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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-09721

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

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

Date of reporting period: April 30, 2015

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).

Your Global Investment Authority

PIMCO Managed Accounts Trust

Semiannual Report

April 30, 2015

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

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

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

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

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

Table of Contents

			Page
Letter from the Chairman of the Board & President				2
Important Information About the Portfolios				4
Expense Examples				20
Benchmark Descriptions				21
Financial Highlights				22
Statements of Assets and Liabilities				24
Statements of Operations				26
Statements of Changes in Net Assets				28
Statements of Cash Flows				30
Notes to Financial Statements				101
Glossary				127
Portfolio	Portfolio Summary		Schedule of Investments
PIMCO Fixed Income SHares - Series C		10		31
PIMCO Fixed Income SHares - Series LD		12		47
PIMCO Fixed Income SHares - Series M		14		57
PIMCO Fixed Income SHares - Series R		16		80
PIMCO Fixed Income SHares - Series TE		18		95

Letter from the Chairman of the Board & President

Dear Shareholder:

Even though portions of the U.S. economy were resilient and the unemployment rate declined, longer-term Treasury yields moved lower during the reporting period. Against this backdrop, the overall U.S. bond market, as measured by the Barclays U.S. Aggregate Bond Index, gained 2.06% during the reporting period. Over the same period, the U.S. dollar appreciated versus most other major currencies. This was partially due to expectations that the Federal Reserve would start raising interest rates during the second half of 2015.

For the six-month reporting period ended April 30, 2015

After first expanding, the U.S. economy hit a soft patch as the reporting period progressed. Looking back, U.S. 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 5.0% annual pace during the third quarter of 2014 — its strongest growth rate since the third quarter of 2003. GDP then expanded at an annual pace of 2.2% during the fourth quarter of 2014. Decelerating growth was partially attributed to an upturn in imports and moderating federal government spending. According to the Commerce Department’s second estimate released on May 29, 2015, GDP contracted at an annual pace of 0.7% for the first quarter of 2015. This was attributed to negative contributions from exports, nonresidential fixed investment and state and local government spending. In addition, consumer spending decelerated, as it grew a modest 1.8% during the first quarter of 2015 versus 4.4% for the fourth quarter of 2014.

Federal Reserve (“Fed”) monetary policy remained accommodative during the reporting period. However, the central bank appeared to be moving closer to raising interest rates for the first time since 2006. As expected, following its meeting in October 2014, the Fed announced that it had concluded its asset purchase program. Then, at its March 2015 meeting, the Fed eliminated the word “patient” from its official statement regarding when it may start raising rates. Finally, at its meeting in April, the Fed said that it “…anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.”

Outlook

PIMCO’s baseline view is that the U.S. is on track for solid growth in the range of 2.5% to 3% in 2015. This outlook reflects the firm’s expectation for robust consumption growth, supported by a strengthening labor market and a boost to real income from low commodity prices. However, against this positive outlook for consumption, PIMCO is weighing the potential negatives of sluggish export growth

2 PIMCO MANAGED ACCOUNTS TRUST

held back by the stronger U.S. dollar, as well as the likelihood that capital expenditure spending will be held back by a slowdown in investment in the energy sector. While PIMCO believes that headline inflation may briefly turn negative due to the year-over-year decline in oil prices, the firm expects core inflation to bottom out near current levels and to rebound later in 2015. In terms of the Fed, PIMCO believes that the central bank will likely commence a rate hike cycle later this year. That said, in PIMCO’s view, this hiking cycle will differ from previous Fed rate hike cycles both in terms of pace — slower — and in terms of the destination — lower.

Overseas, PIMCO expects low oil prices, a weak euro and European Central Bank quantitative easing to be tailwinds for the Eurozone economy, with GDP growth around 1.5% over the next 12 months. The firm believes that inflation in the Eurozone will move back up from around -0.5% currently to 1% or so in a year’s time. In Japan, PIMCO anticipates GDP growth of around 1.5% and core inflation at about 1%.

In the following pages of this PIMCO Managed Accounts Trust Semiannual Report, please find specific details regarding investment performance and a discussion of factors that most affected the performance of the series of PIMCO Managed Accounts Trust over the six-month reporting period ended April 30, 2015.

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.

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

SEMIANNUAL REPORT APRIL 30, 2015 3

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.

For purposes of applying a Portfolio’s investment policies and restrictions, swap agreements are generally valued by the Portfolio at market value. In the case of a credit default swap, however, in applying certain of a Portfolio’s investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio’s other investment policies and restrictions. For example, a Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio’s credit quality guidelines (if any) because such value reflects the Portfolio’s actual economic exposure during the term of the credit default swap agreement. In this context, both the notional amount and the market value may be positive or negative depending on whether a Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other

4 PIMCO MANAGED ACCOUNTS TRUST

instruments are valued by a Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

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 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. To the extent that a Portfolio originates a loan, it may be responsible for all or a substantial portion of the expenses associated with initiating the loan, irrespective of whether the loan transaction is ultimately consummated or closed. This may include significant legal and due diligence expenses, which will be indirectly borne by a Portfolio and its shareholders.

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 Portfolio to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that

SEMIANNUAL REPORT APRIL 30, 2015 5

Important Information About the Portfolios (Cont.)

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 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.

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

The Portfolios may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, and unpredictable taxation. Investments in Russia are particularly subject to 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 the Portfolios’ performance and/or ability to achieve their investment objectives. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks because of registration systems that may not be subject to effective government supervision. This may result in significant delays or problems in registering the transfer of securities. Russian securities laws may not recognize foreign

6 PIMCO MANAGED ACCOUNTS TRUST

nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Ownership of securities issued by Russian companies is recorded by companies themselves and by registrars instead of through a central registration system. It is possible that the ownership rights of the Portfolios could be lost through fraud or negligence. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for the Portfolios to enforce any rights they may have against the registrar or issuer of the securities in the event of loss of share registration. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices.

A Portfolio that concentrates its investments in California municipal bonds may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes that limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in high technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers.

A Portfolio that concentrates its investments in New York municipal bonds may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal. While New York’s economy is broad, it does have concentrations in the financial services industry, and may be sensitive to economic problems affecting that industry. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and a reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. The financial health of New York City affects that of the State, and when New York City experiences financial difficulty it may have an adverse effect on New York municipal bonds held by a Portfolio. The growth rate of New York has at times been somewhat slower than the nation overall. The economic and financial condition of New York also may be affected by various financial, social, economic and political factors.

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: credit risk, currency risk, focused-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, and turnover risk. A description of certain of these risks is available in the Notes to Financial Statements of this Report.

On each 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

SEMIANNUAL REPORT APRIL 30, 2015 7

Important Information About the Portfolios (Cont.)

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.

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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SEMIANNUAL REPORT APRIL 30, 2015 9

Fixed Income SHares - Series C FXICX

Cumulative Returns Through April 30, 2015

Allocation Breakdown†
Corporate Bonds & Notes	63.7%
Short-Term Instruments	23.4%
U.S. Treasury Obligations	4.8%
Sovereign Issues	3.8%
Mortgage-Backed Securities	1.8%
Other	2.5%

^†  % of Investments, at value as of 04/30/15

Average Annual Total Return for the period ended April 30, 2015
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares - Series C		0.90%		3.53%		6.83%		10.62%		10.94%
	Barclays U.S. Credit Intermediate Index		1.92%		3.57%		4.65%		5.08%		5.93%

* Cumulative Return

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 0.012%.

10 PIMCO MANAGED ACCOUNTS TRUST

Portfolio Insights

» The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

» 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.

» An overall underweight to investment grade corporate bonds benefited performance as the sector underperformed like-duration Treasuries during the reporting period, as measured by the Barclays U.S. Credit Index.

» Currency positioning was positive for performance. In particular, shorts to the Japanese yen and euro contributed to performance as both currencies weakened against the U.S. dollar.

» An overall underweight to duration was negative for performance as yields fell across the majority of the yield curve during the reporting period.

» U.S. yield curve positioning was also a negative for returns. Specifically, short positions in the belly and the long ends of the curve detracted from results, as 10- and 30-year Treasury yields fell 30 basis points and 32 basis points, respectively, during the reporting period.

» An allocation to Mexican inflation-linked bonds detracted from returns.

» An allocation to emerging market quasi-sovereign external debt was negative for performance, particularly Russian and Venezuelan debt.

SEMIANNUAL REPORT APRIL 30, 2015 11

Fixed Income SHares - Series LD FXIDX

Cumulative Returns Through April 30, 2015

Allocation Breakdown†
Corporate Bonds & Notes	61.3%
Mortgage-Backed Securities	17.0%
Asset-Backed Securities	14.4%
Sovereign Issues	3.1%
Short-Term Instruments	2.7%
Other	1.5%

^†  % of Investments, at value as of 04/30/15

Average Annual Total Return for the period ended April 30, 2015
		6 Month*		1 Year		Commencement of Operations (12/20/13)
	Fixed Income SHares - Series LD		1.67%		3.71%		4.25%
	BofA Merrill Lynch 1-3 Year U.S. Treasury Index		0.47%		0.92%		0.87%

* Cumulative Return

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 0.102%.

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Portfolio Insights

» The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

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

» Security selection within U.S. corporate bonds, both high yield and investment grade, benefited performance.

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

» Exposure to Australian rates contributed to performance as their yields fell across the curve.

» An overall underweight to duration hurt performance as yields fell over much of the yield curve over the reporting period, as 10- and 30-year Treasury yields fell 30 basis points and 32 basis points, respectively, during the reporting period.

» A short to U.K. rates detracted from performance as rates fell.

SEMIANNUAL REPORT APRIL 30, 2015 13

Fixed Income SHares - Series M FXIMX

Cumulative Returns Through April 30, 2015

Allocation Breakdown†
Corporate Bonds & Notes	29.1%
U.S. Government Agencies	23.5%
Municipal Bonds & Notes	13.9%
U.S. Treasury Obligations	12.2%
Mortgage-Backed Securities	10.0%
Asset-Backed Securities	7.8%
Short-Term Instruments	3.2%
Other	0.3%

^†  % of Investments, at value as of 04/30/15

Average Annual Total Return for the period ended April 30, 2015
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares - Series M		2.23%		4.97%		6.75%		6.56%		8.06%
	Barclays U.S. MBS Fixed-Rate Index		1.93%		4.64%		3.56%		4.80%		5.51%

* Cumulative Return

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 0.042%.

14 PIMCO MANAGED ACCOUNTS TRUST

Portfolio Insights

» The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

» An overall overweight to duration contributed to performance, as 10- and 30-year Treasury yields fell 30 basis points and 32 basis points, respectively, during the reporting period.

» Exposure to both high yield and investment grade corporate bonds benefited absolute results as both sectors posted positive returns.

» An allocation to non-agency mortgage-backed securities contributed to performance.

» Peripheral European rate exposure, specifically in Italy, was positive for performance as rates fell with the introduction of the European Central Bank’s quantitative easing program.

» A long to the euro over most of the reporting period detracted from performance as the currency weakened versus the U.S. dollar.

» An allocation to emerging market quasi-sovereign external debt was negative for performance, particularly energy-related bonds as oil prices fell.

» An allocation to Brazilian local debt was negative to performance.

SEMIANNUAL REPORT APRIL 30, 2015 15

Fixed Income SHares - Series R FXIRX

Cumulative Returns Through April 30, 2015

Allocation Breakdown†
U.S. Treasury Obligations	59.0%
Sovereign Issues	21.5%
Corporate Bonds & Notes	9.7%
U.S. Government Agencies	3.4%
Short-Term Instruments	0.8%
Other	5.6%

^†  % of Investments, at value as of 04/30/15

Average Annual Total Return for the period ended April 30, 2015
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (04/15/04)
	Fixed Income SHares - Series R		-0.42%		1.64%		6.92%		7.01%		7.25%
	Barclays U.S. TIPS Index		1.28%		2.48%		3.95%		4.43%		4.94%

* Cumulative Return

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 0.072%.

16 PIMCO MANAGED ACCOUNTS TRUST

Portfolio Insights

» The Portfolio seeks maximum real return, consistent with preservation of real capital and prudent investment management.

» A short exposure to longer-maturity nominal U.S. interest rates detracted from relative performance as yields generally fell in the U.S. over the reporting period.

» Exposure to nominal interest rates in Spain benefited relative performance as yields in the country declined over the reporting period.

» Short exposures to the euro and Japanese yen benefited relative performance as these currencies weakened relative to the U.S. dollar.

» Exposure to U.S. Treasury Inflation-Protected Securities (“TIPS”) benefited absolute performance as they generated positive returns over the reporting period.

» A short exposure to longer-maturity nominal European interest rates detracted from relative performance as yields fell in Europe over the reporting period.

» Exposure to local emerging market duration, particularly to nominal Brazilian bonds and Mexican inflation-linked bonds, detracted from performance.

