AllianzGI Managed Accounts Trust NCSR Certified annual shareholder report (management investment company)

AllianzGI Managed Accounts Trust N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-09721

PIMCO Managed Accounts Trust

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

William G. Galipeau

Treasurer, Principal Financial & Accounting Officer

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

David C. Sullivan

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Registrant’s telephone number, including area code: (844) 337-4626

Date of fiscal year end: October 31, 2014

Date of reporting period: October 31, 2014

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

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

Item 1.

Reports to Shareholders.

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

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Your Global Investment Authority

PIMCO Managed Accounts Trust

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Annual Report

October 31, 2014

Fixed Income SHares: Series C (“FISH: Series C”)

Fixed Income SHares: Series LD (“FISH: Series LD”)

Fixed Income SHares: Series M (“FISH: Series M”)

Fixed Income SHares: Series R (“FISH: Series R”)

Fixed Income SHares: Series TE (“FISH: Series TE”)

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Table of Contents



			Page

Letter from the Chairman of the Board & President				2
Important Information About the Portfolios				5
Benchmark Descriptions				21
Financial Highlights				22
Statements of Assets and Liabilities				24
Statements of Operations				26
Statements of Changes in Net Assets				28
Statement of Cash Flows				30
Schedule of Investments				31
Notes to Financial Statements				102
Report of Independent Registered Public Accounting Firm				127
Glossary				128
Management of the Portfolios				129
Shareholder Meeting Results				132
Changes to Boards of Trustees				133
Matters Relating to the Trustees’ Consideration of the Investment Advisory and Portfolio Management Agreements				134
Privacy Policy				137

Fund	Fund Summary		Schedule of Investments

PIMCO Fixed Income SHares: Series C		10		31
PIMCO Fixed Income SHares: Series LD		12		48
PIMCO Fixed Income SHares: Series M		14		58
PIMCO Fixed Income SHares: Series R		16		81
PIMCO Fixed Income SHares: Series TE		18		95

Letter from the Chairman of the Board & President

Dear Shareholder:

As previously announced, on September 26, 2014, prior to the close of the reporting period, William “Bill” Gross, PIMCO’s former chief investment officer (“CIO”) and co-founder, resigned from the firm. PIMCO’s managing directors elected Daniel Ivascyn to serve as group chief investment officer (“Group CIO”). In addition, PIMCO appointed Andrew Balls, CIO Global; Mark Kiesel, CIO Global Credit; Virginie Maisonneuve, CIO Global Equities; Scott Mather, CIO U.S. Core Strategies; and Mihir Worah, CIO Real Return and Asset Allocation. As announced by PIMCO on November 3, 2014, Marc Seidner returned to the firm effective November 12, 2014, in a new role as CIO Non-Traditional Strategies and head of portfolio management in PIMCO’s New York office. Under this leadership structure, Andrew and Mihir have additional managerial responsibility for PIMCO’s Portfolio Management group and trade floor activities globally. Andrew oversees portfolio management and trade floor activities in Europe and Asia-Pacific, and Mihir oversees portfolio management and trade floor activities in the U.S. There have not been any changes to the portfolio management of the series of PIMCO Managed Accounts Trust (formerly, AllianzGI Managed Accounts Trust).

Douglas Hodge, PIMCO’s chief executive officer, and Jay Jacobs, PIMCO’s president, continue to serve as the firm’s senior executive leadership team, spearheading PIMCO’s business strategy, client service and the firm’s operations.

These appointments are a further evolution of the structure that PIMCO established earlier in 2014, reflecting our belief that the best approach for PIMCO’s clients and our firm is an investment leadership team of seasoned, highly skilled investors overseeing all areas of PIMCO’s investment activities.

During his 43 years at PIMCO, Mr. Gross made great contributions to building the firm and delivering value to PIMCO’s clients. Over this period, PIMCO developed into a global asset manager, expanding beyond core fixed income, now encompassing over 2,400 employees across 13 offices, including more than 250 portfolio managers. Mr. Gross was also responsible for starting PIMCO’s robust investment process, with a focus on long-term macroeconomic views and bottom-up security selection—a process that is well institutionalized and will continue into PIMCO’s future.

For the 12-month reporting period ended October 31, 2014:

After several years of positive growth, severe winter weather in parts of the country appeared to be a headwind for the U.S. economy in early 2014. Looking back, gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, expanded at a 3.5% annual pace during the fourth quarter of 2013. According to the U.S. Commerce Department, GDP then contracted at an annual pace


2		PIMCO MANAGED ACCOUNTS TRUST

of 2.1% during the first quarter of 2014. However, this was a temporary setback, as GDP expanded at a 4.6% annual pace during the second quarter of 2014. This represented the strongest growth rate since the fourth quarter of 2011. According to the Commerce Department’s estimate released on November 25, 2014, GDP expanded at an annual pace of 3.9% during the third quarter of 2014.

The Federal Reserve (the “Fed”) began tapering its monthly asset purchase program in January 2014. At each of its next seven meetings, the Fed announced that it would further taper its asset purchases. Following its meeting in October 2014, the Fed announced that it had concluded its asset purchases. However, the Fed again indicated that it would not raise interest rates in the near future, saying in October that “… it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program this month, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.”

Outlook

PIMCO’s 2015 forecast in the U.S. is for a continuation of the economic recovery. With the ongoing assistance of easy monetary policy, combined with healthy private financial sector balance sheets, we believe the U.S. economy is poised to grow between 2.5% and 3.0% in the coming calendar year. We expect to see corporate capital expenditures accelerate on the back of rising pricing power and expected returns on newly invested capital. We expect very gradually rising wages and product prices, which will allow the Fed to maintain its accommodative monetary policy for 2015. Potential wildcards for the economy in both the U.S. and abroad are geopolitical issues in Ukraine, the Middle East and elsewhere.

On the following pages of this PIMCO Managed Accounts Trust Annual Report, please find specific details regarding investment performance and a discussion of factors that most affected performance of the series of PIMCO Managed Accounts Trust over the 12-month reporting period ended October 31, 2014.

Thank you for investing with us. We value your trust and will continue to work diligently to meet your investment needs. We also invite you to visit our website at pimco.com/FISH to learn more about our views and global thought leadership.


		ANNUAL REPORT		OCTOBER 31, 2014		3

Letter from the Chairman of the Board & President (Cont.)

We remain dedicated to serving your investment needs.

Sincerely,





Hans W. Kertess		Peter G. Strelow
Chairman of the Board of Trustees		President; Principal Executive Officer


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Important Information About the Portfolios

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Portfolio are likely to decrease in value. A number of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Accordingly, changes in interest rates can be sudden, and there is no guarantee that Portfolio Management will anticipate such movement.

As of the date of this report, interest rates in the U.S. are at or near historically low levels. As such, bond funds may currently face an increased exposure to the risks associated with rising interest rates. This is especially true since the Federal Reserve Board has concluded its quantitative easing program. Further, while the U.S. bond market has steadily grown over the past three decades, dealer inventories of corporate bonds have remained relatively stagnant. As a result, there has been a significant reduction in the ability of dealers to “make markets” in corporate bonds. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, which could result in increased losses to a Portfolio. Bond funds and individual bonds with a longer duration (a measure of the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations.

The use of derivatives may subject the Portfolios to greater volatility than investments in traditional securities. 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, call 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. Certain derivative transactions may have a leveraging effect on a Portfolio. For example, a small investment in a derivative instrument may have a significant impact on a Portfolio’s exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in a derivative instrument may cause an immediate and substantial loss or gain, which translates into heightened volatility in a Portfolio’s net asset value. A Portfolio may engage in such transactions regardless of whether the Portfolio owns the asset, instrument or components of the index underlying a derivative instrument. A Portfolio may invest a significant portion of its assets in these types of instruments. If it does, a Portfolio’s investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not directly own.

A Portfolio’s investments in and exposure to foreign securities involve special risks. For example, the value of these investments may decline in response to unfavorable political and legal developments, unreliable or untimely information or economic and financial instability. Foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. issuers. The securities markets of certain foreign countries are relatively small, with a limited number of companies representing a small number of industries. Issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. Reporting, accounting, auditing and custody standards of foreign countries differ, in some cases significantly, from U.S. standards. Also, nationalization, expropriation or other confiscation, currency blockage, political changes or diplomatic developments could adversely affect a Portfolio’s investments in foreign securities. In the event of nationalization, expropriation or other confiscation, a Portfolio could lose its entire investment in foreign securities. Risks associated with investing in foreign securities may be increased


		ANNUAL REPORT		OCTOBER 31, 2014		5

Important Information About the Portfolios (Cont.)

when invests in emerging markets. For example, if a Portfolio invests in emerging market debt, it may face increased exposure to interest rate, liquidity, volatility, and redemption risk due to the specific economic, political, geographical, or legal background of the emerging market issuer.

Investments in loans are generally subject to risks similar to those of investments in other types of debt obligations, including, among others, credit risk, interest rate risk, variable and floating rate securities risk, and, as applicable, risks associated with mortgage-related securities. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. In the case of a loan participation or assignment, a Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. In the event of the insolvency of the lender selling a loan participation, a Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. The Portfolios may be subject to heightened or additional risks and potential liabilities and costs by investing in mezzanine and other subordinated loans or acting as an originator of loans, including those arising under bankruptcy, fraudulent conveyance, equitable subordination, lender liability, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.

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 a Portfolio holds mortgage-related securities, it may experience additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause an investing Portfolio to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit 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. A Portfolio’s 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. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

High-yield bonds (commonly referred to as “junk bonds”) typically have a lower credit rating than other bonds. Lower-rated bonds generally involve a greater risk to principal than higher-rated bonds. Further, markets for lower-rated bonds are typically less liquid than for higher-rated bonds, and public information is usually less abundant in such markets. Thus, high yield investments increase the chance that a Portfolio will lose money. The Portfolios may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Portfolio’s ability to trade, and the availability of prices from independent pricing services or dealer


6		PIMCO MANAGED ACCOUNTS TRUST

quotations. Defaulted securities are often illiquid and may not be actively traded. Sale of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Portfolios could be material.

Certain Portfolios may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market and currency risks, as well as the risk that economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Portfolio’s performance and/or ability to achieve its investment objective. For example, certain transactions may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited).

The Portfolios may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: California state-specific risk, credit risk, currency risk, focused-investment risk, foreign (non-U.S.) investment risk, interest rate risk, issuer-non-diversification risk, issuer risk, leveraging risk, liquidity risk, management risk, market risk, municipal project-specific risk, municipal securities risk, New York state-specific risk, and turnover risk. A description of certain of these risks is available in the Notes to Financial Statements of this Report.

Foreign securities in this report are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

On each individual Portfolio Summary page in this Shareholder Report the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that all dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Portfolio distributions or (ii) the redemption of Portfolio shares. Total return for a period of more than one year represents the average annual total return. Performance shown is net of fees and expenses. A Portfolio’s total annual operating expense ratios on each individual Portfolio Summary page are as of the currently effective prospectus, as supplemented to date. The figures in the line graph are calculated at NAV and assume the investment of $1,000,000 at the end of the month that a Portfolio commenced operations. Each Portfolio measures its performance against a broad-based securities market index (“benchmark index”). Each benchmark index does not take into account fees, expenses or taxes.

The following table discloses the commencement of operations of each Portfolio:


Portfolio Name	Commencement of Operations
Fixed Income SHares: Series C		03/17/00
Fixed Income SHares: Series M		03/17/00
Fixed Income SHares: Series R		04/15/04
Fixed Income SHares: Series TE		06/26/12
Fixed Income SHares: Series LD		12/23/13

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


		ANNUAL REPORT		OCTOBER 31, 2014		7

Important Information About the Portfolios (Cont.)

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Portfolios as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Portfolios at (844) 33-PIMCO (844-337-4626), and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Each Portfolio files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form N-Q. A copy of each Portfolio’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and is available without charge, upon request by calling the Portfolios at (844) 33-PIMCO (844-337-4626). Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.


8		PIMCO MANAGED ACCOUNTS TRUST

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		ANNUAL REPORT		OCTOBER 31, 2014		9


Fixed Income SHares - Series C		FXICX

Cumulative Returns Through October 31, 2014

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Allocation Breakdown^†

Corporate Bonds & Notes			63.0%
Sovereign Issues			22.9%
Short-Term Instruments			10.4%
Mortgage-Backed Securities			1.4%
Municipal Bonds & Notes			1.2%
Other			1.1%

^†

% of Investments, at value as of 10/31/14


Average Annual Total Return for the period ended October 31, 2014
		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares - Series C		4.72%		8.95%		10.94%		11.26%
	Barclays U.S. Credit Intermediate Index		3.69%		5.14%		4.87%		6.01%

All Portfolio returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns presented do not reflect the deduction of taxes that a shareholder would pay on fund distribution or the redemption of fund shares or the deduction of any fees charged to investors at the “wrap account” level. The Portfolio’s total annual operating expense ratio as stated in the Portfolio’s current prospectus, as supplemented to date, is 0.053%.


10		PIMCO MANAGED ACCOUNTS TRUST

Portfolio Insights

An underweight to U.S. duration was negative for performance as the 10-year Treasury yield declined 22 basis points during the reporting period.

U.S. yield curve positioning was also a negative for returns. Specifically, a focus on the one- to-seven-year portion of the yield curve detracted from results as their rates rose. In addition, a short position in the long end of the curve was not rewarded as 30-year Treasury rates moved 57 basis points lower during the reporting period.

An overall underweight to investment grade corporate bonds detracted from performance as the sector outperformed like-duration Treasuries during the reporting period, as measured by the Barclays Capital U.S. Corporate Investment Grade Index.

An allocation to Brazilian local debt was negative for performance.

An exposure to high yield corporate bonds contributed to performance as the sector outperformed like-duration Treasuries, as measured by the Barclays U.S. Corporate High Yield Index.

Within taxable municipals, an overweight to Build America Bonds (BABs) contributed to returns. BABs, as measured by the Barclays Taxable Municipal-Build America Bonds Index, returned 13.86% over the reporting period and outperformed both like-duration Treasuries and the general taxable municipal market.

In addition, currency positioning was positive for performance. In particular, short exposures to the euro and yen were beneficial as those currencies weakened against the U.S. dollar.


		ANNUAL REPORT		OCTOBER 31, 2014		11


Fixed Income SHares - Series LD		FXIDX

Cumulative Returns Through October 31, 2014

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Allocation Breakdown^†

Corporate Bonds & Notes			68.1%
Mortgage-Backed Securities			14.6%
Asset-Backed Securities			7.8%
Short-Term Instruments			4.9%
Sovereign Issues			2.4%
Other			2.2%

^†

% of Investments, at value as of 10/31/14

All Portfolio returns are net of fees and expenses.


12		PIMCO MANAGED ACCOUNTS TRUST

Portfolio Insights

An overweight to U.S. duration contributed to performance as yields fell over much of the yield curve during the period since the Portfolio’s inception.

An allocation to non-agency mortgage-backed securities was positive for performance. These securities continued to rise in price given strong investor demand amid the improving housing market.

Currency positioning benefited performance, specifically shorts to the euro and yen, as both currencies depreciated against the U.S. dollar.

In addition, an allocation to U.S. corporate bonds was rewarded given their solid performance during the reporting period.

There were no notable detractors from relative performance during the reporting period.


		ANNUAL REPORT		OCTOBER 31, 2014		13


Fixed Income SHares - Series M		FXIMX

Cumulative Returns Through October 31, 2014

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Allocation Breakdown^†

Corporate Bonds & Notes			36.2%
U.S. Government Agencies			20.9%
Mortgage-Backed Securities			12.5%
Municipal Bonds & Notes			12.5%
Short-Term Instruments			9.3%
Asset-Backed Securities			6.5%
Other			2.1%

^†

% of Investments, at value as of 10/31/14


Average Annual Total Return for the period ended October 31, 2014
		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares - Series M		4.78%		7.42%		6.50%		8.18%
	Barclays U.S. MBS Fixed-Rate Index		4.11%		3.58%		4.75%		5.57%

All Portfolio returns are net of fees and expenses.


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Portfolio Insights

An overweight to U.S. duration was positive for performance as the 10-year Treasury yield declined 22 basis points during the reporting period.

Non-U.S. interest rate exposure, overall, was positive for performance. In particular, the Portfolio’s Canadian exposure contributed to returns as Canadian rates declined during the reporting period.

Exposures to both high yield and investment grade corporate bonds were beneficial for results as the U.S. corporate sector posted strong returns.

An allocation to non-agency mortgage-backed securities was positive for performance. These securities continued to rise in price given strong investor demand amid the improving housing market.

A focus on the three- to five-year portion of the yield curve detracted from performance. Rates for that portion of the yield curve rose modestly during the reporting period and underperformed the long end of the yield curve as 30-year Treasury rates moved 57 basis points lower during the reporting period.

A small short to Japanese interest rates modestly detracted from performance as Japanese rates fell.

Currency positioning was negative for performance, driven by a long position in the euro, as it weakened against the U.S. dollar.


		ANNUAL REPORT		OCTOBER 31, 2014		15


Fixed Income SHares - Series R		FXIRX

Cumulative Returns Through October 31, 2014

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Allocation Breakdown^†

U.S. Treasury Obligations			64.2%
Sovereign Issues			15.7%
Short-Term Instruments			7.0%
Corporate Bonds & Notes			5.3%
U.S. Government Agencies			3.0%
Other			4.8%

^†

% of Investments, at value as of 10/31/14


Average Annual Total Return for the period ended October 31, 2014
		1 Year		5 Year		10 Year		Commencement of Operations (04/15/04)
	Fixed Income SHares - Series R		3.82%		8.17%		7.41%		7.65%
	Barclays U.S. TIPS Index		1.90%		4.40%		4.62%		4.87%

All Portfolio returns are net of fees and expenses.


16		PIMCO MANAGED ACCOUNTS TRUST

Portfolio Insights

An average overweight to the 12- to 15-year portion of the real yield curve was positive for performance. Yields in that portion of the curve fell, and it outperformed shorter-term maturities during the reporting period.

Exposure to nominal and real duration in Australia was positive for performance as Australian rates declined.

An allocation to U.S. corporate bonds contributed to results as they performed well during the reporting period.

Exposures to commercial mortgage-backed securities and non-agency mortgage-backed securities were beneficial given their solid returns.

In addition, currency positioning was positive for performance. In particular, short exposures to the euro and yen were beneficial as those currencies weakened against the U.S. dollar.

An allocation to U.S. nominal rates was negative for performance. In particular, the Portfolio’s exposure to the short-to-intermediate portion of the curve detracted from results as rates in that portion of the curve rose. In contrast, 30-year Treasury rates moved 57 basis points lower during the reporting period.

An allocation to nominal rates in Brazil was negative for performance as rates rose in the short-to-intermediate portion of Brazil’s yield curve.


		ANNUAL REPORT		OCTOBER 31, 2014		17


Fixed Income SHares - Series TE		FXIEX

Cumulative Returns Through October 31, 2014

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Allocation Breakdown^†

Municipal Bonds & Notes			92.3%
Short-Term Instruments			7.7%

^†

% of Investments, at value as of 10/31/14


Average Annual Total Return for the period ended October 31, 2014
		1 Year		Commencement of Operations (06/26/12)
	Fixed Income SHares - Series TE		5.27%		1.78%
	Barclays 1-Year Municipal Bond Index		0.72%		0.72%

All Portfolio returns are net of fees and expenses.


18		PIMCO MANAGED ACCOUNTS TRUST

Portfolio Insights

An overweight to duration contributed to performance as municipal yields moved lower across the curve during the reporting period.

An overweight to revenue-backed bonds contributed to results as they outperformed the broader municipal market.

An overweight to the industrial revenue sector was beneficial for returns as that sector outperformed the general municipal market and credit spreads compressed during the reporting period.

Elsewhere, an overweight to the hospital sector contributed to performance as the sector, as measured by the Barclays Municipal Bond: Hospital Index, gained 11% over the 12 months ended October 31, 2014.

A short exposure to 30-year nominal Treasuries was negative for performance, as 30-year Treasury rates moved 57 basis points lower during the reporting period.

An underweight to the housing revenue sector detracted from performance as that sector outperformed the general municipal market.


		ANNUAL REPORT		OCTOBER 31, 2014		19

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Portfolios is from April 1, 2014 to September 30, 2014 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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


	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (05/01/14)		Ending Account Value (10/31/14)		Expenses Paid During Period *		Beginning Account Value (05/01/14)		Ending Account Value (10/31/14)		Expenses Paid During Period *		Net Annualized Expense Ratio
Series C	$	1,000.00	$	1,026.00	$	0.03	$	1,000.00	$	1,025.45	$	0.03		0.006	%
Series LD		1,000.00		1,020.10		0.72		1,000.00		1,024.77		0.72		0.140
Series M		1,000.00		1,026.80		0.32		1,000.00		1,025.16		0.32		0.062
Series R		1,000.00		1,020.70		0.36		1,000.00		1,025.12		0.36		0.070
Series TE		1,000.00		1,019.60		0.00		1,000.00		1,025.48		0.00		0.000

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


20		PIMCO MANAGED ACCOUNTS TRUST

Benchmark Descriptions


Index		Description

Barclays U.S. Credit Intermediate Index		The Barclays U.S. Credit Intermediate Index is an unmanaged index of publicly issued U.S. corporate and specified non-U.S. debentures and secured notes with intermediate maturities ranging from 1 to 10 years. Securities must also meet specific liquidity and quality requirements. To qualify, bonds must be SEC-registered. It is not possible to invest directly in an unmanaged index.

Barclays U.S. MBS Fixed-Rate Index		Barclays U.S. MBS Fixed-Rate Index is an unmanaged index of mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of over 600,000 individual fixed rate MBS pools into approximately 3,500 generic aggregates. It is not possible to invest directly in an unmanaged index.

BofA Merrill Lynch 1-3 Year U.S. Treasury Index		The BofA Merrill Lynch 1-3 Year U.S. Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. It is not possible to invest directly in an unmanaged index.

Barclays U.S. TIPS Index		Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation-Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding. It is not possible to invest directly in an unmanaged index.

Barclays 1 Year Municipal Bond Index		Barclays 1-Year Municipal Bond Index is the 1 Year (1-2) component of the Municipal Bond Index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark. It is not possible to invest directly in an index.


		ANNUAL REPORT		OCTOBER 31, 2014		21

Financial Highlights PIMCO Fixed Income SHares


Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income ^(a)		Net Realized/ Unrealized Gain (Loss)			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
Series C
10/31/2014	$	13.11	$	0.51	$	0.05		$	0.56		$	(0.55	)	$	(0.83	)
10/31/2013		13.75		0.60		(0.24	)		0.36			(0.90	)		(0.10	)
10/31/2012		12.71		0.65		1.06			1.71			(0.67	)		0.00
10/31/2011		14.05		0.78		(0.46	)		0.32			(1.25	)		(0.41	)
10/31/2010		13.83		0.75		1.93			2.68			(1.67	)		(0.79	)

Series LD
12/23/2013 - 10/31/2014	$	10.00	$	0.19	$	0.22		$	0.41		$	(0.21	)	$	0.00

Series M
10/31/2014	$	10.86	$	0.43	$	0.07		$	0.50		$	(0.40	)	$	(0.18	)
10/31/2013		11.22		0.34		(0.23	)		0.11			(0.47	)		0.00
10/31/2012		10.51		0.41		0.84			1.25			(0.54	)		0.00
10/31/2011		10.94		0.48		(0.29	)		0.19			(0.49	)		(0.13	)
10/31/2010		9.90		0.47		1.25			1.72			(0.68	)		0.00

Series R
10/31/2014	$	10.52	$	0.37	$	0.01		$	0.38		$	(0.18	)	$	(0.25	)
10/31/2013		11.93		0.19		(0.69	)		(0.50	)		(0.23	)		(0.68	)
10/31/2012		11.97		0.31		1.10			1.41			(0.40	)		(1.05	)
10/31/2011		12.13		0.40		0.85			1.25			(0.43	)		(0.98	)
10/31/2010		10.83		0.33		1.54			1.87			(0.52	)		(0.05	)

Series TE
10/31/2014	$	9.64	$	0.26	$	0.24		$	0.50		$	(0.24	)	$	0.00
10/31/2013		9.99		0.22		(0.35	)		(0.13	)		(0.22	)		0.00
06/26/2012 - 10/31/2012		10.00		0.05		(0.01	)		0.04			(0.05	)		0.00

*	Annualized

^†	Less than 0.005%.

^(a)	Per share amounts based on average number of shares outstanding during the year or period.

^(b)	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.

^(c)

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 the Series and the Investment Manager. Participants in these programs pay a “wrap” fee to the sponsor of the program.


22		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes


Total Distributions			Net Asset Value End of Year or Period		Total Return ^(b)			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets ^(c)			Ratio of Expenses to Average Net Assets Excluding Interest Expense ^(c)			Ratio of Expenses Net Investment Income to Average Net Assets ^(c)			Portfolio Turnover Rate

$	(1.38	)	$	12.29		4.72	%	$	2,353,773		0.01	%		0.00	%		4.11	%		82	%
	(1.00	)		13.11		2.72			3,261,050		0.00	^†		0.00	^†		4.65			149
	(0.67	)		13.75		13.79			4,018,843		0.00	^†		0.00			4.87			83
	(1.66	)		12.71		2.75			3,680,966		0.00	^†		0.00			5.72			178
	(2.46	)		14.05		22.40			3,345,203		0.00	^†		0.00			5.70			164

$	(0.21	)	$	10.20		4.08	%	$	9,070		0.10	%*		0.00	%		2.15	%*		8,278	%

$	(0.58	)	$	10.78		4.78	%	$	2,332,201		0.04	%		0.00	%		4.01	%		587	%
	(0.47	)		10.86		0.97			2,996,930		0.00	^†		0.00	^†		3.25			448
	(0.54	)		11.22		12.23			3,988,009		0.00	^†		0.00			3.78			516
	(0.62	)		10.51		1.95			3,643,832		0.00	^†		0.00			4.57			514
	(0.68	)		10.94		18.22			3,351,404		0.01			0.00			4.67			482

$	(0.43	)	$	10.47		3.82	%	$	215,671		0.07	%		0.00	%		3.55	%		88	%
	(0.91	)		10.52		(4.78	)		350,159		0.04			0.00	^†		2.06			69
	(1.45	)		11.93		13.26			602,719		0.02			0.00			2.67			264
	(1.41	)		11.97		12.23			492,949		0.00	^†		0.00			3.62			805
	(0.57	)		12.13		17.94			403,376		0.00	^†		0.00			2.90			495

$	(0.24	)	$	9.90		5.27	%	$	95,841		0.00	%		0.00	%		2.67	%		8	%
	(0.22	)		9.64		(1.40	)		65,594		0.00	^†		0.00			2.19			18
	(0.05	)		9.99		0.43			9,450		0.00	*		0.00			1.71	*		30


		ANNUAL REPORT		OCTOBER 31, 2014		23

Statements of Assets and Liabilities PIMCO Fixed Income SHares


(Amounts in thousands, except per share amounts)	Series C			Series LD
Assets:
Investments, at value
Investments in securities*	$	2,654,142		$	13,186
Financial Derivative Instruments
Exchange-traded or centrally cleared		1,259			15
Over the counter		57,956			41
Cash		0			262
Deposits with counterparty		1,941			45
Foreign currency, at value		2,703			14
Receivable for investments sold		54,800			152
Receivable for Portfolio shares sold		303			0
Interest receivable		34,291			99
Other assets		57			0
		2,807,452			13,814

Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	223,775		$	4,401
Payable for sale-buyback transactions		162,347			0
Payable for short sales		0			152
Financial Derivative Instruments
Exchange-traded or centrally cleared		1,532			11
Over the counter		23,495			37
Payable for investments purchased		222			115
Deposits from counterparty		18,145			0
Payable for Portfolio shares redeemed		13,699			0
Dividends payable		10,451			28
Overdraft due to custodian		13			0
		453,679			4,744

Net Assets	$	2,353,773		$	9,070

Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)	$	192		$	1
Paid in capital		2,242,555			8,922
Undistributed (overdistributed) net investment income		(28,707	)		7
Accumulated undistributed net realized gain (loss)		108,815			94
Net unrealized appreciation (depreciation)		30,918			46
	$	2,353,773		$	9,070

Shares Issued and Outstanding		191,507			889

Net Asset Value, Offering Price and Redemption Price Per Share	$	12.29		$	10.20

Cost of Investments in Securities	$	2,609,187		$	13,141

Cost of Foreign Currency Held	$	2,706		$	15

Proceeds Received on Short Sales	$	0		$	152

Cost or Premiums of Financial Derivative Instruments, net	$	547		$	(9	)

* Includes repurchase agreements of:	$	40,894		$	0


24		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes


Series M			Series R			Series TE


$	3,327,262		$	344,456		$	95,385

	0			194			112
	8,766			4,434			0
	368			1			717
	1,079			1,609			126
	1,326			1,019			0
	1,336,802			12,096			0
	311			66			0
	28,276			1,662			1,246
	105			11			0
	4,704,295			365,548			97,586



$	380,038		$	11,349		$	0
	0			131,382			0
	55,425			0			0

	50			248			0
	11,134			6,041			0
	1,896,212			0			1,537
	6,365			628			0
	13,633			149			0
	9,237			80			208
	0			0			0
	2,372,094			149,877			1,745

$	2,332,201		$	215,671		$	95,841


$	216		$	21		$	10
	2,203,307			236,316			95,240
	5,074			6,379			66
	54,483			(19,913	)		(957	)
	69,121			(7,132	)		1,482
$	2,332,201		$	215,671		$	95,841

	216,276			20,598			9,677

$	10.78		$	10.47		$	9.90

$	3,253,128		$	350,830		$	92,375

$	1,342		$	1,026		$	0

$	55,425		$	0		$	0

$	(1,114	)	$	(1,039	)	$	0

$	110,775		$	153		$	1,300


		ANNUAL REPORT		OCTOBER 31, 2014		25

Statements of Operations PIMCO Fixed Income SHares


Year Ended October 31, 2014
(Amounts in thousands)	Series C			Series LD ⁽¹⁾

Investment Income:
Interest	$	123,361		$	148
Miscellaneous income		1			0
Total Income		123,362			148

Expenses:
Interest expense		338			6
Total Expenses		338			6

Net Investment Income		123,024			142

Net Realized Gain (Loss):
Investments in securities		43,667			57
Exchange-traded or centrally cleared financial derivative instruments		4,159			(2	)
Over the counter financial derivative instruments		63,502			63
Foreign currency		(1,272	)		6
Net Realized Gain (Loss)		110,056			124

Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(104,774	)		45
Exchange-traded or centrally cleared financial derivative instruments		(34,936	)		(12	)
Over the counter financial derivative instruments		38,617			13
Foreign currency assets and liabilities		1,308			0
Net Change in Unrealized Appreciation (Depreciation)		(99,785	)		46
Net Gain (Loss)		10,271			170

Net Increase in Net Assets Resulting from Operations	$	133,295		$	312

⁽¹⁾	Period from December 23, 2013 to October 31, 2014.


26		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes



Series M			Series R			Series TE


$	117,346		$	9,450		$	2,301
	0			0			0
	117,346			9,450			2,301


	1,146			177			0
	1,146			177			0

	116,200			9,273			2,301


	99,840			(1,618	)		38
	(76,151	)		(858	)		(1,029	)
	36,055			8,106			0
	(414	)		(339	)		0
	59,330			5,291			(991	)


	(44,986	)		(2,127	)		4,702
	15,078			(5,595	)		(1,528	)
	(9,893	)		1,816			0
	(420	)		(63	)		0
	(40,221	)		(5,969	)		3,174
	19,109			(678	)		2,183

$	135,309		$	8,595		$	4,484


		ANNUAL REPORT		OCTOBER 31, 2014		27

Statements of Changes in Net Assets PIMCO Fixed Income SHares


	Series C						Series LD
(Amounts in thousands)	Year Ended October 31, 2014			Year Ended October 31, 2013			Period from December 23, 2013 to October 31, 2014
Increase (Decrease) in Net Assets from:

Operations:
Net investment income	$	123,024		$	171,735		$	142
Net realized gain (loss)		110,056			247,852			124
Net change in unrealized appreciation (depreciation)		(99,785	)		(318,537	)		46
Net increase (decrease) resulting from operations		133,295			101,050			312

Distributions to Shareholders:
From net investment income		(132,768	)		(252,692	)		(166	)
From net realized capital gains		(205,508	)		(28,713	)		0

Total Distributions		(338,276	)		(281,405	)		(166	)

Portfolio Share Transactions:
Receipts for shares sold		829,579			1,005,090			11,062
Cost of shares redeemed		(1,531,875	)		(1,582,527	)		(2,138	)
Net increase (decrease) resulting from Portfolio share transactions		(702,296	)		(577,437	)		8,924

Total Increase (Decrease) in Net Assets		(907,277	)		(757,792	)		9,070

Net Assets:
Beginning of year		3,261,050			4,018,842			0
End of year*	$	2,353,773		$	3,261,050		$	9,070

* Including undistributed (overdistributed) net investment income of:	$	(28,707	)	$	10,569		$	7

Shares of Beneficial Interest:
Shares Sold		66,880			75,595			1,099
Shares Redeemed		(124,067	)		(119,237	)		(210	)
Net increase (decrease) in shares outstanding		(57,187	)		(43,642	)		889


28		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes


Series M						Series R						Series TE
Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2014			Year Ended October 31, 2013



$	116,200		$	116,509		$	9,273		$	10,726		$	2,301		$	903
	59,330			129,622			5,291			2,649			(991	)		(91	)
	(40,221	)		(209,795	)		(5,969	)		(42,389	)		3,174			(1,734	)
	135,309			36,336			8,595			(29,014	)		4,484			(922	)


	(105,630	)		(153,920	)		(4,386	)		(10,835	)		(2,105	)		(903	)
	(50,578	)		0			(7,339	)		(34,897	)		0			0

	(156,208	)		(153,920	)		(11,725	)		(45,732	)		(2,105	)		(903	)


	781,102			954,104			40,368			183,493			44,664			70,209
	(1,424,932	)		(1,827,599	)		(171,726	)		(361,307	)		(16,796	)		(12,240	)

	(643,830	)		(873,495	)		(131,358	)		(177,814	)		27,868			57,969

	(664,729	)		(991,079	)		(134,488	)		(252,560	)		30,247			56,144


	2,996,930			3,988,009			350,159			602,719			65,594			9,450
$	2,332,201		$	2,996,930		$	215,671		$	350,159		$	95,841		$	65,594

$	5,074		$	(1,252	)	$	6,379		$	(1,154	)	$	66		$	0


	72,731			86,882			3,921			16,265			4,601			7,126
	(132,447	)		(166,387	)		(16,606	)		(33,505	)		(1,729	)		(1,268	)
	(59,716	)		(79,505	)		(12,685	)		(17,240	)		2,872			5,858


		ANNUAL REPORT		OCTOBER 31, 2014		29

Statement of Cash Flows PIMCO Fixed Income SHares


Year Ended October 31, 2014 (Amounts in thousands)	Series LD ⁽¹⁾			Series M			Series R
Cash flows provided by (used for) operating activities:

Net increase in net assets resulting from operations	$	312		$	135,309		$	8,595

Adjustments to reconcile net increase in net assets from operations to net cash provided by (used for) operating activities:
Purchases of long-term securities		(799,308	)		(26,661,906	)		(342,970	)
Proceeds from sales of long-term securities		755,478			27,563,569			528,429
(Purchases) Proceeds from sales of short-term portfolio investments, net		30,650			(278,050	)		(24,599	)
(Increase) decrease in deposits with counterparty		(45	)		41,342			457
(Increase) decrease in receivable for investments sold		(152	)		(1,101,452	)		1,489
(Increase) decrease in interest receivable		(99	)		(6,217	)		413
(Increase) in exchange-traded or centrally cleared derivatives		(18	)		(57,849	)		(6,244	)
Decrease in over the counter derivatives		72			10,311			7,876
Increase (decrease) in payable for investments purchased		115			722,000			(9,814	)
Increase in deposits from counterparty		0			20			534
Proceeds from short sales transactions, net		152			55,425			0
Proceeds from (Payments on) currency transactions		6			(834	)		(402	)
Net Realized (Gain) Loss
Investments in securities		(57	)		(97,702	)		(1,623	)
Exchange-traded or centrally cleared financial derivative instruments		2			76,151			858
Over the counter financial derivative instruments		(63	)		(36,055	)		(8,106	)
Foreign currency		(6	)		414			339
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		(45	)		42,848			5,368
Exchange-traded or centrally cleared financial derivative instruments		12			(15,078	)		5,595
Over the counter financial derivative instruments		(13	)		9,893			(1,816	)
Foreign currency assets and liabilities		0			420			63
Net amortization (accretion) on investments		96			9,862			1,653
Net cash provided by (used for) operating activities		(12,911	)		412,421			166,095

Cash flows received from (used for) financing activities:
Proceeds from shares sold		11,062			785,775			40,850
Payments on shares redeemed		(2,138	)		(1,414,410	)		(171,733	)
(Decrease) in overdraft due to custodian		0			(39	)		0
Cash dividend paid		(138	)		(156,086	)		(12,160	)
Proceeds from reverse repurchase agreements		35,585			18,872,751			39,826
Payments on reverse repurchase agreements		(31,184	)		(18,492,713	)		(123,377	)
Proceeds from sale-buyback transactions		2,590			6,457,930			2,545,286
Payments on sale-buyback transactions		(2,590	)		(6,457,930	)		(2,482,815	)
Proceeds from deposits from counterparty		0			145,661			5,370
Payments on deposits from counterparty		0			(153,400	)		(6,720	)
Net cash received from (used for) financing activities		13,187			(412,461	)		(165,473	)
Net Increase (Decrease) in Cash and Foreign Currency		276			(40	)		622

Cash and Foreign Currency:
Beginning of year		0			1,734			398
End of year	$	276		$	1,694		$	1,020

Supplemental disclosure of cash flow information:
Interest expense paid during the year	$	5		$	1,045		$	130

⁽¹⁾	Period from December 23, 2013 to October 31, 2014.


