2,625,969
		HSBC Finance Corp.,
	2,335	0.460%, 8/9/11, FRN	A3/A		2,318,531
	1,399	6.375%, 10/15/11	A3/A		1,484,114
	2,000	6.375%, 11/27/12	A3/A		2,197,708
	400	HSBC Holdings PLC, 7.625%, 5/17/32	A1/A		448,985
	32,200	JPMorgan Chase & Co., 6.00%, 1/15/18	Aa3/A+		34,772,716
		JPMorgan Chase Bank N.A.,
	4,400	0.587%, 6/13/16, FRN	Aa2/A+		4,138,754
	9,200	6.00%, 10/1/17	Aa2/A+		9,888,059
	2,700	JPMorgan Chase Capital XX, 6.55%, 9/15/66, (converts to FRN on 9/15/36)	A2/BBB+		2,584,977
		LBG Capital No. 1 PLC,
	3,400	7.875%, 11/1/20	Ba3/BB−		3,128,000
	22,200	8.50%, 12/17/21 (a)(d)(i)	NR/B+		19,314,000
		Merrill Lynch & Co., Inc.,
	5,000	0.763%, 1/15/15, FRN	A2/A		4,697,785
€	2,000	1.20%, 9/14/18, FRN	A3/A−		2,288,523
€	2,150	1.385%, 9/27/12, FRN	A2/A		2,795,519
$	8,370	6.05%, 8/15/12	A2/A		8,986,735
	200	6.15%, 4/25/13	A2/A		216,570
	22,700	6.40%, 8/28/17	A2/A		23,863,942
	40,100	6.875%, 4/25/18	A2/A		43,252,822

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 21

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Financial Services (continued)

		Morgan Stanley,
$	1,100	0.545%, 1/9/12, FRN	A2/A	$	1,088,482
	5,400	0.783%, 10/15/15, FRN	A2/A		5,019,095
€	10,000	1.064%, 1/16/17, FRN	A2/A		11,781,331
$	500	5.30%, 3/1/13	A2/A		529,204
	2,800	5.375%, 10/15/15	A2/A		2,904,166
	5,000	5.625%, 9/23/19	A2/A		4,940,230
	900	5.95%, 12/28/17	A2/A		923,198
	25,000	6.00%, 5/13/14	A2/A		26,917,075
	23,400	6.00%, 4/28/15	A2/A		25,032,033
	21,200	6.25%, 8/28/17	A2/A		21,993,177
	400	6.625%, 4/1/18	A2/A		424,753
£	550	MUFG Capital Finance 5 Ltd., 6.299%, 1/25/17 (i)	Ba1/BBB+		770,300
$	700	Mystic Re Ltd., 10.252%, 6/7/11, FRN (a)(b)(d)(o) (acquisition cost-$700,000; purchased 5/23/07)	NR/BB−		710,710
	100	OneBeacon US Holdings, Inc., 5.875%, 5/15/13	Baa2/BBB		104,183
	642	Preferred Term Securities XIII Ltd., 0.808%, 3/24/34, FRN (a)(b)(d)(o) (acquisition cost-$641,796; purchased 3/9/04)	A1/BB		404,331
		Royal Bank of Scotland Group PLC,
	273	5.00%, 11/12/13	Ba2/NR		269,247
	22,200	6.99%, 10/5/17 (a)(d)(i)	Ba3/C		16,428,000
	10,000	7.64%, 9/29/17 (i)	B3/C		6,525,000
	5,000	7.648%, 9/30/31 (i)	Ba2/BB−		4,300,000
		SLM Corp.,
	2,800	0.546%, 10/25/11, FRN	Ba1/BBB−		2,692,934
€	1,600	3.125%, 9/17/12	Ba1/BBB−		2,026,386
€	1,600	4.75%, 3/17/14	Ba1/BBB−		2,034,151
£	500	4.875%, 12/17/12	Ba1/BBB−		746,192
$	9,255	8.45%, 6/15/18	Ba1/BBB−		9,261,099
		Teco Finance, Inc.,
	983	6.572%, 11/1/17	Baa3/BBB−		1,092,403
	2,000	6.75%, 5/1/15	Baa3/BBB−		2,254,792
		Temasek Financial I Ltd.,
	6,450	4.30%, 10/25/19 (a)(d)	Aaa/AAA		6,504,425
	10,000	4.30%, 10/25/19	Aaa/AAA		10,020,550
	7,700	TNK-BP Finance S.A., 7.50%, 3/13/13	Baa2/BBB−		8,354,500
	7,400	TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67%, 3/5/14	Baa1/BBB		7,686,750
	1,000	UBS AG, 5.875%, 12/20/17	Aa3/A+		1,059,370
	5,900	UBS Preferred Funding Trust V, 6.243%, 5/15/16 (i)	Baa3/BBB−		5,487,000
	6,700	USB Capital IX, 6.189%, 4/15/11 (i)	A3/BBB+		5,887,625

22 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Financial Services (continued)

		Wachovia Corp.,
$	100	0.443%, 4/23/12, FRN	A1/AA−	$	99,313
	2,200	0.527%, 6/15/17, FRN	A1/AA−		2,028,332
	2,700	5.50%, 5/1/13	A1/AA−		2,937,902
	2,000	5.625%, 10/15/16	A2/A+		2,136,714
	9,900	5.75%, 2/1/18	A1/AA−		10,674,754
	35,917	Wells Fargo & Co., 7.98%, 3/15/18 (i)	Ba1/A−		38,072,020
	4,900	White Nights Finance BV for Gazprom, 10.50%, 3/25/14	Baa1/NR		5,841,045
	7,400	Xstrata Finance Canada Ltd., 5.80%, 11/15/16 (a)(d)	Baa2/BBB		7,932,770

					1,042,736,062

		Food & Beverage–0.5%
	400	H.J. Heinz Co., 15.59%, 12/1/20 (a)(b)(d)(o) (acquisition cost-$489,132; purchased 3/26/10)	Baa2/BBB		493,101
	6,700	Kraft Foods, Inc., 6.50%, 8/11/17	Baa2/BBB−		7,602,443
	400	Kroger Co., 6.20%, 6/15/12	Baa2/BBB		435,148
	7,000	Sara Lee Corp., 3.875%, 6/15/13	Baa1/BBB		7,311,171
	1,100	Tate & Lyle International Finance PLC, 6.625%, 6/15/16 (a)(d)	Baa3/BBB−		1,184,902

					17,026,765

		Healthcare & Hospitals–0.3%
	8,050	HCA, Inc., 9.125%, 11/15/14	B2/BB−		8,583,312

		Insurance–4.8%
		American International Group, Inc.,
	7,900	0.414%, 10/18/11, FRN	A3/A−		7,615,560
€	1,500	4.00%, 9/20/11	A3/A−		2,005,573
€	7,800	4.875%, 3/15/67, (converts to FRN on 3/15/17)	Ba2/BBB		6,741,322
$	1,950	4.95%, 3/20/12	A3/A−		1,988,649
	7,600	5.05%, 10/1/15	A3/A−		7,177,949
	1,000	5.45%, 5/18/17	A3/A−		922,017
	600	5.60%, 10/18/16	A3/A−		567,233
	26,400	5.85%, 1/16/18	A3/A−		24,611,638
	15,300	6.25%, 5/1/36	A3/A−		13,337,071
€	24,050	8.00%, 5/22/68, (converts to FRN on 5/22/18)	Ba2/BBB		26,861,576
$	800	8.175%, 5/15/68, (converts to FRN on 5/15/38)	Ba2/BBB		699,000
	47,700	8.25%, 8/15/18	A3/A−		50,968,165
£	3,000	8.625%, 5/22/68, (converts to FRN on 5/22/18)	Ba2/BBB		3,926,119

					147,421,872

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 23

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Metals & Mining–0.3%
$	5,000	Alcoa, Inc., 6.00%, 7/15/13	Baa3/BBB−	$	5,377,885
	1,600	Newmont Mining Corp., 5.125%, 10/1/19	Baa2/BBB+		1,652,469
	2,000	Rio Tinto Finance USA Ltd., 8.95%, 5/1/14	Baa1/BBB+		2,425,434

					9,455,788

		Multi-Media–1.5%
	1,000	Comcast Cable Communications LLC, 7.125%, 6/15/13	Baa1/BBB+		1,133,909
		Comcast Corp.,
	10,600	5.875%, 2/15/18	Baa1/BBB+		11,448,572
	1,700	5.90%, 3/15/16	Baa1/BBB+		1,872,402
	810	CSC Holdings LLC, 7.875%, 2/15/18	Ba3/BB		862,650
	3,700	DISH DBS Corp., 7.00%, 10/1/13	Ba3/BB−		3,848,000
		Time Warner Cable, Inc.,
	6,940	5.85%, 5/1/17	Baa2/BBB		7,532,829
	1,500	8.25%, 4/1/19	Baa2/BBB		1,836,403
	12,200	Time Warner Entertainment Co. L.P., 8.875%, 10/1/12	Baa2/BBB		14,096,502
	1,600	Time Warner, Inc., 5.50%, 11/15/11	Baa2/BBB		1,697,354

					44,328,621

		Oil & Gas–5.9%
	4,600	Anadarko Finance Co., 6.75%, 5/1/11	Baa3/BBB−		4,830,396
	300	Anadarko Petroleum Corp., 5.95%, 9/15/16	Baa3/BBB−		333,464
	2,400	Canadian Natural Resources Ltd., 6.00%, 8/15/16	Baa2/BBB		2,646,761
	10,400	Canadian Oil Sands Ltd., 7.75%, 5/15/19 (a)(d)	Baa2/BBB		12,344,082
	2,900	DCP Midstream LLC, 5.375%, 10/15/15 (a)(d)	Baa2/BBB		3,138,371
	846	Devon Energy Corp., 7.95%, 4/15/32	Baa1/BBB+		1,092,123
		Devon Financing Corp. ULC,
	2,900	6.875%, 9/30/11	Baa1/BBB+		3,121,757
	1,300	7.875%, 9/30/31	Baa1/BBB+		1,670,896
	2,450	El Paso Corp., 7.00%, 6/15/17	Ba3/BB−		2,529,348
	4,800	Enbridge Energy Partners L.P., 5.875%, 12/15/16	Baa2/BBB		5,384,976
		EnCana Corp.,
	2,000	5.90%, 12/1/17	Baa2/BBB+		2,209,504
	4,700	6.50%, 8/15/34	Baa2/BBB+		5,156,398
		Energy Transfer Partners L.P.,
	3,000	6.00%, 7/1/13	Baa3/BBB−		3,277,428
	2,100	6.125%, 2/15/17	Baa3/BBB−		2,296,711
	2,600	6.625%, 10/15/36	Baa3/BBB−		2,744,386
		Enterprise Products Operating LLC,
	600	4.60%, 8/1/12	Baa3/BBB−		633,870
	756	7.625%, 2/15/12	Baa3/BBB−		831,232

24 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Oil & Gas (continued)

		Gaz Capital S.A. for Gazprom (a)(d),
$	5,700	7.343%, 4/11/13	Baa1/BBB	$	6,134,625
	14,000	8.146%, 4/11/18	Baa1/BBB		15,627,500
	2,554	Gazprom International S.A. for Gazprom, 7.201%, 2/1/20	NR/BBB+		2,710,344
	1,135	Kern River Funding Corp., 4.893%, 4/30/18 (a)(d)	A3/A−		1,155,260
		Kinder Morgan Energy Partners L.P.,
	5,800	6.00%, 2/1/17	Baa2/BBB		6,370,065
	3,800	6.95%, 1/15/38	Baa2/BBB		4,253,560
	5,500	7.30%, 8/15/33	Baa2/BBB		6,378,498
	11,900	Midcontinent Express Pipeline LLC, 5.45%, 9/15/14 (a)(d)	Ba1/BBB		12,455,111
	4,500	Morgan Stanley Bank AG for OAO Gazprom, 9.625%, 3/1/13 (a)(d)	Baa1/BBB		5,124,375
	3,400	NGPL PipeCo LLC, 7.119%, 12/15/17 (a)(d)	Baa3/BBB−		3,870,574
		Northwest Pipeline GP,
	3,900	5.95%, 4/15/17	Baa2/BBB−		4,274,599
	1,700	7.00%, 6/15/16	Baa2/BBB−		1,977,586
	5,750	Pacific Energy Partners L.P., 6.25%, 9/15/15	Baa3/BBB−		6,056,435
	14,800	Petrobras International Finance Co., 7.875%, 3/15/19	Baa1/BBB−		17,367,312
	1,000	Petroleos Mexicanos, 8.00%, 5/3/19	Baa1/BBB		1,180,000
	2,600	Plains All American Pipeline L.P., 6.65%, 1/15/37	Baa3/BBB−		2,767,333
	1,200	Plains Exploration & Production Co., 7.00%, 3/15/17	B1/BB−		1,194,000
	3,500	Ras Laffan Liquefied Natural Gas Co., Ltd. II, 5.298%, 9/30/20 (b)	Aa2/A		3,631,250
		Ras Laffan Liquefied Natural Gas Co., Ltd. III (b),
	1,400	5.50%, 9/30/14	Aa2/A		1,499,355
	2,500	5.832%, 9/30/16	Aa2/A		2,684,375
	3,000	6.75%, 9/30/19	Aa2/A		3,379,233
	25	Sonat, Inc., 7.625%, 7/15/11	Ba3/BB−		26,157
	4,400	Southern Natural Gas Co., 5.90%, 4/1/17 (a)(d)	Baa3/BB		4,687,228
	1,950	Tennessee Gas Pipeline Co., 7.50%, 4/1/17	Baa3/BB		2,241,231
		XTO Energy, Inc.,
	3,000	5.50%, 6/15/18	Baa2/BBB		3,301,320
	1,700	6.10%, 4/1/36	Baa2/BBB		1,901,946
	3,000	7.50%, 4/15/12	Baa2/BBB		3,356,874

					179,847,849

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 25

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Paper & Forest Products–2.0%
		Weyerhaeuser Co.,
$	51,406	6.75%, 3/15/12	Ba1/BBB−	$	55,369,557
	5,000	7.375%, 10/1/19	Ba1/BBB−		5,468,215

					60,837,772

		Paper/Paper Products–0.3%
		Georgia-Pacific LLC (a)(d),
	6,400	7.00%, 1/15/15	Ba2/BB+		6,688,000
	2,900	7.125%, 1/15/17	Ba2/BB+		3,074,000

					9,762,000

		Retail–0.9%
	23,820	CVS Pass Through Trust, 7.507%, 1/10/32 (a)(d)	Baa2/BBB+		27,048,575

		Telecommunications–4.4%
		America Movil SAB De C.V. (a)(d),
	34,100	5.00%, 3/30/20	A2/A−		34,504,631
	30,900	6.125%, 3/30/40	A2/A−		30,922,032
		AT&T Corp.,
	2,352	7.30%, 11/15/11	A2/A		2,566,730
	1,500	8.00%, 11/15/31	A2/A		1,859,490
	5,000	AT&T, Inc., 5.50%, 2/1/18	A2/A		5,395,855
		Deutsche Telekom International Finance BV,
	4,500	6.75%, 8/20/18	Baa1/BBB+		5,115,123
€	1,280	8.125%, 5/29/12	Baa1/BBB+		1,914,465
$	2,700	Nextel Communications, Inc., 7.375%, 8/1/15	Ba2/BB−		2,642,625
	9,503	Qwest Communications International, Inc., 7.50%, 2/15/14	Ba3/B+		9,716,818
		Qwest Corp.,
	2,000	3.507%, 6/15/13, FRN	Ba1/BBB−		2,040,000
	1,250	6.50%, 6/1/17	Ba1/BBB−		1,314,062
		Rogers Communications, Inc.,
	CAD 800	7.25%, 12/15/11	Baa2/BBB		835,070
	CAD 400	7.625%, 12/15/11	Baa2/BBB		426,012
$	4,800	Sprint Capital Corp., 8.75%, 3/15/32	Ba3/BB−		4,824,000
		Telefonica Emisiones s.A.u.,
	10,000	0.674%, 2/4/13, FRN	Baa1/A−		9,824,920
	3,500	5.984%, 6/20/11	Baa1/A−		3,684,544
		Verizon Communications, Inc.,
	700	5.50%, 4/1/17	A3/A		756,818
	6,900	5.55%, 2/15/16	A3/A		7,609,458

26 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Telecommunications (continued)

$	900	Verizon New England, Inc., 6.50%, 9/15/11	Baa2/A	$	957,253
	6,100	Vodafone Group PLC, 0.532%, 2/27/12, FRN	Baa1/A−		6,100,647

					133,010,553

		Tobacco–0.8%
	10,000	Altria Group, Inc., 10.20%, 2/6/39	Baa1/BBB		13,816,440
	8,130	Reynolds American, Inc., 7.75%, 6/1/18	Baa3/BBB		9,329,021

					23,145,461

		Utilities–1.8%
	2,678	Bruce Mansfield Unit, 6.85%, 6/1/34	Baa2/BBB−		2,790,244
	400	Columbus Southern Power Co., 5.50%, 3/1/13	A3/BBB		434,609
	655	Constellation Energy Group, Inc., 7.00%, 4/1/12	Baa3/BBB−		714,008
		Consumers Energy Co.,
	2,050	5.00%, 2/15/12	A3/BBB		2,173,570
	850	5.00%, 3/15/15	A3/BBB		909,879
	2,000	5.15%, 2/15/17	A3/BBB		2,118,678
	1,100	5.375%, 4/15/13	A3/BBB		1,196,275
	1,400	Dayton Power & Light Co., 5.125%, 10/1/13	Aa3/A		1,542,634
	5,000	DTE Energy Co., 6.35%, 6/1/16	Baa2/BBB−		5,496,540
	14,200	EDF S.A., 6.50%, 1/26/19 (a)(d)	Aa3/A+		16,135,062
	1,600	FirstEnergy Corp., 6.45%, 11/15/11	Baa3/BB+		1,697,915
	277	GG1C Funding Corp., 5.129%, 1/15/14 (a)(d)	Baa3/BBB+		285,471
	1,000	Midamerican Energy Holdings Co., 5.875%, 10/1/12	Baa1/BBB+		1,095,544
		Nevada Power Co.,
	100	5.875%, 1/15/15	Baa3/BBB		110,358
	1,600	5.95%, 3/15/16	Baa3/BBB		1,764,651
	3,000	6.50%, 5/15/18	Baa3/BBB		3,349,950
	75	NorthWestern Corp., 5.875%, 11/1/14	A3/A−		77,210
	1,700	Ohio Edison Co., 5.45%, 5/1/15	Baa2/BBB−		1,821,271
	2,900	Public Service Co. of Oklahoma, 6.15%, 8/1/16	Baa1/BBB		3,213,363
	1,900	Sierra Pacific Power Co., 6.00%, 5/15/16	Baa3/BBB		2,100,226
	4,500	Toledo Edison Co., 6.15%, 5/15/37	Baa1/BBB		4,649,724
	76	W3A Funding Corp., 8.09%, 1/2/17	Baa2/BBB		78,165

					53,755,347

		Total Corporate Bonds & Notes (cost–$1,991,010,512)			2,157,484,909



MORTGAGE-BACKED SECURITIES–6.2%
€	5,400	Arena BV, 0.751%, 2/17/63, CMO, FRN	Aaa/NR		7,123,048
$	4,400	Banc of America Commercial Mortgage, Inc., 5.889%, 7/10/44, CMO, VRN	NR/A+		4,493,765

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 27

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	283	Banc of America Funding Corp., 6.031%, 1/20/47, CMO, VRN	NR/CCC	$	213,975
	1,993	Banc of America Large Loan, Inc., 0.764%, 8/15/29, CMO, FRN (b)	Aaa/AAA		1,810,738
		Bear Stearns Adjustable Rate Mortgage Trust, CMO,
	2,066	2.56%, 8/25/35, FRN	Baa2/AAA		1,987,276
	2,457	2.76%, 3/25/35, FRN	Ba2/AAA		2,300,984
	549	2.934%, 3/25/35, FRN	A1/AAA		535,808
	14,015	4.090%, 10/25/35, FRN	NR/BBB+		13,991,350
	195	4.553%, 10/25/33, VRN	Aaa/AAA		194,532
	165	4.631%, 5/25/34, FRN	Aaa/AAA		158,418
		Bear Stearns Alt-A Trust, CMO, VRN,
	4,915	5.569%, 11/25/36	B3/CCC		3,401,126
	6,221	5.579%, 11/25/36	B3/CCC		4,194,540
	1,659	5.622%, 2/25/36	Caa2/CCC		995,961
		Bear Stearns Commercial Mortgage Securities, CMO,
	759	0.364%, 3/15/19, FRN (a)(d)	Aaa/AA		700,870
	1,600	5.54%, 9/11/41	NR/AAA		1,657,913
	7,500	5.694%, 6/11/50, VRN	NR/A+		7,632,434
	2,980	Chase Commercial Mortgage Securities Corp., 6.484%, 2/12/16, CMO, VRN (a)(d)	Aaa/NR		3,078,150
		Citigroup Mortgage Loan Trust, Inc., CMO, FRN,
	720	2.51%, 8/25/35	A3/AA		680,108
	803	4.248%, 8/25/35	A3/AA		753,158
		Citigroup/Deutsche Bank Commercial Mortgage Trust, CMO,
	4,400	5.322%, 12/11/49	Aaa/A−		4,281,501
	8,000	5.546%, 1/15/46, VRN	Aaa/AAA		8,192,170
€	397	Cordusio RMBS SRL, 0.775%, 6/30/35, CMO, FRN	Aaa/AAA		511,312
		Countrywide Alternative Loan Trust, CMO,
$	2,705	0.453%, 11/25/46, FRN	B3/B−		1,496,642
	746	0.463%, 5/25/36, FRN	B1/B−		411,994
	12,931	6.25%, 8/25/37	Caa1/CC		7,642,064
		Countrywide Home Loan Mortgage Pass Through Trust, CMO,
	361	0.583%, 3/25/35, FRN	B1/A		209,586
	86	3.969%, 8/25/34, VRN	Ba1/B+		62,765
	26	Credit Suisse First Boston Mortgage Securities Corp.,
		2.928%, 7/25/33, CMO, VRN	Aaa/AAA		25,004
		Credit Suisse Mortgage Capital Certificates, CMO,
	2,600	5.311%, 12/15/39	Aaa/A+		2,572,306
	7,300	5.912%, 6/15/39, VRN	Aaa/BBB+		6,988,070

28 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	129	Deutsche Alt-A Securities, Inc. Alternate Loan Trust,
		0.343%, 2/25/37, CMO, FRN	Ba3/AAA	$	127,582
		Downey Savings & Loan Assoc. Mortgage Loan Trust, CMO, FRN,
	2,731	0.516%, 8/19/45	Baa3/BBB−		1,796,839
	1,775	2.505%, 7/19/44	Aa3/AAA		1,372,614
	170	First Horizon Asset Securities, Inc., 2.916%, 12/25/33, CMO, FRN	Aaa/NR		167,462
	4,320	Greenpoint Mortgage Funding Trust, 0.493%, 6/25/45, CMO, FRN	Baa2/BB−		2,799,800
	19	Greenpoint Mortgage Pass Through Certificates,
		2.999%, 10/25/33, CMO, FRN	NR/B		16,191
	1,000	Greenwich Capital Commercial Funding Corp., 5.444%, 3/10/39, CMO	Aaa/A		1,005,271
		GSR Mortgage Loan Trust, CMO, FRN,
	134	2.14%, 3/25/33	Aaa/NR		131,185
	1,207	2.948%, 9/25/35	NR/AAA		1,176,976
		Harborview Mortgage Loan Trust, CMO,
	730	0.596%, 6/20/35, FRN	Aaa/AAA		588,241
	290	3.096%, 5/19/33, VRN	NR/AAA		288,340
	33,449	Hilton Hotel Pool Trust, 0.848%, 10/3/15, CMO, IO, VRN (a)(d)	Aaa/AAA		102,482
	445	Homebanc Mortgage Trust, 5.798%, 4/25/37, CMO, VRN	Ba1/BBB−		355,829
€	279	IntesaBci Sec 2 SRL, 0.938%, 8/28/23, CMO, FRN	Aaa/AAA		368,808
		JPMorgan Chase Commercial Mortgage Securities Corp., CMO,
$	1,000	5.336%, 5/15/47	Aaa/A		987,905
	6,600	5.42%, 1/15/49	Aaa/NR		6,374,980
	2,200	5.44%, 6/12/47	Aaa/A+		2,178,714
		JPMorgan Mortgage Trust, CMO,
	2,351	3.440%, 7/25/35, FRN	Baa2/AAA		2,307,048
	202	4.411%, 11/25/33, FRN	NR/AAA		199,660
	388	5.015%, 2/25/35, FRN	A2/AAA		393,463
	6,528	5.482%, 2/25/36, VRN	NR/BB−		5,836,800
		Merrill Lynch/Countrywide Commercial Mortgage Trust, CMO, VRN,
	1,200	5.172%, 12/12/49	Aaa/AA−		1,187,403
	1,600	6.155%, 8/12/49	NR/AAA		1,619,345
		Morgan Stanley Dean Witter Capital I, CMO,
	600	4.74%, 11/13/36	NR/AAA		630,755
	252	6.66%, 2/15/33	NR/AAA		257,185
	1,189	Ocwen Residential MBS Corp., 7.00%, 10/25/40, CMO, VRN (a)(d)(g)	B3/NR		134,531

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 29

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		RBSSP Resecuritization Trust, CMO, FRN (a)(d),
$	2,529	0.543%, 5/26/37	NR/NR	$	2,254,680
	22,045	0.583%, 3/26/37	NR/NR		19,911,548
	10,327	0.763%, 9/26/34	NR/NR		9,327,635
	16,235	0.763%, 3/26/36	NR/NR		15,448,066
	9,172	0.763%, 4/26/37	NR/NR		8,491,584
	1,883	Residential Accredit Loans, Inc., 0.473%, 4/25/46, CMO, FRN	Baa2/CCC		806,984
	175	Structured Adjustable Rate Mortgage Loan Trust,
		2.755%, 2/25/34, CMO, VRN	Aa2/AAA		160,921
	4,904	Structured Asset Mortgage Investments, Inc.,
		0.483%, 5/25/36, CMO, FRN	B3/CCC		2,842,097
	1,718	Thornburg Mortgage Securities Trust, 0.373%, 11/25/46, CMO, FRN	B2/AAA		1,680,303
		Wachovia Bank Commercial Mortgage Trust, CMO,
	450	0.334%, 6/15/20, FRN (a)(d)	Aaa/AAA		399,564
	700	5.416%, 1/15/45, VRN	Aaa/AA−		717,957
	1,300	5.678%, 5/15/46	Aaa/A		1,304,627
		WaMu Mortgage Pass Through Certificates, CMO, FRN,
	288	0.573%, 1/25/45	Aa2/AAA		239,065
	3,133	0.62%, 11/25/34	Aa2/AAA		2,327,266
	1,576	1.441%, 2/25/46	A2/AA		1,266,514
	889	Wells Fargo Mortgage-Backed Securities Trust,
		2.923%, 3/25/36, CMO, VRN	B3/NR		671,978

		Total Mortgage-Backed Securities (cost–$179,195,709)			188,553,766



SOVEREIGN DEBT OBLIGATIONS–4.8%
		Australia–0.2%
	AUD 5,400	Queensland Treasury Corp., 6.00%, 9/14/17, Ser. 17	Aaa/AAA		5,032,793

		Brazil–0.3%
	BRL 16,400	Brazil Notas do Tesouro Nacional, 10.00%, 1/1/17, Ser. F	Baa3/NR		8,482,134

		Canada–2.7%
	CAD 10,900	Canada Housing Trust No. 1, 0.845%, 9/15/14, FRN (a)(d)	Aaa/AAA		10,904,843
	CAD 69,400	Canadian Government Bond, 1.50%, 6/1/12	NR/NR		67,768,711
	CAD 2,400	Province of Ontario Canada, 6.50%, 3/8/29	Aa1/AA−		2,860,518

					81,534,072

		Germany–1.3%
		Bundesrepublik Deutschland,
€	3,000	3.75%, 1/4/19, Ser. 08	Aaa/NR		4,261,293
€	25,200	4.25%, 7/4/39, Ser. 07	Aaa/AAA		36,931,863

					41,193,156

30 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Korea (Republic of)–0.0%
$	500	Korea Development Bank, 8.00%, 1/23/14	A1/A	$	579,362

		Qatar–0.3%
		Qatar Government International Bond (a)(d),
	3,300	4.00%, 1/20/15	Aa2/AA−		3,403,125
	6,100	5.25%, 1/20/20	Aa2/AA−		6,344,000