SEMIANNUAL REPORT APRIL 30, 2015 17

Fixed Income SHares - Series TE FXIEX

Cumulative Returns Through April 30, 2015

Allocation Breakdown†
New York	11.8%
Ohio	11.6%
California	11.2%
Texas	10.5%
Virginia	6.5%
North Carolina	6.4%
Arizona	5.5%
Other	36.5%

^†  % of Investments, at value as of 04/30/15

Average Annual Total Return for the period ended April 30, 2015
		6 Month*		1 Year		Commencement of Operations (06/25/12)
	Fixed Income SHares - Series TE		-0.50%		1.45%		1.29%
	Barclays 1-Year Municipal Bond Index		0.23%		0.52%		0.68%

* Cumulative Return

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 0.002%.

18 PIMCO MANAGED ACCOUNTS TRUST

Portfolio Insights

» The Portfolio seeks high current income exempt from U.S. federal income tax consistent with prudent investment management. Total return/capital appreciation is a secondary objective.

» 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 to returns as the sector outperformed the general municipal market and credit spreads compressed during the reporting period.

» An overweight to duration detracted from performance as municipal yields moved higher across the curve during the reporting period.

» A short exposure to 30-year nominal Treasuries was negative for performance, as 30-year Treasury yields fell 32 basis points during the reporting period.

SEMIANNUAL REPORT APRIL 30, 2015 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 November 1, 2014 to April 30, 2015 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 (11/01/14)		Ending Account Value (04/30/15)		Expenses Paid During Period *		Beginning Account Value (11/01/14)		Ending Account Value (04/30/15)		Expenses Paid During Period *		Net Annualized Expense Ratio
Series C	$	1,000.00	$	1,009.00	$	0.20	$	1,000.00	$	1,024.60	$	0.20		0.040	%
Series LD		1,000.00		1,016.70		0.90		1,000.00		1,023.90		0.90		0.180
Series M		1,000.00		1,022.30		0.30		1,000.00		1,024.50		0.30		0.060
Series R		1,000.00		995.80		0.64		1,000.00		1,024.15		0.65		0.130
Series TE		1,000.00		995.00		0.00		1,000.00		1,024.79		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 the number of days in the period/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 foreign debentures and secured notes with intermediate maturities ranging from 1 to 10 years. To qualify, bonds must be SEC-registered. It is not possible to invest directly in an unmanaged index. Securities must also meet specific liquidity and quality requirements.
Barclays U.S. MBS Fixed-Rate Index	Barclays U.S. MBS Fixed Rate Index covers the 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.
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 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.
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 comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT APRIL 30, 2015 21

Financial Highlights

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)			Net  Increase (Decrease) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
Series C
11/01/2014 - 04/30/2015+	$	12.29	$	0.28	$	(0.18	)	$	0.10		$	(0.28	)	$	(0.58	)
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
11/01/2014 - 04/30/2015+	$	10.20	$	0.11	$	0.06		$	0.17		$	(0.23	)	$	(0.11	)
12/23/2013 - 10/31/2014		10.00		0.19		0.22			0.41			(0.21	)		0.00
Series M
11/01/2014 - 04/30/2015+	$	10.78	$	0.24	$	(0.01	)	$	0.23		$	(0.27	)	$	(0.27	)
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
11/01/2014 - 04/30/2015+	$	10.47	$	0.00	$	(0.05	)	$	(0.05	)	$	(0.46	)	$	0.00
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
11/01/2014 - 04/30/2015+	$	9.90	$	0.13	$	(0.18	)	$	(0.05	)	$	(0.12	)	$	0.00
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

+ Unaudited

* 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 Net Investment Income (Loss) to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.86	)	$	11.53		0.90	%	$	1,843,445		0.04	%*		0.00	%		4.77	%*		24	%
	(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
$	(0.34	)	$	10.03		1.67	%	$	20,956		0.18	%*		0.00	%		2.16	%*		621	%
	(0.21	)		10.20		4.08			9,070		0.10	*		0.00			2.15	*		8,278
$	(0.54	)	$	10.47		2.23	%	$	1,850,849		0.06	%*		0.00	†%		4.63	%*		232	%
	(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
$	(0.46	)	$	9.96		(0.42	)%	$	193,693		0.13	%*		0.00	%		(0.93	)%*		51	%
	(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
$	(0.12	)	$	9.73		(0.50	)%	$	93,384		0.00	%*		0.00	%		2.76	%*		4	%
	(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

SEMIANNUAL REPORT APRIL 30, 2015 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*	$	1,841,349		$	24,075
Financial Derivative Instruments
Exchange-traded or centrally cleared		1,548			11
Over the counter		43,148			35
Cash		270			246
Deposits with counterparty		10,969			162
Foreign currency, at value		1,445			13
Receivable for investments sold		290,864			221
Receivable for Portfolio shares sold		338			0
Interest receivable		18,412			139
Other assets		163			0
		2,208,506			24,902
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	4,992		$	1,825
Payable for sale-buyback transactions		282,462			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		753			52
Over the counter		39,633			101
Payable for investments purchased		7,342			1,936
Deposits from counterparty		22,571			0
Payable for Portfolio shares redeemed		1,754			0
Dividends payable		5,554			32
Overdraft due to custodian		0			0
Other liabilities		0			0
		365,061			3,946
Net Assets	$	1,843,445		$	20,956
Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)	$	160		$	2
Paid in capital		1,861,947			20,988
Undistributed (overdistributed) net investment income		(28,788	)		(94	)
Accumulated undistributed net realized gain (loss)		(10,162	)		299
Net unrealized appreciation (depreciation)		20,288			(239	)
	$	1,843,445		$	20,956
Shares Issued and Outstanding		159,872			2,090
Net Asset Value, Offering Price and Redemption Price Per Share	$	11.53		$	10.03
Cost of Investments in securities	$	1,805,726		$	23,975
Cost of Foreign Currency Held	$	1,408		$	12
Cost or Premiums of Financial Derivative Instruments, net	$	441		$	(57	)
* Includes repurchase agreements of:	$	355,077		$	0

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

24 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

April 30, 2015 (Unaudited)

Series M			Series R			Series TE
$	2,668,240		$	276,868		$	92,791
	1,045			1,083			54
	7,806			3,627			0
	0			0			559
	7,491			3,725			1,135
	5,881			860			0
	549,267			5,454			0
	427			40			84
	24,441			1,223			1,172
	83			0			0
	3,264,681			292,880			95,795
$	196,641		$	0		$	0
	176,590			80,713			0
	5,076			315			0
	20,488			10,370			0
	998,672			6,642			2,213
	7,720			1,105			0
	1,745			27			0
	6,471			0			198
	429			2			0
	0			13			0
	1,413,832			99,187			2,411
$	1,850,849		$	193,693		$	93,384
$	177		$	19		$	10
	1,782,924			224,173			94,489
	355			(3,406	)		195
	26,125			(21,485	)		(2,176	)
	41,268			(5,608	)		866
$	1,850,849		$	193,693		$	93,384
	176,802			19,453			9,600
$	10.47		$	9.96		$	9.73
$	2,613,640		$	278,645		$	89,900
$	5,741		$	857		$	0
$	(10,307	)	$	(696	)	$	0
$	64,236		$	265		$	0

SEMIANNUAL REPORT APRIL 30, 2015 25

Statements of Operations PIMCO Fixed Income SHares

Six Months Ended April 30, 2015 (Unaudited)
(Amounts in thousands†)	Series C			Series LD
Investment Income:
Interest	$	47,881		$	113
Total Income (Loss)		47,881			113
Expenses:
Interest expense		385			8
Miscellaneous expense		0			0
Total Expenses		385			8
Net Investment Income (Loss)		47,496			105
Net Realized Gain (Loss):
Investments in securities		(118,887	)		71
Exchange-traded or centrally cleared financial derivative instruments		(53,792	)		193
Over the counter financial derivative instruments		118,043			35
Foreign currency		33,742			(2	)
Net Realized Gain (Loss)		(20,894	)		297
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(9,226	)		55
Exchange-traded or centrally cleared financial derivative instruments		15,169			(258	)
Over the counter financial derivative instruments		(30,840	)		(78	)
Foreign currency assets and liabilities		14,267			(4	)
Net Change in Unrealized Appreciation (Depreciation)		(10,630	)		(285	)
Net Gain (Loss)		(31,524	)		12
Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,972		$	117

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

26 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Series M			Series R			Series TE
$	46,883		$	(782	)	$	1,295
	46,883			(782	)		1,295
	600			133			0
	2			0			0
	602			133			0
	46,281			(915	)		1,295
	1,700			(5,715	)		12
	10,662			(6,561	)		(1,231	)
	4,269			11,286			0
	7,811			(582	)		0
	24,442			(1,572	)		(1,219	)
	(19,556	)		4,572			(119	)
	(9,143	)		2,325			(497	)
	(1,121	)		(5,480	)		0
	1,967			107			0
	(27,853	)		1,524			(616	)
	(3,411	)		(48	)		(1,835	)
$	42,870		$	(963	)	$	(540	)

SEMIANNUAL REPORT APRIL 30, 2015 27

Statements of Changes in Net Assets PIMCO Fixed Income SHares

	Series C						Series LD
(Amounts in thousands†)	Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Period from December 23, 2013 to October 31, 2014
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	47,496		$	123,024		$	105		$	142
Net realized gain (loss)		(20,894	)		110,056			297			124
Net change in unrealized appreciation (depreciation)		(10,630	)		(99,785	)		(285	)		46
Net increase (decrease) in net assets resulting from operations		15,972			133,295			117			312
Distributions to Shareholders:
From net investment income		(47,577	)		(132,768	)		(206	)		(166	)
From net realized capital gains		(98,083	)		(205,508	)		(92	)		0
Total Distributions		(145,660	)		(338,276	)		(298	)		(166	)
Portfolio Share Transactions:
Receipts for shares sold		276,539			829,579			13,245			11,062
Cost of shares redeemed		(657,179	)		(1,531,875	)		(1,178	)		(2,138	)
Net increase (decrease) resulting from Portfolio share transactions		(380,640	)		(702,296	)		12,067			8,924
Total Increase (Decrease) in Net Assets		(510,328	)		(907,277	)		11,886			9,070
Net Assets:
Beginning of period		2,353,773			3,261,050			9,070			0
End of period*	$	1,843,445		$	2,353,773		$	20,956		$	9,070
* Including undistributed (overdistributed) net investment income of:	$	(28,788	)	$	(28,707	)	$	(94	)	$	7
Shares of Beneficial Interest:
Shares Sold		23,879			66,880			1,319			1,099
Shares Redeemed		(55,514	)		(124,067	)		(118	)		(210	)
Net increase (decrease) in shares outstanding		(31,635	)		(57,187	)		1,201			889

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

28 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Series M						Series R						Series TE
Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014			Six Months Ended April 30, 2015 (Unaudited)			Year Ended October 31, 2014
$	46,281		$	116,200		$	(915	)	$	9,273		$	1,295		$	2,301
	24,442			59,330			(1,572	)		5,291			(1,219	)		(991	)
	(27,853	)		(40,221	)		1,524			(5,969	)		(616	)		3,174
	42,870			135,309			(963	)		8,595			(540	)		4,484
	(51,000	)		(105,630	)		(8,870	)		(4,386	)		(1,166	)		(2,105	)
	(52,800	)		(50,578	)		0			(7,339	)		0			0
	(103,800	)		(156,208	)		(8,870	)		(11,725	)		(1,166	)		(2,105	)
	196,826			781,102			21,869			40,368			10,530			44,664
	(617,248	)		(1,424,932	)		(34,014	)		(171,726	)		(11,281	)		(16,796	)
	(420,422	)		(643,830	)		(12,145	)		(131,358	)		(751	)		27,868
	(481,352	)		(664,729	)		(21,978	)		(134,488	)		(2,457	)		30,247
	2,332,201			2,996,930			215,671			350,159			95,841			65,594
$	1,850,849		$	2,332,201		$	193,693		$	215,671		$	93,384		$	95,841
$	355		$	5,074		$	(3,406	)	$	6,379		$	195		$	66
	18,710			72,731			2,213			3,921			1,075			4,601
	(58,184	)		(132,447	)		(3,358	)		(16,606	)		(1,152	)		(1,729	)
	(39,474	)		(59,716	)		(1,145	)		(12,685	)		(77	)		2,872

