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

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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)

1633 Broadway, New York, New York 10019
(Address of principal executive offices) (Zip code)

Lawrence G. Altadonna — 1633 Broadway, New York, New York 10019
(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2011

Date of reporting period: April 30, 2011

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, 2011

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 – 78
Statements of Assets and Liabilities	80 – 81
Statements of Operations	82
Statements of Changes in Net Assets	83 – 85
Financial Highlights	86 – 90
Notes to Financial Statements	91 – 130

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

Dear Shareholder:

The U.S. economy continued to expand during the six month period ended April 30, 2011. However, the growth rate slowed, reviving concerns regarding the overall recovery’s strength and durability. Even so, the stock market advanced sharply, at one point reaching levels that were double the lows of March 2009, the quickest such gain since 1936. Prices for U.S. Treasury bonds fell, but then regained their footing, as the slowing economy and a spate of geopolitical concerns caused some investors to seek the perceived safe-haven of government securities.

Six Months in Review
For the fiscal six-month period ended April 30, 2011:
• Equity Shares: Series I returned 14.20% prior to the deduction of fees.
• Fixed Income SHares: Series C returned 3.69% prior to the deduction of fees.

Hans W. Kertess
Chairman



Brian S. Shlissel
President & CEO

• Fixed Income SHares: Series H returned -4.31% prior to the deduction of fees.

• Fixed Income SHares: Series M returned 0.36% prior to the deduction of fees.

• Fixed Income SHares: Series R returned 1.53% prior to the deduction of fees.

The U.S. slowdown was reflected in recent gross domestic product (“GDP”) figures. After expanding at an annualized 3.1% pace between October and December 2010, GDP downshifted to a 1.8% pace between January and March of 2011. Contributing to the slowdown was the ongoing weakness in the housing market, rising prices for oil and other commodities and a labor market that remains weak, though the unemployment rate declined during the six-months ended April 30, 2011.

As mentioned, the slowdown did not faze the stock market, which advanced on continued strong corporate earnings. Profits have grown by double-digit levels for seven consecutive quarters, the same length of the ongoing economic recovery. Incidentally and even more encouraging, earnings are generally being driven by revenue growth, as opposed to cost-cutting. The GDP slowdown also belied another positive sign – Americans’ incomes are beginning to rise again, growing 5% between March 2010 and March 2011, according to Commerce Department data.

2 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

As for corporate bonds, the combination of underlying profits and continued low interest rates produced further gains. Municipal securities tumbled during the first portion of the fiscal reporting period, after a flood of new issuance hit the market, putting downward pressure on prices. Driven by the end of the federal government’s “Build America Bonds” program, on December 31, 2010, supply increased which was followed by the January-to-March 2011 period, which saw the lowest level of new municipal issuance in 11 years, which was then followed by a rebound in prices.

The Road Ahead

The six-month fiscal period has been contradictory. During the first half of the period, the general theme was that the U.S. economy was gathering steam, the housing market was slowly healing and interest rates would begin to rise. During the second half of the period, the narrative was housing was still falling, surging food and energy prices were pinching consumers and higher interest rates were far from imminent.

This changing environment has caused us to lower our expectations for economic growth. We believe the expansion, about to enter its third year, will continue, but at a more modest pace. This in turn will keep interest rates low.

Together with Allianz Global Investors Fund Management LLC, the Portfolios’ investment manager, Pacific Investment Management Company LLC, sub-adviser of Fixed Income SHares: Series C, H, M and R, and RCM Capital Management LLC and Allianz Global Investors Europe GmbH, sub-advisers of Equity Shares: Series I, we thank you for investing with us.

We remain dedicated to serving your investment needs.

Sincerely,

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

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4.30.11 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, 2011 (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 and 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: derivatives 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.

Allianz Global Investors Fund Management LLC (the “Investment Manager”) serves as the Portfolios’ Investment Manager; Pacific Investment Management Company LLC (“PIMCO”) serves as the sub-adviser for Fixed Income SHares: Series C, H, M and R Portfolios and RCM Capital Management LLC (“RCM” and together with PIMCO, the “Sub-Advisers”) serves as the sub-adviser for the Equity Shares: Series I. The Portfolios’ Investment Manager and each Sub-Adviser 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 Sub-Advisers will use when voting proxies on behalf of the Portfolios. Copies of the written Proxy Policy and the factors that the Sub-Advisers 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 the 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 and capital gain distributions, if any, 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 4.30.11

Allianz Global Investors Managed Accounts Trust
Equity Shares: Series I Portfolio Insights/Performance & Statistics
April 30, 2011 (unaudited)

Symbol:	Primary Investments:	Inception Date:
ALIIX	Equity securities of non-U.S. companies.	8/3/09
		Net Assets:
		$2.8 million
		Portfolio Managers:
		Lucy MacDonald
		Matthew Bowyer

Equity Shares: Series I outperformed its benchmark, the MSCI Europe Australasia Far East (EAFE) Index, during the period due to positive stock selection and sector positioning. Cash detracted from returns.

The primary contributors to outperformance were Materials, Information Technology and Industrials. Materials was led by chemical company BASF, which announced better than expected results, and mining company Xtrata, which gained from higher base metals prices and speculation that its major shareholder, Glencore, would bid for the company once it went public. Chinese internet provider Baidu was again a major contributor both within the technology sector and on an absolute basis. Industrials were led by Atlas Copco, which benefited from strong demand for mining and construction equipment, and Vinci, which announced positive results helped by solid performance from its highway concession business.

Stock selection in the Consumer Discretionary sector was the largest detractor to performance as Sony Corp sold off sharply after the earthquake and tsunami in Japan on production and supply chain disruption concerns. While an underweighting in Financials and Consumer Staples contributed positively to returns, this was more than offset by weak stock selection. Standard Chartered Bank, announced a GBP 3.3 billion rights issue to boost its capital ratios to fund organic growth opportunities in emerging markets. Within staples, Anheuser-Busch Inbev lagged on the back of weaker-than-expected earnings caused primarily by sluggish growth in North America and Western Europe. Volume growth in emerging markets, particularly Russia, Ukraine and China, was robust.

4.30.11 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, 2011 (unaudited) (continued)

Total Returns (Six Months ended 4/30/11)
Series I	14.20%
MSCI EAFE Index	12.71%

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 (11/1/10)	$	1,000.00	$	1,000.00
Ending Account Value (4/30/11)	$	1,142.00	$	1,024.79
Expenses Paid During Period		$0		$0

Expenses are equal to the annualized 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).

6 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series C Portfolio Insights/Performance & Statistics
April 30, 2011 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXICX	Intermediate maturity fixed income securities.	3/17/00
		Net Assets:
		$3.6 billion
		Portfolio Manager:
		Curtis Mewbourne

For the six months ended April 30, 2011, Series C returned 3.69%, prior to the deduction of fees, outperforming the unmanaged Barclays Capital Intermediate U.S. Credit Index (the “benchmark index”), which returned 0.47% during the reporting period.

Policies that aimed to speed up the U.S. economic recovery and reduce unemployment were major market drivers during the reporting period. On the fiscal policy front, in December 2010, the Obama administration and Congress reached a major compromise that included a reduction in payroll taxes, an extension of unemployment benefits and a tax credit for business capital expenditures. Despite a limited duration, these provisions provided a boost to riskier assets.

The Federal Reserve Board (the “Fed”) continued its unconventional efforts to spur growth and launched a second round of quantitative easing (dubbed QE2) in November 2010. The central bank committed to purchase up to $900 billion of longer maturity Treasuries through June 2011. During the first half of the review period, gains in manufacturing, retail sales and consumer confidence, surging equity markets and a rise in inflation expectations suggested that the Fed was having an impact. However, during the second half of the period, markets began to focus on the long-term inflation QE2 may bring, particularly as food and fuel price increases accelerated across the globe.

Against this backdrop, corporate bond performance was generally strong during the reporting period, as economic concerns were balanced by reassurances of policy support for corporations and the consumer. Bonds offering extra income, or spread, that cushioned returns against rising interest rates generally fared the best during the six-month period. Higher yielding assets also outperformed during the period, particularly high yield and emerging markets debt, which returned 6.15% and 6.18%, respectively (as measured by the Barclays Capital U.S. High Yield and EM Local Currency Government Indices).

Performance Drivers

Interest rate positioning detracted from returns. Duration was increased from 6.26 years to 6.50 years and remained longer than that of the benchmark index for the majority of the period. This detracted from returns, as 10-year U.S. Treasury yields increased from near record lows. The portfolio was positioned to benefit from a steepening yield curve. This boosted returns as 2-year Treasury yields increased 27 basis points while 30-year yields rose 41 basis points. A focus on shorter maturities, whose yields rose less than longer maturities, helped performance.

Sector positioning produced mixed results. An underweighting to investment grade corporate debt detracted from performance versus the benchmark index, given the sector’s strong outperformance relative to Treasuries. That said, positioning within the corporate debt market, particularly an overweighting to the bonds of financial companies, was positive. These bonds outpaced their corporate peers as credit premiums continued to tighten. Out-of-benchmark index exposure to emerging market and high yield securities also benefited results, as these were two of the strongest performing sectors in the bond market. Additionally, exposure to agency mortgage-backed securities (“MBS”) helped as agency MBS outperformed Treasuries with similar durations. Tactical coupon selection among MBS further enhanced performance.

4.30.11 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, 2011 (unaudited) (continued)

Total Returns (Six Months ended 4/30/11)
Series C	3.69%
Barclays Capital Intermediate U.S. Credit Index	0.47%

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,
before options written)

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 (11/1/10)	$	1,000.00	$	1,000.00
Ending Account Value (4/30/11)	$	1,036.90	$	1,024.78
Expenses Paid During Period		$0.02		$0.02

Expenses are equal to the annualized expense ratio of 0.003%, 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 4.30.11

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series H Portfolio Insights/Performance & Statistics
April 30, 2011 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIHX	High yield municipal securities.	4/2/07
		Net Assets:
		$7.7 million
		Portfolio Manager:
		John Cummings

For the six months ended April 30, 2011, Series H returned −4.31%, prior to the deduction of fees, underperforming the unmanaged Barclays Capital High Yield Muni Index (the “benchmark index”), which returned −3.16% during the reporting period.

During the six month reporting period, the municipal market experienced large retail investor redemptions from mutual funds and posted weak returns as municipal yields rose across the curve. Longer maturity municipal bonds underperformed the taxable bond market, with the Barclays Capital Long Municipal Bond Index returning −5.39%, while the Barclays Capital U.S. Long Government/Credit Index returned −1.34% and the Barclays Capital U.S. Long Treasury Index returned −4.22%. Elsewhere, the Barclays Capital Zero Coupon Municipal Bond Index returned −6.76% during the reporting period. Municipal to Treasury yield ratios (a measure of the relative attractiveness of municipal and Treasury bonds) ended the period mixed, as the 10-year ratio decreased to 87% and the 30-year ratio increased to 104%.

Performance Drivers

Interest rate positioning produced mixed results. Duration was initially longer than the benchmark index. This initially detracted from returns as municipal yields rose across the curve. However, later in the period duration was shortened versus the benchmark index, which helped returns and modestly offset some of the previous underperformance as municipal yields continued to increase. We had less credit risk than the benchmark index, which helped relative returns given the general underperformance of lower-quality, higher-yielding municipal credits. Exposure to corporate-backed and tobacco municipals hindered returns as these sectors significantly underperformed, while exposure to education municipal bonds was beneficial as this sector outperformed the benchmark index during the six-month period.

4.30.11 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, 2011 (unaudited) (continued)

Total Returns (Six Months ended 4/30/11)
Series H	(4.31)%
Barclays Capital High Yield Muni Index	(3.16)%

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 (11/1/10)	$	1,000.00	$	1,000.00
Ending Account Value (4/30/11)	$	956.90	$	1,024.79
Expenses Paid During Period		$0		$0

Expenses are equal to the annualized 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 4.30.11

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series M Portfolio Insights/Performance & Statistics
April 30, 2011 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIMX	Intermediate maturity mortgage-backed securities.	3/17/00
		Net Assets:
		$3.6 billion
		Portfolio Manager:
		Curtis Mewbourne

For the six months ended April 30, 2011, Series M returned 0.36%, prior to the deduction of fees, underperforming the unmanaged Barclays Capital Fixed Rate MBS Index (the “benchmark index”), which returned 0.94% during the reporting period.

Policies that aimed to speed up the U.S. economic recovery and reduce unemployment were major market drivers during the reporting period. On the fiscal policy front, in December 2010, the Obama administration and Congress reached a major compromise that included a reduction in payroll taxes, an extension of unemployment benefits and a tax credit for business capital expenditures. Despite a limited duration, these provisions provided a boost to riskier assets.

The Federal Reserve Board (the Fed) continued its unconventional efforts to spur growth, and launched a second round of quantitative easing (dubbed QE2) in November 2010. The central bank committed to purchase up to $900 billion of longer maturity Treasuries through June 2011. During the first half of the review period, gains in manufacturing, retail sales and consumer confidence, surging equity markets and a rise in inflation expectations suggested that the Fed was having an impact. However, during the second half of the period, markets began to focus on the long term inflation QE2 may bring, particularly as food and fuel price increases accelerated across the globe.

The mortgage-backed securities (MBS) sector, as measured by the Barclays Fixed-Rate MBS Index, returned 0.94% during the reporting period with strong demand for premium coupon MBS driving sector performance. Despite significant volatility, par mortgage rates overall trended higher, with the 30-year Fannie Mae par mortgage rate settling at 4.10% at the end of April 2011. While the Fed’s purchase program continued to influence the agency MBS market, developments relating to the overhaul of the U.S. mortgage finance system also impacted market sentiment. Given the fragile state of the housing market, it is unlikely that any major changes will be implemented in the near future.

Performance Drivers

Interest rate positioning heavily detracted from returns as yields rose across the curve. Duration at the end of the period was 5.72 years, compared to 8.45 years on October 31, 2010. Series M was positioned to benefit from a steepening yield curve. This boosted returns, as 2-year Treasury yields increased 27 basis points while 30-year yields rose 41 basis points. A focus on shorter maturities, whose yields rose less than longer maturities, helped performance.

Sector positioning produced mixed results. An underweight in agency MBS detracted from results as this sector outperformed like-duration U.S. Treasury securities. However, this was partially offset by gains from tactical coupon selection. An exposure to non-agency MBS benefited from investor demand for high quality bonds offering extra yield. Exposure to investment grade corporate debt also boosted performance, as these credits outpaced Treasuries.

4.30.11 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, 2011 (unaudited) (continued)

Total Returns (Six Months ended 4/30/11)
Series M	0.36%
Barclays Capital Fixed Rate Mortgage Backed Securities Index	0.94%

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,
before options written and
securities sold short)

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 (11/1/10)	$	1,000.00	$	1,000.00
Ending Account Value (4/30/11)	$	1,003.60	$	1,024.78
Expenses Paid During Period		$0.01		$0.02

Expenses are equal to the annualized expense ratio of 0.003%, 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 4.30.11

Allianz Global Investors Managed Accounts Trust
Fixed Income SHares: Series R Portfolio Insights/Performance & Statistics
April 30, 2011 (unaudited)

Symbol:	Primary Investments:	Inception Date:
FXIRX	Inflation-indexed fixed income securities.	4/15/04
		Net Assets:
		$414.1 million
		Portfolio Manager:
		Mihir Worah

For the six months ended April 30, 2011, Series R returned 1.53%, prior to the deduction of fees, outperforming the unmanaged Barclays Capital U.S. TIPS Index (the “benchmark index”), which returned 1.28% during the reporting period.

Nominal yields increased across the curve, as markets began to focus on the long-term inflation risk of the second round of quantitative easing, particularly with worldwide increases in food and fuel costs. However, changes in real yields were mixed. Shorter maturity TIPS gained as the unstable situation in the Middle East and the decline of the U.S. dollar pushed commodity prices, particularly oil, higher, resulting in increased investor demand for TIPS and lower real yields. Longer-dated real yields increased during the six-month period, but not as much their nominal equivalents, as a combination of inflation accruals and coupon payments drove TIPS returns in this maturity range. The effect of inflation accruals is stronger for short maturities than it is for long-dated issues because short maturities have fewer outstanding cash flows.

Performance Drivers

Out-of-benchmark index holdings of mortgage-backed securities (MBS) boosted performance as the sector did better than like-duration Treasuries. Tactical coupon selection of MBS was also beneficial for results. Exposure to investment grade corporate debt added to performance, as the sector outpaced Treasuries.

Unfavorable interest rate positioning hindered performance. Duration was 5.58 years at the end of the review period, compared to 8.01 years on October 31, 2010. This longer benchmark duration posture detracted from returns as 10-year Treasury yields rose. Series R was positioned to benefit from a steepening yield curve. This boosted returns as 2-year Treasury yields increased 27 basis points while 30-year yields rose 41 basis points. A focus on shorter maturities, whose yields rose less than longer maturities, helped performance.

4.30.11 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, 2011 (unaudited) (continued)

Total Returns (Six Months ended 4/30/11)
Series R	1.53%
Barclays Capital U.S. TIPS Index	1.28%

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,
before options written)

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 (11/1/10)	$	1,000.00	$	1,000.00
Ending Account Value (4/30/11)	$	1,015.30	$	1,024.79
Expenses Paid During Period		$0		$0.01

Expenses are equal to the annualized expense ratio of 0.001%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

14 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust
Benchmark Descriptions
April 30, 2011 (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.

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), having 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.

•  MSCI Europe Australasia Far East (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 November 1, 2006, 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.

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

Equity Shares: Series I Schedule of Investments
April 30, 2011 (unaudited)

Shares			Value
COMMON STOCK–95.6%
		Australia–3.1%
	3,206	Australia & New Zealand Banking Group Ltd.	$	85,399
		Belgium–3.6%
	1,548	Anheuser-Busch InBev NV		98,790
		China–3.0%
	455	Baidu, Inc. ADR (m)		67,577
	10,000	Dongfeng Motor Group Co., Ltd.		15,624
				83,201
		France–7.1%
	881	Eutelsat Communications S.A.		38,011
	515	Technip S.A.		58,107
	1,482	Vinci S.A.		98,926
				195,044
		Germany–17.5%
	915	Adidas AG		68,189
	897	BASF SE		92,107
	157	Bayer AG		13,784
	683	Daimler AG (m)		52,787
	1,334	Fresenius SE & Co. KGaA		140,102
	344	Linde AG		61,908
	120	Muenchener Rueckversicherungs AG		19,809
	514	SAP AG		33,117
				481,803
		Hong Kong–4.0%
	8,876	AIA Group Ltd. (m)		30,049
	10,500	BOC Hong Kong Holdings Ltd.		33,007
	19,000	CNOOC Ltd.		47,226
				110,282
		Israel–2.2%
	1,100	Check Point Software Technologies Ltd. (m)		60,423
		Japan–14.0%
	1,400	Canon, Inc.		65,930
	1,600	Hitachi Construction Machinery Co., Ltd.		39,007
	1,400	Honda Motor Co., Ltd.		53,822
	1,200	Ibiden Co., Ltd.		40,515
	3	Inpex Corp.		23,063
	300	Murata Manufacturing Co., Ltd.		21,667
	300	Nidec Corp.		26,222
	200	SMC Corp.		36,535

16 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Equity Shares: Series I Schedule of Investments
April 30, 2011 (unaudited) (continued)

Shares				Value
		Japan (continued)
	1,800	Sony Corp.		$	50,824
	900	Sumitomo Mitsui Financial Group, Inc.			27,956
					385,541
		Korea (Republic of)–3.0%
	200	Samsung Electronics Co., Ltd. GDR (d)			83,100
		Netherlands–7.5%
	517	Akzo Nobel NV			40,087
	948	Koninklijke DSM NV			65,343
	1,523	Koninklijke Philips Electronics NV			45,108
	1,709	Unilever NV Dutch Certificate			56,261
					206,799
		Portugal–1.1%
	1,340	Galp Energia SGPS S.A., Class B			29,970
		Spain–5.2%
	4,748	Banco Santander S.A.			60,634
	905	Inditex S.A.			81,160
					141,794
		Sweden–8.2%
	5,757	Atlas Copco AB, Class A			169,084
	6,003	Skandinaviska Enskilda Banken AB, Class A			57,707
					226,791
		Switzerland–2.0%
	942	Novartis AG			55,861
		United Kingdom–14.1%
	23,011	Centrica PLC			123,578
	2,498	Inmarsat PLC			25,441
	4,764	Standard Chartered PLC			132,400
	4,189	Xstrata PLC			107,444
					388,863
		Total Common Stock (cost–$1,992,149)			2,633,661
PREFERRED STOCK–1.6%
		Germany–1.6%
	644	Henkel AG & Co. KGaA (cost–$31,792)			43,904
		Total Investments (cost–$2,023,941) (h)	97.2%		2,677,565
		Other assets less liabilities	2.8		78,255
		Net Assets	100.0%	$	2,755,820

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
CORPORATE BONDS & NOTES–64.5%
		Airlines–1.5%
$	98	American Airlines Pass Through Trust, 10.375%, 1/2/21	Baa3/A−	$	114,115
	2,100	Continental Airlines, Inc., 6.503%, 12/15/12	Baa2/BBB		2,110,500
	4,200	Delta Air Lines, Inc., 7.111%, 3/18/13	WR/BBB−		4,273,500
		Northwest Airlines, Inc.,
	1,401	7.041%, 10/1/23	WR/BBB−		1,470,531
	47,060	7.15%, 4/1/21 (MBIA)	Ba3/BB+		46,942,575
	61	United Air Lines Pass Through Trust, 10.125%, 3/22/15 (b)(f)	WR/NR		25,172
					54,936,393
		Automotive–0.2%
	9,100	Volkswagen International Finance NV, 4.00%, 8/12/20 (a)(d)	A3/A−		9,020,930
		Banking–8.9%
	16,200	Abbey National Treasury Services PLC, 1.854%, 4/25/14, FRN	Aa3/AA		16,292,470
	5,000	American Express Bank FSB, 5.50%, 4/16/13	A2/BBB+		5,378,020
	2,000	ANZ National International Ltd., 6.20%, 7/19/13 (a)(d)	Aa2/AA		2,185,148
	5,200	Banco do Brasil S.A., 4.50%, 1/22/15 (a)(d)	Baa2/NR		5,447,000
		Banco Santander Brasil S.A.,
	30,200	2.409%, 3/18/14, FRN (a)(d)	NR/NR		30,364,741
	1,000	4.50%, 4/6/15	Baa2/NR		1,023,319
	3,500	4.50%, 4/6/15 (a)(d)	Baa2/NR		3,581,616
		Barclays Bank PLC,
€	5,180	4.875%, 12/15/14 (j)	Baa3/A−		6,674,951
$	400	5.00%, 9/22/16	Aa3/AA−		431,394
	24,000	6.05%, 12/4/17 (a)(d)	Baa1/A		25,567,392
	5,000	6.86%, 6/15/32 (a)(d)(j)	Baa2/A−		4,825,000
	5,900	7.434%, 12/15/17 (a)(d)(j)	Baa2/A−		6,168,450
	4,000	8.55%, 6/15/11 (a)(d)(j)	Baa2/A−		4,018,000
£	3,300	14.00%, 6/15/19 (j)	Baa2/A−		7,234,703
$	6,600	CBA Capital Trust II, 6.024%, 3/15/16 (a)(d)(j)	A3/A+		6,690,776
AUD	2,600	Commonwealth Bank of Australia, 4.50%, 2/20/14	Aaa/AAA		2,774,893
$	25,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA,
		11.00%, 6/30/19 (a)(d)(j)	A2/AA−		32,721,950
	23,900	Groupe BPCE S.A., 2.061%, 2/7/14, FRN (a)(d)	Aa3/A+		24,092,801
	5,000	HBOS Capital Funding L.P., 6.071%, 6/30/14 (a)(d)(j)	Ba2/BB		4,700,000
	30,600	HBOS PLC, 6.75%, 5/21/18 (a)(d)	Baa3/BBB		30,900,186
	1,100	HSBC Bank PLC, 4.125%, 8/12/20 (a)(d)	Aa2/AA		1,063,317

18 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Banking (continued)
$	10,400	HSBC Bank USA N.A., 6.00%, 8/9/17	A1/AA−	$	11,593,618
		HSBC Capital Funding L.P. (a)(d)(j),
	13,900	4.61%, 6/27/13	A3/A−		13,763,752
	1,350	10.176%, 6/30/30	A3/A−		1,836,000
		ICICI Bank Ltd.,
	2,500	5.00%, 1/15/16	Baa2/BBB−		2,580,545
	700	5.50%, 3/25/15	Baa2/BBB−		741,864
	900	Korea Exchange Bank, 4.875%, 1/14/16	A2/BBB+		946,400
	29,300	Lloyds TSB Bank PLC, 12.00%, 12/16/24 (a)(d)(j)	NR/BB+		34,893,018
	2,400	RBS Capital Trust I, 4.709%, 7/1/13 (j)	B3/C		1,860,000
	3,600	Resona Bank Ltd., 5.85%, 4/15/16 (a)(d)(j)	A3/BBB		3,590,039
€	1,000	Royal Bank of Scotland PLC,
		4.625%, 9/22/21, (converts to FRN on 9/22/16)	Ba1/BBB+		1,311,829
		State Bank of India,
$	1,300	4.50%, 10/23/14	Baa2/BBB−		1,349,695
	1,000	4.50%, 7/27/15 (a)(d)	Baa2/BBB−		1,031,606
¥	200,000	Sumitomo Mitsui Banking Corp., 0.996%, 6/2/49	NR/NR		2,399,573
$	1,700	Wachovia Bank N.A., 0.640%, 3/15/16, FRN	Aa3/AA−		1,636,626
AUD	20,000	Westpac Banking Corp., 4.75%, 3/5/14	Aaa/AAA		21,460,816
					323,131,508
		Biotechnology–0.0%
$	1,700	Amgen, Inc., 5.70%, 2/1/19	A3/A+		1,927,924
		Computers–0.1%
	5,000	Lexmark International, Inc., 5.90%, 6/1/13	Baa3/BBB−		5,345,775
		Diversified Manufacturing–0.5%
	15,000	Tyco Electronics Group S.A., 6.55%, 10/1/17	Baa2/BBB		17,563,125
		Drugs & Medical Products–0.3%
	1,800	Abbott Laboratories, 5.125%, 4/1/19	A1/AA		1,974,546
	100	Biomet, Inc., 10.00%, 10/15/17	B3/B−		111,000
	3,400	GlaxoSmithKline Capital, Inc., 5.65%, 5/15/18	A1/A+		3,865,283
	1,700	Hospira, Inc., 6.05%, 3/30/17	Baa3/BBB+		1,915,472
	1,300	Pfizer, Inc., 6.20%, 3/15/19	A1/AA		1,518,861
					9,385,162
		Electronics–0.0%
	400	Sanmina-SCI Corp., 8.125%, 3/1/16	B2/B−		419,000

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services–29.9%
$	800	AK Transneft OJSC Via TransCapitalInvest Ltd.,
		6.103%, 6/27/12 (a)(d)	Baa1/BBB	$	842,577
		Ally Financial, Inc.,
	13,894	2.511%, 12/1/14, FRN	B1/B		13,446,891
	21,075	3.674%, 6/20/14, FRN	B1/B		21,286,888
	1,000	6.75%, 12/1/14	B1/B		1,066,126
	10,500	7.50%, 12/31/13	B1/B		11,523,750
	17,300	8.00%, 3/15/20	B1/B		19,484,125
	14,820	8.00%, 11/1/31	B1/B		16,620,363
	19,100	8.30%, 2/12/15	B1/B		21,535,250
		American Express Co.,
	100	6.15%, 8/28/17	A3/BBB+		113,794
	11,000	7.25%, 5/20/14	A3/BBB+		12,634,600
£	3,500	BAC Capital Trust VII, 5.25%, 8/10/35	Baa3/BB+		4,589,228
		Bank of America Corp.,
$	3,800	5.65%, 5/1/18	A2/A		4,055,387
	4,300	5.75%, 12/1/17	A2/A		4,647,341
	9,400	8.00%, 1/30/18 (j)	Ba3/BB+		10,181,572
	500	Bank of America N.A., 5.30%, 3/15/17	A1/A		525,769
		Bear Stearns Cos. LLC,
	1,500	5.30%, 10/30/15	Aa3/A+		1,648,508
	4,800	5.70%, 11/15/14	Aa3/A+		5,320,133
	17,265	7.25%, 2/1/18	Aa3/A+		20,324,168
		BNP Paribas,
	39,800	5.00%, 1/15/21	Aa2/AA		40,199,592
	9,400	5.186%, 6/29/15 (a)(d)(j)	Baa1/A		9,329,500
	5,700	Caterpillar Financial Services Corp., 7.15%, 2/15/19	A2/A		7,049,401
		CIT Group, Inc.,
	7,023	7.00%, 5/1/13	B3/B+		7,163,265
	126	7.00%, 5/1/14	B3/B+		128,685
	2,434	7.00%, 5/1/15	B3/B+		2,473,397
	890	7.00%, 5/1/16	B3/B+		898,647
	294	7.00%, 5/1/17	B3/B+		297,142
		Citigroup, Inc.,
	12,350	4.75%, 5/19/15	A3/A		13,172,201
	700	5.50%, 4/11/13	A3/A		749,675
	700	5.50%, 10/15/14	A3/A		763,860
	11,718	6.00%, 8/15/17	A3/A		12,943,187
	4,500	6.125%, 11/21/17	A3/A		4,999,108
	5,000	6.625%, 6/15/32	Baa1/A−		5,278,110

20 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services (continued)
€	600	7.375%, 9/4/19	A3/A	$	1,024,971
$	8,260	Citigroup Capital XXI, 8.30%, 12/21/77, (converts to FRN on 12/21/37)	Ba1/BB+		8,623,440
		Credit Agricole S.A. (j),
	16,300	6.637%, 5/31/17 (a)(d)	A3/A−		15,155,740
	17,500	6.637%, 5/31/17	A3/A−		16,271,500
		Ford Motor Credit Co. LLC,
	49,300	5.625%, 9/15/15	Ba2/BB−		52,468,511
	16,900	7.00%, 10/1/13	Ba2/BB−		18,327,205
	20,750	8.00%, 6/1/14	Ba2/BB−		23,445,051
	7,900	8.00%, 12/15/16	Ba2/BB−		9,197,757
	6,100	8.70%, 10/1/14	Ba2/BB−		6,990,740
		General Electric Capital Corp.,
	1,000	0.449%, 6/20/14, FRN	Aa2/AA+		986,148
€	10,000	4.625%, 9/15/66, (converts to FRN on 9/15/16)(a)(d)	Aa3/A+		13,479,059
€	25,700	5.50%, 9/15/67, (converts to FRN on 9/15/17)	Aa3/A+		36,162,281
$	20,000	5.625%, 5/1/18	Aa2/AA+		21,954,260
	5,000	6.375%, 11/15/67, (converts to FRN on 11/15/17)	Aa3/A+		5,212,500
£	1,400	6.50%, 9/15/67, (converts to FRN on 9/15/17)	Aa3/A+		2,303,412
		Goldman Sachs Group, Inc.,
$	5,000	0.785%, 1/12/15, FRN	A1/A		4,916,725
€	10,000	1.429%, 5/23/16, FRN	A1/A		14,010,421
$	5,855	5.25%, 10/15/13	A1/A		6,325,555
	19,559	5.35%, 1/15/16	A1/A		21,240,683
€	5,645	5.375%, 2/15/13	A1/A		8,702,660
$	700	5.75%, 10/1/16	A1/A		772,116
	19,800	5.95%, 1/18/18	A1/A		21,713,571
	15,200	6.15%, 4/1/18	A1/A		16,847,695
	14,900	6.25%, 9/1/17	A1/A		16,616,346
	2,000	HSBC Finance Corp., 6.375%, 11/27/12	A3/A		2,154,028
		HSBC Holdings PLC,
	700	6.50%, 5/2/36	A1/A		730,600
	400	7.625%, 5/17/32	A1/A		439,721
		International Lease Finance Corp. (a)(d),
	4,000	6.75%, 9/1/16	Ba3/BBB−		4,280,000
	3,000	7.125%, 9/1/18	Ba3/BBB−		3,240,000
		JPMorgan Chase & Co.,
	6,000	4.25%, 10/15/20	Aa3/A+		5,849,550

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services (continued)
$	17,200	6.00%, 1/15/18	Aa3/A+	$	19,177,983
		JPMorgan Chase Bank N.A.,
	4,400	0.640%, 6/13/16, FRN	Aa2/A+		4,232,197
	9,200	6.00%, 10/1/17	Aa2/A+		10,281,350
	2,700	JPMorgan Chase Capital XX,
		6.55%, 9/15/66, (converts to FRN on 9/15/36)	A2/BBB+		2,791,273
		LBG Capital No. 1 PLC,
€	2,825	7.375%, 3/12/20	Ba3/BB		3,933,194
£	9,402	7.588%, 5/12/20	Ba3/BB		15,076,444
£	1,000	7.869%, 8/25/20	Ba3/BB		1,628,574
$	3,400	7.875%, 11/1/20 (a)(b)(d)(o)
		(acquisition cost–$2,788,000; purchased 12/7/09)	Ba3/BB		3,403,400
	22,200	8.50%, 12/17/21 (a)(d)(g)(j)	NR/BB−		21,799,490
		LBG Capital No. 2 PLC,
£	2,331	9.00%, 12/15/19	Ba2/BB+		4,012,340
£	4,500	9.334%, 2/7/20	Ba2/BB+		7,817,237
€	2,180	15.00%, 12/21/19	Ba2/BB+		4,472,037
		Merrill Lynch & Co., Inc.,
€	2,000	1.725%, 9/14/18, FRN	A3/A−		2,520,915
€	2,150	1.947%, 9/27/12, FRN	A2/A		3,114,373
$	500	5.00%, 1/15/15	A2/A		536,528
	7,470	6.05%, 8/15/12	A2/A		7,923,646
	200	6.15%, 4/25/13	A2/A		216,843
	22,700	6.40%, 8/28/17	A2/A		25,348,818
	40,100	6.875%, 4/25/18	A2/A		45,592,898
		Morgan Stanley,
	20,500	1.253%, 4/29/13, FRN	A2/A		20,537,146
€	10,000	1.752%, 1/16/17, FRN	A2/A		13,732,558
$	2,800	5.375%, 10/15/15	A2/A		3,034,290
€	5,000	5.375%, 8/10/20	A2/A		7,430,323
$	900	5.95%, 12/28/17	A2/A		978,984
	700	6.00%, 4/28/15	A2/A		772,958
	3,700	6.625%, 4/1/18	A2/A		4,138,727
£	550	MUFG Capital Finance 5 Ltd., 6.299%, 1/25/17 (j)	Ba1/BBB+		881,945
$	623	Preferred Term Securities XIII Ltd., 0.859%, 3/24/34, FRN (a)(b)(d)(o)
		(acquisition cost–$623,012; purchased 3/9/04)	A2/CCC+		429,878
	1,500	Qatari Diar Finance QSC, 5.00%, 7/21/20	Aa2/AA		1,510,261