30		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series C

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 112.8%

CORPORATE BONDS & NOTES 71.0%

BANKING & FINANCE 36.3%
Ally Financial, Inc.
4.625% due 06/26/2015	$		800	$		818
6.250% due 12/01/2017			300			328
7.500% due 09/15/2020			11,566			13,792
8.000% due 03/15/2020			2,136			2,574
8.300% due 02/12/2015			200			204
American International Group, Inc.
4.875% due 06/01/2022			3,000			3,350
5.850% due 01/16/2018			30,300			34,172
6.765% due 11/15/2017	GBP		1,456			2,649
Banco do Brasil S.A.
4.500% due 01/22/2015 (e)	$		25,200			25,389
4.500% due 01/20/2016	EUR		8,700			11,311
Banco Santander Brasil S.A.
4.250% due 01/14/2016	$		4,250			4,388
4.500% due 04/06/2015			4,500			4,566
4.625% due 02/13/2017			11,375			11,901
Bank of America Corp.
4.000% due 04/01/2024			500			517
4.100% due 07/24/2023			5,600			5,850
6.400% due 08/28/2017			14,750			16,628
6.875% due 04/25/2018			66,155			76,586
Banque PSA Finance S.A.
3.875% due 01/14/2015	EUR		700			883
Barclays Bank PLC
7.625% due 11/21/2022	$		1,200			1,309
7.750% due 04/10/2023			2,400			2,634
BBVA Banco Continental S.A.
3.250% due 04/08/2018			3,000			3,067
Bear Stearns Cos. LLC
7.250% due 02/01/2018			17,265			20,085
Blackstone CQP Holdco LP
9.296% due 03/18/2019			10,109			10,151
BPCE S.A.
4.500% due 03/15/2025			27,400			26,657
BPE Financiaciones S.A.
2.875% due 05/19/2016	EUR		1,000			1,279
CIT Group, Inc.
3.875% due 02/19/2019	$		900			908
4.250% due 08/15/2017			1,000			1,030
Citigroup, Inc.
6.000% due 08/15/2017			6,718			7,501
6.125% due 11/21/2017			13,500			15,193
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
8.375% due 07/26/2016 (c)			25,653			27,577
8.400% due 06/29/2017 (c)			4,240			4,675


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Agricole S.A.
8.125% due 09/19/2033	$		200	$		227
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			10,155			10,704
Ford Motor Credit Co. LLC
5.875% due 08/02/2021			600			694
8.000% due 12/15/2016			7,900			8,963
8.125% due 01/15/2020			22,700			28,400
General Motors Financial Co., Inc.
3.000% due 09/25/2017			17,000			17,361
4.250% due 05/15/2023			21,570			22,271
GMAC International Finance BV
7.500% due 04/21/2015	EUR		8,700			11,198
Goldman Sachs Group, Inc.
4.000% due 03/03/2024	$		16,700			17,078
6.150% due 04/01/2018			15,200			17,184
HBOS PLC
6.750% due 05/21/2018			25,300			28,459
HSBC Holdings PLC
6.375% due 09/17/2024 (c)			1,200			1,225
Hypo Alpe-Adria-Bank International AG
2.750% due 08/12/2015	CHF		200			193
4.250% due 10/31/2016	EUR		600			635
4.375% due 01/24/2017			600			631
ICICI Bank Ltd.
4.750% due 11/25/2016	$		5,900			6,204
5.000% due 01/15/2016			2,500			2,595
5.500% due 03/25/2015			700			712
International Lease Finance Corp.
5.875% due 04/01/2019			1,400			1,514
6.750% due 09/01/2016			4,000			4,260
7.125% due 09/01/2018			3,000			3,405
JPMorgan Chase & Co.
6.000% due 01/15/2018			14,800			16,690
6.125% due 04/30/2024 (c)			4,200			4,210
Korea Development Bank
3.875% due 05/04/2017			7,500			7,921
4.000% due 09/09/2016			3,950			4,148
Korea Exchange Bank
4.875% due 01/14/2016			900			938
LBG Capital PLC
7.375% due 03/12/2020	EUR		2,825			3,816
9.000% due 12/15/2019	GBP		2,331			3,962
15.000% due 12/21/2019	EUR		4,380			8,115
15.000% due 12/21/2019	GBP		1,100			2,464
Lloyds Bank PLC
9.875% due 12/16/2021	$		177			204
11.875% due 12/16/2021	EUR		1,448			2,212
12.000% due 12/16/2024 (c)	$		29,300			42,705
13.000% due 12/19/2021	AUD		200			206


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		31

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Lloyds Banking Group PLC
7.500% due 06/27/2024 (c)	$		3,604	$		3,757
MetLife Capital Trust
7.875% due 12/15/2067			600			769
Morgan Stanley
5.375% due 10/15/2015			2,800			2,924
5.500% due 07/28/2021			9,500			10,844
5.750% due 01/25/2021			100			115
5.950% due 12/28/2017			900			1,012
6.625% due 04/01/2018			3,700			4,240
Navient Corp.
5.500% due 01/15/2019			1,500			1,559
6.250% due 01/25/2016 (e)			36,000			37,530
7.250% due 01/25/2022 (e)			17,700			19,824
8.000% due 03/25/2020			1,100			1,265
8.450% due 06/15/2018 (e)			20,455			23,452
Preferred Term Securities Ltd.
0.785% due 03/24/2034			366			296
Qatari Diar Finance Co.
5.000% due 07/21/2020			1,500			1,695
QNB Finance Ltd.
3.125% due 11/16/2015			500			512
Royal Bank of Scotland Group PLC
7.648% due 09/30/2031 (c)			5,000			5,906
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
5.100% due 07/25/2018			9,700			9,385
6.299% due 05/15/2017			6,080			6,126
Sberbank of Russia Via SB Capital S.A.
4.950% due 02/07/2017			14,000			14,105
5.400% due 03/24/2017			11,000			11,188
Springleaf Finance Corp.
5.400% due 12/01/2015			100			104
6.900% due 12/15/2017			14,000			15,295
State Bank of India
4.500% due 07/27/2015			1,000			1,024
Temasek Financial Ltd.
2.375% due 01/23/2023			3,000			2,913
UBS AG
4.750% due 02/12/2026	EUR		400			530
7.250% due 02/22/2022	$		200			217
Virgin Media Secured Finance PLC
6.000% due 04/15/2021	GBP		10,400			17,470
Vnesheconombank Via VEB Finance PLC
5.375% due 02/13/2017	$		6,400			6,440
5.450% due 11/22/2017			2,700			2,710
Wells Fargo & Co.
3.450% due 02/13/2023			4,700			4,690
7.980% due 03/15/2018 (c)			19,217			21,118
Weyerhaeuser Co.
7.375% due 10/01/2019			5,000			6,061

						854,552


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 21.5%
Alliance Data Systems Corp.
5.250% due 12/01/2017	$		12,750	$		13,196
America Movil S.A.B. de C.V.
5.000% due 03/30/2020 (e)			42,800			47,395
6.125% due 03/30/2040			5,530			6,669
Amgen, Inc.
5.700% due 02/01/2019			1,700			1,926
Anglo American Capital PLC
4.125% due 09/27/2022			12,800			12,769
Axiata SPV Labuan Ltd.
5.375% due 04/28/2020			1,000			1,106
Brunswick Rail Finance Ltd.
6.500% due 11/01/2017			2,800			2,513
Canadian Oil Sands Ltd.
7.750% due 05/15/2019			10,400			12,529
CSC Holdings LLC
7.625% due 07/15/2018			7,850			8,920
7.875% due 02/15/2018			810			918
8.625% due 02/15/2019			7,500			8,831
CSN Islands Corp.
6.875% due 09/21/2019			100			106
Delta Air Lines Pass-Through Trust
4.950% due 11/23/2020			363			386
6.200% due 01/02/2020			332			369
Deutsche Telekom International Finance BV
6.750% due 08/20/2018			3,400			3,983
DISH DBS Corp.
5.000% due 03/15/2023			14,842			14,823
5.875% due 07/15/2022			300			319
7.125% due 02/01/2016			4,200			4,478
Ecopetrol S.A.
5.875% due 09/18/2023 (e)			14,650			16,371
7.625% due 07/23/2019 (e)			32,270			38,643
Encana Corp.
5.900% due 12/01/2017			2,000			2,246
Energy Transfer Partners LP
6.125% due 02/15/2017			2,100			2,308
9.700% due 03/15/2019			300			385
Georgia-Pacific LLC
5.400% due 11/01/2020			9,300			10,639
Gerdau Trade, Inc.
5.750% due 01/30/2021			800			854
Glencore Finance Canada Ltd.
5.800% due 11/15/2016			7,400			8,009
Gold Fields Orogen Holding BVI Ltd.
4.875% due 10/07/2020			5,000			4,475
GTL Trade Finance, Inc.
5.893% due 04/29/2024			13,189			13,717
HCA, Inc.
7.250% due 09/15/2020			3,200			3,400


32		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Hospira, Inc.
6.050% due 03/30/2017	$		1,700	$		1,857
Hutchison Whampoa International Ltd.
5.750% due 09/11/2019			100			115
7.625% due 04/09/2019			1,000			1,219
Kern River Funding Corp.
4.893% due 04/30/2018			645			700
Kinder Morgan Energy Partners LP
3.950% due 09/01/2022			1,000			999
6.000% due 02/01/2017			5,800			6,354
Kinder Morgan, Inc.
7.000% due 06/15/2017			1,789			1,999
7.250% due 06/01/2018			13,900			15,916
NBCUniversal Media LLC
4.375% due 04/01/2021			15,600			17,156
Northwest Airlines Pass-Through Trust
7.041% due 10/01/2023			1,152			1,348
7.150% due 04/01/2021			26,691			29,960
Northwest Pipeline LLC
7.000% due 06/15/2016			1,700			1,866
Numericable Group S.A.
5.375% due 05/15/2022	EUR		700			913
Petrobras International Finance Co. S.A.
5.375% due 01/27/2021	$		28,200			29,014
5.875% due 03/01/2018			300			323
7.875% due 03/15/2019			17,500			20,155
Petrofac Ltd.
3.400% due 10/10/2018			1,200			1,237
Petroleos de Venezuela S.A.
5.250% due 04/12/2017			31,290			20,902
5.500% due 04/12/2037			12,300			5,781
8.500% due 11/02/2017			18,600			14,134
Phosagro OAO Via Phosagro Bond Funding Ltd.
4.204% due 02/13/2018			4,300			4,160
Reliance Holdings USA, Inc.
4.500% due 10/19/2020			1,800			1,894
Reynolds American, Inc.
7.750% due 06/01/2018			6,030			7,152
Rockies Express Pipeline LLC
5.625% due 04/15/2020			100			105
Russian Railways Via RZD Capital PLC
5.739% due 04/03/2017			11,300			11,696
SCF Capital Ltd.
5.375% due 10/27/2017			1,100			1,051
Severstal OAO Via Steel Capital S.A.
4.450% due 03/19/2018			12,000			11,671
6.700% due 10/25/2017			500			519
Sibur Securities Ltd.
3.914% due 01/31/2018			4,400			4,109
Tate & Lyle International Finance PLC
6.625% due 06/15/2016			1,100			1,197


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Tennessee Gas Pipeline Co. LLC
7.500% due 04/01/2017	$		1,950	$		2,217
TransCanada PipeLines Ltd.
3.800% due 10/01/2020			1,100			1,155
Tullow Oil PLC
6.000% due 11/01/2020			3,900			3,666
Tyco Electronics Group S.A.
6.550% due 10/01/2017			5,000			5,697
UAL Pass-Through Trust
9.750% due 07/15/2018			1,403			1,557
10.400% due 05/01/2018			1,594			1,761
UAL Pass-Through Trust AB
10.125% due 03/22/2015 ^			35			20
USG Corp.
9.750% due 01/15/2018			2,407			2,786
Vale Overseas Ltd.
4.375% due 01/11/2022			2,590			2,644
8.250% due 01/17/2034			1,000			1,273
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC
9.125% due 04/30/2018			3,000			3,266
Volkswagen International Finance NV
4.000% due 08/12/2020			9,100			9,822
Wal-Mart Stores, Inc.
3.300% due 04/22/2024			12,500			12,790

						506,439


UTILITIES 13.2%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.700% due 08/07/2018			22,500			25,115
Electricite de France S.A.
6.500% due 01/26/2019			14,200			16,629
FirstEnergy Corp.
2.750% due 03/15/2018			2,000			2,022
Gazprom OAO Via Gaz Capital S.A.
6.212% due 11/22/2016			6,500			6,784
6.510% due 03/07/2022			1,300			1,363
8.146% due 04/11/2018			15,300			16,978
9.250% due 04/23/2019			23,650			27,439
Intergas Finance BV
6.375% due 05/14/2017			3,700			3,954
Kinder Morgan Finance Co. LLC
5.700% due 01/05/2016			9,200			9,631
Korea Hydro & Nuclear Power Co. Ltd.
3.125% due 09/16/2015			300			306
Majapahit Holding BV
7.250% due 06/28/2017			1,000			1,115
Nevada Power Co.
6.500% due 05/15/2018			3,000			3,491


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		33

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NGPL PipeCo LLC
7.119% due 12/15/2017	$		20,600	$		20,754
NiSource Finance Corp.
6.400% due 03/15/2018			900			1,030
Novatek OAO Via Novatek Finance Ltd.
5.326% due 02/03/2016			1,000			1,018
NRG Energy, Inc.
7.625% due 01/15/2018			6,100			6,862
Petrobras Global Finance BV
6.250% due 03/17/2024			1,000			1,062
Petroleos Mexicanos
5.500% due 01/21/2021			18,700			20,767
5.750% due 12/15/2015			500			521
8.000% due 05/03/2019			7,500			9,149
Public Service Co. of Oklahoma
6.150% due 08/01/2016			2,900			3,153
Qtel International Finance Ltd.
3.375% due 10/14/2016			3,000			3,113
5.000% due 10/19/2025			11,800			12,877
Qwest Corp.
6.500% due 06/01/2017			1,250			1,387
Ras Laffan Liquefied Natural Gas Co. Ltd.
5.298% due 09/30/2020			2,168			2,352
5.832% due 09/30/2016			948			1,000
6.750% due 09/30/2019			3,000			3,574
Rosneft Finance S.A.
6.625% due 03/20/2017			10,100			10,436
7.500% due 07/18/2016			21,650			22,597
7.875% due 03/13/2018			3,700			3,973
Rosneft Oil Co. Via Rosneft International Finance Ltd.
3.149% due 03/06/2017			4,500			4,331
Sprint Communications, Inc.
7.000% due 08/15/2020			1,000			1,065
TECO Finance, Inc.
6.572% due 11/01/2017			983			1,123
Telefonos de Mexico S.A.B. de C.V.
8.750% due 01/31/2016	MXN		128,300			10,102
Verizon Communications, Inc.
2.625% due 02/21/2020	$		31,307			31,178
4.500% due 09/15/2020			19,700			21,405
8.750% due 11/01/2018			715			893
W3A Funding Corp.
8.090% due 01/02/2017			41			41

						310,590

Total Corporate Bonds & Notes (Cost $1,599,015)						1,671,581


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MUNICIPAL BONDS & NOTES 1.3%

ARIZONA 0.1%
University of Arizona Revenue Bonds, (BABs), Series 2010
6.423% due 08/01/2035	$		2,000	$		2,295


CALIFORNIA 0.9%
Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2009
6.263% due 04/01/2049			600			826
California State General Obligation Bonds, (BABs), Series 2009
7.550% due 04/01/2039			3,150			4,734
California State General Obligation Bonds, (BABs), Series 2010
6.650% due 03/01/2022			1,500			1,857
California State General Obligation Notes, Series 2009
6.200% due 10/01/2019			400			473
Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010
7.488% due 08/01/2033			6,900			9,013
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2010
5.516% due 07/01/2027			3,000			3,610
Palomar Community College District, California General Obligation Bonds, (BABs), Series 2010
7.194% due 08/01/2045			300			344

						20,857


NEW YORK 0.1%
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, (BABs), Series 2010
4.325% due 11/01/2021			400			443
4.525% due 11/01/2022			800			892
5.932% due 11/01/2036			200			226
New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010
5.289% due 03/15/2033			1,600			1,867

						3,428


OHIO 0.2%
American Municipal Power, Inc., Ohio Revenue Bonds, (BABs), Series 2010
5.939% due 02/15/2047			3,600			4,448
7.834% due 02/15/2041			200			292

						4,740

Total Municipal Bonds & Notes (Cost $25,019)						31,320


34		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. GOVERNMENT AGENCIES 0.1%
Fannie Mae
1.917% due 08/25/2018	$		1	$		2
2.575% due 02/01/2018			2			3
4.095% due 04/01/2017			2			2
4.500% due 08/01/2039 - 11/01/2041			598			650
Freddie Mac
1.875% due 12/01/2018			5			5
6.500% due 01/01/2038 - 10/01/2038			151			171
Ginnie Mae
1.625% due 01/20/2022			8			8

Total U.S. Government Agencies (Cost $803)						841


U.S. TREASURY OBLIGATIONS 0.5%
U.S. Treasury Notes
1.500% due 02/28/2019 (g)			12,030			12,044

Total U.S. Treasury Obligations (Cost $12,056)						12,044


MORTGAGE-BACKED SECURITIES 1.6%
Banc of America Commercial Mortgage Trust
5.889% due 07/10/2044			4,259			4,521
Banc of America Funding Trust
2.829% due 01/20/2047 ^			125			97
BCAP LLC Trust
0.322% due 09/26/2035			708			699
Bear Stearns Adjustable Rate Mortgage Trust
2.483% due 05/25/2034			60			56
2.488% due 10/25/2033			75			76
2.528% due 03/25/2035			170			172
Bear Stearns ALT-A Trust
2.538% due 02/25/2036 ^			1,034			711
Bear Stearns Commercial Mortgage Securities Trust
5.540% due 09/11/2041			1,526			1,619
Citigroup Mortgage Loan Trust, Inc.
2.200% due 09/25/2035			354			353
2.280% due 09/25/2035			322			322
Cordusio RMBS SRL
0.222% due 06/30/2035	EUR		154			191
Countrywide Alternative Loan Trust
0.352% due 05/25/2036	$		204			167
Countrywide Home Loan Mortgage Pass-Through Trust
0.472% due 03/25/2035			231			178
2.624% due 08/25/2034			47			42
Credit Suisse First Boston Mortgage Securities Corp.
2.248% due 07/25/2033			12			12


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Downey Savings & Loan Association Mortgage Loan Trust
0.417% due 08/19/2045	$		1,669	$		1,507
2.527% due 07/19/2044			974			974
Greenpoint Mortgage Funding Trust
0.382% due 06/25/2045			2,922			2,517
Greenpoint Mortgage Pass-Through Certificates
2.795% due 10/25/2033			10			10
GSR Mortgage Loan Trust
1.871% due 03/25/2033			56			55
2.655% due 09/25/2035			1,242			1,255
2.660% due 09/25/2035			539			542
HarborView Mortgage Loan Trust
0.347% due 01/19/2038			238			203
0.497% due 06/20/2035			397			382
2.483% due 05/19/2033			134			135
HomeBanc Mortgage Trust
0.412% due 01/25/2036			2,396			2,076
5.279% due 04/25/2037 ^			269			218
JPMorgan Mortgage Trust
1.990% due 11/25/2033			74			74
2.594% due 07/25/2035			966			984
2.640% due 02/25/2035			69			68
5.296% due 07/25/2035			683			687
Ocwen Residential MBS Corp.
7.000% due 10/25/2040 ^			125			0
RBSSP Resecuritization Trust
0.432% due 05/26/2037			504			497
0.652% due 09/26/2034			4,713			4,365
0.652% due 03/26/2036			3,454			3,377
0.652% due 04/26/2037			3,868			3,617
Residential Accredit Loans, Inc. Trust
0.362% due 04/25/2046			1,282			664
Structured Adjustable Rate Mortgage Loan Trust
2.490% due 02/25/2034			106			107
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
5.250% due 09/25/2034			556			563
WaMu Mortgage Pass-Through Certificates Trust
0.462% due 01/25/2045			166			156
0.522% due 11/25/2034			1,758			1,683
1.114% due 02/25/2046			998			947
Wells Fargo Mortgage-Backed Securities Trust
2.615% due 03/25/2036			534			514

Total Mortgage-Backed Securities (Cost $35,924)						37,393


ASSET-BACKED SECURITIES 0.8%
Ameriquest Mortgage Securities Trust
0.542% due 03/25/2036			100			85


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		35

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bear Stearns Asset-Backed Securities Trust
0.352% due 12/25/2036	$		1,681	$		1,576
0.565% due 12/25/2035			1,000			958
1.152% due 10/25/2037			465			436
BNC Mortgage Loan Trust
0.252% due 05/25/2037			1,082			1,036
Conseco Financial Corp.
6.220% due 03/01/2030			188			201
6.530% due 02/01/2031			3,268			3,283
First Franklin Mortgage Loan Trust
0.642% due 09/25/2035			1,500			1,433
First NLC Trust
0.857% due 12/25/2035			1,161			1,102
Home Equity Asset Trust
1.352% due 10/25/2033			814			781
Keystone Owner Trust
9.000% due 01/25/2029			3			1
Merrill Lynch Mortgage Investors Trust
0.272% due 02/25/2037			224			105
Morgan Stanley ABS Capital, Inc. Trust
0.582% due 09/25/2035			500			434
Morgan Stanley Mortgage Loan Trust
0.512% due 04/25/2037			168			95
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.742% due 09/25/2035			1,000			862
Popular ABS Mortgage Pass-Through Trust
0.242% due 06/25/2047 ^			123			120
Residential Asset Mortgage Products Trust
1.802% due 11/25/2034			214			203
Structured Asset Investment Loan Trust
0.842% due 06/25/2035			1,000			966
Structured Asset Securities Corp. Mortgage Loan Trust
0.492% due 02/25/2036			1,000			845
0.602% due 11/25/2035			1,200			1,042
Wells Fargo Home Equity Asset-Backed Securities Trust
0.742% due 11/25/2035			1,500			1,306
0.852% due 10/25/2034			486			463

Total Asset-Backed Securities (Cost $15,879)						17,333


SOVEREIGN ISSUES 25.8%
Banco Nacional de Desenvolvimento Economico e Social
3.375% due 09/26/2016			11,700			11,978
6.369% due 06/16/2018			3,300			3,630
Brazil Notas do Tesouro Nacional
10.000% due 01/01/2021	BRL		179,600			66,330


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Colombia Government International Bond
7.375% due 01/27/2017	$		2,000	$		2,273
Export-Import Bank of Korea
4.000% due 01/29/2021			10,900			11,610
5.125% due 06/29/2020			250			282
Indonesia Government International Bond
6.875% due 01/17/2018			3,100			3,515
Italy Buoni Poliennali Del Tesoro
4.750% due 06/01/2017 (e)	EUR		155,300			214,265
Mexico Government International Bond
4.500% due 11/22/2035 (b)	MXN		546,371			47,815
Province of Quebec
3.500% due 07/29/2020	$		7,800			8,380
Qatar Government International Bond
4.000% due 01/20/2015			3,500			3,528
5.250% due 01/20/2020			6,400			7,296
Republic of Greece Government Bond
3.800% due 08/08/2017	JPY		955,000			8,083
4.500% due 07/03/2017			820,000			6,775
Russia Government International Bond
7.500% due 03/31/2030	$		1,310			1,489
South Africa Government International Bond
6.875% due 05/27/2019			300			346
Spain Government International Bond
2.100% due 04/30/2017	EUR		161,500			209,595

Total Sovereign Issues (Cost $644,319)						607,190


SHORT-TERM INSTRUMENTS 11.7%

CERTIFICATES OF DEPOSIT 1.5%
Intesa Sanpaolo SpA
1.610% due 04/11/2016	$		35,400			35,654


REPURCHASE AGREEMENTS (d) 1.7%
						40,894


SHORT-TERM NOTES 6.2%
Fannie Mae
0.071% due 04/27/2015			20,000			19,995
0.081% due 04/22/2015 - 05/01/2015			4,500			4,499
Federal Home Loan Bank
0.081% due 04/17/2015			4,300			4,299
Freddie Mac
0.071% due 04/01/2015 - 04/10/2015			110,000			109,976
0.081% due 04/27/2015			7,300			7,298

						146,067


36		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

U.S. TREASURY BILLS 2.3%

0.026% due 11/06/2014 - 04/16/2015 (a)(e)(g)(i)

53,827

53,825

Total Short-Term Instruments
(Cost $276,172)

276,440

Total Investments in Securities
(Cost $2,609,187)

2,654,142

Total Investments 112.8%
(Cost $2,609,187)

2,654,142

Financial Derivative
Instruments (f)(h) 1.5%

(Cost or Premiums, net $547)

34,188

Other Assets and Liabilities,
net (14.3%)

(334,557

)

Net Assets 100.0%

2,353,773

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS):

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

^	Security is in default.

(a)

Weighted average yield to maturity.

(b)

Principal amount of security is adjusted for inflation.

(c)

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral Received, at Value			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received ⁽¹⁾
BOS	0.160%		10/31/2014		11/03/2014	$	10,900	U.S. Treasury Bonds 3.750% due 11/15/2043	$	(11,270	)	$	10,900	$	10,900
SAL	0.160%		10/31/2014		11/03/2014		27,000	U.S. Treasury Notes 2.500% due 05/15/2024		(27,554	)		27,000		27,000
SSB	0.000%		10/31/2014		11/03/2014		2,994	Freddie Mac 2.000% due 11/02/2022		(3,058	)		2,994		2,994

Total Repurchase Agreements									$	(41,882	)	$	40,894	$	40,894

⁽¹⁾	Includes accrued interest.


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		37

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

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed ⁽²⁾			Payable for Reverse Repurchase Agreements
BCY		0.650	%		10/29/2014		11/04/2014	$	(51,328	)	$	(51,333	)
		0.650	%		11/04/2014		01/05/2015		(51,083	)		(51,083	)
BPG		0.390	%		10/06/2014		11/07/2014		(85,014	)		(85,040	)
		0.390	%		10/14/2014		11/17/2014		(15,095	)		(15,098	)
DEU		0.700	%		10/28/2014		11/18/2014		(21,219	)		(21,221	)

Total Reverse Repurchase Agreements											$	(223,775	)

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed ⁽²⁾			Payable for Sale-Buyback Transactions ⁽³⁾
BPS		0.120	%		10/01/2014		11/10/2014	$	(129,402	)	$	(162,347	)

Total Sale-Buyback Transactions											$	(162,347	)

⁽²⁾	The average amount of borrowings while outstanding during the period ended October 31, 2014 was $547,030 at a weighted average interest rate of 0.117%.

⁽³⁾	Payable for sale-buyback transactions includes $166 of deferred price drop on sale-buyback transactions.

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of October 31, 2014:

(e)

Securities with an aggregate market value of $405,740 have been pledged as collateral under the terms of the following master agreements as of October 31, 2014.


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Payable for Short Sales		Total Borrowings and Other Financing Transactions			Collateral (Received)/ Pledged			Net Exposure ⁽³⁾
Global/Master Repurchase Agreement
BCY	$	0	$	(102,416	)	$	0		$	0	$	(102,416	)	$	114,708		$	12,292
BOS		10,900		0			0			0		10,900			(11,270	)		(370	)
BPG		0		(100,138	)		0			0		(100,138	)		106,892			6,754
DEU		0		(21,221	)		0			0		(21,221	)		23,099			1,878
SAL		27,000		0			0			0		27,000			(27,554	)		(554	)
SSB		2,994		0			0			0		2,994			(3,058	)		(64	)

Master Securities Forward Transaction Agreement
BPS		0		0			(162,347	)		0		0			159,493			(2,854	)

Total Borrowings and Other Financing Transactions	$	40,894	$	(223,775	)	$	(162,347	)	$	0

⁽³⁾

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.