SEMIANNUAL REPORT APRIL 30, 2015 29

Statements of Cash Flows PIMCO Fixed Income SHares

Six Months Ended April 30, 2015 (Unaudited) (Amounts in thousands†)	Series C			Series LD			Series R
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	15,972		$	117		$	(963	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of long-term securities		(484,735	)		(97,636	)		(137,726	)
Proceeds from sales of long-term securities		1,315,824			87,369			169,427
(Purchases) Proceeds from sales of short-term portfolio investments, net		(152,506	)		(720	)		34,311
(Increase) in deposits with counterparty		(9,028	)		(117	)		(2,116	)
(Increase) decrease in receivable for investments sold		(236,064	)		(69	)		6,642
(Increase) decrease in interest receivable		15,879			(40	)		439
(Increase) in exchange-traded or centrally cleared financial derivative instruments		(39,691	)		(20	)		(5,058	)
Decrease in over the counter financial derivative instruments		118,149			27			10,942
Increase in payable for investments purchased		7,120			1,821			6,642
Increase (decrease) in deposits from counterparty		5,390			0			(187	)
Proceeds from (Payments on) currency transactions		48,009			(6	)		(475	)
Net Realized (Gain) Loss
Investments in securities		118,887			(71	)		5,715
Exchange-traded or centrally cleared financial derivative instruments		53,792			(193	)		6,561
Over the counter financial derivative instruments		(118,043	)		(35	)		(11,286	)
Foreign currency		(33,742	)		2			582
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		9,226			(55	)		(4,572	)
Exchange-traded or centrally cleared financial derivative instruments		(15,169	)		258			(2,325	)
Over the counter financial derivative instruments		30,840			78			5,480
Foreign currency assets and liabilities		(14,267	)		4			(107	)
Net amortization (accretion) on investments		5,991			72			457
Net cash provided by (used for) operating activities		641,834			(9,214	)		82,383
Cash flows received from (used for) financing activities:
Proceeds from shares sold		276,504			13,245			21,895
Payments on shares redeemed		(11,945	)		(1,178	)		(34,136	)
Increase (decrease) in overdraft due to custodian		(13	)		0			2
Cash dividend paid*		(807,736	)		(294	)		(8,950	)
Proceeds from reverse repurchase agreements		159,072			26,439			0
Payments on reverse repurchase agreements		(377,855	)		(29,015	)		(11,349	)
Proceeds from sale-buyback transactions		596,756			28,779			626,599
Payments on sale-buyback transactions		(476,641	)		(28,779	)		(677,268	)
Proceeds from deposits from counterparty		181,190			0			12,618
Payments on deposits from counterparty		(182,154	)		0			(11,954	)
Net cash received from (used for) financing activities		(642,822	)		9,197			(82,543	)
Net (Decrease) in Cash and Foreign Currency		(988	)		(17	)		(160	)
Cash and Foreign Currency:
Beginning of period		2,703			276			1,020
End of period	$	1,715		$	259		$	860
* Reinvestment of distributions	$	(657,179	)	$	0		$	0
Supplemental disclosure of cash flow information:
Interest expense paid during the period	$	733		$	9		$	37

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

30 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series C

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%
BANK LOAN OBLIGATIONS 0.7%
CSC Holdings, Inc.
2.678% due 04/17/2020	$		2,982	$		2,980
Energy Future Intermediate Holding Co. LLC
4.250% due 06/19/2016			6,700			6,747
NRG Energy, Inc.
2.750% due 07/02/2018			2,952			2,948
Total Bank Loan Obligations (Cost $12,569)						12,675
CORPORATE BONDS & NOTES 63.7%
BANKING & FINANCE 38.3%
Ally Financial, Inc.
4.625% due 06/26/2015			800			803
6.250% due 12/01/2017			300			322
8.000% due 03/15/2020			2,136			2,537
American International Group, Inc.
4.875% due 06/01/2022			3,000			3,387
Banco do Brasil S.A.
4.500% due 01/20/2016	EUR		8,700			10,010
Banco Santander Brasil S.A.
4.250% due 01/14/2016	$		4,250			4,338
4.625% due 02/13/2017			11,375			11,887
Bank of America Corp.
4.000% due 04/01/2024			500			525
4.100% due 07/24/2023			5,600			5,903
5.000% due 05/13/2021			300			337
5.625% due 07/01/2020			14,600			16,740
6.400% due 08/28/2017			14,750			16,307
6.875% due 04/25/2018			41,255			47,174
Barclays Bank PLC
7.625% due 11/21/2022			1,200			1,408
7.750% due 04/10/2023			2,400			2,667
Bear Stearns Cos. LLC
7.250% due 02/01/2018			17,265			19,799
Blackstone CQP Holdco LP
9.296% due 03/18/2019			10,584			10,942
BPCE S.A.
4.500% due 03/15/2025			27,400			27,691
BPE Financiaciones S.A.
2.875% due 05/19/2016	EUR		1,000			1,145
CIT Group, Inc.
3.875% due 02/19/2019	$		900			894
4.250% due 08/15/2017			1,000			1,020
Citigroup, Inc.
6.125% due 11/21/2017			11,500			12,766
Credit Agricole S.A.
8.125% due 09/19/2033			200			227

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024	$		9,790	$		10,390
Ford Motor Credit Co. LLC
5.750% due 02/01/2021			15,000			17,346
5.875% due 08/02/2021			600			702
8.000% due 12/15/2016			7,900			8,726
8.125% due 01/15/2020			27,305			33,983
General Motors Financial Co., Inc.
3.000% due 09/25/2017			17,000			17,402
4.250% due 05/15/2023			21,570			22,318
Goldman Sachs Group, Inc.
4.000% due 03/03/2024			16,700			17,503
6.150% due 04/01/2018			15,200			17,032
HBOS PLC
6.750% due 05/21/2018			25,300			28,352
Heta Asset Resolution AG
2.750% due 05/31/2016 ^	CHF		200			127
4.250% due 10/31/2016 ^	EUR		600			396
4.375% due 01/24/2017 ^			600			396
HSBC Holdings PLC
6.375% due 09/17/2024 (c)	$		1,200			1,242
International Lease Finance Corp.
5.875% due 04/01/2019			1,400			1,526
6.750% due 09/01/2016			4,000			4,240
7.125% due 09/01/2018			3,000			3,405
JPMorgan Chase & Co.
6.125% due 04/30/2024 (c)			4,200			4,402
7.900% due 04/30/2018 (c)			30,900			32,986
LBG Capital PLC
9.000% due 12/15/2019	GBP		2,331			3,685
15.000% due 12/21/2019	EUR		4,380			7,365
15.000% due 12/21/2019	GBP		900			1,962
Lloyds Bank PLC
9.875% due 12/16/2021	$		177			199
11.875% due 12/16/2021	EUR		1,448			1,909
12.000% due 12/16/2024 (c)	$		29,300			42,119
13.000% due 12/19/2021	AUD		200			183
Lloyds Banking Group PLC
7.500% due 06/27/2024 (c)	$		3,604			3,856
MetLife Capital Trust
7.875% due 12/15/2067			600			798
Morgan Stanley
5.500% due 07/28/2021			9,500			10,968
5.750% due 01/25/2021			100			116
5.950% due 12/28/2017			900			997
6.625% due 04/01/2018			3,700			4,194
Navient Corp.
5.500% due 01/15/2019			1,500			1,529
6.250% due 01/25/2016			11,204			11,554
7.250% due 01/25/2022			17,700			18,806
8.000% due 03/25/2020			1,100			1,228

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 31

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
8.450% due 06/15/2018	$		20,455	$		22,873
Preferred Term Securities Ltd.
0.821% due 03/24/2034			322			261
Qatari Diar Finance Co.
5.000% due 07/21/2020			1,500			1,702
Rabobank Group
4.750% due 01/15/2020			36,900			41,299
8.375% due 07/26/2016 (c)			25,653			27,256
8.400% due 06/29/2017 (c)			4,240			4,675
Royal Bank of Scotland Group PLC
7.648% due 09/30/2031 (c)			5,000			6,400
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
6.299% due 05/15/2017			5,880			5,829
Springleaf Finance Corp.
5.400% due 12/01/2015			100			102
6.900% due 12/15/2017			14,000			14,910
UBS AG
4.750% due 02/12/2026	EUR		400			498
7.250% due 02/22/2022	$		200			215
Virgin Media Secured Finance PLC
6.000% due 04/15/2021	GBP		9,360			15,127
Wells Fargo & Co.
3.450% due 02/13/2023	$		4,700			4,796
7.980% due 03/15/2018 (c)			19,217			21,307
Weyerhaeuser Co.
7.375% due 10/01/2019			5,000			5,971
						705,992
INDUSTRIALS 15.5%
Alliance Data Systems Corp.
5.250% due 12/01/2017			12,750			13,324
America Movil S.A.B. de C.V.
5.000% due 03/30/2020			17,000			19,227
6.125% due 03/30/2040			5,530			6,826
Amgen, Inc.
5.700% due 02/01/2019			1,700			1,930
Anglo American Capital PLC
4.125% due 09/27/2022			12,800			12,888
Brunswick Rail Finance Ltd.
6.500% due 11/01/2017			2,800			1,736
Canadian Oil Sands Ltd.
7.750% due 05/15/2019			10,400			11,395
CSC Holdings LLC
7.625% due 07/15/2018			7,850			8,890
7.875% due 02/15/2018			810			917
8.625% due 02/15/2019			7,500			8,738
Delta Air Lines Pass-Through Trust
4.950% due 11/23/2020			339			363
6.200% due 01/02/2020			309			340

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
DISH DBS Corp.
5.000% due 03/15/2023	$		14,842	$		14,210
5.875% due 07/15/2022			300			303
7.125% due 02/01/2016			4,200			4,352
Energy Transfer Partners LP
6.125% due 02/15/2017			2,100			2,261
9.700% due 03/15/2019			300			376
Georgia-Pacific LLC
5.400% due 11/01/2020			9,300			10,578
Gerdau Trade, Inc.
5.750% due 01/30/2021			800			838
Glencore Finance Canada Ltd.
5.800% due 11/15/2016			7,400			7,849
Gold Fields Orogen Holding BVI Ltd.
4.875% due 10/07/2020			5,000			4,538
GTL Trade Finance, Inc.
5.893% due 04/29/2024			13,189			13,387
Hospira, Inc.
6.050% due 03/30/2017			1,700			1,845
Kern River Funding Corp.
4.893% due 04/30/2018			589			625
Kinder Morgan Energy Partners LP
3.950% due 09/01/2022			1,000			1,016
6.000% due 02/01/2017			5,800			6,232
Kinder Morgan, Inc.
3.050% due 12/01/2019			600			607
4.300% due 06/01/2025			1,100			1,118
7.000% due 06/15/2017			1,789			1,964
7.250% due 06/01/2018			13,900			15,828
NBCUniversal Media LLC
4.375% due 04/01/2021			15,600			17,331
Northwest Airlines Pass-Through Trust
7.041% due 10/01/2023			1,129			1,321
7.150% due 04/01/2021			26,663			27,996
Northwest Pipeline LLC
7.000% due 06/15/2016			1,700			1,817
Numericable SFR S.A.S.
5.375% due 05/15/2022	EUR		700			823
Petrofac Ltd.
3.400% due 10/10/2018	$		1,200			1,179
Petroleos de Venezuela S.A.
5.250% due 04/12/2017			14,000			8,259
5.500% due 04/12/2037			12,300			5,043
Phosagro OAO Via Phosagro Bond Funding Ltd.
4.204% due 02/13/2018			4,300			4,128
Reynolds American, Inc.
7.750% due 06/01/2018			6,030			7,034
Rockies Express Pipeline LLC
5.625% due 04/15/2020			100			106
SCF Capital Ltd.
5.375% due 10/27/2017			1,100			1,040

32 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Severstal OAO Via Steel Capital S.A.
6.700% due 10/25/2017	$		500	$		516
Sibur Securities Ltd.
3.914% due 01/31/2018			4,400			4,070
Tennessee Gas Pipeline Co. LLC
7.500% due 04/01/2017			1,950			2,150
TransCanada PipeLines Ltd.
3.800% due 10/01/2020			1,100			1,180
Tullow Oil PLC
6.000% due 11/01/2020			3,900			3,608
UAL Pass-Through Trust
9.750% due 07/15/2018			1,235			1,355
10.400% due 05/01/2018			1,292			1,408
USG Corp.
9.750% due 01/15/2018			2,407			2,798
Vale Overseas Ltd.
4.375% due 01/11/2022 (e)			2,590			2,514
8.250% due 01/17/2034			1,000			1,155
Wal-Mart Stores, Inc.
3.300% due 04/22/2024			12,500			13,183
						284,515
UTILITIES 9.9%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.700% due 08/07/2018			700			762
FirstEnergy Corp.
2.750% due 03/15/2018			2,000			2,045
Gazprom OAO Via Gaz Capital S.A.
6.510% due 03/07/2022			1,300			1,314
8.146% due 04/11/2018			6,200			6,604
Intergas Finance BV
6.375% due 05/14/2017			3,700			3,857
Kinder Morgan Finance Co. LLC
5.700% due 01/05/2016			9,200			9,491
Novatek OAO Via Novatek Finance Ltd.
5.326% due 02/03/2016			1,000			1,013
NRG Energy, Inc.
7.625% due 01/15/2018			6,100			6,771
Petrobras Global Finance BV
7.875% due 03/15/2019			17,500			19,084
Petroleos Mexicanos
5.500% due 01/21/2021			18,700			20,617
8.000% due 05/03/2019			7,500			9,007
Qtel International Finance Ltd.
5.000% due 10/19/2025			11,800			13,166
Qwest Corp.
6.500% due 06/01/2017			1,250			1,360
Rosneft Finance S.A.
6.625% due 03/20/2017			5,650			5,705
7.500% due 07/18/2016			3,800			3,905