22 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services (continued)
$	500	QNB Finance Ltd., 3.125%, 11/16/15	Aa3/A+	$	495,500
		Royal Bank of Scotland Group PLC,
	273	5.00%, 11/12/13	Ba2/BBB		280,890
	22,200	6.99%, 10/5/17 (a)(d)(j)	Ba3/C		20,646,000
	10,000	7.64%, 9/29/17 (j)	B3/C		8,287,500
	5,000	7.648%, 9/30/31 (j)	Ba2/BB		4,781,250
		RSHB Capital S.A. for OJSC Russian Agricultural Bank,
	500	7.125%, 1/14/14	Baa1/NR		544,690
	1,500	9.00%, 6/11/14 (a)(d)	Baa1/NR		1,723,125
		SLM Corp.,
€	2,950	1.503%, 6/17/13, FRN	Ba1/BBB−		4,058,493
€	1,600	3.125%, 9/17/12	Ba1/BBB−		2,338,698
£	500	4.875%, 12/17/12	Ba1/BBB−		825,894
$	750	5.00%, 10/1/13	Ba1/BBB−		782,306
	2,650	5.125%, 8/27/12	Ba1/BBB−		2,745,625
	11,200	5.375%, 1/15/13	Ba1/BBB−		11,750,872
	400	5.375%, 5/15/14	Ba1/BBB−		417,892
	36,000	6.25%, 1/25/16	Ba1/BBB−		38,219,220
	9,255	8.45%, 6/15/18	Ba1/BBB−		10,518,724
		Teco Finance, Inc.,
	983	6.572%, 11/1/17	Baa3/BBB−		1,138,152
	2,000	6.75%, 5/1/15	Baa3/BBB−		2,271,698
	7,700	TNK-BP Finance S.A., 7.50%, 3/13/13	Baa2/BBB−		8,470,000
	6,800	TransCapitalInvest Ltd. for OJSC AK Transneft, 5.67%, 3/5/14	Baa1/BBB		7,265,868
		UBS AG,
	500	4.875%, 8/4/20	Aa3/A+		515,950
	1,000	5.875%, 12/20/17	Aa3/A+		1,118,458
	5,900	UBS Preferred Funding Trust V, 6.243%, 5/15/16 (j)	Baa3/BBB−		5,959,000
	6,700	USB Capital IX, 3.50%, 5/31/11 (j)	A3/BBB+		5,679,188
		Wachovia Corp.,
	600	5.50%, 5/1/13	A1/AA−		649,401
	2,000	5.625%, 10/15/16	A2/A+		2,214,118
	10,000	5.75%, 2/1/18	A1/AA−		11,177,710
		Wells Fargo & Co.,
	900	5.625%, 12/11/17	A1/AA−		1,005,916
	35,917	7.98%, 3/15/18 (j)	Baa3/A−		39,688,285
€	5,000	Wells Fargo Bank N.A., 6.00%, 5/23/13	Aa2/AA		7,885,577
$	4,300	White Nights Finance BV for Gazprom, 10.50%, 3/25/14	Baa1/NR		5,175,867

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services (continued)
$	7,400	Xstrata Finance Canada Ltd., 5.80%, 11/15/16 (a)(d)	Baa2/BBB+	$	8,286,476
					1,088,979,439
		Food & Beverage–0.3%
	400	H.J. Heinz Co., 15.59%, 12/1/20 (a)(b)(d)(o)
		(acquisition cost–$489,132; purchased 3/26/10)	Baa2/BBB		425,932
	6,700	Kraft Foods, Inc., 6.50%, 8/11/17	Baa2/BBB−		7,785,654
	400	Kroger Co., 6.20%, 6/15/12	Baa2/BBB		421,447
	1,100	Tate & Lyle International Finance PLC, 6.625%, 6/15/16 (a)(d)	Baa3/BBB−		1,221,284
					9,854,317
		Healthcare & Hospitals–0.4%
		HCA, Inc.,
	3,200	7.25%, 9/15/20	Ba3/BB		3,456,000
	4,000	7.875%, 2/15/20	Ba3/BB		4,375,000
	8,050	9.125%, 11/15/14	B2/BB−		8,492,750
					16,323,750
		Holding Companies–0.2%
		Hutchison Whampoa International Ltd.,
	100	5.75%, 9/11/19	A3/A−		108,342
	1,000	7.625%, 4/9/19	A3/A−		1,203,641
	5,500	Sinochem Overseas Capital Co., Ltd., 4.50%, 11/12/20 (a)(d)	Baa1/BBB+		5,258,247
					6,570,230
		Insurance–5.7%
		American International Group, Inc.,
	1,900	3.65%, 1/15/14	Baa1/A−		1,950,090
€	7,800	4.875%, 3/15/67, (converts to FRN on 3/15/17)	Baa2/BBB		9,646,731
$	7,600	5.05%, 10/1/15	Baa1/A−		7,950,588
	2,000	5.45%, 5/18/17	Baa1/A−		2,104,854
	900	5.60%, 10/18/16	Baa1/A−		964,015
	30,600	5.85%, 1/16/18	Baa1/A−		32,441,416
	17,200	6.25%, 5/1/36	Baa1/A−		17,766,585
€	24,050	8.00%, 5/22/68, (converts to FRN on 5/22/18)	Baa2/BBB		36,155,986
$	7,700	8.175%, 5/15/68, (converts to FRN on 5/15/38)	Baa2/BBB		8,681,750
	70,000	8.25%, 8/15/18	Baa1/A−		83,365,380
£	3,000	8.625%, 5/22/68, (converts to FRN on 5/22/18)	Baa2/BBB		5,261,602
					206,288,997

24 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Metals & Mining–0.9%
$	5,000	Alcoa, Inc., 6.00%, 7/15/13	Baa3/BBB−	$	5,503,215
	2,000	CSN Islands XI Corp., 6.875%, 9/21/19 (a)(d)	Ba1/BBB−		2,220,000
		Gerdau Holdings, Inc.,
	3,950	7.00%, 1/20/20	NR/BBB−		4,364,750
	8,800	7.00%, 1/20/20 (a)(d)	NR/BBB−		9,724,000
	5,000	Gold Fields Orogen Holding BVI Ltd., 4.875%, 10/7/20 (a)(d)	Baa3/BBB−	��	4,839,060
	1,600	Newmont Mining Corp., 5.125%, 10/1/19	Baa1/BBB+		1,736,318
	800	Teck Resources Ltd., 4.50%, 1/15/21	Baa2/BBB		812,978
	2,000	Vale Overseas Ltd., 8.25%, 1/17/34	Baa2/BBB+		2,470,048
					31,670,369
		Multi-Media–2.0%
	1,000	Comcast Cable Communications LLC, 7.125%, 6/15/13	Baa1/BBB+		1,118,637
		Comcast Corp.,
	10,600	5.875%, 2/15/18	Baa1/BBB+		11,847,461
	1,700	5.90%, 3/15/16	Baa1/BBB+		1,917,809
	700	6.30%, 11/15/17	Baa1/BBB+		806,254
		CSC Holdings LLC,
	7,850	7.625%, 7/15/18	Ba3/BB		8,654,625
	810	7.875%, 2/15/18	Ba3/BB		903,150
	7,500	8.625%, 2/15/19	Ba3/BB		8,681,250
		DISH DBS Corp.,
	3,700	7.00%, 10/1/13	Ba3/BB−		4,014,500
	4,200	7.125%, 2/1/16	Ba3/BB−		4,494,000
	19,200	7.75%, 5/31/15	Ba3/BB−		21,024,000
		Time Warner Cable, Inc.,
	6,940	5.85%, 5/1/17	Baa2/BBB		7,733,298
	1,500	8.25%, 4/1/19	Baa2/BBB		1,864,742
					73,059,726
		Oil & Gas–5.8%
	300	Anadarko Petroleum Corp., 5.95%, 9/15/16	Ba1/BBB−		335,641
	1,100	BP Capital Markets PLC, 3.625%, 5/8/14	A2/A		1,150,993
	2,400	Canadian Natural Resources Ltd., 6.00%, 8/15/16	Baa1/BBB		2,766,166
	10,400	Canadian Oil Sands Ltd., 7.75%, 5/15/19 (a)(d)	Baa2/BBB		12,452,742
	2,900	DCP Midstream LLC, 5.375%, 10/15/15 (a)(d)	Baa2/BBB		3,203,140
	846	Devon Energy Corp., 7.95%, 4/15/32	Baa1/BBB+		1,120,406
	1,300	Devon Financing Corp. ULC, 7.875%, 9/30/31	Baa1/BBB+		1,703,564

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Oil & Gas (continued)
$	1,330	Ecopetrol S.A., 7.625%, 7/23/19	Baa2/BBB−	$	1,569,400
		El Paso Corp.,
	2,450	7.00%, 6/15/17	Ba3/BB−		2,732,703
	19,700	7.25%, 6/1/18	Ba3/BB−		22,301,602
	4,800	Enbridge Energy Partners L.P., 5.875%, 12/15/16	Baa2/BBB		5,427,173
		EnCana Corp.,
	2,000	5.90%, 12/1/17	Baa2/BBB+		2,291,686
	4,700	6.50%, 8/15/34	Baa2/BBB+		5,128,917
		Energy Transfer Partners L.P.,
	3,000	6.00%, 7/1/13	Baa3/BBB−		3,266,742
	2,100	6.125%, 2/15/17	Baa3/BBB−		2,367,410
	2,600	6.625%, 10/15/36	Baa3/BBB−		2,815,914
	600	Enterprise Products Operating LLC, 4.60%, 8/1/12	Baa3/BBB−		624,809
		Gaz Capital S.A. for Gazprom,
	1,300	6.51%, 3/7/22	Baa1/BBB		1,374,750
	5,700	7.343%, 4/11/13 (a)(d)	Baa1/BBB		6,291,660
	14,000	8.146%, 4/11/18 (a)(d)	Baa1/BBB		16,520,000
	2,070	Gazprom International S.A. for Gazprom, 7.201%, 2/1/20	NR/BBB+		2,249,894
	800	Gazprom OAO Via Gaz Capital S.A., 6.212%, 11/22/16	Baa1/BBB		870,000
	1,800	Halliburton Co., 6.15%, 9/15/19	A2/A		2,095,652
	1,034	Kern River Funding Corp., 4.893%, 4/30/18 (a)(d)	A3/A−		1,120,587
		Kinder Morgan Energy Partners L.P.,
	700	5.00%, 12/15/13	Baa2/BBB		761,528
	5,800	6.00%, 2/1/17	Baa2/BBB		6,559,220
	3,800	6.95%, 1/15/38	Baa2/BBB		4,263,338
	5,500	7.30%, 8/15/33	Baa2/BBB		6,330,769
	11,900	Midcontinent Express Pipeline LLC, 5.45%, 9/15/14 (a)(d)	Ba1/BBB−		13,016,303
	4,500	Morgan Stanley Bank AG for OAO Gazprom, 9.625%, 3/1/13 (a)(d)	Baa1/BBB		5,130,000
	3,400	NGPL PipeCo LLC, 7.119%, 12/15/17 (a)(d)	Ba1/BB+		3,740,010
		Northwest Pipeline GP,
	3,900	5.95%, 4/15/17	Baa2/BBB−		4,464,065
	1,700	7.00%, 6/15/16	Baa2/BBB−		2,024,086
	500	Pemex Project Funding Master Trust, 5.75%, 12/15/15	Baa1/BBB		552,488
	15,250	Petrobras International Finance Co., 7.875%, 3/15/19	Baa1/BBB−		18,083,755
		Petroleos Mexicanos,
	17,900	5.50%, 1/21/21	Baa1/BBB		18,428,050
	1,000	8.00%, 5/3/19	Baa1/BBB		1,214,000
	2,600	Plains All American Pipeline L.P., 6.65%, 1/15/37	Baa3/BBB−		2,850,539
	1,200	Plains Exploration & Production Co., 7.00%, 3/15/17	B1/BB−		1,248,000

26 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Oil & Gas (continued)
$	3,226	Ras Laffan Liquefied Natural Gas Co., Ltd. II, 5.298%, 9/30/20 (b)	Aa3/A	$	3,414,668
		Ras Laffan Liquefied Natural Gas Co., Ltd. III (b),
	1,400	5.50%, 9/30/14	Aa3/A		1,520,984
	2,101	5.832%, 9/30/16	Aa3/A		2,279,856
	3,000	6.75%, 9/30/19	Aa3/A		3,419,817
	1,800	Reliance Holdings USA, Inc., 4.50%, 10/19/20 (b)	Baa2/BBB		1,707,404
	100	Rockies Express Pipeline LLC, 5.625%, 4/15/20 (a)(d)	Ba1/BBB−		101,470
	4,400	Southern Natural Gas Co., 5.90%, 4/1/17 (a)(d)	Baa3/BB		4,973,580
	1,950	Tennessee Gas Pipeline Co., 7.50%, 4/1/17	Baa3/BB		2,346,258
	1,100	TransCanada PipeLines Ltd., 3.80%, 10/1/20	A3/A−		1,077,535
					211,289,274
		Paper & Forest Products–0.2%
	5,000	Weyerhaeuser Co., 7.375%, 10/1/19	Ba1/BBB−		5,755,130
		Paper/Paper Products–0.3%
	1,000	Fibria Overseas Finance Ltd., 7.50%, 5/4/20 (a)(d)	Ba1/BB		1,107,500
		Georgia-Pacific LLC (a)(d),
	6,300	5.40%, 11/1/20	Ba2/BBB		6,372,248
	2,900	7.125%, 1/15/17	Ba2/BBB		3,095,750
	��				10,575,498
		Retail–1.0%
		CVS Pass Through Trust,
	8,277	6.943%, 1/10/30	Baa2/BBB+		9,264,203
	23,366	7.507%, 1/10/32 (a)(d)	Baa2/BBB+		27,434,413
					36,698,616
		Road & Rail–0.1%
	1,800	Canadian National Railway Co., 5.55%, 3/1/19	A3/A−		2,029,176
		Technology–0.1%
	1,800	International Business Machines Corp., 8.375%, 11/1/19	Aa3/A+		2,398,326
	1,800	Oracle Corp., 5.00%, 7/8/19	A2/A		1,948,543
					4,346,869
		Telecommunications–3.3%
		America Movil SAB De C.V.,
	41,000	5.00%, 3/30/20	A2/A−		43,005,884
	30,900	6.125%, 3/30/40	A2/A−		32,975,491

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Telecommunications (continued)
$	51	AT&T Corp., 8.00%, 11/15/31	A2/A−	$	65,964
		AT&T, Inc.,
	1,718	5.35%, 9/1/40 (a)(d)	A2/A−		1,618,463
	5,000	5.50%, 2/1/18	A2/A−		5,528,270
	1,100	5.80%, 2/15/19	A2/A−		1,235,651
	1,000	Axiata SPV1 Labuan Ltd., 5.375%, 4/28/20	Baa2/BBB		1,031,838
	4,500	Deutsche Telekom International Finance BV, 6.75%, 8/20/18	Baa1/BBB+		5,350,153
		Qtel International Finance Ltd. (a)(d),
	3,000	3.375%, 10/14/16	A2/A		2,939,724
	7,300	5.00%, 10/19/25	A2/A		6,657,775
	9,503	Qwest Communications International, Inc., 7.50%, 2/15/14	Baa3/BB−		9,729,317
		Qwest Corp.,
	2,000	3.560%, 6/15/13, FRN	Baa3/BBB−		2,085,000
	1,250	6.50%, 6/1/17	Baa3/BBB−		1,381,250
	4,800	Sprint Capital Corp., 8.75%, 3/15/32	B1/BB−		5,280,000
	1,100	Verizon Communications, Inc., 8.75%, 11/1/18	A3/A−		1,429,306
					120,314,086
		Tobacco–0.7%
	10,000	Altria Group, Inc., 10.20%, 2/6/39	Baa1/BBB		14,699,760
	1,400	Philip Morris International, Inc., 5.65%, 5/16/18	A2/A		1,584,961
	8,130	Reynolds American, Inc., 7.75%, 6/1/18	Baa3/BBB		9,656,074
					25,940,795
		Utilities–2.1%
	2,649	Bruce Mansfield Unit, 6.85%, 6/1/34	Baa2/BBB−		2,820,645
		Consumers Energy Co.,
	2,000	5.15%, 2/15/17	A3/BBB+		2,209,234
	1,100	5.375%, 4/15/13	A3/BBB+		1,187,056
	5,000	DTE Energy Co., 6.35%, 6/1/16	Baa2/BBB		5,718,390
	14,200	EDF S.A., 6.50%, 1/26/19 (a)(d)	Aa3/A+		16,474,329
	27,500	Entergy Corp., 3.625%, 9/15/15	Baa3/BBB−		27,411,203
	194	GG1C Funding Corp., 5.129%, 1/15/14 (a)(d)	Baa3/BBB+		199,697
	300	Korea Hydro & Nuclear Power Co., Ltd., 3.125%, 9/16/15 (a)(d)	A1/A		297,151
	1,000	Majapahit Holding BV, 7.25%, 6/28/17	Ba1/BB		1,130,207
	200	Midamerican Energy Holdings Co., 5.875%, 10/1/12	Baa1/BBB+		213,313
		Nevada Power Co.,
	100	5.875%, 1/15/15	Baa3/BBB		112,013
	1,600	5.95%, 3/15/16	Baa3/BBB		1,804,731

28 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Utilities (continued)
$	3,000	6.50%, 5/15/18	Baa3/BBB	$	3,472,959
	900	Nisource Finance Corp., 6.40%, 3/15/18	Baa3/BBB−		1,018,517
	1,700	Ohio Edison Co., 5.45%, 5/1/15	Baa2/BBB−		1,851,909
	2,900	Public Service Co. of Oklahoma, 6.15%, 8/1/16	Baa1/BBB		3,256,816
	1,900	Sierra Pacific Power Co., 6.00%, 5/15/16	Baa3/BBB		2,163,821
	4,500	Toledo Edison Co., 6.15%, 5/15/37	Baa1/BBB		4,721,963
	62	W3A Funding Corp., 8.09%, 1/2/17	Baa2/BBB		62,653
					76,126,607
		Total Corporate Bonds & Notes (cost–$2,084,616,657)			2,347,552,696
U.S. GOVERNMENT AGENCY SECURITIES–16.0%
		Fannie Mae–14.6%
	1,754	2.222%, 5/1/35, FRN, MBS	Aaa/AAA		1,818,783
	4	2.719%, 8/25/18, CMO, FRN	Aaa/AAA		3,618
	3,982	2.74%, 11/1/35, FRN, MBS	Aaa/AAA		4,182,461
	6	3.745%, 2/1/18, FRN, MBS	Aaa/AAA		6,482
	3,000	4.00%, 11/1/40, MBS	Aaa/AAA		2,992,961
	4	4.314%, 4/1/17, FRN, MBS	Aaa/AAA		4,044
	1,191	4.50%, 1/25/17, CMO	Aaa/AAA		1,207,912
	24,856	4.50%, 2/1/41, MBS	Aaa/AAA		25,679,346
	476,000	4.50%, MBS, TBA (e)	Aaa/AAA		489,605,174
	75	5.00%, 1/25/17, CMO	Aaa/AAA		74,832
	4,173	5.29%, 11/25/33, CMO	Aaa/AAA		4,534,534
					530,110,147
		Freddie Mac–0.0%
	9	2.875%, 12/1/18, FRN, MBS	Aaa/AAA		8,987
	4	3.575%, 6/1/30, FRN, MBS	Aaa/AAA		3,692
	3	4.50%, 10/15/19, CMO	Aaa/AAA		2,754
	40	4.50%, 2/15/20, CMO	Aaa/AAA		39,836
	238	5.00%, 1/15/18, CMO	Aaa/AAA		241,019
	86	6.50%, 1/1/38, MBS	Aaa/AAA		96,732
	454	6.50%, 10/1/38, MBS	Aaa/AAA		510,349
					903,369
		Ginnie Mae–0.0%
	15	3.375%, 1/20/22, FRN, MBS	Aaa/AAA		15,456
		Small Business Administration Participation Certificates–1.4%
	280	4.504%, 2/10/14	Aaa/AAA		293,453
	4,343	4.77%, 4/1/24, ABS	Aaa/AAA		4,610,083

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Small Business Administration Participation Certificates (continued)
$	24,860	5.32%, 1/1/27, ABS	Aaa/AAA	$	26,718,066
	19,140	5.70%, 8/1/26, ABS	Aaa/AAA		20,814,134
					52,435,736
		Total U.S. Government Agency Securities (cost–$572,143,983)			583,464,708
MUNICIPAL BONDS–9.5%
		Arizona–0.0%
	2,000	Univ. of Arizona Rev., 6.423%, 8/1/35	Aa3/AA−		2,049,140
		California–5.3%
	2,400	Golden State Tobacco Securitization Corp. Rev.,
		5.75%, 6/1/47, Ser. A-1	Baa3/BB+		1,627,464
	15,000	Infrastructure & Economic Dev. Bank Rev., 6.486%, 5/15/49	Aa2/AA−		15,366,900
		Los Angeles Cnty. Public Works Financing Auth. Rev.,
	7,400	7.488%, 8/1/33	A1/A+		7,982,750
	14,300	7.618%, 8/1/40	A1/A+		15,465,450
	25,000	Los Angeles Community College Dist., GO, 6.75%, 8/1/49	Aa1/AA		27,459,500
	3,000	Los Angeles Department of Water & Power Rev., 5.516%, 7/1/27, Ser. C	Aa3/AA−		2,935,770
		Los Angeles Unified School Dist., GO,
	1,500	5.00%, 7/1/18, Ser. I	Aa2/AA−		1,667,400
	1,300	6.758%, 7/1/34	Aa2/AA−		1,433,913
	13,600	Northern California Power Agcy. Rev., 7.311%, 6/1/40	A3/A−		14,126,184
	300	Palomar Community College Dist., GO, 7.194%, 8/1/45, Ser. B-1	Aa2/AA−		310,254
	1,000	San Diego Cnty. Water Auth., Rev., 6.138%, 5/1/49	Aa2/AA+		1,051,940
		State, GO,
	800	4.85%, 10/1/14	A1/A−		840,432
	400	6.20%, 10/1/19	A1/A−		431,744
	1,500	6.65%, 3/1/22	A1/A−		1,640,550
	8,550	7.55%, 4/1/39	A1/A−		9,698,692
	36,400	7.60%, 11/1/40	A1/A−		41,625,584
	12,000	7.70%, 11/1/30	A1/A−		12,937,560
	23,500	7.95%, 3/1/36	A1/A−		25,576,930
		Univ. of California Rev.,
	2,500	4.75%, 5/15/33, Ser. L	Aa1/AA		2,338,250
	9,715	5.00%, 5/15/22, Ser. D	Aa2/AA−		10,140,905
					194,658,172

30 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Illinois–0.5%
$	1,500	Chicago Board of Education, GO, 5.25%, 12/1/26, Ser. C	Aa2/AA−	$	1,515,810
	2,500	Chicago Metropolitan Water Reclamation Dist., GO, 5.72%, 12/1/38	Aaa/AAA		2,571,300
	10,500	Chicago Transit Auth. Rev., 6.20%, 12/1/40, Ser. B	Aa3/AA		10,010,595
		Finance Auth. Rev., Univ. of Chicago,
	1,240	5.00%, 7/1/27, Ser. A	Aa1/AA		1,269,723
	1,600	5.50%, 7/1/37, Ser. B	Aa1/AA		1,629,216
					16,996,644
		Iowa–0.0%
	765	Tobacco Settlement Auth. Rev., 6.50%, 6/1/23, Ser. A	Baa3/BBB		690,818
		Massachusetts–0.5%
	17,000	School Building Auth. Rev., 5.468%, 6/15/27	Aa2/AA		17,548,420
		Michigan–0.2%
	6,355	Detroit City School Dist., School Building & Site Improvements, GO,
		5.00%, 5/1/33, Ser. B (FGIC) (Q-SBLF)	Aa2/AA−		5,763,032
		Minnesota–0.1%
	2,000	Rochester Rev., Health Care, Mayo Clinic,
		4.50%, 11/15/38, Ser. C, VRN (e)	Aa2/AA		2,106,340
	900	St. Louis Park Rev., Nicollett Health Services, 5.75%, 7/1/39	NR/A		844,029
					2,950,369
		Nevada–0.1%
	4,005	Clark Cnty. School Dist., GO, 5.00%, 6/15/19, Ser. A	Aa2/AA		4,364,489
		New Jersey–0.3%
		State Turnpike Auth. Rev.,
	5,000	7.102%, 1/1/41, Ser. A	A3/A+		5,639,350
	3,900	7.414%, 1/1/40, Ser. F	A3/A+		4,473,027
	250	Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1-A	Baa3/BB−		155,463
					10,267,840
		New York–0.7%
	7,600	Liberty Dev. Corp. Rev., World Trade Center,
		0.35%, 12/1/49, Ser. A-1, VRN	Aaa/NR		7,600,152
	3,000	New York City, GO, 4.769%, 10/1/23, Ser. A-2	Aa2/AA		3,053,100
		New York City Transitional Finance Auth. Rev.,
	1,300	5.00%, 1/15/25, Ser. S-1	Aa3/AA−		1,352,390
	3,000	5.267%, 5/1/27, Ser. G-3	Aa1/AAA		3,121,080

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		New York (continued)
$	5,000	Port Auth. of New York & New Jersey Rev.,
		5.125%, 5/1/34, Ser. 136 (NPFGC)(n)	Aa2/AA−	$	5,005,400
		State Dormitory Auth. Rev.,
	1,600	5.289%, 3/15/33	NR/AAA		1,559,936
	1,100	5.389%, 3/15/40	NR/AAA		1,081,718
	4,000	State Urban Dev. Corp. Rev., 5.77%, 3/15/39	NR/AAA		4,139,600
					26,913,376
		Ohio–0.3%
	3,600	American Municipal Power-Ohio, Inc. Rev., 5.939%, 2/15/47	A1/A		3,361,716
		Buckeye Tobacco Settlement Financing Auth. Rev., Ser. A-2,
	11,700	5.75%, 6/1/34	Baa3/BB−		8,070,543
	900	5.875%, 6/1/47	Baa3/BB−		603,846
					12,036,105
		Texas–1.4%
	43,800	Dallas Area Rapid Transit Rev., 5.022%, 12/1/48	Aa2/AA+		40,696,332
	4,400	Dallas Cnty. Hospital Dist., GO, 5.621%, 8/15/44, Ser. C	NR/AAA		4,540,580
	4,100	North Texas Tollway Auth. Rev., 6.718%, 1/1/49, Ser. B	A2/A−		4,192,988
					49,429,900
		Washington–0.0%
	600	State, GO, zero coupon, 12/1/20, Ser. F (NPFGC)	Aa1/AA+		425,964
		Wisconsin–0.1%
	2,300	State Rev., 6.00%, 5/1/36, Ser. A	Aa3/AA−		2,445,314
		Total Municipal Bonds (cost–$336,024,838)			346,539,583
SOVEREIGN DEBT OBLIGATIONS–6.4%
		Australia–0.2%
AUD	5,400	Queensland Treasury Corp., 6.00%, 9/14/17, Ser. 17	Aaa/AAA		6,029,644
		Brazil–5.1%
		Brazil Notas do Tesouro Nacional, Ser. F,
BRL	147,046	10.00%, 1/1/17	Baa3/NR		83,836,232
BRL	147,171	10.00%, 1/1/21	Baa3/NR		80,577,629
$	3,300	Brazilian Development Bank, 6.369%, 6/16/18	Ba3/BBB−		3,597,000
		Brazilian Government International Bond,
	1,600	4.875%, 1/22/21	Baa3/NR		1,660,000
	12,176	8.875%, 10/14/19	Baa3/BBB−		16,285,400
					185,956,261

32 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Canada–0.3%
CAD	2,400	Province of Ontario Canada, 6.50%, 3/8/29	Aa1/AA−	$	3,170,955
$	7,800	Province of Quebec Canada, 3.50%, 7/29/20	Aa2/A+		7,676,784
					10,847,739
		Colombia–0.1%
	2,000	Colombia Government International Bond, 7.375%, 1/27/17	Ba1/BBB−		2,398,000
		Indonesia–0.1%
	3,100	Indonesia Government International Bond, 6.875%, 1/17/18	Ba1/BB+		3,568,875
		Korea (Republic of)–0.3%
	10,800	Export-Import Bank of Korea, 4.00%, 1/29/21	A1/A		9,944,975
	300	Korea Development Bank, 8.00%, 1/23/14	A1/A		344,855
					10,289,830
		Qatar–0.3%
		Qatar Government International Bond (a)(d),
	3,300	4.00%, 1/20/15	Aa2/AA		3,460,050
	6,100	5.25%, 1/20/20	Aa2/AA		6,466,000
					9,926,050
		Russia–0.0%
	1,730	Russian Federation, 7.50%, 3/31/30, VRN	Baa1/BBB		2,020,865
		South Africa–0.0%
	300	South Africa Government International Bond, 6.875%, 5/27/19	A3/BBB+		350,550
		Total Sovereign Debt Obligations (cost–$214,724,320)			231,387,814
MORTGAGE-BACKED SECURITIES–4.5%
	4,400	Banc of America Commercial Mortgage, Inc., 5.889%, 7/10/44, CMO, VRN	NR/A+		4,869,353
	245	Banc of America Funding Corp., 5.801%, 1/20/47, CMO, VRN	NR/CCC		172,705
	1,609	Banc of America Large Loan, Inc., 0.729%, 8/15/29, CMO, FRN (b)	Aaa/AAA		1,536,758
		Bear Stearns Adjustable Rate Mortgage Trust, CMO,
	1,771	2.40%, 8/25/35, FRN	Baa2/AAA		1,684,054
	1,998	2.71%, 3/25/35, FRN	Ba2/AAA		1,922,322
	437	2.731%, 3/25/35, FRN	A1/AAA		418,924
	87	2.814%, 5/25/34, FRN	Aaa/AAA		85,690
	6,334	2.851%, 10/25/35, FRN	NR/BBB+		6,253,818

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	154	2.862%, 10/25/33, VRN	Aaa/AAA	$	157,258
		Bear Stearns Alt-A Trust, CMO, VRN,
	1,512	2.796%, 2/25/36	Ca/D		702,403
	4,800	4.995%, 11/25/36	Caa3/CCC		3,243,901
	6,114	5.068%, 11/25/36	Caa3/CCC		3,759,179
		Bear Stearns Commercial Mortgage Securities, CMO,
	719	0.329%, 3/15/19, FRN (a)(d)	Aaa/AA		709,246
	1,600	5.54%, 9/11/41	NR/AAA		1,763,417
	7,500	5.694%, 6/11/50, VRN	NR/A+		8,271,938
		Citigroup Mortgage Loan Trust, Inc., CMO, FRN,
	619	2.37%, 8/25/35	B1/AA		582,824
	661	2.56%, 8/25/35	B3/AA		591,136
		Citigroup/Deutsche Bank Commercial Mortgage Trust, CMO,
	4,400	5.322%, 12/11/49	Aaa/A−		4,731,331
	8,000	5.525%, 1/15/46, VRN	Aaa/AAA		8,743,622
€	326	Cordusio RMBS SRL, 1.359%, 6/30/35, CMO, FRN	Aaa/AAA		465,004
		Countrywide Alternative Loan Trust, CMO,
$	2,504	0.403%, 11/25/46, FRN	Caa3/B−		1,530,977
	682	0.413%, 5/25/36, FRN	Caa3/B−		415,977
	12,257	6.25%, 8/25/37	Caa3/D		8,135,681
		Countrywide Home Loan Mortgage Pass Through Trust, CMO,
	331	0.533%, 3/25/35, FRN	Caa3/A		204,418
	77	2.984%, 8/25/34, VRN	Caa1/B+		60,628
	24	Credit Suisse First Boston Mortgage Securities Corp.,
		2.459%, 7/25/33, CMO, VRN	Aaa/AAA		22,797
		Credit Suisse Mortgage Capital Certificates, CMO,
	2,600	5.311%, 12/15/39	Aaa/A+		2,785,104
	7,300	5.905%, 6/15/39, VRN	Aa2/BBB+		7,894,524
		Downey Savings & Loan Assoc. Mortgage Loan Trust, CMO, FRN,
	2,449	0.474%, 8/19/45	Caa1/BBB−		1,678,324
	1,507	2.468%, 7/19/44	A3/AAA		1,209,289
	137	First Horizon Asset Securities, Inc., 2.706%, 12/25/33, CMO, FRN	Baa3/NR		134,292
	3,931	Greenpoint Mortgage Funding Trust, 0.443%, 6/25/45, CMO, FRN	Caa2/BB−		2,543,069

34 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	16	Greenpoint Mortgage Pass Through Certificates,
		2.923%, 10/25/33, CMO, FRN	NR/B	$	13,893
		GSR Mortgage Loan Trust, CMO, FRN,
	123	1.98%, 3/25/33	A2/NR		122,805
	1,054	2.794%, 9/25/35	NR/AAA		1,021,964
	602	2.812%, 9/25/35	NR/AAA		593,532
	1,845	2.812%, 9/25/35	NR/AA		1,832,259
		Harborview Mortgage Loan Trust, CMO,
	640	0.553%, 6/20/35, FRN	B1/AAA		531,919
	262	2.959%, 5/19/33, VRN	NR/AAA		262,149
	371	Homebanc Mortgage Trust, 5.798%, 4/25/37, CMO, VRN	Caa1/BBB−		328,482
€	143	IntesaBci Sec 2 SRL, 1.368%, 8/28/23, CMO, FRN	Aaa/AAA		211,503
		JPMorgan Chase Commercial Mortgage Securities Corp., CMO,
$	1,000	5.336%, 5/15/47	Aa3/A		1,075,930
	6,600	5.42%, 1/15/49	Aaa/NR		7,164,381
	2,200	5.44%, 6/12/47	Aaa/A+		2,388,943
		JPMorgan Mortgage Trust, CMO,
	137	2.115%, 11/25/33, FRN	NR/AAA		136,899
	1,957	2.967%, 7/25/35, FRN	Baa2/AAA		1,963,950
	263	5.035%, 2/25/35, FRN	A2/AAA		266,583
	5,744	5.367%, 2/25/36, VRN	NR/BB−		5,185,103
	2,464	5.383%, 7/25/35, VRN	Ba1/AAA		2,467,399
		Merrill Lynch/Countrywide Commercial Mortgage Trust, CMO, VRN,
	1,200	5.172%, 12/12/49	Aaa/AA−		1,294,505
	1,600	6.164%, 8/12/49	NR/AAA		1,762,300
	599	Morgan Stanley Dean Witter Capital I, 4.74%, 11/13/36, CMO	NR/AAA		623,174
	1,500	Morgan Stanley Reremic Trust, 6.002%, 8/15/45, CMO, VRN (a)(d)	Aaa/NR		1,664,121
	866	Ocwen Residential MBS Corp., 7.00%, 10/25/40, CMO, VRN (a)(d)(g)	C/NR		98,753
		RBSSP Resecuritization Trust, CMO, FRN (a)(d),
	1,896	0.530%, 5/26/37	NR/NR		1,771,619
	17,566	0.570%, 3/26/37	NR/NR		16,120,120
	8,643	0.713%, 9/26/34	NR/NR		8,242,398
	12,760	0.713%, 3/26/36	NR/NR		12,120,946
	7,903	0.713%, 4/26/37	NR/NR		7,390,548
	1,697	Residential Accredit Loans, Inc., 0.423%, 4/25/46, CMO, FRN	Caa2/CCC		709,952
	159	Structured Adjustable Rate Mortgage Loan Trust,
		2.580%, 2/25/34, CMO, VRN	Baa1/AAA		153,694