38		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

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

FUTURES CONTRACTS:


Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Asset		Liability
Call Options Strike @ EUR 99.500 on 3-Month Euribor December Futures	Short		12/2014		345	$	(217	)	$	0	$	(11	)
Put Options Strike @ EUR 99.500 on 3-Month Euribor December Futures	Short		12/2014		345		290			0		0
U.S. Treasury 10-Year Note December Futures	Long		12/2014		2,147		1,812			0		(570	)

Total Futures Contracts						$	1,885		$	0	$	(581	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION ⁽¹⁾

Index/Tranches

Fixed Deal
Receive Rate

Maturity
Date

Notional
Amount ⁽²⁾

Market
Value ⁽³⁾

Unrealized
Appreciation

Variation Margin

Asset

Liability

CDX.HY-23 5-Year Index

5.000%

12/20/2019

5,500

416

⁽¹⁾

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash 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⁾	The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾

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

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Receive	3-Month USD-LIBOR		3.500%		12/18/2043		$	211,700	$	(22,301	)	$	(35,931	)	$	1,224	$	0
Pay	6-Month EUR-EURIBOR		4.000%		09/16/2019		EUR	4,000		895			292			11		0
Receive	6-Month JPY-LIBOR		1.000%		09/18/2023		JPY	7,920,000		(3,144	)		(1,462	)		0		(30	)
Pay	28-Day MXN-TIIE		5.500%		09/13/2017		MXN	1,008,000		2,495			255			0		(204	)
Pay	28-Day MXN-TIIE		6.300%		04/26/2024			1,300,000		1,788			260			0		(426	)
Pay	28-Day MXN-TIIE		6.150%		06/07/2024			887,000		432			1,107			0		(291	)

									$	(19,835	)	$	(35,479	)	$	1,235	$	(951	)

Total Swap Agreements									$	(19,419	)	$	(35,381	)	$	1,259	$	(951	)


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		39

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

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of October 31, 2014:

(g)

Securities with an aggregate market value of $23,814 and cash of $1,531 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of October 31, 2014. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Total

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

$ 0

1,259

(581

)

(951

)

(1,532

)

(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
BOA		11/2014		AUD	48,437		$	42,906	$	281	$	0
		11/2014		EUR	571,723			728,529		12,075		0
		11/2014		$	5,288		AUD	6,077		59		0
		11/2014			164,385		EUR	129,400		0		(2,227	)
		11/2014			191,836		JPY	20,683,920		0		(7,692	)
		12/2014		GBP	13,295		$	21,471		210		0
		12/2014		JPY	20,683,920			191,873		7,692		0
		02/2015		$	144		MXN	1,951		0		0

BPS		11/2014		JPY	44,420		$	410		15		0
		11/2014		$	25,779		EUR	20,073		0		(625	)
		12/2014		MXN	25,604		$	1,913		16		0
		12/2014		$	52,092		MXN	685,573		2		(1,318	)
		02/2015			450			6,092		0		0

BRC		12/2014			1,872			24,679		0		(44	)
		02/2015			3,507			47,549		9		(4	)

CBK		12/2014			7,500			99,508		0		(131	)
		01/2015		BRL	169,592		$	69,874		2,605		0

DUB		12/2014	$		4,066		MXN	53,346		0		(115	)

FBF		01/2015			6		BRL	15		0		0

GLM		11/2014			37,394		AUD	42,360		0		(118	)
		12/2014		AUD	42,360		$	37,319		115		0

HUS		11/2014		$	3,100		CAD	3,476		0		(17	)

JPM		12/2014			1,475		MXN	19,651		2		(21	)
		02/2015			986			13,500		11		0

MSB		11/2014		EUR	94,417		$	120,009		1,690		0
		12/2014		MXN	127,768			9,699		236		0

UAG		11/2014		BRL	22,873			9,647		416		0	��
		11/2014		JPY	20,639,500			189,572		5,824		0


40		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
		11/2014	$		9,260		BRL	22,873	$	0	$	(30	)
		11/2014			656,580		EUR	516,667		0		(9,119	)
		12/2014		BRL	22,873	$		9,189		38		0
		12/2014		EUR	516,667			656,683		9,106		0
		01/2015	$		477		PLN	1,602		0		(3	)

Total Forward Foreign Currency Contracts									$	40,402	$	(21,464	)

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES


Counterparty	Description	Buy/Sell Protection	Exercise Rate		Expiration Date		Notional Amount			Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-22 5-Year Index	Sell		0.850%		12/17/2014		$	13,100	$	(15	)	$	(3	)
	Put - OTC CDX.IG-22 5-Year Index	Sell		1.200%		12/17/2014			54,300		(54	)		(4	)

BPS	Call - OTC iTraxx Europe 22 5-Year Index	Buy		0.600%		01/21/2015		EUR	20,700		(40	)		(40	)
	Put - OTC iTraxx Europe 22 5-Year Index	Sell		0.900%		01/21/2015			20,700		(35	)		(35	)

CBK	Put - OTC CDX.IG-22 5-Year Index	Sell		0.850%		12/17/2014		$	13,100		(15	)		(3	)
	Call - OTC iTraxx Europe 22 5-Year Index	Buy		0.600%		01/21/2015		EUR	23,400		(43	)		(50	)
	Put - OTC iTraxx Europe 22 5-Year Index	Sell		0.900%		01/21/2015			23,400		(46	)		(38	)

GST	Put - OTC CDX.IG-22 5-Year Index	Sell		1.200%		12/17/2014		$	134,500		(101	)		(10	)
	Put - OTC CDX.IG-22 5-Year Index	Sell		0.900%		01/21/2015			14,200		(21	)		(7	)
	Call - OTC iTraxx Europe 22 5-Year Index	Buy		0.600%		01/21/2015		EUR	20,600		(25	)		(44	)
	Put - OTC iTraxx Europe 22 5-Year Index	Sell		1.000%		01/21/2015			20,600		(57	)		(21	)

										$	(452	)	$	(255	)

FOREIGN CURRENCY OPTIONS


Counterparty	Description	Strike Price			Expiration Date		Notional Amount		Premiums (Received)			Market Value
JPM	Call - OTC USD versus INR		INR	65.900		03/19/2015		$ 91,500	$	(891	)	$	(478	)
UAG	Call - OTC USD versus INR			66.150		03/19/2015		91,500		(874	)		(439	)

									$	(1,765	)	$	(917	)

Total Written Options									$	(2,217	)	$	(1,172	)

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED OCTOBER 31, 2014:


	# of Contracts			Notional Amount in $			Notional Amount in EUR				Premiums
Balance at Beginning of Period		268		$	1,408,800			EUR	912,000		$	(5,861	)
Sales		563			2,936,000				129,400			(11,752	)
Closing Buys		0			(2,185,300	)			0			2,697
Expirations		(831	)		(1,747,300	)			(456,000	)		11,831
Exercised		0			0				(456,000	)		868

Balance at End of Period		0		$	412,200			EUR	129,400		$	(2,217	)


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		41

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

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND U.S. MUNICIPAL ISSUES - SELL PROTECTION ⁽¹⁾


Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽²⁾		Notional Amount ⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽²⁾		Notional Amount ⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BOA	China Government International Bond		1.000%		09/20/2016		0.277%		$	2,000	$	10		$	19		$	29	$	0

BPS	China Government International Bond		1.000%		09/20/2015		0.160%			17,500		161			(9	)		152		0
	General Electric Capital Corp.		1.000%		09/20/2015		0.230%			900		(46	)		53			7		0
	Teck Resources Ltd.		1.000%		03/20/2019		1.615%			800		(23	)		3			0		(20	)

BRC	Ally Financial, Inc.		5.000%		03/20/2020		1.600%			20,500		3,478			87			3,565		0
	China Government International Bond		1.000%		09/20/2015		0.160%			28,800		272			(21	)		251		0
	China Government International Bond		1.000%		09/20/2016		0.277%			6,000		31			58			89		0

CBK	China Government International Bond		1.000%		09/20/2015		0.160%			6,300		58			(3	)		55		0
	United Kingdom Gilt		1.000%		06/20/2015		0.019%			16,200		132			(11	)		121		0
	United Kingdom Gilt		1.000%		06/20/2016		0.037%			33,500		416			156			572		0

DUB	Ally Financial, Inc.		5.000%		03/20/2020		1.600%			10,000		1,810			(71	)		1,739		0
	BP Capital Markets America, Inc.		1.000%		12/20/2018		0.555%		EUR	4,000		106			(8	)		98		0
	France Government Bond		0.250%		09/20/2015		0.125%		$	3,800		(139	)		144			5		0
	France Government Bond		0.250%		03/20/2016		0.162%			31,100		(1,104	)		1,151			47		0

FBF	China Government International Bond		1.000%		03/20/2015		0.145%			4,700		51			(30	)		21		0
	United Kingdom Gilt		1.000%		09/20/2015		0.021%			13,000		134			(5	)		129		0

GST	Brazil Government International Bond		1.000%		03/20/2018		1.080%			1,200		(15	)		13			0		(2	)
	California State General Obligation Bonds, Series 2003		1.630%		12/20/2018		0.415%			3,300		0			167			167		0
	California State General Obligation Bonds, Series 2003		1.650%		12/20/2018		0.415%			25,000		0			1,288			1,288		0
	China Government International Bond		1.000%		06/20/2019		0.715%			25,000		370			(21	)		349		0
	France Government Bond		0.250%		03/20/2016		0.162%			25,900		(866	)		906			40		0

HUS	China Government International Bond		1.000%		09/20/2015		0.160%			9,200		16			65			81		0

JPM	Brazil Government International Bond		1.000%		12/20/2017		1.013%			12,000		0			9			9		0
	China Government International Bond		1.000%		03/20/2015		0.145%			22,000		255			(156	)		99		0
	China Government International Bond		1.000%		06/20/2019		0.715%			50,000		740			(43	)		697		0
	France Government Bond		0.250%		09/20/2015		0.125%			4,900		(172	)		179			7		0


42		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽²⁾		Notional Amount ⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽²⁾		Notional Amount ⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
	Newmont Mining Corp.		1.000%		12/20/2018		1.255%		$	1,600	$	(111	)	$	97		$	0	$	(14	)

MYC	China Government International Bond		1.000%		09/20/2015		0.160%			17,200		137			13			150		0
	China Government International Bond		1.000%		06/20/2019		0.715%			25,000		371			(22	)		349		0
	France Government Bond		0.250%		09/20/2016		0.197%			22,300		(1,053	)		1,082			29		0

RYL	China Government International Bond		1.000%		09/20/2015		0.160%			41,500		379			(18	)		361		0

											$	5,398		$	5,072		$	10,506	$	(36	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION ⁽¹⁾


Counterparty	Index/Tranches	Fixed Deal Receive Rate		Maturity Date		Notional Amount ⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value ⁽⁴⁾
Counterparty	Index/Tranches	Fixed Deal Receive Rate		Maturity Date		Notional Amount ⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BRC	CDX.EM-15 5-Year Index		5.000%		06/20/2016	$	5,358	$	723		$	(497	)	$	226	$	0

CBK	MCDX-23 10-Year Index		1.000%		12/20/2024		21,400		(584	)		173			0		(411	)

GST	MCDX-23 5-Year Index		1.000%		12/20/2019		23,700		144			119			263		0

MYC	MCDX-23 5-Year Index		1.000%		12/20/2019		19,100		116			96			212		0
	MCDX-23 10-Year Index		1.000%		12/20/2024		21,400		(576	)		165			0		(411	)

								$	(177	)	$	56		$	701	$	(822	)

⁽¹⁾

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, sovereign or U.S. municipal issues as of period 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.

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

⁽⁴⁾


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		43

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

INTEREST RATE SWAPS


Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BRC	Pay	28-Day MXN-TIIE		7.780%		04/09/2019		MXN	91,800	$	3		$	776		$	779	$	0

DUB	Pay	1-Year BRL-CDI		7.620%		01/02/2015		BRL	100		0			(1	)		0		(1	)
	Pay	6-Month AUD-BBR-BBSW		5.000%		12/15/2015		AUD	188,640		(2,460	)		8,028			5,568		0

										$	(2,457	)	$	8,803		$	6,347	$	(1	)

Total Swap Agreements										$	2,764		$	13,931		$	17,554	$	(859	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of October 31, 2014:

(i)

Securities with an aggregate market value of $1,632 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of October 31, 2014.


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged			Net Exposure ⁽⁵⁾
BOA	$	20,317	$	0	$	29	$	20,346	$	(9,919	)	$	(7	)	$	0		$	(9,926	)	$	10,420		$	(6,310	)	$	4,110
BPS		33		0		159		192		(1,943	)		(75	)		(20	)		(2,038	)		(1,846	)		1,453			(393	)
BRC		9		0		4,910		4,919		(48	)		0			0			(48	)		4,871			(4,720	)		151
CBK		2,605		0		748		3,353		(131	)		(91	)		(411	)		(633	)		2,720			(820	)		1,900
DUB		0		0		7,457		7,457		(115	)		0			(1	)		(116	)		7,341			(7,070	)		271
FBF		0		0		150		150		0			0			0			0			150			(176	)		(26	)
GLM		115		0		0		115		(118	)		0			0			(118	)		(3	)		0			(3	)
GST		0		0		2,107		2,107		0			(82	)		(2	)		(84	)		2,023			(1,950	)		73
HUS		0		0		81		81		(17	)		0			0			(17	)		64			(80	)		(16	)
JPM		13		0		812		825		(21	)		(478	)		(14	)		(513	)		312			(280	)		32
MSB		1,926		0		0		1,926		0			0			0			0			1,926			(1,050	)		876
MYC		0		0		740		740		0			0			(411	)		(411	)		329			(489	)		(160	)
RYL		0		0		361		361		0			0			0			0			361			(660	)		(299	)
UAG		15,384		0		0		15,384		(9,152	)		(439	)		0			(9,591	)		5,793			179			5,972

Total Over the Counter	$	40,402	$	0	$	17,554	$	57,956	$	(21,464)		$	(1,172	)	$	(859	)	$	(23,495	)

⁽⁵⁾

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.


44		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	24	$	0	$	0	$	1,235	$	1,259

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	40,402	$	0	$	40,402
Swap Agreements		0		11,206		0		0		6,348		17,554

	$	0	$	11,206	$	0	$	40,402	$	6,348	$	57,956

	$	0	$	11,230	$	0	$	40,402	$	7,583	$	59,215


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	581	$	581
Swap Agreements		0		0		0		0		951		951

	$	0	$	0	$	0	$	0	$	1,532	$	1,532

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	21,464	$	0	$	21,464
Written Options		0		255		0		917		0		1,172
Swap Agreements		0		859		0		0		0		859

	$	0	$	1,114	$	0	$	22,381	$	0	$	23,495

	$	0	$	1,114	$	0	$	22,381	$	1,532	$	25,027

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0	$	299		$	299
Futures		0		0			0		0		14,120			14,120
Swap Agreements		0		(8	)		0		0		(10,252	)		(10,260	)

	$	0	$	(8	)	$	0	$	0	$	4,167		$	4,159

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	53,909	$	0		$	53,909
Written Options		0		0			0		5,507		7,490			12,997
Swap Agreements		0		3,655			0		0		(7,059	)		(3,404	)

	$	0	$	3,655		$	0	$	59,416	$	431		$	63,502

	$	0	$	3,647		$	0	$	59,416	$	4,598		$	67,661


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		45

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


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(9,322	)	$	(9,322	)
Swap Agreements		0		98		0		0		(25,712	)		(25,614	)

	$	0	$	98	$	0	$	0	$	(35,034	)	$	(34,936	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	27,602	$	0		$	27,602
Written Options		0		197		0		848		(2,009	)		(964	)
Swap Agreements		0		976		0		0		11,003			11,979

	$	0	$	1,173	$	0	$	28,450	$	8,994		$	38,617

	$	0	$	1,271	$	0	$	28,450	$	(26,040	)	$	3,681

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of October 31, 2014 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 10/31/2014
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0		$	854,552		$	0	$	854,552
Industrials		0			471,058			35,381		506,439
Utilities		0			310,590			0		310,590
Municipal Bonds & Notes
Arizona		0			2,295			0		2,295
California		0			20,857			0		20,857
New York		0			3,428			0		3,428
Ohio		0			4,740			0		4,740
U.S. Government Agencies		0			841			0		841
U.S. Treasury Obligations		0			12,044			0		12,044
Mortgage-Backed Securities		0			37,393			0		37,393
Asset-Backed Securities		0			17,332			1		17,333
Sovereign Issues		0			607,190			0		607,190
Short-Term Instruments
Certificates of Deposit		0			35,654			0		35,654
Repurchase Agreements		0			40,894			0		40,894
Short-Term Notes		0			146,067			0		146,067
U.S. Treasury Bills		0			53,825			0		53,825

Total Investments	$	0		$	2,618,760		$	35,382	$	2,654,142

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0			1,259			0		1,259
Over the counter		0			57,956			0		57,956
	$	0		$	59,215		$	0	$	59,215

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(581	)		(951	)		0		(1,532	)
Over the counter		(75	)		(23,420	)		0		(23,495	)
	$	(656	)	$	(24,371	)	$	0	$	(25,027	)

Totals	$	(656	)	$	2,653,604		$	35,382	$	2,688,330


46		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

There were no significant transfers between Level 1 and 2 during the period ended October 31, 2014.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended October 31, 2014:


Category and Subcategory	Beginning Balance at 10/31/2013		Net Purchases		Net Sales			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 10/31/2014		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 10/31/2014⁽¹⁾
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	349	$	0	$	(84	)	$	0		$	0		$	31		$	0	$	(296	)	$	0	$	0
Industrials		1,428		4,747		(583	)		(61	)		(68	)		(21	)		29,960		(21	)		35,381		(63	)
Mortgage-Backed Securities		1		0		(89	)		0			19			69			0		0			0		0
Asset-Backed Securities		1		0		0			0			0			0			0		0			1		1

Totals	$	1,779	$	4,747	$	(756	)	$	(61	)	$	(49	)	$	79		$	29,960	$	(317	)	$	35,382	$	(62	)

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

Category and Subcategory

Ending
Balance
at 10/31/2014

Valuation
Technique

Unobservable
Inputs

Input Value(s)
(% Unless
Noted
Otherwise)

Investments in Securities, at Value

Corporate Bonds & Notes

Industrials

35,381

Third Party Vendor

Broker Quote

106.50-117.00

Mortgage-Backed Securities

Benchmark Pricing

Base Price

0.20

Asset-Backed Securities

Benchmark Pricing

Base Price

48.49

Total

35,382

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at October 31, 2014 may be due to an investment no longer held or categorized as level 3 at period end.


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		47

Schedule of Investments PIMCO Fixed Income SHares: Series LD


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 145.4%

CORPORATE BONDS & NOTES 98.9%

BANKING & FINANCE 41.0%
Abbey National Treasury Services PLC
2.350% due 09/10/2019 (a)	$		100	$		99
Ally Financial, Inc.
2.750% due 01/30/2017			100			100
American Express Credit Corp.
2.800% due 09/19/2016 (a)			95			98
American International Group, Inc.
2.375% due 08/24/2015			22			22
Banco Bradesco S.A.
4.500% due 01/12/2017			200			210
Banco Santander Chile
3.750% due 09/22/2015 (a)			150			153
Bank of America Corp.
6.500% due 08/01/2016 (a)			75			82
Bear Stearns Cos. LLC
0.624% due 11/21/2016			75			75
CIT Group, Inc.
4.250% due 08/15/2017			95			98
DBS Bank Ltd.
0.840% due 07/15/2021			100			98
5.000% due 11/15/2019			50			50
Eksportfinans ASA
2.375% due 05/25/2016			50			50
5.500% due 05/25/2016			100			105
Erste Europaische Pfandbrief und Kommunalkreditbank AG S.A.
0.102% due 03/20/2017			100			97
5.125% due 01/21/2016			100			104
General Electric Capital Corp.
0.553% due 12/20/2016			78			78
General Motors Financial Co., Inc.
2.750% due 05/15/2016			75			76
Hana Bank
1.375% due 02/05/2016			200			201
HSBC Finance Corp.
5.500% due 01/19/2016 (a)			145			153
Hypothekenbank Frankfurt AG
0.102% due 09/20/2017			100			99
International Lease Finance Corp.
5.750% due 05/15/2016			125			131
8.625% due 09/15/2015			50			53
Kookmin Bank
1.109% due 01/27/2017			200			202
Korea Development Bank
3.250% due 03/09/2016 (a)			100			103
Korea Finance Corp.
3.250% due 09/20/2016 (a)			100			104


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
LeasePlan Corp. NV
2.500% due 05/16/2018	$		180	$		181
Macquarie Bank Ltd.
2.000% due 08/15/2016			75			76
Macquarie Group Ltd.
3.000% due 12/03/2018			100			103
Navient Corp.
6.250% due 01/25/2016			150			156
Royal Bank of Scotland PLC
5.000% due 05/17/2015			100			102
Synchrony Financial
1.875% due 08/15/2017 (a)			100			101
Vesey Street Investment Trust
4.404% due 09/01/2016 (a)			75			79
Weyerhaeuser Co.
6.950% due 08/01/2017 (a)			150			171
Woori Bank Co. Ltd.
4.750% due 01/20/2016 (a)			100			104

						3,714


INDUSTRIALS 45.7%
Amgen, Inc.
2.125% due 05/15/2017 (a)			95			97
Anadarko Petroleum Corp.
5.950% due 09/15/2016 (a)			90			98
Comcast Corp.
5.900% due 03/15/2016			25			27
Devon Energy Corp.
1.875% due 05/15/2017 (a)			100			102
DISH DBS Corp.
7.125% due 02/01/2016			50			53
7.750% due 05/31/2015			80			83
Enbridge, Inc.
0.684% due 06/02/2017 (a)			150			150
Express Scripts Holding Co.
2.250% due 06/15/2019 (a)			100			99
3.125% due 05/15/2016			95			98
Forest Laboratories, Inc.
4.375% due 02/01/2019 (a)			100			105
Glencore Funding LLC
1.700% due 05/27/2016			100			101
HCA, Inc.
6.500% due 02/15/2016			80			85
7.190% due 11/15/2015			75			79
Hyundai Capital America
1.450% due 02/06/2017			50			50
1.625% due 10/02/2015			40			40
2.125% due 10/02/2017 (a)			100			101
Kansas City Southern de Mexico S.A. de C.V.
0.933% due 10/28/2016			100			100


48		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
KazMunayGas National Co. JSC
11.750% due 01/23/2015	$		150	$		153
Kinder Morgan Energy Partners LP
6.000% due 02/01/2017			30			33
Korea National Oil Corp.
4.000% due 10/27/2016 (a)			200			210
Lowe’s Cos., Inc.
0.654% due 09/10/2019 (a)			100			100
Masco Corp.
6.125% due 10/03/2016			100			107
McKesson Corp.
0.634% due 09/10/2015 (a)			100			100
MGM Resorts International
6.625% due 07/15/2015			115			118
Mylan, Inc.
2.600% due 06/24/2018 (a)			100			102
Oracle Corp.
0.743% due 10/08/2019 (a)			150			151
Pioneer Natural Resources Co.
6.875% due 05/01/2018			100			115
Reynolds American, Inc.
7.750% due 06/01/2018 (a)			150			178
Rockies Express Pipeline LLC
3.900% due 04/15/2015			150			150
Sinopec Group Overseas Development Ltd.
2.750% due 05/17/2017 (a)			200			205
SK Telecom Co. Ltd.
2.125% due 05/01/2018			200			200
Telefonica Emisiones S.A.U.
3.729% due 04/27/2015 (a)			125			127
Thermo Fisher Scientific, Inc.
3.200% due 03/01/2016 (a)			95			98
Tyson Foods, Inc.
2.650% due 08/15/2019			50			51
Universal Health Services, Inc.
3.750% due 08/01/2019			100			101
USG Corp.
6.300% due 11/15/2016			95			101
8.375% due 10/15/2018			75			79
Wynn Macau Ltd.
5.250% due 10/15/2021			200			201

						4,148


UTILITIES 12.2%
Electricite de France S.A.
0.691% due 01/20/2017			30			30
FirstEnergy Corp.
2.750% due 03/15/2018			200			202
Freeport-McMoran Oil & Gas LLC
6.125% due 06/15/2019 (a)			98			108


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Korea Western Power Co. Ltd.
3.125% due 05/10/2017 (a)	$		200	$		207
KT Corp.
2.625% due 04/22/2019 (a)			200			202
Orange S.A.
2.750% due 02/06/2019 (a)			50			51
Petrobras Global Finance BV
1.852% due 05/20/2016 (a)			100			100
Sprint Communications, Inc.
6.000% due 12/01/2016			100			106
Verizon Communications, Inc.
2.500% due 09/15/2016 (a)			100			103

						1,109

Total Corporate Bonds & Notes (Cost $8,950)						8,971


U.S. GOVERNMENT AGENCIES 3.2%
Fannie Mae
3.000% due 03/01/2042 (a)			291			292

Total U.S. Government Agencies (Cost $288)						292


MORTGAGE-BACKED SECURITIES 21.3%
BAMLL Commercial Mortgage Securities Trust
0.954% due 06/15/2028			100			100
Banc of America Funding Trust
0.457% due 02/20/2035			38			36
Banc of America/Merrill Lynch Commercial Mortgage, Inc.
4.933% due 07/10/2045			30			31
BCAP LLC Trust
0.312% due 03/26/2037			89			87
2.546% due 07/26/2036			49			50
Citigroup Mortgage Loan Trust, Inc.
6.000% due 02/25/2037			8			8
Credit Suisse Commercial Mortgage Trust
5.311% due 12/15/2039			30			32
Credit Suisse First Boston Mortgage Securities Corp.
2.186% due 06/25/2033			48			47
Credit Suisse Mortgage Capital Certificates
2.517% due 09/27/2036			135			136
JPMorgan Mortgage Trust
2.368% due 09/25/2034			22			22
2.490% due 02/25/2034			120			123
2.546% due 04/25/2035			687			690
JPMorgan Resecuritization Trust
2.120% due 07/27/2037			26			27
MASTR Asset Securitization Trust
5.500% due 09/25/2033			41			42


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		49

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Merrill Lynch Mortgage Investors Trust
0.612% due 04/25/2029	$		20	$		19
Morgan Stanley Mortgage Loan Trust
2.464% due 11/25/2034			32			32
Residential Accredit Loans, Inc. Trust
0.592% due 06/25/2034			109			108
Selkirk Ltd.
1.860% due 12/20/2041			99			100
Structured Asset Securities Corp. Mortgage Loan Trust
0.752% due 10/25/2027			28			27
Thornburg Mortgage Securities Trust
2.234% due 04/25/2045			87			88
Vulcan European Loan Conduit Ltd.
0.478% due 05/15/2017	EUR		24			30
Wachovia Bank Commercial Mortgage Trust
5.558% due 03/15/2045	$		20			21
WaMu Mortgage Pass-Through Certificates Trust
0.552% due 06/25/2044			55			51
2.363% due 08/25/2035			13			13
Wells Fargo Mortgage-Backed Securities Trust
2.500% due 12/25/2034			7			8

Total Mortgage-Backed Securities (Cost $1,917)						1,928


ASSET-BACKED SECURITIES 11.4%
Aegis Asset-Backed Securities Trust
0.422% due 12/25/2035			26			26
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
0.412% due 10/25/2035			37			37
1.195% due 04/25/2034			101			96
Exeter Automobile Receivables Trust
1.060% due 08/15/2018			122			121
Golden Knight CDO Ltd.
0.471% due 04/15/2019			74			74
Highbridge Loan Management Ltd.
1.485% due 09/20/2022			250			250
National Collegiate Student Loan Trust
0.392% due 11/27/2028			119			117
Race Point CLO Ltd.
1.534% due 12/15/2022			50			50
Saturn CLO Ltd.
0.459% due 05/13/2022			211			210

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

Structured Asset Securities Corp. Mortgage Pass-Through Certificates

0.732% due 01/25/2033

Total Asset-Backed Securities
(Cost $1,023)

1,033

SOVEREIGN ISSUES 3.5%

Export-Import Bank of Korea

4.125% due 09/09/2015 (a)

100

103

5.375% due 10/04/2016 (a)

150

163

Junta Comunidades de Castilla-La Mancha

4.707% due 11/15/2014

Total Sovereign Issues (Cost $315)

315

SHORT-TERM INSTRUMENTS 7.1%

CERTIFICATES OF DEPOSIT 2.2%

Intesa Sanpaolo SpA

1.650% due 04/07/2015

200

201

COMMERCIAL PAPER 4.9%

Ford Motor Credit Co.

0.720% due 03/02/2015

200

199

Tesco Treasury Services PLC

1.024% due 08/17/2015

250

247

446

Total Short-Term Instruments
(Cost $648)

647

Total Investments in Securities
(Cost $13,141)

13,186

Total Investments 145.4%
(Cost $13,141)

13,186

Financial Derivative Instruments (b)(c) 0.1%

(Cost or Premiums, net $(9))

Other Assets and Liabilities, net (45.5%)

(4,124

)

Net Assets 100.0%

9,070


50		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS):

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed ⁽¹⁾			Payable for Reverse Repurchase Agreements
BPG		0.350	%		10/02/2014		11/03/2014	$	(199	)	$	(199	)
		0.350	%		10/03/2014		11/07/2014		(380	)		(380	)
		0.350	%		10/08/2014		11/06/2014		(649	)		(650	)
		0.350	%		10/08/2014		11/07/2014		(97	)		(97	)
		0.350	%		10/08/2014		11/17/2014		(49	)		(49	)
		0.350	%		10/10/2014		11/03/2014		(95	)		(95	)
		0.350	%		10/17/2014		11/03/2014		(95	)		(95	)
		0.350	%		10/17/2014		11/07/2014		(97	)		(97	)
		0.350	%		10/17/2014		12/01/2014		(224	)		(224	)
		0.350	%		10/20/2014		11/06/2014		(196	)		(196	)
		0.350	%		10/20/2014		11/07/2014		(93	)		(93	)
		0.350	%		10/20/2014		11/20/2014		(140	)		(140	)
		0.360	%		10/08/2014		11/19/2014		(94	)		(94	)
		0.360	%		10/17/2014		11/19/2014		(94	)		(94	)
		0.360	%		10/20/2014		11/19/2014		(94	)		(94	)
		0.360	%		10/20/2014		11/20/2014		(475	)		(475	)
CFR		(0.500	%)		07/30/2014		07/29/2016		(191	)		(191	)
DEU		0.230	%		10/07/2014		11/07/2014		(283	)		(283	)
FOB		0.280	%		10/16/2014		11/24/2014		(155	)		(155	)
UBS		0.300	%		10/02/2014		11/06/2014		(197	)		(197	)
		0.340	%		10/23/2014		11/25/2014		(404	)		(404	)
		0.400	%		10/07/2014		11/06/2014		(99	)		(99	)

Total Reverse Repurchase Agreements											$	(4,401	)

⁽¹⁾	The average amount of borrowings while outstanding during the period ended October 31, 2014 was $3,027 at a weighted average interest rate of 0.340%.

SHORT SALES:


Counterparty	Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
TDM	U.S. Treasury Bonds		3.125	%		08/15/2044	$	150	$	(152	)	$	(152	)

Total Short Sales									$	(152	)	$	(152	)


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		51

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of October 31, 2014:

(a)

Securities with an aggregate market value of $4,598 have been pledged as collateral under the terms of the following master agreements as of October 31, 2014.


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Payable for Short Sales			Total Borrowings and Other Financing Transactions			Collateral (Received)/ Pledged		Net Exposure ⁽²⁾
Global/Master Repurchase Agreement
BPG	$	0	$	(3,072	)	$	0	$	0		$	(3,072	)	$	3,062	$	(10	)
CFR		0		(191	)		0		0			(191	)		201		10
DEU		0		(283	)		0		0			(283	)		292		9
FOB		0		(155	)		0		0			(155	)		162		7
UBS		0		(700	)		0		0			(700	)		880		180

Master Securities Forward Transaction Agreement
TDM		0		0			0		(152	)		(152	)		0		(152	)

Total Borrowings and Other Financing Transactions	$	0	$	(4,401	)	$	0	$	(152	)

⁽²⁾	Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity.

(b) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:


Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Asset		Liability
90-Day Eurodollar December Futures	Long		12/2015		18	$	5		$	0	$	(1	)
90-Day Eurodollar March Futures	Long		03/2016		16		7			0		(1	)
90-Day Eurodollar March Futures	Short		03/2018		17		(6	)		2		0
U.S. Treasury 5-Year Note December Futures	Short		12/2014		7		(6	)		1		0
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Short		12/2015		22		(4	)		1		0

Total Futures Contracts						$	(4	)	$	4	$	(2	)

SWAP AGREEMENTS:

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount		Market Value			Unrealized Appreciation/ (Depreciation)			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount		Market Value			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Pay	3-Month USD-LIBOR		2.675%		07/11/2024	$	3,600	$	102		$	102		$	0	$	(9	)
Receive	3-Month USD-LIBOR		3.000%		07/13/2025		3,600		(93	)		(111	)		11		0

								$	9		$	(9	)	$	11	$	(9	)

Total Swap Agreements								$	9		$	(9	)	$	11	$	(9	)


52		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of October 31, 2014:

Cash of $43 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of October 31, 2014.


	Financial Derivative Assets							Financial Derivative Liabilities
	Market Value	Variation Margin Asset				Total		Market Value		Variation Margin Liability						Total
	Purchased Options	Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$ 0	$	4	$	11	$	15	$	0	$	(2	)	$	(9	)	$	(11	)

(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
BOA		11/2014		EUR	257	$		344		$ 22	$	0
		12/2014		GBP	7			11		0		0

BPS		11/2014	$		310		JPY	33,900		0		(8	)
		12/2014		GBP	3	$		5		0		0
		12/2014	$		193		GBP	121		0		0

BRC		11/2014			129		EUR	98		0		(6	)
		11/2014			130		JPY	14,300		0		(3	)

FBF		12/2014			46		GBP	28		0		(1	)

GLM		11/2014			7		EUR	5		0		0

JPM		11/2014		JPY	47,867	$		440		14		0
		11/2014	$		159		EUR	123		0		(5	)

Total Forward Foreign Currency Contracts										$ 36	$	(23	)

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate		Exercise Rate		Expiration Date		Notional Amount		Cost		Market Value
BRC	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR		Receive		1.050%		07/21/2015	$	5,300	$	13	$	5

Total Purchased Options											$	13	$	5


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		53

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

WRITTEN OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount		Premiums (Received)			Market Value
BRC	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.340%		07/21/2015	$	5,300	$	(8	)	$	(2	)
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.545%		07/21/2015		5,300		(5	)		(2	)

JPM	Call - OTC 1-Year Interest Rate Swap (Effective 07/23/2018)	3-Month USD-LIBOR	Receive		3.000%		07/21/2015		1,365		(5	)		(6	)

										$	(18	)	$	(10	)

Total Written Options										$	(18	)	$	(10	)

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED OCTOBER 31, 2014:


	Notional Amount			Premiums
Balance at Beginning of Period	$	0		$	0
Sales		12,365			(22	)
Closing Buys		(400	)		4
Expirations		0			0
Exercised		0			0

Balance at End of Period	$	11,965		$	(18	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION ⁽¹⁾

Counterparty

Reference Entity

Fixed Deal
Receive Rate

Maturity
Date

Implied
Credit
Spread at
October 31,
2014 ⁽²⁾

Notional
Amount ⁽³⁾

Premiums
(Received)

Unrealized
Appreciation/
(Depreciation)

Swap Agreements,
at Value

Asset

Liability

MYC

Domtar Corp.

1.000%

09/20/2019

1.681%

100

)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION ⁽¹⁾


Counterparty	Index/Tranches	Fixed Deal Receive Rate		Maturity Date		Notional Amount ⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value ⁽⁴⁾
Counterparty	Index/Tranches	Fixed Deal Receive Rate		Maturity Date		Notional Amount ⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
FBF	CMBX.NA.AAA.1 Index		0.100%		10/12/2052	$	90	$	(1	)	$	0	$	0	$	(1	)

GST	CMBX.NA.AAA.1 Index		0.100%		10/12/2052		90		0			0		0		0

								$	(1	)	$	0	$	0	$	(1	)

Total Swap Agreements								$	(4	)	$	0	$	0	$	(4	)

⁽¹⁾


54		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period 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.

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

⁽⁴⁾

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of October 31, 2014:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposure ⁽⁵⁾
BOA	$	22	$	0	$	0	$	22	$	0		$	0		$	0		$	0		$	22		$	0	$	22
BPS		0		0		0		0		(8	)		0			0			(8	)		(8	)		0		(8	)
BRC		0		5		0		5		(9	)		(4	)		0			(13	)		(8	)		0		(8	)
FBF		0		0		0		0		(1	)		0			(1	)		(2	)		(2	)		0		(2	)
JPM		14		0		0		14		(5	)		(6	)		0			(11	)		3			0		3
MYC		0		0		0		0		0			0			(3	)		(3	)		(3	)		0		(3	)

Total Over the Counter	$	36	$	5	$	0	$	41	$	(23	)	$	(10	)	$	(4	)	$	(37	)

⁽⁵⁾	Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		55

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	4	$	4
Swap Agreements		0		0		0		0		11		11

	$	0	$	0	$	0	$	0	$	15	$	15

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	36	$	0	$	36
Purchased Options		0		0		0		0		5		5

	$	0	$	0	$	0	$	36	$	5	$	41

	$	0	$	0	$	0	$	36	$	20	$	56


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	2	$	2
Swap Agreements		0		0		0		0		9		9

	$	0	$	0	$	0	$	0	$	11	$	11

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	23	$	0	$	23
Written Options		0		0		0		0		10		10
Swap Agreements		0		4		0		0		0		4

	$	0	$	4	$	0	$	23	$	10	$	37

	$	0	$	4	$	0	$	23	$	21	$	48

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	(2	)	$	(2	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	57	$	0		$	57
Purchased Options		0		0		0		0		5			5
Swap Agreements		0		1		0		0		0			1

	$	0	$	1	$	0	$	57	$	5		$	63

	$	0	$	1	$	0	$	57	$	3		$	61


56		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(3	)	$	(3	)
Swap Agreements		0		0		0		0		(9	)		(9	)

	$	0	$	0	$	0	$	0	$	(12	)	$	(12	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	12	$	0		$	12
Purchased Options		0		0		0		0		(9	)		(9	)
Written Options		0		0		0		0		9			9
Swap Agreements		0		1		0		0		0			1

	$	0	$	1	$	0	$	12	$	0		$	13

	$	0	$	1	$	0	$	12	$	(12	)	$	1

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of October 31, 2014 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 10/31/2014
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0		$	3,714		$	0	$	3,714
Industrials		0			4,148			0		4,148
Utilities		0			1,109			0		1,109
U.S. Government Agencies		0			292			0		292
Mortgage-Backed Securities		0			1,928			0		1,928
Asset-Backed Securities		0			1,033			0		1,033
Sovereign Issues		0			315			0		315
Short-Term Instruments
Certificates of Deposit		0			201			0		201
Commercial Paper		0			446			0		446

Total Investments	$	0		$	13,186		$	0	$	13,186

Short Sales, at Value - Liabilities
U.S. Treasury Obligations	$	0		$	(152	)	$	0	$	(152	)

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		4			11			0		15
Over the counter		0			41			0		41
	$	4		$	52		$	0	$	56

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(2	)		(9	)		0		(11	)
Over the counter		0			(37	)		0		(37	)
	$	(2	)	$	(46	)	$	0	$	(48	)

Totals	$	2		$	13,040		$	0	$	13,042

There were no significant transfers between Level 1, 2, and 3 during the period ended October 31, 2014.