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.875% due 03/13/2018	$		3,700	$		3,786
Rosneft Oil Co. Via Rosneft International Finance Ltd.
3.149% due 03/06/2017 (e)			4,500			4,286
Sprint Communications, Inc.
7.000% due 08/15/2020			1,000			1,018
TECO Finance, Inc.
6.572% due 11/01/2017			983			1,101
Telefonos de Mexico S.A.B. de C.V.
8.750% due 01/31/2016	MXN		128,300			8,619
Verizon Communications, Inc.
2.625% due 02/21/2020	$		31,307			31,779
3.500% due 11/01/2021			600			626
4.500% due 09/15/2020			24,500			26,839
W3A Funding Corp.
8.090% due 01/02/2017			33			33
						182,788
Total Corporate Bonds & Notes (Cost $1,128,591)						1,173,295
MUNICIPAL BONDS & NOTES 0.8%
CALIFORNIA 0.6%
Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010
7.488% due 08/01/2033			5,950			7,909
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2010
5.516% due 07/01/2027			3,000			3,529
						11,438
NEW YORK 0.2%
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, (BABs), Series 2010
4.525% due 11/01/2022			800			897
New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010
5.289% due 03/15/2033			1,600			1,874
						2,771
Total Municipal Bonds & Notes (Cost $11,292)						14,209
U.S. GOVERNMENT AGENCIES 0.0%
Fannie Mae
1.950% due 08/25/2018			1			1
4.095% due 04/01/2017			1			1
4.500% due 08/01/2039 - 11/01/2041			543			596

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 33

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Freddie Mac
1.875% due 12/01/2018	$		5	$		5
6.500% due 01/01/2038 - 10/01/2038			119			136
Ginnie Mae
1.625% due 01/20/2022			7			7
Total U.S. Government Agencies (Cost $707)						746
U.S. TREASURY OBLIGATIONS 4.8%
U.S. Treasury Bonds
4.375% due 11/15/2039 (i)			49,900			65,046
U.S. Treasury Inflation Protected Securities (b)
0.250% due 01/15/2025 (g)			11,692			11,861
U.S. Treasury Notes
1.500% due 02/28/2019 (g)(i)			12,030			12,172
Total U.S. Treasury Obligations (Cost $89,418)						89,079
MORTGAGE-BACKED SECURITIES 1.9%
Banc of America Commercial Mortgage Trust
5.889% due 07/10/2044			4,080			4,242
Banc of America Funding Trust
2.946% due 01/20/2047 ^			113			96
BCAP LLC Trust
0.344% due 09/26/2035			612			606
Bear Stearns Adjustable Rate Mortgage Trust
2.466% due 10/25/2033			71			72
2.482% due 05/25/2034			51			47
2.515% due 03/25/2035			153			153
Bear Stearns ALT-A Trust
2.671% due 02/25/2036 ^			999			779
Bear Stearns Commercial Mortgage Securities Trust
5.540% due 09/11/2041			1,450			1,511
Citigroup Mortgage Loan Trust, Inc.
2.230% due 09/25/2035			320			322
2.280% due 09/25/2035			297			299
Cordusio RMBS SRL
0.161% due 06/30/2035	EUR		137			152
Countrywide Alternative Loan Trust
0.381% due 05/25/2036	$		83			68
Countrywide Home Loan Mortgage Pass-Through Trust
0.501% due 03/25/2035			223			171
2.593% due 08/25/2034			43			38
Credit Suisse First Boston Mortgage Securities Corp.
2.263% due 07/25/2033			12			12
Downey Savings & Loan Association Mortgage Loan Trust
0.441% due 08/19/2045			1,584			1,426

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.472% due 07/19/2044	$		901	$		900
Greenpoint Mortgage Funding Trust
0.411% due 06/25/2045			2,668			2,317
Greenpoint Mortgage Pass-Through Certificates
2.784% due 10/25/2033			9			8
GSR Mortgage Loan Trust
1.860% due 03/25/2033			49			48
2.675% due 09/25/2035			1,112			1,108
2.677% due 09/25/2035			491			493
HarborView Mortgage Loan Trust
0.371% due 01/19/2038			227			194
0.521% due 06/20/2035			385			366
2.503% due 05/19/2033			123			122
HomeBanc Mortgage Trust
0.441% due 01/25/2036			2,297			1,996
5.115% due 04/25/2037 ^			240			197
JPMorgan Mortgage Trust
1.990% due 11/25/2033			65			65
2.538% due 02/25/2035			59			59
2.557% due 07/25/2035			863			879
4.921% due 07/25/2035			630			625
Ocwen Residential MBS Corp.
7.000% due 10/25/2040 ^			27			0
RBSSP Resecuritization Trust
0.461% due 05/26/2037			355			351
0.682% due 09/26/2034			4,178			3,925
0.682% due 03/26/2036			2,791			2,741
0.682% due 04/26/2037			3,438			3,228
Residential Accredit Loans, Inc. Trust
0.391% due 04/25/2046			1,211			645
Structured Adjustable Rate Mortgage Loan Trust
2.550% due 02/25/2034			96			97
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
5.250% due 09/25/2034			477			482
WaMu Mortgage Pass-Through Certificates Trust
0.491% due 01/25/2045			156			146
0.921% due 11/25/2034			1,655			1,578
1.137% due 02/25/2046			968			899
Wells Fargo Mortgage-Backed Securities Trust
2.615% due 03/25/2036			529			510
Total Mortgage-Backed Securities (Cost $32,552)						33,973
ASSET-BACKED SECURITIES 0.9%
Ameriquest Mortgage Securities Trust
0.571% due 03/25/2036			100			86
Bear Stearns Asset-Backed Securities Trust
0.381% due 12/25/2036			1,614			1,514
0.584% due 12/25/2035			1,000			972
1.181% due 10/25/2037			443			417

34 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
BNC Mortgage Loan Trust
0.281% due 05/25/2037	$		929	$		893
Conseco Financial Corp.
6.220% due 03/01/2030			172			183
6.530% due 02/01/2031			3,106			3,145
First Franklin Mortgage Loan Trust
0.671% due 09/25/2035			1,490			1,457
First NLC Trust
0.886% due 12/25/2035			1,074			1,023
Home Equity Asset Trust
1.381% due 10/25/2033			781			751
Keystone Owner Trust
9.000% due 01/25/2029			3			0
Merrill Lynch Mortgage Investors Trust
0.301% due 02/25/2037			220			104
Morgan Stanley ABS Capital, Inc. Trust
0.611% due 09/25/2035			500			438
Morgan Stanley Mortgage Loan Trust
0.541% due 04/25/2037			163			89
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.771% due 09/25/2035			1,000			880
Popular ABS Mortgage Pass-Through Trust
0.271% due 06/25/2047 ^			85			84
Residential Asset Mortgage Products Trust
1.831% due 11/25/2034			214			203
Structured Asset Investment Loan Trust
0.871% due 06/25/2035			1,000			969
Structured Asset Securities Corp. Mortgage Loan Trust
0.521% due 02/25/2036			1,000			897
0.631% due 11/25/2035			1,200			1,079
Wells Fargo Home Equity Asset-Backed Securities Trust
0.771% due 11/25/2035			1,500			1,364
0.881% due 10/25/2034			420			399
Total Asset-Backed Securities (Cost $15,339)						16,947
SOVEREIGN ISSUES 3.8%
Banco Nacional de Desenvolvimento Economico e Social
3.375% due 09/26/2016			11,700			11,870
6.369% due 06/16/2018			3,300			3,564
Colombia Government International Bond
7.375% due 01/27/2017			2,000			2,217
Mexico Government International Bond
4.500% due 11/22/2035 (b)	MXN		558,113			42,945

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Republic of Greece Government Bond
3.800% due 08/08/2017	JPY		955,000	$		5,085
4.500% due 07/03/2017			820,000			4,416
South Africa Government International Bond
6.875% due 05/27/2019	$		300			346
Total Sovereign Issues (Cost $85,385)						70,443
SHORT-TERM INSTRUMENTS 23.3%
CERTIFICATES OF DEPOSIT 1.9%
Intesa Sanpaolo SpA
1.656% due 04/11/2016			35,400			35,506
REPURCHASE AGREEMENTS (d) 19.3%
						355,077
SHORT-TERM NOTES 1.1%
Federal Home Loan Bank
0.076% due 07/21/2015			5,600			5,599
0.091% due 09/08/2015			3,100			3,099
0.092% due 09/08/2015			4,900			4,899
0.096% due 07/17/2015			5,700			5,700
0.101% due 07/24/2015			1,500			1,500
						20,797
U.S. TREASURY BILLS 1.0%
0.018% due 05/14/2015 - 09/17/2015 (a)(g)(i)			18,602			18,602
Total Short-Term Instruments (Cost $429,873)						429,982
Total Investments in Securities (Cost $1,805,726)						1,841,349
Total Investments 99.9% (Cost $1,805,726)				$		1,841,349
Financial Derivative Instruments (f)(h) 0.2% (Cost or Premiums, net $441)						4,310
Other Assets and Liabilities, net (0.1%)						(2,214	)
Net Assets 100.0%				$		1,843,445

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 35

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

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.

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	0.140%		04/20/2015		05/04/2015	$	88,500	U.S. Treasury Notes 2.125% due 09/30/2021	$	(89,434	)	$	88,500	$	88,504
NOM	0.110%		04/30/2015		05/01/2015		11,700	U.S. Treasury Notes 2.250% due 11/15/2024		(11,946	)		11,700		11,700
	0.120%		04/30/2015		05/01/2015		17,900	U.S. Treasury Notes 1.500% due 11/30/2019		(18,305	)		17,900		17,900
RDR	0.210%		04/30/2015		05/01/2015		100,000	U.S. Treasury Notes 1.750% due 04/30/2022		(102,628	)		100,000		100,001
RYL	0.100%		04/27/2015		05/11/2015		800	U.S. Treasury Notes 2.000% due 01/31/2016		(817	)		800		800
	0.110%		04/27/2015		05/11/2015		13,200	U.S. Treasury Notes 2.000% due 01/31/2016		(13,468	)		13,200		13,200
SAL	0.110%		04/30/2015		05/01/2015		9,900	U.S. Treasury Notes 2.125% due 09/30/2021		(10,147	)		9,900		9,900
SGY	0.090%		04/29/2015		05/13/2015		44,900	U.S. Treasury Inflation Protected Securities 0.625% due 07/15/2021		(45,759	)		44,900		44,900
	0.100%		04/28/2015		05/12/2015		64,900	U.S. Treasury Inflation Protected Securities 1.250% due 07/15/2020		(66,020	)		64,900		64,900
SSB	0.000%		04/30/2015		05/01/2015		3,277	U.S. Treasury Notes 0.750% due 12/31/2017		(3,343	)		3,277		3,277
Total Repurchase Agreements									$	(361,867	)	$	355,077	$	355,082

⁽¹⁾  Includes accrued interest.

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed  (2)			Payable for Reverse Repurchase Agreements
BRC		(1.500	%)		03/17/2015		03/16/2017	$	(2,418	)	$	(2,418	)
JML		0.850	%		04/15/2015		06/11/2015		(2,573	)		(2,574	)
Total Reverse Repurchase Agreements											$	(4,992	)

36 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed  (2)				Payable for Sale-Buyback Transactions (3)
BPS		0.070	%		02/05/2015		05/07/2015		EUR	(127,422	)	$	(143,201	)
		0.071	%		02/05/2015		05/07/2015			(126,482	)		(139,261	)
Total Sale-Buyback Transactions												$	(282,462	)

⁽²⁾  The average amount of borrowings outstanding during the period ended April 30, 2015 was $328,212 at a weighted average interest rate of 0.215%.

⁽³⁾  Payable for sale-buyback transactions includes $146 of deferred price drop.

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 April 30, 2015:

(e) Securities with an aggregate market value of $276,419 have been pledged as collateral under the terms of the following master agreements as of April 30, 2015.