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	4,445	Structured Asset Mortgage Investments, Inc.,
		0.433%, 5/25/36, CMO, FRN	Caa3/CCC	$	2,634,894
	1,367	Thornburg Mortgage Securities Trust, 0.323%, 11/25/46, CMO, FRN	B2/AAA		1,350,916
		Wachovia Bank Commercial Mortgage Trust, CMO,
	440	0.299%, 6/15/20, FRN (a)(d)	Aaa/A+		412,319
	700	5.416%, 1/15/45, VRN	Aaa/AA−		762,753
	1,300	5.678%, 5/15/46	Aaa/A		1,421,343
		WaMu Mortgage Pass Through Certificates, CMO, FRN,
	250	0.523%, 1/25/45	B3/AAA		209,492
	2,760	0.62%, 11/25/34	Ba2/AAA		2,079,387
	1,393	1.306%, 2/25/46	Caa2/AA		1,096,966
	833	Wells Fargo Mortgage-Backed Securities Trust,
		2.74%, 3/25/36, CMO, VRN	Caa2/NR		636,269
		Total Mortgage-Backed Securities (cost–$149,287,647)			165,404,126
U.S. TREASURY OBLIGATIONS (k)(l)–0.4%
		U.S. Treasury Inflation Indexed Bonds,
	10,945	3.625%, 4/15/28 (cost–$14,310,168)			14,491,393
SENIOR LOANS (a)(c)–0.3%
		Automotive–0.2%
		Ford Motor Corp.,
	6,447	2.97%, 12/15/13, Term B1			6,462,479
		Healthcare & Hospitals–0.0%
		HCA, Inc.,
	370	2.557%, 11/17/13, Term B1			369,403
	886	3.557%, 3/31/17, Term B2			888,488
					1,257,891
		Paper/Paper Products–0.1%
		Georgia-Pacific Corp.,
	1,584	2.307%, 12/31/12, Term B2			1,586,459
		Total Senior Loans (cost–$9,287,165)			9,306,829
ASSET-BACKED SECURITIES–0.3%
	186	ACE Securities Corp., 0.263%, 12/25/36, FRN	B3/B		181,745
	19	Asset-Backed Funding Certificates, 0.273%, 1/25/37, FRN	Ba1/A−		19,124
		Bear Stearns Asset-Backed Securities Trust, FRN,
	2,000	0.413%, 12/25/36	Caa2/BBB+		1,275,479
	655	1.213%, 10/25/37	Caa2/BBB		427,416

36 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	411	BNC Mortgage Loan Trust, 0.313%, 5/25/37, FRN	Ba2/B+	$	363,911
		Conseco Financial Corp.,
	323	6.22%, 3/1/30	NR/BBB−		344,440
	4,608	6.53%, 2/1/31, VRN	NR/CCC−		4,424,507
	276	JPMorgan Mortgage Acquisition Corp., 0.293%, 3/25/37, FRN	Ba2/BB−		260,261
	3	Keystone Owner Trust, 9.00%, 1/25/29 (a)(d)	C/NR		2,763
	903	MASTR Asset-Backed Securities Trust, 0.293%, 5/25/37, FRN	Ba1/AAA		861,860
	351	Merrill Lynch Mortgage Investors, Inc., 0.333%, 2/25/37, FRN	Ca/CCC		204,655
	232	Morgan Stanley Mortgage Loan Trust, 0.573%, 4/25/37, FRN	Ca/CCC		112,111
	157	Nationstar Home Equity Loan Trust, 0.273%, 6/25/37, FRN	Aa2/AAA		155,176
	343	Popular ABS Mortgage Pass Through Trust, 0.303%, 6/25/47, FRN	Caa1/B−		310,657
	22	Wells Fargo Home Equity Trust, 0.443%, 10/25/35, FRN	Aaa/AAA		21,558
		Total Asset-Backed Securities (cost–$8,515,026)			8,965,663
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−		1,290,240
CONVERTIBLE PREFERRED STOCK–0.0%
		Financial Services–0.0%
	700	Wells Fargo & Co., 7.50%, 3/15/13, Ser. L (j)	Baa3/A−		755,636
		Insurance–0.0%
	10,859	American International Group, Inc., 8.50%, 8/1/11	Baa2/NR		32,577
		Total Convertible Preferred Stock (cost–$1,010,067)			788,213
Principal
Amount
(000s)
SHORT-TERM INVESTMENTS–12.0%
		Corporate Notes–2.7%
		Banking–1.4%
$	5,100	Banco Santander Chile, 1.524%, 4/20/12, FRN (a)(d)	Aa3/A+		5,100,689
€	2,200	Bank of Scotland PLC, 3.375%, 12/5/11	Aaa/AAA		3,294,957
$	42,900	Itau Unibanco S.A., 1.32%, 7/7/11	NR/NR		42,808,065
					51,203,711

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services–1.1%
$	5,500	Ally Financial, Inc., 6.875%, 9/15/11	B1/B	$	5,606,562
	1,592	American Express Travel Related Services Co., Inc.,
		5.25%, 11/21/11 (a)(d)	A2/BBB+		1,631,765
	10,000	Caelus Re Ltd., 6.561%, 6/7/11, FRN (a)(b)(d)(o) (acquisition cost–$9,963,680; purchased 6/20/08-2/9/09)	NR/BB		9,983,230
		Ford Motor Credit Co. LLC,
	5,700	3.033%, 1/13/12, FRN	Ba2/BB−		5,756,601
	5,200	7.25%, 10/25/11	Ba2/BB−		5,335,252
	4,100	9.875%, 8/10/11	Ba2/BB−		4,185,559
	700	Mystic Re Ltd., 10.311%, 6/7/11, FRN (a)(b)(d)(o)
		(acquisition cost–$700,000; purchased 5/23/07)	NR/BB−		700,980
	769	Petroleum Export Ltd., 5.265%, 6/15/11 (b)	Ba1/BBB		768,392
		Petroleum Export II Ltd.,
	1,681	6.34%, 6/20/11 (a)(d)	NR/NR		1,681,965
	267	6.34%, 6/20/11 (b)	NR/NR		266,721
	5,000	SLM Corp., 5.40%, 10/25/11	Ba1/BBB−		5,084,045
	100	TNK-BP Finance S.A., 6.125%, 3/20/12 (a)(d)	Baa2/BBB−		104,560
					41,105,632
		Insurance–0.1%
		American International Group, Inc.,
	100	0.386%, 10/18/11, FRN	Baa1/A−		99,592
€	1,500	4.00%, 9/20/11	Baa1/A−		2,231,938
$	1,800	4.95%, 3/20/12	WR/A−		1,864,822
					4,196,352
		Oil & Gas–0.0%
	800	BP Capital Markets PLC, 2.75%, 2/27/12	A2/A		812,976
	756	Enterprise Products Operating LLC, 7.625%, 2/15/12	Baa3/BBB−		795,105
	25	Sonat, Inc., 7.625%, 7/15/11	Ba3/BB−		25,393
					1,633,474
		Utilities–0.1%
	1,600	FirstEnergy Corp., 6.45%, 11/15/11	Baa3/BB+		1,643,435
		Total Corporate Notes (cost–$98,938,165)			99,782,604
		U.S. Government Agency Securities–2.6%
	3,000	Fannie Mae, 0.07%, 6/20/11	Aaa/AAA		2,999,708
		Federal Home Loan Bank Discount Notes,
	45,300	0.065%, 5/27/11	Aaa/AAA		45,297,874
	9,000	0.08%, 7/6/11	Aaa/AAA		8,999,514

38 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		U.S. Government Agency Securities (continued)
$	38,300	Freddie Mac, 0.06%, 7/21/11	Aaa/AAA	$	38,297,434
		Total U.S. Government Agency Securities (cost–$95,591,091)			95,594,530
		U.S. Treasury Obligations (l)(q)–2.1%
		U.S. Treasury Bills,
	77,380	0.053%-0.183%, 6/9/11-9/15/11 (cost–$77,352,865)			77,369,514
		Sovereign Debt Obligations–0.3%
		Brazil–0.3%
BRL	16,584	Brazil Notas do Tesouro Nacional, 10.00%, 1/1/12, Ser. F (cost–$9,669,513)	Baa3/NR		10,371,155
		Repurchase Agreements–4.3%
$	78,700	BNP Paribas Securities Co., dated 4/29/11, 0.04%, due 5/2/11, proceeds $78,700,262; collateralized by U.S. Treasury Inflation Index Note, 2.375%, due 1/15/17, valued at $80,678,677 including accrued interest			78,700,000
	6,600	Citigroup Global Markets, Inc., dated 4/29/11, 0.05%, due 5/2/11, proceeds $6,600,028; collateralized by Fannie Mae, 2.80%, due 10/5/17, valued at $6,770,401 including accrued interest			6,600,000
	10,000	Goldman Sachs & Co., dated 4/29/11, 0.05%, due 5/2/11, proceeds $10,000,042; collateralized by Ginnie Mae, 5.00%, due 8/20/40, valued at $10,244,841 including accrued interest			10,000,000
	16,600	JPMorgan Securities, Inc., dated 4/29/11, 0.05%, due 5/2/11, proceeds $16,600,069; collateralized by Federal Farm Credit Bank, 2.27%, due 12/24/13, valued at $6,735,859 and Federal Home Loan Bank, 0.52%, due 5/6/11, valued at $10,226,441 including accrued interest			16,600,000
	30,400	Morgan Stanley & Co., Inc., dated 4/29/11, 0.04%, due 5/2/11, proceeds $30,400,101; collateralized by U.S. Treasury Bonds, 0.375%-3.125%, due 9/30/12-5/15/19, valued at $31,090,229 including accrued interest			30,400,000
	7,100	Morgan Stanley & Co., Inc., dated 4/29/11, 0.05%, due 5/2/11, proceeds $7,100,030; collateralized by Federal Farm Credit Bank, 0.23%, due 10/15/13, valued at $7,311,990 including accrued interest			7,100,000
	5,459	State Street Bank & Trust Co., dated 4/29/11, 0.01%, due 5/2/11, proceeds $5,459,005; collateralized by U.S. Treasury Bills, 0.025%, due 7/21/11, valued at $5,569,679			5,459,000
		Total Repurchase Agreements (cost–$154,859,000)			154,859,000
		Total Short-Term Investments (cost–$436,410,634)			437,976,803

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

Fixed Income SHares: Series C Schedule of Investments
April 30, 2011 (unaudited) (continued)

Notional
Amount				Value
OPTIONS PURCHASED (m)–0.1%
		Call Options–0.1%
		1-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
$	767,350,000	strike rate 1.25%, expires 4/30/12		$	3,023,896
		Put Options–0.0%
$	460,000,000	Fannie Mae, 4.50%, 7/7/41 (OTC), strike price $87, expires 7/7/11			5
		Total Options Purchased (cost–$2,997,202)			3,023,901
		Total Investments, before options written (cost–$3,830,727,707)–114.0%			4,150,191,969
OPTIONS WRITTEN (m)–(0.7)%
		Call Options–(0.0)%
		Dow Jones CDX IG-15 5-Year Index,
$	396,200,000	strike price $0.80, expires 6/15/11			(1,018,543	)
$	127,000,000	strike price $0.80, expires 9/21/11			(378,618	)
					(1,397,161	)
		Put Options–(0.7)%
$	1,534,700,000	1-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index, strike rate 2.00%, expires 4/30/12			(1,944,004	)
		2-Year Interest Rate Swap (OTC),
$	1,291,700,000	Pay 3-Month USD-LIBOR Floating Rate Index, strike rate 2.25%, expires 9/24/12			(11,265,174	)
		3-Year Interest Rate Swap (OTC),
		Pay 3-Month USD-LIBOR Floating Rate Index,
$	306,900,000	strike rate 2.75%, expires 6/18/12			(2,610,614	)
$	1,376,100,000	strike rate 3.00%, expires 6/18/12			(9,128,635	)
		Dow Jones CDX IG-15 5-Year Index,
$	443,500,000	strike price $1.20, expires 6/15/11			(37,658	)
$	176,500,000	strike price $1.20, expires 9/21/11			(166,448	)
$	78,900,000	strike price $1.30, expires 9/21/11			(114,379	)
					(25,266,912	)
		Total Options Written (premiums received–$34,504,261)			(26,664,073	)
		Total Investments, net of options written (cost–$3,796,223,446)	113.3%		4,123,527,896
		Other liabilities in excess of other assets	(13.3)		(484,650,029	)
		Net Assets	100.0%	$	3,638,877,867

40 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series H Schedule of Investments
April 30, 2011 (unaudited)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
MUNICIPAL BONDS–99.0%
		Arizona–2.3%
$	100	Apache Cnty. Industrial Dev. Auth. Rev., Tucson Electric Power Co. Project, 5.875%, 3/1/33, Ser. B	Baa3/BBB−	$	99,993
	100	Pima Cnty. Industrial Dev. Auth. Rev., Choice Education and Dev. Corp. Project, 6.375%, 6/1/36	NR/NR		78,177
					178,170
		California–14.4%
		Assoc. of Bay Area Gov’t Finance Auth. for Nonprofit Corps. Rev.,
	150	Odd Fellows Home of California, 5.20%, 11/15/22, Ser. A (CA Mtg. Ins.)	NR/A−		150,324
	100	Sharp Healthcare, 6.25%, 8/1/39	A2/A		99,988
	250	City & Cnty. of San Francisco Airports Commission Rev., 4.90%, 5/1/29, Ser. A	A1/A		246,762
	100	Health Facs. Financing Auth. Rev., Children’s Hospital of Los Angeles, 5.25%, 7/1/38, (AGM)	Aa3/AA+		88,693
	100	Los Angeles Department of Water & Power Rev., 5.00%, 7/1/39, Ser. A-1 (AMBAC)	Aa3/AA−		97,341
		State, GO,
	200	5.00%, 6/1/12	A1/A−		208,664
	100	5.00%, 3/1/16	A1/A−		112,018
	100	5.50%, 8/1/25	A1/A−		106,178
					1,109,968
		Colorado–5.3%
	200	Aurora Rev., Children’s Hospital Assoc., 5.00%, 12/1/40	A1/A+		180,808
	250	Regional Transportation Dist. Rev., Denver Transportation Partners, 6.00%, 1/15/34	Baa3/NR		231,898
					412,706
		Delaware–1.3%
	100	State Economic Dev. Auth. Rev., Delmarva Power & Light Co., 5.40%, 2/1/31	Baa2/BBB+		98,205
		Florida–1.0%
	100	Sarasota Cnty. Health Facs. Auth. Rev., Sarasota-Manatee Jewish Housing Council, Inc. Project, 5.75%, 7/1/37	NR/NR		77,988
		Georgia–1.2%
	100	DeKalb Cnty. Hospital Auth. Rev., DeKalb Medical Center, Inc. Project, 6.125%, 9/1/40	NR/NR		90,408
		Illinois–12.2%
	600	Chicago International Airport Rev., 4.00%, 1/1/13, Ser. A	A1/A−		625,674
	250	Finance Auth. Rev. OSF Healthcare Systems, 6.00%, 5/15/39, Ser. A	A3/A		240,498

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

Fixed Income SHares: Series H Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Illinois (continued)
$	100	Finance Auth. Rev., DeKalb Supportive Living, 6.10%, 12/1/41 (n)	NR/NR	$	76,043
					942,215
		Indiana–5.2%
	250	Finance Auth. Rev., Indiana Historical Society, 5.00%, 7/1/40	A3/NR		216,762
	100	Vigo Cnty. Hospital Auth. Rev., Union Hospital, Inc., 5.70%, 9/1/37 (a)(d)	NR/NR		77,660
	100	Whiting Rev., Industry Environmental Facs., 5.00%, 1/1/16	A2/A		108,631
					403,053
		Iowa–0.8%
	100	Finance Auth. Rev., Deerfield Retirement Community, Inc., 5.50%, 11/15/37, Ser. A	NR/NR		63,656
		Kansas–1.4%
	150	Manhattan Rev., Meadowlark Hills Retirement, 5.00%, 5/15/36, Ser. A	NR/NR		110,589
		Maryland–5.2%
	250	Economic Dev. Corp. Rev., CNX Marine Terminals, Inc., 5.75%, 9/1/25	NR/BB		240,772
		Health & Higher Educational Facs. Auth. Rev.,
	100	King Farm Presbyterian Community, 5.30%, 1/1/37, Ser. A	NR/NR		69,871
	100	Washington Cnty. Hospital, 6.00%, 1/1/43	NR/BBB−		92,062
					402,705
		Massachusetts–2.6%
	250	Health & Educational Facs. Auth. Rev., Lowell General Hospital, 5.125%, 7/1/35, Ser. C	Baa1/BBB+		197,417
		Michigan–2.3%
	100	Detroit, GO, 5.25%, 11/1/35	Aa3/AA		99,047
	100	Tobacco Settlement Finance Auth. Rev., 5.125%, 6/1/22, Ser. A	NR/BBB		79,131
					178,178
		Minnesota–2.7%
	200	Higher Education Facs. Auth. Rev., Gustavus Adolphus College, 4.00%, 10/1/19, Ser. B	A3/NR		207,224
		Missouri–0.5%
	100	Branson Regional Airport Transportation Dev. Dist. Rev., 6.00%, 7/1/25, Ser. B (n)	NR/NR		43,250
		New Mexico–1.1%
	100	Otero Cnty. Jail Rev., 6.00%, 4/1/28	NR/NR		81,231
		New York–13.8%
	250	Liberty Dev. Corp. Rev., 5.125%, 1/15/44	NR/AA		231,205
	100	New York City, GO, 5.00%, 8/1/18, Ser. I-1	Aa2/AA		114,044

42 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series H Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		New York (continued)
$	250	Oneida-Herkimer Solid Waste Management Auth. Rev., 4.00%, 4/1/14	A2/A+	$	263,475
		State Dormitory Auth. Rev.,
	250	St. Francis College, 5.00%, 10/1/40	NR/A−		235,685
	200	The New School, 5.00%, 7/1/16	A3/A−		221,802
					1,066,211
		North Carolina–3.1%
	100	Medical Care Commission Rev., Galloway Ridge Project, 6.00%, 1/1/39, Ser. A	NR/NR		90,190
	150	Ports Auth. Rev., 5.25%, 2/1/40, Ser. A	A3/NR		147,150
					237,340
		Ohio–5.1%
		Buckeye Tobacco Settlement Financing Auth. Rev., Ser. A-2,
	100	5.875%, 6/1/30	Baa3/BB−		72,316
	475	5.875%, 6/1/47	Baa3/BB−		318,696
					391,012
		Oregon–1.9%
	150	State Facs. Auth. Rev., Concordia Univ. Project, 6.375%, 9/1/40, Ser. A	NR/BB+		146,256
		Pennsylvania–2.2%
	100	Allegheny Cnty. Hospital Dev. Auth. Rev., West Penn Allegheny Health System, 5.375%, 11/15/40, Ser. A	B2/BB−		75,452
	100	Dauphin Cnty. General Auth. Rev., Pinnacle Health System Project, 6.00%, 6/1/36, Ser. A	A2/A		97,219
					172,671
		Puerto Rico–3.0%
	250	Sales Tax Financing Corp. Rev., 5.375%, 8/1/38, Ser. C	A1/A+		233,898
		Tennessee–3.1%
	100	Rutherford Cnty. Health & Educational Facs. Board Rev., Ascension Health Group, 5.00%, 11/15/40	Aa1/AA		99,692
	150	Tennessee Energy Acquisition Corp. Rev., 5.00%, 2/1/25, Ser. C	Baa3/BBB		142,382
					242,074
		Texas–2.8%
	100	North Texas Tollway Auth. Rev., 5.75%, 1/1/33, Ser. F	A3/BBB+		99,501
	100	Texas A&M Univ. Rev., 5.00%, 5/15/16, Ser. B	Aaa/AA+		115,689
					215,190

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

Fixed Income SHares: Series H Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Utah–2.2%
$	100	Spanish Fork City Rev., American Leadership Academy, 5.55%, 11/15/21 (a)(d)	NR/NR	$	89,320
	100	Utah Cnty., Lincoln Academy Charter School, GO, 5.875%, 6/15/37, Ser. A (a)(d)	NR/NR		78,018
					167,338
		Virginia–1.3%
	100	Lewistown Commerce Center Community Dev. Auth. Rev., 6.05%, 3/1/27	NR/NR		100,442
		Wisconsin–1.0%
	100	Milwaukee Redev. Auth. Rev., Academy of Learning, 5.65%, 8/1/37, Ser. A	NR/NR		78,421
		Total Municipal Bonds (cost–$8,220,201)			7,647,816
		Total Investments (cost–$8,220,201)	99.0%		7,647,816
		Other assets less liabilities	1.0		78,702
		Net Assets	100.0%	$	7,726,518

44 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
U.S. GOVERNMENT AGENCY SECURITIES–45.8%
		Fannie Mae–43.6%
$	6,100	0.413%, 10/27/37, CMO, FRN	Aaa/AAA	$	6,060,904
	56	0.70%, 8/25/21, CMO, FRN	Aaa/AAA		56,301
	2,152	1.837%, 1/1/34, FRN, MBS	Aaa/AAA		2,201,302
	1,134	1.96%, 1/1/20, FRN, MBS	Aaa/AAA		1,172,607
	593	1.983%, 1/1/22, FRN, MBS	Aaa/AAA		605,602
	234	2.049%, 5/1/34, FRN, MBS	Aaa/AAA		243,399
	464	2.177%, 5/1/28, FRN, MBS	Aaa/AAA		479,476
	16	2.225%, 11/1/32, FRN, MBS	Aaa/AAA		16,463
	34	2.275%, 10/1/32, FRN, MBS	Aaa/AAA		34,344
	92	2.345%, 9/1/27, FRN, MBS	Aaa/AAA		95,540
	179	2.367%, 12/1/34, FRN, MBS	Aaa/AAA		188,325
	477	2.37%, 1/1/33, FRN, MBS	Aaa/AAA		494,166
	145	2.404%, 1/1/33, FRN, MBS	Aaa/AAA		151,265
	375	2.415%, 9/1/32, FRN, MBS	Aaa/AAA		391,587
	340	2.455%, 2/1/33, FRN, MBS	Aaa/AAA		345,253
	277	2.481%, 5/1/33, FRN, MBS	Aaa/AAA		289,782
	2,387	2.482%, 11/1/35, FRN, MBS	Aaa/AAA		2,515,404
	350	2.547%, 9/1/35, FRN, MBS	Aaa/AAA		367,984
	598	2.603%, 4/1/35, FRN, MBS	Aaa/AAA		628,417
	237	2.665%, 12/1/32, FRN, MBS	Aaa/AAA		248,187
	28	2.734%, 5/1/17, FRN, MBS	Aaa/AAA		28,767
	41	2.773%, 6/1/20, FRN, MBS	Aaa/AAA		41,809
	60	2.776%, 5/1/18, FRN, MBS	Aaa/AAA		61,675
	20	2.783%, 9/1/32, FRN, MBS	Aaa/AAA		20,493
	45	2.815%, 1/1/18, FRN, MBS	Aaa/AAA		45,731
	196	3.002%, 10/1/34, FRN, MBS	Aaa/AAA		206,373
	29	3.849%, 3/25/41, CMO, FRN	Aaa/AAA		30,124
	2,337	4.00%, 11/25/19, CMO	Aaa/AAA		2,455,398
	72	4.00%, 2/1/36, MBS	Aaa/AAA		72,320
	306	4.00%, 2/1/39, MBS	Aaa/AAA		305,402
	927	4.00%, 9/1/39, MBS	Aaa/AAA		924,567
	1,914	4.00%, 11/1/39, MBS	Aaa/AAA		1,909,593
	176	4.00%, 3/1/40, MBS	Aaa/AAA		175,139
	397	4.00%, 8/1/40, MBS	Aaa/AAA		395,848
	4,819	4.00%, 9/1/40, MBS	Aaa/AAA		4,807,318
	8,225	4.00%, 10/1/40, MBS	Aaa/AAA		8,204,989
	22,464	4.00%, 11/1/40, MBS	Aaa/AAA		22,409,484
	50,950	4.00%, 12/1/40, MBS	Aaa/AAA		50,825,281

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount				Credit Rating
(000s)				(Moody’s/S&P)	Value
			Fannie Mae (continued)
$	73,084		4.00%, 1/1/41, MBS	Aaa/AAA	$	72,901,819
	50,592		4.00%, 2/1/41, MBS	Aaa/AAA		50,466,229
	50,355		4.00%, 3/1/41, MBS	Aaa/AAA		50,221,987
	15,952		4.00%, 4/1/41, MBS	Aaa/AAA		15,912,379
	814,000		4.00%, MBS, TBA (e)	Aaa/AAA		810,693,532
	25		4.246%, 5/25/42, CMO, FRN	Aaa/AAA		26,417
	8,500		4.50%, 11/25/26, CMO	Aaa/AAA		9,084,207
	3,091		4.50%, 10/25/34, CMO	Aaa/AAA		3,058,899
	17		4.50%, 2/1/38, MBS	Aaa/AAA		17,520
	551		4.50%, 3/1/38, MBS	Aaa/AAA		568,153
	852		4.50%, 11/1/39, MBS	Aaa/AAA		878,610
	428,000		4.50%, MBS, TBA (e)	Aaa/AAA		439,589,268
	11,600		4.875%, 12/15/16 (e)	Aaa/AAA		13,123,347
	1,072		5.00%, 9/25/14, CMO	Aaa/AAA		1,138,843
	123		5.00%, 9/1/17, MBS	Aaa/AAA		130,896
	116		5.00%, 6/1/18, MBS	Aaa/AAA		123,690
	11		5.00%, 9/1/18, MBS	Aaa/AAA		11,747
	505		5.00%, 7/25/20, CMO	Aaa/AAA		510,483
	416		5.00%, 4/1/23, MBS	Aaa/AAA		444,780
	—(i	)	5.00%, 11/1/33, MBS	Aaa/AAA		29
	717		5.50%, 2/25/24, CMO	Aaa/AAA		787,089
	10		6.00%, 8/1/22, MBS	Aaa/AAA		10,320
	13		6.00%, 9/1/22, MBS	Aaa/AAA		13,879
	165		6.00%, 8/1/23, MBS	Aaa/AAA		179,955
	334		6.00%, 12/1/23, MBS	Aaa/AAA		364,494
	13		6.50%, 1/1/25, MBS	Aaa/AAA		14,519
	146		6.50%, 7/18/27, CMO	Aaa/AAA		164,908
	30		6.50%, 12/1/28, MBS	Aaa/AAA		33,454
	225		7.00%, 11/1/38, MBS	Aaa/AAA		257,549
	110		7.01%, 8/1/22, MBS	Aaa/AAA		124,808
	51		7.01%, 11/1/22, MBS	Aaa/AAA		58,357
	7		7.925%, 2/1/25, FRN, MBS	Aaa/AAA		7,058
	132		11.00%, 7/15/20, MBS	Aaa/AAA		152,472
						1,580,578,316
			Freddie Mac–0.8%
	88		0.669%, 8/15/29, CMO, FRN	Aaa/AAA		88,655
	54		0.669%, 12/15/31, CMO, FRN	Aaa/AAA		53,932
	15		0.719%, 9/15/30, CMO, FRN	Aaa/AAA		14,830
	22		0.769%, 3/15/32, CMO, FRN	Aaa/AAA		21,806

46 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount				Credit Rating
(000s)				(Moody’s/S&P)	Value
			Freddie Mac (continued)
$	56		0.90%, 3/15/20, CMO, FRN	Aaa/AAA	$	56,531
	223		0.90%, 2/15/24, CMO, FRN	Aaa/AAA		223,697
	10		0.95%, 10/15/19, CMO, FRN	Aaa/AAA		10,172
	86		1.20%, 12/15/13, CMO, FRN	Aaa/AAA		85,820
	86		1.40%, 9/15/22, CMO, FRN	Aaa/AAA		85,799
	24		1.60%, 8/15/23, CMO, FRN	Aaa/AAA		23,791
	5,051		2.239%, 6/1/35, FRN, MBS	Aaa/AAA		5,241,754
	161		2.459%, 4/1/32, FRN, MBS	Aaa/AAA		163,939
	11		2.473%, 1/1/33, FRN, MBS	Aaa/AAA		10,899
	300		2.475%, 3/1/32, FRN, MBS	Aaa/AAA		302,802
	106		2.50%, 1/1/32, FRN, MBS	Aaa/AAA		110,512
	229		2.50%, 10/1/32, FRN, MBS	Aaa/AAA		239,645
	151		2.508%, 2/1/33, FRN, MBS	Aaa/AAA		158,325
	36		2.515%, 8/1/29, FRN, MBS	Aaa/AAA		37,653
	258		2.54%, 2/1/29, FRN, MBS	Aaa/AAA		271,109
	584		2.601%, 5/1/34, FRN, MBS	Aaa/AAA		605,833
	19		2.713%, 7/1/29, FRN, MBS	Aaa/AAA		20,450
	1,458		2.74%, 10/1/35, FRN, MBS	Aaa/AAA		1,532,257
	101		2.75%, 10/1/32, FRN, MBS	Aaa/AAA		101,217
	16		2.946%, 7/1/32, FRN, MBS	Aaa/AAA		16,280
	23		3.10%, 8/1/32, FRN, MBS	Aaa/AAA		23,893
	140		3.114%, 8/1/32, FRN, MBS	Aaa/AAA		141,388
	7,300		3.75%, 3/27/19 (e)	Aaa/AAA		7,647,436
	45		4.50%, 5/15/18, CMO	Aaa/AAA		48,177
	2,508		5.50%, 3/15/34, CMO	Aaa/AAA		2,706,698
	2,800		5.50%, 4/15/35, CMO	Aaa/AAA		3,084,546
	3,536		5.50%, 5/15/36, CMO	Aaa/AAA		3,805,774
	51		6.00%, 8/15/16, CMO	Aaa/AAA		54,545
	1,474		6.00%, 12/15/28, CMO	Aaa/AAA		1,621,128
	87		6.50%, 8/15/16, CMO	Aaa/AAA		92,939
	23		6.50%, 12/15/23, CMO	Aaa/AAA		25,662
	535		6.50%, 7/15/31, CMO	Aaa/AAA		624,371
	19		7.00%, 4/1/29, MBS	Aaa/AAA		22,005
	1		7.00%, 12/1/29, MBS	Aaa/AAA		1,288
	—(i	)	7.00%, 1/1/30, MBS	Aaa/AAA		85
	14		7.00%, 2/1/30, MBS	Aaa/AAA		16,091
	19		7.00%, 3/1/30, MBS	Aaa/AAA		22,494
	2		7.00%, 6/1/30, MBS	Aaa/AAA		2,478

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Freddie Mac (continued)
$	139	7.50%, 8/15/30, CMO	Aaa/AAA	$	160,938
					29,579,644
		Ginnie Mae–0.1%
	30	0.564%, 6/20/32, CMO, FRN	Aaa/AAA		30,394
	98	2.125%, 11/20/23, FRN, MBS	Aaa/AAA		100,974
	10	2.125%, 10/20/25, FRN, MBS	Aaa/AAA		10,003
	7	2.125%, 11/20/25, FRN, MBS	Aaa/AAA		7,208
	6	2.125%, 10/20/26, FRN, MBS	Aaa/AAA		6,065
	18	2.125%, 10/20/27, FRN, MBS	Aaa/AAA		18,626
	6	2.625%, 8/20/17, FRN, MBS	Aaa/AAA		6,559
	4	2.625%, 7/20/21, FRN, MBS	Aaa/AAA		4,126
	8	2.625%, 8/20/21, FRN, MBS	Aaa/AAA		8,824
	14	2.625%, 9/20/21, FRN, MBS	Aaa/AAA		14,540
	1,096	2.625%, 8/20/23, FRN, MBS	Aaa/AAA		1,132,511
	3	2.625%, 8/20/25, FRN, MBS	Aaa/AAA		3,405
	11	2.625%, 9/20/25, FRN, MBS	Aaa/AAA		11,762
	8	2.625%, 8/20/26, FRN, MBS	Aaa/AAA		7,881
	6	2.625%, 7/20/27, FRN, MBS	Aaa/AAA		6,387
	9	2.625%, 9/20/27, FRN, MBS	Aaa/AAA		9,374
	59	2.625%, 8/20/28, FRN, MBS	Aaa/AAA		61,090
	24	2.625%, 7/20/29, FRN, MBS	Aaa/AAA		24,853
	11	2.75%, 3/20/30, FRN, MBS	Aaa/AAA		11,191
	67	3.00%, 8/20/25, FRN, MBS	Aaa/AAA		69,288
	339	3.25%, 1/20/28, FRN, MBS	Aaa/AAA		352,722
	36	3.25%, 2/20/28, FRN, MBS	Aaa/AAA		37,145
	100	3.25%, 1/20/30, FRN, MBS	Aaa/AAA		103,803
	153	3.375%, 3/20/17, FRN, MBS	Aaa/AAA		159,839
	8	3.375%, 1/20/18, FRN, MBS	Aaa/AAA		8,360
	53	3.375%, 5/20/18, FRN, MBS	Aaa/AAA		54,842
	38	3.375%, 4/20/19, FRN, MBS	Aaa/AAA		39,388
	9	3.375%, 5/20/19, FRN, MBS	Aaa/AAA		9,364
	10	3.375%, 6/20/21, FRN, MBS	Aaa/AAA		10,523
	24	3.375%, 1/20/22, FRN, MBS	Aaa/AAA		24,659
	521	3.375%, 2/20/22, FRN, MBS	Aaa/AAA		543,324
	25	3.375%, 4/20/22, FRN, MBS	Aaa/AAA		26,109
	14	3.375%, 5/20/22, FRN, MBS	Aaa/AAA		14,408
	16	3.375%, 2/20/23, FRN, MBS	Aaa/AAA		16,783
	21	3.375%, 3/20/23, FRN, MBS	Aaa/AAA		22,289
	22	3.375%, 4/20/23, FRN, MBS	Aaa/AAA		23,012