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		57

Schedule of Investments PIMCO Fixed Income SHares: Series M


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 142.7%

CORPORATE BONDS & NOTES 51.6%

BANKING & FINANCE 26.1%
AerCap Ireland Capital Ltd.
5.000% due 10/01/2021	$		17,800	$		18,556
Ally Financial, Inc.
2.750% due 01/30/2017			100			100
8.300% due 02/12/2015			100			102
American International Group, Inc.
6.250% due 05/01/2036			6,000			7,610
Banco Santander Brasil S.A.
4.250% due 01/14/2016			6,800			7,021
Banco Santander Chile
3.875% due 09/20/2022			5,000			5,016
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander
4.125% due 11/09/2022 (e)			41,700			42,325
4.125% due 11/09/2022			5,900			5,988
Bank of America Corp.
5.000% due 05/13/2021			300			332
5.625% due 07/01/2020 (e)			14,600			16,601
5.700% due 01/24/2022 (e)			20,000			23,053
Bank of Nova Scotia
1.650% due 10/29/2015			15,680			15,856
Bankia S.A.
3.500% due 12/14/2015	EUR		1,400			1,818
3.625% due 10/05/2016			700			933
4.250% due 07/05/2016			100			134
Banque PSA Finance S.A.
5.750% due 04/04/2021	$		17,700			18,806
Barclays Bank PLC
7.625% due 11/21/2022			6,700			7,311
7.750% due 04/10/2023			2,600			2,853
10.000% due 05/21/2021	GBP		17,200			35,914
10.179% due 06/12/2021	$		12,280			16,530
14.000% due 06/15/2019 (b)	GBP		3,500			7,307
Blackstone CQP Holdco LP
9.296% due 03/18/2019	$		73,055			73,356
BPCE S.A.
4.625% due 07/11/2024			13,600			13,437
CIT Group, Inc.
4.250% due 08/15/2017			7,000			7,210
5.000% due 05/15/2017			100			105
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.750% due 01/15/2020 (e)			36,900			41,008
Corp. Financiera de Desarrollo S.A.
4.750% due 02/08/2022			7,000			7,350
Credit Suisse AG
6.500% due 08/08/2023			19,000			20,995


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Ford Motor Credit Co. LLC
5.750% due 02/01/2021	$		15,000	$		17,183
8.125% due 01/15/2020			4,605			5,761
General Electric Capital Corp.
6.150% due 08/07/2037			1,000			1,268
General Motors Financial Co., Inc.
4.250% due 05/15/2023 (e)			10,930			11,285
Goldman Sachs Group, Inc.
4.000% due 03/03/2024 (e)			13,400			13,703
Hospitality Properties Trust
5.000% due 08/15/2022			8,500			8,971
HSBC Finance Corp.
6.676% due 01/15/2021			19,600			23,146
HSBC Holdings PLC
4.250% due 03/14/2024 (e)			30,700			31,607
6.500% due 05/02/2036			6,100			7,657
ICICI Bank Ltd.
4.750% due 11/25/2016			6,700			7,045
International Lease Finance Corp.
5.875% due 04/01/2019			285			308
Intesa Sanpaolo SpA
6.500% due 02/24/2021			4,000			4,646
KGH Intermediate Holdco LLC
8.500% due 08/07/2019 (c)			13,275			13,275
8.500% due 08/08/2019 (c)			4,425			4,425
Navient Corp.
5.050% due 11/14/2014			3,400			3,402
6.250% due 01/25/2016			300			313
Ohio National Financial Services, Inc.
6.375% due 04/30/2020			1,500			1,732
OMX Timber Finance Investments LLC
5.420% due 01/29/2020			10,000			11,152
Qatari Diar Finance Co.
5.000% due 07/21/2020			2,000			2,260
Sberbank of Russia Via SB Capital S.A.
5.400% due 03/24/2017			4,950			5,035
5.717% due 06/16/2021			350			343
6.125% due 02/07/2022			600			603
Springleaf Finance Corp.
5.400% due 12/01/2015			100			104
Temasek Financial Ltd.
4.300% due 10/25/2019			10,000			11,062
UBS AG
2.375% due 08/14/2019			10,200			10,219
4.875% due 08/04/2020			9,663			10,844
Wells Fargo Bank N.A.
6.600% due 01/15/2038			3,000			4,096

						609,072


58		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 13.7%
Activision Blizzard, Inc.
5.625% due 09/15/2021	$		4,000	$		4,265
Aviation Capital Group Corp.
6.750% due 04/06/2021			9,800			11,221
Clear Channel Worldwide Holdings, Inc.
6.500% due 11/15/2022			11,250			11,684
CNH Industrial Finance Europe S.A.
6.250% due 03/09/2018	EUR		1,000			1,405
CSC Holdings LLC
7.625% due 07/15/2018	$		2,200			2,500
7.875% due 02/15/2018			7,340			8,322
CSN Islands Corp.
10.000% due 01/15/2015			5,600			5,722
CVS Pass-Through Trust
7.507% due 01/10/2032			13,461			17,171
Domtar Corp.
6.750% due 02/15/2044			700			768
Ecopetrol S.A.
5.875% due 09/18/2023			15,100			16,874
7.625% due 07/23/2019			7,245			8,676
Europcar Groupe S.A.
11.500% due 05/15/2017	EUR		2,100			2,967
Fiat Chrysler Finance Europe
7.000% due 03/23/2017			4,300			5,923
Financiere Quick S.A.S.
4.832% due 04/15/2019			4,600			5,217
Florida Gas Transmission Co. LLC
7.900% due 05/15/2019	$		5,000			6,085
Georgia-Pacific LLC
5.400% due 11/01/2020			4,900			5,606
7.750% due 11/15/2029			5,100			7,159
8.000% due 01/15/2024			4,200			5,678
Gerdau Trade, Inc.
5.750% due 01/30/2021			12,500			13,346
GTL Trade Finance, Inc.
5.893% due 04/29/2024			9,000			9,360
HCA, Inc.
5.875% due 03/15/2022			5,000			5,500
6.500% due 02/15/2020			10,300			11,536
Kinder Morgan Energy Partners LP
5.300% due 09/15/2020			10,500			11,558
6.850% due 02/15/2020			5,000			5,892
Lafarge S.A.
6.250% due 04/13/2018	EUR		1,200			1,718
NBCUniversal Media LLC
4.375% due 04/01/2021 (e)	$		10,000			10,997
Petrobras International Finance Co. S.A.
6.875% due 01/20/2040 (e)			22,150			23,454
Petroleum Co. of Trinidad & Tobago Ltd.
9.750% due 08/14/2019			14,565			18,315


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Reynolds Group Issuer, Inc.
7.125% due 04/15/2019	$		5,300	$		5,519
7.875% due 08/15/2019			1,900			2,040
Sabine Pass Liquefaction LLC
5.625% due 02/01/2021			3,800			4,000
Southwestern Energy Co.
4.100% due 03/15/2022			12,300			12,518
Telenet Finance Luxembourg S.C.A.
6.250% due 08/15/2022	EUR		3,500			4,770
6.625% due 02/15/2021			1,500			2,016
6.750% due 08/15/2024			6,000			8,426
UPC Holding BV
8.375% due 08/15/2020			4,000			5,407
Wind Acquisition Finance S.A.
4.000% due 07/15/2020			28,200			34,941

						318,556


UTILITIES 11.8%
BG Energy Capital PLC
6.500% due 11/30/2072	GBP		2,000			3,461
6.500% due 11/30/2072	$		4,000			4,376
Centrais Eletricas Brasileiras S.A.
6.875% due 07/30/2019			12,810			14,059
Dynegy Finance, Inc.
6.750% due 11/01/2019			8,000			8,290
7.375% due 11/01/2022			5,900			6,247
7.625% due 11/01/2024			2,100			2,229
Gazprom OAO Via Gaz Capital S.A.
5.999% due 01/23/2021			200			205
6.212% due 11/22/2016			4,750			4,958
6.510% due 03/07/2022			400			420
8.146% due 04/11/2018			16,700			18,531
8.625% due 04/28/2034			2,500			2,952
9.250% due 04/23/2019			20,250			23,494
Novatek OAO Via Novatek Finance Ltd.
4.422% due 12/13/2022			4,300			3,816
6.604% due 02/03/2021			29,800			30,544
Odebrecht Drilling Norbe Ltd.
6.350% due 06/30/2021			175			186
Petrobras Global Finance BV
5.625% due 05/20/2043			3,100			2,844
6.250% due 03/17/2024 (e)			48,400			51,390
7.250% due 03/17/2044			3,300			3,633
Petroleos Mexicanos
5.500% due 01/21/2021			12,300			13,660
5.500% due 02/24/2025	EUR		13,000			20,407
6.500% due 06/02/2041 (e)	$		31,450			36,954
6.625% due 06/15/2035			500			593
6.625% due 06/15/2038			1,300			1,516
Rosneft Finance S.A.
6.250% due 02/02/2015			1,100			1,106


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		59

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Verizon Communications, Inc.
4.500% due 09/15/2020	$		5,400	$		5,867
5.150% due 09/15/2023 (e)			12,200			13,667

						275,405

Total Corporate Bonds & Notes (Cost $1,192,485)						1,203,033


MUNICIPAL BONDS & NOTES 17.8%

CALIFORNIA 8.6%
Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010
7.046% due 12/01/2044			11,000			14,567
Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2010
6.918% due 04/01/2040			1,300			1,784
7.043% due 04/01/2050			14,000			20,299
California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010
6.486% due 05/15/2049			15,000			17,973
California State General Obligation Bonds, (BABs), Series 2010
7.700% due 11/01/2030			12,000			14,971
7.950% due 03/01/2036			27,250			33,721
Irvine Ranch Water District, California Special Assessment Bonds, (BABs), Series 2010
6.622% due 05/01/2040			7,200			9,278
Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, (BABs), Series 2010
4.530% due 06/01/2022			1,850			2,064
Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010
7.488% due 08/01/2033			2,800			3,657
7.618% due 08/01/2040			12,300			17,457
Los Angeles Department of Water & Power, California Revenue Bonds, (BABs), Series 2010
6.166% due 07/01/2040			6,400			7,116
Los Angeles Unified School District, California General Obligation Bonds, Series 2010
5.981% due 05/01/2027			6,500			7,930
M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			1,000			1,375
Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010
6.507% due 08/01/2043			204			278
Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010
7.168% due 07/01/2040			3,500			4,347


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Palomar Community College District, California General Obligation Bonds, (BABs), Series 2010
7.194% due 08/01/2045	$		4,200	$		4,812
Pasadena Public Financing Authority, California Revenue Bonds, (BABs), Series 2010
7.148% due 03/01/2043			6,500			8,626
Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2010
6.398% due 05/15/2031			5,100			6,164
Riverside Community College District Foundation, California General Obligation Bonds, (BABs), Series 2010
6.971% due 08/01/2035			1,550			1,763
7.021% due 08/01/2040			3,250			3,715
San Diego County, California Regional Airport Authority Revenue Bonds, (BABs), Series 2010
6.628% due 07/01/2040			2,300			2,601
San Diego Redevelopment Agency, California Tax Allocation Bonds, Series 2010
7.750% due 09/01/2040			2,400			2,673
San Francisco, California Public Utilities Commission Water Revenue Bonds, (BABs), Series 2010
5.500% due 11/01/2025			6,400			7,500
Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2005
5.400% due 06/01/2027			985			920
Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006
5.000% due 06/01/2037			1,050			849
University of California Revenue Bonds, (BABs), Series 2010
6.296% due 05/15/2050			3,350			3,939

						200,379


ILLINOIS 0.7%
Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010
6.200% due 12/01/2040			10,100			11,796
Chicago, Illinois Waterworks Revenue Bonds, Series 2010
6.642% due 11/01/2029			900			1,091
Illinois State Toll Highway Authority Revenue Bonds, (BABs), Series 2009
6.184% due 01/01/2034			2,200			2,778

						15,665


MASSACHUSETTS 0.0%
University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009
6.423% due 05/01/2029			750			851


60		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MICHIGAN 0.1%
Michigan State University Revenue Bonds, (BABs), Series 2010
6.173% due 02/15/2050	$		1,250	$		1,469


NEW JERSEY 0.8%
New Jersey Economic Development Authority Revenue Bonds, (BABs), Series 2010
6.425% due 12/15/2035			1,335			1,488
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2007
5.000% due 06/01/2029			200			171
5.000% due 06/01/2041			21,960			16,418

						18,077


NEW YORK 3.8%
Metropolitan Transportation Authority, New York Revenue Bonds, (BABs), Series 2009
5.871% due 11/15/2039			3,500			4,314
Metropolitan Transportation Authority, New York Revenue Bonds, (BABs), Series 2010
6.814% due 11/15/2040			12,000			16,423
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, (BABs), Series 2010
4.325% due 11/01/2021			7,330			8,118
4.525% due 11/01/2022			16,700			18,610
5.932% due 11/01/2036			14,700			16,638
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010
5.267% due 05/01/2027			5,000			5,804
New York City, New York Water & Sewer System Revenue Bonds, (BABs), Series 2010
6.124% due 06/15/2042			3,000			3,427
New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010
5.500% due 03/15/2030			400			473
New York State Dormitory Authority Revenue Bonds, Series 2010
5.051% due 09/15/2027			4,000			4,581
Port Authority of New York & New Jersey Revenue Bonds, Series 2009
5.859% due 12/01/2024			2,500			3,110
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, (BABs), Series 2010
5.550% due 11/15/2040			5,200			6,197

						87,695


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OHIO 1.9%
American Municipal Power, Inc., Ohio Revenue Bonds, (BABs), Series 2010
8.084% due 02/15/2050	$		10,500	$		16,420
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010
7.734% due 02/15/2033			900			1,272
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2007
5.875% due 06/01/2047			21,800			17,287
6.000% due 06/01/2042			11,825			9,404
6.500% due 06/01/2047			500			430

						44,813


PENNSYLVANIA 0.4%
Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010
6.532% due 06/15/2039			600			680
State Public School Building Authority, Pennsylvania Revenue Bonds, Series 2011
5.426% due 09/15/2026			8,500			9,710

						10,390


TENNESSEE 0.0%
Metropolitan Government of Nashville & Davidson County, Tennessee Water & Sewer Revenue Bonds, (BABs), Series 2010
6.568% due 07/01/2037			100			127


WASHINGTON 0.4%
Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010
6.790% due 07/01/2040			6,800			8,380


WEST VIRGINIA 1.1%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			31,095			26,493

Total Municipal Bonds & Notes (Cost $371,034)						414,339


U.S. GOVERNMENT AGENCIES 29.8%
Fannie Mae
0.352% due 10/27/2037			6,800			6,788
0.602% due 08/25/2021			17			17
2.035% due 05/01/2028			138			146
2.040% due 05/01/2034			123			123
2.100% due 11/01/2032			14			14
2.123% due 10/01/2032			23			23


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		61

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.215% due 09/01/2032	$		13	$		13
2.216% due 12/01/2034			102			109
2.220% due 09/01/2027			55			55
2.251% due 05/01/2033			146			156
2.264% due 01/01/2033			66			70
2.425% due 10/01/2034			141			141
2.500% due 05/01/2017			10			10
2.519% due 06/01/2020			17			17
2.756% due 05/01/2018			23			24
2.758% due 01/01/2018			17			17
3.000% due 11/01/2044 - 12/01/2044			216,000			215,584
3.193% due 03/25/2041			20			20
3.500% due 11/01/2044			125,000			129,207
3.596% due 05/25/2042			18			19
4.000% due 11/25/2019 - 11/01/2044			125,374			133,105
4.500% due 11/25/2026 - 12/01/2044			128,203			138,772
5.000% due 11/01/2033 - 12/01/2044			55,000			60,742
6.000% due 08/01/2022 - 12/01/2023			187			204
6.500% due 01/01/2025 - 12/01/2028			66			74
7.000% due 11/01/2038			86			93
7.010% due 08/01/2022			45			47
7.925% due 02/01/2025			1			1
11.000% due 07/15/2020			30			31
Freddie Mac
0.603% due 08/15/2029 - 12/15/2031			68			68
0.653% due 09/15/2030			7			7
0.703% due 03/15/2032			10			10
0.803% due 03/15/2020 - 02/15/2024			239			247
0.853% due 10/15/2019			2			2
1.303% due 09/15/2022			39			40
1.503% due 08/15/2023			11			12
1.955% due 08/01/2032			75			75
2.250% due 08/01/2029			20			21
2.314% due 02/01/2033			71			75
2.334% due 04/01/2032			62			63
2.348% due 01/01/2033			9			9
2.364% due 02/01/2029			117			123
2.375% due 01/01/2032 - 10/01/2032			202			210
2.393% due 07/01/2032			9			9
2.437% due 07/01/2029			10			10
2.475% due 08/01/2032			13			13
2.625% due 10/01/2032			62			63
4.500% due 05/15/2018			11			12
5.500% due 04/15/2035			2,800			3,149
6.000% due 08/15/2016 - 12/15/2028			542			589


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.500% due 08/15/2016 - 12/15/2023	$		23	$		24
7.000% due 04/01/2029 - 06/01/2030			20			23
7.500% due 08/15/2030			69			79
Ginnie Mae
0.507% due 06/20/2032			18			18
1.625% due 03/20/2017 - 06/20/2032			706			732
2.000% due 05/20/2018 - 09/20/2027			145			150
2.125% due 06/20/2022			32			33
2.500% due 01/20/2018 - 09/20/2021			21			23
3.000% due 04/20/2019 - 08/20/2025			70			70
6.500% due 05/15/2023 - 12/15/2023			2			2
NCUA Guaranteed Notes
0.603% due 10/07/2020			2,916			2,935
Vendee Mortgage Trust
6.500% due 09/15/2024			750			845

Total U.S. Government Agencies (Cost $694,313)						695,363


U.S. TREASURY OBLIGATIONS 0.1%
U.S. Treasury Notes
0.250% due 01/31/2015 (h)			522			522
2.000% due 02/15/2022 (h)			1,300			1,294

Total U.S. Treasury Obligations (Cost $1,797)						1,816


MORTGAGE-BACKED SECURITIES 17.9%
Adjustable Rate Mortgage Trust
2.671% due 11/25/2035 ^			383			330
2.756% due 02/25/2036			257			209
4.843% due 11/25/2035			737			675
4.896% due 01/25/2036			186			171
American Home Mortgage Assets Trust
0.342% due 09/25/2046			1,199			892
0.362% due 10/25/2046			976			683
1.034% due 11/25/2046			814			448
American Home Mortgage Investment Trust
0.442% due 02/25/2045			203			202
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^			362			301
16.606% due 09/25/2035			361			449
Banc of America Funding Ltd
0.417% due 10/03/2039			5,639			5,567
Banc of America Funding Trust
0.347% due 10/20/2036			324			233
0.362% due 04/25/2037			275			188


62		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.457% due 05/20/2047	$		166	$		137
0.552% due 05/25/2037			231			163
2.640% due 02/20/2036			1,148			1,141
2.790% due 04/20/2035			374			283
2.796% due 09/20/2047			447			332
5.453% due 09/20/2046			301			254
5.500% due 03/25/2036 ^			65			62
Banc of America Mortgage Trust
2.622% due 02/25/2033			2			2
2.644% due 07/25/2035			91			85
5.500% due 09/25/2035			1,389			1,340
5.500% due 05/25/2037			348			273
BCAP LLC Trust
0.302% due 05/25/2047			180			136
0.312% due 03/26/2037			177			173
0.354% due 07/26/2036			496			474
0.362% due 05/26/2047			385			371
0.372% due 05/25/2047 ^			1,162			883
0.405% due 07/26/2035			221			218
0.652% due 05/26/2035			167			154
0.672% due 11/26/2035			309			303
0.802% due 09/25/2047			257			220
0.814% due 11/26/2046			404			390
0.895% due 01/26/2036			214			212
1.581% due 10/26/2035			323			323
2.246% due 07/26/2036			963			965
2.382% due 01/26/2034			127			126
2.589% due 07/26/2036			620			527
2.610% due 02/26/2035			263			261
2.619% due 06/26/2035			517			523
2.809% due 07/26/2036			346			349
2.809% due 03/26/2037			327			260
4.000% due 02/26/2037			412			409
4.824% due 03/27/2037			439			291
5.007% due 07/26/2036			86			69
12.801% due 10/26/2036			435			404
BCRR Trust
5.797% due 08/17/2045			4,066			4,445
Bear Stearns Adjustable Rate Mortgage Trust
2.271% due 08/25/2035			6,213			6,254
2.430% due 10/25/2035			1,843			1,820
2.455% due 12/25/2046 ^			2,396			2,065
2.474% due 06/25/2035			82			75
2.528% due 03/25/2035			2,565			2,595
2.530% due 02/25/2036 ^			299			244
2.607% due 11/25/2034			207			202
2.652% due 02/25/2034			167			167
2.653% due 05/25/2034			84			82
2.665% due 10/25/2035			320			318
2.679% due 03/25/2035			157			153
2.712% due 01/25/2035			42			42
2.772% due 01/25/2034			156			157
2.933% due 05/25/2047 ^			618			532
5.174% due 08/25/2035			167			150


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bear Stearns ALT-A Trust
0.592% due 04/25/2036	$		343	$		254
2.447% due 02/25/2036 ^			73			59
2.455% due 06/25/2034			4,779			3,734
2.538% due 02/25/2036 ^			738			508
2.551% due 05/25/2035			146			140
2.670% due 08/25/2036 ^			430			261
4.334% due 11/25/2036 ^			249			194
4.865% due 07/25/2035			1,205			1,004
5.243% due 05/25/2036			1,211			925
Bear Stearns Mortgage Funding Trust
0.342% due 01/25/2037			187			154
Bear Stearns Mortgage Securities, Inc.
6.374% due 03/25/2031			12			13
Bear Stearns Structured Products, Inc. Trust
2.506% due 01/26/2036			1,844			1,476
Chase Mortgage Finance Trust
2.475% due 03/25/2037			215			197
5.164% due 03/25/2037			118			114
5.641% due 09/25/2036			3,956			3,604
6.000% due 05/25/2037			242			216
ChaseFlex Trust
0.452% due 07/25/2037			414			358
4.805% due 08/25/2037 ^			76			61
5.000% due 07/25/2037			252			222
Citigroup Commercial Mortgage Trust
5.322% due 12/17/2049			9,862			10,595
5.858% due 07/17/2040			13,898			14,789
Citigroup Mortgage Loan Trust, Inc.
0.321% due 10/25/2046			300			286
2.299% due 10/25/2046			495			397
2.438% due 09/25/2037			200			190
2.521% due 10/25/2035			516			512
2.521% due 11/25/2035			338			336
2.550% due 12/25/2035 ^			239			182
2.559% due 08/25/2035			99			99
2.809% due 03/25/2037			233			185
3.667% due 09/25/2037 ^			1,396			1,225
5.208% due 08/25/2035			4,051			3,983
5.500% due 12/25/2035			257			182
6.489% due 11/25/2037			185			155
CitiMortgage Alternative Loan Trust
6.500% due 06/25/2037			340			292
Commercial Mortgage Trust
3.156% due 07/10/2046			14,742			14,950
Community Program Loan Trust
4.500% due 04/01/2029			419			424
Countrywide Alternative Loan Resecuritization Trust
0.422% due 03/25/2047			338			312
6.000% due 08/25/2037			144			112
6.000% due 08/25/2037 ^			125			100
Countrywide Alternative Loan Trust
0.292% due 08/25/2037			1,642			1,369


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		63

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.312% due 12/25/2046 ^	$		310	$		303
0.322% due 11/25/2036			2,365			2,118
0.322% due 01/25/2037 ^			466			432
0.332% due 11/25/2036			293			267
0.332% due 05/25/2047			2,629			2,210
0.337% due 02/20/2047			2,914			2,203
0.342% due 07/25/2046			250			231
0.342% due 09/25/2046 ^			1,056			891
0.342% due 10/25/2046			497			483
0.367% due 07/20/2046 ^			98			68
0.372% due 05/25/2035			4,233			3,642
0.402% due 06/25/2035			298			262
0.412% due 07/25/2035			289			250
0.412% due 12/25/2035			2,037			1,810
0.422% due 05/25/2036 ^			76			56
0.462% due 08/25/2035			429			333
0.462% due 10/25/2035			285			234
0.652% due 05/25/2035			7,498			6,297
0.935% due 09/25/2034			149			147
1.114% due 02/25/2036			901			818
2.434% due 05/25/2036			134			105
2.459% due 08/25/2035			543			478
4.588% due 06/25/2047			418			352
5.307% due 11/25/2035 ^			227			184
5.500% due 11/25/2035			220			183
5.500% due 02/25/2036			184			165
5.750% due 03/25/2037 ^			306			263
5.750% due 04/25/2047			268			222
6.000% due 12/25/2034			186			187
6.000% due 03/25/2036			451			376
6.000% due 08/25/2036			721			655
6.000% due 02/25/2037			932			744
6.000% due 04/25/2037			185			163
6.000% due 05/25/2037 ^			334			281
6.000% due 05/25/2037			480			396
6.000% due 08/25/2037			854			730
6.250% due 11/25/2036 ^			191			181
6.500% due 12/25/2036			132			109
6.500% due 08/25/2037			595			435
19.382% due 07/25/2035			117			162
Countrywide Home Loan Mortgage Pass-Through Trust
0.382% due 05/25/2035			170			145
0.452% due 04/25/2046 ^			155			101
0.472% due 03/25/2035			1,225			1,178
0.492% due 03/25/2036			848			500
0.522% due 02/25/2035			804			707
0.542% due 02/25/2035			682			527
0.692% due 02/25/2035			37			36
0.772% due 03/25/2035			827			766
2.313% due 02/20/2036			109			99
2.431% due 11/25/2034			228			217
2.442% due 08/25/2034			159			147
2.458% due 05/20/2036			149			137
2.486% due 02/20/2036			802			676
2.494% due 04/25/2035 ^			295			88
2.519% due 05/20/2036			350			284


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.644% due 11/25/2037	$		546	$		485
5.030% due 10/20/2035			209			176
5.104% due 01/25/2036 ^			338			319
5.500% due 07/25/2037			875			813
5.750% due 12/25/2035 ^			336			319
6.000% due 02/25/2037			993			956
6.000% due 03/25/2037			328			298
6.000% due 07/25/2037			582			502
6.500% due 11/25/2036			2,090			1,893
Countrywide Home Loan Reperforming REMIC Trust
6.000% due 03/25/2035			228			230
Credit Suisse Commercial Mortgage Trust
5.900% due 09/15/2039 (e)			23,274			25,338
Credit Suisse First Boston Mortgage Securities Corp.
0.798% due 03/25/2032			9			9
1.302% due 09/25/2034			205			171
Credit Suisse Mortgage Capital Certificates
0.305% due 03/27/2036			222			218
0.395% due 05/27/2037			100			84
0.554% due 12/27/2035			300			287
1.958% due 04/28/2037			579			388
2.467% due 04/26/2038			1,900			1,856
2.517% due 09/27/2036			297			299
2.831% due 08/28/2036			179			174
Deutsche ALT-A Securities, Inc.
0.452% due 04/25/2037			727			411
Deutsche ALT-A Securities, Inc. Mortgage Loan Trust
0.312% due 01/25/2047			210			154
0.342% due 08/25/2047			920			765
Deutsche Mortgage & Asset Receiving Corp.
0.408% due 11/27/2036			500			421
Downey Savings & Loan Association Mortgage Loan Trust
0.477% due 07/19/2045 ^			120			27
First Horizon Alternative Mortgage Securities Trust
2.219% due 04/25/2036			392			330
2.386% due 01/25/2036			755			613
First Horizon Mortgage Pass-Through Trust
2.618% due 11/25/2037			167			149
6.250% due 11/25/2036			1,055			1,064
GMAC Mortgage Corp. Loan Trust
2.940% due 11/19/2035			305			288
Granite Master Issuer PLC
0.337% due 12/20/2054			2,959			2,941
Greenpoint Mortgage Funding Trust
0.352% due 12/25/2046 ^			384			217
GSC Capital Corp. Mortgage Trust
0.332% due 05/25/2036			325			251
GSR Mortgage Loan Trust
2.539% due 09/25/2034			209			199
2.660% due 09/25/2035			862			867
2.667% due 04/25/2035			120			119


64		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.675% due 11/25/2035	$		272	$		248
2.783% due 04/25/2035			135			132
HarborView Mortgage Loan Trust
0.347% due 01/19/2038			79			67
0.377% due 05/19/2035			3,557			2,986
0.407% due 01/19/2036			237			165
0.407% due 01/19/2038 ^			181			60
0.407% due 09/19/2046 ^			48			4
0.497% due 01/19/2035			99			84
0.885% due 07/19/2045			106			102
2.513% due 12/19/2035 ^			290			223
2.661% due 12/19/2035 ^			262			234
HomeBanc Mortgage Trust
0.332% due 12/25/2036			242			211
Impac Secured Assets Trust
0.302% due 11/25/2036			2,198			1,575
0.322% due 01/25/2037			541			451
IndyMac Mortgage Loan Trust
0.332% due 07/25/2047			646			503
0.342% due 09/25/2046			239			206
0.432% due 03/25/2035			599			534
0.452% due 11/25/2035 ^			358			217
2.059% due 06/25/2037 ^			195			150
2.625% due 06/25/2035 ^			181			153
4.307% due 06/25/2036			3,102			2,984
4.409% due 11/25/2035 ^			336			278
4.535% due 09/25/2035			220			193
4.535% due 09/25/2035 ^			539			39
4.547% due 08/25/2035			2,055			1,706
4.692% due 10/25/2035			1,804			1,549
4.994% due 08/25/2036			5,379			5,348
JPMorgan Alternative Loan Trust
0.652% due 06/27/2037			8,356			6,981
3.205% due 12/25/2036			113			103
JPMorgan Chase Commercial Mortgage Securities Trust
2.749% due 11/15/2043			18,609			18,894
3.341% due 07/15/2046			19,749			20,389
4.106% due 07/15/2046			22,900			24,609
5.336% due 05/15/2047			591			633
JPMorgan Mortgage Trust
2.356% due 11/25/2035			202			191
2.522% due 01/25/2037			55			49
2.546% due 04/25/2035			98			99
2.548% due 07/25/2035			938			953
2.594% due 07/25/2035			1,197			1,220
2.596% due 09/25/2034			740			743
2.778% due 04/25/2035			103			104
5.040% due 11/25/2035			198			189
5.583% due 06/25/2037 ^			416			382
6.000% due 01/25/2036			252			229
JPMorgan Resecuritization Trust
2.564% due 08/27/2037			271			275


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Lavender Trust
6.250% due 10/26/2036	$		321	$		230
Lehman Mortgage Trust
5.490% due 01/25/2036			428			403
5.696% due 12/25/2035			529			457
6.000% due 07/25/2036 ^			160			125
Lehman XS Trust
0.302% due 07/25/2047			237			229
0.352% due 08/25/2046			154			119
0.382% due 04/25/2046			136			103
0.382% due 08/25/2046 ^			8			1
0.392% due 11/25/2046			141			27
Luminent Mortgage Trust
0.322% due 12/25/2036			1,338			1,082
0.352% due 10/25/2046			449			386
MASTR Adjustable Rate Mortgages Trust
0.392% due 05/25/2037			221			151
MASTR Reperforming Loan Trust
7.000% due 05/25/2035			1,714			1,741
8.000% due 07/25/2035			1,560			1,615
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
2.610% due 10/20/2029			93			95
Merrill Lynch Alternative Note Asset Trust
0.332% due 04/25/2037			1,248			1,193
0.452% due 03/25/2037			830			426
6.000% due 05/25/2037			336			269
Merrill Lynch Mortgage Investors Trust
0.612% due 04/25/2029			135			128
0.812% due 09/25/2029			120			120
0.815% due 11/25/2029			174			168
1.325% due 07/25/2029			146			141
1.572% due 10/25/2035			639			629
2.124% due 02/25/2036			111			111
2.692% due 11/25/2035			253			253
Merrill Lynch/Countrywide Commercial Mortgage Trust
5.882% due 08/12/2049			2,000			2,196
Morgan Stanley Capital Trust
5.332% due 12/15/2043 (e)			36,215			38,661
5.692% due 04/15/2049			1,100			1,196
Morgan Stanley Dean Witter Capital, Inc. Trust
1.699% due 03/25/2033			177			166
Morgan Stanley Mortgage Loan Trust
0.432% due 11/25/2035			236			233
0.472% due 01/25/2035			113			109
2.133% due 06/25/2036			281			274
6.000% due 10/25/2037 ^			139			115
Morgan Stanley Re-REMIC Trust
0.459% due 02/26/2037			412			268
0.462% due 01/26/2051			575			549
0.464% due 03/26/2037			231			170
5.500% due 08/26/2047			140			147


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		65

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NAAC Reperforming Loan REMIC Trust
7.500% due 03/25/2034	$		827	$		892
Nomura Asset Acceptance Corp. Alternative Loan Trust
5.190% due 02/25/2036 ^			1,183			990
RBSSP Resecuritization Trust
0.472% due 03/26/2037			9,810			9,603
Residential Accredit Loans, Inc. Trust
0.322% due 12/25/2036			726			564
0.352% due 05/25/2047			282			234
0.362% due 06/25/2037			227			173
0.402% due 08/25/2037			736			589
0.452% due 01/25/2035			218			211
0.452% due 08/25/2035			312			246
0.552% due 10/25/2045			243			189
3.195% due 02/25/2035			667			535
3.568% due 02/25/2036 ^			223			162
8.000% due 04/25/2036 ^			316			303
Residential Asset Securitization Trust
6.000% due 06/25/2036			301			219
6.000% due 11/25/2036			191			141
6.000% due 03/25/2037 ^			185			142
6.250% due 11/25/2036			130			99
6.500% due 04/25/2037			1,547			953
Residential Funding Mortgage Securities, Inc. Trust
3.398% due 03/25/2035			2,048			1,690
5.500% due 02/25/2035			135			135
6.000% due 09/25/2036 ^			545			504
Structured Adjustable Rate Mortgage Loan Trust
0.472% due 10/25/2035			3,010			2,563
0.887% due 06/25/2034			845			796
1.516% due 05/25/2035			962			688
2.431% due 12/25/2035			237			228
2.477% due 10/25/2034			124			124
2.479% due 02/25/2036			608			490
2.522% due 10/25/2036			331			251
2.550% due 01/25/2036 ^			7			7
2.620% due 09/25/2036 ^			6,214			3,891
2.626% due 06/25/2036			129			108
4.577% due 07/25/2037 ^			12			9
Structured Asset Mortgage Investments Trust
0.282% due 03/25/2037			335			259
0.332% due 09/25/2047			147			124
0.342% due 06/25/2036			12,487			10,336
0.342% due 07/25/2046			1,040			846
0.342% due 09/25/2047			1,514			1,130
0.352% due 05/25/2036			1,621			1,244
0.362% due 09/25/2047			3,235			2,279
0.372% due 05/25/2046			1,312			736
0.412% due 05/25/2046 ^			140			33
0.857% due 03/19/2034			809			754
0.857% due 02/19/2035			371			360
0.893% due 12/19/2033			803			777
1.614% due 02/25/2036			1,160			1,022