					9,747,125

		Total Sovereign Debt Obligations (cost–$142,288,183)			146,568,642



U.S. TREASURY BONDS & NOTES (k)–4.4%
		U.S. Treasury Bonds & Notes,
	4,371	0.875%, 2/29/12 (e)			4,370,808
	35,800	3.50%, 2/15/39 (e)			29,920,960
	308	4.00%, 8/15/18			321,427
	99,028	4.50%, 8/15/39 (e)			98,579,304

		Total U.S. Treasury Bonds & Notes (cost–$128,702,983)			133,192,499



U.S. GOVERNMENT AGENCY SECURITIES–4.0%
		Fannie Mae–0.7%
	5	2.864%, 8/25/18, CMO, FRN	Aaa/AAA		4,707
	5,555	3.187%, 11/1/35, FRN, MBS	Aaa/AAA		5,791,925
	8	3.756%, 2/1/18, FRN, MBS	Aaa/AAA		7,977
	1,209	4.50%, 4/25/16, CMO	Aaa/AAA		1,224,810
	3,147	4.50%, 1/25/17, CMO	Aaa/AAA		3,254,549
	3,848	4.654%, 5/1/35, FRN, MBS	Aaa/AAA		3,922,213
	619	5.00%, 1/25/17, CMO	Aaa/AAA		634,455
	82	5.00%, 4/1/22, MBS	Aaa/AAA		87,173
	4,902	5.29%, 11/25/33, CMO	Aaa/AAA		5,214,745
	5	5.311%, 4/1/17, FRN, MBS	Aaa/AAA		4,896
	2,290	6.00%, 11/1/27, MBS	Aaa/AAA		2,452,694

					22,600,144

		Freddie Mac–1.1%
	10	3.375%, 12/1/18, FRN, MBS	Aaa/AAA		9,961
	61	4.50%, 10/15/19, CMO	Aaa/AAA		62,582
	2,433	4.50%, 2/15/20, CMO	Aaa/AAA		2,493,399
	5	4.575%, 6/1/30, FRN, MBS	Aaa/AAA		5,084
	754	5.00%, 1/15/18, CMO	Aaa/AAA		777,694
	1,561	5.00%, 7/15/24, CMO	Aaa/AAA		1,568,322
	1,164	5.00%, 5/15/27, CMO	Aaa/AAA		1,179,861
	19,468	5.00%, 7/15/33, CMO	Aaa/AAA		19,129,925
	6,953	6.00%, 5/15/36, CMO	Aaa/AAA		7,494,755

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 31

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Freddie Mac (continued)

$	136	6.50%, 1/1/38, MBS	Aaa/AAA	$	147,510
	511	6.50%, 10/1/38, MBS	Aaa/AAA		555,240

					33,424,333

		Ginnie Mae–0.2%
	17	4.375%, 1/20/22, FRN, MBS	Aaa/AAA		17,455
	95	6.00%, 6/15/36, MBS	Aaa/AAA		102,780
	86	6.00%, 9/15/36, MBS	Aaa/AAA		92,228
	13	6.00%, 10/15/36, MBS	Aaa/AAA		14,327
	5,364	6.00%, 11/15/36, MBS	Aaa/AAA		5,773,416

					6,000,206

		Small Business Administration Participation Certificates–2.0%
	449	4.504%, 2/1/14	Aaa/AAA		468,351
	4,930	4.77%, 4/1/24, ABS	Aaa/AAA		5,204,232
	29,040	5.32%, 1/1/27, ABS	Aaa/AAA		31,416,279
	21,624	5.70%, 8/1/26, ABS	Aaa/AAA		23,655,810

					60,744,672

		Total U.S. Government Agency Securities (cost–$116,014,577)			122,769,355



MUNICIPAL BONDS–3.7%
		California–1.6%
	2,400	Golden State Tobacco Securitization Corp. Rev.,
		5.75%, 6/1/47, Ser. A-1	Baa3/BBB		1,854,792
	15,000	Infrastructure & Economic Dev. Bank Rev., 6.486%, 5/15/49	Aa2/AA−		15,432,600
		State, GO,
	4,350	7.55%, 4/1/39	A1/A−		4,807,359
	22,400	7.95%, 3/1/36	A1/A−		23,824,416
	2,500	Univ. of California Rev., 4.75%, 5/15/33, Ser. L	Aa1/AA		2,505,900

					48,425,067

		Illinois–0.6%
	1,500	Chicago Board of Education, GO, 5.25%, 12/1/26, Ser. C	Aa2/AA−		1,602,330
	2,500	Chicago Metropolitan Water Reclamation Dist., GO, 5.72%, 12/1/38	Aaa/AAA		2,611,975
	10,500	Chicago Transit Auth. Rev., 6.20%, 12/1/40, Ser. B	Aa3/AA		10,864,245
		Finance Auth. Rev., Univ. of Chicago,
	1,240	5.00%, 7/1/27, Ser. A	Aa1/AA		1,289,873
	1,600	5.50%, 7/1/37, Ser. B	Aa1/AA		1,762,016

					18,130,439

32 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Iowa–0.0%
$	825	Tobacco Settlement Auth. Rev., 6.50%, 6/1/23, Ser. A	Baa3/BBB	$	706,291

		Michigan–0.3%
	8,355	Detroit City School Dist., School Building & Site Improvements, GO, 5.00%, 5/1/33, Ser. B (FGIC) (Q-SBLF)	Aa2/AA		7,960,143

		Minnesota–0.0%
	900	St. Louis Park Rev., Nicollett Health Services, 5.75%, 7/1/39	NR/A		903,096

		Nevada–0.2%
	4,005	Clark Cnty. School Dist., GO, 5.00%, 6/15/19, Ser. A	Aa2/AA		4,408,063

		New Jersey–0.0%
	250	Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1-A	Baa3/BBB		173,990

		New York–0.3%
	1,300	New York City Transitional Finance Auth. Rev.,
		5.00%, 1/15/25, Ser. S-1	Aa3/AA−		1,377,350
	5,000	Port Auth. of New York & New Jersey Rev.,
		5.125%, 5/1/34, Ser. 136 (NPFGC)(m)	Aa2/AA−		5,029,400
	2,500	State Urban Dev. Corp. Rev., 5.77%, 3/15/39	NR/AAA		2,572,275

					8,979,025

		Ohio–0.3%
		Buckeye Tobacco Settlement Financing Auth. Rev. Ser. A-2,
	11,700	5.75%, 6/1/34	Baa3/BBB		9,174,555
	900	5.875%, 6/1/47	Baa3/BBB		675,585

					9,850,140

		Texas–0.3%
	4,400	Dallas Cnty. Hospital Dist., GO, 5.621%, 8/15/44, Ser. C	NR/AAA		4,609,528
	4,100	North Texas Tollway Auth. Rev., 6.718%, 1/1/49, Ser. B	A2/A−		4,450,550

					9,060,078

		Washington–0.0%
	600	State, GO, zero coupon, 12/1/20, Ser. F (NPFGC)	Aa1/AA+		393,918

		Wisconsin–0.1%
	2,300	State Rev., 6.00%, 5/1/36, Ser. A	Aa3/AA−		2,527,769


		Total Municipal Bonds (cost–$108,038,772)			111,518,019

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 33

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

SENIOR LOANS (a)(c)–1.4%
		Automotive–0.3%
		Ford Motor Corp., Term B,
$	4,512	3.26%, 12/15/13		$	4,365,133
	4,049	3.31%, 12/15/13			3,916,371

					8,281,504

		Financial Services–1.0%
	29,500	Chrysler Financial Corp., 4.26%, 8/3/12, Term B			29,597,710

		Healthcare & Hospitals–0.0%
		HCA, Inc.,
	370	2.54%, 11/17/13, Term B1			360,061
	886	3.54%, 3/31/17, Term B2			881,535

					1,241,596

		Paper/Paper Products–0.1%
		Georgia-Pacific Corp., Term B2,
	1,937	2.252%, 12/23/12			1,928,174
	250	2.29%, 12/20/12			248,612

					2,176,786

		Total Senior Loans (cost–$40,554,360)			41,297,596



ASSET-BACKED SECURITIES–0.4%
	467	ACE Securities Corp., 0.313%, 12/25/36, FRN	B3/B		422,122
	84	Asset-Backed Funding Certificates, 0.323%, 1/25/37, FRN	Aaa/A−		81,984
	715	Bear Stearns Asset Backed Securities Trust, 1.263%, 10/25/37, FRN	B1/BBB		499,678
	501	BNC Mortgage Loan Trust, 0.363%, 5/25/37, FRN	Ba2/B+		441,849
		Conseco Financial Corp.,
	371	6.22%, 3/1/30	NR/BBB		367,881
	5,028	6.53%, 2/1/31, VRN	NR/B−		4,624,624
	1,433	HSI Asset Securitization Corp. Trust, 0.373%, 4/25/37, FRN	B2/B+		1,200,052
	216	Indymac Residential Asset Backed Trust, 0.343%, 7/25/37, FRN	A2/BBB−		211,613
	465	JPMorgan Mortgage Acquisition Corp., 0.343%, 3/25/37, FRN	Baa2/BB−		437,763
	4	Keystone Owner Trust, 9.00%, 1/25/29 (a)(d)	Caa1/NR		3,832
	1,352	MASTR Asset-Backed Securities Trust, 0.343%, 5/25/37, FRN	Baa2/AAA		1,302,119
	450	Merrill Lynch Mortgage Investors, Inc., 0.383%, 2/25/37, FRN	Caa1/CCC		283,811
	76	Morgan Stanley ABS Capital I, 0.313%, 10/25/36, FRN	Aaa/AAA		75,538
	265	Morgan Stanley Mortgage Loan Trust, 0.623%, 4/25/37, FRN	Caa3/CCC		111,531
	294	Nationstar Home Equity Loan Trust, 0.323%, 6/25/37, FRN	Aa2/AAA		285,652

34 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	453	Popular ABS Mortgage Pass-Through Trust, 0.353%, 6/25/47, FRN	Ba2/AAA	$	400,660
	232	Wells Fargo Home Equity Trust, 0.493%, 10/25/35, FRN	Aaa/AAA		227,533


		Total Asset-Backed Securities (cost–$10,465,986)			10,978,242

Shares
PREFERRED STOCK–0.0%
		Capital Markets–0.0%
	56,000	Goldman Sachs Group, Inc., 3.75%, Ser. A (p) (cost–$1,400,000)	Baa2/BBB		1,127,840

CONVERTIBLE PREFERRED STOCK–0.0%
		Financial Services–0.0%
	700	Wells Fargo & Co., 7.50%, 3/15/13, Ser. L (i)	Ba1/A−		690,200

		Insurance–0.0%
	9,050	American International Group, Inc., 8.50%, 8/1/11	Ba2/NR		89,142


		Total Convertible Preferred Stock (cost–$1,016,500)			779,342



COMMON STOCK–0.0%
		Diversified Financial Services–0.0%
	7,230	CIT Group, Inc. (l) (cost–$209,126)			293,539



Principal
Amount
(000s)
SHORT-TERM INVESTMENTS–6.4%
		Corporate Notes–2.1%
		Banking–0.1%
$	4,700	National City Bank, 0.366%, 6/18/10, FRN	A1/A+		4,699,690

		Financial Services–0.9%
	2,900	International Lease Finance Corp., 4.95%, 2/1/11	B1/BB+		2,886,538
	130	Isles CBO Ltd., 1.243%, 10/27/10, FRN (a)(d)(g)	B1/NR		126,270
	8,000	JPMorgan Chase & Co., 0.299%, 5/7/10, FRN	Aa3/A+		8,000,000
¥	1,200,000	Lehman Brothers Holdings, Inc., 1.15%, 10/26/10 (f)	WR/NR		2,457,185
$	2,000	Longpoint Re Ltd., 5.491%, 5/10/10, FRN (a)(b)(d)(o) (acquisition cost-$2,000,000; purchased 4/27/07)	NR/BB+		1,999,900
	11,500	Williams Cos., Inc., 6.375%, 10/1/10 (a)(d)	Baa3/BB+		11,683,034

					27,152,927

		Insurance–0.8%
	500	American International Group, Inc., 4.70%, 10/1/10	A3/A−		502,975
	5,000	Metropolitan Life Global Funding I, 4.625%, 8/19/10 (a)(d)	Aa3/AA−		5,047,715

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 35

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Insurance (continued)

		Residential Reinsurance Ltd. FRN (a)(b)(d)(o),
$	14,300	6.252%, 6/7/10
		(acquisition cost-$14,300,000; purchased 5/16/07)	NR/BB	$	14,350,765
	4,000	7.502%, 6/7/10
		(acquisition cost-$4,000,000; purchased 5/16/07)	NR/BB		4,014,200

					23,915,655

		Oil & Gas–0.0%
	400	Enterprise Products Operating LLC, 4.95%, 6/1/10	Baa3/BBB−		400,984

		Telecommunications–0.1%
	100	British Telecommunications PLC, 9.125%, 12/15/10	Baa2/BBB−		104,843
	2,500	Deutsche Telekom International Finance BV, 8.50%, 6/15/10	Baa1/BBB+		2,520,952
	100	France Telecom S.A., 7.75%, 3/1/11	A3/A−		105,665

					2,731,460

		Utilities–0.2%
	2,000	Entergy Arkansas, Inc., 4.50%, 6/1/10	A3/A−		2,006,444
	3,300	Entergy Louisiana LLC, 4.67%, 6/1/10	A3/A−		3,307,610
	200	Idaho Power Co., 6.60%, 3/2/11	A2/A−		208,092
	500	PSEG Power LLC, 7.75%, 4/15/11	Baa1/BBB		531,140

					6,053,286

		Total Corporate Notes (cost–$63,084,877)			64,954,002



		U.S. Government Agency Securities–1.7%
		Fannie Mae–0.6%
	16,700	1.01%, 6/23/10	Aaa/AAA		16,695,574

		Federal Home Loan Discount Notes–1.1%
	10,100	0.169%, 5/7/10	Aaa/AAA		10,099,697
	2,900	0.175%, 6/4/10	Aaa/AAA		2,899,507
	7,200	0.180%, 6/18/10	Aaa/AAA		7,198,368
	13,500	1.01%, 7/2/10	Aaa/AAA		13,495,950

					33,693,522

		Freddie Mac–0.0%
	23	0.204%, 2/1/11, FRN (k)	Aaa/AAA		22,990

		Total U.S. Government Agency Securities (cost–$50,411,727)			50,412,086

		U.S. Treasury Bills (k)–1.1%
	32,653	0.181%-0.219%, 8/19/10-9/9/10 (cost–$32,631,711)			32,634,439

36 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount
(000s)			Value

		Repurchase Agreements–1.5%
$	31,000	Barclays Capital, Inc., dated 4/30/10, 0.20%, due 5/3/10, proceeds $31,000,517; collateralized by U.S. Treasury Notes, 0.75%, due 11/30/11, valued at $31,639,990 including accrued interest	$	31,000,000
	10,500	JPMorgan Securities, Inc., dated 4/30/10, 0.20%, due 5/3/10, proceeds $10,500,175; collateralized by U.S. Treasury Inflation Index Notes, 1.875%, due 7/15/13, valued at $10,738,264 including accrued interest		10,500,000
	5,100	State Street Bank & Trust Co., dated 4/30/10, 0.01%, due 5/3/10, proceeds $5,100,004; collateralized by U.S. Treasury Bills, zero coupon, due 5/6/10, valued at $5,205,000		5,100,000

		Total Repurchase Agreements (cost–$46,600,000)		46,600,000

		Total Short-Term Investments (cost–$192,728,315)		194,600,527

Notional
Amount
OPTIONS PURCHASED (l)–0.2%
		Call Options–0.0%
		Euro versus Japanese Yen (OTC),
€	9,000,000	strike price €148.40, expires 6/3/10		12
		Euro versus U.S. Dollar (OTC),
€	28,600,000	strike price €1.38, expires 5/21/10		61,605
€	19,000,000	strike price €1.38, expires 6/3/10		82,864

				144,481

		Put Options–0.2%
		Euro versus Japanese Yen (OTC),
€	9,000,000	strike price €148.40, expires 6/3/10		2,227,604
		Euro versus U.S. Dollar (OTC),
€	28,600,000	strike price €1.38, expires 5/21/10		1,314,779
€	19,000,000	strike price €1.38, expires 6/3/10		916,503

				4,458,886

		Total Options Purchased (cost–$5,611,830)		4,603,367

		Total Investments before options written (cost–$2,917,236,853)–102.4%		3,113,767,643

OPTIONS WRITTEN (l)–(0.5)%
		Call Options–(0.3)%
		10-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
$	905,000,000	strike rate 3.25%, expires 8/31/10		(3,254,652	)
	191,500,000	strike rate 3.25%, expires 10/29/10		(1,105,912	)
	345,700,000	strike rate 3.50%, expires 6/14/10		(1,641,142	)

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 37

Fixed Income SHares: Series C Schedule of Investments
April 30, 2010 (unaudited) (continued)


Notional
Amount				Value

		Call Options (continued)

$	185,400,000	strike rate 3.50%, expires 8/31/10		$	(1,539,969	)
	40,500,000	strike rate 3.60%, expires 5/21/10			(185,798	)
		Dow Jones CDX IG-14 5-Year Index,
	213,000,000	strike price $0.75, expires 6/16/10			(162,891	)
		iTraxx Europe 13 5-Year Index (OTC),
€	272,500,000	strike price €0.70, expires 6/16/10			(195,966	)
€	21,900,000	strike price €0.70, expires 9/15/10			(46,309	)

					(8,132,639	)

		Put Options–(0.2)%
		5-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
$	314,100,000	strike rate 4.00%, expires 12/1/10			(1,397,619	)
	36,000,000	strike rate 5.50%, expires 8/31/10			(950	)
		7-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	340,900,000	strike rate 6.00%, expires 8/31/10			(5,659	)
		10-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	40,500,000	strike rate 4.10%, expires 5/21/10			(18,861	)
	345,700,000	strike rate 4.50%, expires 6/14/10			(115,084	)
	185,400,000	strike rate 4.50%, expires 8/31/10			(797,313	)
	810,300,000	strike rate 4.75%, expires 8/31/10			(1,807,860	)
	191,500,000	strike rate 5.00%, expires 10/29/10			(639,667	)
	281,000,000	strike rate 6.00%, expires 8/31/10			(13,600	)
		Dow Jones CDX IG-14 5-Year Index,
	213,000,000	strike price $1.25, expires 6/16/10			(100,662	)
		iTraxx Europe 12 5-Year Index (OTC),
€	98,500,000	strike price €1.35, expires 6/16/10			(55,609	)
€	198,200,000	strike price €1.50, expires 6/16/10			(57,022	)
		iTraxx Europe 13 5-Year Index (OTC),
€	272,500,000	strike price €1.20, expires 6/16/10			(412,364	)
€	21,900,000	strike price €1.30, expires 9/15/10			(96,811	)

					(5,519,081	)

		Total Options Written (premiums received–$29,215,807)			(13,651,720	)

		Total Investments net of options written (cost–$2,888,021,046)	101.9%		3,100,115,923
		Other liabilities in excess of other assets	(1.9)		(58,578,782	)

		Net Assets	100.0%	$	3,041,537,141

38 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series H Schedule of Investments
April 30, 2010 (unaudited)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

MUNICIPAL BONDS–82.9%
		Arizona–5.1%
$	100	Apache Cnty. Industrial Dev. Auth. Rev., Tucson Electric Power Co. Project, 5.875%, 3/1/33, Ser. B	Baa3/BBB−	$	100,279
	100	Pima Cnty. Industrial Dev. Auth. Rev., Choice Education and Dev. Corp. Project, 6.375%, 6/1/36	NR/NR		78,016

					178,295

		California–6.1%
	100	Assoc. of Bay Area Gov’t Finance Auth. for Nonprofit Corps. Rev., Sharp Healthcare, 6.25%, 8/1/39	A3/A−		109,227
	100	Los Angeles Department of Water & Power Rev., 5.00%, 7/1/39, Ser. A-1 (AMBAC)	Aa3/AA−		103,457

					212,684

		Delaware–2.9%
	100	State Economic Dev. Auth. Rev., Delmarva Power & Light Co., 5.40%, 2/1/31	Baa2/BBB		101,802

		Florida–5.3%
	100	Hurricane Catastrophe Fund Finance Corp. Rev., 5.00%, 7/1/11, Ser. A (IBC-NPFGC)	Aa3/AA−		104,547
	100	Sarasota Cnty. Health Facs. Auth. Rev., 5.75%, 7/1/37	NR/NR		81,087

					185,634

		Georgia–2.9%
	100	DeKalb Cnty. Hospital Auth. Rev., DeKalb Medical Center, Inc. Project, 6.125%, 9/1/40 (e)	NR/NR		100,103

		Hawaii–2.9%
	100	State Airport Rev., 5.00%, 7/1/34, Ser. A	A2/A−		100,072

		Illinois–2.1%
	100	Finance Auth. Rev., DeKalb Supportive Living, 6.10%, 12/1/41 (m)	NR/NR		75,344

		Indiana–2.5%
	100	Vigo Cnty. Hospital Auth. Rev., Union Hospital, Inc., 5.70%, 9/1/37 (a)(d)	NR/NR		86,747

		Iowa–1.9%
	100	Finance Auth. Rev., Deerfield Retirement Community, Inc., 5.50%, 11/15/37, Ser. A	NR/NR		68,428

		Maine–2.8%
	100	Portland Airport Rev., 5.00%, 1/1/40 (AGM)	Aa3/AAA		99,993

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 39

Fixed Income SHares: Series H Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Maryland–4.9%
$	100	Health & Higher Educational Facs. Auth. Rev., King Farm Presbyterian Community, 5.30%, 1/1/37, Ser. A	NR/NR	$	70,996
	100	Washington Cnty. Hospital, 6.00%, 1/1/43	NR/BBB−		100,112

					171,108

		Michigan–5.6%
	100	Detroit, GO, 5.25%, 11/1/35	Aa3/AA−		98,754
	100	Tobacco Settlement Finance Auth. Rev., 5.125%, 6/1/22, Ser. A	NR/BBB		98,188

					196,942

		Missouri–1.6%
	100	Branson Regional Airport Transportation Dev. Dist. Rev., 6.00%,7/1/25, Ser. B (m)	NR/NR		55,271

		New Mexico–2.3%
	100	Otero Cnty. Rev., 6.00%, 4/1/28	NR/NR		79,288

		North Carolina–7.2%
	100	Medical Care Commission Rev., Duke Univ. Health Systems, 5.00%, 6/1/42, Ser. A	Aa2/AA		101,340
	150	Ports Auth. Rev., 5.25%, 2/1/40, Ser. A	A3/NR		152,274

					253,614

		Ohio–2.4%
	100	Buckeye Tobacco Settlement Financing Auth. Rev., 5.875%, 6/1/30, Ser. A-2	Baa3/BBB		84,638

		Pennsylvania–5.3%
	100	Allegheny Cnty. Hospital Dev. Auth. Rev., West Penn Allegheny Health System, 5.375%, 11/15/40, Ser. A	Ba3/BB		80,469
	100	Dauphin Cnty. General Auth. Rev., Pinnacle Health System Project, 6.00%, 6/1/36, Ser. A	A2/A		103,818

					184,287

		Tennessee–6.9%
	100	Rutherford Cnty. Health & Educational Facs. Board Rev., Ascension Health Group, 5.00%, 11/15/40	Aa1/AA		101,437
	150	Tennessee Energy Acquisition Corp. Rev., 5.00%, 2/1/25, Ser. C	Baa1/A		141,587

					243,024

		Texas–3.0%
	100	North Texas Tollway Auth. Rev., 5.75%, 1/1/33, Ser. F	A3/BBB+		103,749

40 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series H Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Utah–4.9%
$	100	Spanish Fork City Rev., American Leadership Academy, 5.55%, 11/15/21 (a)(d)	NR/NR	$	91,238
	100	Utah Cnty., Lincoln Academy Charter School, GO, 5.875%, 6/15/37, Ser. A (a)(d)	NR/NR		81,859

					173,097

		Virginia–2.2%
	100	Lewistown Commerce Center Community Dev. Auth. Rev., 6.05%, 3/1/27	NR/NR		77,087

		Wisconsin–2.1%
	100	Milwaukee Redev. Auth. Rev., Academy of Learning, 5.65%, 8/1/37, Ser. A	NR/NR		75,527

		Total Municipal Bonds (cost–$3,168,218)			2,906,734

Shares
MONEY MARKET FUND–18.9%
	662,000	SSgA Tax Free Money Market Fund (cost–$662,000)			662,000

		Total Investments (cost–$3,830,218)	101.8%		3,568,734
		Liabilities in excess of other assets	(1.8)		(64,095	)

		Net Assets	100.0%	$	3,504,639

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 41

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

CORPORATE BONDS & NOTES–34.3%
		Banking–8.6%
$	7,000	Achmea Hypotheekbank NV, 3.20%, 11/3/14 (a)(d)	Aaa/AAA	$	7,143,024
		American Express Bank FSB,
	10,000	0.397%, 5/29/12, FRN	A2/BBB+		9,889,530
	1,700	5.50%, 4/16/13	A2/BBB+		1,838,783
	22,550	5.55%, 10/17/12	A2/BBB+		24,317,401
	17,300	6.00%, 9/13/17	A2/BBB+		18,722,458
	24,600	American Express Centurion Bank, 6.00%, 9/13/17	A2/BBB+		26,622,686
	2,600	ANZ National International Ltd., 6.20%, 7/19/13 (a)(d)	Aa2/AA		2,868,757
		Barclays Bank PLC,
	6,400	5.00%, 9/22/16	Aa3/AA−		6,639,981
	45,800	5.45%, 9/12/12	Aa3/AA−		49,404,277
	5,000	5.926%, 12/15/16 (a)(d)(i)	Baa2/A−		4,575,000
	1,900	Commonwealth Bank of Australia, 2.90%, 9/17/14 (a)(d)	Aaa/AAA		1,934,063
	5,000	Credit Suisse, 5.50%, 5/1/14	Aa1/A+		5,483,280
	11,000	HSBC Capital Funding L.P., 4.61%, 6/27/13 (a)(d)(i)	A3/A−		10,354,828
	35,300	ING Bank NV, 0.928%, 1/13/12, FRN (a)(d)	Aa3/A+		35,240,590
		Rabobank Nederland NV (a)(d),
	1,600	3.20%, 3/11/15	Aaa/AAA		1,606,109
	36,900	4.75%, 1/15/20	Aaa/AAA		37,395,862
		Wachovia Bank N.A.,
	13,750	0.587%, 3/15/16, FRN	Aa3/AA−		13,061,413
	500	4.875%, 2/1/15	Aa3/AA−		524,964

					257,623,006

		Biotechnology–0.0%
	700	Amgen, Inc., 6.40%, 2/1/39	A3/A+		778,935

		Commercial Services–0.2%
	4,700	Board of Trustees of The Leland Stanford Junior Univ., 4.75%, 5/1/19	Aaa/AAA		4,951,243

		Diversified Manufacturing–2.5%
	70,000	General Electric Co., 5.25%, 12/6/17	Aa2/AA+		74,568,830

		Drugs & Medical Products–0.2%
	5,000	AstraZeneca PLC, 5.40%, 9/15/12	A1/AA−		5,481,450

		Financial Services–17.9%
		American Express Co.,
	600	6.15%, 8/28/17	A3/BBB+		658,822
	600	7.00%, 3/19/18	A3/BBB+		687,104
	25,000	American Express Credit Corp., 5.875%, 5/2/13	A2/BBB+		27,351,375

42 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Financial Services (continued)