48 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount				Credit Rating
(000s)				(Moody’s/S&P)	Value
			Ginnie Mae (continued)
$	133		3.375%, 4/20/24, FRN, MBS	Aaa/AAA	$	138,397
	8		3.375%, 5/20/24, FRN, MBS	Aaa/AAA		7,951
	2		3.375%, 4/20/25, FRN, MBS	Aaa/AAA		2,491
	11		3.375%, 5/20/25, FRN, MBS	Aaa/AAA		11,380
	18		3.375%, 6/20/25, FRN, MBS	Aaa/AAA		18,825
	9		3.375%, 1/20/26, FRN, MBS	Aaa/AAA		9,411
	11		3.375%, 6/20/26, FRN, MBS	Aaa/AAA		11,781
	5		3.375%, 1/20/27, FRN, MBS	Aaa/AAA		5,537
	55		3.375%, 2/20/27, FRN, MBS	Aaa/AAA		57,822
	14		3.375%, 4/20/27, FRN, MBS	Aaa/AAA		14,765
	20		3.375%, 6/20/27, FRN, MBS	Aaa/AAA		20,643
	24		3.375%, 2/20/28, FRN, MBS	Aaa/AAA		24,650
	58		3.375%, 3/20/28, FRN, MBS	Aaa/AAA		60,772
	27		3.375%, 4/20/28, FRN, MBS	Aaa/AAA		27,904
	13		3.375%, 4/20/29, FRN, MBS	Aaa/AAA		13,746
	26		3.375%, 6/20/29, FRN, MBS	Aaa/AAA		27,486
	22		3.375%, 5/20/30, FRN, MBS	Aaa/AAA		22,956
	17		3.375%, 5/20/32, FRN, MBS	Aaa/AAA		17,820
	25		3.375%, 6/20/32, FRN, MBS	Aaa/AAA		26,046
	4		3.50%, 7/20/20, FRN, MBS	Aaa/AAA		3,689
	57		3.50%, 3/20/31, FRN, MBS	Aaa/AAA		59,919
	33		3.50%, 3/20/32, FRN, MBS	Aaa/AAA		34,783
	46		3.875%, 6/20/22, FRN, MBS	Aaa/AAA		48,393
	5		4.50%, 8/20/18, FRN, MBS	Aaa/AAA		5,143
	2		6.50%, 5/15/23, MBS	Aaa/AAA		2,339
	—	(i)	6.50%, 12/15/23, MBS	Aaa/AAA		284
						3,666,564
			Other Government Agencies–1.3%
	17,558		SLM Student Loan Trust, 1.774%, 4/25/23, ABS, FRN	Aaa/AAA		18,158,890
	24,136		Small Business Administration Participation Certificates, 5.23%, 3/1/27, ABS	Aaa/AAA		25,922,009
	1,247		Vendee Mortgage Trust, 6.50%, 9/15/24, CMO	Aaa/AAA		1,318,922
						45,399,821
			Total U.S. Government Agency Securities (cost–$1,621,652,223)			1,659,224,345
CORPORATE BONDS & NOTES–41.2%
			Banking–9.2%
	47,900		ABN Amro Bank NV, 2.043%, 1/30/14, FRN (a)(d)	Aa3/A		48,995,473

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Banking (continued)
$	7,000	Achmea Hypotheekbank NV, 3.20%, 11/3/14 (a)(d)	Aaa/AAA	$	7,327,082
		American Express Bank FSB,
	1,700	5.50%, 4/16/13	A2/BBB+		1,828,527
	22,550	5.55%, 10/17/12	A2/BBB+		23,928,053
	17,300	6.00%, 9/13/17	A2/BBB+		19,610,519
	24,600	American Express Centurion Bank, 6.00%, 9/13/17	A2/BBB+		28,005,206
	2,600	ANZ National International Ltd., 6.20%, 7/19/13 (a)(d)	Aa2/AA		2,840,692
	15,680	Bank of Nova Scotia, 1.65%, 10/29/15 (a)(d)	Aaa/NR		15,251,183
		Barclays Bank PLC,
	6,400	5.00%, 9/22/16	Aa3/AA−		6,902,297
	20,800	5.45%, 9/12/12	Aa3/AA−		22,052,930
	5,000	5.926%, 12/15/16 (a)(d)(j)	Baa2/A−		4,825,000
	1,900	Commonwealth Bank of Australia, 2.90%, 9/17/14 (a)(d)	Aaa/AAA		1,984,191
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (a)(d),
	1,600	3.20%, 3/11/15	Aaa/AAA		1,651,875
	36,900	4.75%, 1/15/20	Aaa/AAA		38,877,951
	5,000	Credit Suisse, 5.50%, 5/1/14	Aa1/A+		5,536,760
	11,000	HSBC Capital Funding L.P., 4.61%, 6/27/13 (a)(d)(j)	A3/A−		10,892,178
	79,000	Royal Bank of Scotland PLC, 3.95%, 9/21/15	Aa3/A+		80,574,707
		Wachovia Bank N.A.,
	13,750	0.640%, 3/15/16, FRN	Aa3/AA−		13,237,414
	500	4.875%, 2/1/15	Aa3/AA−		540,277
					334,862,315
		Biotechnology–0.0%
	700	Amgen, Inc., 6.40%, 2/1/39	A3/A+		790,672
		Commercial Services–0.1%
	4,700	Board of Trustees of The Leland Stanford Junior Univ., 4.75%, 5/1/19	Aaa/AAA		5,084,343
		Diversified Manufacturing–2.1%
	70,000	General Electric Co., 5.25%, 12/6/17	Aa2/AA+		77,657,510
		Drugs & Medical Products–0.7%
	5,000	AstraZeneca PLC, 5.40%, 9/15/12	A1/AA−		5,324,905
	8,000	Novartis Securities Investment Ltd., 5.125%, 2/10/19	Aa2/AA−		8,789,624
	10,000	Pfizer, Inc., 6.20%, 3/15/19	A1/AA		11,683,550
					25,798,079

50 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services–22.7%
		American Express Co.,
$	600	6.15%, 8/28/17	A3/BBB+	$	682,764
	600	7.00%, 3/19/18	A3/BBB+		712,276
	25,000	American Express Credit Corp., 5.875%, 5/2/13	A2/BBB+		27,085,700
		Bank of America Corp.,
	8,295	0.643%, 8/15/16, FRN	A3/A−		7,688,918
	21,700	5.75%, 12/1/17	A2/A		23,452,861
	50,300	7.375%, 5/15/14	A2/A		57,377,663
		Bank of America N.A.,
	15,000	5.30%, 3/15/17	A1/A		15,773,085
	2,600	6.10%, 6/15/17	A1/A		2,835,035
		Bear Stearns Cos. LLC,
	1,700	5.70%, 11/15/14	Aa3/A+		1,884,214
	30,600	6.40%, 10/2/17	Aa3/A+		35,014,570
	800	6.95%, 8/10/12	Aa3/A+		860,665
	21,000	7.25%, 2/1/18	Aa3/A+		24,720,969
		CIT Group, Inc.,
	121	7.00%, 5/1/13	B3/B+		123,135
	345	7.00%, 5/1/14	B3/B+		352,437
	345	7.00%, 5/1/15	B3/B+		350,712
	575	7.00%, 5/1/16	B3/B+		580,925
	805	7.00%, 5/1/17	B3/B+		813,799
		Citigroup, Inc.,
	13,100	2.013%, 5/15/18, FRN	A3/A		13,273,352
	10,000	5.30%, 10/17/12	A3/A		10,564,390
	40,500	5.50%, 4/11/13	A3/A		43,374,042
	52,260	6.125%, 5/15/18	A3/A		57,823,495
	25,000	6.375%, 8/12/14	A3/A		27,952,550
	6,900	Citigroup Capital XXI, 8.30%, 12/21/77, (converts to FRN on 12/21/37)	Ba1/BB+		7,203,600
	7,689	Countrywide Financial Corp., 5.80%, 6/7/12	A2/A		8,078,732
	600	Credit Agricole S.A., 6.637%, 5/31/17 (a)(d)(j)	A3/A−		557,880
		General Electric Capital Corp.,
€	1,200	5.50%, 9/15/67, (converts to FRN on 9/15/17)(a)(d)	Aa3/A+		1,688,511
$	31,100	6.375%, 11/15/67, (converts to FRN on 11/15/17)	Aa3/A+		32,421,750
		Goldman Sachs Group, Inc.,
€	800	1.685%, 2/4/13, FRN	A1/A		1,174,707
$	11,550	3.70%, 8/1/15	A1/A		11,854,054
	450	5.125%, 1/15/15	A1/A		487,958

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services (continued)
€	3,000	5.375%, 2/15/13	A1/A	$	4,624,974
$	2,900	5.95%, 1/18/18	A1/A		3,180,270
	27,575	6.75%, 10/1/37	A2/A−		28,705,079
		HSBC Finance Corp.,
	670	0.660%, 9/14/12, FRN	A3/A		667,899
	28,500	6.676%, 1/15/21 (a)(d)	Baa1/BBB+		30,324,456
		JPMorgan Chase & Co.,
	4,500	4.65%, 6/1/14	Aa3/A+		4,859,266
	1,000	7.90%, 4/30/18 (j)	Baa1/BBB+		1,102,555
	49,200	Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (f)	WR/NR		39,360
	8,200	MassMutual Global Funding II, 2.875%, 4/21/14 (a)(d)	Aa2/AA+		8,536,807
		Merrill Lynch & Co., Inc.,
	200	5.00%, 1/15/15	A2/A		214,611
	400	5.45%, 7/15/14	A2/A		434,106
	400	6.05%, 8/15/12	A2/A		424,292
	59,200	6.875%, 4/25/18	A2/A		67,309,216
		Morgan Stanley,
€	5,850	1.422%, 3/1/13, FRN	A2/A		8,559,634
$	33,300	2.812%, 5/14/13, FRN	A2/NR		34,353,445
	24,000	6.00%, 4/28/15	A2/A		26,501,424
	21,200	6.25%, 8/28/17	A2/A		23,478,852
	10,000	OMX Timber Finance Investments I LLC, 5.42%, 1/29/20 (a)(d)(g)	A1/AA−		10,489,505
	2,000	Qatari Diar Finance QSC, 5.00%, 7/21/20	Aa2/AA		2,013,682
€	12,450	SLM Corp., 1.503%, 6/17/13, FRN	Ba1/BBB−		17,128,217
$	18,900	5.00%, 10/1/13	Ba1/BBB−		19,714,118
	4,500	5.375%, 5/15/14	Ba1/BBB−		4,701,285
	16,400	Stone Street Trust, 5.902%, 12/15/15 (a)(d)	Baa1/A−		17,204,682
	10,000	Temasek Financial I Ltd., 4.30%, 10/25/19	Aaa/AAA		10,254,460
	1,100	TNK-BP Finance S.A., 6.25%, 2/2/15	Baa2/BBB−		1,187,340
		UBS AG,
	39,800	4.875%, 8/4/20	Aa3/A+		41,069,620
	3,000	5.75%, 4/25/18	Aa3/A+		3,311,109
	6,900	5.875%, 12/20/17	Aa3/A+		7,717,360
		Wachovia Corp., FRN,
	7,600	0.580%, 6/15/17	A1/AA−		7,309,330
	12,600	2.074%, 5/1/13	A1/AA−		12,989,365
	6,400	Wells Fargo & Co., 7.98%, 3/15/18 (j)	Baa3/A−		7,072,000
					822,243,068

52 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Food & Beverage–0.1%
$	1,700	Kraft Foods, Inc., 6.125%, 2/1/18	Baa2/BBB−	$	1,933,376
		Healthcare & Hospitals–0.5%
	15,000	Roche Holdings, Inc., 6.00%, 3/1/19 (a)(d)	A2/AA−		17,247,585
		Insurance–1.3%
		American International Group, Inc.,
	16,500	8.175%, 5/15/68, (converts to FRN on 5/15/38)	Baa2/BBB		18,603,750
	21,700	8.25%, 8/15/18	Baa1/A−		25,843,268
£	1,000	8.625%, 5/22/68, (converts to FRN on 5/22/18)	Baa2/BBB		1,753,867
					46,200,885
		Metals & Mining–0.3%
$	3,900	Alcoa, Inc., 6.15%, 8/15/20	Baa3/BBB−		4,209,886
	5,100	Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/17	Baa3/BBB−		5,629,355
					9,839,241
		Oil & Gas–2.0%
	2,000	Gaz Capital S.A. for Gazprom, 8.125%, 7/31/14	Baa1/BBB		2,297,500
	2,588	Gazprom International S.A. for Gazprom, 7.201%, 2/1/20 (a)(d)	NR/BBB+		2,826,934
	15,500	Kinder Morgan Energy Partners L.P., 6.95%, 1/15/38	Baa2/BBB		17,389,930
	39,900	Morgan Stanley Bank AG for OAO Gazprom, 9.625%, 3/1/13	Baa1/BBB		45,374,280
	500	Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 6/30/21 (a)(d)	Baa3/NR		529,250
	4,600	Valero Energy Corp., 6.625%, 6/15/37	Baa2/BBB		4,860,144
					73,278,038
		Retail–0.1%
	5,000	Macy’s Retail Holdings, Inc., 8.375%, 7/15/15	Ba1/BB+		5,862,500
		Road & Rail–0.1%
	2,000	RZD Capital Ltd., 5.739%, 4/3/17	Baa1/BBB		2,100,000
		Telecommunications–1.4%
	44,600	AT&T, Inc., 5.50%, 2/1/18	A2/A−		49,312,168
	400	Embarq Corp., 6.738%, 6/1/13	Baa3/BB		435,352
					49,747,520
		Tobacco–0.5%
		Altria Group, Inc.,
	5,300	9.25%, 8/6/19	Baa1/BBB		6,991,368
	1,500	9.70%, 11/10/18	Baa1/BBB		2,001,189

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Tobacco (continued)
$	9,700	Reynolds American, Inc., 7.25%, 6/15/37	Baa3/BBB	$	10,614,128
					19,606,685
		Utilities–0.1%
	2,600	EDF S.A., 6.50%, 1/26/19 (a)(d)	Aa3/A+		3,016,426
		Total Corporate Bonds & Notes (cost–$1,436,951,590)			1,495,268,243
MUNICIPAL BONDS–15.4%
		Alaska–0.0%
	100	Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A	Baa3/NR		58,644
		California–5.1%
	11,000	Alameda Cnty. JT Powers Auth. Rev., 7.046%, 12/1/44	A1/AA		11,313,940
		Bay Area Toll Auth. Rev.,
	11,000	6.907%, 10/1/50, Ser. S-3	A1/A+		11,421,190
	800	6.918%, 4/1/40, Ser. S-1	A1/A+		858,672
	15,000	7.043%, 4/1/50, Ser. S-1	A1/A+		15,759,300
	100	Chino Valley Unified School Dist., GO, zero coupon, 8/1/23, Ser. D (FGIC-NPFGC)	Aa2/A+		49,877
	6,400	City & Cnty. of San Francisco Public Utilities Commission Rev., 5.50%, 11/1/25, Ser. B	Aa2/AA−		6,475,072
	100	Clovis Unified School Dist., GO, zero coupon, 8/1/20, Ser. B (FGIC-NPFGC)	WR/AA		63,585
		Golden State Tobacco Securitization Corp. Rev., Ser. A (FGIC),
	5,000	5.00%, 6/1/35	A2/BBB+		4,278,500
	3,500	5.00%, 6/1/38	A2/BBB+		2,933,840
	1,730	Grossmont Union High School Dist., GO, zero coupon, 8/1/24 (NPFGC)	Aa2/NR		767,117
	11,200	Irvine Ranch Water Dist. Rev., 6.622%, 5/1/40, Ser. B	Aa1/AAA		11,766,720
	1,850	Los Angeles Cnty. Metropolitan Transportation Auth. Rev., 4.53%, 6/1/22	Aa2/AAA		1,824,599
	4,500	Los Angeles Community College Dist., GO, 6.75%, 8/1/49	Aa1/AA		4,942,710
		Los Angeles Department of Water & Power Rev.,
	6,100	5.716%, 7/1/39	Aa3/AA−		5,973,913
	6,400	6.166%, 7/1/40	Aa3/AA−		6,518,528
	24,700	6.603%, 7/1/50	Aa2/AA		27,617,317
	6,500	Los Angeles Unified School Dist., GO, 5.981%, 5/1/27	Aa2/AA−		6,607,900
	5,000	Newport Beach, CP, 7.168%, 7/1/40, Ser. B	Aa2/AA+		5,049,500
	3,100	Orange Cnty. Local Transportation Auth. Rev., 6.908%, 2/15/41, Ser. A	Aa2/AA+		3,486,539

54 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		California (continued)
$	4,800	Palomar Community College Dist., GO, 7.194%, 8/1/45, Ser. B-1	Aa2/AA−	$	4,964,064
	6,500	Pasadena Public Financing Auth. Rev., 7.148%, 3/1/43, Ser. D	NR/AA+		6,680,180
		Riverside Community College Dist., GO, Ser. D-1,
	2,750	6.971%, 8/1/35	Aa2/AA		2,764,630
	3,250	7.021%, 8/1/40	Aa2/AA		3,265,047
	1,000	San Diego Redev. Agcy., Tax Allocation, 7.75%, 9/1/40, Ser. A State, GO,	A3/BBB+		950,140
	3,600	5.65%, 4/1/39, VRN	A1/A−		3,817,584
	1,200	7.35%, 11/1/39	A1/A−		1,326,756
	600	7.50%, 4/1/34	A1/A−		670,932
	4,100	7.55%, 4/1/39	A1/A−		4,650,835
	5,600	7.60%, 11/1/40	A1/A−		6,403,936
	985	Tobacco Securitization Auth. of Northern California Rev., 5.40%, 6/1/27, Ser. A-2	Baa3/BBB		868,918
		Univ. of California Rev.,
	3,500	5.946%, 5/15/45	Aa2/AA−		3,331,790
	2,750	6.296%, 5/15/50	Aa2/AA−		2,633,290
	5,100	6.398%, 5/15/31	Aa2/AA−		5,173,491
	7,850	6.548%, 5/15/48	Aa2/AA−		7,898,356
					183,108,768
		Illinois–0.2%
	700	Regional Transportation Auth. Rev., 5.00%, 7/1/25, Ser. A (NPFGC)	Aa3/AA		706,923
	2,200	State Toll Highway Auth. Rev., 6.184%, 1/1/34, Ser. A	Aa3/AA−		2,172,126
	7,505	Will Cnty. Community High School Dist. No. 210, Lincoln-Way Central High School, GO, zero coupon, 1/1/21 (AGM)	Aa2/NR		4,711,039
					7,590,088
		Iowa–0.1%
	3,800	Tobacco Settlement Auth. Rev., 5.60%, 6/1/34, Ser. B	Baa3/BBB		3,009,638
		Louisiana–0.1%
	4,400	East Baton Rouge Sewerage Commission Rev., 6.087%, 2/1/45	Aa2/AA−		4,485,184
		Michigan–0.0%
	1,250	Michigan State Univ. Rev., 6.173%, 2/15/50, Ser. A	Aa1/AA		1,258,587
		New Jersey–0.9%
	1,335	Economic Dev. Auth. Rev., 6.425%, 12/15/35, Ser. CC-1	A1/A+		1,373,582
	14,700	State Turnpike Auth. Rev., 7.102%, 1/1/41, Ser. A	A3/A+		16,579,689

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		New Jersey (continued)
$	21,440	Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/41, Ser. 1-A	Baa3/BB−	$	13,332,464
					31,285,735
		New York–4.0%
	12,000	Metropolitan Transportation Auth. Rev., 6.814%, 11/15/40	A2/A		12,838,680
	8,650	New York City, GO, 6.246%, 6/1/35, Ser. H-1	Aa2/AA		8,778,626
		New York City Municipal Water Finance Auth. Rev.,
	4,450	5.44%, 6/15/43	Aa2/AA+		4,357,128
	3,000	6.124%, 6/15/42	Aa2/AA+		2,984,880
		Second Generation Resolutions,
	5,250	5.882%, 6/15/44	Aa2/AA+		5,390,490
	5,700	6.282%, 6/15/42	Aa2/AA+		5,769,996
		New York City Transitional Finance Auth. Rev.,
	7,330	4.325%, 11/1/21	Aa1/AAA		7,488,328
	16,700	4.525%, 11/1/22	Aa1/AAA		17,159,918
	5,000	5.267%, 5/1/27, Ser. G-3	Aa1/AAA		5,201,800
	12,400	5.572%, 11/1/38	Aa1/AAA		12,546,320
	7,500	5.767%, 8/1/36	Aa1/AAA		7,690,200
	14,700	5.932%, 11/1/36	Aa1/AAA		15,557,892
		Port Auth. of New York & New Jersey Rev.,
	16,700	5.647%, 11/1/40, Ser. 160	Aa2/AA−		16,508,952
	2,500	5.859%, 12/1/24, Ser. 158	Aa2/AA−		2,658,875
		State Dormitory Auth. Rev.,
	4,000	5.051%, 9/15/27	NR/AAA		3,849,320
	3,000	Columbia Univ., 5.00%, 10/1/41	Aaa/AAA		3,099,330
	8,800	State Urban Dev. Corp. Rev., 5.77%, 3/15/39	NR/AAA		9,107,120
	5,200	Triborough Bridge & Tunnel Auth. Rev., 5.55%, 11/15/40, Ser. A-2	Aa2/AA−		4,850,820
					145,838,675
		Ohio–0.8%
	10,900	American Municipal Power-Ohio, Inc. Rev., 8.084%, 2/15/50, Ser. B	A3/A		12,766,516
		Buckeye Tobacco Settlement Financing Auth. Rev., Ser. A-2,
	5,800	5.875%, 6/1/30	Baa3/BB−		4,194,328
	9,500	5.875%, 6/1/47	Baa3/BB−		6,373,930
	7,020	6.00%, 6/1/42	Baa3/BB−		4,857,840
					28,192,614

56 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Puerto Rico–0.0%
$	1,000	Sales Tax Financing Corp. Rev., zero coupon, 8/1/54, Ser. A (AMBAC)	Aa2/AA−	$	50,400
		Tennessee–0.2%
	8,900	State School Bond Auth., GO, 4.848%, 9/15/27	Aa2/AA		8,585,563
		Texas–3.8%
	45,400	North Texas Tollway Auth. Rev., 8.91%, 2/1/30	Baa3/NR		47,459,798
		San Antonio Electric Rev.,
	7,000	5.808%, 2/1/41	Aa2/AA−		7,135,590
	4,600	6.308%, 2/1/37	Aa2/AA−		4,761,138
		State, GO, Ser. A,
	8,600	4.631%, 4/1/33	Aaa/AA+		8,092,342
	17,500	4.681%, 4/1/40	Aaa/AA+		16,002,700
	700	State, Mobility Fund, GO, 4.75%, 4/1/37	Aaa/AA+		693,784
	52,100	State Transportation Commission Rev., 5.178%, 4/1/30, Ser. B	Aaa/AAA		53,113,345
					137,258,697
		Washington–0.2%
	6,800	State Convention Center Public Facs. Dist. Rev., 6.79%, 7/1/40	Aa3/A+		7,187,124
		Total Municipal Bonds (cost–$554,797,371)			557,909,717
MORTGAGE-BACKED SECURITIES–14.3%
		Adjustable Rate Mortgage Trust, CMO, VRN,
	770	2.784%, 5/25/35	Ba2/A−		777,315
	578	5.269%, 11/25/35	Caa2/B		458,087
	429	5.273%, 1/25/36	Caa1/BBB−		375,229
	10,313	American General Mortgage Loan Trust, 5.15%, 3/25/58, CMO, VRN (a)(d)	Aaa/NR		10,668,805
		American Home Mortgage Assets, CMO, FRN,
	1,608	0.403%, 9/25/46	Caa2/BBB+		907,093
	1,387	0.423%, 10/25/46	Ca/BBB		766,729
	2,138	Banc of America Funding Corp., 2.797%, 2/20/36, CMO, FRN	NR/AAA		2,025,480
	1,389	Banc of America Mortgage Securities, Inc., 5.50%, 9/25/35, CMO	B3/CCC		1,245,973
	4,700	BCRR Trust, 6.002%, 8/17/45, CMO, VRN (a)(d)	Aaa/NR		5,138,216
		Bear Stearns Adjustable Rate Mortgage Trust, CMO,
	11,363	2.40%, 8/25/35, FRN	Baa2/AAA		10,806,235
	3,110	2.56%, 10/25/35, FRN	Caa1/BBB		2,812,439
	21,813	2.71%, 3/25/35, FRN	Ba2/AAA		20,987,863

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount				Credit Rating
(000s)				(Moody’s/S&P)	Value
$	6,593	2.731%, 3/25/35, FRN		A1/AAA	$	6,318,309
	275	2.901%, 2/25/34, VRN		Aa3/AA		267,637
	73	2.931%, 1/25/35, VRN		A2/AA+		65,088
	236	3.071%, 1/25/34, VRN		Aa2/AAA		228,562
	1,063	5.257%, 5/25/47, VRN		NR/CCC		808,590
	428	5.674%, 2/25/36, FRN		Caa3/CCC		309,655
		Bear Stearns Alt-A Trust, CMO, VRN,
	193	2.629%, 5/25/35		Caa2/AA		160,134
	1,080	2.796%, 2/25/36		Ca/D		501,716
	5,214	2.888%, 6/25/34		Caa2/AA+		2,692,549
	24	Bear Stearns Mortgage Securities, Inc., 7.182%, 3/25/31, CMO, VRN		Aaa/NR		25,874
	2,377	Bear Stearns Structured Products, Inc., 2.674%, 1/26/36, CMO, VRN		B2/A+		1,560,761
	1,526	Carey Commercial Mortgage Trust, 5.97%, 9/20/19, CMO (a)(d)		Aaa/NR		1,552,437
	1,025	CC Mortgage Funding Corp., 0.343%, 5/25/48, CMO, FRN (a)(d)		Caa3/D		465,726
	3,097	Chase Mortgage Finance Corp., 5.996%, 9/25/36, CMO, FRN		B3/NR		2,982,228
		Citigroup Commercial Mortgage Trust, CMO, VRN (a)(d),
	9,862	5.322%, 12/17/49	��	Aaa/NR		10,484,732
	15,178	5.858%, 7/17/40		Aaa/NR		16,304,416
		Citigroup Mortgage Loan Trust, Inc., CMO,
	23,945	2.63%, 10/25/35, FRN		NR/BB+		20,390,973
	954	2.67%, 12/25/35, FRN		NR/AA−		914,976
	307	2.823%, 12/25/35, VRN		Caa3/CC		201,573
	172	2.904%, 8/25/35, VRN		B2/NR		164,236
	2,397	5.749%, 9/25/37, VRN		NR/CCC		1,680,999
	3,505	Commercial Capital Access One, Inc., 7.849%, 11/15/28, CMO, VRN (a)(d)		NR/NR		2,468,349
		Commercial Mortgage Pass Through Certificates, CMO (a)(d),
	16,848	3.156%, 7/10/46		Aaa/NR		17,038,787
	7,000	5.362%, 2/5/19		NR/AAA		7,103,640
	2,000	5.665%, 2/5/19, VRN		NR/BB−		2,004,629
	800	Community Program Loan Trust, 4.50%, 4/1/29, CMO		NR/AAA		761,373
		Countrywide Alternative Loan Trust, CMO,
	1,004	0.383%, 1/25/37, FRN		Caa3/CCC		592,218
	3,465	0.393%, 2/20/47, FRN		Caa3/CCC		1,909,408
	3,577	0.393%, 5/25/47, FRN		Caa3/CCC		2,072,730
	174	0.423%, 7/20/46, FRN		Ca/CCC		77,053
	5,905	0.433%, 5/25/35, FRN		Caa2/A−		3,505,228

58 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	3,154	0.473%, 12/25/35, FRN	Caa2/B−	$	2,354,789
	380	0.483%, 5/25/36, FRN	C/CCC		107,969
	1,351	1.306%, 2/25/36, FRN	Caa3/CCC		899,267
	404	5.680%, 11/25/35, VRN	Ca/CCC		261,131
		Countrywide Home Loan Mortgage Pass Through Trust, CMO,
	257	0.443%, 5/25/35, FRN	Caa2/AAA		177,805
	495	0.513%, 4/25/46, FRN	C/CCC		103,756
	1,369	0.523%, 3/25/35, FRN	Caa2/CCC		862,439
	1,895	0.533%, 3/25/35, FRN	Caa2/AAA		1,261,975
	1,222	0.553%, 3/25/36, FRN	Ca/CCC		530,696
	1,000	0.603%, 2/25/35, FRN	Ca/BBB		334,636
	50	0.753%, 2/25/35, FRN	A1/AAA		41,950
	188	3.017%, 2/20/36, FRN	Caa2/BBB+		154,915
	652	3.262%, 4/25/35, FRN	C/CCC		149,179
	411	5.077%, 10/20/35, VRN	Caa2/CCC		296,319
	599	5.505%, 5/20/36, VRN	Ca/CCC		420,473
	17	Credit Suisse First Boston Mortgage Securities Corp., 0.884%, 3/25/32, CMO, FRN (a)(d)	Aaa/NR		14,264
	342	Downey Savings & Loan Assoc. Mortgage Loan Trust, 0.534%, 7/19/45, CMO, FRN	C/CCC		75,449
	20,836	Extended Stay America Trust, 2.951%, 11/5/27, CMO (a)(d)	Aaa/AAA		20,791,386
	1,500	First Horizon Asset Securities, Inc., 6.25%, 11/25/36, CMO	B2/AA		1,455,716
	851	GMAC Commercial Mortgage Securities, Inc., 6.50%, 5/15/35, CMO (a)(d)	NR/B		883,287
	424	GMAC Mortgage Corp. Loan Trust, 3.387%, 11/19/35, CMO, FRN	Caa3/CCC		362,830
	7,983	Granite Master Issuer PLC, 0.303%, 12/20/54, CMO, FRN	Aaa/AAA		7,615,398
	109	Greenpoint Mortgage Funding Trust, 0.293%, 10/25/46, CMO, FRN	B3/D		101,528
		GSR Mortgage Loan Trust, CMO,
	1,686	2.794%, 9/25/35, FRN	NR/AAA		1,635,143
	205	2.876%, 4/25/35, VRN	Caa2/BB−		167,058
	329	3.065%, 9/25/34, VRN	Ba3/A+		275,299
		Harborview Mortgage Loan Trust, CMO, FRN,
	5,115	0.404%, 2/19/46	Caa2/AAA		2,975,960
	3,982	0.434%, 5/19/35	Caa3/AAA		2,779,965
	356	0.464%, 1/19/38	C/CCC		103,269
	416	0.464%, 9/19/46	C/CCC		97,214

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
€	30,200	Holmes Master Issuer PLC, 2.727%, 10/15/54, CMO, FRN (a)(d)	Aaa/AAA	$	44,924,105
		Homebanc Mortgage Trust, CMO,
$	383	0.393%, 12/25/36, FRN	Caa2/A+		286,579
	7,800	5.744%, 4/25/37, VRN	Ca/CCC		4,507,351
	7,900	Indymac INDA Mortgage Loan Trust, 5.640%, 8/25/36, CMO, VRN	B2/AAA		5,893,104
	515	Indymac INDB Mortgage Loan Trust, 0.513%, 11/25/35, CMO, FRN	Ca/CCC		253,783
		Indymac Index Mortgage Loan Trust, CMO,
	175	0.403%, 9/25/46, FRN	Caa2/B−		110,495
	871	0.493%, 3/25/35, FRN	B3/BB−		628,895
	345	4.995%, 9/25/35, VRN	Caa2/B		293,875
	5,764	4.995%, 9/25/35, VRN	C/CCC		931,666
	3,145	5.00%, 8/25/35, FRN	Caa2/B+		2,410,080
	2,904	5.131%, 10/25/35, VRN	Caa2/CCC		2,323,224
	323	5.202%, 6/25/35, VRN	Caa2/CCC		249,044
	5,098	5.274%, 6/25/36, VRN	Caa1/AAA		4,320,721
	11,816	JPMorgan Alternative Loan Trust, 0.713%, 6/27/37, CMO, FRN (a)(d)	NR/AAA		10,079,043
		JPMorgan Chase Commercial Mortgage Securities Corp., CMO,
	24,263	0.594%, 7/15/19, FRN (a)(d)	Aa1/NR		22,744,552
	28,388	2.749%, 11/15/43 (a)(d)	NR/AAA		28,326,319
	600	5.336%, 5/15/47	Aa3/A		645,558
	1,713	6.465%, 11/15/35	NR/AAA		1,731,506
		JPMorgan Mortgage Trust, CMO,
	2,426	2.967%, 7/25/35, FRN	Baa2/AAA		2,433,590
	1,443	2.992%, 9/25/34, FRN	NR/AAA		1,486,893
	283	4.882%, 4/25/35, VRN	Ba2/AAA		269,315
	429	5.404%, 11/25/35, VRN	B2/BBB		406,806
		Luminent Mortgage Trust, CMO, FRN,
	1,944	0.383%, 12/25/36	Caa2/B+		1,206,326
	689	0.413%, 10/25/46	Caa2/A−		469,059
		MASTR Adjustable Rate Mortgage Trust, CMO, FRN,
	356	0.453%, 5/25/37	Caa3/CCC		188,449
	55	2.897%, 11/21/34	Aa2/AAA		55,534
		MASTR Reperforming Loan Trust, CMO (a)(d),
	2,537	7.00%, 5/25/35	Ba3/BBB−		2,561,487
	3,782	7.50%, 7/25/35	Ba3/AAA		3,501,834
	2,227	8.00%, 7/25/35	Ba3/AAA		2,058,254
	228	Mellon Residential Funding Corp., 2.61%, 10/20/29, CMO, FRN	NR/AAA		210,678