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
1.839% due 05/25/2032	$		1	$		1
2.217% due 01/25/2032			5			5
2.390% due 02/25/2034			188			184
2.516% due 02/25/2032			2			2
2.708% due 08/25/2032			105			104
Structured Asset Securities Corp. Trust
0.502% due 02/25/2035			101			95
Suntrust Adjustable Rate Mortgage Loan Trust
6.002% due 02/25/2037			717			551
Thornburg Mortgage Securities Trust
0.792% due 09/25/2043			115			111
0.892% due 09/25/2044			110			107
2.438% due 09/25/2037			216			214
Wachovia Mortgage Loan Trust LLC
5.442% due 10/20/2035			192			191
WaMu Mortgage Pass-Through Certificates Trust
0.422% due 12/25/2045			17			17
0.472% due 01/25/2045			530			500
0.522% due 11/25/2034			439			421
0.562% due 11/25/2045			429			391
0.578% due 10/25/2044			2,337			2,264
0.642% due 11/25/2034			1,210			1,128
0.865% due 06/25/2047 ^			312			132
0.925% due 07/25/2047			1,256			1,074
1.314% due 11/25/2042			49			48
2.167% due 11/25/2046			426			390
2.198% due 12/25/2036 ^			2,936			2,654
2.217% due 08/25/2036			284			249
2.392% due 08/25/2033			821			847
4.064% due 12/25/2036 ^			335			307
Washington Mutual Mortgage Pass-Through Certificates Trust
0.602% due 05/25/2035			903			732
0.815% due 04/25/2047			702			564
0.885% due 04/25/2047			1,026			830
4.765% due 09/25/2036			221			130
Wells Fargo Alternative Loan Trust
2.590% due 07/25/2037			164			139
Wells Fargo Mortgage-Backed Securities Trust
0.652% due 07/25/2037			335			285
2.609% due 07/25/2036			3,602			3,503
2.611% due 10/25/2036 ^			179			174
2.615% due 08/25/2034			369			375
2.615% due 01/25/2035			1,061			1,054
2.615% due 03/25/2035			3,214			3,269
2.615% due 06/25/2035			6,268			6,230
2.615% due 03/25/2036			2,122			2,118
2.620% due 10/25/2036			1,685			1,595
2.629% due 03/25/2036			285			274
5.254% due 05/25/2035			165			166
6.000% due 06/25/2037			415			422

Total Mortgage-Backed Securities (Cost $405,078)						416,803


66		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ASSET-BACKED SECURITIES 9.3%
Aames Mortgage Investment Trust
0.935% due 10/25/2035	$		200	$		159
1.355% due 06/25/2035			700			549
Accredited Mortgage Loan Trust
0.282% due 02/25/2037			4,109			3,921
0.412% due 09/25/2036			1,100			924
0.630% due 09/25/2035			200			151
ACE Securities Corp. Home Equity Loan Trust
0.262% due 12/25/2036			413			188
0.292% due 07/25/2036			601			420
0.307% due 08/25/2036			1,038			891
0.312% due 05/25/2036			163			143
0.452% due 02/25/2036			200			176
0.595% due 11/25/2035			200			160
0.622% due 10/25/2035			1,800			1,522
0.772% due 02/25/2036 ^			200			162
0.802% due 07/25/2035			100			86
1.052% due 12/25/2034			190			173
1.127% due 06/25/2034			228			216
Aegis Asset-Backed Securities Trust
0.582% due 12/25/2035			200			136
0.632% due 06/25/2035			200			136
0.855% due 03/25/2035			300			234
1.152% due 03/25/2035 ^			200			178
Ameriquest Mortgage Securities Trust
0.542% due 03/25/2036			400			340
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
0.602% due 07/25/2035			800			712
0.602% due 01/25/2036			300			274
0.622% due 11/25/2035			200			159
0.672% due 09/25/2035			10,000			8,028
0.752% due 08/25/2035			1,000			988
0.760% due 11/25/2034			77			77
0.892% due 03/25/2035			200			158
Amortizing Residential Collateral Trust
0.692% due 06/25/2032			41			38
0.732% due 07/25/2032			73			67
1.152% due 10/25/2034			372			367
Argent Securities Trust
0.302% due 09/25/2036			1,082			442
0.342% due 03/25/2036			425			226
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
0.382% due 01/25/2036			145			98
Asset-Backed Funding Certificates Trust
0.262% due 01/25/2037			679			424
0.312% due 01/25/2037			428			269
0.372% due 01/25/2037			257			163
0.772% due 04/25/2034			877			869
0.827% due 06/25/2035			425			385
1.152% due 06/25/2037			346			246


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Asset-Backed Securities Corp. Home Equity Loan Trust
0.602% due 11/25/2035	$		300	$		264
1.052% due 06/25/2035			200			166
1.355% due 06/25/2034			200			166
3.154% due 08/15/2033			56			52
Basic Asset-Backed Securities Trust
0.462% due 04/25/2036			200			174
Bayview Financial Asset Trust
0.552% due 12/25/2039			502			472
Bear Stearns Asset-Backed Securities Trust
0.265% due 11/25/2036			223			214
0.302% due 06/25/2036			425			405
0.322% due 05/25/2036 ^			421			362
0.332% due 06/25/2047			170			164
0.342% due 05/25/2037			387			349
0.352% due 12/25/2036			572			536
0.422% due 06/25/2036			200			166
0.552% due 09/25/2046			357			307
0.585% due 12/25/2035			500			452
0.602% due 08/25/2036			400			336
0.655% due 12/25/2035			300			272
0.702% due 06/25/2036			300			257
0.742% due 06/25/2043			2,189			2,161
0.855% due 11/25/2035			273			230
1.115% due 04/25/2035			180			168
1.402% due 08/25/2037			218			201
2.510% due 10/25/2036			85			64
22.993% due 03/25/2036			265			293
Carrington Mortgage Loan Trust
0.372% due 01/25/2037			1,200			740
0.412% due 02/25/2037			1,400			999
1.202% due 05/25/2035			300			217
Cendant Mortgage Corp.
5.973% due 07/25/2043			35			35
Citigroup Mortgage Loan Trust, Inc.
0.292% due 12/25/2036			1,463			1,304
0.292% due 05/25/2037			122			117
0.322% due 05/25/2037			800			709
0.412% due 01/25/2037			300			247
0.462% due 12/25/2035			911			849
0.552% due 11/25/2046			478			407
0.562% due 10/25/2035			1,700			1,466
0.602% due 11/25/2045			300			268
0.612% due 09/25/2035			492			491
0.632% due 09/25/2035 ^			300			283
0.642% due 09/25/2035			500			372
0.772% due 05/25/2035			200			157
5.695% due 05/25/2036 ^			250			169
Conseco Financial Corp.
6.180% due 04/01/2030			2,300			2,370
6.810% due 12/01/2028			1,507			1,587
6.870% due 04/01/2030			560			596
7.060% due 02/01/2031			1,000			1,024


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		67

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.400% due 06/15/2027	$		11	$		11
7.550% due 01/15/2029			126			133
Countrywide Asset-Backed Certificates
0.252% due 08/25/2037			188			186
0.272% due 06/25/2047			142			142
0.292% due 02/25/2037			197			190
0.292% due 07/25/2037			8,600			6,714
0.302% due 12/25/2036			704			659
0.302% due 05/25/2037			1,595			1,387
0.305% due 01/25/2037			278			263
0.312% due 01/25/2034			254			220
0.312% due 05/25/2036			1,439			1,323
0.312% due 03/25/2037			543			490
0.322% due 03/25/2037			902			794
0.322% due 05/25/2037			743			662
0.322% due 06/25/2047			891			796
0.332% due 06/25/2047			1,200			1,050
0.342% due 06/25/2047			600			509
0.372% due 09/25/2037			400			308
0.372% due 09/25/2047			3,200			2,404
0.382% due 10/25/2047			900			734
0.402% due 01/25/2046			200			128
0.402% due 06/25/2047			243			125
0.455% due 07/25/2036			500			445
0.502% due 04/25/2036			100			87
0.537% due 11/25/2035			300			286
0.552% due 06/25/2036			300			205
0.602% due 03/25/2047 ^			203			136
0.605% due 04/25/2036			100			71
0.622% due 11/25/2033			3			3
0.632% due 12/25/2031			814			628
0.642% due 02/25/2036			200			159
0.672% due 12/25/2035			700			689
0.812% due 12/25/2035			300			250
0.852% due 08/25/2035			100			88
1.155% due 02/25/2035			300			261
5.530% due 04/25/2047			418			409
Countrywide Asset-Backed Certificates Trust
0.302% due 03/25/2047			469			402
0.615% due 05/25/2036			600			489
0.652% due 08/25/2047			70			69
0.685% due 02/25/2036			200			165
0.775% due 08/25/2035			200			186
0.872% due 07/25/2034			300			284
0.885% due 07/25/2035			400			337
0.952% due 08/25/2047			1,300			1,115
1.052% due 10/25/2034			412			401
1.055% due 04/25/2035			200			157
1.127% due 02/25/2034			125			118
Credit-Based Asset Servicing and Securitization LLC
0.272% due 07/25/2037			20			13
0.372% due 07/25/2037			436			290
0.722% due 07/25/2036			300			269
1.097% due 04/25/2036			80			69
4.153% due 07/25/2035 ^			80			80


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Delta Funding Home Equity Loan Trust
0.794% due 08/15/2030	$		87	$		74
Denver Arena Trust
6.940% due 11/15/2019			279			281
EMC Mortgage Loan Trust
0.892% due 05/25/2040			20			18
First Franklin Mortgage Loan Trust
0.292% due 12/25/2036			440			273
0.302% due 07/25/2036			192			183
0.312% due 04/25/2036			434			357
0.392% due 04/25/2036			400			262
0.392% due 08/25/2036			400			278
0.512% due 10/25/2035			269			251
0.512% due 11/25/2035			200			127
0.602% due 06/25/2036			414			377
0.642% due 09/25/2035			300			286
0.662% due 09/25/2035			509			503
0.812% due 04/25/2035			451			451
0.962% due 04/25/2035			1,000			941
1.022% due 09/25/2034			501			443
1.097% due 03/25/2035			100			85
1.352% due 01/25/2035			122			99
1.577% due 10/25/2034			948			783
First NLC Trust
0.222% due 08/25/2037			79			44
0.615% due 05/25/2035			1,337			1,139
First Plus Home Loan Owners Trust
7.320% due 11/10/2023			6			0
Fremont Home Loan Trust
0.302% due 10/25/2036			461			242
0.302% due 01/25/2037			352			175
0.312% due 08/25/2036			264			115
0.322% due 02/25/2036			91			79
0.322% due 02/25/2037			1,240			726
0.422% due 02/25/2036			300			185
0.422% due 04/25/2036			3,000			1,865
0.642% due 07/25/2035			100			89
0.942% due 12/25/2029			17			15
GE-WMC Asset-Backed Pass-Through Certificates
0.402% due 12/25/2035			4,484			4,060
GSAA Home Equity Trust
0.272% due 04/25/2047			453			350
GSAMP Trust
0.242% due 01/25/2037			4,183			2,533
0.272% due 12/25/2036			1,329			693
0.302% due 06/25/2036			565			505
0.302% due 09/25/2036			447			209
0.302% due 12/25/2046			867			501
0.312% due 05/25/2046			73			62
0.352% due 11/25/2036			257			151
0.382% due 12/25/2046			260			152
0.392% due 12/25/2035			254			233
0.392% due 06/25/2036			414			258


68		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.422% due 04/25/2036	$		400	$		251
1.802% due 10/25/2034			154			135
Home Equity Asset Trust
1.247% due 05/25/2035			200			163
Home Equity Loan Trust
0.382% due 04/25/2037			800			473
0.492% due 04/25/2037			500			302
HSI Asset Securitization Corp. Trust
0.262% due 12/25/2036			318			154
0.322% due 12/25/2036			1,448			701
0.372% due 12/25/2036			965			472
0.542% due 11/25/2035			300			214
IndyMac Home Equity Mortgage Loan Asset-Backed Trust
0.292% due 11/25/2036			684			551
0.312% due 11/25/2036			500			319
0.472% due 04/25/2047			500			353
IXIS Real Estate Capital Trust
0.572% due 02/25/2036			500			417
JPMorgan Mortgage Acquisition Corp.
0.332% due 02/25/2036			503			483
0.382% due 05/25/2035			522			509
JPMorgan Mortgage Acquisition Trust
0.312% due 01/25/2036			200			176
0.312% due 01/25/2037			1,022			997
0.312% due 05/25/2037			200			180
0.315% due 05/25/2036			563			545
0.325% due 04/25/2036			1,063			1,024
0.412% due 03/25/2037			300			230
0.412% due 05/25/2037			300			233
0.425% due 04/25/2036			300			258
0.425% due 05/25/2036			700			581
0.425% due 07/25/2036			200			145
0.432% due 01/25/2037			200			146
6.337% due 08/25/2036 ^			189			134
Lehman ABS Mortgage Loan Trust
0.242% due 06/25/2037			352			227
0.352% due 06/25/2037			283			185
Lehman XS Trust
0.305% due 04/25/2037 ^			1,378			1,015
0.322% due 02/25/2037			2,139			1,164
Long Beach Mortgage Loan Trust
0.532% due 08/25/2045			299			280
0.582% due 11/25/2035			600			520
0.992% due 07/25/2031			390			371
1.202% due 06/25/2035			500			395
1.427% due 02/25/2035			200			154
1.577% due 03/25/2032			632			600
MASTR Asset-Backed Securities Trust
0.262% due 08/25/2036			248			132
0.302% due 08/25/2036			409			219
0.332% due 02/25/2036			559			328
0.392% due 06/25/2036			240			135
0.392% due 08/25/2036			246			133


			PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.452% due 01/25/2036	$			300	$		289
0.532% due 01/25/2036				300			214
0.652% due 10/25/2035				396			273
0.902% due 12/25/2034 ^				141			132
Meritage Mortgage Loan Trust
0.902% due 11/25/2035				414			396
Merrill Lynch Mortgage Investors Trust
0.352% due 01/25/2037				170			163
0.392% due 08/25/2037				1,384			804
0.462% due 08/25/2036				300			270
0.602% due 02/25/2047				1,675			1,256
0.632% due 05/25/2036				500			447
MESA Trust
0.952% due 12/25/2031				1,067			974
Mid-State Capital Corp. Trust
6.005% due 08/15/2037				1,031			1,087
Morgan Stanley ABS Capital, Inc. Trust
0.222% due 10/25/2036				125			76
0.292% due 10/25/2036				185			114
0.292% due 11/25/2036				349			248
0.302% due 06/25/2036				776			664
0.302% due 09/25/2036				481			273
0.302% due 10/25/2036				300			205
0.302% due 11/25/2036				1,834			1,171
0.332% due 03/25/2037				541			309
0.352% due 02/25/2037				186			120
0.372% due 11/25/2036		��		436			314
0.402% due 03/25/2037				541			311
0.442% due 01/25/2036				2,000			1,788
0.462% due 12/25/2035				547			494
1.052% due 05/25/2034				186			170
1.082% due 03/25/2035				300			286
1.142% due 06/25/2035				400			361
1.202% due 04/25/2035				200			149
1.402% due 07/25/2037				400			294
1.802% due 03/25/2034				1,598			1,445
Morgan Stanley Dean Witter Capital, Inc. Trust
1.502% due 02/25/2033				1,266			1,209
Morgan Stanley Home Equity Loan Trust
0.312% due 04/25/2036				198			155
0.322% due 04/25/2037				843			541
0.382% due 04/25/2037				281			182
Morgan Stanley Mortgage Loan Trust
0.382% due 02/25/2037				231			136
0.512% due 04/25/2037				391			223
5.750% due 11/25/2036 ^				337			182
5.965% due 09/25/2046				601			437
New Century Home Equity Loan Trust
0.382% due 02/25/2036				83			83
0.402% due 12/25/2035				294			288
0.432% due 10/25/2035				434			429
0.602% due 06/25/2035				1,000			929


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		69

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.562% due 02/25/2036	$		200	$		180
6.032% due 10/25/2036			205			114
NovaStar Mortgage Funding Trust
0.302% due 06/25/2036			204			139
0.522% due 01/25/2036			81			80
0.622% due 01/25/2036			7,500			5,877
Option One Mortgage Loan Trust
0.292% due 01/25/2037			96			56
0.322% due 05/25/2037			244			148
0.372% due 01/25/2037			382			227
0.482% due 04/25/2037			178			108
0.512% due 01/25/2036			300			201
0.662% due 08/25/2035			400			308
Option One Mortgage Loan Trust Asset-Backed Certificates
0.592% due 11/25/2035			400			379
0.612% due 11/25/2035			1,100			816
Ownit Mortgage Loan Trust
0.752% due 10/25/2036			297			222
Park Place Securities, Inc.
0.642% due 09/25/2035			200			161
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
0.642% due 08/25/2035			200			155
0.642% due 09/25/2035			500			406
0.682% due 07/25/2035			400			346
0.702% due 07/25/2035			950			732
0.712% due 01/25/2036			100			94
0.782% due 06/25/2035			200			172
0.902% due 03/25/2035			400			321
0.982% due 01/25/2036			300			268
1.097% due 02/25/2035			118			119
1.202% due 10/25/2034			500			429
1.952% due 12/25/2034			676			556
People’s Choice Home Loan Securities Trust
0.875% due 05/25/2035 ^			200			183
People’s Financial Realty Mortgage Securities Trust
0.292% due 09/25/2036			486			194
Popular ABS Mortgage Pass-Through Trust
0.412% due 11/25/2046			200			175
0.542% due 02/25/2036			400			332
RAAC Trust
0.452% due 06/25/2044			126			110
0.502% due 11/25/2046			820			726
0.552% due 09/25/2045			4,100			3,329
0.552% due 06/25/2047			195			182
1.352% due 10/25/2045			250			226
1.652% due 09/25/2047			600			489
Renaissance Home Equity Loan Trust
5.812% due 11/25/2036			583			381
7.238% due 09/25/2037			291			191


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Residential Asset Mortgage Products Trust
0.312% due 12/25/2036	$		256	$		250
0.312% due 02/25/2037			604			550
0.372% due 10/25/2034			146			133
0.432% due 09/25/2036			300			232
0.452% due 05/25/2036			1,987			1,517
0.472% due 01/25/2036			1,000			727
0.582% due 11/25/2035			250			212
0.592% due 10/25/2035			200			181
0.612% due 10/25/2035			100			80
0.632% due 09/25/2035			300			259
1.055% due 08/25/2034			303			284
5.634% due 01/25/2034			2,260			2,416
5.649% due 07/25/2034 ^			1,906			1,588
Residential Asset Securities Corp. Trust
0.282% due 11/25/2036			984			817
0.312% due 11/25/2036			1,038			886
0.322% due 11/25/2036			1,223			1,079
0.392% due 09/25/2036			900			787
0.402% due 04/25/2037			400			351
0.422% due 05/25/2037			300			271
0.432% due 06/25/2036			1,000			789
0.482% due 12/25/2035			280			192
0.492% due 04/25/2037			1,600			1,114
0.532% due 02/25/2036			400			350
0.562% due 01/25/2036			200			174
0.572% due 10/25/2035			300			252
0.572% due 12/25/2035			400			329
0.592% due 11/25/2035			300			259
0.612% due 11/25/2035			300			234
0.797% due 03/25/2035			2,004			1,836
0.920% due 03/25/2034			116			108
0.992% due 12/25/2034			65			62
7.140% due 04/25/2032 ^			46			1
SACO Trust
0.912% due 11/25/2035			4			4
Salomon Mortgage Loan Trust
1.052% due 11/25/2033			411			391
Saxon Asset Securities Trust
1.322% due 07/25/2031			108			101
Securitized Asset-Backed Receivables LLC Trust
0.242% due 07/25/2036			312			153
0.292% due 05/25/2036			679			395
0.312% due 07/25/2036			305			151
0.392% due 07/25/2036			262			131
0.402% due 05/25/2036			1,507			898
0.422% due 03/25/2036			356			285
0.432% due 08/25/2035			372			367
0.592% due 08/25/2035			400			252
0.827% due 01/25/2035			219			199
1.112% due 01/25/2036 ^			186			163
3.502% due 01/25/2036 ^			86			64
SG Mortgage Securities Trust
0.312% due 07/25/2036			35,834			14,789
0.602% due 10/25/2035			1,000			802


70		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SLM Student Loan Trust
1.734% due 04/25/2023	$		11,134	$		11,481
Soundview Home Loan Trust
0.232% due 06/25/2037			81			48
0.262% due 02/25/2037			381			186
0.302% due 01/25/2037			117			114
0.312% due 11/25/2036			850			712
0.332% due 02/25/2037			534			263
0.332% due 07/25/2037			2,825			1,790
0.502% due 03/25/2036			400			327
0.977% due 06/25/2035			300			268
1.102% due 10/25/2037			593			401
South Carolina Student Loan Corp.
1.234% due 09/03/2024			600			608
Specialty Underwriting & Residential Finance Trust
0.302% due 09/25/2037			183			107
0.302% due 11/25/2037			1,100			621
0.422% due 04/25/2037			300			161
0.802% due 12/25/2035			600			554
Structured Asset Investment Loan Trust
0.302% due 09/25/2036			487			389
0.342% due 03/25/2036			1,002			905
0.452% due 01/25/2036			313			241
1.052% due 05/25/2035			600			490
1.277% due 07/25/2033			136			130
Structured Asset Securities Corp. Mortgage Loan Trust
0.292% due 09/25/2036			781			764
0.302% due 09/25/2036			259			211
0.312% due 03/25/2036			252			243
0.322% due 12/25/2036			377			303
0.362% due 02/25/2037			1,277			1,131
0.382% due 01/25/2037			3,456			2,275
0.402% due 09/25/2036			200			159
0.522% due 04/25/2036			600			513
1.052% due 08/25/2037			521			486
1.152% due 08/25/2037			1,443			1,354
Structured Asset Securities Corp. Trust
0.612% due 09/25/2035			700			483
Wells Fargo Home Equity Asset-Backed Securities Trust
0.482% due 05/25/2036			300			239
0.782% due 08/25/2035			1,000			883
0.782% due 11/25/2035			200			177
1.202% due 08/25/2035			200			181

Total Asset-Backed Securities (Cost $213,458)						217,025


SOVEREIGN ISSUES 3.0%
Banco Nacional de Desenvolvimento Economico e Social
3.375% due 09/26/2016			1,400			1,433


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Export-Import Bank of China
4.875% due 07/21/2015	$		7,400	$		7,610
Export-Import Bank of Korea
5.125% due 06/29/2020			21,900			24,699
Qatar Government International Bond
4.000% due 01/20/2015			3,900			3,931
5.250% due 01/20/2020			10,200			11,628
6.400% due 01/20/2040			2,300			2,961
6.550% due 04/09/2019			9,500			11,329
Venezuela Government International Bond
9.250% due 05/07/2028			10,000			6,400

Total Sovereign Issues (Cost $66,086)						69,991


SHORT-TERM INSTRUMENTS 13.2%

REPURCHASE AGREEMENTS (d) 4.7%
						110,775


SHORT-TERM NOTES 6.8%
Fannie Mae
0.071% due 04/27/2015			28,700			28,693
0.076% due 05/01/2015			6,700			6,698
0.081% due 05/01/2015			3,900			3,899
Freddie Mac
0.020% due 02/06/2015			1,200			1,200
0.071% due 04/01/2015 - 04/10/2015			109,600			109,577
0.081% due 04/27/2015			7,300			7,298

						157,365


U.S. TREASURY BILLS 1.7%
0.024% due 11/06/2014 - 04/16/2015 (a)(e)(h)			40,753			40,752

Total Short-Term Instruments (Cost $308,877)						308,892


Total Investments in Securities (Cost $3,253,128)						3,327,262


Total Investments 142.7% (Cost $3,253,128)				$		3,327,262

Financial Derivative Instruments (f)(g) (0.1%) (Cost or Premiums, net $(1,114))						(2,418	)

Other Assets and Liabilities, net (42.6%)						(992,643	)

Net Assets 100.0%				$		2,332,201


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		71

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

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*):

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

^	Security is in default.

(a)

Coupon represents a weighted average yield to maturity.

(b)

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

(c) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

KGH Intermediate Holdco LLC

8.500%

08/07/2019 - 08/08/2019

08/07/2014

17,360

17,700

0.76%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral Received, at Value			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received ⁽¹⁾
BCY	0.060%		10/22/2014		11/05/2014	$	26,800	U.S. Treasury Notes 1.250% due 01/31/2019	$	(27,224	)	$	26,800	$	26,801
BOS	0.160%		10/31/2014		11/03/2014		11,200	U.S. Treasury Bonds 3.750% due 11/15/2043		(11,580	)		11,200		11,200
RDR	0.160%		10/31/2014		11/03/2014		69,500	U.S. Treasury Notes 2.625% due 08/15/2020		(70,965	)		69,500		69,501
SSB	0.000%		10/31/2014		11/03/2014		3,275	Freddie Mac 2.000% due 11/02/2022		(3,342	)		3,275		3,275

Total Repurchase Agreements									$	(113,111	)	$	110,775	$	110,777

⁽¹⁾	Includes accrued interest.

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed ⁽²⁾			Payable for Reverse Repurchase Agreements
BCY		0.500	%		10/01/2014		11/03/2014	$	(65,322	)	$	(65,352	)
		0.500	%		11/03/2014		12/05/2014		(40,853	)		(40,853	)
BPG		0.390	%		10/06/2014		11/19/2014		(21,280	)		(21,287	)
		0.390	%		10/14/2014		11/17/2014		(34,323	)		(34,331	)
		0.410	%		10/27/2014		01/27/2015		(39,133	)		(39,136	)
		0.410	%		10/28/2014		01/27/2015		(17,088	)		(17,089	)
DEU		0.700	%		10/24/2014		11/17/2014		(10,082	)		(10,084	)
RDR		0.370	%		09/29/2014		11/07/2014		(1,930	)		(1,931	)
		0.370	%		10/01/2014		11/07/2014		(27,699	)		(27,708	)
		0.850	%		10/06/2014		11/07/2014		(58,074	)		(58,112	)
UBS		0.300	%		10/30/2014		12/01/2014		(39,985	)		(39,986	)
		0.400	%		10/30/2014		12/01/2014		(24,168	)		(24,169	)

Total Reverse Repurchase Agreements											$	(380,038	)

⁽²⁾	The average amount of borrowings while outstanding during the period ended October 31, 2014 was $1,205,894 at a weighted average interest rate of 0.106%.


72		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

SHORT SALES:


Counterparty	Description	Coupon		Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
DEU	Fannie Mae		5.000%		11/01/2041	$	22,000	$	(24,350	)	$	(24,350	)
WFS	Fannie Mae		3.000%		11/01/2042		31,000		(31,075	)		(31,075	)

								$	(55,425	)	$	(55,425	)

Total Short Sales								$	(55,425	)	$	(55,425	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of October 31, 2014:

(e)

Securities with an aggregate market value of $402,533 have been pledged as collateral under the terms of the following master agreements as of October 31, 2014.


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Payable for Short Sales			Total Borrowings and Other Financing Transactions			Collateral (Received)/ Pledged			Net Exposure ⁽³⁾
Global/Master Repurchase Agreement
BCY	$	26,801	$	(106,205	)	$	0	$	0		$	(79,404	)	$	83,050		$	3,646
BOS		11,200		0			0		0			11,200			(11,580	)		(380	)
BPG		0		(111,843	)		0		0			(111,843	)		117,925			6,082
DEU		0		(10,084	)		0		0			(10,084	)		10,999			915
RDR		69,501		(87,751	)		0		0			(18,250	)		24,279			6,029
SSB		3,275		0			0		0			3,275			(3,342	)		(67	)
UBS		0		(64,155	)		0		0			(64,155	)		66,161			2,006

Master Securities Forward Transaction Agreement
BOA		0		0			0		0			0			(640	)		(640	)
DEU		0		0			0		(24,350	)		(24,350	)		0			(24,350	)
FOB		0		0			0		0			0			(850	)		(850	)
GSC		0		0			0		0			0			282			282
JPS		0		0			0		0			0			(140	)		(140	)
MSC		0		0			0		0			0			(460	)		(460	)
SAL		0		0			0		0			0			(1,155	)		(1,155	)
WFS		0		0			0		(31,075	)		(31,075	)		0			(31,075	)

Total Borrowings and Other Financing Transactions	$	110,777	$	(380,038	)	$	0	$	(55,425	)

⁽³⁾


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		73

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

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

SWAP AGREEMENTS:

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Receive	6-Month JPY-LIBOR		1.000	%		09/18/2023		JPY	7,290,000		$ (2,894	)		$ (1,346	)	$	0		$ (28)
Pay	28-Day MXN-TIIE		6.150	%		06/07/2024		MXN	68,000		33			85			0		(22)

											$ (2,861	)		$ (1,261	)	$	0		$ (50)

Total Swap Agreements											$ (2,861	)		$ (1,261	)	$	0		$ (50)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of October 31, 2014:

Cash of $972 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of October 31, 2014. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Total

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

$ 0

(50)

(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
BOA		11/2014		CAD	50,303	$		44,782	$	165	$	0
		11/2014	$		37,788		AUD	42,661		0		(247	)
		12/2014			807		MXN	10,573		0		(24	)

BPS		12/2014			5,651			75,524		0		(57	)
		02/2015			113			1,531		0		0

BRC		11/2014			65,654		JPY	7,072,200		0		(2,692	)
		12/2014		GBP	30,068	$		48,363		277		0
		12/2014		JPY	7,072,200			65,667		2,692		0
		12/2014	$		474		MXN	6,423		2		0

CBK		11/2014			44,671		CAD	50,303		0		(54	)

DUB		12/2014			15,696		EUR	12,465		0		(73	)

GLM		11/2014		AUD	42,661	$		37,660		118		0
		12/2014	$		37,584		AUD	42,661		0		(116	)
		12/2014			1,281		EUR	1,018		0		(5	)

HUS		11/2014			3,522		CAD	3,949		0		(19	)


74		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
JPM		11/2014		JPY	7,072,200	$		64,988	$	2,026	$	0

UAG		11/2014		BRL	4,944			2,002		6		0
		11/2014		EUR	2,875			3,678		75		0
		11/2014	$		2,086		BRL	4,945		0		(90	)
		11/2014			3,654		EUR	2,875		0		(51	)
		12/2014		EUR	2,875	$		3,654		51		0
		12/2014	$		1,987		BRL	4,945		0		(8	)

Total Forward Foreign Currency Contracts									$	5,412	$	(3,436	)

PURCHASED OPTIONS:

OPTIONS ON SECURITIES


Counterparty	Description	Strike Price		Expiration Date		Notional Amount		Cost		Market Value
JPM	Put - OTC Fannie Mae 4.000% due 11/01/2044	$	73.000		11/06/2014	$	100,000	$	4	$	0
	Put - OTC Fannie Mae 4.000% due 11/01/2044		75.000		11/06/2014		110,000		4		0
	Put - OTC Fannie Mae 4.000% due 11/01/2044		77.000		11/06/2014		100,000		4		0
	Put - OTC Fannie Mae 4.000% due 11/01/2044		78.000		11/06/2014		200,000		8		0

								$	20	$	0

Total Purchased Options								$	20	$	0

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS


Counterparty	Description	Strike Price			Expiration Date		Notional Amount		Premiums (Received)			Market Value
JPM	Call - OTC USD versus INR		INR	65.900		03/19/2015	$	46,500	$	(453	)	$	(243	)

UAG	Call - OTC USD versus INR			66.150		03/19/2015		46,500		(444	)		(223	)

									$	(897	)	$	(466	)

Total Written Options									$	(897	)	$	(466	)

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED OCTOBER 31, 2014:


	# of Contracts			Notional Amount			Premiums
Balance at Beginning of Period		536		$	12,874,000		$	(26,746	)
Sales		0			1,879,100			(9,617	)
Closing Buys		0			(12,790,800	)		27,688
Expirations		(536	)		(1,869,300	)		7,778
Exercised		0			0			0

Balance at End of Period		0		$	93,000		$	(897	)


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		75

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

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION ⁽¹⁾


Counterparty	Reference Entity	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at October 31, 2014 ⁽³⁾		Notional Amount ⁽⁴⁾		Premiums Paid/ (Received)		Unrealized (Depreciation)			Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at October 31, 2014 ⁽³⁾		Notional Amount ⁽⁴⁾		Premiums Paid/ (Received)		Unrealized (Depreciation)			Asset		Liability
BOA	Macy’s Retail Holdings, Inc.		(7.060%	)		09/20/2015		0.081%	$	5,000	$	0	$	(354	)	$	0	$	(354	)

CREDIT DEFAULT SWAPS ON CORPORATE AND U.S. MUNICIPAL ISSUES - SELL PROTECTION ⁽²⁾


Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽³⁾		Notional Amount ⁽⁴⁾			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽³⁾		Notional Amount ⁽⁴⁾			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
DUB	BP Capital Markets America, Inc.		1.000%		12/20/2018		0.555%		EUR	8,200	$	218		$	(18	)	$	200	$	0

GST	Bank of America Corp.		1.000%		03/20/2018		0.465%		$	30,000		(316	)		887			571		0
	California State General Obligation Bonds, Series 2003		1.600%		12/20/2018		0.415%			25,000		0			1,237			1,237		0
	California State General Obligation Bonds, Series 2003		1.750%		12/20/2018		0.415%			11,000		0			612			612		0
	Connecticut State General Obligation Notes, Series 2007		1.600%		03/20/2021		0.990%			9,000		0			330			330		0

											$	(98	)	$	3,048		$	2,950	$	0

⁽¹⁾

If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash 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⁾

⁽³⁾

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

⁽⁴⁾	The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.


76		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

INTEREST RATE SWAPS


Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BOA	Pay	28-Day MXN-TIIE		8.300%		02/07/2019		MXN	40,400	$	0		$	404		$	404	$	0

BRC	Pay	1-Year BRL-CDI		8.180%		01/02/2017		BRL	34,400		(46	)		(1,065	)		0		(1,111	)

DUB	Pay	1-Year BRL-CDI		8.285%		01/02/2017			61,000		(72	)		(1,827	)		0		(1,899	)

MYC	Pay	1-Year BRL-CDI		8.220%		01/02/2017			13,600		(21	)		(411	)		0		(432	)

UAG	Pay	1-Year BRL-CDI		8.900%		01/02/2017			143,900		0			(3,436	)		0		(3,436	)

										$	(139	)	$	(6,335	)	$	404	$	(6,878	)

Total Swap Agreements										$	(237	)	$	(3,641	)	$	3,354	$	(7,232	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of October 31, 2014:

(h)

Securities with an aggregate market value of $7,605 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of October 31, 2014.