		Bank of America Corp.,
$	8,295	0.58%, 8/15/16, FRN	A3/A−	$	7,265,873
	21,700	5.75%, 12/1/17	A2/A		22,203,114
	25,000	7.375%, 5/15/14	A2/A		28,183,375
		Bank of America N.A.,
	15,000	5.30%, 3/15/17	A1/A		14,889,585
	2,600	6.10%, 6/15/17	A1/A		2,711,072
		Bear Stearns Cos. LLC,
	21,000	6.40%, 10/2/17	Aa3/A+		23,267,328
	2,500	6.95%, 8/10/12	Aa3/A+		2,778,595
	1,000	7.25%, 2/1/18	Aa3/A+		1,155,362
		CIT Group, Inc.,
	230	7.00%, 5/1/13	NR/NR		228,056
	345	7.00%, 5/1/14	NR/NR		333,888
	345	7.00%, 5/1/15	NR/NR		330,006
	575	7.00%, 5/1/16	NR/NR		548,571
	806	7.00%, 5/1/17	NR/NR		768,000
		Citigroup, Inc.,
	13,100	1.95%, 5/15/18, FRN	A3/A		12,314,236
	40,500	5.50%, 4/11/13	A3/A		42,797,727
	52,260	6.125%, 5/15/18	A3/A		54,277,497
	25,000	6.375%, 8/12/14	A3/A		26,995,450
	6,900	Citigroup Capital XXI, 8.30%, 12/21/77, (converts to FRN on 12/21/37)	Ba1/BB−		6,934,500
	7,689	Countrywide Financial Corp., 5.80%, 6/7/12	A2/A		8,187,739
	600	Credit Agricole S.A., 6.637%, 5/31/17 (a)(d)(i)	A3/A−		511,500
		General Electric Capital Corp.,
€	1,200	5.50%, 9/15/67, (converts to FRN on 9/15/17)(a)(d)	Aa3/A+		1,443,999
$	31,100	6.375%, 11/15/67, (converts to FRN on 11/15/17)	Aa3/A+		29,972,625
		Goldman Sachs Group, Inc.,
€	800	0.959%, 2/4/13, FRN	A1/A		1,007,677
$	12,000	5.125%, 1/15/15	A1/A		12,408,396
	3,000	5.25%, 10/15/13	A1/A		3,149,352
	2,900	5.95%, 1/18/18	A1/A		2,979,274
	52,700	6.75%, 10/1/37	A2/A−		51,255,019
	670	HSBC Finance Corp., 0.607%, 9/14/12, FRN	A3/A		661,798
		JPMorgan Chase & Co.,
	1,900	1.007%, 6/13/11, FRN	Aa3/A+		1,913,731
	14,000	4.65%, 6/1/14	Aa3/A+		14,920,024
	1,000	7.90%, 4/30/18 (i)	Baa1/BBB+		1,053,748

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 43

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Financial Services (continued)

$	49,200	Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (f)	WR/NR	$	184,500
	8,200	MassMutual Global Funding II, 2.875%, 4/21/14 (a)(d)	Aa2/AA+		8,274,243
		Merrill Lynch & Co., Inc.,
	3,000	0.482%, 6/5/12, FRN	A2/A		2,945,238
	200	5.00%, 1/15/15	A2/A		206,198
	400	5.45%, 7/15/14	A2/A		423,035
	400	6.05%, 8/15/12	A2/A		429,474
	59,200	6.875%, 4/25/18	A2/A		63,854,541
	24,000	Morgan Stanley, 6.00%, 4/28/15	A2/A		25,673,880
€	1,300	SLM Corp., 0.913%, 11/15/11, FRN	Ba1/BBB−		1,642,117
		UBS AG,
$	2,000	5.75%, 4/25/18	Aa3/A+		2,099,572
	5,100	5.875%, 12/20/17	Aa3/A+		5,402,787
	12,600	Wachovia Corp., 2.114%, 5/1/13, FRN	A1/AA−		12,988,697
	6,400	Wells Fargo & Co., 7.98%, 3/15/18 (i)	Ba1/A−		6,784,000

					537,052,700

		Food & Beverage–0.1%
	1,700	Kraft Foods, Inc., 6.125%, 2/1/18	Baa2/BBB−		1,880,802

		Insurance–1.3%
		American International Group, Inc.,
€	1,300	4.00%, 9/20/11	A3/A−		1,738,163
$	16,500	8.175%, 5/15/68, (converts to FRN on 5/15/38)	Ba2/BBB		14,416,875
	21,700	8.25%, 8/15/18	A3/A−		23,186,776
£	1,000	8.625%, 5/22/68, (converts to FRN on 5/22/18)	Ba2/BBB		1,308,706

					40,650,520

		Metals & Mining–0.2%
$	5,100	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/17	Ba2/BBB−		5,725,979

		Oil & Gas–0.7%
	15,500	Kinder Morgan Energy Partners L.P., 6.95%, 1/15/38	Baa2/BBB		17,350,049
	4,600	Valero Energy Corp., 6.625%, 6/15/37	Baa2/BBB		4,640,149

					21,990,198

		Retail–0.3%
	4,000	Hasbro, Inc., 6.30%, 9/15/17	Baa2/BBB		4,340,224
	5,000	Macy’s Retail Holdings, Inc., 8.875%, 7/15/15	Ba2/BB		5,762,500

					10,102,724

44 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Telecommunications–1.6%
$	44,600	AT&T, Inc., 5.50%, 2/1/18	A2/A	$	48,131,027
	400	Embarq Corp., 6.738%, 6/1/13	Baa3/BBB−		434,195

					48,565,222

		Tobacco–0.6%
		Altria Group, Inc.,
	4,500	9.25%, 8/6/19	Baa1/BBB		5,567,859
	1,500	9.70%, 11/10/18	Baa1/BBB		1,889,270
	9,700	Reynolds American, Inc., 7.25%, 6/15/37	Baa3/BBB		10,106,672

					17,563,801

		Utilities–0.1%
	2,600	EDF S.A., 6.50%, 1/26/19 (a)(d)	Aa3/A+		2,954,307

		Total Corporate Bonds & Notes (cost–$1,022,010,805)			1,029,889,717

MORTGAGE-BACKED SECURITIES–14.7%
		Adjustable Rate Mortgage Trust, CMO, VRN,
	1,787	3.113%, 5/25/35	Baa1/A−		1,750,146
	643	5.343%, 11/25/35	B3/B		512,279
	557	5.371%, 1/25/36	Aa3/BBB−		476,874
	13,352	American General Mortgage Loan Trust,
		5.15%, 3/25/58, CMO, VRN (a)(b)(d)(o)
		(acquisition cost-$13,348,827; purchased 3/29/10)	Aaa/NR		13,373,758
		American Home Mortgage Assets, CMO, FRN,
	1,778	0.453%, 9/25/46	B2/BBB+		1,032,892
	1,544	0.473%, 10/25/46	Caa3/BBB		839,891
	2,442	Banc of America Funding Corp., 4.454%, 2/20/36, CMO, FRN	NR/AAA		2,323,442
	1,389	Banc of America Mortgage Securities, Inc., 5.50%, 9/25/35, CMO	B3/BB		1,036,587
	4,700	BCRR Trust, 5.999%, 8/17/45, CMO, VRN (a)(d)(g)	Aaa/NR		4,782,815
		Bear Stearns Adjustable Rate Mortgage Trust, CMO,
	13,257	2.56%, 8/25/35, FRN	Baa2/AAA		12,751,952
	26,827	2.76%, 3/25/35, FRN	Ba2/AAA		25,122,084
	8,279	2.934%, 3/25/35, FRN	A1/AAA		8,081,181
	84	3.352%, 1/25/35, VRN	A2/AA+		75,541
	255	3.680%, 1/25/34, VRN	Aa2/AAA		245,143
	2,734	4.625%, 10/25/35, FRN	Ba1/BBB		2,492,482
	347	4.960%, 2/25/34, VRN	Aa3/AA		340,036
	1,207	5.378%, 5/25/47, VRN	NR/CCC		944,466

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 45

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	464	5.727%, 2/25/36, FRN	B3/CCC	$	330,975
		Bear Stearns Alt-A Trust, CMO, VRN,
	210	2.952%, 5/25/35	Ba1/AA		158,490
	5,324	3.148%, 6/25/34	A1/AA+		2,224,177
	1,185	5.622%, 2/25/36	Caa2/CCC		711,401
	274	Bear Stearns Mortgage Funding Trust, 0.333%, 2/25/37, CMO, FRN	A1/AAA		271,899
	31	Bear Stearns Mortgage Securities, Inc., 6.754%, 3/25/31, CMO, VRN	Aaa/NR		28,670
	2,606	Bear Stearns Structured Products, Inc., 5.578%, 1/26/36, CMO, VRN	B2/A+		1,677,280
	7,311	Carey Commercial Mortgage Trust, 5.97%, 9/20/19, CMO (a)(d)	Aaa/NR		7,461,658
	1,227	CC Mortgage Funding Corp., 0.393%, 5/25/48, CMO, FRN (a)(d)	Caa3/CC		548,795
	4,497	Chase Mortgage Finance Corp., 6.006%, 9/25/36, CMO, FRN	Ba1/NR		4,119,964
		Citigroup Commercial Mortgage Trust (a)(d)(g),
	9,862	5.322%, 12/17/49	Aaa/NR		9,968,797
	15,178	5.858%, 7/17/40	Aaa/NR		15,680,300
		Citigroup Mortgage Loan Trust, Inc., CMO,
	27,090	2.81%, 10/25/35, FRN	NR/BB+		23,373,150
	348	3.430%, 12/25/35, VRN	Caa1/CC		197,328
	200	4.477%, 8/25/35, VRN	Aa3/NR		181,847
	1,094	4.70%, 12/25/35, FRN	NR/AA−		1,011,206
	2,775	5.930%, 9/25/37, VRN	NR/CCC		2,060,984
	3,505	Commercial Capital Access One, Inc., 7.959%, 11/15/28, CMO, VRN (a)(d)	NR/NR		1,265,205
		Commercial Mortgage Pass Through Certificates, CMO (a)(d),
	704	0.756%, 2/16/34, FRN	Aaa/NR		690,609
	7,000	5.362%, 2/5/19	NR/AAA		7,016,666
	2,000	5.665%, 2/5/19, VRN	NR/BB−		1,817,585
	800	Community Program Loan Trust, 4.50%, 4/1/29, CMO	NR/AAA		730,190
		Countrywide Alternative Loan Trust, CMO,
	1,100	0.433%, 1/25/37, FRN	Caa3/CCC		609,692
	3,677	0.436%, 2/20/47, FRN	Ba2/CCC		1,997,774
	3,910	0.443%, 5/25/47, FRN	B2/CCC		2,217,765
	191	0.466%, 7/20/46, FRN	Caa3/CCC		83,671
	6,463	0.483%, 5/25/35, FRN	Baa1/A−		4,039,895
	3,751	0.523%, 12/25/35, FRN	A1/B−		2,443,004
	413	0.533%, 5/25/36, FRN	Ca/CCC		91,559
	1,483	1.463%, 2/25/36, FRN	B2/CCC		908,696

46 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	424	5.819%, 11/25/35, VRN	Caa1/CCC	$	270,892
		Countrywide Home Loan Mortgage Pass Through Trust, CMO,
	281	0.493%, 5/25/35, FRN	A1/AAA		173,778
	524	0.563%, 4/25/46, FRN	Ca/CCC		149,632
	1,517	0.573%, 3/25/35, FRN	A1/CCC		941,496
	2,049	0.583%, 3/25/35, FRN	A1/AAA		1,297,756
	1,469	0.603%, 3/25/36, FRN	B2/CCC		439,374
	1,077	0.653%, 2/25/35, FRN	Ba1/BBB		411,410
	54	0.803%, 2/25/35, FRN	Aaa/AAA		47,320
	697	3.567%, 4/25/35, FRN	Caa1/CCC		168,081
	215	5.25%, 2/20/36, FRN	Caa2/BBB+		169,705
	448	5.306%, 10/20/35, VRN	Caa2/CCC		337,799
	657	5.684%, 5/20/36, VRN	Caa3/CCC		400,141
	20	Credit Suisse First Boston Mortgage Securities Corp.,
		0.837%, 3/25/32, CMO, FRN (a)(d)	Aaa/NR		17,551
	380	Downey Savings & Loan Assoc. Mortgage Loan Trust,
		0.576%, 7/19/45, CMO, FRN	Caa3/CCC		115,285
	1,500	First Horizon Asset Securities, Inc., 6.25%, 11/25/36, CMO	B2/AA		1,281,460
	851	GMAC Commercial Mortgage Securities, Inc., 6.50%, 5/15/35, CMO (a)(d)	NR/BBB		893,153
	510	GMAC Mortgage Corp. Loan Trust, 5.166%, 11/19/35, CMO, FRN	Caa3/CCC		427,867
	227	Greenpoint Mortgage Funding Trust, 0.343%, 10/25/46, CMO, FRN	B2/CC		211,308
	2,400	Greenwich Capital Commercial Funding Corp., 5.444%, 3/10/39, CMO	Aaa/A		2,412,651
	1,500	GS Mortgage Securities Corp. II, 6.615%, 2/14/16, CMO (a)(d)	NR/AAA		1,565,091
		GSR Mortgage Loan Trust, CMO,
	1,932	2.948%, 9/25/35, FRN	NR/AAA		1,883,162
	228	3.524%, 4/25/35, VRN	Caa2/BB−		195,085
	370	3.752%, 9/25/34, VRN	A2/A+		323,747
		Harborview Mortgage Loan Trust, CMO, FRN,
	5,728	0.446%, 2/19/46	Baa3/AAA		3,304,400
	4,365	0.476%, 5/19/35	Baa1/AAA		2,770,889
	397	0.506%, 1/19/38	Ca/CCC		138,000
	470	0.506%, 9/19/46	Ca/CCC		104,580
	33,449	Hilton Hotel Pool Trust, 0.848%, 10/3/15, CMO, IO, VRN (a)(d)	Aaa/AAA		102,482
		Homebanc Mortgage Trust, CMO,
	443	0.443%, 12/25/36, FRN	Baa3/A+		325,318

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 47

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	7,800	5.832%, 4/25/37, VRN	B3/CCC	$	4,540,210
	7,900	Indymac INDA Mortgage Loan Trust, 5.848%, 8/25/36, CMO, VRN	Baa2/AAA		5,585,722
	562	Indymac INDB Mortgage Loan Trust, 0.563%, 11/25/35, CMO, FRN	B3/CCC		267,250
		Indymac Index Mortgage Loan Trust, CMO,
	193	0.453%, 9/25/46, FRN	B3/B−		111,992
	1,006	0.543%, 3/25/35, FRN	Ba1/BB−		661,229
	3,573	5.00%, 8/25/35, FRN	B2/B+		2,819,491
	385	5.099%, 9/25/35, VRN	B2/B		314,020
	6,442	5.215%, 9/25/35, VRN	C/CCC		2,840,597
	361	5.265%, 6/25/35, VRN	B1/CCC		275,129
	3,256	5.269%, 10/25/35, VRN	B2/CCC		2,617,402
	5,500	5.664%, 6/25/36, VRN	B3/AAA		4,225,937
	13,511	JPMorgan Alternative Loan Trust, 0.764%, 6/27/37, CMO, FRN (a)(d)	NR/AAA		11,448,631
		JPMorgan Chase Commercial Mortgage Securities Corp., CMO,
	26,081	0.629%, 7/15/19, FRN (a)(d)	Aaa/NR		22,698,111
	600	5.336%, 5/15/47	Aaa/A		592,743
	2,000	6.465%, 11/15/35	NR/AAA		2,103,108
		JPMorgan Mortgage Trust, CMO,
	2,913	3.440%, 7/25/35, FRN	Baa2/AAA		2,858,733
	1,694	3.858%, 9/25/34, FRN	NR/AAA		1,723,963
	375	4.855%, 4/25/35, VRN	Ba2/AAA		354,673
	563	5.406%, 11/25/35, VRN	B2/BBB		533,562
		Luminent Mortgage Trust, CMO, FRN,
	2,173	0.433%, 12/25/36	B2/B+		1,245,131
	788	0.463%, 10/25/46	Ba1/A−		476,815
		MASTR Adjustable Rate Mortgage Trust, CMO, FRN,
	418	0.503%, 5/25/37	Caa2/CCC		219,102
	91	3.097%, 11/21/34	Aa2/AAA		92,002
		MASTR Reperforming Loan Trust, CMO (a)(d),
	2,698	7.00%, 5/25/35	Ba3/AAA		2,578,735
	4,235	7.50%, 7/25/35	Ba3/AAA		3,724,031
	2,522	8.00%, 7/25/35	Ba3/AAA		2,220,727
	268	Mellon Residential Funding Corp., 2.61%, 10/20/29, CMO, FRN	NR/AAA		247,145
	1,231	Merrill Lynch Alternative Note Asset, 0.563%, 3/25/37, CMO, FRN	Caa3/CCC		575,794
		MLCC Mortgage Investors, Inc., CMO, FRN,
	350	0.931%, 7/25/29	Aaa/AAA		328,847
	1,585	4.25%, 10/25/35	A1/AAA		1,495,292

48 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Morgan Stanley Capital I, CMO,
$	38,250	5.332%, 12/15/43	NR/AAA	$	38,847,454
	1,100	5.692%, 4/15/49, VRN	Aaa/A−		1,071,619
	28,450	5.731%, 7/12/44, VRN	NR/AAA		29,622,925
	335	Morgan Stanley Dean Witter Capital I, 1.90%, 3/25/33, CMO, FRN	Aaa/AAA		307,203
		Nomura Asset Acceptance Corp., CMO,
	2,808	5.420%, 2/25/36, VRN	Caa2/D		1,440,971
	1,216	7.50%, 3/25/34 (a)(d)	Aa3/AAA		1,212,978
	298	Opteum Mortgage Acceptance Corp., 0.523%, 7/25/35, CMO, FRN	Ba1/AAA		266,203
		Residential Accredit Loans, Inc., CMO,
	311	0.363%, 9/25/46, FRN	B3/CC		296,824
	1,235	0.513%, 8/25/37, FRN	B3/CCC		697,934
	469	0.563%, 8/25/35, FRN	Baa3/BBB+		290,636
	379	0.663%, 10/25/45, FRN	B1/B−		221,912
	388	5.714%, 2/25/36, VRN	Caa3/D		226,212
	25	Residential Asset Securitization Trust, 0.763%, 3/25/33, CMO, FRN	NR/AAA		22,753
		Residential Funding Mortgage Securities I, CMO,
	2,453	4.297%, 3/25/35, VRN	A1/AAA		1,998,753
	1,878	6.00%, 9/25/36	Caa1/CCC		1,636,218
	592	Sovereign Commercial Mortgage Securities Trust,
		5.844%, 7/22/30, CMO, VRN (a)(d)	Aaa/NR		612,572
		Structured Adjustable Rate Mortgage Loan Trust, CMO,
	1,239	0.753%, 6/25/34, FRN	A1/AAA		947,920
	1,364	1.663%, 5/25/35, FRN	B3/CCC		647,887
	178	2.716%, 10/25/34, VRN	A2/AA−		152,364
	7,900	5.220%, 5/25/36, FRN	NR/BBB−		5,435,953
	7,900	5.367%, 9/25/36, VRN	NR/CCC		4,656,553
	35	5.45%, 1/25/36, VRN	NR/CC		29,446
		Structured Asset Mortgage Investments, Inc., CMO, FRN,
	233	0.363%, 9/25/47	Aa1/AAA		230,936
	484	0.393%, 3/25/37	A1/BBB		286,096
	14,409	0.443%, 6/25/36	B3/B−		7,593,769
	190	0.453%, 6/25/36	B3/BB		110,485
	1,469	0.453%, 7/25/46	B3/CCC		881,641
	10,076	0.483%, 5/25/36	B3/CCC		5,839,926
	1,639	0.483%, 5/25/46	B3/A+		980,300
	480	0.523%, 5/25/46	Caa3/CCC		114,876
	397	0.606%, 3/19/34	Aaa/AAA		356,229
	741	0.606%, 3/19/34	Aa1/AAA		374,489

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 49

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	1,378	0.626%, 12/19/33	Aa3/AAA	$	1,179,975
		Structured Asset Securities Corp., CMO, FRN,
	6	2.159%, 5/25/32	A1/AAA		5,317
	283	2.583%, 2/25/34	Aa3/AAA		249,644
	428	Wachovia Mortgage Loan Trust LLC, 5.432%, 10/20/35, CMO, FRN	NR/A−		388,930
		WaMu Mortgage Pass Through Certificates, CMO, FRN,
	28	0.533%, 12/25/45	Aa1/AAA		22,814
	907	0.583%, 1/25/45	Aaa/AAA		754,821
	783	0.62%, 11/25/34	Aa2/AAA		581,816
	4,261	0.64%, 10/25/44	Aa2/AAA		3,105,993
	600	0.673%, 11/25/45	Baa3/AAA		377,259
	2,157	0.74%, 11/25/34	A1/AAA		1,503,787
	2,023	0.803%, 12/25/27	Aaa/AAA		1,822,973
	263	0.903%, 12/25/27	Aaa/AAA		236,763
	572	1.191%, 6/25/47	Ca/CCC		176,435
	89	1.663%, 11/25/42	Baa2/A		78,049
	785	1.963%, 11/25/46	A1/A+		550,692
	20,682	2.831%, 9/25/33	A1/AAA		20,854,075
	1,815	2.846%, 8/25/33	Aaa/AAA		1,839,264
		Wells Fargo Mortgage Backed Securities Trust, CMO,
	941	0.763%, 7/25/37, FRN	B2/NR		589,905
	567	2.903%, 1/25/35, FRN	Aa1/NR		566,515
	2,240	2.903%, 1/25/35, FRN	A3/NR		2,138,948
	2,508	2.965%, 7/25/35, FRN	Baa3/AAA		2,520,006
	18,439	4.609%, 6/25/35, FRN	Baa2/AAA		18,548,587
	750	4.656%, 8/25/34, FRN	Aaa/AAA		693,623
	4,236	4.940%, 3/25/36, VRN	NR/A		3,961,098
	1,287	6.00%, 6/25/37	Caa1/NR		1,092,821

		Total Mortgage-Backed Securities (cost–$455,136,105)			442,008,485



SOVEREIGN DEBT OBLIGATIONS–14.5%
		Canada–12.9%
CAD	400,400	Canadian Government Bond, 2.50%, 6/1/15	NR/AAA		386,168,475

		China–0.3%
		Export-Import Bank of China,
$	3,350	4.875%, 7/21/15	WR/A+		3,579,080
	4,050	4.875%, 7/21/15 (a)(d)	WR/A+		4,345,087

					7,924,167

		Mexico–0.4%
	12,600	United Mexican States, 6.05%, 1/11/40	Baa1/BBB		12,411,000

50 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Qatar–0.9%
		Qatar Government International Bond,
$	3,900	4.00%, 1/20/15 (a)(d)	Aa2/AA−	$	4,021,875
	7,900	5.25%, 1/20/20 (a)(d)	Aa2/AA−		8,216,000
	4,600	6.40%, 1/20/40 (a)(d)	Aa2/AA−		4,841,500
	9,500	6.55%, 4/9/19	Aa2/AA−		10,758,750

					27,838,125

		Total Sovereign Debt Obligations (cost–$434,103,720)			434,341,767

U.S. TREASURY BONDS & NOTES–12.6%
		U.S. Treasury Bonds & Notes,
	10	0.875%, 2/29/12			10,000
	632	2.375%, 10/31/14 (k)			635,851
	23,300	2.50%, 4/30/15			23,391,010
	10,000	2.625%, 6/30/14 (k)			10,217,970
	132,600	3.125%, 10/31/16 (k)			133,604,843
	100	4.125%, 5/15/15			108,234
	30,900	4.375%, 2/15/38			30,286,820
	32,400	4.375%, 11/15/39			31,605,196
	62,800	4.50%, 8/15/39			62,515,453
	82,500	4.625%, 2/15/40 (k)			83,840,625
	1,667	11.25%, 2/15/15 (k)			2,342,395

		Total U.S. Treasury Bonds & Notes (cost–$375,429,920)			378,558,397



U.S. GOVERNMENT AGENCY SECURITIES–7.7%
		Fannie Mae–1.6%
	6,100	0.463%, 10/27/37, CMO, FRN	Aaa/AAA		6,090,137
	66	0.731%, 8/25/21, CMO, FRN	Aaa/AAA		66,304
	1,334	2.035%, 1/1/20, FRN, MBS	Aaa/AAA		1,368,294
	745	2.054%, 1/1/22, FRN, MBS	Aaa/AAA		752,298
	242	2.17%, 5/1/34, FRN, MBS	Aaa/AAA		248,471
	2,628	2.491%, 1/1/34, FRN, MBS	Aaa/AAA		2,697,440
	588	2.518%, 5/1/28, FRN, MBS	Aaa/AAA		612,695
	167	2.55%, 1/1/33, FRN, MBS	Aaa/AAA		174,293
	512	2.58%, 2/1/33, FRN, MBS	Aaa/AAA		534,472
	17	2.725%, 11/1/32, FRN, MBS	Aaa/AAA		17,715
	424	2.761%, 9/1/32, FRN, MBS	Aaa/AAA		446,123
	244	2.79%, 12/1/32, FRN, MBS	Aaa/AAA		254,320
	617	2.796%, 4/1/35, FRN, MBS	Aaa/AAA		644,664
	247	2.841%, 12/1/34, FRN, MBS	Aaa/AAA		256,740

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 51

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount				Credit Rating
(000s)				(Moody’s/S&P)	Value

			Fannie Mae (continued)

$	494		2.858%, 1/1/33, FRN, MBS	Aaa/AAA	$	506,847
	36		2.869%, 10/1/32, FRN, MBS	Aaa/AAA		37,584
	295		2.969%, 5/1/33, FRN, MBS	Aaa/AAA		308,654
	3,730		2.978%, 11/1/35, FRN, MBS	Aaa/AAA		3,891,536
	43		3.036%, 5/1/17, FRN, MBS	Aaa/AAA		43,989
	51		3.078%, 1/1/18, FRN, MBS	Aaa/AAA		52,510
	49		3.082%, 6/1/20, FRN, MBS	Aaa/AAA		50,256
	100		3.095%, 9/1/27, FRN, MBS	Aaa/AAA		104,400
	68		3.108%, 5/1/18, FRN, MBS	Aaa/AAA		70,745
	359		3.172%, 9/1/35, FRN, MBS	Aaa/AAA		373,986
	21		3.284%, 9/1/32, FRN, MBS	Aaa/AAA		22,031
	357		3.357%, 10/1/34, FRN, MBS	Aaa/AAA		373,351
	3,208		4.00%, 11/25/19, CMO	Aaa/AAA		3,295,048
	988		4.00%, 9/1/39, MBS	Aaa/AAA		968,607
	1,971		4.00%, 11/1/39, MBS	Aaa/AAA		1,931,743
	307		4.50%, 1/25/25, CMO	Aaa/AAA		307,035
	8,500		4.50%, 11/25/26, CMO	Aaa/AAA		8,740,862
	2,956		4.50%, 10/25/34, CMO	Aaa/AAA		2,722,676
	23		4.50%, 2/1/38, MBS	Aaa/AAA		23,213
	947		4.50%, 3/1/38, MBS	Aaa/AAA		956,790
	1,000		4.50%, 11/1/39, MBS	Aaa/AAA		1,009,542
	31		4.581%, 3/25/41, CMO, FRN	Aaa/AAA		31,773
	28		4.794%, 5/25/42, CMO, FRN	Aaa/AAA		28,992
	1,367		5.00%, 9/25/14, CMO	Aaa/AAA		1,461,166
	176		5.00%, 9/1/17, MBS	Aaa/AAA		185,206
	180		5.00%, 6/1/18, MBS	Aaa/AAA		189,868
	16		5.00%, 9/1/18, MBS	Aaa/AAA		17,049
	1,740		5.00%, 7/25/20, CMO	Aaa/AAA		1,803,929
	685		5.00%, 4/1/23, MBS	Aaa/AAA		724,091
	— (h	)	5.00%, 11/1/33, MBS	Aaa/AAA		36
	879		5.50%, 2/25/24, CMO	Aaa/AAA		957,068
	15		6.00%, 8/1/22, MBS	Aaa/AAA		16,170
	21		6.00%, 9/1/22, MBS	Aaa/AAA		22,144
	259		6.00%, 8/1/23, MBS	Aaa/AAA		279,250
	488		6.00%, 12/1/23, MBS	Aaa/AAA		525,431
	60		6.50%, 1/1/25, MBS	Aaa/AAA		65,998
	179		6.50%, 7/18/27, CMO	Aaa/AAA		198,086
	45		6.50%, 12/1/28, MBS	Aaa/AAA		49,082
	228		7.00%, 11/1/38, MBS	Aaa/AAA		251,673
	117		7.01%, 8/1/22, MBS	Aaa/AAA		129,859

52 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Fannie Mae (continued)

$	54	7.01%, 11/1/22, MBS	Aaa/AAA	$	60,676
	8	7.925%, 2/1/25, FRN, MBS	Aaa/AAA		8,588
	183	11.00%, 7/15/20, MBS	Aaa/AAA		208,928