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
BOS	$	88,504	$	0		$	0		$	0	$	88,504		$	(89,433	)	$	(929	)
BRC		0		(2,418	)		0			0		(2,418	)		2,514			96
JML		0		(2,574	)		0			0		(2,574	)		3,239			665
NOM		29,600		0			0			0		29,600			(30,251	)		(651	)
RDR		100,001		0			0			0		100,001			(102,628	)		(2,627	)
RYL		14,000		0			0			0		14,000			(14,285	)		(285	)
SAL		9,900		0			0			0		9,900			(10,147	)		(247	)
SGY		109,800		0			0			0		109,800			(111,779	)		(1,979	)
SSB		3,277		0			0			0		3,277			(3,343	)		(66	)
Master Securities Forward Transaction Agreement
BPS		0		0			(282,462	)		0		(282,462	)		269,246			(13,216	)
Total Borrowings and Other Financing Transactions	$	355,082	$	(4,992	)	$	(282,462	)	$	0

⁽⁴⁾  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.

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 37

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

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

FUTURES CONTRACTS:

Description	Type	Expiration Month		# of Contracts		Unrealized (Depreciation)			Variation Margin
									Asset		Liability
U.S. Treasury 10-Year Note June Futures	Short		06/2015		499	$	(188	)	$	70	$	0
Total Futures Contracts						$	(188	)	$	70	$	0

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-24 5-Year Index		5.000%		06/20/2020	$	5,100	$	393	$	52	$	0	$	(8	)

⁽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
															Asset		Liability
Receive	3-Month USD-LIBOR		1.250%		06/17/2017		$	1,505,700	$	(10,394	)	$	(683	)	$	588	$	0
Receive	3-Month USD-LIBOR		2.250%		03/18/2020			847,000		(29,702	)		(16,221	)		746		0
Pay	3-Month USD-LIBOR		3.250%		06/17/2045			9,100		1,414			(784	)		0		(32	)
Pay	6-Month EUR-EURIBOR		4.000%		09/16/2019		EUR	4,000		842			240			0		(21	)
Receive	6-Month JPY-LIBOR		1.000%		09/18/2023		JPY	7,920,000		(3,154	)		(1,473	)		144		0
Pay	28-Day MXN-TIIE		5.500%		09/13/2017		MXN	1,008,000		1,740			(597	)		0		(2	)
Pay	28-Day MXN-TIIE		7.780%		04/09/2019			91,800		621			(52	)		0		(9	)
Pay	28-Day MXN-TIIE		6.300%		04/26/2024			1,300,000		1,851			323			0		(385	)
Pay	28-Day MXN-TIIE		6.150%		06/07/2024			887,000		497			1,172			0		(268	)
Pay	28-Day MXN-TIIE		5.805%		12/30/2024			82,900		(116	)		(116	)		0		(28	)
									$	(36,401	)	$	(18,191	)	$	1,478	$	(745	)
Total Swap Agreements									$	(36,008	)	$	(18,139	)	$	1,478	$	(753	)

38 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

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 April 30, 2015:

(g) Securities with an aggregate market value of $15,600 and cash of $10,969 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of April 30, 2015. 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						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	70	$	1,478	$	1,548	$	0	$	0	$	(753	)	$	(753	)

(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)
									Asset		Liability
BOA		05/2015	$		31,630		AUD	40,201	$	180	$	0
		05/2015			15,390		GBP	10,142		177		0
		05/2015			632		MXN	9,274		0		(27	)
		06/2015		AUD	40,201	$		31,582		0		(181	)
		06/2015		GBP	10,142			15,388		0		(177	)
BPS		05/2015		EUR	417,078			448,937		0		(19,386	)
		05/2015		MXN	32,627			2,113		0		(13	)
		07/2015	$		2,104		MXN	32,627		13		0
BRC		05/2015			623			9,148		0		(27	)
CBK		05/2015		AUD	40,201	$		31,615		0		(194	)
		05/2015		BRL	36			11		0		(1	)
		05/2015		MXN	70,122			4,498		0		(72	)
		05/2015	$		12		BRL	36		0		0
		05/2015			2,751		CAD	3,476		130		0
		05/2015			353,475		EUR	326,157		12,755		0
		05/2015			15,529		GBP	10,483		562		0
		05/2015			6,552		MXN	99,484		13		(81	)
		06/2015		EUR	316,678	$		343,392		0		(12,318	)
DUB		05/2015		BRL	173,446			55,896		0		(1,671	)
		05/2015	$		57,939		BRL	173,446		0		(372	)
		06/2015		MXN	923,277	$		60,345		323		0
		06/2015	$		55,396		BRL	173,446		1,605		0
FBF		05/2015		MXN	82,168	$		5,521		165		0
		05/2015	$		634		MXN	9,475		0		(17	)
GLM		05/2015			960			14,355		0		(24	)
		06/2015		INR	130,945	$		2,071		32		0
		07/2015		BRL	80,719			29,432		3,161		0
HUS		05/2015		GBP	9,360			13,847		0		(521	)
		05/2015	$		438		MXN	6,555		0		(11	)

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 39

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

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
JPM		05/2015		BRL	8,971	$		2,997	$	19	$	0
		05/2015	$		2,767		BRL	8,971		211		0
		05/2015			180,579		JPY	21,485,314		0		(634	)
		05/2015			181		MXN	2,680		0		(7	)
		06/2015		JPY	21,485,314	$		180,623		637		0
		07/2015		BRL	111,731			41,108		4,743		0
		07/2015	$		427		PLN	1,602		17		0
MSB		05/2015		BRL	164,511	$		54,954		353		0
		05/2015		JPY	21,485,314			179,778		0		(167	)
		05/2015	$		51,442		BRL	164,511		3,160		0
SCX		05/2015		GBP	11,265	$		16,661		0		(631	)
		05/2015	$		2,314		MXN	33,946		0		(101	)
UAG		05/2015			99,939		EUR	90,921		2,153		0
Total Forward Foreign Currency Contracts									$	30,409	$	(36,633	)

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price		Expiration Date		Notional Amount		Premiums (Received)			Market Value
BRC	Call -OTC AUD versus USD	$	0.800		07/21/2015		AUD    101,774	$	(562	)	$	(1,251	)

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	3-Month USD-LIBOR	Receive		1.950%		06/12/2015	$	42,200	$	(224	)	$	(139	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.550%		06/12/2015		42,200		(268	)		(36	)
										$	(492	)	$	(175	)
Total Written Options										$	(1,054	)	$	(1,426	)

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED APRIL 30, 2015:

	# of Contracts			Notional Amount in $			Notional Amount in AUD			Notional Amount in EUR				Premiums
Balance at Beginning of Period		0		$	412,200			AUD	0		EUR	129,400		$	(2,217	)
Sales		3,182			84,400				101,774			95,400			(2,126	)
Closing Buys		0			0				0			0			0
Expirations		(1,591	)		(412,200	)			0			(112,400	)		2,658
Exercised		(1,591	)		0				0			(112,400	)		631
Balance at End of Period		0		$	84,400			AUD	101,774		EUR	0		$	(1,054	)

40 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

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 April 30, 2015 (2)		Notional Amount  (3)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																	Asset		Liability
BOA	China Government International Bond		1.000%		09/20/2016		0.292%		$	2,000	$	11		$	12		$	23	$	0
BPS	China Government International Bond		1.000%		09/20/2015		0.191%			17,500		161			(84	)		77		0
	General Electric Capital Corp.		1.000%		09/20/2015		0.224%			900		(46	)		50			4		0
	Teck Resources Ltd.		1.000%		03/20/2019		1.812%			800		(23	)		1			0		(22	)
BRC	Ally Financial, Inc.		5.000%		03/20/2020		1.805%			20,500		3,478			(331	)		3,147		0
	China Government International Bond		1.000%		09/20/2015		0.191%			28,800		272			(145	)		127		0
	China Government International Bond		1.000%		09/20/2016		0.292%			6,000		31			37			68		0
CBK	China Government International Bond		1.000%		09/20/2015		0.191%			6,300		58			(30	)		28		0
	United Kingdom Gilt		1.000%		06/20/2015		0.043%			16,200		132			(91	)		41		0
	United Kingdom Gilt		1.000%		06/20/2016		0.052%			33,500		415			(8	)		407		0
DUB	Ally Financial, Inc.		5.000%		03/20/2020		1.805%			10,000		1,810			(275	)		1,535		0
	BP Capital Markets America, Inc.		1.000%		12/20/2018		0.475%		EUR	4,000		106			(3	)		103		0
	France Government Bond		0.250%		09/20/2015		0.069%		$	3,800		(139	)		143			4		0
	France Government Bond		0.250%		03/20/2016		0.073%			31,100		(1,104	)		1,170			66		0
FBF	United Kingdom Gilt		1.000%		09/20/2015		0.043%			13,000		134			(69	)		65		0
GST	Brazil Government International Bond		1.000%		03/20/2018		2.280%			1,200		(15	)		(11	)		0		(26	)
	California State General Obligation Bonds, Series 2003		1.630%		12/20/2018		0.487%			3,300		0			141			141		0
	California State General Obligation Bonds, Series 2003		1.650%		12/20/2018		0.487%			25,000		0			1,084			1,084		0
	China Government International Bond		1.000%		06/20/2019		0.713%			25,000		371			(33	)		338		0
	France Government Bond		0.250%		03/20/2016		0.073%			25,900		(866	)		921			55		0
HUS	China Government International Bond		1.000%		09/20/2015		0.191%			9,200		15			25			40		0
JPM	Brazil Government International Bond		1.000%		12/20/2017		2.218%			12,000		0			(215	)		0		(215	)
	China Government International Bond		1.000%		06/20/2019		0.713%			50,000		740			(65	)		675		0
	France Government Bond		0.250%		09/20/2015		0.069%			4,900		(172	)		177			5		0
MYC	China Government International Bond		1.000%		09/20/2015		0.191%			17,200		138			(62	)		76		0
	China Government International Bond		1.000%		06/20/2019		0.713%			25,000		370			(32	)		338		0
	France Government Bond		0.250%		09/20/2016		0.089%			22,300		(1,053	)		1,117			64		0

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 41

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

Counterparty	Reference Entity	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at April 30, 2015 (2)		Notional Amount  (3)			Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
RYL	China Government International Bond		1.000%		09/20/2015		0.191%		$	41,500	$	379	$	(197	)	$	182	$	0
											$	5,203	$	3,227		$	8,693	$	(263	)

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		Swap Agreements, at Value (4)
													Asset		Liability
CBK	MCDX-24 5-Year Index		1.000%		06/20/2020	$	46,200	$	119		$	87	$	206	$	0
GST	MCDX-24 5-Year Index		1.000%		06/20/2020		14,400		46			18		64		0
MYC	MCDX-24 5-Year Index		1.000%		06/20/2020		11,900		36			17		53		0
	MCDX-24 10-Year Index		1.000%		06/20/2025		42,800		(1,449	)		138		0		(1,311	)
								$	(1,248	)	$	260	$	323	$	(1,311	)

⁽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⁾  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⁾  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

Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums (Received)			Unrealized Appreciation		Swap Agreements, at Value
															Asset		Liability
DUB	Pay	6-Month AUD-BBR-BBSW		5.000%		12/15/2015		AUD	188,640	$	(2,460	)	$	6,183	$	3,723	$	0
Total Swap Agreements										$	1,495		$	9,670	$	12,739	$	(1,574	)

42 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

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 April 30, 2015:

(i) Securities with an aggregate market value of $17,386 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of April 30, 2015.

	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	$	357	$	0	$	23	$	380	$	(385	)	$	0		$	0		$	(385	)	$	(5	)	$	0		$	(5	)
BPS		13		0		81		94		(19,399	)		0			(22	)		(19,421	)		(19,327	)		15,836			(3,491	)
BRC		0		0		3,342		3,342		(27	)		(1,251	)		0			(1,278	)		2,064			(1,530	)		534
CBK		13,460		0		682		14,142		(12,666	)		0			0			(12,666	)		1,476			(960	)		516
DUB		1,928		0		5,431		7,359		(2,043	)		0			0			(2,043	)		5,316			(5,350	)		(34	)
FBF		165		0		65		230		(17	)		0			0			(17	)		213			(176	)		37
GLM		3,193		0		0		3,193		(24	)		(175	)		0			(199	)		2,994			(2,340	)		654
GST		0		0		1,682		1,682		0			0			(26	)		(26	)		1,656			(1,660	)		(4	)
HUS		0		0		40		40		(532	)		0			0			(532	)		(492	)		324			(168	)
JPM		5,627		0		680		6,307		(641	)		0			(215	)		(856	)		5,451			(4,448	)		1,003
MSB		3,513		0		0		3,513		(167	)		0			0			(167	)		3,346			(3,710	)		(364	)
MYC		0		0		531		531		0			0			(1,311	)		(1,311	)		(780	)		277			(503	)
RYL		0		0		182		182		0			0			0			0			182			(310	)		(128	)
SCX		0		0		0		0		(732	)		0			0			(732	)		(732	)		583			(149	)
UAG		2,153		0		0		2,153		0			0			0			0			2,153			(1,080	)		1,073
Total Over the Counter	$	30,409	$	0	$	12,739	$	43,148	$	(36,633	)	$	(1,426	)	$	(1,574	)	$	(39,633	)

⁽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.