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged			Net Exposure ⁽⁵⁾
BOA	$	165	$	0	$	404	$	569	$	(271	)	$	0		$	(354	)	$	(625	)	$	(56	)	$	281		$	225
BPS		0		0		0		0		(57	)		0			0			(57	)		(57	)		262			205
BRC		2,971		0		0		2,971		(2,692	)		0			(1,111	)		(3,803	)		(832	)		979			147
CBK		0		0		0		0		(54	)		0			0			(54	)		(54	)		(320	)		(374	)
DUB		0		0		200		200		(73	)		0			(1,899	)		(1,972	)		(1,772	)		1,731			(41	)
GLM		118		0		0		118		(121	)		0			0			(121	)		(3	)		0			(3	)
GST		0		0		2,750		2,750		0			0			0			0			2,750			(2,730	)		20
HUS		0		0		0		0		(19	)		0			0			(19	)		(19	)		0			(19	)
JPM		2,026		0		0		2,026		0			(243	)		0			(243	)		1,783			179			1,962
MYC		0		0		0		0		0			0			(432	)		(432	)		(432	)		586			154
UAG		132		0		0		132		(149	)		(223	)		(3,436	)		(3,808	)		(3,676	)		3,558			(118	)

Total Over the Counter	$	5,412	$	0	$	3,354	$	8,766	$	(3,436	)	$	(466	)	$	(7,232	)	$	(11,134	)

⁽⁵⁾


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		77

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5,412	$	0	$	5,412
Swap Agreements		0		2,950		0		0		404		3,354

	$	0	$	2,950	$	0	$	5,412	$	404	$	8,766


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	50	$	50

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	3,436	$	0	$	3,436
Written Options		0		0		0		466		0		466
Swap Agreements		0		354		0		0		6,878		7,232

	$	0	$	354	$	0	$	3,902	$	6,878	$	11,134

	$	0	$	354	$	0	$	3,902	$	6,928	$	11,184

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	0	$	0	$	(99	)	$	(99	)
Written Options		0		0		0		0		217			217
Futures		0		0		0		0		(19,497	)		(19,497	)
Swap Agreements		0		0		0		0		(56,772	)		(56,772	)

	$	0	$	0	$	0	$	0	$	(76,151	)	$	(76,151	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	6,939	$	0		$	6,939
Purchased Options		0		0		0		0		(63	)		(63	)
Written Options		0		1,541		0		4,043		23,146			28,730
Swap Agreements		0		1,339		0		0		(890	)		449

	$	0	$	2,880	$	0	$	10,982	$	22,193		$	36,055

	$	0	$	2,880	$	0	$	10,982	$	(53,958	)	$	(40,096	)


78		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0	$	(130	)	$	(130	)
Futures		0		0			0		0		(4,843	)		(4,843	)
Swap Agreements		0		0			0		0		20,051			20,051

	$	0	$	0		$	0	$	0	$	15,078		$	15,078

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	99	$	0		$	99
Purchased Options		0		0			0		0		(20	)		(20	)
Written Options		0		(791	)		0		431		(10,286	)		(10,646	)
Swap Agreements		0		620			0		0		54			674

	$	0	$	(171	)	$	0	$	530	$	(10,252	)	$	(9,893	)

	$	0	$	(171	)	$	0	$	530	$	4,826		$	5,185

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of October 31, 2014 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 10/31/2014
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	580,220	$	28,852	$	609,072
Industrials		0		318,556		0		318,556
Utilities		0		275,405		0		275,405
Municipal Bonds & Notes
California		0		200,379		0		200,379
Illinois		0		15,665		0		15,665
Massachusetts		0		851		0		851
Michigan		0		1,469		0		1,469
New Jersey		0		18,077		0		18,077
New York		0		87,695		0		87,695
Ohio		0		44,813		0		44,813
Pennsylvania		0		10,390		0		10,390
Tennessee		0		127		0		127
Washington		0		8,380		0		8,380
West Virginia		0		26,493		0		26,493
U.S. Government Agencies		0		695,363		0		695,363
U.S. Treasury Obligations		0		1,816		0		1,816
Mortgage-Backed Securities		0		410,815		5,988		416,803
Asset-Backed Securities		0		216,553		472		217,025
Sovereign Issues		0		69,991		0		69,991
Short-Term Instruments
Repurchase Agreements		0		110,775		0		110,775
Short-Term Notes		0		157,365		0		157,365
U.S. Treasury Bills		0		40,752		0		40,752

Total Investments	$	0	$	3,291,950	$	35,312	$	3,327,262


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		79

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

October 31, 2014


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 10/31/2014
Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0	$	(55,425	)	$	0	$	(55,425	)

Financial Derivative Instruments - Assets
Over the counter	$	0	$	8,766		$	0	$	8,766

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(50	)		0		(50	)
Over the counter		0		(11,134	)		0		(11,134	)
	$	0	$	(11,184	)	$	0	$	(11,184	)

Totals	$	0	$	3,234,107		$	35,312	$	3,269,419

There were no significant transfers between Level 1 and 2 during the period ended October 31, 2014.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended October 31, 2014:


Category and Subcategory	Beginning Balance at 10/31/2013		Net Purchases		Net Sales			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation) ⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 10/31/2014		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 10/31/2014 ⁽¹⁾
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	11,000	$	17,346	$	0		$	(69	)	$	0		$	575		$	0	$	0		$	28,852	$	575
U.S. Government Agencies		3,429		0		(496	)		0			(1	)		3			0		(2,935	)		0		0
Mortgage-Backed Securities		0		7,300		(1,309	)		2			14			(19	)		0		0			5,988		(19	)
Asset-Backed Securities		510		0		(100	)		0			0			62			0		0			472		0

Totals	$	14,939	$	24,646	$	(1,905	)	$	(67	)	$	13		$	621		$	0	$	(2,935	)	$	35,312	$	556

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


Category and Subcategory	Ending Balance at 10/31/2014		Valuation Technique	Unobservable Inputs	Input Value(s) (% Unless Noted Otherwise)
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	17,700	Other Valuation Techniques ⁽²⁾	—		—
		11,152	Third Party Vendor	Broker Quote		111.52
Mortgage-Backed Securities		5,988	Benchmark Pricing	Base Price		84.48-98.72
Asset-Backed Securities		472	Benchmark Pricing	Base Price		5.99-94.38

Total	$	35,312

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at October 31, 2014 may be due to an investment no longer held or categorized as level 3 at period end.

⁽²⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio.


80		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series R

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 159.7%

CORPORATE BONDS & NOTES 8.4%

BANKING & FINANCE 7.2%
Ally Financial, Inc.
2.434% due 12/01/2014	$		700	$		700
Banco Popular Espanol S.A.
11.500% due 10/10/2018 (c)	EUR		600			862
Barclays PLC
6.500% due 09/15/2019 (c)			200			245
BNP Paribas S.A.
0.697% due 05/07/2017	$		4,400			4,401
CIT Group, Inc.
4.750% due 02/15/2015			300			303
IM Cedulas Fondo de Titulazion de Activos
3.750% due 03/11/2015	EUR		100			127
LBG Capital PLC
15.000% due 12/21/2019	GBP		770			1,724
Stone Street Trust
5.902% due 12/15/2015	$		6,100			6,380
Vnesheconombank Via VEB Finance PLC
5.450% due 11/22/2017			900			903

						15,645


INDUSTRIALS 0.6%
California Resources Corp.
5.000% due 01/15/2020			1,300			1,323


UTILITIES 0.6%
Dynegy Finance, Inc.
6.750% due 11/01/2019			900			933
7.625% due 11/01/2024			300			318

						1,251

Total Corporate Bonds & Notes (Cost $17,956)						18,219


U.S. GOVERNMENT AGENCIES 4.8%
Fannie Mae
0.597% due 02/25/2037			168			169
1.318% due 10/01/2044			8			8
Freddie Mac
1.987% due 09/01/2036			125			132
2.089% due 07/01/2036			118			125
NCUA Guaranteed Notes
0.523% due 11/06/2017			3,157			3,166
2.650% due 10/29/2020			6,513			6,695

Total U.S. Government Agencies (Cost $10,115)						10,295


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 102.5%
U.S. Treasury Inflation Protected Securities (b)
0.125% due 04/15/2017 (h)	$		3,979	$		4,042
0.125% due 04/15/2018 (f)(h)			18,834			19,065
0.125% due 04/15/2019 (f)			16,050			16,176
0.125% due 07/15/2022			7,137			7,040
0.125% due 01/15/2023			5,462			5,347
0.375% due 07/15/2023 (h)(j)			1,227			1,227
0.500% due 04/15/2015 (f)(h)(j)			11,526			11,506
0.625% due 07/15/2021			3,166			3,254
1.125% due 01/15/2021			1,577			1,666
1.250% due 07/15/2020 (f)(h)(j)			39,162			41,836
1.375% due 01/15/2020 (h)			330			353
1.375% due 02/15/2044			8,165			9,004
1.750% due 01/15/2028 (f)			44,411			50,441
1.875% due 07/15/2015 (h)(j)			3,179			3,239
1.875% due 07/15/2019 (h)			8,466			9,278
2.000% due 01/15/2026			599			693
2.125% due 02/15/2041			652			833
2.375% due 01/15/2025			2,145			2,546
2.375% due 01/15/2027			1,062			1,278
2.500% due 01/15/2029			4,985			6,209
2.625% due 07/15/2017 (f)(h)(j)			22,498			24,544
3.875% due 04/15/2029 (j)			463			666
U.S. Treasury Notes
0.250% due 01/15/2015 (j)			538			538
0.250% due 01/31/2015			242			242

Total U.S. Treasury Obligations (Cost $225,469)						221,023


MORTGAGE-BACKED SECURITIES 4.7%
Bear Stearns Adjustable Rate Mortgage Trust
2.171% due 08/25/2035			20			20
2.528% due 03/25/2035			15			15
2.580% due 03/25/2035			61			61
Citigroup Mortgage Loan Trust, Inc.
2.200% due 09/25/2035			24			24
2.280% due 09/25/2035			40			40
3.667% due 09/25/2037 ^			621			545
Commercial Mortgage Trust
3.156% due 07/10/2046			4,769			4,837
Countrywide Alternative Loan Trust
0.352% due 12/20/2046			2,058			1,580
1.114% due 02/25/2036			462			419
Countrywide Home Loan Mortgage Pass-Through Trust
2.341% due 04/20/2035			567			573
Countrywide Home Loan Reperforming REMIC Trust
0.492% due 06/25/2035			17			15
Granite Mortgages PLC
0.886% due 03/20/2044	GBP		476			762


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		81

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GSR Mortgage Loan Trust
2.660% due 09/25/2035	$		86	$		87
Merrill Lynch Mortgage Investors Trust
1.572% due 10/25/2035			548			539
Residential Accredit Loans, Inc. Trust
0.332% due 06/25/2046			331			151
Swan Trust
3.930% due 04/25/2041	AUD		546			485

Total Mortgage-Backed Securities (Cost $9,649)						10,153


ASSET-BACKED SECURITIES 3.0%
Bear Stearns Asset-Backed Securities Trust
1.152% due 10/25/2037	$		279			262
2.252% due 03/25/2035			1,300			1,206
Citigroup Mortgage Loan Trust, Inc.
0.232% due 01/25/2037			339			215
0.442% due 10/25/2036			2,600			2,271
JPMorgan Mortgage Acquisition Corp.
0.887% due 07/25/2035			154			153
Magi Funding PLC
0.429% due 04/11/2021	EUR		141			176
Massachusetts Educational Financing Authority
1.184% due 04/25/2038	$		144			146
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
0.572% due 06/25/2035			8			8
0.872% due 03/25/2035			300			273
Residential Asset Securities Corp. Trust
0.572% due 12/25/2035			400			329
Saxon Asset Securities Trust
4.034% due 06/25/2033			350			356
Soundview Home Loan Trust
0.672% due 12/25/2035			852			839
Structured Asset Securities Corp. Mortgage Loan Trust
1.152% due 08/25/2037			108			102
Wood Street CLO BV
0.433% due 03/29/2021	EUR		89			110

Total Asset-Backed Securities (Cost $6,459)						6,446


SOVEREIGN ISSUES 25.1%
Denmark Government Bond
0.100% due 11/15/2023 (b)	DKK		40,338			7,038
France Government Bond
0.250% due 07/25/2018 (b)	EUR		2,178			2,829
0.700% due 07/25/2030 (b)			200			266


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Italy Buoni Poliennali Del Tesoro
1.700% due 09/15/2018 (b)	EUR		3,025	$		3,984
2.100% due 09/15/2016 (b)			107			139
2.100% due 09/15/2017 (b)			811			1,071
2.100% due 09/15/2021 (b)			1,513			2,054
2.350% due 09/15/2024 (b)			4,610			6,341
2.450% due 03/26/2016 (b)			200			257
2.550% due 10/22/2016 (b)			300			389
3.100% due 09/15/2026 (b)			212			310
5.000% due 09/01/2040			500			767
5.500% due 11/01/2022			200			314
Mexico Government International Bond
4.000% due 11/15/2040 (b)	MXN		12,488			1,019
4.000% due 11/08/2046 (b)			9,366			770
4.500% due 11/22/2035 (b)			23,468			2,054
Mexico Government International Inflation Linked Bond
3.010% due 06/29/2017			1,200			89
New South Wales Treasury Corp.
2.500% due 11/20/2035	AUD		800			947
2.750% due 11/20/2025			800			968
New Zealand Government Bond
2.000% due 09/20/2025	NZD		500			389
3.000% due 09/20/2030			1,200			1,007
Republic of Germany
0.750% due 04/15/2018 (b)	EUR		5,723			7,490
Spain Government International Bond
5.400% due 01/31/2023			8,500			13,629

Total Sovereign Issues (Cost $56,184)						54,121


SHORT-TERM INSTRUMENTS 11.2%

COMMERCIAL PAPER 0.6%
Greensill Capital SCF S.A.
5.830% due 03/04/2015 (d)	$		1,300			1,276


REPURCHASE AGREEMENTS (e) 0.1%
						153


GREECE TREASURY BILLS 10.4%
1.726% due 11/14/2014 - 03/06/2015 (a)	EUR		18,000			22,510


82		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

U.S. TREASURY BILLS 0.1%

0.035% due 03/05/2015 - 03/26/2015 (a)(j)

260

Total Short-Term Instruments
(Cost $24,998)

24,199

Total Investments in Securities
(Cost $350,830)

344,456

Total Investments 159.7%
(Cost $350,830)

344,456

Financial Derivative
Instruments (g)(i) (0.8%)

(Cost or Premiums, net $(1,039))

(1,661

)

Other Assets and Liabilities, net (58.9%)

(127,124

)

Net Assets 100.0%

215,671

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS):

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

^	Security is in default.

(a)

Coupon represents a weighted average yield to maturity.

(b)

Principal amount of security is adjusted for inflation.

(c)

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

(d) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Greensill Capital SCF S.A.

5.830%

03/04/2015

09/03/2014

1,276

0.59%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral Received, at Value			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received ⁽¹⁾
SSB	0.000%		10/31/2014		11/03/2014	$	153	Freddie Mac 2.000% due 11/02/2022	$	(156	)	$	153	$	153

Total Repurchase Agreements									$	(156	)	$	153	$	153

⁽¹⁾	Includes accrued interest.


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		83

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

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed ⁽²⁾				Payable for Reverse Repurchase Agreements
RYL		0.120	%		10/01/2014		11/03/2014		$	(11,348	)	$	(11,349	)

Total Reverse Repurchase Agreements												$	(11,349	)

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed ⁽²⁾				Payable for Sale-Buyback Transactions ⁽³⁾
BCY		0.150	%		10/17/2014		11/17/2014		$	(6,701	)	$	(6,707	)
		0.170	%		10/27/2014		12/01/2014			(17,236	)		(17,248	)
		0.180	%		10/29/2014		12/02/2014			(877	)		(878	)
		0.180	%		11/03/2014		11/10/2014			(12,070	)		(12,076	)
BPG		0.140	%		10/09/2014		11/25/2014			(26,025	)		(26,046	)
		0.150	%		10/14/2014		11/14/2014			(14,326	)		(14,315	)
MSC		0.150	%		10/10/2014		11/13/2014			(7,976	)		(7,980	)
		0.170	%		10/30/2014		11/13/2014			(4,278	)		(4,279	)
		0.190	%		10/27/2014		11/10/2014			(38,977	)		(38,988	)
		0.190	%		10/31/2014		11/14/2014			(2,863	)		(2,865	)

Total Sale-Buyback Transactions												$	(131,382	)

⁽²⁾	The average amount of borrowings while outstanding during the period ended October 31, 2014 was $140,924 at a weighted average interest rate of 0.123%.

⁽³⁾	Payable for sale-buyback transactions includes $47 of deferred price drop on sale-buyback transactions.

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of October 31, 2014:

(f)

Securities with an aggregate market value of $142,146 have been pledged as collateral under the terms of the following master agreements as of October 31, 2014.


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Payable for Short Sales		Total Borrowings and Other Financing Transactions			Collateral (Received)/ Pledged			Net Exposure ⁽⁴⁾
Global/Master Repurchase Agreement
RYL	$	0	$	(11,349	)	$	0		$	0	$	(11,349	)	$	11,143		$	(206	)
SSB		153		0			0			0		153			(156	)		(3	)

Master Securities Forward Transaction Agreement
BCY		0		0			(36,909	)		0		(36,909	)		36,695			(214	)
BPG		0		0			(40,361	)		0		(40,361	)		40,061			(300	)
MSC		0		0			(54,112	)		0		(54,112	)		53,724			(388	)

Total Borrowings and Other Financing Transactions	$	153	$	(11,349)		$	(131,382	)	$	0


84		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

⁽⁴⁾

(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS


Description	Strike Price		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOT U.S. Treasury 5-Year Note December Futures	$	112.500		11/21/2014		601	$	5	$	5
Call - CBOT U.S. Treasury 10-Year Note December Futures		142.000		11/21/2014		88		1		1

							$	6	$	6

Total Purchased Options							$	6	$	6

FUTURES CONTRACTS:


Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Asset		Liability
Call Options Strike @ EUR 156.000 on Euro-Bund 10-Year Bond December Futures	Long		11/2014		145	$	0		$	0	$	0
Call Options Strike @ EUR 160.000 on Euro-Bund 10-Year Bond December Futures	Long		11/2014		93		0			0		0
Euro-Bund 10-Year Bond December Futures	Short		12/2014		102		(179	)		0		(74	)
Put Options Strike @ EUR 142.000 on Euro-Bund 10-Year Bond December Futures	Long		11/2014		22		0			0		0
U.S. Treasury 5-Year Note December Futures	Long		12/2014		601		567			0		(99	)
U.S. Treasury 10-Year Note December Futures	Short		12/2014		88		237			23		0

Total Futures Contracts						$	625		$	23	$	(173	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION ⁽¹⁾


Index/Tranches	Fixed Deal Receive Rate		Maturity Date		Notional Amount⁽²⁾			Market Value⁽³⁾			Unrealized Appreciation		Variation Margin
Index/Tranches	Fixed Deal Receive Rate		Maturity Date		Notional Amount⁽²⁾			Market Value⁽³⁾			Unrealized Appreciation		Asset			Liability
iTraxx Europe 21 10-Year Index		1.000%		06/20/2024		EUR	1,300	$	(1	)	$	29	$	2	��	$	0
iTraxx Europe 22 5-Year Index		1.000%		12/20/2019			16,450		383			28		27			0

								$	382		$	57	$	29		$	0

⁽¹⁾

⁽²⁾	The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

⁽³⁾


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		85

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

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Receive	3-Month USD-LIBOR		3.000%		12/17/2024		$	5,500	$	(240	)	$	(73	)	$	16	$	0
Receive	3-Month USD-LIBOR		2.750%		06/19/2043			4,700		230			(52	)		24		0
Receive	3-Month USD-LIBOR		3.500%		12/18/2043			16,600		(1,748	)		(2,415	)		96		0
Receive	6-Month EUR-EURIBOR		0.550%		01/17/2016		EUR	24,600		(168	)		(138	)		0		(3	)
Receive	6-Month EUR-EURIBOR		2.000%		01/29/2024			3,400		(444	)		(416	)		0		(17	)
Receive	6-Month EUR-EURIBOR		2.000%		03/18/2045			7,200		(324	)		(418	)		0		(43	)
Receive	6-Month JPY-LIBOR		1.000%		09/18/2023		JPY	1,740,000		(691	)		(562	)		0		(7	)
Pay	28-Day MXN-TIIE		4.310%		09/06/2016		MXN	70,000		3			15			0		(5	)

									$	(3,382	)	$	(4,059	)	$	136	$	(75	)

Total Swap Agreements									$	(3,000	)	$	(4,002	)	$	165	$	(75	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of October 31, 2014:

(h)

Securities with an aggregate market value of $2,799 and cash of $1,507 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of October 31, 2014. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Total

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

$ 6

165

194

(173

)

(75

)

(248

)

(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
BOA		11/2014		AUD	4,631	$		4,102	$	27	$	0
		11/2014		EUR	11,189			14,258		236		0
		12/2014		GBP	2,004			3,236		32		0

BPS		11/2014		BRL	251			102		0		0
		11/2014		EUR	718			911		12		0
		11/2014	$		100		BRL	251		1		0
		12/2014		EUR	1,175	$		1,496		24		0
		12/2014		MXN	68,565			5,134		56		0
		02/2015	$		5,439		MXN	73,158		4		(39	)


86		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
BRC		11/2014		CAD	681	$		608	$	4	$	0
		11/2014	$		357		AUD	407		1		0
		11/2014			10,921		JPY	1,176,454		0		(448	)
		12/2014		JPY	1,176,454	$		10,924		448		0
		12/2014		MXN	25,177			1,906		42		0

CBK		11/2014		DKK	39,735			7,153		463		0
		11/2014	$		208		EUR	164		0		(2	)
		12/2014		MXN	14,950	$		1,132		25		0
		12/2014	$		831		GBP	507		0		(20	)
		01/2015			5,648		INR	352,335		0		(2	)

DUB		11/2014		BRL	275	$		110		0		(1	)
		11/2014		EUR	995			1,260		13		0
		11/2014	$		113		BRL	275		0		(1	)
		12/2014		MXN	8,833	$		670		16		0

FBF		11/2014	$		9,380		EUR	7,358		0		(159	)
		12/2014		EUR	6,380	$		8,136		139		0
		01/2015		HUF	816,918			3,358		42		0

GLM		11/2014	$		3,079		AUD	3,488		0		(10	)
		12/2014		AUD	3,488	$		3,073		9		0
		12/2014		GBP	96			154		0		0

HUS		11/2014		NZD	1,656			1,286		0		(5	)
		11/2014	$		639		AUD	736		9		0

JPM		11/2014		BRL	275	$		113		2		0
		11/2014		JPY	1,176,454			10,811		337		0
		11/2014	$		112		BRL	275		0		(1	)
		12/2014		BRL	275	$		111		1		0

MSB		11/2014			151			60		0		(1	)
		11/2014	$		62		BRL	151		0		(1	)
		12/2014		MXN	10,066	$		760		15		0

UAG		11/2014		BRL	4,616			1,869		6		0
		11/2014		EUR	45,992			58,836		1,201		0
		11/2014	$		1,947		BRL	4,616		0		(84	)
		11/2014			65,284		EUR	51,372		0		(907	)
		11/2014			1,314		NZD	1,656		0		(23	)
		12/2014		EUR	51,372	$		65,294		905		0
		12/2014		NZD	1,656			1,311		23		0
		12/2014	$		1,854		BRL	4,616		0		(7	)
		01/2015			635		MYR	2,077		0		(7	)
		01/2015			2,165		PLN	7,269		0		(15	)
		02/2015		MYR	2,034	$		618		4		0

Total Forward Foreign Currency Contracts									$	4,097	$	(1,733	)

PURCHASED OPTIONS:

FOREIGN CURRENCY OPTIONS


Counterparty	Description	Strike Price			Expiration Date		Notional Amount			Cost		Market Value
DUB	Call - OTC EUR versus USD		$	1.450		12/10/2014		EUR	7,000	$	1	$	0
	Put - OTC USD versus JPY		JPY	90.000		11/24/2014		$	7,000		1		0

MSB	Put - OTC USD versus JPY			90.000		12/29/2014			5,100		0		0

										$	2	$	0

Total Purchased Options										$	2	$	0


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		87

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

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES


Counterparty	Description	Buy/Sell Protection	Exercise Rate		Expiration Date		Notional Amount			Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-22 5-Year Index	Sell		0.950%		12/17/2014		$	300	$	(1	)	$	0
	Put - OTC CDX.IG-22 5-Year Index	Sell		1.200%		12/17/2014			700		(1	)		0

BPS	Call - OTC iTraxx Europe 22 5-Year Index	Buy		0.600%		01/21/2015		EUR	1,600		(3	)		(3	)
	Put - OTC iTraxx Europe 22 5-Year Index	Sell		0.900%		01/21/2015			1,600		(3	)		(3	)

CBK	Put - OTC CDX.IG-22 5-Year Index	Sell		0.850%		12/17/2014		$	2,300		(3	)		(1	)
	Put - OTC CDX.IG-22 5-Year Index	Sell		0.900%		12/17/2014			600		(1	)		0
	Put - OTC CDX.IG-22 5-Year Index	Sell		0.950%		12/17/2014			600		(1	)		0
	Put - OTC CDX.IG-22 5-Year Index	Sell		1.000%		12/17/2014			300		(1	)		0

GST	Put - OTC CDX.IG-22 5-Year Index	Sell		1.200%		12/17/2014			1,500		(1	)		0
	Put - OTC CDX.IG-22 5-Year Index	Sell		0.900%		01/21/2015			700		(1	)		0
	Put - OTC iTraxx Europe 21 5-Year Index	Sell		0.850%		12/17/2014		EUR	4,000		(11	)		(2	)
	Put - OTC iTraxx Europe 21 5-Year Index	Sell		0.950%		12/17/2014			4,700		(11	)		(1	)
	Put - OTC iTraxx Europe 22 5-Year Index	Sell		1.100%		01/21/2015			500		(1	)		0
	Put - OTC iTraxx Europe 22 5-Year Index	Sell		1.200%		01/21/2015			1,000		(2	)		0

JPM	Put - OTC CDX.IG-22 5-Year Index	Sell		0.850%		12/17/2014		$	2,700		(3	)		(1	)
	Put - OTC CDX.IG-22 5-Year Index	Sell		0.900%		12/17/2014			2,600		(4	)		0
	Put - OTC CDX.IG-22 5-Year Index	Sell		0.950%		12/17/2014			1,200		(2	)		0
	Put - OTC iTraxx Europe 21 5-Year Index	Sell		0.950%		12/17/2014		EUR	700		(1	)		0
	Call - OTC iTraxx Europe 22 5-Year Index	Buy		0.600%		01/21/2015			1,500		(2	)		(3	)
	Put - OTC iTraxx Europe 22 5-Year Index	Sell		1.000%		01/21/2015			1,500		(4	)		(2	)

										$	(57	)	$	(16	)

FOREIGN CURRENCY OPTIONS


Counterparty	Description	Strike Price			Expiration Date		Notional Amount		Premiums (Received)			Market Value
DUB	Call - OTC USD versus BRL		BRL	2.680		07/01/2015		$ 370	$	(9	)	$	(16	)
GLM	Put - OTC USD versus INR		INR	58.500		03/09/2015		300		(1	)		0
	Call - OTC USD versus INR			64.500		03/09/2015		300		(3	)		(2	)
JPM	Call - OTC USD versus INR			65.000		03/10/2015		1,700		(20	)		(11	)

									$	(33	)	$	(29	)

INFLATION-CAPPED OPTIONS


Counterparty	Description	Initial Index	Floating Rate	Expiration Date ⁽¹⁾		Notional Amount		Premiums (Received)			Market Value
CBK	Floor - OTC CPURNSA Index	TBD	Maximum of [(1 + 0.000%)¹⁰ - (Final Index/Initial Index)] or 0		04/07/2020	$	32,200	$	(287	)	$	(11	)
	Floor - OTC CPURNSA Index	TBD	Maximum of [(1 + 0.000%)¹⁰ - (Final Index/Initial Index)] or 0		09/29/2020		1,500		(19	)		(1	)
DUB	Floor - OTC YOY CPURNSA Index	TBD	Maximum of [(1 + 0.000%) - (Final Index/Initial Index)] or 0		01/22/2018		1,800		(18	)		(5	)
JPM	Cap - OTC CPURNSA Index	4.000	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		04/22/2024		6,500		(47	)		(20	)
	Cap - OTC CPURNSA Index	4.000	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		05/16/2024		500		(4	)		(2	)

								$	(375	)	$	(39	)

⁽¹⁾	YOY options may have a series of expirations.


88		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount			Premiums (Received)			Market Value
GLM	Call - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		1.000%		12/15/2014		EUR	4,300	$	(8	)	$	(15	)
	Put - OTC 10-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		1.500%		12/15/2014			4,300		(18	)		(1	)
JPM	Call - OTC 5-Year Interest Rate Swap (Effective 11/20/2019)	3-Month USD-LIBOR	Receive		3.200%		11/18/2014		$	5,900		(16	)		(8	)
MYC	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.250%		11/17/2014			6,500		(36	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.450%		11/17/2014			6,500		(43	)		(47	)

											$	(121	)	$	(72	)

Total Written Options											$	(586	)	$	(156	)

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED OCTOBER 31, 2014:


	# of Contracts			Notional Amount in $			Notional Amount in EUR			Premiums
Balance at Beginning of Period		93		$	262,500		EUR	56,000		$	(1,638	)
Sales		90			129,766			71,700			(954	)
Closing Buys		0			(53,900	)		(15,600	)		234
Expirations		(93	)		(260,796	)		(55,700	)		1,657
Exercised		(90	)		0			(30,700	)		115

Balance at End of Period		0		$	77,570		EUR	25,700		$	(586	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION⁽²⁾


Counterparty	Reference Entity	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at October 31, 2014 ⁽⁴⁾		Notional Amount ⁽⁵⁾		Premiums Paid/(Received)		Unrealized (Depreciation)			Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at October 31, 2014 ⁽⁴⁾		Notional Amount ⁽⁵⁾		Premiums Paid/(Received)		Unrealized (Depreciation)			Asset		Liability
BOA	Marsh & McLennan Cos., Inc.		(0.900%	)		06/20/2019		0.223%	$	3,000	$	0	$	(95	)	$	0	$	(95	)

GST	RPM International, Inc.		(1.500%	)		03/20/2018		0.458%		1,000		0		(37	)		0		(37	)

											$	0	$	(132	)	$	0	$	(132	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION ⁽³⁾


Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽⁴⁾		Notional Amount ⁽⁵⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽⁴⁾		Notional Amount ⁽⁵⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
BOA	Brazil Government International Bond		1.000%		03/20/2019		1.317%	$	100	$	(5	)	$	4	$	0	$	(1	)

BPS	Italy Government International Bond		1.000%		03/20/2019		1.028%		6,800		(118	)		117		0		(1	)


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		89

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


Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽⁴⁾		Notional Amount ⁽⁵⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at October 31, 2014 ⁽⁴⁾		Notional Amount ⁽⁵⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
CBK	Russia Government International Bond		1.000%		03/20/2019		2.337%	$	400	$	(33	)	$	12		$	0	$	(21	)

DUB	Brazil Government International Bond		1.000%		03/20/2019		1.317%		2,400		(121	)		92			0		(29	)

GST	Russia Government International Bond		1.000%		09/20/2019		2.398%		200		(11	)		(1	)		0		(12	)

HUS	Petrobras International Finance Co.		1.000%		09/20/2015		0.886%		2,000		(64	)		68			4		0
	Spain Government International Bond		1.000%		03/20/2019		0.829%		1,600		(12	)		25			13		0

JPM	Brazil Government International Bond		1.000%		03/20/2019		1.317%		900		(46	)		35			0		(11	)
	HSBC Bank PLC		1.000%		06/20/2019		0.406%		4,500		56			70			126		0
	Russia Government International Bond		1.000%		09/20/2019		2.398%		100		(6	)		(1	)		0		(7	)

MYC	Brazil Government International Bond		1.000%		03/20/2019		1.317%		2,500		(127	)		97			0		(30	)
	Spain Government International Bond		1.000%		03/20/2019		0.829%		3,000		(18	)		44			26		0

										$	(505	)	$	562		$	169	$	(112	)

⁽²⁾

⁽³⁾

⁽⁴⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as 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.

⁽⁵⁾	The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

INTEREST RATE SWAPS


Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BOA	Pay	1-Month GBP-UKRPI		3.500%		10/15/2044		GBP	1,200	$	2		$	(41	)	$	0	$	(39	)

CBK	Pay	1-Month GBP-UKRPI		3.500%		10/15/2044			400		(13	)		(1	)		0		(14	)
	Receive	3-Month USD- CPURNSA Index		2.250%		07/15/2017		$	15,000		4			(517	)		0		(513	)


90		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
DUB	Pay	1-Year BRL-CDI		11.160%		01/04/2021		BRL	1,300	$	0		$	(10	)	$	0	$	(10	)
	Receive	3-Month USD- CPURNSA Index		1.860%		11/05/2016		$	11,800		0			(101	)		0		(101	)
	Receive	3-Month USD- CPURNSA Index		2.360%		01/28/2017			8,200		0			(270	)		0		(270	)
	Receive	3-Month USD- CPURNSA Index		2.500%		07/15/2022			5,000		103			(370	)		0		(267	)
	Pay	6-Month AUD- BBR-BBSW		4.000%		06/18/2019		AUD	4,400		10			158			168		0

FBF	Pay	1-Month GBP-UKRPI		3.528%		09/23/2044		GBP	600		(4	)		(6	)		0		(10	)
	Pay	1-Month GBP-UKRPI		3.500%		10/15/2044			200		(6	)		0			0		(6	)

GLM	Pay	1-Year BRL-CDI		8.300%		01/02/2017		BRL	28,800		13			(886	)		0		(873	)
	Pay	1-Year BRL-CDI		10.910%		01/02/2017			100		0			(1	)		0		(1	)
	Receive	3-Month USD- CPURNSA Index		1.730%		04/15/2016		$	24,100		(49	)		(154	)		0		(203	)
	Receive	3-Month USD- CPURNSA Index		2.033%		04/15/2018			5,300		0			(94	)		0		(94	)

JPM	Pay	1-Month GBP-UKRPI		3.528%		09/23/2044		GBP	600		1			(11	)		0		(10	)

MYC	Pay	1-Year BRL-CDI		8.220%		01/02/2017		BRL	1,700		0			(54	)		0		(54	)
	Pay	1-Year BRL-CDI		11.500%		01/04/2021			800		4			(6	)		0		(2	)

RYL	Receive	3-Month USD- CPURNSA Index		1.930%		10/31/2016		$	7,800		0			(84	)		0		(84	)
	Receive	3-Month USD- CPURNSA Index		2.250%		07/15/2017			4,100		14			(155	)		0		(141	)

UAG	Pay	1-Year BRL-CDI		8.150%		01/02/2017		BRL	37,200		(37	)		(1,179	)		0		(1,216	)
	Pay	1-Year BRL-CDI		11.500%		01/04/2021			300		2			(2	)		0		0

										$	44		$	(3,784	)	$	168	$	(3,908	)

Total Swap Agreements										$	(461	)	$	(3,354	)	$	337	$	(4,152	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of October 31, 2014:

(j)

Securities with an aggregate market value of $2,671 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of October 31, 2014.