					47,170,434

		Freddie Mac–2.8%
	437	0.160%, 5/4/11, FRN	Aaa/AAA		437,300
	765	0.179%, 8/5/11, FRN (k)	Aaa/AAA		764,748
	5,536	0.654%, 8/15/32, CMO, FRN	Aaa/AAA		5,550,371
	534	0.704%, 9/15/16, CMO, FRN	Aaa/AAA		531,892
	107	0.704%, 8/15/29, CMO, FRN	Aaa/AAA		107,231
	65	0.704%, 12/15/31, CMO, FRN	Aaa/AAA		65,231
	18	0.754%, 9/15/30, CMO, FRN	Aaa/AAA		18,180
	26	0.804%, 3/15/32, CMO, FRN	Aaa/AAA		26,565
	68	0.963%, 3/15/20, CMO, FRN	Aaa/AAA		67,581
	223	0.963%, 2/15/24, CMO, FRN	Aaa/AAA		223,813
	13	1.013%, 10/15/19, CMO, FRN	Aaa/AAA		12,581
	137	1.263%, 12/15/13, CMO, FRN	Aaa/AAA		137,355
	104	1.463%, 9/15/22, CMO, FRN	Aaa/AAA		104,139
	30	1.663%, 8/15/23, CMO, FRN	Aaa/AAA		30,005
	166	2.584%, 4/1/32, FRN, MBS	Aaa/AAA		173,722
	11	2.598%, 1/1/33, FRN, MBS	Aaa/AAA		11,674
	317	2.60%, 3/1/32, FRN, MBS	Aaa/AAA		331,222
	244	2.75%, 10/1/32, FRN, MBS	Aaa/AAA		255,768
	720	2.752%, 5/1/34, FRN, MBS	Aaa/AAA		738,677
	185	2.778%, 2/1/33, FRN, MBS	Aaa/AAA		192,864
	185	2.782%, 1/1/32, FRN, MBS	Aaa/AAA		192,850
	294	2.913%, 2/1/29, FRN, MBS	Aaa/AAA		309,337
	47	2.971%, 8/1/29, FRN, MBS	Aaa/AAA		48,705
	1,848	3.16%, 10/1/35, FRN, MBS	Aaa/AAA		1,926,103
	145	3.221%, 10/1/32, FRN, MBS	Aaa/AAA		150,420
	21	3.237%, 7/1/29, FRN, MBS	Aaa/AAA		21,393
	16	3.662%, 7/1/32, FRN, MBS	Aaa/AAA		16,861
	24	3.807%, 8/1/32, FRN, MBS	Aaa/AAA		24,584
	144	4.114%, 8/1/32, FRN, MBS	Aaa/AAA		149,386
	45	4.50%, 5/15/18, CMO	Aaa/AAA		47,825
	6,346	4.874%, 6/1/35, FRN, MBS	Aaa/AAA		6,559,780
	37,000	5.00%, 1/15/25, CMO	Aaa/AAA		39,219,956
	12,000	5.00%, 2/15/25, CMO	Aaa/AAA		12,783,553
	2,374	5.50%, 3/15/34, CMO	Aaa/AAA		2,516,337

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 53

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount				Credit Rating
(000s)				(Moody’s/S&P)	Value

			Freddie Mac (continued)

$	2,800		5.50%, 4/15/35, CMO	Aaa/AAA	$	2,993,696
	3,347		5.50%, 5/15/36, CMO	Aaa/AAA		3,529,322
	73		6.00%, 8/15/16, CMO	Aaa/AAA		79,366
	1,944		6.00%, 12/15/28, CMO	Aaa/AAA		2,119,104
	122		6.50%, 8/15/16, CMO	Aaa/AAA		131,598
	31		6.50%, 12/15/23, CMO	Aaa/AAA		33,918
	739		6.50%, 7/15/31, CMO	Aaa/AAA		808,471
	27		7.00%, 4/1/29, MBS	Aaa/AAA		29,747
	1		7.00%, 12/1/29, MBS	Aaa/AAA		1,616
	— (h	)	7.00%, 1/1/30, MBS	Aaa/AAA		84
	14		7.00%, 2/1/30, MBS	Aaa/AAA		15,970
	21		7.00%, 3/1/30, MBS	Aaa/AAA		23,075
	2		7.00%, 6/1/30, MBS	Aaa/AAA		2,455
	165		7.50%, 8/15/30, CMO	Aaa/AAA		183,297

						83,699,728

			Ginnie Mae–1.6%
	36		0.606%, 6/20/32, CMO, FRN	Aaa/AAA		35,950
	1,093		0.813%, 10/20/27, CMO, FRN	Aaa/AAA		1,093,203
	112		3.125%, 11/20/23, FRN, MBS	Aaa/AAA		114,910
	11		3.125%, 10/20/25, FRN, MBS	Aaa/AAA		10,895
	7		3.125%, 11/20/25, FRN, MBS	Aaa/AAA		7,652
	8		3.125%, 10/20/26, FRN, MBS	Aaa/AAA		8,412
	20		3.125%, 10/20/27, FRN, MBS	Aaa/AAA		20,403
	7		3.625%, 8/20/17, FRN, MBS	Aaa/AAA		7,632
	4		3.625%, 7/20/20, FRN, MBS	Aaa/AAA		3,993
	5		3.625%, 7/20/21, FRN, MBS	Aaa/AAA		5,075
	10		3.625%, 8/20/21, FRN, MBS	Aaa/AAA		10,075
	17		3.625%, 9/20/21, FRN, MBS	Aaa/AAA		17,465
	1,238		3.625%, 8/20/23, FRN, MBS	Aaa/AAA		1,277,741
	74		3.625%, 8/20/25, FRN, MBS	Aaa/AAA		76,270
	13		3.625%, 9/20/25, FRN, MBS	Aaa/AAA		13,070
	8		3.625%, 8/20/26, FRN, MBS	Aaa/AAA		8,782
	7		3.625%, 7/20/27, FRN, MBS	Aaa/AAA		7,143
	9		3.625%, 9/20/27, FRN, MBS	Aaa/AAA		9,820
	61		3.625%, 8/20/28, FRN, MBS	Aaa/AAA		63,429
	25		3.625%, 7/20/29, FRN, MBS	Aaa/AAA		26,377
	23		3.75%, 3/20/30, FRN, MBS	Aaa/AAA		23,390
	380		4.25%, 1/20/28, FRN, MBS	Aaa/AAA		394,066

54 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Ginnie Mae (continued)

$	40	4.25%, 2/20/28, FRN, MBS	Aaa/AAA	$	41,854
	110	4.25%, 1/20/30, FRN, MBS	Aaa/AAA		113,963
	197	4.375%, 3/20/17, FRN, MBS	Aaa/AAA		204,795
	9	4.375%, 1/20/18, FRN, MBS	Aaa/AAA		9,412
	59	4.375%, 5/20/18, FRN, MBS	Aaa/AAA		61,404
	42	4.375%, 4/20/19, FRN, MBS	Aaa/AAA		43,486
	10	4.375%, 5/20/19, FRN, MBS	Aaa/AAA		10,332
	13	4.375%, 6/20/21, FRN, MBS	Aaa/AAA		13,486
	27	4.375%, 1/20/22, FRN, MBS	Aaa/AAA		27,848
	641	4.375%, 2/20/22, FRN, MBS	Aaa/AAA		665,385
	30	4.375%, 4/20/22, FRN, MBS	Aaa/AAA		31,016
	16	4.375%, 5/20/22, FRN, MBS	Aaa/AAA		16,355
	18	4.375%, 2/20/23, FRN, MBS	Aaa/AAA		18,531
	24	4.375%, 3/20/23, FRN, MBS	Aaa/AAA		25,342
	26	4.375%, 4/20/23, FRN, MBS	Aaa/AAA		26,640
	145	4.375%, 4/20/24, FRN, MBS	Aaa/AAA		150,472
	9	4.375%, 5/20/24, FRN, MBS	Aaa/AAA		8,881
	3	4.375%, 4/20/25, FRN, MBS	Aaa/AAA		2,953
	12	4.375%, 5/20/25, FRN, MBS	Aaa/AAA		12,309
	21	4.375%, 6/20/25, FRN, MBS	Aaa/AAA		21,392
	11	4.375%, 1/20/26, FRN, MBS	Aaa/AAA		10,970
	13	4.375%, 6/20/26, FRN, MBS	Aaa/AAA		13,080
	6	4.375%, 1/20/27, FRN, MBS	Aaa/AAA		6,182
	66	4.375%, 2/20/27, FRN, MBS	Aaa/AAA		68,037
	16	4.375%, 4/20/27, FRN, MBS	Aaa/AAA		16,271
	37	4.375%, 6/20/27, FRN, MBS	Aaa/AAA		38,758
	27	4.375%, 2/20/28, FRN, MBS	Aaa/AAA		27,952
	70	4.375%, 3/20/28, FRN, MBS	Aaa/AAA		72,259
	28	4.375%, 4/20/28, FRN, MBS	Aaa/AAA		29,278
	16	4.375%, 4/20/29, FRN, MBS	Aaa/AAA		16,879
	29	4.375%, 6/20/29, FRN, MBS	Aaa/AAA		29,786
	23	4.375%, 5/20/30, FRN, MBS	Aaa/AAA		23,667
	20	4.375%, 5/20/32, FRN, MBS	Aaa/AAA		20,694
	29	4.375%, 6/20/32, FRN, MBS	Aaa/AAA		29,902
	5	4.50%, 8/20/18, FRN, MBS	Aaa/AAA		5,660
	59	4.50%, 3/20/31, FRN, MBS	Aaa/AAA		61,731
	35	4.50%, 3/20/32, FRN, MBS	Aaa/AAA		36,575
	62	4.875%, 6/20/22, FRN, MBS	Aaa/AAA		64,067
	48	5.00%, 2/20/29, CMO	Aaa/AAA		48,893
	39,043	6.00%, 7/20/32, CMO	Aaa/AAA		42,446,480

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 55

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount				Credit Rating
(000s)				(Moody’s/S&P)	Value

			Ginnie Mae (continued)

$	3		6.50%, 5/15/23, MBS	Aaa/AAA	$	3,301
	— (h	)	6.50%, 12/15/23, MBS	Aaa/AAA		372

						47,812,403

			Other Government Agencies–1.7%
	19,514		SLM Student Loan Trust, 1.816%, 4/25/23, ABS, FRN	Aaa/AAA		20,264,406
	27,501		Small Business Administration Participation Certificates,
			5.23%, 3/1/27, ABS	Aaa/AAA		29,567,086
	1,390		Vendee Mortgage Trust, 6.50%, 9/15/24, CMO	Aaa/AAA		1,447,413

						51,278,905

			Total U.S. Government Agency Securities (cost–$215,929,024)			229,961,470



MUNICIPAL BONDS–2.6%
			California–0.8%
			Golden State Tobacco Securitization Corp. Rev., Ser. A (FGIC),
	5,000		5.00%, 6/1/35	A2/BBB+		4,779,700
	3,500		5.00%, 6/1/38	A2/BBB+		3,255,770
	6,500		Los Angeles Unified School Dist., GO, 5.981%, 5/1/27 (e)	Aa2/AA−		6,675,630
			State, GO,
	3,600		5.65%, 4/1/39, VRN	A1/A−		3,835,512
	600		7.50%, 4/1/34	A1/A−		659,052
	3,300		7.55%, 4/1/39	A1/A−		3,646,962
	985		Tobacco Securitization Auth. of Northern California Rev.,
			5.40%, 6/1/27, Ser. A-2	Baa3/BBB		920,354

						23,772,980

			Illinois–0.3%
	700		Regional Transportation Auth. Rev., 5.00%, 7/1/25, Ser. A (NPFGC)	Aa2/AA+		735,875
	2,200		State Toll Highway Auth. Rev., 6.184%, 1/1/34, Ser. A	Aa3/AA−		2,300,914
	7,505		Will Cnty. Community High School Dist. No. 210,
			Lincoln-Way Central High School, GO, zero coupon, 1/1/21 (AGM)	Aa2/NR		4,627,433

						7,664,222

			Iowa–0.1%
	3,800		Tobacco Settlement Auth. Rev., 5.60%, 6/1/34, Ser. B	Baa3/BBB		3,291,408

			Michigan–0.0%
	1,250		Michigan State Univ. Rev., 6.173%, 2/15/50, Ser. A	Aa2/AA		1,284,963

56 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		New Jersey–0.5%
$	1,335	Economic Dev. Auth. Rev., 6.425%, 12/15/35 (e)	Aa3/AA−	$	1,359,204
	21,340	Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1-A	Baa3/BBB		14,851,786

					16,210,990

		New York–0.4%
	7,500	New York City Transitional Finance Auth. Rev., 5.767%, 8/1/36	Aa1/AAA		7,704,825
	2,500	Port Auth. of New York & New Jersey Rev., 5.859%, 12/1/24, Ser. 158	Aa2/AA−		2,653,600

					10,358,425

		Ohio–0.5%
		Buckeye Tobacco Settlement Financing Auth. Rev., Ser. A-2,
	5,800	5.875%, 6/1/30	Baa3/BBB		4,909,004
	9,300	5.875%, 6/1/47	Baa3/BBB		6,981,045
	5,320	6.00%, 6/1/42	Baa3/BBB		4,116,829

					16,006,878

		Texas–0.0%
	700	State, Mobility Fund, GO, 4.75%, 4/1/37	Aaa/AA+		706,405


		Total Municipal Bonds (cost–$85,418,424)			79,296,271

ASSET-BACKED SECURITIES–1.8%
	856	Aames Mortgage Investment Trust, 0.663%, 10/25/35, FRN	NR/AAA		826,209
	354	Access Group, Inc., 1.616%, 10/27/25, FRN	Aaa/NR		365,343
	344	Accredited Mortgage Loan Trust, 0.313%, 2/25/37, FRN	A2/AAA		341,801
	61	Amortizing Residential Collateral Trust, 0.533%, 6/25/32, FRN	NR/AAA		46,351
	1,119	Bayview Financial Asset Trust, 0.663%, 12/25/39, FRN (a)(d)(g)	Ba1/NR		818,911
		Bear Stearns Asset Backed Securities Trust, FRN,
	751	0.326%, 10/25/36	B3/NR		693,432
	3,807	0.853%, 6/25/43	Aaa/AAA		3,257,443
	73	Cendant Mortgage Corp., 5.983%, 7/25/43, VRN (a)(d)	NR/NR		66,530
		Chase Issuance Trust, FRN,
	2,241	0.294%, 4/15/13	Aaa/AAA		2,239,245
	200	1.757%, 9/15/15	Aaa/AAA		208,562
		Conseco Financial Corp.,
	4,326	6.18%, 4/1/30	Ba3/NR		4,289,397

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 57

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	3,369	6.81%, 12/1/28, VRN	Ba1/BBB	$	3,389,151
	1,054	6.87%, 4/1/30, VRN	Ba3/NR		1,052,032
	1,000	7.06%, 2/1/31, VRN	NR/B−		932,200
	541	7.40%, 6/15/27	A2/AA		558,345
	332	7.55%, 1/15/29, VRN	NR/A+		353,959
		Countrywide Asset-Backed Certificates, FRN,
	5,791	0.353%, 1/25/46	A3/A+		5,323,981
	812	0.363%, 9/25/47	Ba1/AAA		766,221
	397	0.733%, 11/25/33 (a)(d)	Aaa/AAA		343,460
	1,117	0.743%, 12/25/31	A2/B−		586,433
	904	Credit-Based Asset Servicing & Securitization LLC,
		1.163%, 11/25/33, FRN	Aaa/AAA		833,859
	100	Delta Funding Home Equity Loan Trust, 0.574%, 8/15/30, FRN	NR/AAA		64,719
	1,646	Denver Arena Trust, 6.94%, 11/15/19 (a)(d)	NR/NR		1,524,612
	43	EMC Mortgage Loan Trust, 0.633%, 5/25/40, FRN (a)(d)	Aaa/NR		31,580
	5,730	First Franklin Mortgage Loan Asset Backed Certificates,
		0.663%, 4/25/35, FRN	Aa1/AA+		5,030,557
	6	First Plus Home Loan Trust, 7.32%, 11/10/23	NR/D		6,035
	38	Fremont Home Loan Owner Trust, 1.053%, 12/25/29, FRN	A2/BB		24,569
	803	Fremont Home Loan Trust, 0.323%, 1/25/37, FRN	Caa2/CCC		676,248
	106	HSI Asset Securitization Corp. Trust, 0.313%, 12/25/36, FRN	Caa2/CCC		82,344
		Lehman XS Trust, FRN,
	398	0.343%, 11/25/46	Ba1/AAA		400,071
	3,173	0.413%, 4/25/37	B3/CCC		2,200,757
	446	0.493%, 8/25/46	C/CC		47,049
	623	0.503%, 11/25/46	Ca/CCC		143,394
	1,356	Long Beach Mortgage Loan Trust, 1.688%, 3/25/32, FRN	Baa2/NR		739,873
	500	Madison Avenue Manufactured Housing Contract, 1.713%, 3/25/32, FRN	Baa1/A+		452,224
	1,650	Mesa Trust Asset Backed Certificates, 0.663%, 12/25/31, FRN (a)(d)	Aaa/A		1,318,591
	1,397	Mid-State Trust, 6.005%, 8/15/37	Aa2/AAA		1,394,771
		Morgan Stanley Mortgage Loan Trust, FRN,
	357	0.493%, 2/25/37	Caa1/CCC		154,879
	619	0.623%, 4/25/37	Caa3/CCC		260,238
	200	RAAC Series, 0.663%, 6/25/47, FRN	Ca/CCC		85,005
		Residential Asset Mortgage Products, Inc.,
	3,245	5.634%, 1/25/34	Aa3/AAA		2,993,852

58 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

$	2,000	5.834%, 7/25/34	B3/CCC	$	681,531
		Residential Asset Securities Corp.,
	3,000	0.693%, 3/25/35, FRN	Caa3/A		1,955,175
	382	7.14%, 4/25/32, VRN	Ca/CC		27,421
	1,052	SACO I, Inc., 0.643%, 11/25/35, FRN	Baa3/AA		487,080
	8	Saxon Asset Securities Trust, 0.783%, 8/25/32, FRN	Aaa/AAA		7,477
		South Carolina Student Loan Corp., FRN,
	225	0.752%, 9/2/14	Aaa/AAA		225,040
	2,800	0.802%, 3/1/18	Aaa/AAA		2,815,094
	3,600	1.002%, 3/2/20	Aaa/AAA		3,618,503
	600	1.252%, 9/3/24	Aaa/AAA		610,680

		Total Asset-Backed Securities (cost–$63,160,291)			55,352,234

Shares
CONVERTIBLE PREFERRED STOCK–0.5%
		Financial Services–0.4%
	11,800	Wells Fargo & Co., 7.50%, 3/15/13, Ser. L (i)	Ba1/A−		11,634,800

		Insurance–0.1%
	228,667	American International Group, Inc., 8.50%, 8/1/11	Ba2/NR		2,252,370


		Total Convertible Preferred Stock (cost–$27,918,940)			13,887,170



COMMON STOCK–0.0%
		Diversified Financial Services–0.0%
	19,803	CIT Group, Inc.(l) (cost–$325,286)			804,002

Principal
Amount
(000s)
SHORT-TERM INVESTMENTS–10.6%
		Corporate Notes–1.9%
		Banking–0.2%
		Santander Holdings USA, Inc.,
$	4,562	4.80%, 9/1/10	Baa1/A		4,617,734
	2,300	4.90%, 9/23/10	Baa1/A		2,330,910

					6,948,644

		Financial Services–1.7%
	43,900	Citigroup Funding, Inc., 1.299%, 5/7/10, FRN	A3/A		43,902,107
	4,500	General Electric Capital Corp., 4.25%, 9/13/10	Aa2/AA+		4,557,843
	3,000	Merrill Lynch & Co., Inc., 2.50%, 5/12/10, FRN	A2/A		3,001,218

					51,461,168

		Total Corporate Notes (cost–$58,275,175)			58,409,812

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 59

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		U.S. Government Agency Securities–0.5%
		Federal Home Loan Bank Discount Notes–0.4%
$	5,300	0.165%, 5/12/10	Aaa/AAA	$	5,299,725
	5,600	0.175%, 6/4/10	Aaa/AAA		5,599,048

					10,898,773

		Freddie Mac–0.1%
	254	0.324%, 3/9/11, FRN	Aaa/AAA		254,301
	3,600	1.01%, 8/9/10	Aaa/AAA		3,598,139

					3,852,440

		Total U.S. Government Agency Securities (cost–$14,751,133)			14,751,213

		U.S. Treasury Bills (k)–0.3%
	8,104	0.116%-0.208%, 5/27/10-9/2/10 (cost–$8,099,319)			8,099,922

		Repurchase Agreements–7.9%
	17,000	Barclays Capital, Inc., dated 4/30/10, 0.20%, due 5/3/10, proceeds $17,000,283; collateralized by U.S. Treasury Notes, 0.75%, due 11/30/11, valued at $17,351,577 including accrued interest			17,000,000
	183,300	Barclays Capital, Inc., dated 4/9/10, 0.19%, due 5/5/10, proceeds $183,325,153; collateralized by Freddie Mac, 3.15%, due 1/22/15, valued at $188,228,844 including accrued interest			183,300,000
	30,900	JPMorgan Securities, Inc., dated 4/30/10, 0.20%, due 5/3/10, proceeds $30,900,515; collateralized by U.S. Treasury Inflation Index Notes, 1.875%, due 7/15/13, valued at $31,601,116 including accrued interest			30,900,000
	4,705	State Street Bank & Trust Co., dated 4/30/10, 0.01%, due 5/3/10, proceeds $4,705,004; collateralized by U.S. Treasury Bills, zero coupon, due 5/6/10, valued at $4,800,000			4,705,000

		Total Repurchase Agreements (cost–$235,905,000)			235,905,000

		Total Short-Term Investments (cost–$317,030,627)			317,165,947

		Total Investments before options written (cost–$2,996,463,142)–99.3%			2,981,265,460

Notional
Amount
OPTIONS WRITTEN (l)–(0.0)%
		Call Options–(0.0)%
	72,500,000	10-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
		strike rate 3.50%, expires 6/14/10			(344,179	)

60 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series M Schedule of Investments
April 30, 2010 (unaudited) (continued)


Notional
Amount				Value

		Put Options–(0.0)%
$	100,000,000	5-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
		strike rate 5.50%, expires 8/31/10		$	(2,640	)
		10-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	31,200,000	strike rate 4.50%, expires 6/14/10			(10,386	)
	478,400,000	strike rate 6.00%, expires 8/31/10			(23,155	)

					(36,181	)

		Total Options Written (premiums received–$6,514,826)			(380,360	)

		Total Investments net of options written (cost–$2,989,948,316)	99.3%		2,980,885,100
		Other assets less other liabilities	0.7		22,148,270

		Net Assets	100.0%	$	3,003,033,370

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 61

Fixed Income SHares: Series R Schedule of Investments
April 30, 2010 (unaudited)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

U.S. TREASURY BONDS & NOTES–83.1%
		U.S. Treasury Bonds & Notes,
$	8,800	2.50%, 4/30/15 (e)		$	8,834,373
	5,600	3.125%, 4/30/17			5,603,500
		U.S. Treasury Inflation Indexed Bonds & Notes (j),
	410	1.25%, 4/15/14			427,926
	5,025	1.375%, 7/15/18			5,166,058
	15,134	1.375%, 1/15/20			15,297,592
	12,599	1.625%, 1/15/15			13,316,096
	1,448	1.625%, 1/15/18			1,517,876
	2,587	1.75%, 1/15/28			2,575,201
	14,987	1.875%, 7/15/13			15,978,737
	19,954	1.875%, 7/15/15 (e)			21,402,142
	18,477	1.875%, 7/15/19 (e)			19,584,185
	27,170	2.00%, 7/15/14 (e)(k)			29,235,760
	4,914	2.00%, 1/15/16			5,303,331
	24,473	2.00%, 1/15/26 (e)			25,451,945
	8,884	2.125%, 1/15/19			9,615,804
	4,813	2.125%, 2/15/40			5,124,278
	14,187	2.375%, 1/15/17			15,630,864
	23,822	2.375%, 1/15/25 (e)			25,993,750
	1,720	2.375%, 1/15/27			1,875,573
	24,173	2.50%, 7/15/16 (e)			26,911,490
	6,562	2.50%, 1/15/29			7,292,257
	18,619	2.625%, 7/15/17 (e)			20,916,912
	1,221	3.375%, 1/15/12			1,309,305
	4,959	3.625%, 4/15/28			6,322,918

		Total U.S. Treasury Bonds & Notes (cost–$281,279,880)			290,687,873

CORPORATE BONDS & NOTES–21.3%
		Banking–1.7%
	1,500	American Express Bank FSB, 0.397%, 5/29/12, FRN	A2/BBB+		1,483,430
	1,300	Banco Santander Chile, 1.557%, 4/20/12, FRN (a)(d)	Aa3/A+		1,299,979
		Barclays Bank PLC (a)(d),
	100	7.434%, 12/15/17 (i)	Baa2/A−		99,000
	720	10.179%, 6/12/21	Baa1/A		941,595
	1,500	ING Bank NV, 1.090%, 3/30/12, FRN (a)(d)	Aa3/A+		1,500,803
	700	National Australia Bank Ltd., 5.35%, 6/12/13 (a)(d)	Aa1/AA		762,161

					6,086,968

		Building & Construction–0.4%
	1,400	Pulte Homes, Inc., 7.875%, 8/1/11	B1/BB		1,478,750

62 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series R Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Chemicals–0.3%
$	1,000	RPM International, Inc., 6.50%, 2/15/18	Baa3/BBB−	$	1,057,195

		Consumer Products–1.5%
	4,000	Newell Rubbermaid, Inc., 10.60%, 4/15/19	Baa3/BBB−		5,410,820

		Financial Services–10.9%
		American Express Credit Corp.,
	200	5.875%, 5/2/13	A2/BBB+		218,811
	580	7.30%, 8/20/13	A2/BBB+		661,533
		Bank of America Corp.,
£	4,800	0.743%, 6/11/12, FRN	A2/A		7,064,266
$	1,400	5.375%, 6/15/14	A2/A		1,478,891
	2,300	Citigroup, Inc., 6.125%, 5/15/18	A3/A		2,388,791
	4,700	Citigroup Funding, Inc., 5.70%, 6/30/11	A3/A		4,909,231
	800	Ford Motor Credit Co. LLC, 7.25%, 10/25/11	B1/B−		826,590
		GMAC, Inc.,
	500	5.375%, 6/6/11	B3/B		501,875
	500	6.00%, 12/15/11	B3/B		506,875
	700	6.875%, 9/15/11	B3/B		711,714
€	700	Goldman Sachs Group, Inc., 5.375%, 2/15/13	A1/A		974,701
$	1,000	International Lease Finance Corp., 5.625%, 9/20/13	B1/BB+		929,244
	100	Lehman Brothers Holdings, Inc., 6.20%, 9/26/14 (f)	WR/NR		22,500
	400	Merna Reinsurance Ltd., 0.940%, 6/30/12, FRN (a)(b)(d)(o)
		(acquisition cost-$396,000; purchased 9/21/07)	Aa2/NR		396,880
		Merrill Lynch & Co., Inc.,
€	5,000	0.936%, 6/29/12, FRN	A2/A		6,425,883
$	400	5.45%, 7/15/14	A2/A		423,035
		Morgan Stanley, FRN,
	500	0.754%, 10/18/16	A2/A		461,455
€	1,500	1.041%, 4/13/16	A2/A		1,795,874
		SLM Corp.,
$	590	4.30%, 3/17/14, FRN	Ba1/BBB−		531,289
	500	5.05%, 11/14/14	Ba1/BBB−		463,750
	4,500	UBS AG, 1.352%, 2/23/12, FRN	Aa3/A+		4,530,992
	1,500	Wachovia Corp., 0.433%, 10/15/11, FRN	A1/AA−		1,495,431
	400	Wells Fargo Capital XIII, 7.70%, 3/26/13 (i)	Ba1/A−		418,000

					38,137,611

		Food & Beverage–0.5%
	1,500	FBG Finance Ltd., 5.125%, 6/15/15 (a)(d)	Baa2/BBB		1,608,471

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 63

Fixed Income SHares: Series R Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Hotels/Gaming–0.9%
$	2,900	Starwood Hotels & Resorts Worldwide, Inc., 6.25%, 2/15/13	Ba1/BB	$	3,081,250

		Insurance–5.0%
	2,445	American International Group, Inc.,
		8.175%, 5/15/68, (converts to FRN on 5/15/38)	Ba2/BBB		2,136,319
	3,000	Marsh & McLennan Cos., Inc., 9.25%, 4/15/19	Baa2/BBB−		3,753,624
		Metropolitan Life Global Funding I (a)(d),
	4,200	2.154%, 6/10/11, FRN	Aa3/AA−		4,265,348
	300	5.125%, 4/10/13	Aa3/AA−		322,997
		New York Life Global Funding,
€	5,000	0.763%, 12/20/13, FRN	Aaa/AAA		6,451,870
$	300	4.65%, 5/9/13 (a)(d)	Aaa/AAA		322,151
	200	Pacific Life Global Funding, 5.15%, 4/15/13 (a)(d)	A1/AA−		211,659

					17,463,968

		Oil & Gas–0.1%
	200	Gaz Capital S.A. for Gazprom, 8.146%, 4/11/18 (a)(d)	Baa1/BBB		223,250