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 April 30, 2015:

	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	$	70	$	70
Swap Agreements		0		0		0		0		1,478		1,478
	$	0	$	0	$	0	$	0	$	1,548	$	1,548
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	30,409	$	0	$	30,409
Swap Agreements		0		9,016		0		0		3,723		12,739
	$	0	$	9,016	$	0	$	30,409	$	3,723	$	43,148
	$	0	$	9,016	$	0	$	30,409	$	5,271	$	44,696

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 43

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
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	8	$	0	$	0	$	745	$	753
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	36,633	$	0	$	36,633
Written Options		0		0		0		1,251		175		1,426
Swap Agreements		0		1,574		0		0		0		1,574
	$	0	$	1,574	$	0	$	37,884	$	175	$	39,633
	$	0	$	1,582	$	0	$	37,884	$	920	$	40,386

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2015:

	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		$	454		$	454
Futures		0		0			0		0			7,081			7,081
Swap Agreements		0		159			0		0			(61,486	)		(61,327	)
	$	0	$	159		$	0	$	0		$	(53,951	)	$	(53,792	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	110,922		$	0		$	110,922
Written Options		0		438			0		1,765			0			2,203
Swap Agreements		0		2,271			0		0			2,647			4,918
	$	0	$	2,709		$	0	$	112,687		$	2,647		$	118,043
	$	0	$	2,868		$	0	$	112,687		$	(51,304	)	$	64,251
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	(2,073	)	$	(2,073	)
Swap Agreements		0		(46	)		0		0			17,288			17,242
	$	0	$	(46	)	$	0	$	0		$	15,215		$	15,169
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(25,162	)	$	0		$	(25,162	)
Written Options		0		(197	)		0		(1,537	)		317			(1,417	)
Swap Agreements		0		(1,641	)		0		0			(2,620	)		(4,261	)
	$	0	$	(1,838	)	$	0	$	(26,699	)	$	(2,303	)	$	(30,840	)
	$	0	$	(1,884	)	$	0	$	(26,699	)	$	12,912		$	(15,671	)

44 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of April 30, 2015 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 04/30/2015
Investments in Securities, at Value
Bank Loan Obligations	$	0	$	12,675		$	0	$	12,675
Corporate Bonds & Notes
Banking & Finance		0		695,050			10,942		705,992
Industrials		0		251,732			32,783		284,515
Utilities		0		182,788			0		182,788
Municipal Bonds & Notes
California		0		11,438			0		11,438
New York		0		2,771			0		2,771
U.S. Government Agencies		0		746			0		746
U.S. Treasury Obligations		0		89,079			0		89,079
Mortgage-Backed Securities		0		33,973			0		33,973
Asset-Backed Securities		0		16,947			0		16,947
Sovereign Issues		0		70,443			0		70,443
Short-Term Instruments
Certificates of Deposit		0		35,506			0		35,506
Repurchase Agreements		0		355,077			0		355,077
Short-Term Notes		0		20,797			0		20,797
U.S. Treasury Bills		0		18,602			0		18,602
Total Investments	$	0	$	1,797,624		$	43,725	$	1,841,349
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		70		1,478			0		1,548
Over the counter		0		43,148			0		43,148
	$	70	$	44,626		$	0	$	44,696
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(753	)		0		(753	)
Over the counter		0		(39,633	)		0		(39,633	)
	$	0	$	(40,386	)	$	0	$	(40,386	)
Totals	$	70	$	1,801,864		$	43,725	$	1,845,659

There were no significant transfers between Levels 1, 2, or 3 during the period ended April 30, 2015.

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 45

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

(Unaudited)

April 30, 2015

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended April 30, 2015:

Category and Subcategory	Beginning Balance at 10/31/2014		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 04/30/2015		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2015 (1)
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	0	$	0		$	0		$	0		$	0		$	10,942	$	0	$	10,942	$	0
Industrials		35,381		27,670		(28,237	)		(109	)		(63	)		(1,859	)		0		0		32,783		(1,926	)
Mortgage-Backed Securities		0		0		(39	)		0			(38	)		77			0		0		0		0
Asset-Backed Securities		1		0		0			0			0			(1	)		0		0		0		(1	)
Totals	$	35,382	$	27,670	$	(28,276	)	$	(109	)	$	(101	)	$	(1,783	)	$	10,942	$	0	$	43,725	$	(1,927	)

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 04/30/2015		Valuation Technique	Unobservable Inputs	Input Value(s) (% Unless Noted Otherwise)
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	10,942	Benchmark Pricing	Base Price		103.38
Industrials		32,783	Third Party Vendor	Broker Quote		105.00 - 117.00
Total	$	43,725

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at April 30, 2015 may be due to an investment no longer held or categorized as Level 3 at period end.

46 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series LD

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 114.9%
CORPORATE BONDS & NOTES 70.5%
BANKING & FINANCE 28.1%
Abbey National Treasury Services PLC
2.350% due 09/10/2019	$		100	$		101
Ally Financial, Inc.
2.750% due 01/30/2017			100			100
American Express Credit Corp.
2.800% due 09/19/2016 (b)			95			97
American International Group, Inc.
2.375% due 08/24/2015			22			22
Banco Bradesco S.A.
4.500% due 01/12/2017			200			209
Banco Santander Chile
3.750% due 09/22/2015			150			151
Bank of America Corp.
6.500% due 08/01/2016			75			80
Bear Stearns Cos. LLC
0.652% due 11/21/2016			75			75
CIT Group, Inc.
4.250% due 08/15/2017			95			97
Eksportfinans ASA
2.375% due 05/25/2016			50			50
5.500% due 05/25/2016			100			104
Erste Europaische Pfandbrief und Kommunalkreditbank AG S.A.
0.126% due 03/20/2017			100			98
5.125% due 01/21/2016			100			103
First Horizon National Corp.
5.375% due 12/15/2015			75			77
Ford Motor Credit Co. LLC
1.214% due 01/09/2018			200			201
General Motors Financial Co., Inc.
2.750% due 05/15/2016			75			76
4.750% due 08/15/2017			700			740
Goldman Sachs Group, Inc.
1.437% due 04/23/2020			500			506
Hana Bank
1.375% due 02/05/2016			200			200
HSBC Finance Corp.
0.692% due 06/01/2016			255			255
5.500% due 01/19/2016			145			150
Hypothekenbank Frankfurt AG
0.126% due 09/20/2017			100			98
International Lease Finance Corp.
5.750% due 05/15/2016			125			129
8.625% due 09/15/2015			50			51
Kookmin Bank
1.152% due 01/27/2017			200			201

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
LeasePlan Corp. NV
2.500% due 05/16/2018	$		180	$		182
Macquarie Bank Ltd.
1.600% due 10/27/2017 (b)			300			300
2.000% due 08/15/2016			75			76
Macquarie Group Ltd.
3.000% due 12/03/2018			100			103
Mitsubishi UFJ Lease & Finance Co. Ltd.
1.875% due 10/17/2016			400			404
RCI Banque S.A.
4.600% due 04/12/2016			300			310
Royal Bank of Scotland PLC
5.000% due 05/17/2015			100			100
Synchrony Financial
1.875% due 08/15/2017 (b)			100			100
Vesey Street Investment Trust
4.404% due 09/01/2016			75			78
Weyerhaeuser Co.
6.950% due 08/01/2017			150			167
Woori Bank
4.750% due 01/20/2016			100			102
						5,893
INDUSTRIALS 34.1%
Actavis Funding SCS
1.523% due 03/12/2020			200			204
Amgen, Inc.
2.125% due 05/15/2017			95			97
Anadarko Petroleum Corp.
5.950% due 09/15/2016			90			96
Comcast Corp.
5.900% due 03/15/2016			25			26
DISH DBS Corp.
7.125% due 02/01/2016			50			52
eBay, Inc.
0.758% due 08/01/2019 (b)			400			392
Enbridge, Inc.
0.712% due 06/02/2017			150			148
Express Scripts Holding Co.
2.250% due 06/15/2019			100			100
3.125% due 05/15/2016			95			97
Forest Laboratories, Inc.
4.375% due 02/01/2019			100			107
Glencore Funding LLC
1.700% due 05/27/2016			100			100
HCA, Inc.
6.500% due 02/15/2016			80			83
7.190% due 11/15/2015			75			77

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 47

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
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			100			101
Kansas City Southern de Mexico S.A. de C.V.
0.979% due 10/28/2016			225			225
Kinder Morgan Energy Partners LP
3.500% due 03/01/2016			200			204
6.000% due 02/01/2017			30			32
Korea National Oil Corp.
4.000% due 10/27/2016			200			208
Korea Water Resources Corp.
2.000% due 04/16/2018			400			402
Lafarge S.A.
6.200% due 07/09/2015			400			404
Lowe’s Cos., Inc.
0.685% due 09/10/2019			100			101
Masco Corp.
6.125% due 10/03/2016			100			106
McKesson Corp.
0.665% due 09/10/2015			100			100
MGM Resorts International
6.625% due 07/15/2015			115			116
Mylan, Inc.
2.600% due 06/24/2018			100			102
Oracle Corp.
0.784% due 10/08/2019			150			151
Pearson Funding PLC
4.000% due 05/17/2016			400			412
Pioneer Natural Resources Co.
6.875% due 05/01/2018			100			113
Reynolds American, Inc.
7.750% due 06/01/2018			150			175
Sinopec Group Overseas Development Ltd.
2.750% due 05/17/2017 (b)			200			205
SK Telecom Co. Ltd.
2.125% due 05/01/2018			200			202
Southwestern Energy Co.
4.050% due 01/23/2020			100			104
Thermo Fisher Scientific, Inc.
3.200% due 03/01/2016			95			97
Time Warner Cable, Inc.
8.250% due 04/01/2019			300			353
Tyson Foods, Inc.
2.650% due 08/15/2019			50			51
UAL Pass-Through Trust
9.750% due 07/15/2018			190			209
Universal Health Services, Inc.
3.750% due 08/01/2019			100			102

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
USG Corp.
6.300% due 11/15/2016	$		95	$		100
Williams Partners LP
4.125% due 11/15/2020			400			422
Woodside Finance Ltd.
8.750% due 03/01/2019			400			491
Wynn Macau Ltd.
5.250% due 10/15/2021			200			189
						7,146
UTILITIES 8.3%
BellSouth Corp.
4.821% due 04/26/2021			400			414
Electricite de France S.A.
0.735% due 01/20/2017			30			30
FirstEnergy Corp.
2.750% due 03/15/2018			200			204
Korea Western Power Co. Ltd.
3.125% due 05/10/2017			200			205
KT Corp.
2.625% due 04/22/2019 (b)			200			204
Orange S.A.
2.750% due 02/06/2019			50			52
Petrobras Global Finance BV
1.881% due 05/20/2016			100			97
3.250% due 03/17/2017			250			246
Sprint Communications, Inc.
6.000% due 12/01/2016			100			105
Telstra Corp. Ltd.
3.125% due 04/07/2025			100			101
Verizon Communications, Inc.
2.500% due 09/15/2016			68			69
						1,727
Total Corporate Bonds & Notes (Cost $14,754)						14,766
U.S. GOVERNMENT AGENCIES 1.7%
Fannie Mae
1.610% due 09/25/2022			74			75
3.000% due 03/01/2042 (b)			279			285
Total U.S. Government Agencies (Cost $350)						360
MORTGAGE-BACKED SECURITIES 19.5%
BAMLL Commercial Mortgage Securities Trust
0.982% due 06/15/2028			100			100
5.383% due 11/15/2016			295			305

48 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Banc of America Funding Trust
0.481% due 02/20/2035	$		34	$		33
Banc of America/Merrill Lynch Commercial Mortgage, Inc.
4.933% due 07/10/2045			18			18
BCAP LLC Trust
0.334% due 03/26/2037			67			65
3.320% due 07/26/2036			39			40
Citigroup Mortgage Loan Trust, Inc.
6.000% due 02/25/2037			4			4
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.322% due 12/11/2049			500			525
Credit Suisse Commercial Mortgage Trust
5.311% due 12/15/2039			29			31
Credit Suisse First Boston Mortgage Securities Corp.
2.192% due 06/25/2033			45			44
5.362% due 05/15/2036			500			557
Credit Suisse Mortgage Capital Certificates
2.551% due 09/27/2036			126			126
2.618% due 08/27/2037			51			51
6.200% due 05/26/2037			48			49
GSR Mortgage Loan Trust
2.449% due 08/25/2033			359			358
JPMorgan Mortgage Trust
2.426% due 09/25/2034			21			21
2.472% due 04/25/2035			609			609
2.490% due 02/25/2034			109			111
JPMorgan Resecuritization Trust
2.097% due 07/27/2037			23			23
2.946% due 01/27/2047			73			74
MASTR Asset Securitization Trust
5.500% due 09/25/2033			33			34
Merrill Lynch Mortgage Investors Trust
0.641% due 04/25/2029			17			17
2.463% due 02/25/2035			372			373
Morgan Stanley Mortgage Loan Trust
2.468% due 11/25/2034			29			30
Residential Accredit Loans, Inc. Trust
0.621% due 06/25/2034			100			99
Selkirk Ltd.
1.860% due 12/20/2041			92			93
Sequoia Mortgage Trust
0.881% due 10/19/2026			18			17
Structured Asset Securities Corp. Mortgage Loan Trust
0.781% due 10/25/2027			24			24
Thornburg Mortgage Securities Trust
2.220% due 04/25/2045			75			75
Vulcan European Loan Conduit Ltd.
0.328% due 05/15/2017	EUR		8			9