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged			Net Exposure ⁽⁶⁾
BOA	$	295	$	0	$	0	$	295	$	0		$	0		$	(135	)	$	(135	)	$	160		$	0		$	160
BPS		97		0		0		97		(39	)		(6	)		(1	)		(46	)		51			0			51
BRC		495		0		0		495		(448	)		0			0			(448	)		47			0			47
CBK		488		0		0		488		(24	)		(13	)		(548	)		(585	)		(97	)		318			221
DUB		29		0		168		197		(2	)		(21	)		(677	)		(700	)		(503	)		619			116
FBF		181		0		0		181		(159	)		0			(16	)		(175	)		6			0			6
GLM		9		0		0		9		(10	)		(18	)		(1,171	)		(1,199	)		(1,190	)		1,175			(15	)
GST		0		0		0		0		0			(3	)		(49	)		(52	)		(52	)		0			(52	)
HUS		9		0		17		26		(5	)		0			0			(5	)		21			0			21
JPM		340		0		126		466		(1	)		(47	)		(28	)		(76	)		390			0			390
MSB		15		0		0		15		(2	)		0			0			(2	)		13			(10	)		3


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		91

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


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged			Net Exposure ⁽⁶⁾
MYC	$	0	$	0	$	26	$	26	$	0		$	(48	)	$	(86	)	$	(134	)	$	(108	)	$	33		$	(75	)
RYL		0		0		0		0		0			0			(225	)		(225	)		(225	)		(50	)		(275	)
UAG		2,139		0		0		2,139		(1,043	)		0			(1,216	)		(2,259	)		(120	)		482			362

Total Over the Counter	$	4,097	$	0	$	337	$	4,434	$	(1,733	)	$	(156	)	$	(4,152	)	$	(6,041	)

⁽⁶⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	0	$	0	$	6	$	6
Futures		0		0		0		0		23		23
Swap Agreements		0		29		0		0		136		165

	$	0	$	29	$	0	$	0	$	165	$	194

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4,097	$	0	$	4,097
Swap Agreements		0		169		0		0		168		337

	$	0	$	169	$	0	$	4,097	$	168	$	4,434

	$	0	$	198	$	0	$	4,097	$	333	$	4,628


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	173	$	173
Swap Agreements		0		0		0		0		75		75

	$	0	$	0	$	0	$	0	$	248	$	248

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,733	$	0	$	1,733
Written Options		0		16		0		29		111		156
Swap Agreements		0		244		0		0		3,908		4,152

	$	0	$	260	$	0	$	1,762	$	4,019	$	6,041

	$	0	$	260	$	0	$	1,762	$	4,267	$	6,289


92		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	0	$	0		$	(17	)	$	(17	)
Written Options		0		0		0		0			32			32
Futures		0		0		0		0			974			974
Swap Agreements		0		248		0		0			(2,095	)		(1,847	)

	$	0	$	248	$	0	$	0		$	(1,106	)	$	(858	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5,299		$	0		$	5,299
Purchased Options		0		0		0		(1	)		(413	)		(414	)
Written Options		0		77		0		335			1,327			1,739
Swap Agreements		0		97		0		0			1,385			1,482

	$	0	$	174	$	0	$	5,633		$	2,299		$	8,106

	$	0	$	422	$	0	$	5,633		$	1,193		$	7,248


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0		$	(613	)	$	(613	)
Swap Agreements		0		57		0		0			(5,039	)		(4,982	)

	$	0	$	57	$	0	$	0		$	(5,652	)	$	(5,595	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,461		$	0		$	2,461
Purchased Options		0		0		0		(2	)		190			188
Written Options		0		41		0		4			(606	)		(561	)
Swap Agreements		0		490		0		0			(762	)		(272	)

	$	0	$	531	$	0	$	2,463		$	(1,178	)	$	1,816

	$	0	$	588	$	0	$	2,463		$	(6,830	)	$	(3,779	)

FAIR VALUE MEASUREMENTS ⁽⁴⁾

The following is a summary of the fair valuations according to the inputs used as of October 31, 2014 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 10/31/2014
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	15,645	$	0	$	15,645
Industrials		0		1,323		0		1,323
Utilities		0		1,251		0		1,251
U.S. Government Agencies		0		10,295		0		10,295
U.S. Treasury Obligations		0		221,023		0		221,023
Mortgage-Backed Securities		0		10,153		0		10,153	��
Asset-Backed Securities		0		6,446		0		6,446
Sovereign Issues		0		54,121		0		54,121


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		93

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

October 31, 2014


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 10/31/2014
Short-Term Instruments
Commercial Paper	$	0		$	1,276		$	0	$	1,276
Repurchase Agreements		0			153			0		153
Greece Treasury Bills		0			22,510			0		22,510
U.S. Treasury Bills		0			260			0		260

Total Investments	$	0		$	344,456		$	0	$	344,456

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		23			171			0		194
Over the counter		0			4,434			0		4,434
	$	23		$	4,605		$	0	$	4,628

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(173	)		(75	)		0		(248	)
Over the counter		(6	)		(6,035	)		0		(6,041	)
	$	(179	)	$	(6,110	)	$	0	$	(6,289	)

Totals	$	(156	)	$	342,951		$	0	$	342,795

There were no significant transfers between Level 1, 2, and 3 during the period ended October 31, 2014.


94		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series TE

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%

MUNICIPAL BONDS & NOTES 91.9%

ARIZONA 5.4%
Arizona State University Revenue Bonds, Series 2012
5.000% due 07/01/2025	$		175	$		205
Arizona Water Infrastructure Finance Authority Revenue Bonds, Series 2009
4.250% due 10/01/2019			1,000			1,147
Arizona Water Infrastructure Finance Authority Revenue Bonds, Series 2014
5.000% due 10/01/2026			1,250			1,536
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2010
5.000% due 07/01/2028			1,000			1,133
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2012
5.000% due 12/01/2030			1,000			1,174

						5,195


ARKANSAS 0.3%
University of Arkansas Revenue Bonds, Series 2012
5.000% due 05/01/2026			260			305


CALIFORNIA 8.8%
Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.000% due 04/01/2038			2,000			2,252
Bay Area Water Supply & Conservation Agency, California Revenue Bonds, Series 2013
5.000% due 10/01/2026			1,000			1,199
California Health Facilities Financing Authority Revenue Bonds, Series 2008
5.250% due 08/15/2022			500			578
California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,000			1,191
California Statewide Communities Development Authority Revenue Bonds, Series 2012
5.000% due 08/15/2023			100			122
Contra Costa Transportation Authority, California Revenue Bonds, Series 2012
5.000% due 03/01/2025			500			589
East Bay Municipal Utility District Water System, California Revenue Notes, Series 2012
5.000% due 06/01/2022			400			492
Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2012
5.000% due 08/01/2042			250			277
Los Angeles Department of Airports, California Revenue Bonds, Series 2012
5.000% due 05/15/2029			500			577


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Los Angeles, California General Obligation Bonds, Series 2011
5.000% due 09/01/2022	$		730	$		876
San Francisco Bay Area Rapid Transit District, California Revenue Bonds, Series 2010
5.000% due 07/01/2024			200			237

						8,390


COLORADO 3.4%
Colorado Health Facilities Authority Revenue Bonds, Series 2013
5.000% due 12/01/2033			2,125			2,362
Colorado State University System Board of Governors Revenue Notes, Series 2010
5.000% due 03/01/2018			250			284
Denver, Colorado City & County School District No. 1 General Obligation Bonds, Series 2012
5.000% due 12/01/2026			500			598

						3,244


CONNECTICUT 1.2%
Connecticut State Health & Educational Facility Authority Revenue Bonds, Series 2014
5.000% due 07/01/2026			1,000			1,174


FLORIDA 4.7%
Broward County, Florida Airport System Revenue Bonds, Series 2012
5.000% due 10/01/2037			1,300			1,440
Florida Municipal Power Agency Revenue Bonds, Series 2012
5.000% due 10/01/2026			1,800			2,086
Florida State General Obligation Bonds, Series 2012
5.000% due 07/01/2025			250			298
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013
5.000% due 10/01/2028			555			648

						4,472


GEORGIA 1.2%
Atlanta, Georgia Department of Aviation Revenue Bonds, Series 2012
5.000% due 01/01/2042			1,000			1,111


GUAM 0.9%
Guam Government Waterworks Authority Revenue Bonds, Series 2014
5.000% due 07/01/2025			770			877


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		95

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
KANSAS 2.3%
Kansas Development Finance Authority Revenue Bonds, Series 2012
5.000% due 11/15/2034	$		2,000	$		2,239


MASSACHUSETTS 4.8%
Massachusetts Bay Transportation Authority Revenue Bonds, Series 2004
5.500% due 07/01/2018			1,150			1,346
Massachusetts School Building Authority Revenue Bonds, Series 2012
5.000% due 08/15/2027			100			119
5.000% due 08/15/2030			615			720
Massachusetts State College Building Authority Revenue Bonds, Series 2014
5.000% due 05/01/2028			2,000			2,368

						4,553


MINNESOTA 1.2%
Anoka-Hennepin Independent School District No. 11, Minnesota General Obligation Bonds, Series 2008
5.000% due 02/01/2019			1,000			1,149


MISSOURI 0.9%
Metropolitan St. Louis Sewer District, Missouri Revenue Bonds, Series 2012
5.000% due 05/01/2023			750			905


NEBRASKA 0.2%
Omaha Public Power District, Nebraska Revenue Bonds, Series 2012
5.000% due 02/01/2025			200			236


NEW JERSEY 4.4%
New Jersey Economic Development Authority Revenue Bonds, Series 2013
5.000% due 03/01/2024			1,000			1,130
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.250% due 07/01/2035			1,000			1,149
New Jersey State Turnpike Authority Revenue Bonds, Series 2013
5.000% due 01/01/2031			1,300			1,488
New Jersey State Turnpike Authority Revenue Notes, Series 2012
5.000% due 01/01/2021			175			207
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2011
5.500% due 06/15/2041			210			234

						4,208


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW YORK 10.5%
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2027	$		165	$		190
5.000% due 11/15/2028			1,340			1,590
New York City, New York General Obligation Bonds, Series 2012
5.000% due 08/01/2023			125			150
New York City, New York Trust for Cultural Resources Revenue Bonds, Series 2013
5.000% due 08/01/2024			200			240
5.000% due 08/01/2025			365			434
New York State Dormitory Authority Revenue Bonds, Series 2011
5.000% due 03/15/2027			170			197
New York State Dormitory Authority Revenue Bonds, Series 2012
5.000% due 12/15/2026			1,725			2,054
Tompkins County, New York Development Corp. Revenue Notes, Series 2013
5.000% due 07/01/2020			1,130			1,258
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2025			300			358
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2013
5.000% due 11/15/2027			2,000			2,398
5.000% due 11/15/2029			1,000			1,172

						10,041


NORTH CAROLINA 6.4%
Charlotte-Mecklenburg Hospital Authority, North Carolina Revenue Bonds, Series 2012
5.000% due 01/15/2028			100			114
North Carolina State Revenue Bonds, Series 2011
5.000% due 05/01/2026			100			118
North Carolina Turnpike Authority Revenue Bonds, Series 2011
5.000% due 07/01/2024			1,000			1,179
Raleigh, North Carolina Combined Enterprise System Revenue Bonds, Series 2013
5.000% due 03/01/2024			1,250			1,527
Town of Cary, North Carolina Combined Utility Systems Revenue Bonds, Series 2013
5.000% due 12/01/2024			1,000			1,219
University of North Carolina at Greensboro Revenue Notes, Series 2014
5.000% due 04/01/2024			1,660			2,021

						6,178


96		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OHIO 11.3%
Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2012
5.000% due 01/01/2024	$		900	$		1,063
Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014
5.000% due 12/01/2026			4,000			4,668
Ohio Air Quality Development Authority Revenue Bonds, Series 2006
3.750% due 12/01/2023			4,000			4,258
Ohio Higher Educational Facility Commission Revenue Notes, Series 2012
5.000% due 12/01/2021			450			541
Ohio State Revenue Bonds, Series 2012
5.000% due 12/15/2024			250			295

						10,825


OKLAHOMA 0.4%
Oklahoma Water Resources Board Revenue Bonds, Series 2011
5.000% due 04/01/2022			300			356


PENNSYLVANIA 2.5%
Delaware River Port Authority, Pennsylvania Revenue Bonds, Series 2012
5.000% due 01/01/2023			1,000			1,151
Monroeville Finance Authority, Pennsylvania Revenue Notes, Series 2012
5.000% due 02/15/2022			100			119
Pennsylvania Turnpike Commission Revenue Bonds, Series 2009
5.000% due 12/01/2020			1,000			1,167

						2,437


TENNESSEE 0.4%
Metropolitan Government of Nashville & Davidson County, Tennessee General Obligation Bonds, Series 2012
5.000% due 07/01/2023			100			121
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.250% due 09/01/2024			200			235

						356


TEXAS 10.2%
Dallas, Texas General Obligation Bonds, Series 2012
5.000% due 02/15/2023			300			360
Dallas/Fort Worth International Airport, Texas Revenue Bonds, Series 2013
5.000% due 11/01/2027			500			580


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Harris County, Texas General Obligation Bonds, Series 1997
5.125% due 08/15/2024	$		1,580	$		1,950
Harris County, Texas General Obligation Bonds, Series 2012
5.000% due 08/15/2026			250			297
La Joya Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2012
5.000% due 02/15/2027			200			236
Lower Colorado River Authority, Texas Revenue Bonds, Series 2012
5.000% due 05/15/2033			750			842
North Texas Tollway Authority Revenue Bonds, Series 2012
5.000% due 01/01/2028			175			196
San Antonio Public Facilities Corp., Texas Revenue Bonds, Series 2012
5.000% due 09/15/2025			250			292
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2023			1,000			1,160
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			3,000			3,711
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2012
5.000% due 12/15/2026			100			112

						9,736


UTAH 1.2%
Intermountain Power Agency, Utah Revenue Bonds, Series 2013
5.000% due 07/01/2023			1,000			1,131


VIRGINIA 6.3%
Loudoun County, Virginia General Obligation Bonds, Series 2013
5.000% due 12/01/2027			2,315			2,765
Virginia College Building Authority Revenue Bonds, Series 2012
5.000% due 02/01/2025			560			664
Virginia Public Building Authority Revenue Bonds, Series 2013
5.000% due 08/01/2025			1,000			1,211
Virginia Public School Authority Revenue Notes, Series 2013
5.000% due 08/01/2021			1,000			1,206
Virginia Resources Authority Revenue Bonds, Series 2012
5.000% due 11/01/2026			175			210

						6,056


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		97

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WASHINGTON 1.8%
Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2012
5.000% due 02/01/2024	$		1,250	$		1,499
Washington State General Obligation Bonds, Series 2008
5.000% due 01/01/2028			200			227

						1,726


WISCONSIN 1.2%
WPPI Energy, Wisconsin Revenue Bonds, Series 2013
5.000% due 07/01/2025			1,000			1,181

Total Municipal Bonds & Notes (Cost $85,071)						88,081


SHORT-TERM INSTRUMENTS 7.6%

REPURCHASE AGREEMENTS (b) 1.4%
						1,300


SHORT-TERM NOTES 4.1%
Fannie Mae
0.107% due 03/16/2015			1,200			1,200

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

Federal Home Loan Bank

0.091% due 03/13/2015

2,800

2,799

3,999

U.S. TREASURY BILLS 2.1%

0.028% due 11/06/2014 - 04/23/2015 (a)

2,005

Total Short-Term Instruments
(Cost $7,304)

7,304

Total Investments in Securities
(Cost $92,375)

95,385

Total Investments 99.5%
(Cost $92,375)

95,385

Financial Derivative
Instruments (c)(d) 0.1%

(Cost or Premiums, net $0)

112

Other Assets and Liabilities, net 0.4%

344

Net Assets 100.0%

95,841

NOTES TO SCHEDULE OF INVESTMENTS (AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF CONTRACTS):

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

(a)

Coupon represents a weighted average yield to maturity.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral Received, at Value			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received ⁽¹⁾
GSC	0.150%		10/31/2014		11/03/2014	$	1,300	Freddie Mac 3.500% due 09/01/2042	$	(1,338	)	$	1,300	$	1,300

Total Repurchase Agreements									$	(1,338	)	$	1,300	$	1,300

⁽¹⁾	Includes accrued interest.


98		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received) as of October 31, 2014:


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Payable for Short Sales		Total Borrowings and Other Financing Transactions		Collateral (Received)			Net Exposure ⁽²⁾
Global/Master Repurchase Agreement
GSC	$	1,300	$	0	$	0	$	0	$	1,300	$	(1,338	)	$	(38)

Total Borrowings and Other Financing Transactions	$	1,300	$	0	$	0	$	0

⁽²⁾

(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

FUTURES CONTRACTS:


Description	Type	Expiration Month		# of Contracts		Unrealized (Depreciation)			Variation Margin
Description	Type	Expiration Month		# of Contracts		Unrealized (Depreciation)			Asset		Liability
U.S. Treasury 30-Year Bond December Futures	Short		12/2014		140	$	(293	)	$	66	$	0

Total Futures Contracts						$	(293	)	$	66	$	0

SWAP AGREEMENTS:

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount		Market Value			Unrealized (Depreciation)			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount		Market Value			Unrealized (Depreciation)			Asset		Liability
Receive	3-Month USD-LIBOR		3.500%		12/18/2043	$	8,000	$	(843	)	$	(1,235	)	$	46	$	0

Total Swap Agreements								$	(843	)	$	(1,235	)	$	46	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of October 31, 2014:

(d)

Securities with an aggregate market value of $905 and cash of $76 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of October 31, 2014. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Total

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

$ 0

$ 66

$ 46

$ 112

$ 0


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		99

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	66	$	66
Swap Agreements		0		0		0		0		46		46

	$	0	$	0	$	0	$	0	$	112	$	112

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2014:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Realized (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(899	)	$	(899	)
Swap Agreements		0		0		0		0		(130	)		(130	)

	$	0	$	0	$	0	$	0	$	(1,029	)	$	(1,029	)


Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(293	)	$	(293	)
Swap Agreements		0		0		0		0		(1,235	)		(1,235	)

	$	0	$	0	$	0	$	0	$	(1,528	)	$	(1,528	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of October 31, 2014 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 10/31/2014
Investments in Securities, at Value
Municipal Bonds & Notes
Arizona	$	0	$	5,195	$	0	$	5,195
Arkansas		0		305		0		305
California		0		8,390		0		8,390
Colorado		0		3,244		0		3,244
Connecticut		0		1,174		0		1,174
Florida		0		4,472		0		4,472
Georgia		0		1,111		0		1,111
Guam		0		877		0		877
Kansas		0		2,239		0		2,239
Massachusetts		0		4,553		0		4,553


100		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

October 31, 2014


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 10/31/2014
Minnesota	$	0	$	1,149	$	0	$	1,149
Missouri		0		905		0		905
Nebraska		0		236		0		236
New Jersey		0		4,208		0		4,208
New York		0		10,041		0		10,041
North Carolina		0		6,178		0		6,178
Ohio		0		10,825		0		10,825
Oklahoma		0		356		0		356
Pennsylvania		0		2,437		0		2,437
Tennessee		0		356		0		356
Texas		0		9,736		0		9,736
Utah		0		1,131		0		1,131
Virginia		0		6,056		0		6,056
Washington		0		1,726		0		1,726
Wisconsin		0		1,181		0		1,181
Short-Term Instruments
Repurchase Agreements		0		1,300		0		1,300
Short-Term Notes		0		3,999		0		3,999
U.S. Treasury Bills		0		2,005		0		2,005

Total Investments	$	0	$	95,385	$	0	$	95,385

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	66	$	46	$	0	$	112

Totals	$	66	$	95,431	$	0	$	95,497

There were no significant transfers between Level 1, 2, and 3 during the period ended October 31, 2014.


See Accompanying Notes		ANNUAL REPORT		OCTOBER 31, 2014		101

Notes to Financial Statements

1. ORGANIZATION

PIMCO Managed Accounts Trust (the “Trust”), formerly known as AllianzGI Managed Accounts Trust, was organized as a Massachusetts business trust on November 3, 1999. The Trust is comprised of Fixed Income SHares: Series C, Series LD, Series M, Series R and Series TE (each a “Portfolio” or “Series” and collectively the “Portfolios”). Each Portfolio has authorized an unlimited amount of shares of beneficial interest with $0.001 par value. Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) serves as the Portfolios’ investment manager.

Prior to the close of business on September 5, 2014, Allianz Global Investors Fund Management LLC (“AGIFM”) and PIMCO served as the Trust’s investment manager and sub-adviser, respectively. Effective at the close of business on September 5, 2014, each Portfolio entered into a new investment management agreement (the “Agreement”) with PIMCO, pursuant to which PIMCO replaced AGIFM as the investment manager to the Portfolios. Under the Agreement, PIMCO continues to provide the day-to-day portfolio management services it provided to each Portfolio as its sub-adviser and also assumed responsibility for providing the supervisory and administrative services previously provided by AGIFM to each Portfolio as its investment manager. PIMCO personnel have replaced AGIFM personnel as Porfolio officers and in other roles to provide and oversee the administrative, accounting/financial reporting, compliance, legal, marketing, transfer agency, shareholder servicing and other services required for the daily operations of each Portfolio. Please see “Fees and Expenses” below for additional information.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain/loss on investments on the Statements of Operations. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.


102		PIMCO MANAGED ACCOUNTS TRUST

October 31, 2014

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

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

(c) Dividends and Distributions to Shareholders Each Portfolio distributes substantially all of its net investment income to shareholders in the form of dividends. Dividends are declared daily and paid monthly on the last business day of the month. Net realized capital gains earned by each Portfolio, if any, will be distributed no less frequently than once each year. A Portfolio may engage in investment strategies, including the use of derivatives, to, among other things, generate current, distributable income without regard to possible declines in the Portfolio’s net asset value. A Portfolio’s income and gain-generating strategies, including certain derivatives strategies, may generate current income for monthly distributions even in situations when the Portfolio has experienced a decline in net assets, including losses due to adverse changes in securities markets or the Portfolio’s portfolio of investments, including derivatives. Consequently, shareholders may receive distributions and owe tax at a time when their investment in a Portfolio has declined in value, which tax may be at ordinary income rates. Also, the tax treatment of certain derivatives may be open to different interpretations. Any recharacterization of payments made or received by a Portfolio pursuant to derivatives potentially could affect the amount, timing or character of Portfolio distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further,


		ANNUAL REPORT		OCTOBER 31, 2014		103

Notes to Financial Statements (Cont.)

the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of paydowns on mortgage-backed securities, swaps, foreign currency transactions and contingent debt instruments. As a result, income distribution and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Portfolio’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been recorded to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(d) Statements of Cash Flows U.S. GAAP requires entities providing financial statements that report both financial position and results of operations to also provide a statement of cash flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. One of the conditions is that substantially all of the enterprise’s investments were carried at fair value during the period and classified as Level 1 or Level 2 in the fair value hierarchy in accordance with the requirements of U.S. GAAP. Another condition is that the enterprise had little or no debt, based on the average debt outstanding during the period, in relation to average total assets. Portfolios with certain degrees of borrowing activity, typically through the use of reverse repurchase agreements, sale-buyback transactions or short sale transactions, have been determined to be at a level requiring a Statement of Cash Flows. Statements of Cash Flows, as applicable, have been prepared using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

(e) New Accounting Pronouncements In June 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) providing updated guidance for assessing whether an entity is an investment company and for the measurement of noncontrolling ownership interests in other investment companies. This update became effective for interim or annual periods beginning on or after December 15, 2013. In accordance with investment company reporting requirements under U.S. GAAP, the Trust adopted the ASU for the fiscal year ended October 31, 2014. The ASU did not have an impact on the Portfolios’ financial statements.

In June 2014, the FASB issued an ASU that expands secured borrowing accounting for certain repurchase agreements. The ASU also sets forth additional disclosure requirements for certain transactions accounted for as sales in order to provide financial statement users with information to compare to similar transactions accounted for as secured borrowings. The ASU is effective prospectively during interim or annual periods beginning after December 15, 2014. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The Net Asset Value (“NAV”) of a Portfolio’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open (each a “Business Day”). Information that becomes


104		PIMCO MANAGED ACCOUNTS TRUST

October 31, 2014

known to a Portfolio or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

For purposes of calculating the NAV, portfolio securities and other financial derivative instruments are valued on each Business Day using valuation methods as adopted by the Board of Trustees (the “Board”) of the Trust. The Board has formed a Valuation Committee whose function is to monitor the valuation of portfolio securities and other financial derivative instruments and, as required by the Trust’s valuation policies, determine in good faith the fair value of portfolio holdings after consideration of all relevant factors, including recommendations provided by the Manager. The Board has delegated responsibility for applying the valuation methods to the Manager. The Manager monitors the continual appropriateness of methods applied and determines if adjustments should be made in light of market factor changes and events affecting issuers.

Where market quotes are readily available, fair market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Where market quotes are not readily available, portfolio securities and other financial derivative instruments are valued at fair value, as determined in good faith by the Board, its Valuation Committee, or the Manager pursuant to instructions from the Board or its Valuation Committee. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Portfolio’s securities or financial derivative instruments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Manager, PIMCO, the responsibility for monitoring significant events that may materially affect the values of a Portfolio’s securities or financial derivative instruments and for determining whether the value of the applicable securities or financial derivative instruments should be re-evaluated in light of such significant events.

The Board has adopted methods for valuing securities and other financial derivative instruments that may require fair valuation under particular circumstances. PIMCO monitors the continual appropriateness of fair valuation methods applied and determines if adjustments should be made in light of market changes, events affecting the issuer, or other factors. If the Manager determines that a fair valuation method may no longer be appropriate, another valuation method may be selected, or the Valuation Committee will take any appropriate action in accordance with procedures set forth by the Board. The Board reviews the appropriateness of the valuation methods from time to time and these methods may be amended or supplemented from time to time by the Valuation Committee.

In circumstances in which daily market quotes are not readily available, investments may be valued pursuant to guidelines established by the Board. In the event that the security or asset cannot be valued pursuant to the established guidelines, the value of the security or other financial derivative instrument will be determined in good faith by the Valuation Committee of the Board, generally based upon recommendations provided by PIMCO. These methods may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Portfolio’s NAV that fairly reflects security values as of the time of pricing, the Trust


		ANNUAL REPORT		OCTOBER 31, 2014		105

Notes to Financial Statements (Cont.)

cannot guarantee that values determined by the Board or persons acting at their direction would accurately reflect the price that a Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Portfolio may differ from the value that would be realized if the securities were sold.

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

ⁿ

Level 1 — Inputs using (unadjusted) quoted prices in active markets or exchanges for identical assets and liabilities.

ⁿ

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

ⁿ

Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the valuation method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of valuation methods used by third-party pricing services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by third-party pricing services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers in and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The end of period timing recognition is used for the transfers between Levels of the Portfolio’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each Series.


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Level 1 and Level 2 trading assets and trading liabilities, at fair market value The valuation methods (or “techniques”) and significant inputs used in determining the fair market values of portfolio securities or financial derivative instruments categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued by pricing service providers that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing service providers. As a result, the NAV of a Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of 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 NYSE is closed. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.


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Notes to Financial Statements (Cont.)

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less and repurchase agreements are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as foreign currency contracts, options contracts, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued by independent pricing service providers. Depending on the product and the terms of the transaction, financial derivative instruments can be valued by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, securities will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy. The valuation techniques and significant inputs used in determining the fair values of portfolio assets and liabilities categorized as Level 3 of the fair value hierarchy are as follows:

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


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If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, PIMCO may elect to obtain indicative market quotations (“broker quotes”) directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced broker quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker quotes are typically received from established market participants. Although independently received, the investment advisor does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Securities

Inflation-Indexed Bonds Certain Portfolios may invest in 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 or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

Mortgage-Related and Other Asset-Backed Securities Certain Portfolios may invest in mortgage-related and other asset-backed securities that directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans.

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


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Notes to Financial Statements (Cont.)

Collateralized Debt Obligations (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Portfolio invests. CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) a Portfolio may invest in CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Restricted Securities Certain Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted securities outstanding at October 31, 2014 are disclosed in the Notes to Schedules of Investments.

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

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


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mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The following disclosures contain information on a Portfolio’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Portfolio. The location and fair value amounts of these instruments are described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions, please see Note 7, Principal Risks.

(a) Repurchase Agreements Certain Portfolios may engage in repurchase agreements. Under the terms of a typical repurchase agreement, a Portfolio takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Portfolio to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Portfolio may pay a fee for receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements Certain Portfolios may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. A Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Portfolio to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio will segregate assets determined to be liquid by PIMCO or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks Certain Portfolios may enter into financing transactions referred to as ‘sale-buybacks’. A sale-buyback transaction consists of a sale of a security by a Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Portfolio are reflected as a liability on the Statements of Assets and Liabilities. A Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop’. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a


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Notes to Financial Statements (Cont.)

Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio will segregate assets determined to be liquid by PIMCO or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Certain Portfolios may enter into short sales transactions. A short sale is a transaction in which a Portfolio sells securities it may not own in anticipation of a decline in the fair market value of the securities. Securities sold in short sale transactions and the interest payable on such securities, if any, are reflected as a liability on the Statements of Assets and Liabilities. A Portfolio is obligated to deliver securities at the trade price at the time the short position is covered. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why the Portfolios may use financial derivative instruments, the credit-risk-related contingent features in certain financial derivative instruments, and how financial derivative instruments affect the Portfolios’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the realized and changes in unrealized gains and losses on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of realized and changes in unrealized gains and losses on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Portfolios.

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

(b) Futures Contracts Certain Portfolios may enter into futures contracts. A Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect


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correlation between the change in market value of the securities held by a Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of variation margin disclosed within exchange traded or centrally cleared on the Statements of Assets and Liabilities.

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

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

Inflation-Capped Options Certain Portfolios may write or purchase inflation-capped options to enhance returns or for hedging opportunities. When a Portfolio writes an inflation-capped option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. When a Portfolio purchases an inflation-capped option, the Portfolio pays a premium which is recorded as an asset and subsequently marked to market to reflect the current value of the option. The purpose of purchasing inflation-capped options is to protect a Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.


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Notes to Financial Statements (Cont.)

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Options on Exchange-Traded Futures Contracts Certain Portfolios may write or purchase options on exchange-traded futures contracts (“Futures Option”) to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

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

Interest Rate Swaptions Certain Portfolios may write or purchase interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Foreign Currency Options Certain Portfolios may write or purchase foreign currency options. Purchasing foreign currency options gives a Portfolio the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date. These options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Options on Securities Certain Portfolios may write or purchase options on securities. An option uses a specified security as the underlying instrument for the option contract. A Portfolio may write or purchase options to enhance returns or to hedge an existing position or future investment.

(d) Swap Agreements Certain Portfolios may invest in swap agreements. Swap agreements are bilaterally negotiated agreements between a Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over the counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered exchange (“centrally cleared swaps”). A Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Swaps are marked to market daily based upon values from third-party vendors, which may include a registered exchange, or quotations from market makers to the extent available. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board, generally based upon recommendations provided by PIMCO. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation/(depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate


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

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

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

Credit Default Swap Agreements Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap.

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


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Notes to Financial Statements (Cont.)

values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swap agreements on corporate, sovereign or U.S. municipal issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability 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). A Portfolio may use credit default swaps on corporate, sovereign or U.S. municipal issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

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

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


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

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

7. PRINCIPAL 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 such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Portfolios may be subject to, please see the Important Information About the Portfolios.

Market Risks A Portfolio’s investments in financial derivatives and other financial instruments expose the Portfolio to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.

Interest rate risk is the risk that fixed income securities will decline in value because of an increase in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Portfolio is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Portfolio may lose money if these changes are not anticipated by Portfolio management.


		ANNUAL REPORT		OCTOBER 31, 2014		117

Notes to Financial Statements (Cont.)

A Portfolio may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. 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 useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). At present, the U.S. is experiencing historically low interest rates. This, combined with recent economic recovery and the Federal Reserve Board’s conclusion of its quantitative easing program, could potentially increase the probability of an upward interest rate environment in the near future. Further, while U.S. bond markets have steadily grown over the past three decades, dealer “market making” ability has remained relatively stagnant. Given the importance of intermediary “market making” in creating a robust and active market, fixed income securities may face increased volatility and liquidity risks. All of these factors, collectively and/or individually, could cause a Portfolio to lose value. If a Portfolio lost enough value, the Portfolio could face increased redemptions by shareholders, which could further impair its performance.

If a Portfolio invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Portfolio, or, in the case of hedging positions, that the Portfolio’s base currency 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 changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Portfolio’s investments in foreign currency denominated securities may reduce the Portfolio’s returns.

The market values of securities may decline due to general market conditions which are not specifically related to a particular company or issuer, 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 generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Different types of equity securities may react differently to these developments. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

Credit and Counterparty Risks A Portfolio will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Portfolio minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. A Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivatives contract, repurchase agreement or a loan of portfolio securities, is 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.


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Similar to credit risk, a Portfolio may be exposed to counterparty risk, or the risk that an institution or other entity with which a Portfolio has unsettled or open transactions will default. Financial assets, which potentially expose a Portfolio to counterparty risk, consist principally of cash due from counterparties and investments. PIMCO, as the Adviser, minimizes counterparty risks to the Portfolios by performing extensive reviews of each counterparty and obtaining approval from the PIMCO Counterparty Risk Committee prior to entering into transactions with a third-party. Furthermore, to the extent that unpaid amounts owed to a Portfolio exceed a predetermined threshold agreed to with the counterparty, such counterparty shall advance collateral to the Portfolio in the form of cash or cash equivalents equal in value to the unpaid amount owed to the Portfolio. A Portfolio may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to a Portfolio subsequently decreases, the Portfolio would be required to return to the counterparty all or a portion of the collateral previously advanced.

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Portfolio has 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.

Master Netting Arrangements The Portfolios are subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolios to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of AAA rated paper or sovereign securities may be used. Securities and cash pledged as collateral are reflected as assets in the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits due from Counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as Deposits due to Counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. The Portfolio’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.


		ANNUAL REPORT		OCTOBER 31, 2014		119

Notes to Financial Statements (Cont.)