		Total Corporate Bonds & Notes (cost–$70,186,359)			74,548,283



SOVEREIGN DEBT OBLIGATIONS–4.7%
		Australia–1.7%
		Australia Government Bond (j),
AUD	2,300	3.00%, 9/20/25, Ser. 25-CI	Aaa/NR		2,237,899
AUD	1,300	4.00%, 8/20/15, Ser. 15-CI	Aaa/NR		1,990,130
AUD	1,200	4.00%, 8/20/20, Ser. 20-CI	Aaa/NR		1,770,229

					5,998,258

		Canada–2.5%
		Canadian Government Bond,
CAD	5,400	2.50%, 6/1/15	NR/AAA		5,208,066
CAD	1,571	3.00%, 12/1/36 (j)	Aaa/AAA		2,065,301
CAD	1,252	4.25%, 12/1/21, Ser. L-256 (j)	Aaa/AAA		1,633,355

					8,906,722

		Germany–0.5%
€	1,100	Bundesrepublik Deutschland, 4.25%, 7/4/18, Ser. 08	Aaa/AAA		1,620,575


		Total Sovereign Debt Obligations (cost–$16,309,269)			16,525,555

MORTGAGE-BACKED SECURITIES–3.2%
$	2,000	Arkle Master Issuer PLC, 1.00%, 5/17/60, CMO, FRN (a)(b)(d)(e)(o) (acquisition cost-$2,000,000; purchased 4/30/10)	Aaa/AAA		2,000,000

64 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series R Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Bear Stearns Adjustable Rate Mortgage Trust, CMO, FRN,
$	50	2.53%, 8/25/35	A1/AAA	$	48,269
	86	2.56%, 8/25/35	Baa2/AAA		82,671
	153	2.76%, 3/25/35	Ba2/AAA		143,656
	48	2.934%, 3/25/35	A1/AAA		47,231
		Citigroup Mortgage Loan Trust, Inc., CMO,
	58	2.51%, 8/25/35, FRN	A3/AA		54,409
	100	4.248%, 8/25/35, FRN	A3/AA		94,145
	2,081	5.930%, 9/25/37, VRN	NR/CCC		1,545,738
		Countrywide Alternative Loan Trust, CMO, FRN,
	2,850	0.451%, 12/20/46	Caa1/CCC		1,537,080
	760	1.463%, 2/25/36	B2/CCC		465,998
		Countrywide Home Loan Mortgage Pass Through Trust, CMO,
	41	0.603%, 6/25/35, FRN (a)(d)	Aa3/AAA		33,270
	1,499	3.555%, 4/20/35, VRN	Aa1/AAA		1,438,523
	193	GSR Mortgage Loan Trust, 2.948%, 9/25/35, CMO, FRN	NR/AAA		188,316
	1,359	MLCC Mortgage Investors, Inc., 4.25%, 10/25/35, CMO, FRN	A1/AAA		1,281,678
	504	Residential Accredit Loans, Inc., 0.443%, 6/25/46, CMO, FRN	Caa1/CCC		228,173
AUD	2,000	Swan, 4.294%, 4/25/41, CMO, FRN (g)	NR/AAA		1,872,541


		Total Mortgage-Backed Securities (cost–$11,137,741)			11,061,698

ASSET-BACKED SECURITIES–1.0%
$	1,100	AMMC CDO, 0.506%, 8/8/17, FRN (a)(d)(g)	Aaa/AAA		982,635
	791	ARES CLO Funds, 0.483%, 3/12/18, FRN (a)(d)(g)	Aaa/AAA		758,864
	429	Bear Stearns Asset Backed Securities Trust, 1.263%, 10/25/37, FRN	B1/BBB		299,807
	933	Citigroup Mortgage Loan Trust, Inc., 0.343%, 1/25/37, FRN	Caa2/B−		664,067
€	485	Magnolia Funding Ltd., 3.00%, 4/20/17 (a)(b)(d)(o) (acquisition cost-$649,734; purchased 3/24/10)	NR/AAA		644,284
$	329	Massachusetts Educational Financing Auth., 1.266%, 4/25/38, FRN	Aaa/AAA		331,026


		Total Asset-Backed Securities (cost–$3,841,362)			3,680,683



U.S. GOVERNMENT AGENCY SECURITIES–0.6%
		Fannie Mae–0.4%
$	1,345	0.708%, 2/25/37, CMO, FRN	Aaa/AAA		1,317,991
	21	1.663%, 10/1/44, FRN, MBS	Aaa/AAA		20,532

					1,338,523

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 65

Fixed Income SHares: Series R Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value

		Freddie Mac–0.2%
$	242	6.344%, 9/1/36, FRN, MBS	Aaa/AAA	$	255,170
	322	6.592%, 7/1/36, FRN, MBS	Aaa/AAA		339,264

					594,434

		Total U.S. Government Agency Securities (cost–$1,915,151)			1,932,957

Shares
CONVERTIBLE PREFERRED STOCK–0.1%
		Financial Services–0.1%
	200	Wells Fargo & Co., 7.50%, 3/15/13, Ser. L (i) (cost–$200,000)	Ba1/A−		197,200

Principal
Amount
(000)
MUNICIPAL BONDS–0.0%
		West Virginia–0.0%
$	100	Tobacco Settlement Finance Auth. Rev.,
		7.467%, 6/1/47, Ser. A (cost–$94,065)	Baa3/BBB		81,475



SHORT-TERM INVESTMENTS–5.3%
		Corporate Notes–4.8%
		Financial Services–2.9%
	4,400	Ford Motor Credit Co. LLC, 9.75%, 9/15/10	B1/B−		4,505,173
	5,400	International Lease Finance Corp., 5.625%, 9/15/10	B1/BB+		5,394,568
	350	Longpoint Re Ltd., 5.491%, 5/10/10, FRN (a)(b)(d)(o) (acquisition cost-$350,000; purchased 5/24/07)	NR/BB+		349,982

					10,249,723

		Insurance–0.6%
	1,600	ASIF I, 0.466%, 7/26/10, FRN	A1/A+		1,589,323
	300	Residential Reinsurance Ltd., 7.502%, 6/7/10, FRN (a)(b)(d)(o) (acquisition cost-$300,000; purchased 5/16/07)	NR/BB		301,065

					1,890,388

		Retail–0.8%
	2,800	New Albertsons, Inc., 7.50%, 2/15/11	Ba3/B+		2,912,000

		Telecommunications–0.5%
	1,500	British Telecommunications PLC, 9.125%, 12/15/10	Baa2/BBB−		1,572,642


		Total Corporate Notes (cost–$16,541,221)			16,624,753

		U.S. Treasury Bills (k)–0.3%
	1,032	0.185%-0.205%, 8/26/10-9/9/10 (cost–$1,031,332)			1,031,379

		U.S. Government Agency Security (k)–0.0%
	37	Freddie Mac, 0.204%, 2/1/11, FRN (cost–$37,012)	Aaa/AAA		36,984

66 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Fixed Income SHares: Series R Schedule of Investments
April 30, 2010 (unaudited) (continued)


Principal
Amount
(000)			Value

		Repurchase Agreement–0.2%
$	752	State Street Bank & Trust Co., dated 4/30/10, 0.01%, due 5/3/10, proceeds $752,001; collateralized by U.S. Treasury Bills, zero coupon, due 5/6/10, valued at $770,000 (cost–$752,000)	$	752,000

		Total Short-Term Investments (cost–$18,361,565)		18,445,116

		Total Investments before options written (cost–$403,325,392)–119.3%		417,160,840


Contracts/
Notional
Amount
OPTIONS WRITTEN (l)–(0.2)%
		Call Options–(0.1)%
		10-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
$	17,500,000	strike rate 3.25%, expires 8/31/10		(62,935	)
	11,700,000	strike rate 3.25%, expires 10/29/10		(67,567	)
	9,400,000	strike rate 3.50%, expires 6/14/10		(44,625	)
	15,900,000	strike rate 3.50%, expires 8/31/10		(132,362	)
		Inflation Cap CPURNSA Index (OTC),
	5,800,000	Exercise Index=Maximum of ((Index Final/Index Initial-1)-2.50%) or $0 expires 12/7/10		(6,531	)
		U.S. Treasury Bonds 30 yr. Futures (CBOT),
	24	strike price $119, expires 5/21/10		(23,620	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	41	strike price $118, expires 5/21/10		(24,373	)
	36	strike price $119, expires 5/21/10		(8,714	)

				(370,727	)

		Put Options–(0.1)%
		5-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	4,300,000	strike rate 4.00%, expires 12/1/10		(19,133	)
		7-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	2,000,000	strike rate 5.37%, expires 9/20/10		(477	)
		10-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
	10,800,000	strike rate 4.50%, expires 6/14/10		(3,595	)
	15,900,000	strike rate 4.50%, expires 8/31/10		(64,120	)
	20,900,000	strike rate 4.75%, expires 8/31/10		(46,630	)

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 67

Fixed Income SHares: Series R Schedule of Investments
April 30, 2010 (unaudited) (continued)


Contracts/
Notional
Amount				Value

		Put Options (continued)

$	11,700,000	strike rate 5.00%, expires 10/29/10		$	(39,082	)
	3,300,000	strike rate 10.00%, expires 7/10/12			(2,589	)
		Inflation Floor CPURNSA Index (OTC),
	5,800,000	Exercise Index=Maximum of (-1.00%-(Index Final/Index Initial-1)) or $0 expires 12/14/10			(1,582	)
	1,500,000	Exercise Index=Maximum of (0.00%-(Index Final/Index Initial-1)) or $0, expires 3/10/20			(9,674	)
	5,600,000	Exercise Index=Maximum of ((1+0.00%)10-(Index Final/Index Initial)) or $0 expires 3/12/20			(39,247	)
	32,200,000	Exercise Index=Maximum of ((1+0.00%)10-(Index Final/Index Initial)) or $0 expires 4/7/20			(228,140	)
		U.S. Treasury Bonds 30 yr. Futures (CBOT),
	24	strike price $111, expires 5/21/10			(402	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	29	strike price $114, expires 5/21/10			(938	)
	48	strike price $115, expires 5/21/10			(2,337	)

					(457,946	)

		Total Options Written (premiums received – $1,327,950)			(828,673	)

		Total Investments net of options written (cost – $401,997,442)	119.1%		416,332,167
		Other liabilities in excess of other assets	(19.1)		(66,708,461	)

		Net Assets	100.0%	$	349,623,706

68 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust – Notes to Schedules of Investments
April 30, 2010 (unaudited)


(a)	Private Placement–Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $665,358,505, representing 21.9% of net assets in Series C; securities with an aggregate value of $259,844, representing 7.4% of net assets in Series H; securities with an aggregate value of $249,510,678, representing 8.3% of net assets in Series M; securities with an aggregate value of $17,024,394, representing 4.9% of net assets in Series R.

(b)	Illiquid.

(c)	These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Portfolios are ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on April 30, 2010.

(d)	144A–Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(e)	When-issued or delayed-delivery. To be settled/delivered after April 30, 2010.


(f)	In default.


(g)	Fair-valued–Securities with an aggregate value of $260,801, representing 0.01% of net assets in Series C; securities with an aggregate value of $31,250,823, representing 1.0% of net assets in Series M; securities with an aggregate value of $3,614,040, representing 1.0% of net assets in Series R.

(h)	Principal amount less than $500.


(i)	Perpetual maturity. Maturity date shown is the first call date. For Corporate Bonds & Notes the interest rate is fixed until the first call date and variable thereafter.

(j)	Inflationary Bonds–Principal amount of security is adjusted for inflation/deflation.


(k)	All or partial amount segregated as collateral for futures contracts, delayed-delivery securities and swaps.


(l)	Non-income producing.


(m)	Subject to Alternative Minimum Tax.


(n)	Securities with an aggregate value of $1,885,142, representing 83.5% of net assets in Series I, were valued utilizing modeling tools provided by a third-party vendor as described in Note 1(a) in the Notes to Financial Statements.

(o)	Restricted. The aggregate acquisition cost of such securities is $32,094,608, $13,348,827 and $3,695,734 in Series C, Series M and Series R, respectively. The aggregate market value of $31,885,587, $13,373,758 and $3,692,211, is approximately 1.0%, 0.4%, and 1.1% of net assets in Series C, Series M, and Series R, respectively.

(p)	Floating Rate. The rate disclosed reflects the rate in effect on April 30, 2010.

Glossary:

ABS–Asset-Backed Securities

ADR–American Depositary Receipt

AGM–insured by Assured Guaranty Municipal Corp.

AMBAC–insured by American Municipal Bond Assurance Corp.

AUD–Australian Dollar

BRL–Brazilian Real

£–British Pound

CAD–Canadian Dollar

CBOT–Chicago Board of Trade

CDO–Collateralized Debt Obligation

CLO–Collateralized Loan Obligation

CMO–Collateralized Mortgage Obligation

CPURNSA–Consumer Price All Urban Non-Seasonally Adjusted Index

€–Euro

FGIC–insured by Financial Guaranty Insurance Co.

See accompanying Notes to Financial Statements ï 4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 69

Allianz Global Investors Managed Accounts Trust – Notes to Schedules of Investments
April 30, 2010 (unaudited) (continued)

FRN–Floating Rate Note. The interest rate disclosed reflects the rate in effect on April 30, 2010.

GDR–Global Depositary Receipt

GO–General Obligation Bond

IBC–Insurance Bond Certificate

IO–Interest Only

¥–Japanese Yen

LIBOR–London Inter-Bank Offered Rate

MBIA–insured by Municipal Bond Investors Assurance

MBS–Mortgage-Backed Securities

NPFGC–insured by National Public Finance Guarantee Corp.

NR–Not Rated

OTC–Over the Counter

Q-SBLF–Qualified School Bond Loan Fund

RMBS–Residential Mortgage-Backed Securities

TBA–To Be Announced

VRN–Variable Rate Note. Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on April 30, 2010.

WR–Withdrawn Rating

70 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10 ï See accompanying Notes to Financial Statements

Allianz Global Investors Managed Accounts Trust Statements of Assets and Liabilities
April 30, 2010 (unaudited)


				Fixed			Fixed			Fixed			Fixed
	Equity			Income			Income			Income			Income
	Shares:			SHares:			SHares:			SHares:			SHares:
	Series I			Series C			Series H			Series M			Series R
Assets:
Investments, at value (cost-$1,947,691, $2,917,236,853, $3,830,218, $2,996,463,142 and $403,325,392, respectively)		$2,156,113			$3,113,767,643			$3,568,734			$2,981,265,460			$417,160,840

Cash (including foreign currency for Series I, Series C, Series M and Series R with a value and cost of $4,886 and $4,864, $19,248,338 and $19,289,539, $5,930,647 and $5,963,452, $1,170,694 and $1,173,558, respectively)		87,821			19,263,122			835			5,931,365			1,171,686

Deposits with brokers for futures contracts collateral		—			18,000			—			—			—

Interest and dividend receivable		13,388			42,404,121			46,382			25,321,885			2,544,406

Receivable for investments sold		—			13,789,851			—			153,233,317			3,364,666

Swap premiums paid		—			8,811,417			—			14,719,081			250,025

Receivable for terminated swaps		—			401,093			—			1,171,310			—

Receivable for shares of beneficial interest sold		—			7,483,366			—			7,584,461			4,681,094

Receivable for variation margin on futures contracts		—			1,268,719			—			2,531,427			39,138

Unrealized appreciation of forward foreign currency contracts		—			29,891,516			—			4,083,906			1,001,334

Unrealized appreciation of swaps		—			25,893,697			—			56,051,223			1,494,756

Receivable for paydown principal		—			156			—			403,182			25,435

Receivable from broker		—			—			—			149,430			1,208

Prepaid expenses		—			17,040			—			17,040			—

Total Assets		2,257,322			3,263,009,741			3,615,951			3,252,463,087			431,734,588


Liabilities:
Payable for investments purchased		—			108,424,962			98,298			160,634,692			77,054,582

Payable to brokers for cash collateral received		—			44,780,000			—			63,770,000			1,330,000

Unrealized depreciation of forward foreign currency contracts		—			23,265,728			—			2,572,514			152,871

Dividends payable		—			14,910,881			13,014			13,329,603			769,377

Options written, at value (premiums received - $0, $29,215,807, $0, $6,514,826, and $1,327,950, respectively)		—			13,651,720			—			380,360			828,673

Unrealized depreciation of swaps		—			8,356,988			—			2,863,158			782,069

Swap premiums received		—			4,858,675			—			3,663,886			906,721

Payable for shares of beneficial interest redeemed		—			1,770,950			—			1,658,237			76,424

Payable for variation margin on futures contracts		—			1,228,225			—			550,700			19,693

Payable to broker		—			221,016			—			—			178,476

Interest payable for cash collateral received		—			3,455			—			6,567			60

Payable for terminated swaps		—			—			—			—			11,936

Total Liabilities		—			221,472,600			111,312			249,429,717			82,110,882


Net Assets		$2,257,322			$3,041,537,141			$3,504,639			$3,003,033,370			$349,623,706


Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)		$206			$231,213			$464			$299,904			$31,714

Paid-in-capital in excess of par		2,059,147			2,721,108,221			4,243,827			3,145,363,711			334,477,688

Undistributed (dividends in excess of) net investment income		21,490			(16,000,338	)		(5	)		(13,059,487	)		(3,702,580	)

Accumulated net realized gain (loss)		(31,941	)		61,091,585			(478,163	)		(176,141,192	)		2,257,243

Net unrealized appreciation (depreciation) of investments, futures contracts, options written, swaps and foreign currency transactions		208,420			275,106,460			(261,484	)		46,570,434			16,559,641


Net Assets		$2,257,322			$3,041,537,141			$3,504,639			$3,003,033,370			$349,623,706

Shares Outstanding		205,520			231,212,974			463,863			299,903,690			31,713,768

Net Asset Value, Offering Price and Redemption Price Per Share		$10.98			$13.15			$7.56			$10.01			$11.02

See accompanying Notes to Financial Statements ï 4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 71

Allianz Global Investors Managed Accounts Trust Statements of Operations
Six Months ended April 30, 2010 (unaudited)


				Fixed		Fixed			Fixed			Fixed
	Equity			Income		Income			Income			Income
	Shares:			SHares:		SHares:			SHares:			SHares:
	Series I			Series C		Series H			Series M			Series R
Investment Income:
Dividends (net of foreign withholding tax of $2,561 for Series I)		$25,908			$81,493		$—			$1,171,378			$7,500

Interest (net of foreign withholding tax of $9,646 for Series C)		—			83,186,294		77,211			67,320,532			4,313,575

Facility and other fee income		—			514,759		—			10,000			4,012

Total Investment Income		25,908			83,782,546		77,211			68,501,910			4,325,087


Expenses:
Interest expense		59			30,485		—			59,051			471


Net Investment Income		25,849			83,752,061		77,211			68,442,859			4,324,616


Realized and Change In Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(29,431	)		9,093,818		(158,611	)		5,889,276			3,176,373

Futures contracts		—			33,321,272		—			6,041,907			4,222,943

Options written		—			14,098,702		—			9,373,262			1,537,159

Swaps		—			3,537,537		—			13,012,430			(363,743	)

Foreign currency transactions		(2,511	)		25,362,043		—			(7,974,441	)		327,292

Net change in unrealized appreciation/depreciation of:
Investments		185,725			89,840,742		181,125			37,373,518			5,688,365

Futures contracts		—			17,132,953		—			2,626,518			(2,791,106	)

Options written		—			10,303,988		—			2,251,455			356,186

Securities sold short		—			866,716		—			5,593			5,449

Swaps		—			19,350,453		—			18,301,071			345,564

Foreign currency transactions		4			4,246,207		—			(1,146,279	)		674,749

Net realized and change in unrealized gain on investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		153,787			227,154,431		22,514			85,754,310			13,179,231

Net Increase in Net Assets Resulting from Investment Operations		$179,636			$310,906,492		$99,725			$154,197,169			$17,503,847

72 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10 ï See accompanying Notes to Financial Statements

Equity Shares: Series I Statement of Changes in Net Assets


	Six Months			For the period
	ended			August 3, 2009*
	April 30, 2010			through
	(unaudited)			October 31, 2009
Investment Operations:
Net investment income		$25,849			$11,101

Net realized gain (loss) on investments and foreign currency transactions		(31,942	)		38,190

Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		185,729			22,691

Net increase in net assets resulting from investment operations		179,636			71,982

Dividends and Distributions to Shareholders from:
Net investment income		(45,138	)		—

Net realized gains		(8,511	)		—

Total dividends and distributions to shareholders		(53,649	)		—

Capital Share Transactions:
Net proceeds from the sale of shares		3,503			55,850

Total increase in net assets		129,490			127,832

Net Assets:
Beginning of period		2,127,832			2,000,000

End of period (including undistributed net investment income of $21,490 and $40,779, respectively)		$2,257,322			$2,127,832

Shares Issued		315			5,205


*		Commencement of operations.

Fixed Income SHares: Series C Statement of Changes in Net Assets


	Six Months
	ended
	April 30, 2010			Year ended
	(unaudited)			October 31, 2009
Investment Operations:
Net investment income		$83,752,061			$155,138,980

Net realized gain on investments, futures contracts, options written, swaps and foreign currency transactions		85,413,372			337,890,240

Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		141,741,059			400,879,928

Net increase in net assets resulting from investment operations		310,906,492			893,909,148

Dividends and Distributions to Shareholders from:
Net investment income		(275,386,108	)		(249,633,509	)

Net realized gains		(165,337,424	)		(170,954,511	)

Total dividends and distributions to shareholders		(440,723,532	)		(420,588,020	)

Capital Share Transactions:
Net proceeds from the sale of shares		661,760,768			1,226,521,545

Cost of shares redeemed		(383,633,438	)		(813,110,233	)

Net increase in net assets from capital share transactions		278,127,330			413,411,312

Total increase in net assets		148,310,290			886,732,440

Net Assets:
Beginning of period		2,893,226,851			2,006,494,411

End of period (including undistributed (dividends in excess of) net investment income of $(16,000,338) and $175,633,709, respectively)		$3,041,537,141			$2,893,226,851

Shares Issued and Redeemed:
Issued		51,216,030			102,008,354

Redeemed		(29,243,354	)		(67,253,145	)

Net Increase		21,972,676			34,755,209

See accompanying Notes to Financial Statements ï 4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 73

Fixed Income SHares: Series H Statement of Changes in Net Assets


	Six Months
	ended
	April 30, 2010			Year ended
	(unaudited)			October 31, 2009
Investment Operations:
Net investment income		$77,211			$164,637

Net realized loss on investments and swaps		(158,611	)		(223,665	)

Net change in unrealized appreciation/depreciation of investments and swaps		181,125			393,462

Net increase in net assets resulting from investment operations		99,725			334,434


Dividends to Shareholders from Net Investment Income		(77,211	)		(164,230	)


Capital Share Transactions:
Net proceeds from the sale of shares		808,166			222,316

Total increase in net assets		830,680			392,520


Net Assets:
Beginning of period		2,673,959			2,281,439

End of period (including dividends in excess of net investment income of $(5) and $(5), respectively)		$3,504,639			$2,673,959

Shares Issued		107,056			32,203

Fixed Income SHares: Series M Statement of Change in Net Assets


	Six Months
	ended
	April 30, 2010			Year ended
	(unaudited)			October 31, 2009
Investment Operations:
Net investment income		$68,442,859			$289,589,578

Net realized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		26,342,434			(80,112,227	)

Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		59,411,876			498,645,005

Net increase in net assets resulting from investment operations		154,197,169			708,122,356


Dividends to Shareholders from Net Investment Income		(119,813,225	)		(313,991,564	)


Capital Share Transactions:
Net proceeds from the sale of shares		542,631,066			1,417,781,851

Cost of shares redeemed		(353,913,610	)		(742,240,702	)

Net increase in net assets from capital share transactions		188,717,456			675,541,149

Total increase in net assets		223,101,400			1,069,671,941


Net Assets:
Beginning of period		2,779,931,970			1,710,260,029

End of period (including undistributed (dividends in excess of) net investment income of $(13,059,487) and $38,310,879, respectively)		$3,003,033,370			$2,779,931,970


Shares Issued and Redeemed:
Issued		54,992,357			161,066,051

Redeemed		(35,852,143	)		(84,942,297	)

Net Increase		19,140,214			76,123,754

74 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10 ï See accompanying Notes to Financial Statements

Fixed Income SHares: Series R Statement of Changes in Net Assets


	Six Months
	ended
	April 30, 2010			Year ended
	(unaudited)			October 31, 2009
Investment Operations:
Net investment income		$4,324,616			$5,641,303

Net realized gain on investments, futures contracts, options written, swaps and foreign currency transactions		8,900,024			12,899,114

Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		4,279,207			28,147,013

Net increase in net assets resulting from investment operations		17,503,847			46,687,430


Dividends and Distributions to Shareholders from:
Net investment income		(10,080,681	)		(6,425,824	)

Net realized gains		(1,313,660	)		(6,964,780	)

Total dividends and distributions to shareholders		(11,394,341	)		(13,390,604	)


Capital Share Transactions:
Net proceeds from the sale of shares		105,721,914			162,771,513

Cost of shares redeemed		(50,173,825	)		(78,193,796	)

Net increase in net assets from capital share transactions		55,548,089			84,577,717

Total increase in net assets		61,657,595			117,874,543


Net Assets:
Beginning of period		287,966,111			170,091,568

End of period (including undistributed (dividends in excess of) net investment income of $(3,702,580) and $2,053,485, respectively)		$349,623,706			$287,966,111


Shares Issued and Redeemed:
Issued		9,753,980			16,327,477

Redeemed		(4,633,467	)		(8,086,228	)

Net Increase		5,120,513			8,241,249

See accompanying Notes to Financial Statements ï 4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 75

Equity Shares: Series I Financial Highlights
For a share outstanding throughout each period:


	Six Months			For the period
	ended			August 3, 2009*
	April 30, 2010			through
	(unaudited)			October 31, 2009
Net asset value, beginning of period		$10.37			$10.00

Investment Operations:
Net investment income		0.13			0.05

Net realized and change in unrealized gain on investments and foreign currency transactions		0.74			0.32

Total from investment operations		0.87			0.37

Dividends and Distributions to Shareholders from:
Net investment income		(0.22	)		—

Net realized gains		(0.04	)		—

Total dividends and distributions to shareholders		(0.26	)		—

Net asset value, end of period		$10.98			$10.37

Total Investment Return (1)		8.42	%		3.70	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$2,257			$2,128

Ratio of operating expenses to average net assets (3)		0.00	%†(2)		0.00	%†

Ratio of net investment income to average net assets (3)		2.33	%†		2.14	%†

Portfolio turnover		16	%		15	%


*		Commencement of operations.

†		Annualized.

(1)		Assumes reinvestment of all dividends and distributions. Total return for a period of less than one year is not annualized.

(2)		If interest expense were included, the ratio of operating expenses to average net assets for the six months ended April 30, 2010 would be 0.005%.

(3)		Reflects the fact that no fees or expenses except interest expense are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series I, the Investment Manager or the Sub-Advisers. Participants in these programs pay a “wrap” fee to the sponsor of the program.

76 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10 ï See accompanying Notes to Financial Statements

Fixed Income SHares: Series C Financial Highlights
For a share outstanding throughout each period:


	Six Months
	ended
	April 30, 2010			Year ended October 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period		$13.83			$11.50			$12.05			$11.78			$11.64			$12.06

Investment Operations:
Net investment income		0.37			0.83			0.76			0.63			0.55			0.48

Net realized and change in unrealized gain (loss) on investments, futures contracts, options written, securities sold short, swaps, unfunded loan commitments and foreign currency transactions		1.02			3.86			(0.37	)		0.44			0.31			0.04

Total from investment operations		1.39			4.69			0.39			1.07			0.86			0.52

Dividends and Distributions to Shareholders from:
Net investment income		(1.28	)		(1.36	)		(0.74	)		(0.56	)		(0.72	)		(0.54	)

Net realized gains		(0.79	)		(1.00	)		(0.20	)		(0.24	)		—			(0.40	)

Total dividends and distributions to shareholders		(2.07	)		(2.36	)		(0.94	)		(0.80	)		(0.72	)		(0.94	)

Net asset value, end of period		$13.15			$13.83			$11.50			$12.05			$11.78			$11.64

Total Investment Return (1)		11.29	%		45.84	%		2.56	%		9.67	%		7.69	%		4.42	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$3,041,537			$2,893,227			$2,006,494			$1,886,225			$1,449,575			$949,173

Ratio of operating expenses to average net assets (3)		0.00	%† (2)		0.00	% (2)		0.00	%		0.00	%		0.00	%		0.00	%

Ratio of net investment income to average net assets (3)		5.84	%†		6.71	%		6.01	%		5.60	%		4.89	%		4.08	%

Portfolio turnover		67	%		683	%		873	%		750	%		560	%		510	%


†		Annualized.