60 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	1,097	Merrill Lynch Alternative Note Asset, 0.513%, 3/25/37, CMO, FRN	Ca/CCC	$	489,988
	2,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, 6.164%, 8/12/49, CMO, VRN	NR/AAA		2,202,875
		MLCC Mortgage Investors, Inc., CMO, FRN,
	312	1.457%, 7/25/29	Baa3/AAA		296,165
	1,299	1.707%, 10/25/35	Baa1/AAA		1,182,479
		Morgan Stanley Capital I, CMO,
	38,250	5.332%, 12/15/43	NR/AAA		41,378,452
	1,100	5.692%, 4/15/49, VRN	Aa2/A−		1,193,519
	28,450	5.731%, 7/12/44, VRN	NR/AAA		31,515,072
	307	Morgan Stanley Dean Witter Capital I, 1.836%, 3/25/33, CMO, FRN	Baa2/AAA		287,521
		Nomura Asset Acceptance Corp., CMO,
	2,374	5.363%, 2/25/36, VRN	Caa3/D		1,483,055
	1,134	7.50%, 3/25/34 (a)(d)	Aa3/AAA		1,159,184
	194	Opteum Mortgage Acceptance Corp., 0.473%, 7/25/35, CMO, FRN	Ba1/AAA		183,389
		Residential Accredit Loans, Inc., CMO,
	1,076	0.463%, 8/25/37, FRN	Caa3/CCC		720,738
	423	0.513%, 8/25/35, FRN	Caa2/BBB+		270,327
	333	0.613%, 10/25/45, FRN	Caa3/B−		200,663
	326	5.714%, 2/25/36, VRN	Ca/D		175,466
	6	Residential Asset Securitization Trust, 0.713%, 3/25/33, CMO, FRN	NR/AAA		5,571
		Residential Funding Mortgage Securities I, CMO,
	2,282	3.615%, 3/25/35, VRN	Caa3/B		1,662,305
	1,289	6.00%, 9/25/36	Caa1/CCC		1,153,230
	538	Sovereign Commercial Mortgage Securities Trust, 5.895%, 7/22/30, CMO, VRN (a)(d)	Aaa/NR		555,693
		Structured Adjustable Rate Mortgage Loan Trust, CMO,
	1,063	0.703%, 6/25/34, FRN	B3/AAA		871,679
	1,227	1.695%, 5/25/35, FRN	Caa3/CCC		714,329
	28	2.628%, 1/25/36, VRN	NR/CC		22,872
	165	2.702%, 10/25/34, VRN	Baa3/AA−		137,449
	7,900	5.065%, 9/25/36, VRN	NR/CCC		4,580,369
	7,900	5.153%, 5/25/36, FRN	NR/BBB−		6,181,489
		Structured Asset Mortgage Investments, Inc., CMO, FRN,
	440	0.343%, 3/25/37	Caa1/BBB		267,327
	13,228	0.393%, 6/25/36	Caa3/B−		6,908,989
	176	0.403%, 6/25/36	Caa3/BB		117,731
	1,365	0.403%, 7/25/46	Caa3/CCC		840,313
	9,134	0.433%, 5/25/36	Caa3/CCC		5,414,165

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	1,553	0.433%, 5/25/46	Ca/A+	$	743,785
	424	0.473%, 5/25/46	C/CCC		58,071
	370	0.564%, 3/19/34	Aaa/AAA		329,723
	723	0.564%, 3/19/34	Aa3/AAA		374,093
	1,310	0.954%, 12/19/33	Baa1/AAA		1,157,759
		Structured Asset Securities Corp., CMO, FRN,
	5	1.958%, 5/25/32	WR/BB		4,852
	262	2.511%, 2/25/34	Baa2/AAA		249,018
	365	Wachovia Mortgage Loan Trust LLC, 5.305%, 10/20/35, CMO, FRN	NR/A−		347,613
		WaMu Mortgage Pass Through Certificates, CMO, FRN,
	25	0.483%, 12/25/45	B2/AAA		21,135
	809	0.533%, 1/25/45	B1/AAA		678,108
	690	0.62%, 11/25/34	Ba2/AAA		519,847
	600	0.623%, 11/25/45	Ca/AAA		366,045
	3,670	0.64%, 10/25/44	Ba3/AAA		3,084,820
	1,900	0.74%, 11/25/34	B3/AAA		1,333,677
	519	1.056%, 6/25/47	C/CCC		132,519
	74	1.506%, 11/25/42	B3/A		65,563
	699	1.806%, 11/25/46	Caa1/A+		531,662
	17,651	2.715%, 9/25/33	A1/AAA		17,403,660
	1,548	2.716%, 8/25/33	A1/AAA		1,555,661
		Wells Fargo Mortgage-Backed Securities Trust, CMO,
	746	0.713%, 7/25/37, FRN	B3/NR		614,429
	1,982	2.747%, 1/25/35, FRN	Ba3/NR		1,854,211
	424	2.747%, 1/25/35, FRN	A3/NR		423,046
	3,611	2.767%, 3/25/36, VRN	NR/A		3,187,857
	12,941	2.922%, 6/25/35, FRN	Baa2/AAA		12,979,397
	750	4.614%, 8/25/34, FRN	Baa2/AAA		706,459
	1,023	6.00%, 6/25/37	Caa1/NR		978,731
		Total Mortgage-Backed Securities (cost–$519,441,381)			517,257,385
SOVEREIGN DEBT OBLIGATIONS–9.1%
		Canada–7.1%
CAD	44,600	Canada Housing Trust No. 1, 2.45%, 12/15/15 (a)(d)	Aaa/AAA		46,629,222
CAD	198,000	Canadian Government Bond, 2.50%, 6/1/15	Aaa/AAA		210,422,028
					257,051,250

62 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		China–0.2%
		Export-Import Bank of China,
$	3,350	4.875%, 7/21/15	Aa3/AA−	$	3,622,938
	4,050	4.875%, 7/21/15 (a)(d)	Aa3/AA−		4,401,844
					8,024,782
		Korea (Republic of)–0.6%
	21,900	Export-Import Bank of Korea, 5.125%, 6/29/20	A1/A		22,277,906
		Mexico–0.4%
	12,000	Mexico Government International Bond, 6.05%, 1/11/40	Baa1/BBB		12,510,000
		Qatar–0.8%
		Qatar Government International Bond,
	3,900	4.00%, 1/20/15 (a)(d)	Aa2/AA		4,089,150
	7,900	5.25%, 1/20/20 (a)(d)	Aa2/AA		8,374,000
	4,600	6.40%, 1/20/40 (a)(d)	Aa2/AA		4,956,500
	9,500	6.55%, 4/9/19	Aa2/AA		11,020,000
					28,439,650
		Total Sovereign Debt Obligations (cost–$311,242,343)			328,303,588
ASSET-BACKED SECURITIES–1.2%
	856	Aames Mortgage Investment Trust, 0.613%, 10/25/35, FRN	NR/AAA		830,796
	307	Access Group, Inc., 1.574%, 10/27/25, FRN	Aaa/AAA		310,056
	58	Amortizing Residential Collateral Trust, 0.483%, 6/25/32, FRN	NR/AAA		49,257
	971	Bayview Financial Asset Trust, 0.613%, 12/25/39, FRN (a)(d)(g)	Ba1/NR		707,735
		Bear Stearns Asset-Backed Securities Trust, FRN,
	433	0.293%, 10/25/36	B3/NR		416,583
	3,065	0.803%, 6/25/43	Aa2/AAA		2,763,559
	59	Cendant Mortgage Corp., 5.983%, 7/25/43, VRN (a)(d)	NR/NR		59,530
		Conseco Financial Corp.,
	3,826	6.18%, 4/1/30	Ba3/NR		3,989,873
	2,869	6.81%, 12/1/28, VRN	Ba1/BBB		2,983,789
	932	6.87%, 4/1/30, VRN	Ba3/NR		990,826
	1,000	7.06%, 2/1/31, VRN	NR/CCC−		977,106
	406	7.40%, 6/15/27	A2/AA		433,864
	291	7.55%, 1/15/29, VRN	NR/A+		318,970
		Countrywide Asset-Backed Certificates, FRN,
	2,752	0.303%, 1/25/46	A3/A+		2,715,446
	460	0.313%, 9/25/47	Ba1/AAA		451,072

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	234	0.683%, 11/25/33 (a)(d)	Aaa/AAA	$	210,342
	996	0.693%, 12/25/31	Caa2/B−		528,417
	806	Credit-Based Asset Servicing and Securitization LLC, 1.113%, 11/25/33, FRN	B2/AA−		737,610
	100	Delta Funding Home Equity Loan Trust, 0.539%, 8/15/30, FRN	NR/AAA		68,878
	1,336	Denver Arena Trust, 6.94%, 11/15/19 (a)(d)	NR/NR		1,372,286
	37	EMC Mortgage Loan Trust, 0.583%, 5/25/40, FRN (a)(d)	Aaa/NR		30,885
	5,730	First Franklin Mortgage Loan Asset-Backed Certificates, 0.613%, 4/25/35, FRN	Aa1/AA+		5,487,724
	6	First Plus Home Loan Trust, 7.32%, 11/10/23 (g)	NR/D		909
	34	Fremont Home Loan Owner Trust, 1.003%, 12/25/29, FRN	Ba1/BB		22,456
	16	HSI Asset Securitization Corp. Trust, 0.263%, 12/25/36, FRN	Caa2/CCC		16,085
		Lehman XS Trust, FRN,
	2,667	0.363%, 4/25/37	Caa1/CCC		1,711,334
	202	0.443%, 8/25/46	C/D		22,636
	555	0.453%, 11/25/46	C/CCC		114,863
	1,222	Long Beach Mortgage Loan Trust, 1.638%, 3/25/32, FRN	B3/NR		796,437
	500	Madison Avenue Manufactured Housing Contract, 1.663%, 3/25/32, FRN	Baa1/A+		489,461
	1,534	Mesa Trust Asset-Backed Certificates, 1.013%, 12/25/31, FRN (a)(d)	Aaa/A		1,106,034
	1,318	Mid-State Trust, 6.005%, 8/15/37	Aa2/AAA		1,340,416
		Morgan Stanley Mortgage Loan Trust, FRN,
	323	0.443%, 2/25/37	Caa3/CCC		143,807
	542	0.573%, 4/25/37	Ca/CCC		261,592
	200	RAAC Series, 0.613%, 6/25/47, FRN	Ca/CCC		96,720
		Residential Asset Mortgage Products, Inc.,
	2,924	5.634%, 1/25/34	Ba2/AAA		2,766,118
	2,000	5.704%, 7/25/34	Caa2/CC		1,187,401
		Residential Asset Securities Corp.,
	2,555	0.643%, 3/25/35, FRN	Caa3/A		1,576,555
	269	7.14%, 4/25/32, VRN	C/D		19,350
	771	SACO I, Inc., 0.973%, 11/25/35, FRN	B2/AA		623,900
	4	Saxon Asset Securities Trust, 0.733%, 8/25/32, FRN	Aaa/AAA		3,863
		South Carolina Student Loan Corp., FRN,
	2,457	0.861%, 3/1/18	Aaa/AAA		2,419,801
	3,600	1.061%, 3/2/20	Aaa/AAA		3,577,896
	600	1.311%, 9/3/24	Aaa/AAA		594,762
		Total Asset-Backed Securities (cost–$50,054,885)			45,327,000

64 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

			Credit Rating
Shares			(Moody’s/S&P)	Value
CONVERTIBLE PREFERRED STOCK–0.4%
		Financial Services–0.4%
	11,800	Wells Fargo & Co., 7.50%, 3/15/13, Ser. L (j)	Baa3/A−	$	12,737,864
		Insurance–0.0%
	274,366	American International Group, Inc., 8.50%, 8/1/11	Baa2/NR		823,098
		Total Convertible Preferred Stock (cost–$27,756,054)			13,560,962
Principal
Amount
(000s)
SHORT-TERM INVESTMENTS–7.6%
		U.S. Treasury Obligations (l)(q)–2.3%
$	85,450	U.S. Treasury Bills, 0.157%-0.187%, 6/9/11-8/25/11 (cost–$85,420,332)			85,441,341
		Corporate Notes–1.2%
		Banking–1.0%
	1,100	Banco Santander Chile, 1.524%, 4/20/12, FRN (a)(d)	Aa3/A+		1,100,149
	35,300	ING Bank NV, 0.913%, 1/13/12, FRN (a)(d)	Aa3/A+		35,386,167
					36,486,316
		Financial Services–0.1%
	1,900	JPMorgan Chase & Co., 1.060%, 6/13/11, FRN	Aa3/A+		1,901,740
€	1,300	SLM Corp., 1.343%, 11/15/11, FRN	Ba1/BBB−		1,896,226
					3,797,966
		Insurance–0.1%
€	1,300	American International Group, Inc., 4.00%, 9/20/11	Baa1/A−		1,934,347
		Total Corporate Notes (cost–$41,440,058)			42,218,629
		Repurchase Agreements–4.1%
$	6,600	Citigroup Global Markets, Inc., dated 4/29/11, 0.05%, due 5/2/11, proceeds $6,600,028; collateralized by Fannie Mae, 2.80%, due 10/5/17, valued at $6,770,401 including accrued interest			6,600,000
	15,100	Credit Suisse Securities (USA) LLC, dated 4/29/11, 0.04%, due 5/2/11, proceeds $15,100,050; collateralized by U.S. Treasury Notes, 1.125%, due 1/15/12, valued at $15,460,744 including accrued interest			15,100,000
	6,600	JPMorgan Securities, Inc., dated 4/29/11, 0.05%, due 5/2/11, proceeds $6,600,028; collateralized by Federal Farm Credit Bank, 2.27%, due 12/24/13, valued at $6,735,859 including accrued interest			6,600,000
	107,400	Morgan Stanley & Co., Inc., dated 4/29/11, 0.04%, due 5/2/11, proceeds $107,400,358; collateralized by U.S. Treasury Notes, 0.375%-3.125%, due 9/30/12-5/15/19, valued at $110,092,788 including accrued interest			107,400,000

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

Fixed Income SHares: Series M Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Repurchase Agreements (continued)
$	7,100	Morgan Stanley & Co., Inc., dated 4/29/11, 0.05%, due 5/2/11, proceeds $7,100,030; collateralized by Federal Farm Credit Bank, 0.23%, due 10/15/13, valued at $7,311,990 including accrued interest		$	7,100,000
	5,333	State Street Bank & Trust Co., dated 4/29/11, 0.01%, due 5/2/11, proceeds $5,333,004; collateralized by U.S. Treasury Bills, 0.025%, due 7/21/11, valued at $5,439,686			5,333,000
		Total Repurchase Agreements (cost–$148,133,000)			148,133,000
		Total Short-Term Investments (cost–$274,993,390)			275,792,970
		Total Investments, before options written and securities sold short (cost–$4,796,889,237)–135.0%			4,892,644,210
Notional
Amount
OPTIONS WRITTEN (m)–(0.4)%
		Call Options–(0.0)%
$	64,000,000	Dow Jones CDX IG-15 5-Year Index, strike price $0.80, expires 5/18/11			(139,480	)
		Put Options–(0.0)%
$	64,000,000	Dow Jones CDX IG-15 5-Year Index, strike price $1.50, expires 5/18/11			(6	)
		Straddle Options–(0.4)%
$	220,800,000	Call & Put 1-Year vs. 1-Year Forward Volatility Agreement (OTC), exercise price $0.010, expires 10/11/11			(1,771,659	)
		Call & Put 1-Year vs. 2-Year Forward Volatility Agreement (OTC),
$	384,900,000	exercise price $0.001, expires 10/11/11			(6,609,049	)
$	254,100,000	exercise price $0.001, expires 11/14/11			(4,359,294	)
					(12,740,002	)
		Total Options Written (premiums received–$8,708,818)			(12,879,488	)
Principal
Amount
(000s)
SECURITIES SOLD SHORT–(0.0)%
		U.S. Government Agency Securities–(0.0)%
$	200	Ginnie Mae, 5.50%, MBS, TBA (e) (proceeds received–$216,156)	Aaa/AAA		(217,344	)
		Total Investments, net of options written and securities sold short (cost–$4,787,964,263)	134.6%		4,879,547,378
		Other liabilities in excess of other assets	(34.6)		(1,254,792,450	)
		Net Assets	100.0%	$	3,624,754,928

66 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
U.S. TREASURY OBLIGATIONS–101.5%
		U.S. Treasury Inflation Indexed Bonds (k)–33.5%
$	29,146	1.75%, 1/15/28 (e)(l)		$	30,590,033
	41,937	2.00%, 1/15/26 (e)(l)			45,979,889
	20,666	2.375%, 1/15/25 (e)			23,766,094
	6,145	2.375%, 1/15/27			7,026,800
	3,607	2.50%, 1/15/29			4,209,398
	13,829	3.625%, 4/15/28 (e)			18,310,694
	6,461	3.875%, 4/15/29			8,886,126
					138,769,034
		U.S. Treasury Inflation Indexed Notes (k)–68.0%
	102	0.50%, 4/15/15			107,999
	202	1.125%, 1/15/21			210,143
	1,046	1.25%, 4/15/14			1,130,869
	113,819	1.25%, 7/15/20 (e)			120,301,252
	12,863	1.625%, 1/15/15 (l)			14,170,422
	22,560	1.875%, 7/15/13 (e)(l)			24,551,399
	23,331	1.875%, 7/15/15 (e)(l)			26,124,675
	37,106	2.00%, 1/15/14 (e)(l)			40,857,486
	11,856	2.00%, 7/15/14			13,183,524
	8,919	2.00%, 1/15/16			10,039,224
	5,376	2.375%, 1/15/17			6,181,633
	21,056	2.625%, 7/15/17 (e)(l)			24,667,242
					281,525,868
		Total U.S. Treasury Obligations (cost–$411,910,642)			420,294,902
CORPORATE BONDS & NOTES–38.0%
		Airlines–1.4%
	5,000	Continental Airlines, Inc., 6.75%, 9/15/15 (a)(d)	Ba2/BB−		5,062,500
	1,000	Delta Air Lines, Inc., 7.111%, 3/18/13	WR/BBB−		1,017,500
					6,080,000
		Banking–5.3%
	1,500	American Express Bank FSB, 0.341%, 5/29/12, FRN	A2/BBB+		1,496,002
		Barclays Bank PLC (a)(d),
	100	7.434%, 12/15/17 (j)	Baa2/A−		104,550
	720	10.179%, 6/12/21	Baa1/A		940,255
	6,100	Commonwealth Bank of Australia, 1.039%, 3/17/14, FRN (a)(b)(d)(o) (acquisition cost–$6,100,000; purchased 3/9/11)	Aa1/AA		6,129,634
	700	National Australia Bank Ltd., 5.35%, 6/12/13 (a)(d)	Aa1/AA		755,672

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

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Banking (continued)
$	4,200	Royal Bank of Scotland PLC, 2.733%, 8/23/13, FRN	Aa3/A+	$	4,334,249
		Santander UK PLC, FRN,
€	3,500	1.388%, 8/28/17 (a)(b)(o) (acquisition cost–$4,553,462; purchased 3/31/11)	Baa1/A+		4,741,128
€	2,500	1.53%, 10/10/17	Baa1/A+		3,386,072
					21,887,562
		Chemicals–0.3%
$	1,000	RPM International, Inc., 6.50%, 2/15/18	Baa3/BBB−		1,081,136
		Financial Services–20.3%
		Ally Financial, Inc.,
	700	2.511%, 12/1/14, FRN	B1/B		689,549
	3,200	3.512%, 2/11/14, FRN	B1/B		3,232,173
	3,400	6.625%, 5/15/12	B1/B		3,548,750
		Bank of America Corp.,
	£ 4,800	0.908%, 6/11/12, FRN	A2/A		7,952,046
$	1,400	5.375%, 6/15/14	A2/A		1,519,592
	4,000	BM&F Bovespa S.A., 5.50%, 7/16/20 (a)(d)	Baa2/BBB+		4,148,452
	1,000	CIT Group, Inc., 5.25%, 4/1/14 (a)(d)	B3/B+		1,024,878
		Citigroup, Inc.,
	2,900	2.312%, 8/13/13, FRN	A3/A		2,984,088
	2,300	6.125%, 5/15/18	A3/A		2,544,853
€	1,300	7.375%, 6/16/14	A3/A		2,121,826
$	1,800	Credit Agricole Home Loan SFH, 1.024%, 7/21/14, FRN (a)(d)	Aaa/AAA		1,805,701
	4,400	Ford Motor Credit Co. LLC, 7.50%, 8/1/12	Ba2/BB−		4,670,041
€	700	Goldman Sachs Group, Inc., 5.375%, 2/15/13	A1/A		1,079,161
		International Lease Finance Corp.,
$	1,000	5.625%, 9/20/13	B1/BB+		1,030,000
	4,030	6.375%, 3/25/13	B1/BB+		4,201,275
	500	6.50%, 9/1/14 (a)(d)	Ba3/BBB−		532,500
	500	6.75%, 9/1/16 (a)(d)	Ba3/BBB−		535,000
	900	7.125%, 9/1/18 (a)(d)	Ba3/BBB−		972,000
	3,300	JPMorgan Chase & Co., zero coupon, 5/2/14, FRN (e)	Aa3/A+		3,304,949
	100	Lehman Brothers Holdings, Inc., 6.20%, 9/26/14 (f)	WR/NR		26,125
		Merrill Lynch & Co., Inc.,
€	5,000	1.359%, 8/9/13	A2/A		7,263,079
$	400	5.45%, 7/15/14	A2/A		434,106
		Morgan Stanley, FRN,
	500	0.726%, 10/18/16	A2/A		474,933
	1,800	1.253%, 4/29/13	A2/A		1,803,262

68 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Financial Services (continued)
€	3,800	1.711%, 4/13/16	A2/A	$	5,256,223
$	2,100	1.874%, 1/24/14	A2/A		2,130,971
		SLM Corp.,
	590	3.632%, 3/17/14, FRN	Ba1/BBB−		597,499
	500	5.05%, 11/14/14	Ba1/BBB−		518,357
	7,200	6.25%, 1/25/16, FRN	Ba1/BBB−		7,643,844
	6,100	Stone Street Trust, 5.902%, 12/15/15 (a)(d)	Baa1/A−		6,399,303
	1,400	Vnesheconombank Via VEB Finance Ltd., 5.45%, 11/22/17 (a)(d)	Baa1/BBB		1,438,500
€	1,100	Wachovia Corp., 1.244%, 2/13/14, FRN	A1/AA−		1,596,258
$	400	Wells Fargo Capital XIII, 7.70%, 3/26/13 (j)	Baa3/A−		416,200
					83,895,494
		Food & Beverage–0.4%
	1,500	FBG Finance Ltd., 5.125%, 6/15/15 (a)(d)	Baa2/BBB		1,610,124
		Hotels/Gaming–0.7%
	2,900	Starwood Hotels & Resorts Worldwide, Inc., 6.25%, 2/15/13	Ba1/BB+		3,110,250
		Insurance–3.5%
	2,445	American International Group, Inc.,
		8.175%, 5/15/68, (converts to FRN on 5/15/38)	Baa2/BBB		2,756,737
	3,000	Marsh & McLennan Cos., Inc., 9.25%, 4/15/19	Baa2/BBB−		3,864,102
		New York Life Global Funding,
€	5,000	1.29%, 12/20/13, FRN	Aaa/AAA		7,245,587
$	300	4.65%, 5/9/13 (a)(d)	Aaa/AAA		321,418
	200	Pacific Life Global Funding, 5.15%, 4/15/13 (a)(d)	A1/A+		212,695
					14,400,539
		Metals & Mining–1.0%
	4,000	Gerdau Trade, Inc., 5.75%, 1/30/21 (a)(d)	NR/BBB−		4,060,000
		Multi-Media–2.4%
	4,400	CSC Holdings LLC, 8.50%, 6/15/15	Ba3/BB		4,823,500
	5,000	DISH DBS Corp., 6.625%, 10/1/14	Ba3/BB−		5,325,000
					10,148,500
		Oil & Gas–2.5%
	1,200	DCP Midstream Operating L.P., 3.25%, 10/1/15	NR/BBB−		1,198,754
	4,300	EOG Resources, Inc., 1.061%, 2/3/14, FRN	A3/A−		4,342,123
	200	Gaz Capital S.A. for Gazprom, 8.146%, 4/11/18 (a)(d)	Baa1/BBB		236,000
	1,600	Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 6/30/21 (a)(d)	Baa3/NR		1,693,600
	600	Petroleos Mexicanos, 5.50%, 1/21/21	Baa1/BBB		617,700

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 69

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
		Oil & Gas (continued)
$	2,100	Transocean, Inc., 4.95%, 11/15/15	Baa3/BBB	$	2,249,707
					10,337,884
		Real Estate Investment Trust–0.2%
	700	Ventas Realty L.P., 3.125%, 11/30/15	Baa3/BBB−		693,510
		Total Corporate Bonds & Notes (cost–$148,581,198)			157,304,999
MORTGAGE-BACKED SECURITIES–11.7%
		Arran Residential Mortgages Funding PLC, CMO, FRN (a)(d),
€	371	2.291%, 5/16/47	Aaa/NR		550,045
€	7,600	2.874%, 11/19/47 (b)(o) (acquisition cost–$10,870,654; purchased 4/7/11)	Aaa/NR		11,257,867
		Banc of America Commercial Mortgage, Inc., CMO,
$	137	0.401%, 6/10/49, FRN (a)(d)	Aaa/AAA		132,350
	137	5.802%, 6/10/49, VRN	Aaa/AAA		143,023
	4,220	Banc of America Large Loan, Inc., 1.969%, 11/15/15, CMO, FRN (a)(d)	NR/NR		4,034,693
		Bear Stearns Adjustable Rate Mortgage Trust, CMO, FRN,
	42	2.34%, 8/25/35	A1/AAA		40,688
	74	2.40%, 8/25/35	Baa2/AAA		70,057
	125	2.71%, 3/25/35	Ba2/AAA		120,015
	38	2.731%, 3/25/35	A1/AAA		36,927
		Citigroup Mortgage Loan Trust, Inc., CMO,
	50	2.37%, 8/25/35, FRN	B1/AA		46,626
	83	2.56%, 8/25/35, FRN	B3/AA		73,892
	1,065	5.749%, 9/25/37, VRN	NR/CCC		747,111
	1,000	Citigroup/Deutsche Bank Commercial Mortgage Trust,
		5.205%, 12/11/49, CMO	Aaa/AAA		1,023,382
	5,451	Commercial Mortgage Pass Through Certificates,
		3.156%, 7/10/46, CMO (a)(d)	Aaa/NR		5,512,549
		Countrywide Alternative Loan Trust, CMO, FRN,
	2,679	0.408%, 12/20/46	Ca/CCC		1,520,537
	693	1.306%, 2/25/36	Caa3/CCC		461,162
		Countrywide Home Loan Mortgage Pass Through Trust, CMO,
	33	0.553%, 6/25/35, FRN (a)(d)	Aa3/AAA		30,839
	1,217	3.053%, 4/20/35, VRN	Baa3/AAA		1,164,147
	218	Granite Master Issuer PLC, 0.253%, 12/20/54, CMO, FRN	Aaa/AAA		208,265
£	1,456	Granite Mortgages PLC, 1.126%, 3/20/44, CMO, FRN	Aaa/AAA		2,347,542
$	169	GSR Mortgage Loan Trust, 2.794%, 9/25/35, CMO, FRN	NR/AAA		163,514

70 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	1,113	MLCC Mortgage Investors, Inc., 1.707%, 10/25/35, CMO, FRN	Baa1/AAA	$	1,013,553
		NCUA Guaranteed Notes, CMO,
	7,348	0.610%, 11/6/17, FRN	Aaa/AAA		7,350,523
	7,942	2.65%, 10/29/20	NR/AAA		7,933,392
	444	Residential Accredit Loans, Inc., 0.393%, 6/25/46, CMO, FRN	Caa2/CCC		178,898
AUD	1,478	Swan, 6.10%, 4/25/41, CMO, FRN	NR/AAA		1,624,093
$	500	Wachovia Bank Commercial Mortgage Trust, 5.088%, 8/15/41, CMO, VRN	Aaa/AAA		537,390
		Total Mortgage-Backed Securities (cost–$47,530,063)			48,323,080
SOVEREIGN DEBT OBLIGATIONS (k)–4.4%
		Australia–3.0%
		Australia Government Bond,
AUD	800	2.50%, 9/20/30, Ser, 30-Cl	Aaa/NR		882,889
AUD	4,000	3.00%, 9/20/25, Ser. 25-CI	Aaa/NR		4,847,916
AUD	1,500	4.00%, 8/20/20, Ser. 20-CI	Aaa/NR		2,728,760
AUD	3,400	New South Wales Treasury Corp., 2.75%, 11/20/25	Aaa/AAA		3,971,111
					12,430,676
		Italy–1.4%
		Italy Buoni Poliennali Del Tesoro,
€	1,716	2.10%, 9/15/16	NR/NR		2,582,514
€	2,147	2.10%, 9/15/21	NR/NR		3,043,966
					5,626,480
		Total Sovereign Debt Obligations (cost–$15,140,140)			18,057,156
ASSET-BACKED SECURITIES–4.3%
$	1,096	AMMC CDO, 0.544%, 8/8/17, FRN (a)(d)(g)	Aaa/AAA		1,035,011
	791	ARES CLO Funds, 0.537%, 3/12/18, FRN (a)(d)(g)	Aaa/AAA		741,318
	393	Bear Stearns Asset-Backed Securities Trust, 1.213%, 10/25/37, FRN	Caa2/BBB		256,450
	660	Citigroup Mortgage Loan Trust, Inc., 0.293%, 1/25/37, FRN	Caa2/B−		505,647
	428	Clearwater Funding CBO, 0.857%, 7/15/13, FRN (a)(d)(g)	Aaa/AA−		415,148
	485	Duane Street CLO, 0.562%, 11/8/17, FRN (a)(d)(g)	Aa1/AA+		463,845
CAD	4,538	Ford Auto Securitization Trust, 1.926%, 6/15/13 (a)(d)	NR/AAA		4,805,690
€	1,371	Globaldrive BV, 3.00%, 7/20/15	NR/AAA		2,036,249
€	302	Harvest CLO S.A., 2.003%, 3/29/17, FRN	Aa1/AA+		427,304
$	531	JPMorgan Mortgage Acquisition Corp., 0.703%, 7/25/35, FRN	A1/AA		498,986
€	344	Magnolia Funding Ltd., 3.00%, 4/20/17 (a)(d)	NR/NR		510,283

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 71

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount			Credit Rating
(000s)			(Moody’s/S&P)	Value
$	285	Massachusetts Educational Financing Auth., 1.224%, 4/25/38, FRN	Aaa/AAA	$	283,842
	4,800	Navigare Funding CLO Ltd., 0.573%, 5/20/19, FRN (a)(d)(g)	Aaa/AA+		4,448,013
	431	Park Place Securities, Inc., 0.633%, 6/25/35, FRN	Aa1/AAA		392,200
	545	Saxon Asset Securities Trust, 4.034%, 6/25/33	A1/AAA		508,391
€	296	Wood Street CLO BV, 1.763%, 3/29/21, FRN (a)(d)(g)	Aa1/AA		402,601
		Total Asset-Backed Securities (cost–$17,260,627)			17,730,978
U.S. GOVERNMENT AGENCY SECURITIES–2.0%
		Fannie Mae–0.2%
$	833	0.658%, 2/25/37, CMO, FRN	Aaa/AAA		837,342
	15	1.512%, 10/1/44, FRN, MBS	Aaa/AAA		14,969
					852,311
		Freddie Mac–0.1%
	189	6.282%, 9/1/36, FRN, MBS	Aaa/AAA		197,868
	200	6.613%, 7/1/36, FRN, MBS	Aaa/AAA		208,098
					405,966
		SLM Student Loan Trust–1.7%
	6,416	0.674%, 7/27/20, ABS, FRN (a)(d)	Aaa/AAA		6,425,989
	850	2.139%, 8/15/16, ABS, FRN (a)(d)	Aaa/AAA		850,228
					7,276,217
		Total U.S. Government Agency Securities (cost–$8,495,995)			8,534,494
SENIOR LOANS (a)(c)–1.5%
		Multi-Media–1.2%
€	3,300	Kable Deutschland, 5.211%, 12/20/16			4,927,118
		Telecommunications–0.3%
$	700	Intelsat, 5.25%, 4/2/18, Term B			707,820
	414	Vodafone, 6.875%, 8/17/15 (b)(o) (acquisition cost–$411,472; purchased 8/11/10-2/22/11)			428,627
					1,136,447
		Total Senior Loans (cost–$5,460,841)			6,063,565
Shares
CONVERTIBLE PREFERRED STOCK–0.1%
		Financial Services–0.1%
	200	Wells Fargo & Co., 7.50%, 3/15/13, Ser. L (j) (cost–$200,000)	Baa3/A−		215,896

72 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal			Credit
Amount			Rating
(000s)			(Moody’s/S&P)	Value
MUNICIPAL BONDS–0.0%
		West Virginia–0.0%
$	100	Tobacco Settlement Finance Auth. Rev., 7.467%, 6/1/47, Ser. A (cost–$94,094)	Baa3/BB+	$	69,885
SHORT-TERM INVESTMENTS–6.6%
		Corporate Notes–3.5%
		Banking–1.9%
	1,300	Banco Santander Chile, 1.524%, 4/20/12, FRN (a)(d)	Aa3/A+		1,300,175
	1,500	ING Bank NV, 1.107%, 3/30/12, FRN (a)(d)	Aa3/A+		1,504,617
	4,400	Itau Unibanco S.A., 1.77%, 9/12/11	NR/NR		4,378,823
	800	Royal Bank of Scotland PLC, 3.00%, 12/9/11 (a)(d)	Aaa/AAA		813,178
					7,996,793
		Financial Services–1.6%
		Ally Financial, Inc.,
	500	5.375%, 6/6/11	B1/B		502,656
	500	6.00%, 12/15/11	B1/B		511,875
	400	6.875%, 9/15/11	B1/B		407,750
	800	Ford Motor Credit Co. LLC, 7.25%, 10/25/11	Ba2/BB−		820,808
	4,500	UBS AG, 1.413%, 2/23/12, FRN	Aa3/A+		4,535,716
					6,778,805
		Total Corporate Notes (cost–$14,684,950)			14,775,598
		U.S. Treasury Obligations (l)–1.0%
		U.S. Treasury Bills (q),
	1,383	0.095%-0.160%, 7/14/11-9/22/11			1,382,726
		U.S. Treasury Inflation Indexed Notes,
	2,742	3.375%, 1/15/12 (k)			2,868,753
		Total U.S. Treasury Obligations (cost–$4,211,109)			4,251,479
		Repurchase Agreements–2.1%
	5,900	Barclays Capital, Inc., dated 4/29/11, 0.05%, due 5/2/11, proceeds $5,900,025; collateralized by Ginnie Mae, 4.50%, due 9/20/40, valued at $6,055,008 including accrued interest			5,900,000
	1,000	Morgan Stanley & Co., Inc., dated 4/29/11, 0.04%, due 5/2/11, proceeds $1,000,003; collateralized by U.S. Treasury Notes, 1.875%, due 9/30/17, valued at $1,027,174 including accrued interest			1,000,000