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

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities, delayed-delivery or sale-buyback transactions by and between the Portfolios and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addendums govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodity Futures Trading Commission (CFTC), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to a Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives. The market value or accumulated unrealized appreciation or depreciation, initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Portfolios and select counterparties. ISDA Master Agreements maintain 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. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

8. FEES AND EXPENSES

(a) Investment Advisory Fee Effective at the close of business on September 5, 2014, the Trust entered into an Investment Advisory Agreement with the Manager (previously defined as the “Advisory Contract”) pursuant to which the Manager serves as the investment adviser to each


120		PIMCO MANAGED ACCOUNTS TRUST

October 31, 2014

Portfolio. The Manager does not receive investment advisory or other fees from the Portfolios or the Trust (although PIMCO may receive compensation under the Advisory Contract with respect to future series of the Trust). The financial statements reflect the fact that no investment management fees or expenses are incurred by the Portfolios. Prior to the close of business on September 5, 2014, AGIFM served as the investment adviser to each Portfolio. AGIFM did not receive investment advisory or other fees from the Portfolios or the Trust.

Each Portfolio is an integral part of one or more “wrap-fee” programs, including those sponsored by investment advisers and broker-dealers unaffiliated with the Portfolios, and unaffiliated with PIMCO or AGIFM. Participants in these programs pay a “wrap” fee to the sponsor of the program. PIMCO may receive, and prior to the close of business on September 5, 2014, AGIFM may have received, fees or other benefits from or through its relationships with the sponsors of such wrap-fee programs for which the Portfolios are an investment option.

(b) Supervisory and Administration Fee Effective at the close of business on September 5, 2014, the Trust also entered into a Supervision and Administration Agreement with PIMCO (previously defined as the “Administration Agreement”), pursuant to which PIMCO also serves as administrator to the Portfolios (in this capacity, PIMCO is referred to as the “Administrator”). Under the Administration Agreement, the Administrator, at its expense, is required to procure most supervisory and administrative services required by the Portfolios including, but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, tax services, valuation services and other services required for the Portfolios’ daily operations. Under the Administration Agreement, the Administrator has agreed to provide or procure these services, and to bear the expenses associated with these services at no charge to the Portfolios. In addition, PIMCO has entered into an expense limitation agreement with the Trust pursuant to which it has agreed to pay or reimburse certain other expenses of the Portfolios, as discussed in more detail below. The Administrator does not receive any administration or other fees from the Portfolios or the Trust for serving as administrator to the Portfolios (although the Administrator may receive compensation under the Administrator Agreement with respect to future series of the Trust).

Prior to the close of business on September 5, 2014, AGIFM served as the administrator to the Portfolios. AGIFM did not receive any administration or other fees from the Portfolios or the Trust for serving as administrator to the Portfolios.

(c) Distribution Fee Effective at the close of business on September 5, 2014, the Trust entered into a Distribution Contract with Pacific Investments LLC (the “Distributor”), a wholly-owned subsidiary of PIMCO, pursuant to which the Distributor serves as the distributor and principal underwriter of the Portfolios’ shares. The Distributor does not receive any distribution or other fees from the Portfolios or the Trust for serving as the distributor and principal underwriter of the Portfolios’ shares (although the Distributor may receive compensation under the Distribution Contract with respect to future series of the Trust).

Prior to the close of business on September 5, 2014, Allianz Global Investors Distributors LLC (“AGID”) served as the distributor and principal underwriter of the Portfolios’ shares. AGID did not


		ANNUAL REPORT		OCTOBER 31, 2014		121

Notes to Financial Statements (Cont.)

receive any distribution or other fees from the Portfolios or the Trust for serving as the distributor and principal underwriter of the Portfolios’ shares.

(d) Expense Limitation Agreement Effective beginning at the close of business on September 5, 2014, the Manager has contractually agreed pursuant to an expense limitation agreement to bear the expenses of or make payments to each Portfolio to the extent that, for any calendar month, “Specified Expenses” of such Portfolio would exceed 0.00%. “Specified Expenses” of a Portfolio means expenses incurred by the Portfolio, including organizational and offering expenses and fees and expenses of the Trust’s Independent Trustees, but excluding any brokerage fees and commissions and other portfolio transaction expenses, costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities, fees and expenses of any underlying Portfolios or other pooled vehicles in which the Portfolio invests, taxes, governmental fees, dividends and interest on short positions, and extraordinary expenses, including extraordinary legal expenses. This expense limitation agreement shall continue in effect, unless sooner terminated by the Trust’s Board of Trustees, for so long as the Manager serves as the investment adviser to the Portfolios pursuant to the Advisory Contract.

Prior to the close of business on September 5, 2014, AGIFM and/or its affiliates had agreed to waive all fees and pay or reimburse all expenses of the Portfolios, except extraordinary expenses and expenses incurred as a result of Portfolio investments, including any interest expense.

9. RELATED PARTY TRANSACTIONS

The Manager, Administrator, and Distributor are related parties. Fees payable, if any, to these parties are disclosed in Note 8 and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Portfolios are permitted to purchase or sell securities from or to certain related affiliated funds or portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended October 31, 2014, the Portfolios below engaged in purchases and sales of securities pursuant to Rule 17a-7 of the Act (amounts in thousands):


Portfolio Name	Purchases		Sales
Fixed Income SHares - Series C	$	454,952	$	1,813,463
Fixed Income SHares - Series M		3,009,770		321,214
Fixed Income SHares - Series TE		4,609		110

10. GUARANTEES AND INDEMNIFICATIONS

Under each Portfolio’s organizational documents, each Trustee and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their


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duties to the Portfolios. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had prior claims or losses pursuant to these contracts.

11. PURCHASES AND SALES OF SECURITIES

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” Each Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover involves correspondingly greater expenses to a Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Portfolio’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended October 31, 2014, were as follows (amounts in thousands):


	U.S. Government/Agency				All Other
Portfolio Name	Purchases		Sales		Purchases		Sales
Fixed Income SHares - Series C	$	1,176,955	$	2,664,414	$	1,331,878	$	1,404,590
Fixed Income SHares - Series LD		774,731		743,495		24,589		11,437
Fixed Income SHares - Series M		24,825,417		26,278,092		1,798,379		1,142,262
Fixed Income SHares - Series R		223,562		258,136		98,477		81,888
Fixed Income SHares - Series TE		5,204		5,205		24,236		1,268

12. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Fixed Income SHares: Series LD sold and issued 300,000 shares of beneficial interest in the amount of $3,000,000 to the Manager on December 20, 2013. Changes in shares of beneficial interest are disclosed in the Statements of Changes in Net Assets. As of October 31, 2014, two shareholders each owned 10% or more of the Fixed Income SHares: Series LD’s outstanding shares comprising 44% of the Portfolio, and each of the two shareholders are related parties of the Portfolio. Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Manager.

13. REGULATORY AND LITIGATION MATTERS

The Trust is not engaged in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened by or against it.


		ANNUAL REPORT		OCTOBER 31, 2014		123

Notes to Financial Statements (Cont.)

14. FEDERAL INCOME TAX MATTERS

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

In accordance with U.S. GAAP, the Manager has reviewed the Portfolios’ tax positions for all open tax years. As of October 31, 2014, the Portfolios have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Portfolios file U.S. tax returns. While the statute of limitations remains open to examine the Portfolios’ U.S. tax returns filed for the fiscal years from 2011-2013, no examinations are in progress or anticipated at this time. The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

As of October 31, 2014, the components of distributable taxable earnings are as follows (amounts in thousands):


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) ⁽¹⁾			Other Book- to-Tax Accounting Differences ⁽²⁾			Accumulated Capital Losses ⁽³⁾			Qualified Post- October Loss Deferral Capital ⁽⁴⁾		Qualified Late-Year Loss Deferral Ordinary ⁽⁵⁾
Series C	$	30,493	$	77,776	$	(22,402	)	$	(282	)	$	—		$	—	$	—
Series LD		138		—		8			—			—			—		—
Series M		32,339		29,806		64,414			(19	)		—			—		—
Series R		8,408		—		(22,471	)		(1,227	)		(6,372	)		—		—
Series TE		—		—		1,880			—			(1,250	)		—		—

⁽¹⁾	Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽²⁾	Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for straddle loss deferrals.

⁽³⁾	Capital losses available to offset future net capital gains expire in varying amounts in the years shown below.

⁽⁴⁾	Capital losses realized during the period November 1, 2013 through October 31, 2014, which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁵⁾	Specified losses realized during the period November 1, 2013 through October 31, 2014 and Ordinary losses realized during the period January 1, 2014 through October 31, 2014, which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.


124		PIMCO MANAGED ACCOUNTS TRUST

October 31, 2014

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law. As of October 31, 2014, the Fund had the following post-effective capital losses with no expiration:


	Short-Term		Long-Term
Series C	$	—	$	—
Series LD		—		—
Series M		—		—
Series R		—		6,372
Series TE		516		735

As of October 31, 2014, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes (in thousands):


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)⁽⁶⁾
Series C	$	2,641,299	$	98,384	$	(85,541	)	$	12,843
Series LD		13,141		72		(27	)		45
Series M		3,255,636		101,325		(29,700	)		71,625
Series R		363,824		1,904		(21,272	)		(19,367	)
Series TE		92,375		3,169		(159	)		3,010

⁽⁶⁾	Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals.

For the fiscal years ended October 31, 2014 and October 31, 2013, respectively, the Funds made the following tax basis distributions (amounts in thousands):


	October 31, 2014								October 31, 2013
	Tax-Exempt Income Distributions		Ordinary Income Distributions⁽⁷⁾		Long-Term Capital Gain Distributions		Return of Capital ⁽⁸⁾		Tax-Exempt Income Distributions		Ordinary Income Distributions⁽⁷⁾		Long-Term Capital Gain Distributions		Return of Capital⁽⁸⁾
Series C	$	—	$	211,513	$	126,763	$	—	$	—	$	252,691	$	28,713	$	—
Series LD		—		166		—		—		—		—		—		—
Series M		—		105,630		50,578		—		—		153,920		—		—
Series R		—		11,725		—		—		—		45,732		—		—
Series TE		2,097		8		—		—		870		33		—		—

⁽⁷⁾	Includes short-term capital gains, if any, distributed.

⁽⁸⁾	A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.


		ANNUAL REPORT		OCTOBER 31, 2014		125

Notes to Financial Statements (Cont.)

October 31, 2014

15. SUBSEQUENT EVENTS

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

On December 19, 2014, the following distributions were declared to shareholders payable December 19, 2014 to shareholders of record on December 18, 2014.


	Ordinary Income Distributions		Long-Term Capital Gain Distributions
Series C	$	0.21235	$	0.36287
Series LD		0.1699		—
Series M		0.17205		0.14384
Series R		0.43582		—

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


126		PIMCO MANAGED ACCOUNTS TRUST

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

PIMCO Managed Accounts Trust (formerly AllianzGI Managed Accounts Trust)

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations, of changes in net assets and of cash flows (for PIMCO Fixed Income SHares: Series LD, PIMCO Fixed Income SHares: Series M, and PIMCO Fixed Income SHares: Series R only) and the financial highlights present fairly, in all material respects, the financial position of PIMCO Fixed Income SHares: Series C, PIMCO Fixed Income SHares: Series LD, PIMCO Fixed Income SHares: Series M, PIMCO Fixed Income SHares: Series R, and PIMCO Fixed Income SHares: Series TE (constituting PIMCO Managed Accounts Trust, formerly AllianzGI Managed Accounts Trust, hereafter referred to as the “Portfolios”) at October 31, 2014, the results of their operations, the changes in each of their net assets, the cash flows (for PIMCO Fixed Income SHares: Series LD, PIMCO Fixed Income SHares: Series M, and PIMCO Fixed Income SHares: Series R only) and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

December 23, 2014


		ANNUAL REPORT		OCTOBER 31, 2014		127

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

(Unaudited)



Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	FOB	Credit Suisse Securities (USA) LLC	MYC	Morgan Stanley Capital Services, Inc.
BOA	Bank of America N.A.	GLM	Goldman Sachs Bank USA	RDR	RBC Dain Rausher, Inc.
BOS	Banc of America Securities LLC	GSC	Goldman Sachs & Co.	RYL	Royal Bank of Scotland Group PLC
BPG	BNP Paribas Securities Corp.	GST	Goldman Sachs International	SAL	Citigroup Global Markets, Inc.
CBK	Citibank N.A.	HUS	HSBC Bank USA N.A.	SSB	State Street Bank and Trust Co.
CFR	Credit Suisse Securities (Europe) Ltd.	JPM	JPMorgan Chase Bank N.A.	TDM	TD Securities (USA) LLC
DEU	Deutsche Bank Securities, Inc.	JPS	JPMorgan Securities, Inc.	UAG	UBS AG Stamford
DUB	Deutsche Bank AG	MSB	Morgan Stanley Bank, N.A	UBS	UBS Securities LLC
FBF	Credit Suisse International	MSC	Morgan Stanley & Co., Inc.	WFS	Wells Fargo Securities, LLC

Currency Abbreviations:
AUD	Australian Dollar	GBP	British Pound	MYR	Malaysian Ringgit
BRL	Brazilian Real	HUF	Hungarian Forint	NZD	New Zealand Dollar
CAD	Canadian Dollar	INR	Indian Rupee	PLN	Polish Zloty
DKK	Danish Krone	JPY	Japanese Yen	USD (or $)	United States Dollar
EUR	Euro	MXN	Mexican Peso

Exchange Abbreviations:
CDX.EM	Credit Derivatives Index - Emerging Markets

Index Abbreviations:
CMBX	Commercial Mortgage-Backed Index	MCDX	Municipal Bond Credit Derivative Index	UKRPI	United Kingdom Retail Price Index
CPURNSA	Consumer Price All Urban Non-Seasonally Adjusted Index

Municipal Bond or Agency Abbreviations:
PSF	Public School Fund

Other Abbreviations:
BBR	Bank Bill Rate	JSC	Joint Stock Company	RMBS	Residential Mortgage-Backed Security
BBSW	Bank Bill Swap Reference Rate	LIBOR	London Interbank Offered Rate	TIIE	Tasa de Interés Interbancaria de Equilibrio
CDI	Brazil Interbank Deposit Rate	MBS	Mortgage-Backed Security	TBD	To Be Determined
CLO	Collateralized Loan Obligation	NCUA	National Credit Union Administration	YOY	Year-Over-Year
EURIBOR	Euro Interbank Offered Rate	OTC	Over the Counter


128		PIMCO MANAGED ACCOUNTS TRUST

Management of the Portfolios

(Unaudited)

The chart below identifies Trustees and Officers of the Trust. Unless otherwise indicated, the address of all persons below is c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

The Trust’s Statement of Additional Information includes more information about the Trustees and Officers. To request a copy, call PIMCO at 800-927-4648 or visit the Funds’ website at pimco.com/FISH.

Trustees


Name, Year of Birth and Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
Independent Trustees
Hans W. Kertess 1939 Chairman of the Board, Trustee	Trustee since 2005.	President, H. Kertess & Co., a financial advisory company. Formerly, Managing Director, Royal Bank of Canada Capital Markets.	89	None
Deborah A. DeCotis 1952 Trustee	Trustee since 2011.	Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Co-Chair Special Projects Committee, Memorial Sloan Kettering (since 2005); Member, Circle Financial Group (since 2010); Trustee, Stanford University (since 2010); and Member, Council on Foreign Relations (since 2013). Formerly, Director, Helena Rubenstein Foundation (1997-2012).	89	None
Bradford K. Gallagher 1944 Trustee	Trustee since 2010.	Retired. Chairman and Trustee, Atlantic Maritime Heritage Foundation (since 2007); Founder, Spyglass Investments LLC, a private investment vehicle (since 2001); and Founder, President and CEO, Cypress Holding Company and Cypress Tree Investment Management Company (since 1995). Formerly, Chairman and Trustee, The Common Fund (2005-2014); and Partner, New Technology Ventures Capital Management LLC, a venture capital fund (2011-2013).	89	Formerly, Chairman and Trustee of Grail Advisors ETF Trust (2009-2010) and Trustee of Nicholas-Applegate Institutional Funds (2007-2010).
James A. Jacobson 1945 Trustee	Trustee since 2010.	Retired. Formerly, Vice Chairman and Managing Director, Spear, Leeds & Kellogg Specialists, LLC, a specialist firm on the New York Stock Exchange.	89	Trustee, Alpine Mutual Funds Complex consisting of 17 funds.
William B. Ogden, IV 1945 Trustee	Trustee since 2006.	Asset Management Industry Consultant. Formerly, Managing Director, Investment Banking Division of Citigroup Global Markets Inc.	89	None


		ANNUAL REPORT		OCTOBER 31, 2014		129

Management of the Portfolios (Cont.)


Name, Year of Birth and Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
Alan Rappaport 1953 Trustee	Trustee since 2010.	Advisory Director (formerly Vice Chairman) (since 2009), Roundtable Investment Partners; Chairman (formerly President), Private Bank of Bank of America; Vice Chairman, US Trust (2001-2008); Adjunct Professor, New York University Stern School of Business (since 2011); Lecturer, Stanford University Graduate School of Business (since 2013); Trustee, American Museum of Natural History (since 2005) and Trustee, NYU Langone Medical Center (since 2007).	89	None
Interested Trustees
Craig A. Dawson* 1968 Trustee	Trustee since 2014.	Managing Director and Head of Strategic Business Management, PIMCO (since 2014). Director of a number of PIMCO’s European investment vehicles and affiliates (since 2008). Formerly, head of PIMCO’s Munich office and head of European product management for PIMCO.	25	None
John C. Maney** 1959 Trustee	Trustee since 2006.	Member of the Management Board and a Managing Director of Allianz Global Investors Fund Management LLC; Managing Director of Allianz Asset Management of America L.P. (since January 2005) and a member of the Management Board and Chief Operating Officer of Allianz Asset Management of America L.P. (since November 2006).	89	None

*	Mr. Dawson is an “interested person” of the Trust, as defined in Section 2(a)(19) of the Act, due to his affiliation with PIMCO and its affiliates. Mr. Dawson’s address is 650 Newport Center Drive, Newport Beach, CA 92660.

**	Mr. Maney is an “interested person” of the Trust, as defined in Section 2(a)(19) of the Act, due to his affiliation with Allianz Asset Management of America L.P. and its affiliates. Mr. Maney’s address is 680 Newport Center Drive, Suite 250, Newport Beach, CA 92660.


130		PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

Officers


Name, Address and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Peter G. Strelow¹ 1970	President; Principal Executive Officer	Since 2014	Managing Director, PIMCO. President and Principal Executive Officer, PIMCO-Sponsored Closed-End Funds. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. President, PIMCO Equity Series and PIMCO Equity Series VIT.
Youse Guia¹ 1972	Chief Compliance Officer	Since 2014	Senior Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO-Sponsored Closed-End Funds. Formerly, Head of Compliance, Allianz Global Investors U.S. Holdings LLC and Chief Compliance Officer of the Allianz Funds, Allianz Multi-Strategy Trust, Allianz Global Investors Sponsored Closed-End Funds, Premier Multi-Series VIT and The Korea Fund, Inc.
Joshua D. Ratner 1976	Vice President, Secretary and Chief Legal Officer	Since 2014	Senior Vice President and Senior Counsel, PIMCO. Chief Legal Officer, PIMCO Investments LLC. Vice President, Secretary and Chief Legal Officer, PIMCO-Sponsored Closed-End Funds. Vice President—Senior Counsel, Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.
Eric D. Johnson 1970	Vice President	Since 2014	Executive Vice President, PIMCO. Vice President, PIMCO-Sponsored Closed-End Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.
William G. Galipeau¹ 1974	Treasurer, Principal Financial & Accounting Officer	Since 2014	Senior Vice President, PIMCO. Treasurer and Principal Financial & Accounting Officer, PIMCO-Sponsored Closed-End Funds. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Vice President, Fidelity Investments.
Erik C. Brown¹ 1967	Vice President	Since 2014	Senior Vice President, PIMCO. Vice President, PIMCO-Sponsored Closed-End Funds. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.
Trent W. Walker¹ 1974	Assistant Treasurer	Since 2014	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO-Sponsored Closed-End Funds. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.
Stacie D. Anctil¹ 1969	Assistant Treasurer	Since 2014	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO-Sponsored Closed-End Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.
Ryan Leshaw¹ 1980	Assistant Secretary	Since 2014	Vice President and Counsel, PIMCO. Assistant Secretary, PIMCO-Sponsored Closed-End Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Associate, Willkie Farr & Gallagher LLP.

¹	The address of these officers is Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, California 92660.


		ANNUAL REPORT		OCTOBER 31, 2014		131

Shareholder Meeting Results

(Unaudited)

Special Shareholder Meeting Results:

PIMCO Managed Accounts Trust held a special meeting of shareholders on June 9, 2014. Shareholders voted as indicated below:

Proposal 1: Approval of a new Investment Advisory Contract between the Trust, on behalf of each Portfolio, and PIMCO


	For		Against		Abstain
Fixed Income SHares: Series C		233,270,735		33,245		13,440
Fixed Income SHares: Series LD		609,405		0		0
Fixed Income SHares: Series M		259,492,006		28,645		0
Fixed Income SHares: Series R		22,605,603		0		23,948
Fixed Income SHares: Series TE		8,163,877		0		0

Proposal 2: Election of Trustees


	Affirmative		Withheld Authority
Re-election of Hans W. Kertess		554,569,689		173,580
Election of Craig A. Dawson^1,2		554,653,581		89,688
Election of Deborah A. DeCotis		554,573,596		169,673
Re-election of Bradford K. Gallagher		554,579,171		164,098
Re-election of James A. Jacobson		554,579,171		164,098
Re-election of John C. Maney³		554,569,689		173,580
Re-election of William B. Ogden, IV		554,569,689		173,580
Re-election of Alan Rappaport		554,569,689		173,580

¹	Mr. Dawson is an “interested person” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO and its affiliates.

²	The election of Mr. Dawson as a Trustee of the Trust became effective as of the close of business on September 5, 2014.

³	Mr. Maney is an “interested person” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with Allianz Asset Management of America L.P. and its affiliates.


132		PIMCO MANAGED ACCOUNTS TRUST

Changes to Boards of Trustees

(Unaudited)

Effective at the close of business on September 5, 2014, Craig A. Dawson became a Trustee of PIMCO Managed Accounts Trust.


		ANNUAL REPORT		OCTOBER 31, 2014		133

Matters Relating to the Trustees’ Consideration of the Investment Advisory and Portfolio Management Agreements

As discussed in Notes 1 and 8 in the Notes to Financial Statements, an Investment Advisory Contract between the FISH Portfolios (each a “Portfolio,” and, collectively, the “Portfolios”) and PIMCO (the “New Agreement”) became effective at the close of business on September 5, 2014, and at that time PIMCO replaced AGIFM as the investment adviser of each Portfolio and ceased serving as each Portfolio’s sub-adviser. Prior thereto, each Portfolio had in place an Investment Advisory Contract with AGIFM (the “Advisory Agreements”) and Portfolio Management Agreement between AGIFM and PIMCO (the “Sub-Advisory Agreements,” and, together with the Advisory Agreements, the “Previous Agreements”), which terminated at the close of business on September 5, 2014. However, the terms of the Previous Agreements with respect to Fixed Income SHares: Series C, Fixed Income SHares: Series M, Fixed Income SHares: Series R and Fixed Income SHares: Series TE (each, a “Renewal Portfolio and, together, the “Renewal Portfolios”) would have terminated before the New Agreement took effect, and, therefore, the Trustees were asked to approve the continuance of the Previous Agreements with respect to the Renewal Portfolios for an additional term which would expire upon the effectiveness of the New Agreement or, in the event the New Agreement had not been approved by shareholders of each Portfolio, for an additional one-year period. The Investment Company Act of 1940, as amended, required that both the full Board of Trustees of each Portfolio (the “Board” or the “Trustees”) and a majority of the non-interested Trustees (the “Independent Trustees”), voting separately, approve each Previous Agreement. Accordingly, the Trustees met in person on June 23-24, 2014 (the “contract review meeting”) for the specific purpose of considering whether to approve the continuation of the Previous Agreements with respect to the Renewal Portfolios. The Independent Trustees were assisted in their evaluation of the Previous Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Portfolio management during the contract review meeting.

In connection with their deliberations regarding the proposed continuation of the Previous Agreements, the Trustees, including the Independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Trustees considered the nature, quality, and extent of the various investment management and other services performed by AGIFM and PIMCO under the Previous Agreements.

In connection with their contract review meeting, the Trustees relied upon materials provided by AGIFM and PIMCO for the Meeting or for prior meetings, which included, among other items: (i) information regarding the investment performance and management fees for other funds and accounts managed by PIMCO, including institutional and separate accounts, if available, with strategies that have similarities (but are not substantially similar) to those of the Renewal Portfolios, (ii) the estimated profitability to AGIFM and its affiliates from their relationship with the Renewal Portfolios for the one-year period ended December 31, 2013, (iii) descriptions of various functions performed by AGIFM, its affiliates and PIMCO for the Renewal Portfolios, such as portfolio management, compliance monitoring and portfolio trading practices, and (iv) information regarding the overall organization of AGIFM and PIMCO, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Renewal Portfolios.

The Trustees’ conclusions as to the continuation of the Previous Agreements were based on a comprehensive consideration of all information provided to the Trustees and were not the result of


134		PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

any single factor. Some of the factors that figured particularly in their deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

In addition, it was noted that the Trustees considered matters bearing on the Renewal Portfolios and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting.

The Trustees also considered the investment philosophy and research and decision-making processes of PIMCO; the experience of key advisory personnel of PIMCO responsible for portfolio management of the Renewal Portfolios; the ability of AGIFM and PIMCO to attract and retain capable personnel; and the capability of the senior management and staff of AGIFM and PIMCO. In addition, the Trustees reviewed the quality of AGIFM’s and PIMCO’s services with respect to regulatory compliance and compliance with the investment policies of the Renewal Portfolios and conditions that might have affected AGIFM’s and PIMCO’s ability to provide high quality services to the Renewal Portfolios in the future under the Previous Agreements, including AGIFM’s and PIMCO’s financial condition and operational stability. Based on the foregoing, the Trustees concluded that PIMCO’s investment process, research capabilities and philosophy were well suited to the Renewal Portfolios given their investment objectives and policies, and that AGIFM and PIMCO would be able to continue to meet any reasonably foreseeable obligations under the applicable Previous Agreement.

The Trustees also considered the performance of the Renewal Portfolios as compared to the performance of other accounts managed by PIMCO, including composites of such accounts. The Trustees considered the fact that the Renewal Portfolios do not have investment objectives or policies that align closely with any particular account or fund managed by PIMCO, but that management had provided information for various mutual funds and other accounts managed by PIMCO with strategies that have similarities (but are not substantially similar) to those of the Portfolios. In the course of their deliberations, the Trustees took into account information provided by AGIFM at this Meeting and by PIMCO prior Board meetings, as well as information provided during investment review meetings conducted with portfolio management personnel during the course of the year regarding each Renewal Portfolio’s performance.

The Trustees also gave substantial consideration to the fact that, with respect to the Renewal Portfolios, no fees were payable to AGIFM or PIMCO under either of the Previous Agreements. The Trustees did consider, however, the amounts paid by the sponsors of the “wrap” programs to PIMCO and/or other AGIFM affiliates with respect to the Trust, as well as the fees “imputed” to AGIFM and PIMCO, for purposes of arriving at an estimate of profitability arising from AGIFM’s and its affiliates’ relationships with the Renewal Portfolios. The Trustees determined that such profitability did not appear to be excessive. Because the Renewal Portfolios do not pay fees directly, the Trustees did not place emphasis on the extent to which economies of scale would be realized due to potential growth of assets in the Renewal Portfolios or whether fee and expense levels reflect economies of scale for the Renewal Portfolios’ shareholders.

The Trustees considered the fact that AGIFM, PIMCO and their affiliates may benefit from their relationships with the sponsors of wrap programs for which the Portfolios are an investment option,


		ANNUAL REPORT		OCTOBER 31, 2014		135

Matters Relating to the Trustees’ Consideration of the Investment Advisory and Portfolio Management Agreements (Cont.)

(Unaudited)

including the receipt by AGIFM, PIMCO and their affiliates of fees paid by the sponsor of the wrap program based on assets under management of the wrap program. The Trustees also took into account other so-called “fallout benefits” to AGIFM and PIMCO, such as reputational value derived from serving as investment adviser and portfolio manager to the Renewal Portfolios and the fact that AGIFM and/or PIMCO receive services from brokers who execute portfolio transactions for the Renewal Portfolios.

After reviewing these and other factors described herein, including that no fees were payable under the Previous Agreements, the Trustees concluded with respect to each Renewal Portfolio, within the context of their overall conclusions regarding the Previous Agreements and based on the information provided and related representations made by management, that they were satisfied with AGIFM’s and PIMCO’s responses and efforts relating to the investment performance of such Renewal Portfolio. Based on their evaluation of factors that they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the nature, extent and quality of the services being provided by AGIFM and PIMCO to the Renewal Portfolios were reasonable, and that the continuation of the Previous Agreements was in the interests of each Renewal Portfolio and its shareholders, and should be approved.


136		PIMCO MANAGED ACCOUNTS TRUST

Privacy Policy

(Unaudited)

The Portfolios¹ consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ non-public personal information. The Portfolios have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Portfolios and certain service providers to the Portfolios such as the Portfolios’ investment adviser (“Adviser”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial advisor or consultant, and/or from information captured on applicable websites.

Respecting Your Privacy

As a matter of policy, the Portfolios do not disclose any non-public personal information provided by shareholders or gathered by the Portfolios to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Portfolios. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Portfolios or their affiliates may also retain non-affiliated companies to market Portfolio shares or products which use Portfolio shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Portfolios may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm and/or financial advisor or consultant.

Sharing Information with Third Parties

The Portfolios reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Portfolios believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund advised by PIMCO in which a shareholder has invested. In addition, the Portfolios may disclose information about a shareholder or a shareholder’s accounts to a non-affiliated third party at the shareholder’s request or with the consent of the shareholder.

Sharing Information with Affiliates

The Portfolios may share shareholder information with their affiliates in connection with servicing shareholders’ accounts, and subject to applicable law may provide shareholders with information

¹	When distributing this Policy, a Portfolio may combine the distribution with any similar distribution of its investment adviser’s privacy policy. The distributed, combined policy may be written in the first person (i.e., by using “we” instead of “the Portfolios”).


		ANNUAL REPORT		OCTOBER 31, 2014		137

Privacy Policy (Cont.)

(Unaudited)

about products and services that the Portfolios or their Adviser or its affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Portfolios may share may include, for example, a shareholder’s participation in the Portfolios or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), information about the Portfolios’ experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder’s accounts, subject to applicable law. The Portfolios’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Portfolios take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Portfolios have implemented procedures that are designed to restrict access to a shareholder’s non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder’s non-public personal information.

Information Collected from Websites

Websites maintained by the Portfolios or their service providers may use a variety of technologies to collect information that help the Portfolios and their service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. In addition, the Portfolios or their Service Affiliates may use third parties to place advertisements for the Portfolios on other websites, including banner advertisements. Such third parties may collect anonymous information through the use of cookies or action tags (such as web beacons). The information these third parties collect is generally limited to technical and web navigation information, such as your IP address, web pages visited and browser type, and does not include personally identifiable information such as name, address, phone number or email address.

You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly.

Changes to the Privacy Policy

From time to time, the Portfolios may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

Effective as of September 5, 2014.


138		PIMCO MANAGED ACCOUNTS TRUST

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

225 Franklin Street

Boston, MA 02110

Transfer Agent

Boston Financial Data Service

330 W. 9th Street

Kansas City, MO 64105

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of PIMCO Managed Accounts Trust. PIMCO FISH Series C, PIMCO FISH Series LD, PIMCO FISH Series M, PIMCO FISH Series R and PIMCO FISH Series TE.

LOGO

To get future shareholder reports online and to eliminate mailings, go to: pimco.com/edelivery

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Item 2.

Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial & accounting officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial & accounting officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

Item 3.

Audit Committee Financial Expert.

(a) The Board of Trustees has determined that James A. Jacobson, who serves on the Board’s audit committee, qualifies as an “audit committee financial expert” as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. Jacobson is “independent” as such term is interpreted under this Item 3.

Item 4.

Principal Accountant Fees and Services.


(a)	Fiscal Year Ended	Audit Fees
	October 31, 2014	$ 172,663
	October 31, 2013	$ 224,350

(b)	Fiscal Year Ended	Audit-Related Fees
	October 31, 2014	$ —
	October 31, 2013	$ —

(c)	Fiscal Year Ended	Tax Fees
	October 31, 2014	$ 70,920
	October 31, 2013	$ 54,440

(d)	Fiscal Year Ended	All Other Fees⁽¹⁾
	October 31, 2014	$ —
	October 31, 2013	$ —

“Audit Fees” represents fees billed for each of the last two fiscal years for professional services rendered for the audit and review of the Registrant’s annual financial statements for those fiscal years or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

“Audit-Related Fees” represents fees billed for each of the last two fiscal years for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant’s financial statements, but not reported under “Audit Fees” above, and that include accounting consultations, agreed-upon procedure reports, attestation reports and comfort letters for those fiscal years.

“Tax Fees” represents fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, and tax distribution and analysis reviews.

“All Other Fees” represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported above under “Audit Fees,” “Audit-Related Fees” and “Tax Fees” for the last two fiscal years.

⁽¹⁾There were no “All Other Fees” for the last two fiscal years.

(e)

Pre-approval policies and procedures

(1) The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Audit Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services provided directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Not applicable.


		Aggregate Non-Audit Fees Billed to Entity


Entity					October 31, 2014
PIMCO Managed Accounts Trust					$ 70,920
Pacific Investment Management Company LLC (“PIMCO”)					6,692,504
Allianz Global Investors Fund Management LLC					137,840

Total					$ 6,901,264

The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to the Adviser, for the fiscal period ended October 31, 2013 was $7,490,693.

h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring preapproval) is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The audit committee is comprised of:

Deborah A. DeCotis;

Bradford K. Gallagher;

James A. Jacobson;

Hans W. Kertess;

William B. Ogden, IV; and

Alan Rappaport

Item 6.

Schedule of Investments.

The Schedule of Investments is included as part of the reports to shareholders under Item 1.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

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 principal executive officer and principal financial & accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“1940 Act”)) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b)

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

Item 12.

Exhibits.

(a)(1)

Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.

(a)(2)

Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b)

Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


PIMCO Managed Accounts Trust

By:		/s/ PETER G. STRELOW
		Peter G. Strelow
		President, Principal Executive Officer

Date:		December 29, 2014

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/ PETER G. STRELOW
		Peter G. Strelow
		President, Principal Executive Officer

Date:		December 29, 2014

By:		/s/ WILLIAM G. GALIPEAU
		William G. Galipeau
		Treasurer, Principal Financial & Accounting Officer

Date:		December 29, 2014

Average Annual Total Return for the period ended October 31, 2014

Commencement
of Operations
(12/23/13)

Fixed Income SHares - Series LD

BofA Merrill Lynch 1-3 Year U.S. Treasury Index