(1)		Assumes reinvestment of all dividends and distributions. Total return for a period of less than one year is not annualized.

(2)		If interest expense were included, the ratio of operating expenses to average net assets for the six months ended April 30, 2010 and year ended October 31, 2009 would be less than 0.005% and 0.01%, respectively.

(3)		Reflects the fact that no fees or expenses except interest expense are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series C, the Investment Manager or the Sub-Advisers. Participants in these programs pay a “wrap” fee to the sponsor of the program.

See accompanying Notes to Financial Statements ï 4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 77

Fixed Income SHares: Series H Financial Highlights
For a share outstanding throughout each period:


										For the
										period
	Six Months									April 2,
	ended									2007*
	April 30,									through
	2010			Year ended October 31,						October 31,
	(unaudited)			2009			2008			2007
Net asset value, beginning of period		$7.49			$7.03			$9.61			$10.00

Investment Operations:
Net investment income		0.21			0.49			0.52			0.29

Net realized and change in unrealized gain (loss) on investments, futures contracts and swaps		0.07			0.46			(2.58	)		(0.40	)

Total from investment operations		0.28			0.95			(2.06	)		(0.11	)

Dividends to Shareholders from Net Investment Income		(0.21	)		(0.49	)		(0.52	)		(0.28	)

Net asset value, end of period		$7.56			$7.49			$7.03			$9.61

Total Investment Return (1)		3.80	%		14.54	%		(22.21	)%		(1.04	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$3,505			$2,674			$2,281			$2,884

Ratio of operating expenses to average net assets (2)		0.00	%†		0.00	%		0.00	%		0.00	%†

Ratio of net investment income to average net assets (2)		5.62	%†		7.22	%		6.05	%		5.04	%†

Portfolio turnover		26	%		23	%		15	%		87	%


*		Commencement of operations.

†		Annualized.

(1)		Assumes reinvestment of all dividends and distributions. Total return for a period of less than one year is not annualized.

(2)		Reflects the fact that no fees or expenses are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series H, the Investment Manager or the Sub-Advisers. Participants in these programs pay a “wrap” fee to the sponsor of the program.

78 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10 ï See accompanying Notes to Financial Statements

Fixed Income SHares: Series M Financial Highlights
For a share outstanding throughout each period:


	Six Months
	ended
	April 30,
	2010			Year ended October 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period		$9.90			$8.36			$11.31			$11.38			$11.12			$11.87

Investment Operations:
Net investment income		0.23			1.19			1.35			0.66			0.57			0.44

Net realized and change in unrealized gain (loss) on investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		0.29			1.62			(2.90	)		(0.08	)		0.27			(0.29	)

Total from investment operations		0.52			2.81			(1.55	)		0.58			0.84			0.15

Dividends and Distributions to Shareholders from:
Net investment income		(0.41	)		(1.27	)		(1.40	)		(0.65	)		(0.58	)		(0.46	)

Net realized gains		—			—			—			—			—			(0.44	)

Total dividends and distributions to shareholders		(0.41	)		(1.27	)		(1.40	)		(0.65	)		(0.58	)		(0.90	)

Net asset value, end of period		$10.01			$9.90			$8.36			$11.31			$11.38			$11.12

Total Investment Return (1)		5.45	%		36.99	%		(16.53	)%		5.26	%		7.80	%		1.32	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$3,003,033			$2,779,932			$1,710,260			$1,819,024			$1,454,145			$942,197

Ratio of operating expenses to average net assets (2)(3)		0.00	%†		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%

Ratio of net investment income to average net assets (3)		4.81	%†		13.01	%		11.82	%		5.91	%		5.11	%		3.85	%

Portfolio turnover		164	%		916	%		923	%		837	%		928	%		706	%


†		Annualized.

(1)		Assumes reinvestment of all dividends and distributions. Total return for a period of less than one year is not annualized.

(2)		If interest expense were included, the ratio of operating expenses to average net assets for the six months ended April 30, 2010 and years ended October 31, 2009, 2008, 2007, 2006 and 2005 would be less than 0.005%, 1.78%, 7.63%, 1.26%, 0.07% and 0.05%, respectively.

(3)		Reflects the fact that no fees or expenses except interest expense are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series M, the Investment Manager or the Sub-Advisers. Participants in these programs pay a “wrap” fee to the sponsor of the program.

See accompanying Notes to Financial Statements ï 4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 79

Fixed Income SHares: Series R Financial Highlights
For a share outstanding throughout each period:


	Six Months
	ended
	April 30,
	2010			Year ended October 31,
	(unaudited)			2009			2008			2007			2006			2005
Net asset value, beginning of period		$10.83			$9.27			$10.21			$9.90			$10.20			$10.37

Investment Operations:
Net investment income		0.16			0.25			0.57			0.43			0.54			0.50

Net realized and unrealized gain (loss) on investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		0.43			2.00			(0.91	)		0.34			(0.29	)		(0.16	)

Total from investment operations		0.59			2.25			(0.34	)		0.77			0.25			0.34

Dividends and Distributions to Shareholders from:
Net investment income		(0.35	)		(0.29	)		(0.60	)		(0.46	)		(0.55	)		(0.50	)

Net realized gains		(0.05	)		(0.40	)		—			—			—			(0.01	)

Total dividends and distributions to shareholders		(0.40	)		(0.69	)		(0.60	)		(0.46	)		(0.55	)		(0.51	)

Net asset value, end of period		$11.02			$10.83			$9.27			$10.21			$9.90			$10.20

Total Investment Return (1)		5.54	%		25.50	%		(3.87	)%		8.05	%		2.49	%		3.30	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$349,624			$287,966			$170,092			$123,018			$154,793			$135,449

Ratio of operating expenses to average net assets (3)		0.00	%† (2)		0.00	% (2)		0.00	%		0.00	%		0.00	%		0.00	%

Ratio of net investment income to average net assets (3)		2.74	%†		2.77	%		5.39	%		4.36	%		5.33	%		5.28	%

Portfolio turnover		77	%		1216	%		1003	%		825	%		593	%		175	%


†		Annualized.

(1)		Assumes reinvestment of all dividends and distributions. Total return for a period of less than one year is not annualized.

(2)		If interest expense were included, the ratio of operating expenses to average net assets for the six months ended April 30, 2010 and year ended October 31, 2009 would be less than 0.005% and less than 0.005%, respectively.

(3)		Reflects the fact that no fees or expenses except interest expense are incurred. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with Series R, the Investment Manager or the Sub-Advisers. Participants in these programs pay a “wrap” fee to the sponsor of the program.

80 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10 ï See accompanying Notes to Financial Statements

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies

Allianz Global Investors Managed Accounts Trust (the “Trust”), was organized as a Massachusetts business trust on November 3, 1999. The Trust is comprised of Equity Shares: Series I, Fixed Income SHares: Series C, Series H, Series M and Series R (the “Portfolios”). Allianz Global Investors Fund Management LLC (the “Investment Manager”) serves as the Portfolios’ Investment Manager and is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. (“Allianz Global”). Allianz Global is an indirect, wholly-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. The Portfolios are authorized to issue an unlimited amount of shares of beneficial interest at $0.001 par value.

Equity Shares: Series I sold and issued 200,000 shares of beneficial interest in the amount of $2,000,000 to Allianz Global on August 3, 2009.

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Portfolios’ financial statements. Actual results could differ from those estimates.

In the normal course of business, the Portfolios enter into contracts that contain a variety of representations that provide general indemnifications. 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.

The following is a summary of significant accounting policies consistently followed by the Portfolios:

(a) Valuation of Investments

Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services.

Portfolio securities and other financial instruments for which market quotations are not readily available or for which a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures established by the Board of Trustees, or persons acting at their discretion pursuant to procedures established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily available. The Portfolios’ investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the mean between the last quoted bid and ask price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange-traded futures and options on futures are valued at the settlement price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement value. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (“NAV”) of each Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.

The prices used by the Portfolios to value securities may differ from the value that would be realized if the securities were sold and these differences could be material to the Portfolios’ financial statements. Each Portfolio’s NAV is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.

The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair valuing securities, the Equity Shares: Series I Portfolio may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Portfolio’s NAV is calculated. With respect to certain foreign securities, the Portfolio may fair-value securities using modeling tools provided by third-party vendors. The Portfolio has retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Portfolio for foreign securities may differ from the value realized from the sale of those securities and the difference could be material to the financial statements. Fair value

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 81

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies (continued)

pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the Portfolio’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Portfolio.

(b) Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:


•	Level 1 – quoted prices in active markets for identical investments that the Portfolios have the ability to access

•	Level 2 – valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges

•	Level 3 – valuations based on significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments)

An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation technique used.

The valuation techniques used by the Portfolios to measure fair value during the six months ended April 30, 2010 maximized the use of observable inputs and minimized the use of unobservable inputs. When fair-valuing securities, the Portfolios utilized the estimation of the price that would have prevailed in a liquid market for an international equity given information available at the time of evaluation and option adjusted spread pricing techniques.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A summary of the inputs used at April 30, 2010 in valuing each Portfolio’s assets and liabilities is listed below:

Equity Shares: Series I:


			Level 2 -		Level 3 -
			Other Significant		Significant
	Level 1 -		Observable		Unobservable		Value at
	Quoted Prices		Inputs		Inputs		4/30/10


Investments in Securities – Assets
Common Stock:
China		$68,930		—		—		$68,930
Israel		39,182		—		—		39,182
Korea (Republic of)		76,650		—		—		76,650
Spain		59,470		$86,241		—		145,711
Taiwan		26,739		—		—		26,739
All Other		—		1,676,289		—		1,676,289
Preferred Stock		—		122,612		—		122,612


Total Investments		$270,971		$1,885,142		—		$2,156,113

82 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Fixed Income SHares: Series C:


			Level 2 -		Level 3 -
			Other Significant		Significant
	Level 1 -		Observable		Unobservable		Value at
	Quoted Prices		Inputs		Inputs		4/30/10


Investments in Securities – Assets
Corporate Bonds & Notes:
Airlines		—		$46,322,295		$9,388,080		$55,710,375
Financial Services		—		1,041,621,021		1,115,041		1,042,736,062
All Other		—		1,059,038,472		—		1,059,038,472
Mortgaged-Backed Securities		—		188,419,235		134,531		188,553,766
Sovereign Debt Obligations		—		146,568,642		—		146,568,642
U.S. Treasury Bonds & Notes		—		133,192,499		—		133,192,499
U.S. Government Agency Securities		—		122,769,355		—		122,769,355
Municipal Bonds		—		111,518,019		—		111,518,019
Senior Loans		—		41,297,596		—		41,297,596
Asset-Backed Securities		—		10,978,242		—		10,978,242
Preferred Stock		$1,127,840		—		—		1,127,840
Convertible Preferred Stock		779,342		—		—		779,342
Common Stock		293,539		—		—		293,539
Short-Term Investments:
Corporate Notes:
Financial Services		—		27,026,657		126,270		27,152,927
All Other		—		37,801,075		—		37,801,075
All Other Short-Term Investments		—		129,646,525		—		129,646,525
Options Purchased		—		4,603,367		—		4,603,367


Total Investments in Securities – Assets		$2,200,721		$3,100,803,000		$10,763,922		$3,113,767,643


Investments in Securities – Liabilities
Options Written, at value		—		$(12,524,086)		$(1,127,634)		$(13,651,720)


Other Financial Instruments*		$40,075,576		$24,162,497		—		$64,238,073


Total Investments		$42,276,297		$3,112,441,411		$9,636,288		$3,164,353,996

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 83

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Fixed Income SHares: Series H:


			Level 2 -		Level 3 -
			Other Significant		Significant
	Level 1 -		Observable		Unobservable		Value at
	Quoted Prices		Inputs		Inputs		4/30/10


Investments in Securities – Assets
Municipal Bonds		—		$2,906,734		—		$2,906,734
Money Market Fund		—		662,000		—		662,000


Total Investments		—		$3,568,734		—		$3,568,734



Fixed Income SHares: Series M:


			Level 2 -		Level 3 -
			Other Significant		Significant
	Level 1 -		Observable		Unobservable		Value at
	Quoted Prices		Inputs		Inputs		4/30/10



Investments in Securities – Assets
Corporate Bonds & Notes		—		$1,029,889,717		—		$1,029,889,717
Mortgaged-Backed Securities		—		411,576,573		$30,431,912		442,008,485
Sovereign Debt Obligations		—		434,341,767		—		434,341,767
U.S. Treasury Bonds and Notes		—		378,558,397		—		378,558,397
U.S. Government Agency Securities		—		229,961,470		—		229,961,470
Municipal Bonds		—		79,296,271		—		79,296,271
Asset-Backed Securities		—		54,533,323		818,911		55,352,234
Convertible Preferred Stock		$13,887,170		—		—		13,887,170
Common Stock		804,002		—		—		804,002
Short-Term Investments		—		317,165,947		—		317,165,947


Total Investments in Securities – Assets		$14,691,172		$2,935,323,465		$31,250,823		$2,981,265,460


Investments in Securities – Liabilities
Options Written, at value		—		$(380,360)		—		$(380,360)


Other Financial Instruments*		$3,691,490		$54,699,457		—		$58,390,947


Total Investments		$18,382,662		$2,989,642,562		$31,250,823		$3,039,276,047

84 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Fixed Income SHares: Series R:


			Level 2 -		Level 3 -
			Other Significant		Significant
	Level 1 -		Observable		Unobservable		Value at
	Quoted Prices		Inputs		Inputs		4/30/10


Investments in Securities – Assets
U.S. Treasury Bonds & Notes		—		$290,687,873		—		$290,687,873
Corporate Bonds & Notes:
Financial Services		—		37,740,731		$396,880		38,137,611
All Other		—		36,410,672		—		36,410,672
Sovereign Debt Obligations		—		16,525,555		—		16,525,555
Mortgaged-Backed Securities		$2,000,000		7,189,157		1,872,541		11,061,698
Asset-Backed Securities		—		1,939,184		1,741,499		3,680,683
U.S. Government Agency Securities		—		1,932,957		—		1,932,957
Convertible Preferred Stock		197,200		—		—		197,200
Municipal Bonds		—		81,475		—		81,475
Short-Term Investments		—		18,445,116		—		18,445,116


Total Investments in Securities – Assets		$2,197,200		$410,952,720		$4,010,920		$417,160,840


Investments in Securities – Liabilities
Options Written, at value		—		$(543,499)		$(285,174)		$(828,673)


Other Financial Instruments*		$718,546		$1,561,150		—		$2,279,696


Total Investments		$2,915,746		$411,970,371		$3,725,746		$418,611,863

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended April 30, 2010, was as follows:

Fixed Income SHares: Series C:


									Net
			Net						Change
	Beginning		Purchases		Accrued		Net		in Unrealized		Transfers		Transfers		Ending
	Balance		(Sales) and		Discounts		Realized		Appreciation/		into		out		Balance
	10/31/09		Settlements		(Premiums)		Gain(Loss)		Depreciation		Level 3		of Level 3		4/30/10



Investments in Securities – Assets

Corporate Bonds & Notes:

Airlines		$4,341,632		$4,775,881		$990		$(2,514)		$272,091		—		—		$9,388,080

Financial Services		311,000		(12,941)		—		—		100,704		$716,278		—		1,115,041

Mortgaged-Backed Securities		158,059		(195,810)		839		42,996		128,447		—		—		134,531

Short-Term Investments:

Corporate Notes:

Airlines		3,225,000		(2,500,000)		—		—		(725,000)		—		—		—

Financial Services		4,150,876		(4,110,926)		(13,157)		548		98,929		—		—		126,270



Total Investments in Securities – Assets		$12,186,567		$(2,043,796)		$(11,328)		$41,030		$(124,829)		$716,278		—		$10,763,922



Investments in Securities – Liabilities

Options Written, at value		—		$(2,462,289)		—		—		$1,334,655		—		—		$(1,127,634)



Total Investments		$12,186,567		$(4,506,085)		$(11,328)		$41,030		$1,209,826		$716,278		—		$9,636,288

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 85

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Fixed Income SHares: Series M:


									Net
			Net						Change
	Beginning		Purchases		Accrued		Net		in Unrealized		Transfers		Transfers		Ending
	Balance		(Sales) and		Discounts		Realized		Appreciation/		into		out		Balance
	10/31/09		Settlements		(Premiums)		Gain(Loss)		Depreciation		Level 3		of Level 3		4/30/10



Investments in Securities – Assets

Mortgaged-Backed Securities		$26,289,690		—		$217,143		—		$3,925,079		—		—		$30,431,912

U.S. Government Agency Securities		5,930,401		—		14,195		—		145,541		—		$(6,090,137)		—

Asset-Backed Securities		794,015		$(98,647)		—		—		123,543		—		—		818,911



Total Investments		$33,014,106		$(98,647)		$231,338		—		$4,194,163		—		$(6,090,137)		$31,250,823

Fixed Income SHares: Series R:


			Net						Net Change
	Beginning		Purchases		Accrued		Net		in Unrealized		Transfers		Transfers		Ending
	Balance		(Sales) and		Discounts		Realized		Appreciation/		into		out		Balance
	10/31/09		Settlements		(Premiums)		Gain(Loss)		Depreciation		Level 3		of Level 3		4/30/10



Investments in Securities – Assets

Corporate Bonds & Notes:

Financial Services		$392,280		—		$758		—		$3,842		—		—		$396,880

Mortgaged-Backed Securities		—		$1,818,000		—		—		54,541		—		—		1,872,541

Asset-Backed Securities		—		1,804,870		2,752		—		(66,123)		—		—		1,741,499



Total Investments in Securities – Assets		$392,280		$3,622,870		$3,510		—		$(7,740)		—		—		$4,010,920



Investments in Securities – Liabilities

Options Written, at value		—		$(392,050)		—		—		$106,876		—		—		$(285,174)



Total Investments		$392,280		$3,230,820		$3,510		—		$99,136		—		—		$3,725,746


*	Other Financial Instruments are derivative instruments not reflected in the Schedules of Investments, such as futures contracts, swap agreements and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) of the instrument.

The net change in unrealized appreciation/depreciation of Level 3 investments, which Fixed Income SHares: Series C, Series M and Series R held at April 30, 2010, was $1,728,451, $4,014,328 and $99,136, respectively. Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

In January 2010, the Financial Accounting Standards Board released ASU 2010-06, “Improving Disclosures about Fair Value Measurements”. ASU 2010-06 is effective for annual and interim reporting periods beginning after December 15, 2009. The Portfolios’ management is in the process of reviewing ASU 2010-06 to determine future applicability.

(c) Investment Transactions and Investment Income

Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Interest income adjusted for the accretion of discounts and amortization of premiums is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Facility fees and other fees (such as origination fees) received by the Portfolios are amortized as income over the expected term of the loan. Commitment fees received by the Portfolios relating to unfunded purchase commitments are recorded as other fee income upon receipt. Paydown gains and losses are netted and recorded as interest income on the Statements of Operations.

86 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies (continued)

(d) Federal Income Taxes

The Portfolios intend to distribute all of their taxable income and to comply with the other requirements of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. The Portfolios may be subject to excise tax based on the extent of distributions to shareholders.

Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Portfolios, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Portfolios’ management has determined that its evaluation has resulted in no material impact to the Portfolios’ financial statements at April 30, 2010. The Portfolios’ federal tax returns for the prior three years (since inception for Series I) remain subject to examination by the Internal Revenue Service.

(e) Dividends and Distributions

The Portfolios, with the exception of Equity Shares: Series I, declare dividends from net investment income monthly to shareholders. Distributions of net realized capital gains, if any, are paid at least annually. The Portfolios record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. These “book-tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as dividends and/or distributions of paid-in-capital in excess of par.

(f) Foreign Currency Translation

The Portfolios’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market value of investments and other assets and liabilities denominated in foreign currency are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Portfolios’ Statements of Operations.

The Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain (loss) for both financial reporting and income tax reporting purposes.

(g) Senior Loans

The Portfolios purchase assignments of, and participations in, Senior Loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Portfolios succeed to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender.

(h) Repurchase Agreements

The Portfolios enter into transactions with their custodian bank or securities brokerage firms whereby they purchase securities under agreements to resell such securities at an agreed upon price and date (“repurchase agreements”). The Portfolios, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair-value. Collateral pledged (the securities received), which consists primarily of U.S. government obligations and asset-backed securities, are held by the custodian bank until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Portfolios require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 87

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies (continued)

and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Portfolios may be delayed or limited.

(i) Reverse Repurchase Agreements

In a reverse repurchase agreement, the Portfolios sell securities to a bank or broker-dealer and agree to repurchase the securities at a mutually agreed upon date and price. Generally, the effect of such a transaction is that the Portfolios can recover and reinvest all or most of the cash invested in portfolio securities involved during the term of the reverse repurchase agreement and still be entitled to the returns associated with those portfolio securities. Such transactions are advantageous if the interest cost to the Portfolios of the reverse repurchase transaction is less than the returns it obtains on investments purchased with the cash. To the extent a Portfolio does not cover its positions in reverse repurchase agreements (by segregating liquid assets at least equal in amount to the forward purchase commitment), the Portfolio’s uncovered obligations under the agreements will be subject to each Portfolio’s limitations on borrowings. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities that the Portfolios are obligated to repurchase under the agreements may decline below the repurchase price. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Portfolios’ use of the proceeds of the agreement may be restricted pending determination by the other party, or their trustee or receiver, whether to enforce the Portfolios’ obligation to repurchase the securities.

(j) When-Issued/Delayed-Delivery Transactions

When-issued or delayed-delivery transactions involve a commitment 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 purchases are outstanding, the Portfolios will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Portfolios assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining the net asset value. The Portfolios may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security is sold on a delayed-delivery basis, the Portfolios do not participate in future gains and losses with respect to the security.

(k) Inflation-Indexed Bond

Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted 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 in the principal amount of an inflation-indexed bond will be considered interest income in the Statements of Operations, even though investors do not receive principal until maturity.

(l) Mortgage-Related and Other Asset-Backed Securities

Investments in mortgage-related or other asset-backed securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolios to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. The decline in liquidity and prices of these types of securities may have made it more difficult to determine fair market value. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBS involves one class receiving all or a portion of the interest from the mortgage assets (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs and IOettes are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO or IOettes, adjustments are made to the book value of the security on a daily basis until maturity. SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (IOs), which receive all of the interest, and principal-only securities (POs), which receive all of the principal. If the underlying mortgage

88 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

1. Organization and Significant Accounting Policies (continued)

assets experience greater than anticipated payments of principal, the Portfolio may fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

(m) U.S. Government Agencies or Government-Sponsored Enterprises

Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly-owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors not backed by the full faith and credit of the U.S. Government include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). 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 guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(n) Restricted Securities

The Portfolios are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

(o) Short Sales

Short sale transactions involve the Portfolios selling securities they do not own in anticipation of a decline in the market price of the securities. The Portfolios are obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

(p) Interest Expense

Interest expense relates primarily to the Portfolios’ liability in connection with reverse repurchase agreements. Interest expense is recorded as it is incurred.

2. Principal Risks

In the normal course of business, the Portfolios trade financial instruments and enter into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or failure of the other party to a transaction to perform (credit/counterparty risk). The Portfolios are exposed to various risks such as, but not limited to, interest rate, foreign currency, market price and credit/counterparty risks.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Portfolios are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements.

If the Portfolios invest directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, they will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Portfolios’ investments in foreign currency-denominated securities may reduce the returns of the Portfolios.

The Portfolios are subjected to elements of risk not typically associated with investments in the U.S., due to concentrated investments in specific industries or investments in foreign issuers located in a specific country or region. Such

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Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

2. Principal Risks (continued)

concentrations will subject the Portfolios to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws of currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.

The market values of equity securities, such as common and preferred stock, or equity-related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities.

The Portfolios are exposed to credit risk, which is the risk of losing money if the issuer or guarantor of a fixed income security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, the Portfolios are exposed to counterparty risk, or the risk that an institution or other entity with which the Portfolios have unsettled or open transactions will default. The potential loss to the Portfolios could exceed the value of the financial assets recorded in the Portfolios’ financial statements. Financial assets, which potentially expose the Portfolios to counterparty risk, consist principally of cash due from counterparties and investments. The sub-adviser of Fixed Income SHares Portfolios, Pacific Investment Management Company LLC (“PIMCO”), as well as the sub-adviser of Equity Shares: Series I, RCM Capital Management LLC (“RCM” and together with PIMCO, the “Sub-Advisers”), both affiliates of the Investment Manager, seek to minimize the Portfolios’ counterparty risks by performing reviews of each counterparty and by minimizing concentration of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Portfolios have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The Portfolios are party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, over-the-counter derivative and foreign exchange contracts, entered into by the Portfolios and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements, collateral 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 of the Portfolios.

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”) between the Portfolios and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

The Portfolios are also a party to Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements maintain provision for, initiation, income payments, events of default, and maintenance of collateral.

The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Portfolios’ overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

On September 15, 2008, Lehman Brothers Holdings Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code. On September 19, 2008, a proceeding under the Securities Investor Protection Act (“SIPA”) was commenced with respect to Lehman Brothers Inc. (“SLH”), a broker-dealer. A trustee appointed under SIPA is administering the bankruptcy estate of SLH. Lehman Brothers International was placed in administration under the UK Insolvency Act on September 15, 2008. Lehman Brothers Special Financing, Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code on October 3, 2008. In connection with these filings, the Lehman Brothers group of

90 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

2. Principal Risks (continued)

companies (collectively “Lehman Brothers”) will be reorganized and/or liquidated in an orderly fashion, subject to court approval. Each Lehman Brothers entity is a separate legal entity that is subject to its own bankruptcy proceeding.

Certain of the Portfolios had select holdings, credit default swap agreements, foreign currency transactions, securities and derivatives transactions outstanding with Lehman Brothers entities as issuer, referenced entity, counterparty or guarantor at the time the relevant Lehman Brothers entity filed for protection or was placed in administration. The security holdings, credit default swap agreements, foreign currency transactions, securities and derivatives transactions associated with Lehman Brothers as counterparty were written down to their estimated recoverable values. Anticipated losses for securities and derivatives transactions associated with Lehman Brothers Holdings have been incorporated as net realized gain (loss) on the Statements of Operations of the applicable Portfolios. The remaining balances due from Lehman Brothers are included in receivable from/ payable to broker on the Statements of Assets and Liabilities of the applicable Portfolios. A facilitated auction occurred on October 10, 2008 comprising multiple pre-approved brokerage agencies to determine the estimated recovery rate for holdings and credit default swap agreements with Lehman Brothers Holdings Inc. as the referenced entity. These recovery rates, as well as the current value of Senior Lehman bonds, were utilized in determining estimated recovery values for certain holdings.

3. Financial Derivative Instruments

Disclosure about derivative instruments and hedging activities require qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosure about fair value amounts of gains and losses on derivative instruments, and disclosure about credit-risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives which are accounted for as “hedges” and those that do not qualify for such accounting. Although the Portfolios may sometimes use derivatives for hedging purposes, the Portfolios reflect derivatives at fair value and recognize changes in fair value through the Portfolios’ Statements of Operations, and such derivatives do not qualify for hedge accounting treatment. Derivative notional amounts and values as of April 30, 2010, which are disclosed later in the accompanying Notes to Financial Statements, are indicative of the volume of the Portfolios’ derivatives activities over the reporting period.

(a) Futures Contracts

The Portfolios use futures contracts to manage their exposure to the securities markets or the movements in interest rates and currency values. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Portfolios are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Portfolios agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation margin” and are recorded by the Portfolios as unrealized appreciation or depreciation. When the contracts are closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves various risks, including the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and underlying hedging assets, and possible inability or unwillingness of counterparties to meet the terms of their contracts.

(b) Option Transactions

The Portfolios purchase and write (sell) put and call options on securities for hedging purposes, risk management purposes or otherwise as part of their investment strategies. The risk associated with purchasing an option is that the Portfolios pay a premium whether or not the option is exercised. Additionally, the Portfolios bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When an option is written, the premium received is recorded as an asset with an equal liability which is subsequently marked to market to reflect the market value of the option written. These liabilities are reflected as options written in the Portfolios’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written is

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Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

3. Financial Derivative Instruments (continued)

exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Portfolios bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Portfolios purchasing a security at a price different from its current market value.

(c) Swap Agreements

Swap agreements are privately negotiated agreements between the Portfolios and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. The Portfolios enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements in order to manage their exposure to credit, currency and interest rate risk. In connection with these agreements, securities may be identified as collateral 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.

Payments received or made at the beginning of the measurement period are reflected as such on the Portfolios’ Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Portfolios’ 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 or loss on the Portfolios’ Statements of Operations. Net periodic payments received or paid by the Portfolios are included as part of realized gains or losses on the Portfolios’ Statements of Operations.