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 73

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

Principal
Amount
(000s)			Value
		Repurchase Agreements (continued)
Principal
Amount
(000s)			Value
$	1,620	State Street Bank & Trust Co., dated 4/29/11, 0.01%, due 5/2/11, proceeds $1,620,001; collateralized by U.S. Treasury Notes, 3.125%, due 4/30/17, valued at $1,654,058 including accrued interest	$	1,620,000
		Total Repurchase Agreements (cost–$8,520,000)		8,520,000
		Total Short-Term Investments (cost–$27,416,059)		27,547,077
Contracts/
Notional
Amount
OPTIONS PURCHASED (m)–0.0%
		Call Options–0.0%
$	56,400,000	1-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index, strike rate 1.25%, expires 4/30/12		222,256
		Put Options–0.0%
$	12,900,000	1-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index, strike rate 2.00%, expires 11/19/12		54,301
$	90,000,000	U.S. Treasury Inflation Protected Securities (OTC), strike price $75, expires 5/16/11		90
				54,391
		Total Options Purchased (cost–$225,201)		276,647
		Total Investments, before options written (cost–$682,314,860)–170.1%		704,418,679
OPTIONS WRITTEN (m)–(0.5)%
		Call Options–(0.1)%
$	4,400,000	10-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index, strike rate 3.50%, expires 6/13/11		(62,223	)
		Dow Jones CDX IG-15 5-Year Index,
$	3,100,000	strike price $0.80, expires 6/15/11		(7,969	)
$	1,400,000	strike price $0.80, expires 9/21/11		(4,174	)
	39	Financial Futures Euro–90 day (CME), strike price $99.38, expires 9/19/11		(29,311	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	10	strike price $121, expires 5/20/11		(7,104	)
	183	strike price $122, expires 5/20/11		(53,478	)
				(164,259	)
		Put Options–(0.3)%
		1-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index,
$	12,900,000	strike rate 1.00%, expires 11/19/12		(115,113	)
$	112,800,000	strike rate 2.00%, expires 4/30/12		(142,884	)

74 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

Contracts/
Notional
Amount			Value
		Put Options (continued)
$	64,700,000	2-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index,
		strike rate 2.25%, expires 9/24/12	$	(564,262	)
$	44,600,000	3-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index,
		strike rate 3.00%, expires 6/18/12		(295,863	)
		10-Year Interest Rate Swap (OTC), Pay 3-Month USD-LIBOR Floating Rate Index,
$	4,400,000	strike rate 4.00%, expires 6/13/11		(1,745	)
$	3,300,000	strike rate 10.00%, expires 7/10/12		(53	)
		Dow Jones CDX IG-15 5-Year Index,
$	3,600,000	strike price $1.20, expires 6/15/11		(1,792	)
$	1,900,000	strike price $1.20, expires 9/21/11		(306	)
$	1,600,000	strike price $1.30, expires 9/21/11		(2,319	)
	39	Financial Futures Euro–90 day (CME), strike price $99.38, expires 9/19/11		(2,608	)
		Inflation Floor CPURNSA Index (OTC) Exercise Index=Maximum of ((1+0.00%)10-(Index Final/Index Initial)) or $0,
$	5,600,000	strike price $0.001, expires 3/12/20		(24,929	)
$	32,200,000	strike price $0.001, expires 4/7/20		(147,859	)
$	1,500,000	strike price $0.001, expires 9/29/20		(7,417	)
$	1,500,000	Inflation Floor CPURNSA Index (OTC) Exercise Index=Maximum of (0.00%-(Index Final/Index Initial-1)) or $0,
		strike price $0.001, expires 3/10/20		(7,245	)
		U.S. Treasury Notes 10 yr. Futures (CBOT),
	52	strike price $116, expires 5/20/11		(826	)
	31	strike price $117, expires 5/20/11		(494	)
				(1,315,715	)
		Straddle Options–(0.1)%
		Call & Put 1-Year vs. 1-Year Forward Volatility Agreement (OTC),
$	9,600,000	exercise price $0.001, expires 10/11/11		(77,029	)
$	4,900,000	exercise price $0.010, expires 10/11/11		(39,317	)
		Call & Put 1-Year vs. 2-Year Forward Volatility Agreement (OTC),
$	8,900,000	exercise price $0.001, expires 10/11/11		(152,820	)
$	13,900,000	exercise price $0.001, expires 11/14/11		(238,466	)
				(507,632	)
		Total Options Written (premiums received–$2,185,664)		(1,987,606	)

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 75

Fixed Income SHares: Series R Schedule of Investments
April 30, 2011 (unaudited) (continued)

		Value
Total Investments, net of options written (cost–$680,129,196)	169.6%	$	702,431,073
Other liabilities in excess of other assets	(69.6)		(288,303,387	)
Net Assets	100.0%	$	414,127,686

76 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Schedules of Investments
April 30, 2011 (unaudited)

(a)	Private Placement – Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $592,480,933, representing 16.3% of net assets in Series C; securities with an aggregate value of $244,998, representing 3.2% of net assets in Series H; securities with an aggregate value of $544,320,650, representing 15.0% of net assets in Series M; securities with an aggregate value of $94,021,914, representing 22.7% 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, 2011.
(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, 2011.
(f)	In default.
(g)	Fair-Valued – Securities with an aggregate value of $21,898,243, representing 0.6% of net assets in Series C; securities with an aggregate value of $11,198,149, representing 0.3% of net assets in Series M; securities with an aggregate value of $7,505,936, representing 1.8% of net assets in Series R.
(h)	Securities with an aggregate value of $2,352,905, representing 85.4% of net assets in Series I, were valued utilizing modeling tools provided by a third-party vendor as described in Note 1(a) and 1(b) in the Notes to Financial Statements.
(i)	Principal amount less than $500.
(j)	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.
(k)	Inflationary Bonds – Principal amount of security is adjusted for inflation/deflation.
(l)	All or partial amount segregated for the benefit of the counterparty as collateral for derivatives and delayed-delivery securities.
(m)	Non-income producing.
(n)	Subject to Alternative Minimum Tax.
(o)	Restricted. The aggregate acquisition cost of such securities is $14,563,824 and $21,935,588 in Series C and Series R, respectively. The aggregate market value is $14,943,420 and $22,557,256, representing 0.4% and 5.4% of net assets in Series C and Series R, respectively.
(p)	Floating Rate. The rate disclosed reflects the rate in effect on April 30, 2011.
(q)	Rates shown are the effective yields at purchase date.

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

CA Mtg. Ins. – insured by California Mortgage Insurance

CBO – Collateralized Bond Obligation

CBOT – Chicago Board of Trade

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 77

Allianz Global Investors Managed Accounts Trust Notes to Schedules of Investments
April 30, 2011 (unaudited) (continued)

CDO – Collateralized Debt Obligation

CLO – Collateralized Loan Obligation

CME – Chicago Mercantile Exchange

CMO – Collateralized Mortgage Obligation

CP – Certificates of Participation

CPURNSA – Consumer Price All Urban Non-Seasonally Adjusted Index

€ – Euro

FGIC – insured by Financial Guaranty Insurance Co.

FRN – Floating Rate Note. The interest rate disclosed reflects the rate in effect on April 30, 2011.

GDR – Global Depositary Receipt

GO – General Obligation Bond

¥ – 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

TBA – To Be Announced

VRN – Variable Rate Note. Instruments whose interest rates change on a 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, 2011.

WR – Withdrawn Rating

78 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11 ï See accompanying Notes to Financial Statements

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Allianz Global Investors Managed Accounts Trust Statements of Assets and Liabilities
April 30, 2011 (unaudited)

			Fixed
	Equity		Income
	Shares:		SHares:
	Series I		Series C
Assets:
Investments, at value (cost-$2,023,941, $3,830,727,707, $8,220,201, $4,796,889,237 and $682,314,860, respectively)		$2,677,565		$4,150,191,969
Cash (including foreign currency for Series I, Series C, Series M and Series R with a value and cost of $12 and $12, $2,504,403 and $2,429,961, $284,576 and $276,417, $850,912 and $834,907, respectively)		60,733		3,631,114
Receivable for investments sold		21,498		196,001,724
Interest and dividend receivable		15,556		54,526,706
Tax reclaims receivable		2,125		760
Unrealized appreciation of forward foreign currency contracts		27		60,487,906
Swap premiums paid		—		39,936,149
Unrealized appreciation of swaps		—		35,677,032
Receivable for shares of beneficial interest sold		—		6,294,289
Receivable for variation margin on futures contracts		—		485,064
Deposits with brokers for futures contracts collateral		—		23,000
Receivable for paydown principal		—		8,118
Receivable from broker		—		—
Other assets		—		17,040
Total Assets		2,777,504		4,547,280,871
Liabilities:
Payable for investments purchased		21,438		679,536,007
Unrealized depreciation of forward foreign currency contracts		246		57,797,869
Payable to brokers for cash collateral received		—		90,150,000
Options written, at value (premiums received–$0, $34,504,261, $0, $8,708,818, and $2,185,664)		—		26,664,073
Unrealized depreciation of swaps		—		21,295,978
Dividends payable		—		18,408,467
Swap premiums received		—		12,646,401
Payable for shares of beneficial interest redeemed		—		1,625,852
Payable to broker		—		221,016
Payable for variation margin on futures contracts		—		56,482
Interest payable for cash collateral received		—		859
Payable to custodian for cash overdraft		—		—
Securities sold short, at value (proceeds received of $216,156 for Series M)		—		—
Total Liabilities		21,684		908,403,004
Net Assets		$2,755,820		$3,638,877,867
Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)		$206		$275,042
Paid-in-capital in excess of par		2,059,679		3,283,737,297
Undistributed (dividends in excess of) net investment income		22,506		(44,145,031	)
Accumulated net realized gain (loss)		19,541		34,223,172
Net unrealized appreciation (depreciation) of investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		653,888		364,787,387
Net Assets		$2,755,820		$3,638,877,867
Shares Outstanding		205,565		275,041,849
Net Asset Value, Offering Price and Redemption Price Per Share		$13.41		$13.23

80 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11 ï See accompanying Notes to Financial Statements

Fixed			Fixed			Fixed
Income			Income			Income
SHares:			SHares:			SHares:
Series H			Series M			Series R
	$7,647,816			$4,892,644,210			$704,418,679
	—			1,939,223			1,198,703
	—			144,001,390			45,529,496
	139,526			36,057,053			3,752,694
	—			—			—
	—			4,451,517			1,965,104
	—			40,228,051			2,037,696
	8,456			24,267,618			1,834,338
	—			6,324,421			989,258
	—			7,824			—
	—			—			27,000
	—			78,006			—
	—			46,965			2,156
	—			17,040			—
	7,795,798			5,150,063,318			761,755,124
	—			1,386,655,423			337,888,156
	—			10,440,851			2,313,078
	—			51,307,000			1,880,000
	—			12,879,488			1,987,606
	—			42,181,806			893,226
	34,843			13,919,215			1,410,397
	9,130			4,992,929			1,174,341
	—			1,616,282			66,560
	—			—			—
	—			1,097,553			14,038
	—			499			36
	25,307			—			—
	—			217,344			—
	69,280			1,525,308,390			347,627,438
	$7,726,518			$3,624,754,928			$414,127,686
	$1,063			$343,304			$37,410
	8,794,858			3,591,615,641			396,249,468
	(978	)		1,937,854			(139,648	)
	(504,496	)		(76,149,613	)		(5,143,851	)
	(563,929	)		107,007,742			23,124,307
	$7,726,518			$3,624,754,928			$414,127,686
	1,063,192			343,303,697			37,410,392
	$7.27			$10.56			$11.07

See accompanying Notes to Financial Statements ï 4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 81

Allianz Global Investors Managed Accounts Trust Statements of Operations
Six Months ended April 30, 2011 (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 $3,217 for Series I)		$29,484			$80,158			—			$1,137,651			$7,500
Interest (net of foreign withholding tax of $13,338 for Series C and $69 for Series R)		—			95,428,574			$198,735			75,410,841			6,243,641
Total Investment Income		29,484			95,508,732			198,735			76,548,492			6,251,141
Expenses:
Interest expense		—			52,797			—			47,332			2,110
Net Investment Income		29,484			95,455,935			198,735			76,501,160			6,249,031
Realized and Change In Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		96,385			12,003,857			(37,333	)		(69,743,028	)		4,517,619
Futures contracts		—			(1,055,795	)		—			5,170,010			19,287
Options written		—			10,359,925			—			1,063,528			310,430
Swaps		—			5,105,868			200			13,497,722			(603,782	)
Foreign currency transactions		(1,735	)		25,018,766			—			(11,890,872	)		(5,076,288	)
Net change in unrealized appreciation/depreciation of:
Investments		219,412			5,206,200			(485,010	)		23,804,505			608,814
Futures contracts		—			143,486			—			34,913,581			96,260
Options written		—			(13,827,652	)		—			(4,360,059	)		(520,289	)
Securities sold short		—			—			—			48,479			—
Swaps		—			(4,291,753	)		8,456			(49,641,114	)		(444,769	)
Foreign currency transactions		57			(6,313,750	)		—			703,705			967,224
Net realized and change in unrealized gain (loss) on investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		314,119			32,349,152			(513,687	)		(56,433,543	)		(125,494	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations		$343,603			$127,805,087			$(314,952	)		$20,067,617			$6,123,537

82 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11 ï See accompanying Notes to Financial Statements

Equity Shares: Series I Statement of Changes in Net Assets

	Six Months ended
	April 30, 2011			Year ended
	(unaudited)			October 31, 2010
Investment Operations:
Net investment income		$29,484			$46,339
Net realized gain (loss) on investments and foreign currency transactions		94,650			(78,599	)
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		219,469			411,728
Net increase in net assets resulting from investment operations		343,603			379,468
Dividends and Distributions to Shareholders from:
Net investment income		(45,469	)		(45,138	)
Net realized gains		—			(8,511	)
Total dividends and distributions to shareholders		(45,469	)		(53,649	)
Common Share Transactions:
Net proceeds from the sale of shares		532			3,503
Total increase in net assets		298,666			329,322
Net Assets:
Beginning of period		2,457,154			2,127,832
End of period (including undistributed net investment income of $22,506 and $38,491, respectively)		$2,755,820			$2,457,154
Shares Issued		45			315

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

	Six Months ended
	April 30, 2011			Year ended
	(unaudited)			October 31, 2010
Investment Operations:
Net investment income		$95,455,935			$172,764,934
Net realized gain on investments, futures contracts, options written, swaps and foreign currency transactions		51,432,621			191,653,358
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		(19,083,469	)		250,505,455
Net increase in net assets resulting from investment operations		127,805,087			614,923,747
Dividends and Distributions to Shareholders from:
Net investment income		(208,105,879	)		(367,578,793	)
Net realized gains		(96,855,957	)		(165,337,424	)
Total dividends and distributions to shareholders		(304,961,836	)		(532,916,217	)
Common Share Transactions:
Net proceeds from the sale of shares		988,788,783			1,118,550,608
Cost of shares redeemed		(517,957,064	)		(748,582,092	)
Net increase in net assets from common share transactions		470,831,719			369,968,516
Total increase in net assets		293,674,970			451,976,046
Net Assets:
Beginning of period		3,345,202,897			2,893,226,851
End of period (including undistributed (dividends in excess of) net investment income of $(44,145,031) and $68,504,913, respectively)		$3,638,877,867			$3,345,202,897
Common Shares Issued and Redeemed:
Issued		76,686,298			85,203,531
Redeemed		(39,793,973	)		(56,294,305	)
Net Increase		36,892,325			28,909,226

See accompanying Notes to Financial Statements ï 4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 83

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

	Six Months ended
	April 30, 2011			Year ended
	(unaudited)			October 31, 2010
Investment Operations:
Net investment income		$198,735			$213,435
Net realized loss on investments and swaps		(37,133	)		(147,811	)
Net change in unrealized appreciation/depreciation of investments and swaps		(476,554	)		355,234
Net increase (decrease) in net assets resulting from investment operations		(314,952	)		420,858
Dividends to Shareholders from Net Investment Income		(199,707	)		(213,436	)
Common Share Transactions:
Net proceeds from the sale of shares		1,821,015			6,392,803
Cost of shares redeemed		(1,335,071	)		(1,518,951	)
Net increase in net assets from common share transactions		485,944			4,873,852
Total increase (decrease) in net assets		(28,715	)		5,081,274
Net Assets:
Beginning of period		7,755,233			2,673,959
End of period (including dividends in excess of net investment income of $(978) and $(6), respectively)		$7,726,518			$7,755,233
Common Shares Issued and Redeemed:
Issued		253,022			837,811
Redeemed		(184,519	)		(199,929	)
Net Increase		68,503			637,882

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

	Six Months ended
	April 30, 2011			Year ended
	(unaudited)			October 31, 2010
Investment Operations:
Net investment income		$76,501,160			$141,504,507
Net realized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		(61,902,640	)		262,421,443
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		5,469,097			114,380,087
Net increase in net assets resulting from investment operations		20,067,617			518,306,037
Dividends and Distributions to Shareholders from:
Net investment income		(87,831,824	)		(201,758,229	)
Net realized gains		(38,973,429	)		—
Total dividends and distributions to shareholders		(126,805,253	)		(201,758,229	)
Common Share Transactions:
Net proceeds from the sale of shares		901,958,177			991,047,690
Cost of shares redeemed		(521,870,105	)		(736,122,976	)
Net increase in net assets from common share transactions		380,088,072			254,924,714
Total increase in net assets		273,350,436			571,472,522
Net Assets:
Beginning of period		3,351,404,492			2,779,931,970
End of period (including undistributed net investment income of $1,937,854 and $13,268,518, respectively)		$3,624,754,928			$3,351,404,492
Common Shares Issued and Redeemed:
Issued		87,210,565			97,748,465
Redeemed		(50,288,875	)		(72,129,934	)
Net Increase		36,921,690			25,618,531

84 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11 ï See accompanying Notes to Financial Statements

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

	Six Months ended
	April 30, 2011			Year ended
	(unaudited)			October 31, 2010
Investment Operations:
Net investment income		$6,249,031			$9,992,942
Net realized gain (loss) on investments, futures contracts, options written, swaps and foreign currency transactions		(832,734	)		39,705,752
Net change in unrealized appreciation/depreciation of investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		707,240			10,136,633
Net increase in net assets resulting from investment operations		6,123,537			59,835,327
Dividends and Distributions to Shareholders from:
Net investment income		(7,253,156	)		(15,634,695	)
Net realized gains		(32,921,342	)		(1,313,661	)
Total dividends and distributions to shareholders		(40,174,498	)		(16,948,356	)
Common Share Transactions:
Net proceeds from the sale of shares		111,014,518			170,185,580
Cost of shares redeemed		(66,211,938	)		(97,662,595	)
Net increase in net assets from common share transactions		44,802,580			72,522,985
Total increase in net assets		10,751,619			115,409,956
Net Assets:
Beginning of period		403,376,067			287,966,111
End of period (including undistributed (dividends in excess of) net investment income of $(139,648) and $864,477, respectively)		$414,127,686			$403,376,067
Common Shares Issued and Redeemed:
Issued		10,361,360			15,489,601
Redeemed		(6,198,245	)		(8,835,579	)
Net Increase		4,163,115			6,654,022

See accompanying Notes to Financial Statements ï 4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 85

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

	Six Months						For the period
	ended						August 3, 2009*
	April 30, 2011			Year ended			through
	(unaudited)			October 31, 2010			October 31, 2009
Net asset value, beginning of period		$11.96			$10.37			$10.00
Investment Operations:
Net investment income		0.14			0.23			0.05
Net realized and change in unrealized gain on investments and foreign currency transactions		1.53			1.62			0.32
Total from investment operations		1.67			1.85			0.37
Dividends and Distributions to Shareholders from:
Net investment income		(0.22	)		(0.22	)		—
Net realized gains		—			(0.04	)		—
Total dividends and distributions to shareholders		(0.22	)		(0.26	)		—
Net asset value, end of period		$13.41			$11.96			$10.37
Total Investment Return (1)		14.20	%		18.10	%		3.70	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$2,756			$2,457			$2,128
Ratio of operating expenses to average net assets (2)		0.00	%†		0.00	%(3)		0.00	%†
Ratio of net investment income to average net assets (2)		2.36	%†		2.10	%		2.14	%†
Portfolio turnover		24	%		29	%		15	%

*	Commencement of operations.
†	Annualized.
(1)	The calculation assumes that all income dividends and capital gain distributions, if any, have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total 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 I, the Investment Manager or the Sub-Advisers. Participants in these programs pay a “wrap” fee to the sponsor of the program.
(3)	If interest expense was included, the ratio of operating expenses to average net assets for the year ended October 31, 2010 would be less than 0.005%.

86 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11 ï See accompanying Notes to Financial Statements

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

	Six Months
	ended			Year ended October 31,
	April 30, 2011
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period		$14.05			$13.83			$11.50			$12.05			$11.78			$11.64
Investment Operations:
Net investment income		0.40			0.75			0.83			0.76			0.63			0.55
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		0.04			1.93			3.86			(0.37	)		0.44			0.31
Total from investment operations		0.44			2.68			4.69			0.39			1.07			0.86
Dividends and Distributions to Shareholders from:
Net investment income		(0.85	)		(1.67	)		(1.36	)		(0.74	)		(0.56	)		(0.72	)
Net realized gains		(0.41	)		(0.79	)		(1.00	)		(0.20	)		(0.24	)		—
Total dividends and distributions to shareholders		(1.26	)		(2.46	)		(2.36	)		(0.94	)		(0.80	)		(0.72	)
Net asset value, end of period		$13.23			$14.05			$13.83			$11.50			$12.05			$11.78
Total Investment Return (1)		3.69	%		22.40	%		45.84	%		2.56	%		9.67	%		7.69	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$3,638,878			$3,345,203			$2,893,227			$2,006,494			$1,886,225			$1,449,575
Ratio of operating expenses to average net assets (3)		0.00	%†(2)		0.00	%(2)		0.00	%(2)		0.00	%		0.00	%		0.00	%
Ratio of net investment income to average net assets (3)		5.80	%†		5.70	%		6.71	%		6.01	%		5.60	%		4.89	%
Portfolio turnover		116	%		164	%		683	%		873	%		750	%		560	%

†	Annualized.
(1)	The calculation assumes that all income dividends and capital gain distributions, if any, have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of less than one year is not annualized.
(2)	If interest expense was included, the ratio of operating expenses to average net assets for the six months ended April 30, 2011 and the years ended October 31, 2010 and October 31, 2009 would be less than 0.005%, less than 0.005% and 0.01%, respectively.
(3)	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 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 4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 87

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

	Six Months												For the period
	ended			Year ended October 31,									April 2, 2007*
	April 30, 2011												through
	(unaudited)			2010			2009			2008			October 31, 2007
Net asset value, beginning of period		$7.80			$7.49			$7.03			$9.61			$10.00
Investment Operations:
Net investment income		0.19			0.39			0.49			0.52			0.29
Net realized and change in unrealized gain (loss) on investments, futures contracts and swaps		(0.53	)		0.31			0.46			(2.58	)		(0.40	)
Total from investment operations		(0.34	)		0.70			0.95			(2.06	)		(0.11	)
Dividends to Shareholders from Net Investment Income		(0.19	)		(0.39	)		(0.49	)		(0.52	)		(0.28	)
Net asset value, end of period		$7.27			$7.80			$7.49			$7.03			$9.61
Total Investment Return (1)		(4.31	)%		9.62	%		14.54	%		(22.21	)%		(1.04	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$7,727			$7,755			$2,674			$2,281			$2,884
Ratio of operating expenses to average net assets (2)		0.00	%†		0.00	%		0.00	%		0.00	%		0.00	%†
Ratio of net investment income to average net assets (2)		5.28	%†		4.90	%		7.22	%		6.05	%		5.04	%†
Portfolio turnover		18	%		26	%		23	%		15	%		87	%

*	Commencement of operations.
†	Annualized.
(1)	The calculation assumes that all income dividends and capital gain distributions, if any, have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total 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.

88 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11 ï See accompanying Notes to Financial Statements

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

	Six Months
	ended			Year ended October 31,
	April 30, 2011
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period		$10.94			$9.90			$8.36			$11.31			$11.38			$11.12
Investment Operations:
Net investment income		0.24			0.47			1.19			1.35			0.66			0.57
Net realized and change in unrealized gain (loss) on investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		(0.21	)		1.25			1.62			(2.90	)		(0.08	)		0.27
Total from investment operations		0.03			1.72			2.81			(1.55	)		0.58			0.84
Dividends and Distributions to Shareholders from:
Net investment income		(0.28	)		(0.68	)		(1.27	)		(1.40	)		(0.65	)		(0.58	)
Net realized gains		(0.13	)		—			—			—			—			—
Total dividends and distributions to shareholders		(0.41	)		(0.68	)		(1.27	)		(1.40	)		(0.65	)		(0.58	)
Net asset value, end of period		$10.56			$10.94			$9.90			$8.36			$11.31			$11.38
Total Investment Return (1)		0.36	%		18.22	%		36.99	%		(16.53	)%		5.26	%		7.80	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$3,624,755			$3,351,404			$2,779,932			$1,710,260			$1,819,024			$1,454,145
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)		4.63	%†		4.67	%		13.01	%		11.82	%		5.91	%		5.11	%
Portfolio turnover		344	%		482	%		916	%		923	%		837	%		928	%

†	Annualized.
(1)	The calculation assumes that all income dividends and capital gain distributions, if any, have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of less than one year is not annualized.
(2)	If interest expense was included, the ratio of operating expenses to average net assets for the six months ended April 30, 2011 and years ended October 31, 2010, 2009, 2008, 2007 and 2006 would be less than 0.005%, 0.01%, 1.78%, 7.63%, 1.26% and 0.07%, respectively.
(3)	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 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 4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 89

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

	Six Months
	ended			Year ended October 31,
	April 30, 2011
	(unaudited)			2010			2009			2008			2007			2006
Net asset value, beginning of period		$12.13			$10.83			$9.27			$10.21			$9.90			$10.20
Investment Operations:
Net investment income		0.18			0.33			0.25			0.57			0.43			0.54
Net realized and unrealized gain (loss) on investments, futures contracts, options written, securities sold short, swaps and foreign currency transactions		(0.05	)		1.54			2.00			(0.91	)		0.34			(0.29	)
Total from investment operations		0.13			1.87			2.25			(0.34	)		0.77			0.25
Dividends and Distributions to Shareholders from:
Net investment income		(0.21	)		(0.52	)		(0.29	)		(0.60	)		(0.46	)		(0.55	)
Net realized gains		(0.98	)		(0.05	)		(0.40	)		—			—			—
Total dividends and distributions to shareholders		(1.19	)		(0.57	)		(0.69	)		(0.60	)		(0.46	)		(0.55	)
Net asset value, end of period		$11.07			$12.13			$10.83			$9.27			$10.21			$9.90
Total Investment Return (1)		1.53	%		17.94	%		25.50	%		(3.87	)%		8.05	%		2.49	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)		$414,128			$403,376			$287,966			$170,092			$123,018			$154,793
Ratio of operating expenses to average net assets (3)		0.00	%†(2)		0.00	%(2)		0.00	%(2)		0.00	%		0.00	%		0.00	%
Ratio of net investment income to average net assets (3)		3.35	%†		2.90	%		2.77	%		5.39	%		4.36	%		5.33	%
Portfolio turnover		469	%		495	%		1216	%		1003	%		825	%		593	%

†	Annualized.
(1)	The calculation assumes that all income dividends and capital gain distributions, if any, have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total return for a period of less than one year is not annualized.
(2)	If interest expense was included, the ratio of operating expenses to average net assets for the six months ended April 30, 2011 and years ended October 31, 2010 and October 31, 2009 would be less than 0.005%, less than 0.005% and less than 0.005%, respectively.
(3)	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 R, the Investment Manager or the Sub-Advisers. Participants in these programs pay a “wrap” fee to the sponsor of the program.

90 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11 ï See accompanying Notes to Financial Statements

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (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 and 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.

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 each Portfolio’s 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. 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 date. 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, Equity Shares: Series I 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, Equity Shares: Series I may fair-value securities using modeling tools provided by third-party vendors. Equity Shares: Series I 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 Equity Shares: Series I for foreign securities may differ from the value realized from the sale of those securities and these differences could be material to the financial statements. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine Equity Shares: Series I’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 Equity Shares: Series I.

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 91

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

(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 techniques used.

The valuation techniques used by the Portfolios to measure fair value during the six months ended April 30, 2011 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. The following are certain inputs and techniques that the Portfolios generally use to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with Generally Accepted Accounting Principles (“GAAP”).

Equity Securities (Common and Preferred Stock) – Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

U.S. Treasury Obligations – U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Government Sponsored Enterprise and Mortgage-Backed Securities – Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable, the values of Government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Municipal Bonds – Municipal bonds are valued by independent pricing services based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable, the values of municipal bonds are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Sovereign Debt Obligations – Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

92 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Corporate Bonds & Notes – Corporate bonds and notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds and notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Asset-Backed Securities and Collateralized Mortgage Obligations – Asset-backed securities and collateralized mortgage obligations are valued by independent pricing services using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable, the values of asset-backed securities and collateralized mortgage obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Option Contracts – Option contracts traded over the counter (“OTC”) are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Forward Foreign Currency Contracts – Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Interest Rate Swaps – Interest rate swaps are valued by independent pricing services using pricing models that are based on real-time intraday snapshots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps is monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable, the values of interest rate swaps are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Credit Default Swaps – Credit default swaps are valued by independent pricing services using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable, the values of credit default swaps are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Senior Loans – Senior Loans are valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the values of Senior Loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

The Portfolios’ policy is to recognize transfers between levels at the end of the reporting period.