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Wachovia Bank Commercial Mortgage Trust
5.558% due 03/15/2045	$		15	$		16
WaMu Mortgage Pass-Through Certificates Trust
0.581% due 06/25/2044			51			47
2.360% due 08/25/2035			1			1
Wells Fargo Mortgage-Backed Securities Trust
2.497% due 12/25/2034			7			7
2.592% due 10/25/2033			108			109
Total Mortgage-Backed Securities (Cost $4,042)						4,095
ASSET-BACKED SECURITIES 16.5%
ACS Pass-Through Trust
0.484% due 06/14/2037			305			299
Aegis Asset-Backed Securities Trust
0.451% due 12/25/2035			22			22
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
0.441% due 10/25/2035			2			2
1.214% due 04/25/2034			101			97
Cordatus CLO PLC
0.370% due 01/30/2024	EUR		499			554
Exeter Automobile Receivables Trust
1.060% due 08/15/2018	$		77			77
Golden Knight CDO Ltd.
0.515% due 04/15/2019			51			51
Highbridge Loan Management Ltd.
1.497% due 09/20/2022			250			250
KVK CLO Ltd.
1.645% due 07/15/2023			400			400
National Collegiate Student Loan Trust
0.421% due 11/27/2028			97			95
Race Point CLO Ltd.
1.571% due 12/15/2022			46			46
Renaissance Home Equity Loan Trust
0.681% due 12/25/2033			9			8
Saturn CLO Ltd.
0.483% due 05/13/2022			156			155
SMB Private Education Loan Trust
1.180% due 06/15/2027			400			402
Symphony CLO LP
1.352% due 01/09/2023			248			247
Symphony CLO Ltd.
1.544% due 07/23/2023			250			250
Venture CLO Ltd.
1.577% due 11/14/2022 (a)			500			500
Total Asset-Backed Securities (Cost $3,424)						3,455

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 49

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOVEREIGN ISSUES 3.6%
Brazil Letras do Tesouro Nacional
0.000% due 07/01/2016	BRL		1,000	$		286
Export-Import Bank of Korea
4.125% due 09/09/2015	$		100			101
5.375% due 10/04/2016 (b)			150			159
Korea Development Bank
3.250% due 03/09/2016			100			102
3.250% due 09/20/2016			100			103
Total Sovereign Issues (Cost $757)						751
SHORT-TERM INSTRUMENTS 3.1%
COMMERCIAL PAPER 3.1%
Entergy Corp.
0.950% due 07/10/2015			400			400

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Tesco Treasury Services PLC
1.024% due 08/17/2015	$		250	$		248
						648
Total Short-Term Instruments (Cost $648)						648
Total Investments in Securities (Cost $23,975)						24,075
Total Investments 114.9% (Cost $23,975)				$		24,075
Financial Derivative Instruments (c)(d) (0.5%) (Cost or Premiums, net $(57))						(107	)
Other Assets and Liabilities, net (14.4%)						(3,012	)
Net Assets 100.0%				$		20,956

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) When-issued security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed (1)			Payable for Reverse Repurchase Agreements
BPG		0.420	%		04/06/2015		05/08/2015	$	(188	)	$	(188	)
CFR		0.500	%		07/30/2014		07/29/2016		(191	)		(191	)
FOB		0.400	%		03/26/2015		05/05/2015		(155	)		(155	)
		0.400	%		05/05/2015		06/02/2015		(152	)		(152	)
GSC		0.370	%		04/06/2015		05/06/2015		(281	)		(281	)
UBS		0.350	%		04/02/2015		05/05/2015		(196	)		(196	)
		0.400	%		04/29/2015		05/22/2015		(662	)		(662	)
Total Reverse Repurchase Agreements											$	(1,825	)

⁽¹⁾  As of April 30, 2015, there were no open sale-buyback transactions. The average amount of borrowings outstanding during the period ended April 30, 2015 was $5,215 at a weighted average interest rate of 0.306%.

50 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged as of April 30, 2015:

(b) Securities with an aggregate market value of $1,742 has been pledged as collateral under the terms of the following master agreements as of April 30, 2015.

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 Pledged		Net Exposure  (2)
Global/Master Repurchase Agreement
BPG	$	0	$	(188)	$	0	$	0	$	(188	)	$	198	$	10
CFR		0		(191)		0		0		(191	)		204		13
FOB		0		(307)		0		0		(307	)		159		(148	)
GSC		0		(281)		0		0		(281	)		285		4
UBS		0		(858)		0		0		(858	)		897		39
Total Borrowings and Other Financing Transactions	$	0	$	(1,825)	$	0	$	0

⁽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. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Premiums (Received)		Market Value
Call - CME 90-Day Eurodollar December Futures	$	99.125		12/14/2015		16	$	(10)	$	(12)
Put - CME 90-Day Eurodollar December Futures		99.125		12/14/2015		16		(6)		(2)
Call - CME 90-Day Eurodollar June Futures		98.750		06/13/2016		10		(7)		(11)
Put - CME 90-Day Eurodollar June Futures		98.750		06/13/2016		10		(9)		(4)
Call - CME 90-Day Eurodollar June Futures		99.250		06/13/2016		15		(6)		(5)
Put - CME 90-Day Eurodollar June Futures		99.250		06/13/2016		15		(18)		(14)
							$	(56)	$	(48)
Total Written Options							$	(56)	$	(48)

FUTURES CONTRACTS:

Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Variation Margin
									Asset		Liability
U.S. Treasury 5-Year Note June Futures	Short		06/2015		6	$	(7	)	$	1	$	0
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Short		12/2017		9		0			2		0
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Short		09/2017		18		8			3		0
Total Futures Contracts						$	1		$	6	$	0

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 51

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

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
														Asset		Liability
Pay	3-Month USD-LIBOR		2.150%		03/02/2025	$	3,600	$	22		$	10		$	0	$	(4	)
Receive	3-Month USD-LIBOR		3.000%		07/13/2025		3,600		(271	)		(290	)		5		0
								$	(249	)	$	(280	)	$	5	$	(4	)
Total Swap Agreements								$	(249	)	$	(280	)	$	5	$	(4	)

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 April 30, 2015:

Cash of $162 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of April 30, 2015. 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						Market Value			Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options			Futures		Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	6	$	5	$	11	$	(48	)	$	0	$	(4	)	$	(52	)

(d)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		05/2015		EUR	175	$		188	$	0	$	(8	)
		05/2015		JPY	26,700			223		0		0
		05/2015	$		282		EUR	259		9		0
BPS		05/2015			5			4		0		0
		06/2015		ILS	12	$		3		0		0
BRC		05/2015		EUR	555			586		0		(37	)
DUB		05/2015	$		140		GBP	94		4		0
		06/2015		ILS	931	$		233		0		(8	)
		07/2016		BRL	1,000			303		10		0
FBF		05/2015		JPY	72,923			610		1		(1	)
GLM		05/2015		EUR	281			322		6		0
		05/2015		GBP	97			144		0		(5	)
		05/2015	$		5		EUR	5		0		0
JPM		05/2015		EUR	493	$		532		0		(22	)
		05/2015	$		1,052		JPY	125,123		0		(4	)
		06/2015		JPY	125,123	$		1,052		4		0

52 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
MSB		05/2015		EUR	280	$		304	$	0	$	(10	)
		05/2015		JPY	25,500			215		1		0
		05/2015	$		4		EUR	4		0		0
		06/2015		ILS	753	$		189		0		(6	)
Total Forward Foreign Currency Contracts									$	35	$	(101	)

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	$	0
Total Purchased Options											$	13	$	0

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	)	$	0
	Put - OTC 1-Year Interest Rate Swap		3-Month USD-LIBOR	Pay		1.545%		07/21/2015		5,300		(6	)		0
											$	(14	)	$	0
Total Written Options											$	(14	)	$	0

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED APRIL 30, 2015:

	# of Contracts		Notional Amount			Premiums
Balance at Beginning of Period		0	$	11,965		$	(18	)
Sales		82		4,600			(74	)
Closing Buys		0		(5,965	)		22
Expirations		0		0			0
Exercised		0		0			0
Balance at End of Period		82	$	10,600		$	(70	)

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 53

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

SWAP AGREEMENTS:

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

Counterparty	Index/Tranches	Fixed Deal Receive Rate		Maturity Date		Notional Amount  (2)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value (3)
												Asset		Liability
FBF	CMBX.NA.AAA.1 Index		0.100%		10/12/2052	$	71	$	0	$	0	$	0	$	0
GST	CMBX.NA.AAA.1 Index		0.100%		10/12/2052		71		0		0		0		0
								$	0	$	0	$	0	$	0
Total Swap Agreements								$	0	$	0	$	0	$	0

⁽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.

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 April 30, 2015:

	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  (4)
BOA	$	9	$	0	$	0	$	9	$	(8	)	$	0	$	0	$	(8	)	$	1		$	0	$	1
BRC		0		0		0		0		(37	)		0		0		(37	)		(37	)		0		(37	)
DUB		14		0		0		14		(8	)		0		0		(8	)		6			0		6
FBF		1		0		0		1		(1	)		0		0		(1	)		0			0		0
GLM		6		0		0		6		(5	)		0		0		(5	)		1			0		1
JPM		4		0		0		4		(26	)		0		0		(26	)		(22	)		0		(22	)
MSB		1		0		0		1		(16	)		0		0		(16	)		(15	)		0		(15	)
Total Over the Counter	$	35	$	0	$	0	$	35	$	(101	)	$	0	$	0	$	(101	)

⁽⁴⁾  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.

54 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

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 April 30, 2015:

	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	$	6	$	6
Swap Agreements		0		0		0		0		5		5
	$	0	$	0	$	0	$	0	$	11	$	11
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	35	$	0	$	35
	$	0	$	0	$	0	$	35	$	11	$	46
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	48	$	48
Swap Agreements		0		0		0		0		4		4
	$	0	$	0	$	0	$	0	$	52	$	52
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	101	$	0	$	101
	$	0	$	0	$	0	$	101	$	52	$	153

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2015:

	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
Futures	$	0	$	0	$	0	$	0	$	(51	)	$	(51	)
Swap Agreements		0		0		0		0		244			244
	$	0	$	0	$	0	$	0	$	193		$	193
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	30	$	0		$	30
Purchased Options		0		0		0		0		(5	)		(5	)
Written Options		0		0		0		0		6			6
Swap Agreements		0		4		0		0		0			4
	$	0	$	4	$	0	$	30	$	1		$	35
	$	0	$	4	$	0	$	30	$	194		$	228

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 55

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

(Unaudited)

April 30, 2015

	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		$	8		$	8
Futures		0		0		0		0			5			5
Swap Agreements		0		0		0		0			(271	)		(271	)
	$	0	$	0	$	0	$	0		$	(258	)	$	(258	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(79	)	$	0		$	(79	)
Purchased Options		0		0		0		0			(5	)		(5	)
Written Options		0		0		0		0			6			6
Swap Agreements		0		0		0		0			0			0
	$	0	$	0	$	0	$	(79	)	$	1		$	(78	)
	$	0	$	0	$	0	$	(79	)	$	(257	)	$	(336	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of April 30, 2015 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 04/30/2015
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0		$	5,893		$	0	$	5,893
Industrials		0			6,937			209		7,146
Utilities		0			1,727			0		1,727
U.S. Government Agencies		0			360			0		360
Mortgage-Backed Securities		0			4,095			0		4,095
Asset-Backed Securities		0			3,455			0		3,455
Sovereign Issues		0			751			0		751
Short-Term Instruments
Commercial Paper		0			648			0		648
Total Investments	$	0		$	23,866		$	209	$	24,075
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		6			5			0		11
Over the counter		0			35			0		35
	$	6		$	40		$	0	$	46
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(48	)		(4	)		0		(52	)
Over the counter		0			(101	)		0		(101	)
	$	(48	)	$	(105	)	$	0	$	(153	)
Totals	$	(42	)	$	23,801		$	209	$	23,968

There were no significant transfers between Levels 1, 2, or 3 during the period ended April 30, 2015.