Entering into these agreements involves, to varying degrees, elements of credit, legal, market and documentation risk in excess of the amounts recognized on the Portfolios’ Statements of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparties to the agreements may default on their obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Credit Default Swap Agreements – Credit default swap agreements involve one party (referred to as the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As sellers of protection on credit default swap agreements, the Portfolios 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 sellers, the Portfolios would effectively add leverage to their portfolios because, in addition to their total net assets, the Portfolios would be subject to investment exposure on the notional amount of the swap.

If the Portfolios are sellers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolios 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 or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolios are buyers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolios will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed 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.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value

92 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

3. Financial Derivative Instruments (continued)

following a credit event). The Portfolios use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolios own or have 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 on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit events. Unlike credit default swaps on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. The Portfolios use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index, or in the case of a tranched index credit default swap, the credit event is settled based on the name’s weight in the index that falls within the tranche for which the Portfolios bear exposure. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. The Portfolios use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit-default swaps on indices are benchmarks 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 issues or sovereign issues of an emerging country as of period end are disclosed later in the Notes to Financial Statements (see 5(c)) and serve as an indicator 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. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and 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 the Portfolios as sellers of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of April 30, 2010 for which the Portfolios are sellers of protection are disclosed later in the Notes to Financial Statements (see 5(c)). 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 the Portfolios for the same referenced entity or entities.

Interest Rate Swap Agreements – Interest rate swap agreements involve the exchange by the Portfolios with a counterparty of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments, with respect to 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

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Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

3. Financial Derivative Instruments (continued)

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 counterparty may terminate the swap transaction in whole at zero cost by 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 swap, under which two parties can exchange variable interest rates based on different money markets.

(d) Forward Foreign Currency Contracts

A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Equity Shares: Series I and Fixed Income SHares: Series C, Series M and Series R enter into forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Portfolios also enter these contracts for purposes of increasing exposure to a foreign currency or shifting exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In addition, these contracts may involve market risk in excess of unrealized gain (loss) reflected in the Portfolios’ Statements of Assets and Liabilities.

Fair Value of Derivative Instruments at April 30, 2010

The following is a summary of the fair valuation of the Portfolios’ derivative instruments categorized by risk exposure.

The effect of derivative instruments on the Portfolios’ Statements of Assets and Liabilities at April 30, 2010:

Fixed Income SHares: Series C:


					Foreign
	Interest		Credit		Exchange
Location	Rate Contracts		Contracts		Contracts		Total


Asset Derivatives:
Investments, at value (options purchased)		—		—		$4,603,367		$4,603,367
Unrealized appreciation of swaps		$21,089,816		$4,803,881		—		25,893,697
Receivable for variation margin on futures contracts*		1,268,719		—		—		1,268,719
Unrealized appreciation of forward foreign currency contracts		—		—		29,891,516		29,891,516


Total Asset Derivatives		$22,358,535		$4,803,881		$34,494,883		$61,657,299


Liability Derivatives:
Unrealized depreciation of swaps		$(7,304,343)		$(1,052,645)		—		$(8,356,988)
Payable for variation margin on futures contracts*		(1,228,225)		—		—		(1,228,225)
Options written, at value		(12,524,086)		(1,127,634)		—		(13,651,720)
Unrealized depreciation of forward foreign currency contracts		—		—		$(23,265,728)		(23,265,728)


Total Liability Derivatives		$(21,056,654)		$(2,180,279)		$(23,265,728)		$(46,502,661)


*	Included in the net unrealized appreciation of $40,075,576 on futures contracts, as reported in section 5(a) of the Notes to Financial Statements.

94 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

3. Financial Derivative Instruments (continued)

Fixed Income SHares: Series M:


					Foreign
	Interest		Credit		Exchange
Location	Rate Contracts		Contracts		Contracts		Total


Asset Derivatives:
Unrealized appreciation of swaps		$41,136,901		$14,914,322		—		$56,051,223
Receivable for variation margin on futures contracts*		2,531,427		—		—		2,531,427
Unrealized appreciation of forward foreign currency contracts		—		—		$4,083,906		4,083,906


Total Asset Derivatives		$43,668,328		$14,914,322		$4,083,906		$62,666,556


Liability Derivatives:
Unrealized depreciation of swaps		$(369,586)		$(2,493,572)		—		$(2,863,158)
Payable for variation margin on futures contracts*		(550,700)		—		—		(550,700)
Options written, at value		(380,360)		—		—		(380,360)
Unrealized depreciation of forward foreign currency contracts		—		—		$(2,572,514)		(2,572,514)


Total Liability Derivatives		$(1,300,646)		$(2,493,572)		$(2,572,514)		$(6,366,732)


*	Included in the net unrealized appreciation of $3,691,490 on futures contracts, as reported in section 5(a) of the Notes to Financial Statements.

Fixed Income SHares: Series R:


			Foreign
	Interest	Credit	Exchange
Location	Rate Contracts	Contracts	Contracts	Total


Asset Derivatives:
Unrealized appreciation of swaps	$611,648	$883,108	—	$1,494,756
Receivable for variation margin on futures contracts*	39,138	—	—	39,138
Unrealized appreciation of forward foreign currency contracts	—	—	$1,001,334	1,001,334


Total Asset Derivatives	$650,786	$883,108	$1,001,334	$2,535,228


Liability Derivatives:
Unrealized depreciation of swaps	$(209,580)	$(572,489)	—	$(782,069)
Payable for variation margin on futures contracts*	(19,693)	—	—	(19,693)
Options written, at value	(543,499)	(285,174)	—	(828,673)
Unrealized depreciation of forward foreign currency contracts	—	—	$(152,871)	(152,871)


Total Liability Derivatives	$(772,772)	$(857,663)	$(152,871)	$(1,783,306)


*	Included in the net unrealized appreciation of $718,546 on futures contracts, as reported in section 5(a) of the Notes to Financial Statements.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 95

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

3. Financial Derivative Instruments (continued)

The effect of derivative instruments on the Portfolios’ Statements of Operations for the six months ended April 30, 2010:

Fixed Income SHares: Series C:


					Foreign
	Interest		Credit		Exchange
Location	Rate Contracts		Contracts		Contracts		Total


Net Realized Gain (Loss) on:
Investments (options purchased)		—		—		$(1,689,449)		$(1,689,449)
Futures contracts		$33,321,272		—		—		33,321,272
Options written		10,349,621		—		3,749,081		14,098,702
Swaps		2,368,939		$1,168,598		—		3,537,537
Foreign currency transactions		—		—		27,962,900		27,962,900


Total Net Realized Gain (loss)		$46,039,832		$1,168,598		$30,022,532		$77,230,962


Net Change in Unrealized Appreciation/Depreciation of:
Investments (options purchased)		—		—		$(2,653,961)		$(2,653,961)
Futures contracts		$17,132,953		—		—		17,132,953
Options written		10,300,456		$1,331,522		(1,327,990)		10,303,988
Swaps		15,882,743		3,467,710		—		19,350,453
Foreign currency transactions		—		—		5,607,487		5,607,487


Total Net Change in Unrealized Appreciation/Depreciation		$43,316,152		$4,799,232		$1,625,536		$49,740,920

Fixed Income SHares: Series M:


					Foreign
	Interest		Credit		Exchange
Location	Rate Contracts		Contracts		Contracts		Total


Net Realized Gain (Loss) on:
Futures contracts		$6,041,907		—		—	$6,041,907
Options written		9,373,262		—		—	9,373,262
Swaps		9,170,331		$3,842,099		—	13,012,430
Foreign currency transactions		—		—		$(4,735,516)	(4,735,516)


Total Net Realized Gain (Loss)		$24,585,500		$3,842,099		$(4,735,516)	$23,692,083


Net Change in Unrealized Appreciation/Depreciation of:
Futures contracts		$2,626,518		—		—	$2,626,518
Options written		2,251,455		—		—	2,251,455
Swaps		12,148,412		$6,152,659		—	18,301,071
Foreign currency transactions		—		—		$1,626,497	1,626,497


Total net change in unrealized appreciation/depreciation		$17,026,385		$6,152,659		$1,626,497	$24,805,541

96 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

3. Financial Derivative Instruments (continued)

Fixed Income SHares: Series R:


					Foreign
	Interest		Credit		Exchange
Location	Rate Contracts		Contracts		Contracts		Total


Net Realized Gain (Loss) on:
Futures contracts		$4,222,943		—		—		$4,222,943
Options written		1,473,509		$63,650		—		1,537,159
Swaps		—		(363,743)		—		(363,743)
Foreign currency transactions		—		—		$396,334		396,334


Total Net Realized Gain (Loss)		$5,696,452		$(300,093)		$396,334		$5,792,693


Net Change in Unrealized Appreciation/Depreciation of:
Futures contracts		$(2,791,106)		—		—		$(2,791,106)
Options written		283,156		$73,030		—		356,186
Swaps		(152,109)		497,673		—		345,564
Foreign currency transactions		—		—		$730,250		730,250


Total Net Change in Unrealized Appreciation/Depreciation		$(2,660,059)		$570,703		$730,250		$(1,359,106)

4. Investment Manager/Sub-Advisers/Administrator/Distributor

(a) Investment Manager/Sub-Advisers

The Investment Manager serves as manager of the Portfolios pursuant to an Investment Management Agreement with the Trust. Pursuant to Portfolio Management Agreements between the Investment Manager and PIMCO with regard to Fixed Income SHares: Series C, Series H, Series M and Series R and the Investment Manager and RCM with regard to Equity Shares: Series I, the Investment Manager employs PIMCO and RCM, to serve as sub-adviser and provide investment advisory services to the Fixed Income SHares: Series C, Series H, Series M and Series R Portfolios and Equity Shares: Series I Portfolio, respectively. RCM employs Allianz Global Investors Advisory GmbH (“AGIA”, together with RCM, the Sub-Adviser) to serve as portfolio manager and provide day-to-day investment advisory services to Equity Shares: Series I. Neither the Investment Manager nor PIMCO, RCM or AGIA receive investment management or other fees from the Portfolios or the Trust. The financial statements reflect the fact that no fees or expenses are incurred by the Portfolios. It should be understood, however, that the Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers unaffiliated with the Portfolios, the Investment Manager or the Sub-Advisers. Typically, participants in these programs pay a “wrap fee” to their investment adviser. Although the Portfolios do not compensate the Investment Manager or Sub-Advisers directly for their services under the Investment Management Agreements or Portfolio Management Agreements, respectively, the Investment Manager and Sub-Advisers may benefit from their relationship with the sponsors of wrap fee programs for which the Trust is an investment option.

(b) Administrator

The Investment Manager also serves as administrator to the Portfolios pursuant to an administration agreement (“Administration Agreement”) with the Trust. The administrator’s responsibilities include providing or procuring certain administrative services to the Portfolios as well as arranging at its own expense for the provision of legal, audit, custody, transfer agency and other services required for the ordinary operation of the Portfolios, and is responsible for printing, trustees’ fees, and other costs of the Portfolios. Under the Administration Agreement, the Investment Manager has agreed to provide or procure these services, and to bear these expenses at no charge to the Portfolios.

(c) Distributor

Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of the Investment Manager, serves as the distributor of the Portfolios’ shares. Pursuant to a distribution agreement with the Trust, the Investment Manager on behalf of the Portfolios, pays the Distributor.

At April 30, 2010, Allianz Global Investors owned 65% and 97% of the outstanding shares of Series H and Series I, respectively. Investment activity by this shareholder could have a material impact to Series H and Series I.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 97

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities

Purchases and sales of investments, other than short-term securities and U.S. Government obligations for the six months ended April 30, 2010, were:


	U.S. Government Obligations		All Other
	Purchases	Sales	Purchases	Sales


Equity Shares: Series I	—	—	$355,730	$336,119
Fixed Income SHares: Series C	$1,148,283,537	$1,324,710,631	961,796,480	559,271,157
Fixed Income SHares: Series H	—	—	992,824	631,583
Fixed Income SHares: Series M	3,625,725,945	4,686,880,752	932,759,850	271,393,006
Fixed Income SHares: Series R	264,748,660	188,252,207	85,480,956	35,572,922

(a) Futures contracts outstanding at April 30, 2010:

Fixed Income SHares: Series C:


			Market		Unrealized
			Value	Expiration	Appreciation
	Type	Contracts	(000s)	Date	(Depreciation)



Long:	3-Month Canadian Bankers’ Acceptance Futures	3,023	$729,373	3/14/11		$(1,984,451	)

	3-Month Canadian Bankers’ Acceptance Futures	40	9,619	6/13/11		(23,231	)

	Euro-Bund 10 yr. Futures	1,616	268,267	6/8/10		2,913,861

	Financial Futures Euro–90 day	500	124,413	6/14/10		237,500

	Financial Futures Euro–90 day	1,299	322,769	9/13/10		3,821,092

	Financial Futures Euro–90 day	9,434	2,339,042	12/13/10		21,510,803

	Financial Futures Euro–90 day	4,747	1,173,696	3/14/11		11,531,314

	Financial Futures Euro–90 day	2,084	513,654	6/13/11		683,063

	U.S. Treasury Notes 10 yr. Futures	915	107,884	6/21/10		1,385,625


						$40,075,576

98 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

Fixed Income SHares: Series M:


			Market		Unrealized
			Value	Expiration	Appreciation
	Type	Contracts	(000s)	Date	(Depreciation)



Long:	3-Month Canadian Bankers’ Acceptance Futures	1,501	$363,524	12/13/10		$(2,090,359	)

	3-Month Canadian Bankers’ Acceptance Futures	49	11,823	3/14/11		(64,341	)

	Euro-Bobl 5 yr. Futures	11	1,728	6/8/10		(439	)

	Euro-Bund 10 yr. Futures	196	32,537	6/8/10		324,498

	Financial Futures Euro–90 day	3,093	769,616	6/14/10		(1,082,550	)

	Financial Futures Euro–90 day	3,498	867,285	12/13/10		(218,625	)

	Financial Futures Euro–90 day	821	202,992	3/14/11		2,206,438

	U.S. Treasury Notes 2 yr. Futures	4,769	1,037,630	6/30/10		2,308,040

	U.S. Treasury Notes 10 yr. Futures	2,615	308,325	6/21/10		2,308,828


						$3,691,490

Fixed Income SHares: Series R:


			Market
			Value	Expiration	Unrealized
	Type	Contracts	(000s)	Date	Appreciation



Long:	Euribor Futures	52	$17,146	6/14/10		$46,401

	Euribor Futures	79	25,989	12/13/10		64,218

	Euro-Bund 10 yr. Futures	73	12,119	6/8/10		209,688

	Financial Futures Euro–90 day	279	69,422	6/14/10		315,325

	Financial Futures Euro–90 day	180	44,366	6/13/11		75,300

	United Kingdom–90 day	36	6,809	12/16/10		7,614


						$718,546

Fixed Income SHares: Series C pledged cash collateral of $18,000 for futures contracts.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 99

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

(b) Transactions in options written for the six months ended April 30, 2010:

Fixed Income SHares: Series C:


		Notional
	Contracts	Amount	Premiums


Options outstanding, October 31, 2009	792	1,181,700,000	$11,798,952
Options written	5,859	6,163,400,000	31,515,557
Options terminated in closing transactions	(6,651)	(1,480,200,000)	(10,349,621)
Options expired	—	(339,900,000)	(3,749,081)

Options outstanding, April 30, 2010	—	5,525,000,000	$29,215,807

Fixed Income SHares: Series M:


		Notional
	Contracts	Amount	Premiums


Options outstanding, October 31, 2009	—	805,100,000	$8,189,138
Options written	2,966	1,585,000,000	8,013,950
Options terminated in closing transactions	(2,966)	(1,708,000,000)	(9,688,262)

Options outstanding, April 30, 2010	—	682,100,000	$6,514,826

Fixed Income SHares: Series R:


		Notional
	Contracts	Amount	Premiums


Options outstanding, October 31, 2009	—	28,300,000	$243,705
Options written	674	343,000,000	2,621,405
Options terminated in closing transactions	(472)	(183,600,000)	(1,473,510)
Options expired	—	(13,400,000)	(63,650)

Options outstanding, April 30, 2010	202	174,300,000	$1,327,950

100 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

Buy protection swap agreements outstanding at April 30, 2010 (1):

Fixed Income SHares: Series C:


	Notional Amount						Upfront	Unrealized
Swap Counterparty/	Payable on Default		Credit	Termination	Payments	Market	Premiums	Appreciation
Referenced Debt Issuer	(000s) (4)		Spread (3)	Date	Made	Value (5)	Paid	(Depreciation)


Bank of America:
DTE Energy		$5,000	1.00%	6/20/16	(0.97)%	$1,817	—	$1,817
Citigroup:
Merrill Lynch		5,000	1.81%	3/20/15	(2.45)%	(155,899)	—	(155,899)
Credit Suisse First Boston:
Deutsche Telekom International Finance		5,000	0.85%	9/20/18	(1.08)%	(88,853)	—	(88,853)
Deutsche Bank:
Credit Suisse First Boston		4,400	0.80%	6/20/13	(1.35)%	(81,634)	—	(81,634)
Sara Lee		7,000	0.44%	6/20/13	(0.68)%	(56,873)	—	(56,873)
JPMorgan Chase:
Lexmark International		5,000	1.15%	6/20/13	(1.19)%	(12,352)	—	(12,352)

						$(393,794)	—	$(393,794)

Fixed Income SHares: Series M:


	Notional Amount						Upfront	Unrealized
Swap Counterparty/	Payable on Default		Credit	Termination	Payments	Market	Premiums	Appreciation
Referenced Debt Issuer	(000s) (4)		Spread (3)	Date	Made	Value (5)	(Received)	(Depreciation)


Bank of America:
Macy’s		$5,000	1.57%	9/20/15	(7.06)%	$(1,390,381)	—	$(1,390,381)
Barclays Bank:
Embarq		400	0.86%	6/20/13	(1.00)%	(2,132)	$(7,216)	5,084
Hasbro		4,000	1.19%	9/20/17	(0.81)%	93,534	—	93,534
Citigroup:
Valero Energy		4,600	1.36%	12/20/13	(3.40)%	(344,887)	—	(344,887)
Deutsche Bank:
Altria Group		4,500	1.84%	3/20/19	(1.46)%	118,162	—	118,162
Morgan Stanley:
Altria Group		1,500	1.83%	12/20/18	(1.55)%	26,453	—	26,453

						$(1,499,251)	$(7,216)	$(1,492,035)

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 101

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

Fixed Income SHares: Series R:


	Notional Amount						Upfront	Unrealized
Swap Counterparty/	Payable on Default		Credit	Termination	Payments	Market	Premiums	Appreciation
Referenced Debt Issuer	(000s) (4)		Spread (3)	Date	Made	Value (5)	Paid (Received)	(Depreciation)


Bank of America:
International Lease Finance		$1,000	4.03%	9/20/13	(5.00)%	$(34,636)	$(32,287)	$(2,349)
Marsh & McLennan		3,000	1.32%	6/20/19	(0.90)%	90,927	—	90,927
Barclays Bank:
FBG Finance		1,500	0.52%	6/20/15	(1.60)%	(81,641)	—	(81,641)
Deutsche Bank:
Albertsons		3,000	1.81%	3/20/11	(1.00)%	18,052	30,211	(12,159)
Pulte Homes		1,500	1.06%	9/20/11	(1.00)%	(448)	5,573	(6,021)
Starwood Hotels & Resorts Worldwide		3,100	0.92%	3/20/13	(1.00)%	(10,243)	52,342	(62,585)
Goldman Sachs:
RPM International		1,000	1.36%	3/20/18	(1.50)%	(11,510)	—	(11,510)
JPMorgan Chase:
Newell Rubbermaid		4,000	1.47%	6/20/19	(2.72)%	(384,506)	—	(384,506)

						$(414,005)	$55,839	$(469,844)

102 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

Sell protection swap agreements outstanding at April 30, 2010 (2):

Fixed Income SHares: Series C:


	Notional Amount						Upfront	Unrealized
Swap Counterparty/	Payable on Default		Credit	Termination	Payments	Market	Premiums	Appreciation
Referenced Debt Issuer	(000s) (4)		Spread (3)	Date	Received	Value (5)	Paid (Received)	(Depreciation)


Bank of America:
General Electric		$4,000	0.98%	6/20/12	5.00%	$363,357	$75,672	$287,685
Morgan Stanley		1,000	1.03%	3/20/11	1.00%	925	(1,068)	1,993
Barclays Bank:
Brazilian Government International Bond		44,000	0.83%	3/20/12	1.00%	195,007	90,126	104,881
BNP Paribas:
General Electric		15,200	1.17%	12/20/13	4.90%	2,062,111	—	2,062,111
Citigroup:
El Paso		2,700	1.83%	3/20/14	5.00%	330,639	(133,380)	464,019
Credit Suisse First Boston:
China Government International Bond		4,700	0.61%	3/20/15	1.00%	91,538	51,098	40,440
Deutsche Bank:
Berkshire Hathaway		11,900	0.85%	9/20/13	1.10%	112,486	—	112,486
General Electric		7,700	1.17%	12/20/13	3.80%	739,747	—	739,747
ING Bank		€28,600	0.95%	6/20/11	1.40%	210,181	—	210,181
Procter & Gamble		$3,000	0.36%	3/20/14	1.27%	108,103	—	108,103
Goldman Sachs:
California State Municipal Bond		3,300	1.93%	12/20/18	1.63%	(57,156)	—	(57,156)
California State Municipal Bond		25,000	1.93%	12/20/18	1.65%	(400,386)	—	(400,386)
Dow Jones CDX HY-9 5-Year Index 35-100%		3,369	0.62%	12/20/12	2.05%	133,770	—	133,770
El Paso		350	2.13%	9/20/14	5.00%	43,003	(27,125)	70,128
International Paper		3,000	0.31%	6/20/10	0.78%	4,715	—	4,715
SLM		4,100	3.52%	3/20/13	2.95%	(48,863)	—	(48,863)

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 103

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)


	Notional Amount						Upfront	Unrealized
Swap Counterparty/	Payable on Default		Credit	Termination	Payments	Market	Premiums	Appreciation
Referenced Debt Issuer	(000s) (4)		Spread (3)	Date	Received	Value (5)	Paid	(Depreciation)


HSBC Bank:
Brazilian Government International Bond		$18,100	0.83%	3/20/12	1.00%	$80,218	$40,787	$39,431
JPMorgan Chase:
American Express		2,800	0.77%	3/20/14	2.75%	217,116	—	217,116
China Government International Bond		22,000	0.61%	3/20/15	1.00%	428,475	254,939	173,536
General Electric		2,500	0.79%	6/20/11	1.00%	8,955	6,012	2,943
Merrill Lynch:
American International Group		4,000	2.00%	12/20/12	0.90%	(107,224)	—	(107,224)
Apache		4,500	0.12%	6/20/10	0.39%	3,793	—	3,793
General Electric		1,800	0.73%	6/20/10	0.30%	(456)	—	(456)
JPMorgan Chase		3,000	0.61%	9/20/12	0.39%	(13,940)	—	(13,940)
SLM		3,000	3.43%	12/20/12	2.90%	(29,009)	—	(29,009)
Morgan Stanley:
Altria Group		2,500	0.48%	12/20/10	0.95%	10,294	—	10,294
ConocoPhillips		4,700	0.20%	3/20/11	0.23%	2,539	—	2,539
Time Warner		5,000	0.14%	9/20/10	0.58%	12,153	—	12,153

						$4,502,091	$357,061	$4,145,030

104 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

Fixed Income SHares: Series M:


	Notional Amount						Upfront	Unrealized
Swap Counterparty/	Payable on Default		Credit	Termination	Payments	Market	Premiums	Appreciation
Referenced Debt Issuer	(000s) (4)		Spread (3)	Date	Received	Value (5)	(Received)	(Depreciation)


Barclays Bank:
SLM		$15,000	3.77%	12/20/13	5.00%	$690,593	$(2,025,000)	$2,715,593
BNP Paribas:
General Electric		10,000	1.17%	12/20/13	3.80%	960,710	—	960,710
General Electric		75,000	1.17%	12/20/13	4.50%	9,095,049	—	9,095,049
Deutsche Bank:
SLM		10,000	3.77%	12/20/13	5.00%	460,396	(1,350,000)	1,810,396
Goldman Sachs:
Berkshire Hathaway		2,200	0.85%	9/20/13	0.97%	11,048	—	11,048
Berkshire Hathaway		14,600	0.85%	9/20/13	0.98%	78,293	—	78,293
California State Municipal Bond		25,000	1.93%	12/20/18	1.60%	(481,919)	—	(481,919)
California State Municipal Bond		11,000	1.93%	12/20/18	1.75%	(104,421)	—	(104,421)
SLM		5,600	3.52%	3/20/13	2.95%	(66,740)	—	(66,740)
SLM		10,000	3.52%	3/20/13	3.00%	(105,224)	—	(105,224)

						$10,537,785	$(3,375,000)	$13,912,785

Fixed Income SHares: Series R:


	Notional Amount						Upfront	Unrealized
Swap Counterparty/	Payable on Default		Credit	Termination	Payments	Market	Premiums	Appreciation
Referenced Debt Issuer	(000s) (4)		Spread (3)	Date	Received	Value (5)	Paid (Received)	(Depreciation)


Citigroup:
France Government Bond		$7,000	0.60%	6/20/15	0.25%	$(116,705)	$(147,851)	$31,146
United Kingdom Gilt		1,300	0.72%	6/20/15	1.00%	19,015	10,564	8,451
Deutsche Bank:
American International Group		3,800	2.33%	12/20/13	5.00%	363,006	(389,500)	752,506
Brazilian Government International Bond		2,100	1.49%	6/20/20	1.00%	(81,327)	(69,609)	(11,718)
HSBC Bank:
Brazilian Government International Bond		3,100	1.23%	6/20/15	1.00%	(31,029)	(31,107)	78

						$152,960	$(627,503)	$780,463


(1)		If the Portfolios are buyers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolios 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 or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)		If the Portfolios are sellers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolios will either (i) pay to the buyer of protection an amount equal to the notional amount of the

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 105

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)


		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 or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)		Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements as of year end serve as an indicator 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.

(4)		The maximum potential amount the Portfolios could be required to make available as sellers of credit protection or receive as buyers of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(5)		The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at April 30, 2010 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 been 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 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.