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 93

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

A summary of the inputs used at April 30, 2011 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		4/30/11
Investments in Securities – Assets
Common Stock:
China		$67,577		$15,624			—		$83,201
Germany		52,926		428,877			—		481,803
Israel		60,423		—			—		60,423
Korea (Republic of)		83,100		—			—		83,100
Spain		60,634		81,160			—		141,794
All Other		—		1,783,340			—		1,783,340
Preferred Stock		—		43,904			—		43,904
Total Investments in Securities – Assets		$324,660		$2,352,905			—		$2,677,565
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		$27			—		$27
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		$(246	)		—		$(246	)
Total Investments		$324,660		$2,352,686			—		$2,677,346

Fixed Income SHares: Series C:
			Level 2 –		Level 3 –
			Other Significant		Significant
	Level 1 –		Observable		Unobservable		Value at
	Quoted Prices		Inputs		Inputs		4/30/11
Investments in Securities – Assets
Corporate Bonds & Notes:
Airlines		—		$46,967,747		$7,968,646		$54,936,393
Financial Services		—		1,066,750,071		22,229,368		1,088,979,439
All Other		—		1,203,636,864		—		1,203,636,864
U.S. Government Agency Securities		—		583,464,708		—		583,464,708
Municipal Bonds		—		346,539,583		—		346,539,583
Sovereign Debt Obligations		—		231,387,814		—		231,387,814
Mortgage-Backed Securities		—		165,305,373		98,753		165,404,126
U.S. Treasury Obligations		—		14,491,393		—		14,491,393
Senior Loans		—		9,306,829		—		9,306,829
Asset-Backed Securities		—		8,965,663		—		8,965,663
Preferred Stock		$1,290,240		—		—		1,290,240
Convertible Preferred Stock		788,213		—		—		788,213

94 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

				Level 2 –			Level 3 –
				Other Significant			Significant
	Level 1 –			Observable			Unobservable		Value at
	Quoted Prices			Inputs			Inputs		4/30/11
Short-Term Investments:
Corporate Notes:
Financial Services		—			$40,404,652			$700,980		$41,105,632
All Other		—			58,676,972			—		58,676,972
Other Short-Term Investments		—			338,194,199			—		338,194,199
Options Purchased:
Interest Rate Contracts		—			3,023,901			—		3,023,901
Total Investments in Securities – Assets		$2,078,453			$4,117,115,769			$30,997,747		$4,150,191,969
Investments in Securities – Liabilities
Options Written, at value:
Credit Contracts		—			$(1,715,646	)		—		$(1,715,646	)
Interest Rate Contracts		—			(24,948,427	)		—		(24,948,427	)
Total Investments in Securities – Liabilities		—			$(26,664,073	)		—		$(26,664,073	)
Other Financial Instruments* – Assets
Credit Contracts		—			$18,331,373			—		$18,331,373
Foreign Exchange Contracts		—			60,487,906			—		60,487,906
Interest Rate Contracts		$19,607,200			17,345,659			—		36,952,859
Total Other Financial Instruments* – Assets		$19,607,200			$96,164,938			—		$115,772,138
Other Financial Instruments* – Liabilities
Credit Contracts		—			$(1,654,917	)		—		$(1,654,917	)
Foreign Exchange Contracts		—			(57,797,869	)		—		(57,797,869	)
Interest Rate Contracts		$(170,757	)		(19,641,061	)		—		(19,811,818	)
Total Other Financial Instruments* – Liabilities		$(170,757	)		$(79,093,847	)		—		$(79,264,604	)
Total Investments		$21,514,896			$4,107,522,787			$30,997,747		$4,160,035,430

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 95

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (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		4/30/11
Investments in Securities – Assets
Municipal Bonds		—		$7,647,816		—		$7,647,816
Other Financial Instruments* – Assets
Credit Contracts		—		$8,456		—		$8,456
Total Investments		—		$7,656,272		—		$7,656,272

Fixed Income SHares: Series M:
			Level 2 –			Level 3 –
			Other Significant			Significant
	Level 1 –		Observable			Unobservable			Value at
	Quoted Prices		Inputs			Inputs			4/30/11
Investments in Securities – Assets
U.S. Government Agency Securities		—		$1,659,224,345			—			$1,659,224,345
Corporate Bonds & Notes:
Financial Services		—		811,753,563			$10,489,505			822,243,068
All Other		—		673,025,175			—			673,025,175
Municipal Bonds		—		557,909,717			—			557,909,717
Mortgage-Backed Securities		—		517,257,385			—			517,257,385
Sovereign Debt Obligations		—		328,303,588			—			328,303,588
Asset-Backed Securities		—		44,618,356			708,644			45,327,000
Convertible Preferred Stock		$13,560,962		—			—			13,560,962
Short-Term Investments		—		275,792,970			—			275,792,970
Total Investments in Securities – Assets		$13,560,962		$4,867,885,099			$11,198,149			$4,892,644,210
Investments in Securities – Liabilities
Options Written, at value:
Credit Contracts		—		$(139,486	)		—			$(139,486	)
Interest Rate Contracts		—		—			$(12,740,002	)		(12,740,002	)
Securities Sold Short, at value		—		(217,344	)		—			(217,344	)
Total Investments in Securities – Liabilities		—		$(356,830	)		$(12,740,002	)		$(13,096,832	)
Other Financial Instruments* – Assets
Credit Contracts		—		$16,283,757			—			$16,283,757
Foreign Exchange Contracts		—		4,451,517			—			4,451,517
Interest Rate Contracts		$39,210,062		7,983,861			—			47,193,923
Total Other Financial Instruments* – Assets		$39,210,062		$28,719,135			—			$67,929,197

96 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

				Level 2 –			Level 3 –
				Other Significant			Significant
	Level 1 –			Observable			Unobservable			Value at
	Quoted Prices			Inputs			Inputs			4/30/11
Other Financial Instruments* – Liabilities
Credit Contracts		—			$(1,875,336	)		—			$(1,875,336	)
Foreign Exchange Contracts		—			(10,440,851	)		—			(10,440,851	)
Interest Rate Contracts		$(2,754	)		(40,306,470	)		—			(40,309,224	)
Total Other Financial Instruments* – Liabilities		$(2,754	)		$(52,622,657	)		—			$(52,625,411	)
Total Investments		$52,768,270			$4,843,624,747			$(1,541,853	)		$4,894,851,164

Fixed Income SHares: Series R:
			Level 2 –			Level 3 –
			Other Significant			Significant
	Level 1 –		Observable			Unobservable			Value at
	Quoted Prices		Inputs			Inputs			4/30/11
Investments in Securities – Assets
U.S. Treasury Obligations		—		$420,294,902			—			$420,294,902
Corporate Bonds & Notes:
Airlines		—		5,062,500			$1,017,500			6,080,000
All Other		—		151,224,999						151,224,999
Mortgage-Backed Securities		—		40,972,557			7,350,523			48,323,080
Sovereign Debt Obligations		—		18,057,156			—			18,057,156
Asset-Backed Securities		—		10,225,042			7,505,936			17,730,978
U.S. Government Agency Securities		—		8,534,494			—			8,534,494
Senior Loans		—		6,063,565			—			6,063,565
Convertible Preferred Stock		$215,896		—			—			215,896
Municipal Bonds		—		69,885			—			69,885
Short-Term Investments		—		27,547,077			—			27,547,077
Options Purchased:
Interest Rate Contracts		—		276,647			—			276,647
Total Investments in Securities – Assets		$215,896		$688,328,824			$15,873,959			$704,418,679
Investments in Securities – Liabilities
Options Written, at value:
Credit Contracts		—		$(16,560	)		—			$(16,560	)
Interest Rate Contracts		—		(1,275,964	)		$(695,082	)		(1,971,046	)
Total Investments in Securities – Liabilities		—		$(1,292,524	)		$(695,082	)		$(1,987,606	)

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 97

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

			Level 2 –			Level 3 –
			Other Significant			Significant
	Level 1 –		Observable			Unobservable		Value at
	Quoted Prices		Inputs			Inputs		4/30/11
Other Financial Instruments* – Assets
Credit Contracts		—		$1,258,307			—		$1,258,307
Foreign Exchange Contracts		—		1,965,104			—		1,965,104
Interest Rate Contracts		$229,598		576,031			—		805,629
Total Other Financial Instruments* – Assets		$229,598		$3,799,442			—		$4,029,040
Other Financial Instruments* – Liabilities
Credit Contracts		—		$(298,554	)		—		$(298,554	)
Foreign Exchange Contracts		—		(2,313,078	)		—		(2,313,078	)
Interest Rate Contracts		—		(594,672	)		—		(594,672	)
Total Other Financial Instruments* – Liabilities		—		$(3,206,304	)		—		$(3,206,304	)
Total Investments		$445,494		$687,629,438			$15,178,877		$703,253,809

There were no significant transfers between Levels 1 and 2 during the six months ended April 30, 2011.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended April 30, 2011, was as follows:

Fixed Income SHares: Series C:
			Net						Net			Net Change
	Beginning		Purchases			Accrued			Realized			in Unrealized			Transfers		Transfers		Ending
	Balance		(Sales) and			Discounts			Gain			Appreciation/			into		out of		Balance
	10/31/10		Settlements			(Premiums)			(Loss)			Depreciation			Level 3		Level 3		4/30/11
Investments in Securities – Assets
Corporate Bonds & Notes:
Airlines		$8,446,018		$(304,606	)		$(38,237	)		$(241	)		$(134,288	)		—		—		$7,968,646
Financial Services		21,134,833		(9,715	)		—			—			1,104,250			—		—		22,229,368
Mortgage-Backed Securities		123,362		(207,506	)		689			45,277			136,931			—		—		98,753
Short-Term Investments:
Corporate Notes:
Financial Services		736,890		—			—			—			(35,910	)		—		—		700,980
Total Investments		$30,441,103		$(521,827	)		$(37,548	)		$45,036			$1,070,983			—		—		$30,997,747

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April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

Fixed Income SHares: Series M:
				Net						Net			Net Change
	Beginning			Purchases			Accrued			Realized			in Unrealized			Transfers		Transfers			Ending
	Balance			(Sales) and			Discounts			Gain			Appreciation/			into		out of			Balance
	10/31/10			Settlements			(Premiums)			(Loss)			Depreciation			Level 3		Level 3**			4/30/11
Investments in Securities – Assets
Corporate Bonds & Notes:
Financial Services		$10,551,300			—			$(35,709	)		—			$(26,086	)		—		—			$10,489,505
Mortgage-Backed Securities		17,504,496			$(152,426	)		(39,492	)		$(4,404	)		(269,387	)		—		$(17,038,787	)		—
Asset-Backed Securities		754,471			(70,332	)		—			—			24,505			—		—			708,644
Total Investments in Securities – Assets		$28,810,267			$(222,758	)		$(75,201	)		$(4,404	)		$(270,968	)		—		$(17,038,787	)		$11,198,149
Investments in Securities – Liabilities
Options Written, at value:
Interest Rate Contracts		$(8,020,229	)		—			—			—			$(4,719,773	)		—		—			$(12,740,002	)
Total Investments		$20,790,038			$(222,758	)		$(75,201	)		$(4,404	)		$(4,990,741	)		—		$(17,038,787	)		$(1,541,853	)

Fixed Income SHares: Series R:
				Net						Net			Net Change
	Beginning			Purchases			Accrued			Realized			in Unrealized			Transfers		Transfers			Ending
	Balance			(Sales) and			Discounts			Gain			Appreciation/			into		out of			Balance
	10/31/10			Settlements			(Premiums)			(Loss)			Depreciation			Level 3		Level 3**			4/30/11
Investments in Securities – Assets
Corporate Bonds & Notes:
Airlines		—			$1,031,875			$(3,334	)		—			$(11,041	)		—		—			$1,017,500
Mortgage-Backed Securities		$5,663,219			7,298,931			(14,452	)		$(1,419	)		(83,207	)		—		$(5,512,549	)		7,350,523
Asset-Backed Securities		17,818,475			(3,980,299	)		22,423			77,619			409,657			—		(6,841,939	)		7,505,936
Total Investments in Securities – Assets		$23,481,694			$4,350,507			$4,637			$76,200			$315,409			—		$(12,354,488	)		$15,873,959
Investments in Securities – Liabilities
Options Written, at value:
Interest Rate Contracts		$(689,228	)		—			—			$45,239			$(51,093	)		—		—			$(695,082	)
Total Investments		$22,792,466			$4,350,507			$4,637			$121,439			$264,316			—		$(12,354,488	)		$15,178,877

*   Other financial instruments are derivatives 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.

**  Transferred out of Level 3 into Level 2 because sufficient observable inputs were available.

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, 2011, was $924,504, $(21,357) and $(46,119), respectively, and other financial instruments, which Fixed Income SHares: Series M and Series R held at April 30, 2011, was $(4,719,773) and $(6,433), respectively. Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

(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, as applicable, is recorded on an accrual basis. Discounts or premiums on debt securities purchased are

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Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

accreted or amortized, respectively, 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 on settlement date 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.

(d) Federal Income Taxes

The Portfolios intend to distribute all of their taxable income and to comply with the other requirements of Subchapter M 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.

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, 2011. The Portfolios’ federal income tax returns for the prior three fiscal years (since inception for Equity Shares: 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. Equity Shares: Series I will declare dividends from net investment income, if any, at least annually. Distributions of net realized capital gains for all Portfolios, if any, are paid at least annually. The Portfolios record dividends and distributions to their respective 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 GAAP. 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 to shareholders from return of capital.

(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 currencies 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-

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April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

value. Collateral pledged (the securities received), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Portfolios 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 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 the Portfolios do not cover their positions in reverse repurchase agreements (by segregating liquid assets at least equal in amount to the forward purchase commitment), the Portfolios’ 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 Bonds

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 make 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.

(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

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Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

1. Organization and Significant Accounting Policies (continued)

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 primarily relates to the Portfolios’ participation in reverse repurchase agreement transactions. 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 (counterparty risk). The Portfolios are also exposed to other risks such as, but not limited to, interest rate, foreign currency and credit 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.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Portfolios hold variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Portfolios’ shares.

Mortgage-related and other asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Portfolios hold mortgage-related securities, they may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Portfolios because the Portfolios may have to reinvest that money at the lower prevailing interest rates. The Portfolios’ investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

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

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2. Principal Risks (continued)

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.

To the extent the Portfolios directly invest 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, inflation, 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 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 foreign issuers located in a specific country or region. Such 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 that 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 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 for the Fixed Income SHares Portfolios, Pacific Investment Management Company LLC (“PIMCO”), as well as the Sub-Adviser for the 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 risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple 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.

Leverage will cause the value of the Portfolios’ shares to be more volatile than if the Portfolios did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolios’ securities. The Portfolios may engage in transactions (such as reverse repurchase agreements) or purchase instruments that give rise to forms of leverage. In addition, to the extent the Portfolios employ leverage, interest costs may not be recovered by any appreciation of the securities purchased with leverage proceeds and could exceed the Portfolios’ investment returns, resulting in greater losses.

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 derivatives 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.

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April 30, 2011 (unaudited)

2. Principal Risks (continued)

The Portfolios are also party to Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements maintain provisions 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.

Certain Portfolios had security transactions outstanding with Lehman Brothers entities as counterparty at the time the relevant Lehman Brothers entity filed for protection or was placed in administration. Anticipated losses for security and derivative transactions associated with Lehman Brothers have been incorporated as net realized gain (loss) on the Statements of Operations of the applicable Portfolios. The remaining balances associated with Lehman Brothers entities are included in receivable from/ payable to broker on the Statements of Assets and Liabilities of the applicable Portfolios. The estimated recoverable value of receivables is determined by independent broker quotes.

3. Financial Derivative Instruments

Disclosure about derivatives and hedging activities requires qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosure about fair value amounts of gains and losses on derivatives, 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 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.

(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 put and call options on securities and indices 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 premiums and changes 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.

The Portfolios write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. 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, if any, 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 exercised, the premium is added to the proceeds from

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April 30, 2011 (unaudited)

3. Financial Derivative Instruments (continued)

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 investment 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 Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash 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 Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are 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 market 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 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

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April 30, 2011 (unaudited)

3. Financial Derivative Instruments (continued)

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 market 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 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 market 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, 2011 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 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

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April 30, 2011 (unaudited)

3. Financial Derivative Instruments (continued)

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 swaps, 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 price risk in excess of unrealized appreciation (depreciation) reflected in the Portfolios’ Statements of Assets and Liabilities.

The following is a summary of the fair valuation of the Portfolios’ derivatives categorized by risk exposure.

The effect of derivatives on the Statements of Assets and Liabilities at April 30, 2011:

Equity Shares: Series I:

	Foreign
	Exchange
Location	Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts		$27
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts		$(246	)

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April 30, 2011 (unaudited)

3. Financial Derivative Instruments (continued)

Fixed Income SHares: Series C:

							Foreign
	Interest Rate			Credit			Exchange
Location	Contracts			Contracts			Contracts			Total
Asset derivatives:
Investments, at value (options purchased)		$3,023,901			—			—			$3,023,901
Unrealized appreciation of swaps		17,345,659			$18,331,373			—			35,677,032
Receivable for variation margin on futures contracts*		485,064			—			—			485,064
Unrealized appreciation of forward foreign currency contracts		—			—			$60,487,906			60,487,906
Total asset derivatives		$20,854,624			$18,331,373			$60,487,906			$99,673,903
Liability derivatives:
Unrealized depreciation of swaps		$(19,641,061	)		$(1,654,917	)		—			$(21,295,978	)
Payable for variation margin on futures contracts*		(56,482	)		—			—			(56,482	)
Options written, at value		(24,948,427	)		(1,715,646	)		—			(26,664,073	)
Unrealized depreciation of forward foreign currency contracts		—			—			$(57,797,869	)		(57,797,869	)
Total liability derivatives		$(44,645,970	)		$(3,370,563	)		$(57,797,869	)		$(105,814,402	)

* Included in the net appreciation of $19,436,443 on futures contracts as reported in section 5(a) of the Notes to Financial Statements.

Fixed Income SHares: Series H:

	Credit
Location	Contracts
Asset derivatives:
Unrealized appreciation of swaps		$8,456

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April 30, 2011 (unaudited)

3. Financial Derivative Instruments (continued)

Fixed Income SHares: Series M:

							Foreign
	Interest Rate			Credit			Exchange
Location	Contracts			Contracts			Contracts			Total
Asset derivatives:
Unrealized appreciation of swaps		$7,983,861			$16,283,757			—			$24,267,618
Receivable for variation margin on futures contracts*		7,824			—			—			7,824
Unrealized appreciation of forward foreign currency contracts		—			—			$4,451,517			4,451,517
Total asset derivatives		$7,991,685			$16,283,757			$4,451,517			$28,726,959
Liability derivatives:
Unrealized depreciation of swaps		$(40,306,470	)		$(1,875,336	)		—			$(42,181,806	)
Payable for variation margin on futures contracts*		(1,097,553	)		—			—			(1,097,553	)
Options written, at value		(12,740,002	)		(139,486	)		—			(12,879,488	)
Unrealized depreciation of forward foreign currency contracts		—			—			$(10,440,851	)		(10,440,851	)
Total liability derivatives		$(54,144,025	)		$(2,014,822	)		$(10,440,851	)		$(66,599,698	)

* Included in the net appreciation of $39,207,308 on futures contracts as reported in section 5(a) of the Notes to Financial Statements.

Fixed Income SHares: Series R:

							Foreign
	Interest Rate			Credit			Exchange
Location	Contracts			Contracts			Contracts			Total
Asset derivatives:
Investments, at value (options purchased)		$276,647			—			—			$276,647
Unrealized appreciation of swaps		576,031			$1,258,307			—			1,834,338
Unrealized appreciation of forward foreign currency contracts		—			—			$1,965,104			1,965,104
Total asset derivatives		$852,678			$1,258,307			$1,965,104			$4,076,089
Liability derivatives:
Unrealized depreciation of swaps		$(594,672	)		$(298,554	)		—			$(893,226	)
Payable for variation margin on futures contracts*		(14,038	)		—			—			(14,038	)
Options written, at value		(1,971,046	)		(16,560	)		—			(1,987,606	)
Unrealized depreciation of forward foreign currency contracts		—			—			$(2,313,078	)		(2,313,078	)
Total liability derivatives		$(2,579,756	)		$(315,114	)		$(2,313,078	)		$(5,207,948	)

* Included in the net appreciation of $229,598 on futures contracts as reported in section 5(a) of the Notes to Financial Statements.

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April 30, 2011 (unaudited)

3. Financial Derivative Instruments (continued)

The effect of derivatives on the Statements of Operations for the six months ended April 30, 2011:

Equity Shares: Series I:

	Foreign
	Exchange
Location	Contracts
Net realized loss on:
Foreign currency transactions (forward foreign currency contracts)		$(103	)
Net change in unrealized appreciation/depreciation of:
Foreign currency transactions (forward foreign currency contracts)		$(219	)

Fixed Income SHares: Series C:

						Foreign
	Interest Rate			Credit		Exchange
Location	Contracts			Contracts		Contracts			Total
Net realized gain (loss) on:
Investments (options purchased)		$(89,766	)		—		—			$(89,766	)
Futures contracts		(1,055,795	)		—		—			(1,055,795	)
Options written		5,991,456			$4,368,469		—			10,359,925
Swaps		(4,143,847	)		9,249,715		—			5,105,868
Foreign currency transactions (forward foreign currency contracts)		—			—		$24,977,568			24,977,568
Total net realized gain		$702,048			$13,618,184		$24,977,568			$39,297,800
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)		$26,699			—		—			$26,699
Futures contracts		143,486			—		—			143,486
Options written		(14,019,659	)		$192,007		—			(13,827,652	)
Swaps		(11,287,841	)		6,996,088		—			(4,291,753	)
Foreign currency transactions (forward foreign currency contracts)		—			—		$(6,912,398	)		(6,912,398	)
Total net change in unrealized appreciation/depreciation		$(25,137,315	)		$7,188,095		$(6,912,398	)		$(24,861,618	)

Fixed Income SHares: Series H:

	Credit
Location	Contracts
Net realized gain on:
Swaps		$200
Net change in unrealized appreciation/depreciation of:
Swaps		$8,456

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April 30, 2011 (unaudited)

3. Financial Derivative Instruments (continued)

Fixed Income SHares: Series M:

						Foreign
	Interest Rate			Credit		Exchange
Location	Contracts			Contracts		Contracts			Total
Net realized gain (loss) on:
Investments (options purchased)		$(108,398	)		—		—			$(108,398	)
Futures contracts		5,170,010			—		—			5,170,010
Options written		—			$1,063,528		—			1,063,528
Swaps		6,385,364			7,112,358		—			13,497,722
Foreign currency transactions (forward foreign currency contracts)		—			—		$(10,416,628	)		(10,416,628	)
Total net realized gain (loss)		$11,446,976			$8,175,886		$(10,416,628	)		$9,206,234
Net change in unrealized appreciation/depreciation of:
Futures contracts		$34,913,581			—		—			$34,913,581
Options written		(4,719,773	)		$359,714		—			(4,360,059	)
Swaps		(52,096,084	)		2,454,970		—			(49,641,114	)
Foreign currency transactions (forward foreign currency contracts)		—			—		$637,504			637,504
Total net change in unrealized appreciation/depreciation		$(21,902,276	)		$2,814,684		$637,504			$(18,450,088	)

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April 30, 2011 (unaudited)

3. Financial Derivative Instruments (continued)

Fixed Income SHares: Series R:

							Foreign
	Interest Rate			Credit			Exchange
Location	Contracts			Contracts			Contracts			Total
Net realized gain (loss) on:
Investments (options purchased)		$(51,422	)		—			—			$(51,422	)
Futures contracts		19,287			—			—			19,287
Options written		215,572			$94,858			—			310,430
Swaps		(1,292,440	)		688,658			—			(603,782	)
Foreign currency transactions (forward foreign currency contracts)		—			—			$(5,398,572	)		(5,398,572	)
Total net realized gain (loss)		$(1,109,003	)		$783,516			$(5,398,572	)		$(5,724,059	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)		$56,122			—			—			$56,122
Futures contracts		96,260			—			—			96,260
Options written		(509,363	)		$(10,926	)		—			(520,289	)
Swaps		(257,763	)		(187,006	)		—			(444,769	)
Foreign currency transactions (forward foreign currency contracts)		—			—			$980,422			980,422
Total net change in unrealized appreciation/depreciation		$(614,744	)		$(197,932	)		$980,422			$167,746

The average volume of derivative activity during the six months ended April 30, 2011:

	Options				Options				Futures		Forward Foreign				Credit Default				Interest Rate
	Purchased				Written				Contracts(1)		Currency Contracts(2)				Swap Agreements(3)				Swap
	Contracts(1)		Notional(3)		Contracts(1)		Notional(3)		Long		Purchased		Sold		Buy		Sell		Agreements(3)
Equity Shares: Series I		—		—		—		—		—		2,595		7,095		—		—		—
Fixed Income SHares: Series C		248		505,783		485		5,639,833		8,113		1,866,946,612		1,190,471,304		110,467		989,952		2,523,140
Fixed Income SHares: Series H		—		—		—		—		—		—		—		—		167		—
Fixed Income SHares: Series M		—		208,333		—		1,018,533		21,603		121,963,494		353,066,569		16,000		525,267		1,434,067
Fixed Income SHares: Series R		17		117,367		317		328,033		554		50,647,169		78,135,621		15,767		75,533		110,700

(1)	Number of contracts
(2)	U.S. $ value on origination date
(3)	Notional amount (in thousands)

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-Advisers and provide

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April 30, 2011 (unaudited)

4. Investment Manager/Sub-Advisers/Administrator/Distributor (continued)

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 Europe 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, 2011, Allianz Global Investors owned 100% and 28% of the outstanding shares of Equity Shares: Series I and Fixed Income SHares: Series H, respectively. Investment activity by this shareholder could have a material impact on each Portfolio.

5. Investments in Securities

Purchases and sales of investments, other than short-term securities, for the six months ended April 30, 2011:

	U.S. Government Obligations				All Other
	Purchases		Sales		Purchases		Sales
Equity Shares: Series I		—		—		$583,445		$604,846
Fixed Income SHares: Series C		$4,080,367,660		$3,528,138,588		531,491,936		536,322,645
Fixed Income SHares: Series H		—		—		1,981,447		1,272,740
Fixed Income SHares: Series M		17,085,435,552		18,145,025,374		519,924,297		221,503,659
Fixed Income SHares: Series R		3,058,314,671		3,159,991,951		116,848,816		30,555,872

(a) Futures contracts outstanding at April 30, 2011:

Fixed Income SHares: Series C:
			Market				Unrealized
			Value		Expiration		Appreciation
	Type	Contracts	(000s)		Date		(Depreciation)
Long:	Euro Bobl 5 yr. Futures	744		$126,992		6/1/11		$(170,757	)
	Financial Futures Euro–90 day	2,084		519,463		6/13/11		6,492,212
	Financial Futures Euro–90 day	4,503		1,121,753		9/19/11		13,114,988
								$19,436,443

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April 30, 2011 (unaudited)

5. Investments in Securities (continued)

Fixed Income SHares: Series M:
			Market				Unrealized
			Value		Expiration		Appreciation
	Type	Contracts	(000s)		Date		(Depreciation)
Long:	Euro Bobl 5yr. Futures	12		$2,048		6/1/11		$(2,754	)
	Financial Futures Euro–90 day	17,172		4,273,252		12/19/11		11,668,162
	Financial Futures Euro–90 day	15,644		3,886,947		3/19/12		12,354,400
	Financial Futures Euro–90 day	10,000		2,478,500		6/18/12		10,125,000
	Financial Futures Euro–90 day	5,000		1,235,438		9/17/12		5,062,500
								$39,207,308

Fixed Income SHares: Series R:
			Market
			Value		Expiration		Unrealized
	Type	Contracts	(000s)		Date		Appreciation
Long:	Financial Futures Euro–90 day	129		$32,135		9/19/11		$57,563
	Financial Futures Euro–90 day	128		31,853		12/19/11		35,013
	Financial Futures Euro–90 day	277		68,824		3/19/12		122,462
	Financial Futures Euro–90 day	56		13,880		6/18/12		14,560
								$229,598

At April 30, 2011, Fixed Income SHares: Series C and Series R pledged cash collateral of $23,000 and $27,000, respectively, for futures contracts.

(b) Transactions in options written for the six months ended April 30, 2011:

Fixed Income SHares: Series C:
				Notional			Notional
	Contracts			Amount			Amount			Premiums
Options outstanding, October 31, 2010		1,454			$6,521,600,000			€752,600,000			$42,510,383
Options written		—			3,146,400,000			—			9,483,370
Options terminated in closing transactions		(1,454	)		(3,022,600,000	)		(752,600,000	)		(14,179,772	)
Options assigned		—			(913,900,000	)		—			(3,309,720	)
Options outstanding, April 30, 2011		—			$5,731,500,000			€0			$34,504,261

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Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

Fixed Income SHares: Series M:
	Notional
	Amount			Premiums
Options outstanding, October 31, 2010		$859,800,000			$8,209,618
Options written		509,400,000			1,562,729
Options terminated in closing transactions		(381,400,000	)		(1,063,529	)
Options outstanding, April 30, 2011		$987,800,000			$8,708,818

Fixed Income SHares: Series R:
				Notional			Notional
	Contracts			Amount			Amount			Premiums
Options outstanding, October 31, 2010		38			$396,200,000			€15,400,000			$2,423,993
Options written		1,035			192,400,000			3,500,000			979,934
Options terminated in closing transactions		(719	)		(170,300,000	)		(18,900,000	)		(954,756	)
Options assigned		—			(69,900,000	)		—			(218,267	)
Options expired		—			(11,600,000	)		—			(45,240	)
Options outstanding, April 30, 2011		354			$336,800,000			€0			$2,185,664

€ – Euro

(c) Credit default swap agreements:

Buy protection swap agreements outstanding at April 30, 2011⁽¹⁾:

Fixed Income SHares: Series C:
														Upfront
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Unrealized
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Made			Value(5)			Received			Depreciation
Bank of America:
Dow Jones CDX IG-14 5-Year Index	$	29,000		0.67	%		6/20/15		(1.00	)%	$	(412,647	)	$	(124,159	)	$	(288,488	)
DTE Energy		5,000		0.84	%		6/20/16		(0.97	)%		(38,011	)		—			(38,011	)
Credit Suisse First Boston:
Dow Jones CDX IG-14 5-Year Index		11,800		0.67	%		6/20/15		(1.00	)%		(167,905	)		(50,520	)		(117,385	)
JPMorgan Chase:
Lexmark International		5,000		0.88	%		6/20/13		(1.19	)%		(40,400	)		—			(40,400	)
Morgan Stanley:
Dow Jones CDX IG-14 5-Year Index		23,400		0.67	%		6/20/15		(1.00	)%		(332,963	)		(100,183	)		(232,780	)
UBS:
Dow Jones CDX IG-14 5-Year Index		84,000		0.67	%		6/20/15		(1.00	)%		(1,195,254	)		(359,633	)		(835,621	)
											$	(2,187,180	)	$	(634,495	)	$	(1,552,685	)

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 115

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

Fixed Income SHares: Series M:
														Upfront			Unrealized
Swap Counterparty/	Notional Amount		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		1.19	%		9/20/15		(7.06	)%	$	(1,275,147	)		—		$	(1,275,147	)
Barclays Bank:
Embarq		400		0.42	%		6/20/13		(1.00	)%		(5,453	)	$	(7,216	)		1,763
Citigroup:
Valero Energy		4,600		0.52	%		12/20/13		(3.40	)%		(368,028	)		—			(368,028	)
Deutsche Bank:
Altria Group		4,500		1.25	%		3/20/19		(1.46	)%		(71,908	)		—			(71,908	)
Morgan Stanley:
Altria Group		1,500		1.23	%		12/20/18		(1.55	)%		(35,130	)		—			(35,130	)
											$	(1,755,666	)	$	(7,216	)	$	(1,748,450	)

Fixed Income SHares: Series R:
														Upfront			Unrealized
Swap Counterparty/	Notional Amount		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		2.35	%		9/20/13		(5.00	)%	$	(66,681	)	$	(32,287	)	$	(34,394	)
Marsh & McLennan		3,000		1.07	%		6/20/19		(0.90	)%		33,768			—			33,768
Barclays Bank:
FBG Finance		1,500		0.65	%		6/20/15		(1.60	)%		(59,911	)		—			(59,911	)
Deutsche Bank:
Pulte Homes		1,500		0.75	%		9/20/11		(1.00	)%		(3,223	)		5,573			(8,796	)
Starwood Hotels & Resorts Worldwide		3,100		0.58	%		3/20/13		(1.00	)%		(28,555	)		52,342			(80,897	)
Goldman Sachs:
American International Group		4,000		2.11	%		3/20/13		(5.00	)%		(237,113	)		(183,822	)		(53,291	)
RPM International		1,000		1.68	%		3/20/18		(1.50	)%		9,011			—			9,011
											$	(352,704	)	$	(158,194	)	$	(194,510	)

116 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

Sell protection swap agreements outstanding at April 30, 2011⁽²⁾:

Fixed Income SHares: Series C:
														Upfront			Unrealized
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Appreciation
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Received			Value(5)			Paid (Received)			(Depreciation)
Bank of America:
Dow Jones CDX EM-14 Index	$	15,500		1.94	%		12/20/15		5.00	%	$	2,130,627		$	1,922,000		$	208,627
Dow Jones CDX IG-16 5-Year Index		154,800		0.88	%		6/20/16		1.00	%		1,096,319			417,153			679,166
Dow Jones MCDX 5-Year Index		43,000		1.21	%		12/20/15		1.00	%		(305,022	)		(2,111,240	)		1,806,218
General Electric		4,000		0.29	%		6/20/12		5.00	%		241,220			75,672			165,548
Barclays Bank:
Brazilian Government International Bond		44,000		0.34	%		3/20/12		1.00	%		313,176			90,126			223,050
China Government International Bond		28,800		0.60	%		9/20/15		1.00	%		523,366			271,505			251,861
Dow Jones CDX EM-14 Index		25,700		1.94	%		12/20/15		5.00	%		3,532,716			3,288,550			244,166
Dow Jones CDX EM-15 Index		5,700		2.02	%		6/20/16		5.00	%		830,070			769,500			60,570
Dow Jones CDX HY-15 5-Year Index		173,500		3.87	%		12/20/15		5.00	%		8,918,806			6,072,500			2,846,306
BNP Paribas:
China Government International Bond		17,500		0.60	%		9/20/15		1.00	%		318,018			161,043			156,975
General Electric		15,200		0.63	%		12/20/13		4.90	%		1,792,256			—			1,792,256
Citigroup:
China Government International Bond		6,300		0.60	%		9/20/15		1.00	%		114,486			58,011			56,475
Dow Jones CDX EM-14 Index		16,900		1.94	%		12/20/15		5.00	%		2,323,070			2,095,600			227,470
Dow Jones MCDX 5-Year Index		27,000		1.21	%		12/20/15		1.00	%		(191,525	)		(1,298,092	)		1,106,567
El Paso		2,700		1.04	%		3/20/14		5.00	%		319,824			(133,380	)		453,204
United Kingdom Gilt		49,700		0.46	%		6/20/15		1.00	%		1,136,124			411,397			724,727
Credit Suisse First Boston:
China Government International Bond		4,700		0.54	%		3/20/15		1.00	%		88,061			51,098			36,963
Dow Jones CDX IG-16 5-Year Index		1,500		0.88	%		6/20/16		1.00	%		10,623			1,829			8,794
United Kingdom Gilt		13,000		0.50	%		9/20/15		1.00	%		295,223			133,971			161,252

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 117

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

														Upfront			Unrealized
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Appreciation
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Received			Value(5)			Paid (Received)			(Depreciation)
Deutsche Bank:
Berkshire Hathaway	$	11,900		0.53	%		9/20/13		1.10	%	$	178,046			—		$	178,046
Dow Jones CDX EM-14 Index		24,200		1.94	%		12/20/15		5.00	%		3,326,527		$	3,363,950			(37,423	)
Dow Jones MCDX 5-Year Index		6,000		1.21	%		12/20/15		1.00	%		(42,561	)		(278,047	)		235,486
France Government Bond		13,500		0.64	%		9/20/15		0.25	%		(222,164	)		(492,309	)		270,145
France Government Bond		31,100		0.71	%		3/20/16		0.25	%		(660,288	)		(1,104,012	)		443,724
General Electric		7,700		0.63	%		12/20/13		3.80	%		675,436			—			675,436
ING Bank	€	28,600		0.94	%		6/20/11		1.40	%		97,184			—			97,184
Procter & Gamble	$	3,000		0.24	%		3/20/14		1.27	%		93,999			—			93,999
Goldman Sachs:
BP Capital Markets		3,400		0.71	%		6/20/15		5.00	%		605,369			89,913			515,456
California State Municipal Bond		3,300		1.72	%		12/20/18		1.63	%		(10,850	)		—			(10,850	)
California State Municipal Bond		25,000		1.72	%		12/20/18		1.65	%		(53,576	)		—			(53,576	)
Comcast		19,800		1.30	%		6/20/21		1.00	%		(469,717	)		(663,633	)		193,916
Dow Jones CDX HY-9 5-Year Index 35-100%		3,369		0.08	%		12/20/12		2.05	%		117,717			—			117,717
El Paso		350		1.20	%		9/20/14		5.00	%		46,015			(27,125	)		73,140
France Government Bond		25,900		0.71	%		3/20/16		0.25	%		(549,886	)		(866,475	)		316,589
HSBC Bank:
Brazilian Government International Bond		18,100		0.34	%		3/20/12		1.00	%		128,829			40,787			88,042
China Government International Bond		6,200		0.60	%		9/20/15		1.00	%		112,669			57,090			55,579
JPMorgan Chase:
American Express		2,800		0.36	%		3/20/14		2.75	%		201,692			—			201,692
BP Capital Markets		600		0.71	%		6/20/15		5.00	%		106,830			6,025			100,805
China Government International Bond		22,000		0.54	%		3/20/15		1.00	%		412,202			254,939			157,263
France Government Bond		17,500		0.64	%		9/20/15		0.25	%		(287,991	)		(613,195	)		325,204
General Electric		2,500		0.25	%		6/20/11		1.00	%		5,629			6,012			(383	)
Petrobras International		37,000		0.46	%		9/20/11		1.00	%		123,298			(133,578	)		256,876
Merrill Lynch:
American International Group		4,000		0.53	%		12/20/12		0.90	%		28,740			—			28,740
JPMorgan Chase		3,000		0.21	%		9/20/12		0.39	%		9,113			—			9,113