(d) Interest rate swap agreements outstanding at April 30, 2010:

Fixed Income SHares: Series C:


			Rate Type
	Notional								Upfront			Unrealized
	Amount	Termination	Payments	Payments		Market			Premiums			Appreciation
Swap Counterparty	(000s)	Date	Made	Received		Value			Paid (Received)			(Depreciation)


Barclays Bank	BRL 472,500	1/2/12	BRL-CDI-Compounded		11.65%		$3,319,461			$(387,938	)		$3,707,399
Barclays Bank	BRL 169,900	1/2/12	BRL-CDI-Compounded		11.67%		1,286,159			1,379,581			(93,422	)
Barclays Bank	€34,900	9/16/14	6-Month EUR-LIBOR		3.50%		3,360,906			1,265,603			2,095,303
Barclays Bank	MXN 459,300	1/31/19	28-Day Mexico Interbank TIIE Banxico		8.66%		2,599,211			588,136			2,011,075
Barclays Bank	MXN 304,800	4/9/19	28-Day Mexico Interbank TIIE Banxico		7.78%		219,336			10,652			208,684
Citigroup	AUD 116,800	12/15/20	6-Month Australian Bank Bill		6.00%		(1,943,981	)		(1,682,010	)		(261,971	)
Credit Suisse First Boston	€13,300	9/16/14	6-Month EUR-LIBOR		3.50%		1,280,790			477,301			803,489
Deutsche Bank	$98,500	12/16/11	3-Month USD-LIBOR		3.00%		4,259,850			2,128,585			2,131,265
Deutsche Bank	AUD 188,640	12/15/15	6-Month Australian Bank Bill		5.00%		(8,024,336	)		(2,459,890	)		(5,564,446	)
Goldman Sachs	BRL 281,400	1/2/12	BRL-CDI-Compounded		10.72%		(969,900	)		20,342			(990,242	)
Goldman Sachs	BRL 53,500	1/2/12	BRL-CDI-Compounded		11.67%		405,000			264,164			140,836
Goldman Sachs	€48,400	3/18/14	6-Month EUR-LIBOR		4.50%		6,297,091			47,844			6,249,247
HSBC Bank	BRL 100,000	1/2/12	BRL-CDI-Compounded		10.61%		(494,420	)		(135,865	)		(358,555	)
HSBC Bank	BRL 171,900	1/2/12	BRL-CDI-Compounded		11.67%		1,301,299			1,337,006			(35,707	)
HSBC Bank	MXN 355,600	1/31/19	28-Day Mexico Interbank TIIE Banxico		8.66%		2,012,366			407,130			1,605,236
JPMorgan Chase	BRL 46,900	1/2/12	BRL-CDI-Compounded		11.65%		329,487			(31,399	)		360,886
JPMorgan Chase	MXN 290,950	1/31/19	28-Day Mexico Interbank TIIE Banxico		8.66%		1,646,507			292,386			1,354,121
JPMorgan Chase	€4,000	9/16/19	6-Month EUR-LIBOR		4.00%		496,328			74,053			422,275

							$17,381,154			$3,595,681			$13,785,473

106 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

Fixed Income SHares: Series M:


			Rate Type
	Notional							Upfront			Unrealized
	Amount	Termination	Payments	Payments		Market		Premiums			Appreciation
Swap Counterparty	(000s)	Date	Made	Received		Value		Paid (Received)			(Depreciation)


Barclays Bank	BRL 150,000	1/2/12	BRL-CDI-Compounded		11.65%		$1,053,798		$(124,589	)		$1,178,387
Barclays Bank	BRL 145,300	1/2/13	BRL-CDI-Compounded		12.28%		69,315		438,901			(369,586	)
Barclays Bank	MXN 207,500	1/28/15	28-Day Mexico Interbank TIIE Banxico		7.34%		294,497		(39	)		294,536
Barclays Bank	€33,100	9/15/30	6-Month EUR-LIBOR		4.00%		1,761,382		594,756			1,166,626
Citigroup	$275,700	12/16/14	3-Month USD-LIBOR		4.00%		22,669,997		7,388,760			15,281,237
Citigroup	MXN 121,700	1/31/19	28-Day Mexico Interbank TIIE Banxico		8.66%		688,710		174,357			514,353
HSBC Bank	BRL 150,000	1/2/12	BRL-CDI-Compounded		11.65%		1,053,797		(140,499	)		1,194,296
HSBC Bank	MXN 239,900	1/28/15	28-Day Mexico Interbank TIIE Banxico		7.33%		332,363		(16,543	)		348,906
HSBC Bank	MXN 109,850	1/31/19	28-Day Mexico Interbank TIIE Banxico		8.66%		621,648		172,641			449,007
Merrill Lynch	MXN 87,300	2/7/19	28-Day Mexico Interbank TIIE Banxico		8.30%		327,355		—			327,355
Morgan Stanley	€200	3/18/14	6-Month EUR-LIBOR		4.00%		27,432		5,863			21,569
Morgan Stanley	$6,900	12/16/14	3-Month USD-LIBOR		4.00%		567,366		156,285			411,081
Royal Bank of Scotland	313,000	12/16/14	3-Month USD-LIBOR		4.00%		25,737,066		5,787,518			19,949,548

							$55,204,726		$14,437,411			$40,767,315

Fixed Income SHares: Series R:


			Rate Type
	Notional									Upfront			Unrealized
	Amount	Termination	Payments	Payments			Market			Premiums			Appreciation
Swap Counterparty	(000s)	Date	Made	Received			Value			Paid (Received)			(Depreciation)


Barclays Bank	€9,100	9/17/10	6-Month EUR-LIBOR		5.00	%		$484,696			$(96,137	)		$580,833
Barclays Bank	BRL 6,100	1/2/13	BRL-CDI-Compounded		12.28	%		2,910			23,354			(20,444	)
Goldman Sachs	BRL 12,900	1/2/13	BRL-CDI-Compounded		11.89	%		(55,060	)		6,711			(61,771	)
HSBC Bank	BRL 3,600	1/2/12	BRL-CDI-Compounded		11.14	%		5,040			13,811			(8,771	)
HSBC Bank	BRL 3,300	1/2/12	BRL-CDI-Compounded		11.36	%		836			14,732			(13,896	)
HSBC Bank	BRL 5,400	1/2/12	BRL-CDI-Compounded		11.67	%		40,879			43,235			(2,356	)
HSBC Bank	BRL 2,600	1/2/13	BRL-CDI-Compounded		11.89	%		(11,097	)		3,941			(15,038	)
JPMorgan Chase	BRL 1,100	1/2/13	BRL-CDI-Compounded		12.17	%		(978	)		4,671			(5,649	)
Morgan Stanley	BRL 7,700	1/2/12	BRL-CDI-Compounded		10.12	%		(205,323	)		(137,054	)		(68,269	)
Morgan Stanley	BRL 6,900	1/2/12	BRL-CDI-Compounded		11.60	%		46,475			39,777			6,698
Morgan Stanley	BRL 1,100	1/2/12	BRL-CDI-Compounded		12.54	%		20,941			(3,176	)		24,117
Morgan Stanley	BRL 3,200	1/2/13	BRL-CDI-Compounded		11.98	%		(10,997	)		—			(10,997	)
UBS	BRL 600	1/2/13	BRL-CDI-Compounded		12.07	%		(1,286	)		1,103			(2,389	)

								$317,036			$(85,032	)		$402,068

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 107

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

AUD – Australian Dollar

BRL – Brazilian Real

CDI – Inter-Bank Deposit Certificate

EUR/€ – Euro

LIBOR – London Inter-Bank Offered Rate

MXN – Mexican Peso

TIIE – Inter-Bank Equilibrium Interest Rate

(e) Forward foreign currency contracts outstanding at April 30, 2010:

Fixed Income SHares: Series C:


					Unrealized
		U.S.$ Value on	U.S.$ Value		Appreciation
	Counterparty	Origination Date	April 30, 2010		(Depreciation)


Purchased:
70,281,000 Australian Dollar settling 6/7/10	Deutsche Bank	$55,479,232		$65,169,645		$9,690,413
95,134,000 Australian Dollar settling 6/7/10	JPMorgan Chase	75,215,223		88,215,150		12,999,927
131,794,040 Brazilian Real settling 6/2/10	Morgan Stanley	72,943,347		75,700,476		2,757,129
315,000 British Pound settling 6/24/10	Barclays Bank	483,969		482,054		(1,915	)
472,000 British Pound settling 6/24/10	Citigroup	723,361		722,316		(1,045	)
205,000 British Pound settling 6/24/10	Credit Suisse First Boston	312,545		313,718		1,173
346,000 British Pound settling 6/24/10	HSBC Bank	532,556		529,495		(3,061	)
769,000 British Pound settling 6/24/10	Royal Bank of Scotland	1,188,815		1,176,824		(11,991	)
1,139,000 Canadian Dollar settling 5/4/10	Royal Bank of Canada	1,135,373		1,124,553		(10,820	)
511,455,000 Chilean Peso settling 1/12/11	JPMorgan Chase	1,039,965		987,651		(52,314	)
103,629,070 Chinese Yuan Renminbi settling 11/23/10	Barclays Bank	15,623,000		15,490,377		(132,623	)
779,016,565 Chinese Yuan Renminbi settling 1/10/11	Barclays Bank	117,023,000		116,822,111		(200,889	)
156,384,762 Chinese Yuan Renminbi settling 11/17/10	Citigroup	23,575,000		23,366,817		(208,183	)
399,943,500 Chinese Yuan Renminbi settling 11/17/10	Deutsche Bank	60,362,878		59,759,062		(603,816	)
151,939,200 Chinese Yuan Renminbi settling 1/10/11	HSBC Bank	22,800,000		22,784,956		(15,044	)
162,565,000 Chinese Yuan Renminbi settling 1/10/11	JPMorgan Chase	24,400,000		24,378,412		(21,588	)
157,491,218 Chinese Yuan Renminbi settling 11/17/10	Morgan Stanley	23,801,000		23,532,143		(268,857	)
602,176,800 Chinese Yuan Renminbi settling 1/10/11	Morgan Stanley	90,400,000		90,303,041		(96,959	)
35,720,000 Euro settling 5/5/10	Royal Bank of Scotland	47,482,739		47,495,074		12,335
529,200,000 Japanese Yen settling 5/17/10	Morgan Stanley	5,683,692		5,629,691		(54,001	)
10,300,000 Mexican Peso settling 9/24/10	Deutsche Bank	816,023		827,756		11,733
60,439,182 Mexican Peso settling 9/24/10	UBS	4,678,317		4,857,176		178,859
25,061,000 Norwegian Krone settling 5/10/10	Deutsche Bank	4,262,218		4,242,790		(19,428	)
1,469,481 Taiwan Dollar settling 6/10/10	Bank of America	46,232		47,129		897
238,000 Taiwan Dollar settling 10/12/10	Barclays Bank	7,610		7,726		116
706,424 Taiwan Dollar settling 10/12/10	Citigroup	22,533		22,932		399
1,726,400 Taiwan Dollar settling 6/10/10	Deutsche Bank	54,279		55,369		1,090
1,898,542 Taiwan Dollar settling 6/10/10	Morgan Stanley	59,825		60,890		1,065

108 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)


					Unrealized
		U.S.$ Value on	U.S.$ Value		Appreciation
	Counterparty	Origination Date	April 30, 2010		(Depreciation)


Sold:
140,955,000 Australian Dollar settling 6/7/10	Deutsche Bank	$111,799,727		$130,703,708		$(18,903,981	)
1,680,000 Australian Dollar settling 5/28/10	JPMorgan Chase	1,526,280		1,559,598		(33,318	)
30,072,000 Brazilian Real settling 6/2/10	Goldman Sachs	16,800,000		17,272,896		(472,896	)
54,240,700 Brazilian Real settling 6/2/10	HSBC Bank	30,300,000		31,155,026		(855,026	)
26,469,800 Brazilian Real settling 6/2/10	JPMorgan Chase	14,800,000		15,203,847		(403,847	)
30,409,600 Brazilian Real settling 6/2/10	Royal Bank of Scotland	17,000,000		17,466,808		(466,808	)
16,508,000 British Pound settling 6/24/10	Royal Bank of Scotland	24,857,763		25,262,702		(404,939	)
5,144,000 Canadian Dollar settling 5/4/10	Bank of America	5,142,982		5,078,753		64,229
31,272,000 Canadian Dollar settling 5/4/10	Deutsche Bank	30,977,313		30,875,342		101,971
35,277,000 Canadian Dollar settling 7/7/10	UBS	35,074,131		34,827,145		246,986
108,873,000 Euro settling 7/26/10	Barclays Bank	145,741,535		144,788,702		952,833
118,106,000 Euro settling 5/24/10	Goldman Sachs	159,919,067		157,048,706		2,870,361
35,720,000 Euro settling 5/24/10	Royal Bank of Scotland	47,484,382		47,497,839		(13,457	)
3,625,830 Indian Rupee settling 3/9/11	Barclays Bank	78,000		79,647		(1,647	)
1,760,620 Indian Rupee settling 3/9/11	HSBC Bank	37,936		38,674		(738	)
1,823,419 Indian Rupee settling 3/9/11	JPMorgan Chase	39,391		40,054		(663	)
2,076,672 Indian Rupee settling 3/9/11	UBS	44,806		45,617		(811	)
334,010 Singapore Dollar settling 9/16/10	JPMorgan Chase	238,651		243,714		(5,063	)

						$6,625,788

Fixed Income SHares: Series M:


					Unrealized
		U.S.$ Value on	U.S.$ Value		Appreciation
	Counterparty	Origination Date	April 30, 2010		(Depreciation)


Purchased:
4,947,223 Mexican Peso settling 9/24/10	Deutsche Bank	$392,337		$397,582		$5,245
7,237,338 Mexican Peso settling 9/24/10	HSBC Bank	561,534		581,626		20,092
Sold:
64,066 Australian Dollar settling 5/28/10	JPMorgan Chase	58,203		59,474		(1,271	)
104,821,000 British Pound settling 6/24/10	Royal Bank of Scotland	157,839,567		160,410,810		(2,571,243	)
405,560,000 Canadian Dollar settling 5/4/10	Deutsche Bank	401,738,264		400,415,819		1,322,445
405,547,000 Canadian Dollar settling 6/7/10	JPMorgan Chase	403,154,279		400,430,229		2,724,050
1,000,000 Canadian Dollar settling 7/7/10	UBS	994,249		987,248		7,001
495,000 Euro settling 7/26/10	Credit Suisse First Boston	663,367		658,294		5,073

						$1,511,392

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 109

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

Fixed Income SHares: Series R:


					Unrealized
		U.S.$ Value on	U.S.$ Value		Appreciation
	Counterparty	Origination Date	April 30, 2010		(Depreciation)


Purchased:
275,781 Brazilian Real settling 6/2/10	HSBC Bank	$152,593		$158,405		$5,812
2,656,200 Chinese Yuan Renminbi settling 1/10/11	Bank of America	400,000		398,326		(1,674	)
6,369,174 Chinese Yuan Renminbi settling 6/7/10	Barclays Bank	939,000		938,188		(812	)
351,572 Chinese Yuan Renminbi settling 11/23/10	Barclays Bank	53,000		52,553		(447	)
2,667,460 Chinese Yuan Renminbi settling 6/7/10	Citigroup	392,620		392,921		301
563,848 Chinese Yuan Renminbi settling 11/17/10	Citigroup	85,000		84,249		(751	)
1,146,841 Chinese Yuan Renminbi settling 6/7/10	Deutsche Bank	169,275		168,931		(344	)
1,457,535 Chinese Yuan Renminbi settling 11/17/10	Deutsche Bank	219,984		217,783		(2,201	)
8,294,386 Chinese Yuan Renminbi settling 6/7/10	HSBC Bank	1,223,000		1,221,775		(1,225	)
575,680 Chinese Yuan Renminbi settling 11/17/10	Morgan Stanley	87,000		86,017		(983	)
4,647,860 Chinese Yuan Renminbi settling 1/10/11	Morgan Stanley	700,000		696,998		(3,002	)
18,054 Malaysian Ringgit settling 10/12/10	Citigroup	5,273		5,618		345
7,814 Malaysian Ringgit settling 10/12/10	Deutsche Bank	2,278		2,431		153
2,572 Malaysian Ringgit settling 6/14/10	Morgan Stanley	751		806		55
71,507,051 Mexican Peso settling 9/24/10	UBS	5,535,030		5,746,642		211,612
452,000 Philippines Peso settling 11/15/10	Barclays Bank	9,727		9,962		235
1,463,327 Philippines Peso settling 11/15/10	Citigroup	31,600		32,250		650
430,000 Philippines Peso settling 11/15/10	Deutsche Bank	9,243		9,476		233
2,131,395 Singapore Dollar settling 6/16/10	Barclays Bank	1,500,000		1,555,197		55,197
697,400 Singapore Dollar settling 5/6/10	Citigroup	507,754		508,883		1,129
602,337 Singapore Dollar settling 6/16/10	Citigroup	423,465		439,502		16,037
1,665,039 Singapore Dollar settling 6/16/10	Deutsche Bank	1,180,000		1,214,915		34,915
1,314,436 Singapore Dollar settling 6/16/10	UBS	930,000		959,093		29,093
219,639,000 South Korean Won settling 11/12/10	Bank of America	186,016		197,252		11,236
137,000,000 South Korean Won settling 7/28/10	Barclays Bank	115,612		123,320		7,708
477,773,000 South Korean Won settling 11/12/10	Barclays Bank	406,964		429,077		22,113
1,156,198,323 South Korean Won settling 11/12/10	Citigroup	993,432		1,038,355		44,923
872,402,677 South Korean Won settling 7/28/10	Deutsche Bank	728,402		785,289		56,887
197,642,000 South Korean Won settling 11/12/10	Deutsche Bank	170,000		177,498		7,498
105,570,000 South Korean Won settling 11/12/10	Goldman Sachs	90,000		94,810		4,810
1,305,700,000 South Korean Won settling 7/28/10	JPMorgan Chase	1,100,000		1,175,319		75,319
815,370,500 South Korean Won settling 11/12/10	JPMorgan Chase	710,000		732,265		22,265
225,109,000 South Korean Won settling 7/28/10	Morgan Stanley	190,343		202,631		12,288
538,823,000 South Korean Won settling 8/27/10	Morgan Stanley	457,677		484,684		27,007
391,374,000 South Korean Won settling 11/12/10	Morgan Stanley	340,000		351,484		11,484

110 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)


					Unrealized
		U.S.$ Value on	U.S.$ Value		Appreciation
	Counterparty	Origination Date	April 30, 2010		(Depreciation)


Sold:
28,000 Australian Dollar settling 5/28/10	JPMorgan Chase	$25,438		$25,993		$(555	)
1,960,000 Australian Dollar settling 5/3/10	Royal Bank of Canada	1,788,202		1,824,466		(36,264	)
1,960,000 Australian Dollar settling 5/28/10	Royal Bank of Canada	1,809,923		1,819,531		(9,608	)
1,844,000 British Pound settling 6/24/10	Citigroup	2,797,892		2,821,930		(24,038	)
2,816,000 British Pound settling 6/24/10	Credit Suisse First Boston	4,326,232		4,309,412		16,820
66,825 British Pound settling 6/24/10	Goldman Sachs	100,000		102,265		(2,265	)
1,392,000 British Pound settling 6/24/10	Royal Bank of Scotland	2,096,075		2,130,220		(34,145	)
347,000 Canadian Dollar settling 5/7/10	Citigroup	341,799		342,602		(803	)
8,554,000 Canadian Dollar settling 5/4/10	Deutsche Bank	8,473,393		8,445,500		27,893
8,554,000 Canadian Dollar settling 7/7/10	UBS	8,504,808		8,444,919		59,889
2,702,800 Chinese Yuan Renminbi settling 6/7/10	Bank of America	400,000		398,126		1,874
4,729,060 Chinese Yuan Renminbi settling 6/7/10	Morgan Stanley	700,000		696,597		3,403
13,977,000 Euro settling 5/24/10	Bank of America	18,723,100		18,585,591		137,509
1,264,000 Euro settling 5/24/10	Credit Suisse First Boston	1,717,234		1,680,775		36,459
629,000 Euro settling 5/24/10	Royal Bank of Scotland	847,452		836,399		11,053
103,098,050 Japanese Yen settling 5/6/10	Barclays Bank	1,100,000		1,096,671		3,329
103,098,000 Japanese Yen settling 6/3/10	Citigroup	1,096,490		1,096,935		(445	)
221,408,000 Japanese Yen settling 5/17/10	Goldman Sachs	2,379,232		2,355,364		23,868
28,058,000 Japanese Yen settling 5/17/10	Morgan Stanley	305,101		298,484		6,617
46,569,000 Japanese Yen settling 5/17/10	UBS	494,643		495,406		(763	)
2,572 Malaysian Ringgit settling 6/14/10	Deutsche Bank	800		805		(5	)
25,869 Malaysian Ringgit settling 10/12/10	Deutsche Bank	8,013		8,050		(37	)
13,640,950 Mexican Peso settling 9/24/10	Citigroup	1,100,000		1,096,251		3,749
16,921,951 Mexican Peso settling 9/24/10	Deutsche Bank	1,359,957		1,359,927		30
32,246,650 Mexican Peso settling 9/24/10	Goldman Sachs	2,600,000		2,591,492		8,508
8,697,500 Mexican Peso settling 9/24/10	Royal Bank of Scotland	700,000		698,972		1,028
2,345,327 Philippines Peso settling 11/15/10	UBS	51,421		51,688		(267	)
697,400 Singapore Dollar settling 6/16/10	Citigroup	507,698		508,865		(1,167	)
697,400 Singapore Dollar settling 5/6/10	Goldman Sachs	500,000		508,883		(8,883	)
699,650 Singapore Dollar settling 6/16/10	Goldman Sachs	500,000		510,508		(10,508	)
569,750,000 South Korean Won settling 11/12/10	Royal Bank of Scotland	500,000		511,679		(11,679	)

						$848,463

Fixed Income SHares: Series C received $2,760,000 in principal value of U.S. Treasury Bills; Fixed Income SHares: Series C, Series M and Series R received $44,780,000, $63,770,000 and $1,330,000, respectively, in cash as collateral for derivative contracts and delayed delivery securities. Cash collateral received may be invested in accordance with each Portfolio’s investment strategy. Collateral received as securities cannot be pledged.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 111

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2010 (unaudited)

5. Investments in Securities (continued)

(f) The weighted average daily balance of reverse repurchase agreements outstanding for Fixed Income SHares: Series M during the six months ended April 30, 2010 was $89,443,310 at a weighted average interest rate of 0.12%. At April 30, 2010, there were no open repurchase agreements.

6. Income Tax Information

Net investment income and net realized gains differ for financial statement and federal income tax purposes primarily due to the treatment of amounts received under swap agreements. For the six months ended April 30, 2010, Fixed Income SHares: Series C, Series M and Series R received (paid) $6,415,822, $6,736,792 and ($95,662), respectively, from swap agreements, which are treated as net realized gain (loss) for financial statement purposes and as net income (loss) for federal income tax purposes.

The cost basis of investments for federal income tax purposes and gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2010 were:


								Net Unrealized
	Cost of		Gross Unrealized		Gross Unrealized			Appreciation
	Investments		Appreciation		Depreciation			(Depreciation)


Equity Shares: Series I	$	1,947,691	$	264,159	$	(55,737	)	$	208,422
Fixed Income SHares: Series C		2,917,236,853		248,035,356		(51,504,566	)		196,530,790
Fixed Income SHares: Series H		3,830,218		50,877		(312,361	)		(261,484	)
Fixed Income SHares: Series M		2,996,463,142		113,793,953		(128,991,635	)		(15,197,682	)
Fixed Income SHares: Series R		403,325,392		14,900,634		(1,065,186	)		13,835,448

7. Legal Proceedings

In June and September 2004, the Investment Manager and certain of its affiliates (including PEA Capital LLC (“PEA”), the Distributor and Allianz Global Investors of America, L.P.), agreed to settle, without admitting or denying the allegations, claims brought by the Securities and Exchange Commission (“SEC”) and the New Jersey Attorney General alleging violations of federal and state securities laws with respect to certain open-end funds for which the Investment Manager serves as investment adviser. The settlements related to an alleged “market timing” arrangement in certain open-end funds formerly sub-advised by PEA. The Investment Manager and its affiliates agreed to pay a total of $68 million to settle the claims. In addition to monetary payments, the settling parties agreed to undertake certain corporate governance, compliance and disclosure reforms related to market timing, and consented to cease and desist orders and censures. Subsequent to these events, PEA deregistered as an investment adviser and dissolved. None of the settlements alleged that any inappropriate activity took place with respect to the Portfolios.

Since February 2004, the Investment Manager, and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning “market timing,” which allege the same or similar conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland (the “MDL Court”). After a number of claims in the lawsuits were dismissed by the MDL Court, the parties entered into a stipulation of settlement, which was publicly filed with the MDL Court in April 2010, resolving all remaining claims, but the settlement remains subject to the approval of the MDL Court.

In addition, PIMCO is the subject of a lawsuit in the Northern District of Illinois Eastern Division in which the complaint alleges that plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. In July 2007, the court granted class certification of a class consisting of those persons who purchased futures contracts to offset short positions between May 9, 2005 and June 30, 2005. PIMCO currently believes that the complaint is without merit and PIMCO intends to vigorously defend against this action.

The Investment Manager and PIMCO believe that these matters are not likely to have a material adverse effect on the Portfolios or on their ability to perform their respective investment advisory activities relating to the Portfolios.

8. Subsequent Events

The Portfolios’ management has determined there were no subsequent events from April 30, 2010 through July 1, 2010, the date the financial statements were available to be issued.

112 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.10

Allianz Global Investors Managed Accounts Trust
Privacy Policy (unaudited)

We consider customer privacy to be a fundamental aspect of our relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of our current, prospective and former shareholders’ personal information. To ensure our shareholders’ privacy, we have developed policies that are designed to protect this confidentiality, while allowing shareholders’ needs to be served.¹

Obtaining Personal Information

In the course of providing shareholders with products and services, we may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet web sites.

Respecting Your Privacy

As a matter of policy, we do not disclose any personal or account information provided by shareholders or gathered by us to non-affiliated third parties, except as required for our everyday business purposes, such as to process transactions or service a shareholder’s account, or as otherwise permitted by law. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, and gathering shareholder proxies. We may also retain non-affiliated financial services providers, such as broker-dealers, to market our shares or products and we may enter into joint-marketing arrangements with them and other financial companies. We may also retain marketing and research service firms to conduct research on shareholder satisfaction. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. We may also provide a shareholder’s personal and account information to their respective brokerage or financial advisory firm, Custodian, and/or to their financial advisor or consultant.

Sharing Information with Third Parties

We reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect our rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, we may disclose information about a shareholder or a shareholder’s accounts to a non-affiliated third party only if we receive a shareholder’s written request or consent.

Sharing Information with Affiliates

We may share shareholder information with our affiliates in connection with our affiliates’ everyday business purposes, such as servicing a shareholder’s account, but our affiliates may not use this information to market products and services to you except in conformance with applicable laws or regulations. The information we share includes information about our experiences and transactions with a shareholder and may include, for example, a shareholder’s participation in one of the Funds or in other investment programs, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s transactions or accounts. Our affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

We take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, we have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In addition, we have physical, electronic, and procedural safeguards in place to guard a shareholder’s non-public personal information.

Disposal of Confidential Records

We will dispose of records, if any, that are knowingly derived from data received from a consumer reporting agency regarding a shareholder that is an individual in a manner that ensures the confidentiality of the data is maintained. Such records include, among other things, copies of consumer reports and notes of conversations with individuals at consumer reporting agencies.


1		When distributing this Policy, the Funds may combine the distribution with any similar distribution of its Distributor’s privacy policy.

4.30.10 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 113


Trustees		Fund Officers

Hans W. Kertess		Brian S. Shlissel
Chairman of the Board of Trustees		President & Chief Executive Officer
Paul Belica		Lawrence G. Altadonna
John C. Maney		Treasurer, Principal Financial & Accounting Officer
William B. Ogden, IV		Thomas J. Fuccillo
R. Peter Sullivan, III		Vice President, Secretary & Chief Legal Officer
		Scott Whisten
		Assistant Treasurer
		Richard J. Cochran
		Assistant Treasurer
		Youse E. Guia
		Chief Compliance Officer
		Kathleen A. Chapman
		Assistant Secretary
		Lagan Srivastava
		Assistant Secretary

Investment Manager/Administrator

Allianz Global Investors Fund Management LLC

1345 Avenue of the Americas

New York, NY 10105

Sub-Advisers

Fixed Income SHares: Series C, H, M and R:

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Equity Shares: Series I:

RCM Capital Management LLC

555 Mission Street, Suite 1700

San Francisco, CA 94105

Allianz Global Investors Advisory GmbH

Mainzer Landstrasse 11-13

Frankfurt-am-Main, Germany

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105

Custodian & Accounting Agent

State Street Bank & Trust Co.

801 Pennsylvania Avenue

Kansas City, MO 64105-1307

Transfer Agent, Dividend Paying Agent and Registrar

Boston Financial Data Services-Midwest

330 West 9th Street

Kansas City, MO 64105

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut, Suite 1300

Kansas City, MO 64106

Legal Counsel

Ropes & Gray LLP

One International Place

Boston, MA 02110-2624

This report, including the financial information herein, is transmitted to the shareholders of Allianz Global Investors Managed Accounts Trust for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of the Portfolios or any securities mentioned in this report.

The financial information included herein is taken from the records of the Portfolios without examination by an independent registered public accounting firm, who did not express an opinion herein.

The Portfolios file their complete schedules of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of their fiscal year on Form N-Q. The Portfolios’ Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

Receive this report electronically and eliminate paper mailings.
To enroll, go to www.allianzinvestors.com/edelivery.

AZ080SA_043010

ITEM 2. CODE OF ETHICS

	(a)		N/A

	(b)		The CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS (the “Code”) was updated to remove interested trustees from being subject to the Code, which is not required under Section 406 of the Sarbanes-Oxley Act of 2002. The Code also was updated to remove examples of specific conflict of interest situations and to add an annual certification requirement for Covered Officers. In addition, the approval of ratification process for material amendments to the Code was clarified to include approval by a majority of the independent trustees. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-254-5197. The Investment Manager’s code of ethics is included as an exhibit Exhibit 99.CODE ETH hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end investment management companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end investment management companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES.

Disclosure not required for open-end investment management companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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

ITEM 11. CONTROLS AND PROCEDURES

(a) The registrant’s President and Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR 270.30a-3(c))), as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants control over financial reporting.

ITEM 12. EXHIBITS

(a) (1) Exhibit 99.CODE ETH – Code of Ethics

(a) (2) Exhibit 99.302 Cert. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(b) Exhibit 99.906 Cert. – Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signatures

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

(Registrant) Allianz Global Investors Managed Accounts Trust

By /s/ Brian S. Shlissel
President and Chief Executive Officer

Date: July 6, 2010

By /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: July 6, 2010

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/ Brian S. Shlissel
President and Chief Executive Officer

Date: July 6, 2010

By /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: July 6, 2010

AllianzGI Managed Accounts Trust N-CSRSCertified semi-annual shareholder report (management investment company)