118 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

														Upfront			Unrealized
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Appreciation
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Received			Value(5)			Paid (Received)			(Depreciation)
Morgan Stanley:
China Government International Bond	$	17,200		0.60	%		9/20/15		1.00	%	$	312,566		$	137,396		$	175,170
Dow Jones CDX HY-15 5-Year Index		45,800		3.87	%		12/20/15		5.00	%		2,354,359			1,545,750			808,609
Dow Jones MCDX 5-Year Index		25,000		1.21	%		12/20/15		1.00	%		(177,338	)		(1,275,728	)		1,098,390
Royal Bank of Scotland:
China Government International Bond		41,500		0.60	%		9/20/15		1.00	%		754,157			379,144			375,013
UBS:
SLM		5,000		0.92	%		12/20/12		5.00	%		365,518			135,674			229,844
											$	31,068,962		$	12,839,821		$	18,229,141

Fixed Income SHares: Series H:
														Upfront
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Unrealized
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Received			Value(5)			Received			Appreciation
Goldman Sachs:
California State Municipal Bond	$	100		1.40	%		3/20/16		1.83	%	$	2,163			—		$	2,163
Dow Jones MCDX 5-Year Index		200		1.21	%		12/20/15		1.00	%		(1,419	)	$	(4,529	)		3,110
Morgan Stanley:
Dow Jones MCDX 5-Year Index		200		1.21	%		12/20/15		1.00	%		(1,418	)		(4,601	)		3,183
											$	(674	)	$	(9,130	)	$	8,456

Fixed Income SHares: Series M:
														Upfront			Unrealized
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Appreciation
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Received			Value(5)			Paid (Received)			(Depreciation)
Bank of America:
Dow Jones CDX IG-16 5-Year Index	$	126,200		0.88	%		6/20/16		1.00	%	$	893,769		$	340,082		$	553,687
BNP Paribas:
General Electric		10,000		0.63	%		12/20/13		3.80	%		877,190			—			877,190
General Electric		75,000		0.63	%		12/20/13		4.50	%		8,019,935			—			8,019,935
Citigroup:
Dow Jones MCDX 5-Year Index		34,000		1.21	%		12/20/15		1.00	%		(241,180	)		(1,418,291	)		1,177,111
Credit Suisse First Boston:
BP Capital Markets		6,000		0.71	%		6/20/15		5.00	%		1,068,297			92,045			976,252
Deutsche Bank:
Dow Jones CDX IG-16 5-Year Index		189,100		0.88	%		6/20/16		1.00	%		1,339,238			393,560			945,678

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 119

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

														Upfront			Unrealized
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Appreciation
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Received			Value(5)			Paid (Received)			(Depreciation)
Goldman Sachs:
Berkshire Hathaway	$	2,200		0.53	%		9/20/13		0.97	%	$	25,746			—		$	25,746
Berkshire Hathaway		14,600		0.53	%		9/20/13		0.98	%		174,522			—			174,522
BP Capital Markets		1,100		0.71	%		6/20/15		5.00	%		195,855		$	17,777			178,078
California State Municipal Bond		25,000		1.72	%		12/20/18		1.60	%		(125,123	)		—			(125,123	)
California State Municipal Bond		11,000		1.72	%		12/20/18		1.75	%		39,388			—			39,388
Connecticut State Municipal Bond		9,000		1.18	%		3/20/21		1.60	%		297,815			—			297,815
Dow Jones CDX IG-16 5-Year Index		16,100		0.88	%		6/20/16		1.00	%		114,023			31,040			82,983
Dow Jones MCDX 5-Year Index		40,000		1.21	%		12/20/15		1.00	%		(283,741	)		(1,648,193	)		1,364,452
JPMorgan Chase:
BP Capital Markets		1,100		0.71	%		6/20/15		5.00	%		195,854			4,393			191,461
Morgan Stanley:
Dow Jones MCDX 5-Year Index		38,000		1.21	%		12/20/15		1.00	%		(269,554	)		(1,647,250	)		1,377,696
											$	12,322,034		$	(3,834,837	)	$	16,156,871

Fixed Income SHares: Series R:
														Upfront			Unrealized
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Appreciation
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Received			Value(5)			Paid (Received)			(Depreciation)
Bank of America:
France Government Bond	$	100		0.68	%		12/20/15		0.25	%	$	(1,886	)	$	(2,034	)	$	148
Japan Government Bond		4,000		0.72	%		12/20/15		1.00	%		54,370			90,934			(36,564	)
MetLife		300		0.64	%		9/20/13		1.00	%		2,958			(14,605	)		17,563
Barclays Bank:
Dow Jones CDX EM-15 Index		800		2.02	%		6/20/16		5.00	%		116,501			108,000			8,501
Citigroup:
Dow Jones CDX EM-14 Index		5,800		1.94	%		12/20/15		5.00	%		797,267			786,320			10,947
France Government Bond		7,000		0.60	%		6/20/15		0.25	%		(97,986	)		(147,851	)		49,865
United Kingdom Gilt		1,300		0.46	%		6/20/15		1.00	%		29,718			10,564			19,154
Credit Suisse First Boston:
United Kingdom Gilt		300		0.52	%		12/20/15		1.00	%		6,765			7,036			(271	)

120 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

														Upfront			Unrealized
Swap Counterparty/	Notional Amount		Credit			Termination		Payments			Market			Premiums			Appreciation
Referenced Debt Issuer	(000s)(4)		Spread(3)			Date		Received			Value(5)			Paid (Received)			(Depreciation)
Deutsche Bank:
American International Group	$	3,800		0.87	%		12/20/13		5.00	%	$	433,286		$	(389,500	)	$	822,786
Brazilian Government International Bond		2,100		1.44	%		6/20/20		1.00	%		(69,759	)		(69,609	)		(150	)
Dow Jones CDX EM-14 Index		1,100		1.94	%		12/20/15		5.00	%		151,206			162,900			(11,694	)
France Government Bond		1,900		0.60	%		6/20/15		0.25	%		(26,596	)		(62,247	)		35,651
Petrobras International		200		0.68	%		9/20/12		1.00	%		1,136			(2,481	)		3,617
United Kingdom Gilt		2,100		0.46	%		6/20/15		1.00	%		48,005			16,093			31,912
United Kingdom Gilt		800		0.52	%		12/20/15		1.00	%		18,041			18,567			(526	)
Goldman Sachs:
Dow Jones CDX IG-16 5-Year Index		24,000		0.88	%		6/20/16		1.00	%		169,972			46,316			123,656
HSBC Bank:
Brazilian Government International Bond		3,100		0.92	%		6/20/15		1.00	%		14,141			(31,107	)		45,248
Petrobras International		2,000		1.23	%		9/20/15		1.00	%		(17,248	)		(63,728	)		46,480
Royal Bank of Scotland:
Japan Government Bond		800		0.72	%		12/20/15		1.00	%		10,874			17,978			(7,104	)
UBS:
Dow Jones CDX EM-14 Index		1,400		1.94	%		12/20/15		5.00	%		192,444			197,400			(4,956	)
											$	1,833,209		$	678,946		$	1,154,263

(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 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.

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 121

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

(4)

This represents 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, 2011 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, 2011:

Fixed Income SHares: Series C:
	Notional				Rate Type					Upfront			Unrealized
	Amount		Termination		Payments	Payments	Market			Premiums			Appreciation
Swap Counterparty	(000s)		Date		Made	Received	Value			Paid(Received)			(Depreciation)
Bank of America		€27,000		3/16/21	6-Month EUR-LIBOR	3.00%		$(1,728,562	)		$891,810			$(2,620,372	)
Barclays Bank		BRL 472,500		1/2/12	BRL-CDI-Compounded	11.65%		8,167,493			(387,938	)		8,555,431
Barclays Bank		BRL 169,900		1/2/12	BRL-CDI-Compounded	11.67%		3,049,465			1,379,581			1,669,884
Barclays Bank		MXN 91,800		4/9/19	28-Day Mexico Interbank TIIE Banxico	7.78%		247,231			3,208			244,023
Citigroup		$234,000		6/15/21	3.50%	3-Month USD-LIBOR		(1,591,511	)		3,601,260			(5,192,771	)
Citigroup		78,100		6/15/31	4.00%	3-Month USD-LIBOR		643,793			2,874,080			(2,230,287	)
Deutsche Bank		98,500		12/16/11	3-Month USD-LIBOR	3.00%		2,661,819			2,128,585			533,234
Deutsche Bank		AUD 188,640		12/15/15	6-Month Australian Bank Bill	5.00%		(5,821,892	)		(2,459,890	)		(3,362,002	)
Deutsche Bank		€31,000		3/16/21	6-Month EUR-LIBOR	3.00%		(1,984,646	)		1,061,853			(3,046,499	)
Goldman Sachs		BRL 281,400		1/2/12	BRL-CDI-Compounded	10.73%		1,278,499			20,342			1,258,157
Goldman Sachs		BRL 53,500		1/2/12	BRL-CDI-Compounded	11.67%		960,250			264,164			696,086
HSBC Bank		BRL 100,000		1/2/12	BRL-CDI-Compounded	10.61%		272,119			(135,865	)		407,984
HSBC Bank		BRL 171,900		1/2/12	BRL-CDI-Compounded	11.67%		3,085,362			1,337,006			1,748,356
HSBC Bank		BRL 195,300		1/2/14	BRL-CDI-Compounded	12.12%		847,879			360,272			487,607
JPMorgan Chase		BRL 46,900		1/2/12	BRL-CDI-Compounded	11.65%		810,700			(31,399	)		842,099
JPMorgan Chase		€4,000		9/16/19	6-Month EUR-LIBOR	4.00%		353,770			74,053			279,717
Merrill Lynch		BRL 200,000		1/2/14	BRL-CDI-Compounded	12.31%		623,081			—			623,081
Royal Bank of Scotland		$110,900		6/15/31	4.00%	3-Month USD-LIBOR		914,170			4,103,300			(3,189,130	)
								$12,789,020			$15,084,422			$(2,295,402	)

Fixed Income SHares: Series M:
					Rate Type					Upfront			Unrealized
	Notional 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%		$2,592,854			$(124,590	)		$2,717,444
Barclays Bank		BRL 145,300		1/2/13	BRL-CDI-Compounded	12.28%		1,339,236			438,901			900,335
Barclays Bank		MXN 189,600		1/28/15	28-Day Mexico Interbank TIIE Banxico	7.34%		547,280			(35	)		547,315
Citigroup		$234,000		6/15/21	3.50%	3-Month USD-LIBOR		(1,591,511	)		3,601,260			(5,192,771	)
Credit Suisse First Boston		109,800		6/15/41	4.25%	3-Month USD-LIBOR		(1,258,279	)		6,939,360			(8,197,639	)
Goldman Sachs		220,000		6/15/31	4.00%	3-Month USD-LIBOR		1,813,502			8,558,000			(6,744,498	)
HSBC Bank		BRL 150,000		1/2/12	BRL-CDI-Compounded	11.65%		2,592,855			(140,499	)		2,733,354
HSBC Bank		MXN 99,400		1/28/15	28-Day Mexico Interbank TIIE Banxico	7.33%		283,966			(6,855	)		290,821
HSBC Bank		$177,500		6/15/31	4.00%	3-Month USD-LIBOR		1,463,166			6,840,850			(5,377,684	)
JPMorgan Chase		235,000		6/15/21	3.50%	3-Month USD-LIBOR		(1,598,313	)		3,830,500			(5,428,813	)

122 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

					Rate Type					Upfront		Unrealized
	Notional Amount		Termination		Payments	Payments	Market			Premiums		Appreciation
Swap Counterparty	(000s)		Date		Made	Received	Value			Paid(Received)		(Depreciation)
JPMorgan Chase		$118,000		6/15/41	4.25%	3-Month USD-LIBOR		$(1,352,249	)		$2,646,740		$(3,998,989	)
Merrill Lynch		MXN 40,400		2/7/19	28-Day Mexico Interbank TIIE Banxico	8.30%		225,439			—		225,439
Royal Bank of Scotland		$6,900		12/16/14	3-Month USD-LIBOR	4.00%		696,176			127,023		569,153
Royal Bank of Scotland		8,800		6/15/41	4.25%	3-Month USD-LIBOR		(100,846	)		327,800		(428,646	)
UBS		133,600		6/15/31	4.00%	3-Month USD-LIBOR		1,101,290			6,038,720		(4,937,430	)
								$6,754,566			$39,077,175		$(32,322,609	)

Fixed Income SHares: Series R:
					Rate Type					Upfront			Unrealized
	Notional Amount		Termination		Payments	Payments	Market			Premiums			Appreciation
Swap Counterparty	(000s)		Date		Made	Received	Value			Paid(Received)			(Depreciation)
Barclays Bank		BRL 6,100		1/2/13	BRL-CDI-Compounded	12.28%		$56,224			$23,354			$32,870
Barclays Bank		$4,100		6/15/41	4.25%	3-Month USD-LIBOR		(46,985	)		24,600			(71,585	)
BNP Paribas		BRL 3,200		1/2/13	BRL-CDI-Compounded	11.88%		9,425			(15,091	)		24,516
Goldman Sachs		BRL 12,900		1/2/13	BRL-CDI-Compounded	11.89%		44,415			6,711			37,704
Goldman Sachs		$9,800		6/15/41	4.25%	3-Month USD-LIBOR		(112,305	)		337,120			(449,425	)
HSBC Bank		BRL 3,600		1/2/12	BRL-CDI-Compounded	11.14%		37,587			13,811			23,776
HSBC Bank		BRL 27,700		1/2/12	BRL-CDI-Compounded	11.36%		250,567			19,350			231,217
HSBC Bank		BRL 5,400		1/2/12	BRL-CDI-Compounded	11.67%		96,923			43,235			53,688
HSBC Bank		BRL 2,600		1/2/13	BRL-CDI-Compounded	11.89%		8,952			3,941			5,011
JPMorgan Chase		BRL 3,000		1/2/12	BRL-CDI-Compounded	11.25%		(8,660	)		(77	)		(8,583	)
JPMorgan Chase		BRL 1,100		1/2/13	BRL-CDI-Compounded	12.17%		8,310			4,671			3,639
Morgan Stanley		BRL 7,700		1/2/12	BRL-CDI-Compounded	10.12%		(182,562	)		(137,054	)		(45,508	)
Morgan Stanley		BRL 11,000		1/2/12	BRL-CDI-Compounded	11.29%		(27,627	)		(8,056	)		(19,571	)
Morgan Stanley		BRL 6,900		1/2/12	BRL-CDI-Compounded	11.60%		116,838			39,777			77,061
Morgan Stanley		BRL 1,100		1/2/12	BRL-CDI-Compounded	12.54%		35,092			(3,176	)		38,268
Morgan Stanley		BRL 3,200		1/2/13	BRL-CDI-Compounded	11.98%		14,255			—			14,255
UBS		BRL 600		1/2/13	BRL-CDI-Compounded	12.07%		3,617			1,103			2,514
UBS		BRL 3,300		1/2/13	BRL-CDI-Compounded	12.07%		19,896			(11,616	)		31,512
								$323,962			$342,603			$(18,641	)

AUD – Australian Dollar

BRL – Brazilian Real

CDI – Inter-Bank Deposit Certificate

CDX – Credit Derivatives Index

EUR/€ – Euro

LIBOR – London Inter-Bank Offered Rate

MCDX – Municipal Bond Credit Derivative Index

MXN – Mexican Peso

TIIE – Inter-Bank Equilibrium Interest Rate

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 123

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

(e) Forward foreign currency contracts outstanding at April 30, 2011:

Equity Shares: Series I:
						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
Purchased:
633,682 Japanese Yen settling 5/9/11	State Street Bank & Trust		$7,785		$7,812		$27
Sold:
18,623 Swiss Franc settling 5/3/11	State Street Bank & Trust		21,284		21,530		(246	)
							$(219	)

Fixed Income SHares: Series C:
						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
Purchased:
33,481,000 Australian Dollar settling 5/31/11	ANZ Securities Ltd.		$36,082,474		$36,569,327		$486,853
252,222,138 Brazilian Real settling 5/3/11	Morgan Stanley		159,785,960		160,324,268		538,308
71,295,991 Brazilian Real settling 6/2/11	Royal Bank of Scotland		44,797,984		45,249,502		451,518
147,707,000 Canadian Dollar settling 6/20/11	BNP Paribas		151,131,179		155,936,626		4,805,447
511,455,000 Chilean Peso settling 6/3/11	JPMorgan Chase		1,039,648		1,106,734		67,086
365,537,400 Chinese Yuan Renminbi settling 9/14/11	Barclays Bank		55,600,000		56,913,200		1,313,200
97,545,000 Chinese Yuan Renminbi settling 11/15/11	Barclays Bank		15,143,317		15,246,979		103,662
434,965,070 Chinese Yuan Renminbi settling 11/15/11	Citigroup		67,191,468		67,988,141		796,673
405,073,050 Chinese Yuan Renminbi settling 2/13/12	Deutsche Bank		62,520,922		63,702,751		1,181,829
832,936,500 Chinese Yuan Renminbi settling 6/15/11	HSBC Bank		127,800,000		128,837,072		1,037,072
80,000,000 Chinese Yuan Renminbi settling 11/15/11	HSBC Bank		12,460,089		12,504,570		44,481
185,147,000 Chinese Yuan Renminbi settling 11/15/11	JPMorgan Chase		28,825,627		28,939,796		114,169
1,290,624,515 Chinese Yuan Renminbi settling 2/13/12	JPMorgan Chase		198,225,162		202,966,678		4,741,516
19,791,480 Chinese Yuan Renminbi settling 11/15/11	Royal Bank of Scotland		3,058,488		3,093,549		35,061
7,834,000 Euro settling 6/23/11	Barclays Bank		11,308,222		11,587,190		278,968
7,833,000 Euro settling 6/23/11	Royal Bank of Canada		11,305,016		11,585,711		280,695
133,400,000 Indian Rupee settling 8/12/11	Deutsche Bank		2,853,476		2,956,350		102,874

124 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
343,500,000 Indian Rupee settling 8/12/11	HSBC Bank		$7,371,035		$7,612,491		$241,456
114,976,132 Indian Rupee settling 8/12/11	JPMorgan Chase		2,467,829		2,548,049		80,220
526,137,326 Indian Rupee settling 8/12/11	Royal Bank of Scotland		11,324,327		11,660,016		335,689
55,100,000 Malaysian Ringgit settling 8/11/11	Barclays Bank		17,832,691		18,469,201		636,510
106,640,000 Malaysian Ringgit settling 8/11/11	Citigroup		34,565,231		35,745,110		1,179,879
30,858,000 Malaysian Ringgit settling 8/11/11	HSBC Bank		10,026,970		10,343,423		316,453
18,100,000 Malaysian Ringgit settling 8/11/11	JPMorgan Chase		5,873,763		6,067,015		193,252
2,936,844,978 Mexican Peso settling 7/7/11	Citigroup		239,218,993		253,606,155		14,387,162
466,177,559 Mexican Peso settling 7/7/11	Morgan Stanley		38,120,661		40,255,955		2,135,294
81,900,036 Mexican Peso settling 7/7/11	UBS		6,596,330		7,072,336		476,006
628,614,000 Norwegian Krone settling 5/5/11	Barclays Bank		109,127,744		119,799,893		10,672,149
1,442,448,000 Philippines Peso settling 6/15/11	Barclays Bank		32,400,000		33,617,130		1,217,130
1,649,149,500 Philippines Peso settling 11/15/11	Barclays Bank		37,165,308		38,133,308		968,000
526,700,000 Philippines Peso settling 11/15/11	Citigroup		11,881,345		12,178,892		297,547
44,260,000,000 South Korean Won settling 8/12/11	Citigroup		40,351,859		41,030,581		678,722
16,943,410,000 South Korean Won settling 11/14/11	Citigroup		15,484,747		15,627,271		142,524
15,000,000,000 South Korean Won settling 11/14/11	Goldman Sachs		13,731,234		13,834,822		103,588
137,203,410,000 South Korean Won settling 5/9/11	JPMorgan Chase		118,398,609		127,979,206		9,580,597
36,000,000,000 South Korean Won settling 8/12/11	JPMorgan Chase		33,112,583		33,373,270		260,687
25,000,000,000 South Korean Won settling 11/14/11	JPMorgan Chase		22,854,009		23,058,037		204,028
6,038,847 Taiwan Dollar settling 1/11/12	Citigroup		210,523		212,124		1,601

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 125

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
Sold:
252,222,138 Brazilian Real settling 5/3/11	HSBC Bank		$148,365,964		$160,324,268		$(11,958,304	)
71,295,991 Brazilian Real settling 6/2/11	HSBC Bank		42,107,247		45,249,502		(3,142,255	)
252,222,138 Brazilian Real settling 7/5/11	Morgan Stanley		157,747,288		159,437,491		(1,690,203	)
71,295,991 Brazilian Real settling 8/2/11	Royal Bank of Scotland		44,233,770		44,841,267		(607,497	)
10,788,000 British Pound settling 6/13/11	Citigroup		17,302,345		18,010,597		(708,252	)
10,788,000 British Pound settling 6/13/11	Credit Suisse First
	Boston		17,307,836		18,010,597		(702,761	)
480,000 Euro settling 5/26/11	Bank of America		681,811		710,503		(28,692	)
351,264,000 Euro settling 5/26/11	Royal Bank of Scotland		483,298,166		519,946,277		(36,648,111	)
2,079,201,000 Japanese Yen settling 7/14/11	JPMorgan Chase		24,821,687		25,641,511		(819,824	)
334,010 Singapore Dollar settling 9/9/11	Citigroup		262,955		272,905		(9,950	)
61,203,410,000 South Korean Won settling 5/9/11	Citigroup		56,228,579		57,088,696		(860,117	)
15,000,000,000 South Korean Won settling 5/9/11	Goldman Sachs		13,876,041		13,991,548		(115,507	)
61,000,000,000 South Korean Won settling 5/9/11	JPMorgan Chase		56,392,565		56,898,961		(506,396	)
							$2,690,037

Fixed Income SHares: Series M:
						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
Purchased:
53,500,000 Australian Dollar settling 5/31/11	ANZ Securities Ltd.		$57,656,950		$58,434,904		$777,954
134,500,000 Indian Rupee settling 8/12/11	Deutsche Bank		2,877,005		2,980,728		103,723
346,800,000 Indian Rupee settling 8/12/11	HSBC Bank		7,441,819		7,685,624		243,805
115,857,744 Indian Rupee settling 8/12/11	JPMorgan Chase		2,486,751		2,567,586		80,835
530,142,256 Indian Rupee settling 8/12/11	Royal Bank of Scotland		11,410,536		11,748,772		338,236
3,208,898 Mexican Peso settling 7/7/11	Citigroup		260,630		277,099		16,469

126 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
92,933,990 Mexican Peso settling 7/7/11	HSBC Bank		$7,466,256		$8,025,153		$558,897
13,960,500,000 South Korean Won settling 8/12/11	Citigroup		12,822,007		12,941,876		119,869
27,960,500,000 South Korean Won settling 5/9/11	JPMorgan Chase		24,128,298		26,080,712		1,952,414
14,000,000,000 South Korean Won settling 8/12/11	JPMorgan Chase		12,719,179		12,978,494		259,315
Sold:
5,968,000 British Pound settling 6/13/11	Bank of America		9,581,206		9,963,593		(382,387	)
182,983,000 Canadian Dollar settling 6/20/11	BNP Paribas		187,224,956		193,178,060		(5,953,104	)
50,251,000 Canadian Dollar settling 6/20/11	Citigroup		51,055,637		53,050,779		(1,995,142	)
19,047,000 Euro settling 7/18/11	Credit Suisse First Boston		27,470,536		28,151,897		(681,361	)
15,714,000 Euro settling 7/18/11	JPMorgan Chase		22,673,887		23,225,647		(551,760	)
12,855,000 Euro settling 7/18/11	Royal Bank of Scotland		18,520,456		18,999,981		(479,525	)
13,960,500,000 South Korean Won settling 5/9/11	Citigroup		12,894,247		13,021,933		(127,686	)
14,000,000,000 South Korean Won settling 5/9/11	JPMorgan Chase		12,788,892		13,058,778		(269,886	)
							$(5,989,334	)

Fixed Income SHares: Series R:
						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
Purchased:
7,791,071 Brazilian Real settling 6/2/11	Citigroup	$	4,599,216	$	4,944,768	$	345,552
7,791,071 Brazilian Real settling 8/2/11	UBS		4,819,418		4,900,156		80,738
1,555,000 Canadian Dollar settling 6/20/11	UBS		1,601,058		1,641,638		40,580
274,000 Chinese Yuan Renminbi settling 11/15/11	Barclays Bank		42,646		42,828		182
1,649,062 Chinese Yuan Renminbi settling 11/15/11	Citigroup		253,838		257,760		3,922
5,000,000 Chinese Yuan Renminbi settling 2/13/12	Deutsche Bank		771,724		786,312		14,588
1,025,572 Chinese Yuan Renminbi settling 11/15/11	JPMorgan Chase		159,578		160,304		726

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 127

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
13,350,060 Chinese Yuan Renminbi settling 2/13/12	JPMorgan Chase		$2,049,615		$2,099,462		$49,847
273,638,598 Indian Rupee settling 8/12/11	Citigroup		5,842,235		6,064,254		222,019
44,200,000 Indian Rupee settling 8/12/11	Deutsche Bank		945,454		979,540		34,086
39,781,600 Indian Rupee settling 8/12/11	HSBC Bank		855,795		881,622		25,827
12,902,672 Indian Rupee settling 8/12/11	Royal Bank of Scotland		277,701		285,943		8,242
9,187,200,000 Indonesian Rupiah settling 10/31/11	Citigroup		990,000		1,039,342		49,342
4,000,000 Philippines Peso settling 6/15/11	Bank of America		92,764		93,222		458
92,138,090 Philippines Peso settling 11/15/11	Barclays Bank		2,076,436		2,130,510		54,074
102,864,400 Philippines Peso settling 6/15/11	Citigroup		2,355,338		2,397,318		41,980
29,400,000 Philippines Peso settling 11/15/11	Citigroup		663,208		679,817		16,609
14,009,600 Philippines Peso settling 6/15/11	Deutsche Bank		318,541		326,502		7,961
6,542,000 Philippines Peso settling 6/15/11	HSBC Bank		149,463		152,465		3,002
8,945,000 Philippines Peso settling 6/15/11	JPMorgan Chase		203,991		208,469		4,478
3,003,379 Singapore Dollar settling 6/9/11	Bank of America		2,348,083		2,453,609		105,526
616,461 Singapore Dollar settling 9/9/11	HSBC Bank		500,000		503,682		3,682
272,200,000 South Korean Won settling 5/9/11	Barclays Bank		242,322		253,900		11,578
2,881,500,000 South Korean Won settling 5/9/11	Citigroup		2,560,366		2,687,776		127,410
6,031,765,500 South Korean Won settling 8/12/11	Citigroup		5,539,869		5,591,659		51,790
227,300,000 South Korean Won settling 5/9/11	Deutsche Bank		200,000		212,019		12,019
219,351,500 South Korean Won settling 5/9/11	Goldman Sachs		193,295		204,605		11,310
514,000,000 South Korean Won settling 5/9/11	HSBC Bank		457,866		479,444		21,578
6,774,594,000 South Korean Won settling 5/9/11	JPMorgan Chase		5,870,730		6,319,137		448,407
6,000,000,000 South Korean Won settling 8/12/11	JPMorgan Chase		5,451,076		5,562,212		111,136

128 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

5. Investments in Securities (continued)

						Unrealized
		U.S.$ Value on		U.S.$ Value		Appreciation
	Counterparty	Origination Date		April 30, 2011		(Depreciation)
1,029,000,000 South Korean Won settling 5/9/11	Royal Bank of Scotland		$909,533		$959,820		$50,287
113,820,000 South Korean Won settling 5/9/11	UBS		100,000		106,168		6,168
Sold:
9,459,000 Australian Dollar settling 5/31/11	Royal Bank of Scotland		10,193,416		10,331,510		(138,094	)
7,791,071 Brazilian Real settling 6/2/11	UBS		4,881,623		4,944,767		(63,144	)
1,556,000 British Pound settling 6/13/11	Bank of America		2,498,049		2,597,746		(99,697	)
2,327,000 British Pound settling 6/13/11	Citigroup		3,732,161		3,884,933		(152,772	)
2,326,000 British Pound settling 6/13/11	Credit Suisse First Boston		3,731,741		3,883,264		(151,523	)
1,442,000 Canadian Dollar settling 6/20/11	BNP Paribas		1,475,429		1,522,342		(46,913	)
20,787,000 Euro settling 6/23/11	Barclays Bank		30,005,619		30,745,842		(740,223	)
1,710,000 Euro settling 7/18/11	Citigroup		2,522,438		2,527,418		(4,980	)
20,787,000 Euro settling 6/23/11	Royal Bank of Canada		30,000,942		30,745,842		(744,900	)
6,031,765,500 South Korean Won settling 5/9/11	Citigroup		5,571,082		5,626,249		(55,167	)
6,000,000,000 South Korean Won settling 5/9/11	JPMorgan Chase		5,480,954		5,596,619		(115,665	)
						$	(347,974	)

At April 30, 2011, Fixed Income SHares: Series R held $520,000 in principal value of U.S. Treasury Bills; Fixed Income SHares: Series C, Series M and Series R held $90,150,000, $51,307,000 and $1,880,000, respectively, in cash as collateral for derivatives and delayed-delivery securities. Cash collateral held may be invested in accordance with the Portfolios’ investment strategies. Securities held as collateral will not be pledged and are not reflected in the Schedules of Investments.

6. Income Tax Information

At April 30, 2011, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

							Net Unrealized
	Cost of		Gross Unrealized		Gross Unrealized		Appreciation
	Investments		Appreciation		Depreciation		(Depreciation)
Equity Shares: Series I		$2,023,941		$702,160		$48,536		$653,624
Fixed Income SHares: Series C		3,830,842,717		348,208,540		28,859,288		319,349,252
Fixed Income SHares: Series H		8,220,201		46,830		619,215		(572,385	)
Fixed Income SHares: Series M		4,797,917,078		220,295,360		125,568,228		94,727,132
Fixed Income SHares: Series R		687,517,502		17,905,183		1,004,006		16,901,177

Primary differences, if any, between book and tax cost basis are attributable to wash sales.

4.30.11 ï Allianz Global Investors Managed Accounts Trust Semi-Annual Report 129

Allianz Global Investors Managed Accounts Trust Notes to Financial Statements
April 30, 2011 (unaudited)

7. Legal Proceedings

In June and September 2004, the Investment Manager and certain of its affiliates (including PEA Capital LLC (“PEA”), Allianz global Investors Distributors LLC (the “Distributor”) and Allianz Global Investors of America L.P. (“AGI”)), 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 settled a regulatory action with the SEC that alleged violations of various antifraud provisions of the federal securities laws in connection with an alleged market timing arrangement involving trading of shares of certain open-end funds formerly sub-advised by PEA. The Investment Manager, PEA, the Distributor and AGI reached a settlement relating to the same subject matter with the Attorney General of the State of New Jersey in June 2004. AGI, the Investment Manager, PEA and the Distributor paid and its affiliates agreed to pay a total of $68 million to the SEC and New Jersey to settle the claims related to market timing. 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 eleven lawsuits filed in various jurisdictions, which have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland (the “MDL Court”). The lawsuits generally relate to the same allegations that are the subject of the regulatory proceedings discussed above. The lawsuits seek, on behalf of fund shareholders or the funds themselves, among other things, unspecified compensatory damages plus interest and, in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts, restitution and waiver of or return of certain sales charges paid by fund shareholders. 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 April 2011, the MDL Court granted final approval of the settlement.

In addition, in a lawsuit filed in the Northern District of Illinois Eastern Division, plaintiffs challenged certain trades by PIMCO in the June 2005 10 year futures contract. PIMCO’s position is that all such trades were properly designed to secure best execution for its clients. The parties resolved this matter through settlement, which resolves all of the claims against PIMCO. In settling this matter, PIMCO denies any liability. This settlement is purely private in nature and not a regulatory matter.

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.

The foregoing speaks only as of the date of this Semi-annual Report. While there may be additional litigation or regulatory developments in connection with the matters discussed above, the foregoing disclosure will be updated if those developments are likely to have a material adverse effect on the Portfolio or on the ability of the Investment Manager or PIMCO to perform their respective contracts with respect to the Portfolio.

8. Subsequent Events

On May 31, 2011, Allianz Global Investors Advisory GmbH (“AGIA”) merged into its affiliate Allianz Global Investors Europe GmbH (“AGI Europe”) pursuant to the laws of the Federal Republic of Germany. As a result, AGI Europe has succeeded to AGIA’s role as Sub-Adviser to Equity Shares: Series I by operation of law. This transaction did not result in any change in the personnel primarily responsible for the day-to-day management of Equity Shares: Series I, nor has it altered Equity Shares: Series I’s investment strategies, policies or operations.

At the June 14-15, 2011 meeting of the Board of Trustees, the Board approved the liquidation of Fixed Income SHares: Series H. Series H will be terminated no later than October 28, 2011.

Changes to Board of Trustees:

Effective March 7, 2011, the Board of Trustees of the Trust appointed Deborah A. Zoullas as a Trustee.

130 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

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132 Allianz Global Investors Managed Accounts Trust Semi-Annual Report ï 4.30.11

Trustees	Fund Officers
Hans W. Kertess   Chairman of the Board of Trustees Paul Belica Bradford K. Gallagher James A. Jacobson John C. Maney William B. Ogden, IV Alan Rappaport Deborah A. Zoullas	Brian S. Shlissel   President & Chief Executive Officer Lawrence G. Altadonna   Treasurer, Principal Financial & Accounting Officer Thomas J. Fuccillo   Vice President, Secretary & Chief Legal Officer Scott Whisten   Assistant Treasurer Richard J. Cochran   Assistant Treasurer Orhan Dzemaili   Assistant Treasurer Youse E. Guia   Chief Compliance Officer 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 Europe 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 9^th 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

Prudential Tower

800 Boylston Street

Boston, MA 02199

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_043011

AGI-2011-05-03-0976

ITEM 2. CODE OF ETHICS

     Not required for this filing.

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. INVESTMENTS

     (a) The registrant’s Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

     (b) Not applicable.

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-3(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 in internal control 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 registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a) (1) Not required in this filing.

(a) (2) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(a) (3) Not Applicable

(b) Exhibit 99.906 Cert. — Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signature

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.

Allianz Global Investors Managed Accounts Trust

By:	/s/ Brian S. Shlissel
Brian S. Shlissel, President & Chief Executive
Date: June 29, 2011
By:	/s/ Lawrence G. Altadonna
Lawrence G. Altadonna, Treasurer, Principal Financial & Accounting Officer
Date: June 29, 2011

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
Brian S. Shlissel, President & Chief Executive
Date: June 29, 2011
By:	/s/ Lawrence G. Altadonna
Lawrence G. Altadonna, Treasurer, Principal Financial & Accounting Officer
Date: June 29, 2011