56 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series M

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 144.2%
CORPORATE BONDS & NOTES 42.0%
BANKING & FINANCE 24.1%
AerCap Ireland Capital Ltd.
5.000% due 10/01/2021	$		17,800	$		19,103
Ally Financial, Inc.
2.750% due 01/30/2017			100			100
American International Group, Inc.
6.250% due 05/01/2036			6,000			7,736
Banco Santander Brasil S.A.
4.250% due 01/14/2016			6,800			6,940
Banco Santander Chile
3.875% due 09/20/2022			5,000			5,211
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand
4.125% due 11/09/2022 (e)			41,700			42,847
4.125% due 11/09/2022			5,900			6,062
Bank of America Corp.
5.700% due 01/24/2022 (e)			20,000			23,222
Bank of Nova Scotia
1.650% due 10/29/2015			15,680			15,769
Bankia S.A.
3.500% due 12/14/2015	EUR		1,400			1,604
3.625% due 10/05/2016			700			826
4.250% due 07/05/2016			100			118
Banque PSA Finance S.A.
5.750% due 04/04/2021	$		17,700			19,337
Barclays Bank PLC
7.625% due 11/21/2022			6,700			7,862
7.750% due 04/10/2023			2,600			2,889
10.000% due 05/21/2021	GBP		17,200			35,294
10.179% due 06/12/2021	$		12,280			16,616
14.000% due 06/15/2019 (b)	GBP		3,500			7,233
Blackstone CQP Holdco LP
9.296% due 03/18/2019	$		76,490			79,075
BPCE S.A.
4.625% due 07/11/2024			13,600			13,824
CIT Group, Inc.
4.250% due 08/15/2017			7,000			7,140
5.000% due 05/15/2017			100			104
Corp. Financiera de Desarrollo S.A.
4.750% due 02/08/2022			7,000			7,511
Credit Suisse AG
6.500% due 08/08/2023			19,000			21,742
General Electric Capital Corp.
6.150% due 08/07/2037			1,000			1,340
General Motors Financial Co., Inc.
4.250% due 05/15/2023 (e)			10,930			11,309
Hospitality Properties Trust
5.000% due 08/15/2022			8,500			9,072

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
HSBC Finance Corp.
6.676% due 01/15/2021	$		19,600	$		23,163
HSBC Holdings PLC
6.500% due 05/02/2036			6,100			7,680
International Lease Finance Corp.
5.875% due 04/01/2019			285			311
Intesa Sanpaolo SpA
6.500% due 02/24/2021			4,000			4,696
KGH Intermediate Holdco LLC
8.500% due 08/07/2019 (c)			13,109			12,487
8.500% due 08/08/2019 (c)			4,370			4,162
Ohio National Financial Services, Inc.
6.375% due 04/30/2020			1,500			1,738
OMX Timber Finance Investments LLC
5.420% due 01/29/2020			10,000			11,175
Qatari Diar Finance Co.
5.000% due 07/21/2020			2,000			2,270
Sberbank of Russia Via SB Capital S.A.
5.400% due 03/24/2017			4,950			4,950
Springleaf Finance Corp.
5.400% due 12/01/2015			100			102
Wells Fargo Bank N.A.
6.600% due 01/15/2038			3,000			4,146
						446,766
INDUSTRIALS 14.4%
Activision Blizzard, Inc.
5.625% due 09/15/2021 (e)			4,000			4,285
Aviation Capital Group Corp.
6.750% due 04/06/2021			9,800			11,400
Clear Channel Worldwide Holdings, Inc.
6.500% due 11/15/2022			11,250			11,921
CNH Industrial Finance Europe S.A.
6.250% due 03/09/2018	EUR		1,000			1,253
CSC Holdings LLC
7.625% due 07/15/2018	$		2,200			2,492
7.875% due 02/15/2018			7,340			8,313
CVS Pass-Through Trust
7.507% due 01/10/2032			13,262			17,099
Domtar Corp.
6.750% due 02/15/2044			700			785
Dynegy, Inc.
6.750% due 11/01/2019			7,350			7,717
7.375% due 11/01/2022			5,850			6,260
7.625% due 11/01/2024			1,925			2,079
Europcar Groupe S.A.
11.500% due 05/15/2017	EUR		2,100			2,670
Fiat Chrysler Finance Europe
7.000% due 03/23/2017			4,300			5,276

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 57

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Financiere Quick S.A.S.
4.761% due 04/15/2019	EUR		4,600	$		4,752
Florida Gas Transmission Co. LLC
7.900% due 05/15/2019	$		5,000			5,948
Georgia-Pacific LLC
5.400% due 11/01/2020			4,900			5,573
7.750% due 11/15/2029			5,100			7,125
8.000% due 01/15/2024			4,200			5,508
Gerdau Trade, Inc.
5.750% due 01/30/2021			12,500			13,094
GTL Trade Finance, Inc.
5.893% due 04/29/2024			9,000			9,135
HCA, Inc.
5.875% due 03/15/2022			5,000			5,606
6.500% due 02/15/2020			10,300			11,768
Kinder Morgan Energy Partners LP
5.300% due 09/15/2020 (e)			10,500			11,605
6.850% due 02/15/2020			5,000			5,853
Lafarge S.A.
6.250% due 04/13/2018	EUR		1,200			1,520
NBCUniversal Media LLC
4.375% due 04/01/2021	$		10,000			11,110
Petroleum Co. of Trinidad & Tobago Ltd.
9.750% due 08/14/2019			14,565			17,558
Reynolds Group Issuer, Inc.
7.125% due 04/15/2019			3,870			4,013
7.875% due 08/15/2019			1,900			2,005
Sabine Pass Liquefaction LLC
5.625% due 02/01/2021			3,800			3,905
Southwestern Energy Co.
4.100% due 03/15/2022 (e)			12,300			12,402
Telenet Finance Luxembourg S.C.A.
6.250% due 08/15/2022	EUR		3,500			4,274
6.625% due 02/15/2021			1,500			1,790
6.750% due 08/15/2024			6,000			7,537
Wind Acquisition Finance S.A.
4.000% due 07/15/2020			28,200			32,144
						265,775
UTILITIES 3.5%
BG Energy Capital PLC
6.500% due 11/30/2072	GBP		2,000			3,364
6.500% due 11/30/2072	$		4,000			4,382
Centrais Eletricas Brasileiras S.A.
6.875% due 07/30/2019			12,810			12,614
Gazprom OAO Via Gaz Capital S.A.
5.999% due 01/23/2021			200			200
6.212% due 11/22/2016			4,750			4,873
8.146% due 04/11/2018			5,200			5,538

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Odebrecht Drilling Norbe Ltd.
6.350% due 06/30/2022	$		170	$		159
Petroleos Mexicanos
5.500% due 01/21/2021 (e)			12,300			13,561
5.500% due 02/24/2025	EUR		13,000			18,315
6.625% due 06/15/2035	$		500			566
6.625% due 06/15/2038			1,300			1,453
						65,025
Total Corporate Bonds & Notes (Cost $777,738)						777,566
MUNICIPAL BONDS & NOTES 20.0%
CALIFORNIA 10.8%
Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010
7.046% due 12/01/2044			11,000			15,453
Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2010
6.918% due 04/01/2040			1,300			1,772
7.043% due 04/01/2050			14,000			20,452
California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010
6.486% due 05/15/2049			15,000			18,832
California State General Obligation Bonds, (BABs), Series 2010
7.700% due 11/01/2030			12,000			14,918
7.950% due 03/01/2036			27,250			33,374
Irvine Ranch Water District, California Special Assessment Bonds, (BABs), Series 2010
6.622% due 05/01/2040			7,200			9,728
Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, (BABs), Series 2010
4.530% due 06/01/2022			1,850			2,076
Los Angeles County, California Public Works Financing Authority Revenue Bonds, (BABs), Series 2010
7.488% due 08/01/2033			1,800			2,393
7.618% due 08/01/2040			12,300			17,602
Los Angeles Department of Water & Power, California Revenue Bonds, (BABs), Series 2010
6.166% due 07/01/2040			6,400			7,272
Los Angeles Unified School District, California General Obligation Bonds, Series 2010
5.981% due 05/01/2027			6,500			8,097
M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			1,000			1,361
Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010
6.507% due 08/01/2043			204			271

58 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010
7.168% due 07/01/2040	$		3,500	$		4,530
Palomar Community College District, California General Obligation Bonds, (BABs), Series 2010
7.194% due 08/01/2045			3,500			4,186
Pasadena Public Financing Authority, California Revenue Bonds, (BABs), Series 2010
7.148% due 03/01/2043			6,500			8,689
Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2010
6.398% due 05/15/2031			5,100			6,394
Riverside Community College District Foundation, California General Obligation Bonds, (BABs), Series 2010
6.971% due 08/01/2035			1,550			1,835
7.021% due 08/01/2040			3,250			3,853
San Diego County, California Regional Airport Authority Revenue Bonds, (BABs), Series 2010
6.628% due 07/01/2040			2,300			2,628
San Diego Redevelopment Agency, California Tax Allocation Bonds, Series 2010
7.750% due 09/01/2040			2,400			2,677
San Francisco, California Public Utilities Commission Water Revenue Bonds, (BABs), Series 2010
5.500% due 11/01/2025			6,400			7,547
University of California Revenue Bonds, (BABs), Series 2010
6.296% due 05/15/2050			3,350			4,012
						199,952
ILLINOIS 0.8%
Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010
6.200% due 12/01/2040			10,100			12,020
Chicago, Illinois Waterworks Revenue Bonds, Series 2010
6.642% due 11/01/2029			900			1,100
Illinois State Toll Highway Authority Revenue Bonds, (BABs), Series 2009
6.184% due 01/01/2034			2,200			2,842
						15,962
MASSACHUSETTS 0.0%
University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009
6.423% due 05/01/2029			750			855

		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	$		1,533
NEW JERSEY 0.1%
New Jersey Economic Development Authority Revenue Bonds, (BABs), Series 2010
6.425% due 12/15/2035			1,335			1,442
NEW YORK 4.7%
Metropolitan Transportation Authority, New York Revenue Bonds, (BABs), Series 2009
5.871% due 11/15/2039			3,500			4,339
Metropolitan Transportation Authority, New York Revenue Bonds, (BABs), Series 2010
6.814% due 11/15/2040			12,000			16,547
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, (BABs), Series 2010
4.325% due 11/01/2021			6,730			7,453
4.525% due 11/01/2022			16,700			18,730
5.932% due 11/01/2036			13,900			15,805
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010
5.267% due 05/01/2027			5,000			5,898
New York City, New York Water & Sewer System Revenue Bonds, (BABs), Series 2010
6.124% due 06/15/2042			3,000			3,397
New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010
5.500% due 03/15/2030			400			471
New York State Dormitory Authority Revenue Bonds, Series 2010
5.051% due 09/15/2027			4,000			4,639
Port Authority of New York & New Jersey Revenue Bonds, Series 2009
5.859% due 12/01/2024			2,500			3,097
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, (BABs), Series 2010
5.550% due 11/15/2040			5,200			6,237
						86,613
OHIO 1.0%
American Municipal Power, Inc., Ohio Revenue Bonds, (BABs), Series 2010
8.084% due 02/15/2050			10,500			16,548

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 59

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010
7.734% due 02/15/2033	$		900	$		1,266
						17,814
PENNSYLVANIA 0.6%
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			9,791
						10,471
TENNESSEE 0.0%
Metropolitan Government of Nashville & Davidson County, Tennessee Water & Sewer Revenue Bonds, (BABs), Series 2010
6.568% due 07/01/2037			100			134
WASHINGTON 0.5%
Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010
6.790% due 07/01/2040			6,800			8,744
WEST VIRGINIA 1.4%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			31,010			26,987
Total Municipal Bonds & Notes (Cost $321,310)						370,507
U.S. GOVERNMENT AGENCIES 33.9%
Fannie Mae
0.411% due 10/27/2037			6,501			6,422
0.631% due 08/25/2021			14			14
2.040% due 05/01/2034			119			123
2.074% due 05/01/2028			109			115
2.091% due 12/01/2034			100			107
2.100% due 11/01/2032			14			14
2.123% due 10/01/2032			22			23
2.215% due 09/01/2032			12			13
2.220% due 09/01/2027			52			54
2.268% due 01/01/2033			64			69
2.272% due 05/01/2033			124			133
2.425% due 10/01/2034			138			139
2.500% due 05/01/2017			8			8
2.524% due 06/01/2020			14			14
2.754% due 05/01/2018			19			19
2.758% due 01/01/2018			12			12

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.000% due 05/01/2030 - 05/01/2045	$		247,000	$		253,123
3.188% due 03/25/2041			19			19
3.500% due 05/01/2045			45,000			47,169
3.621% due 05/25/2042			17			18
4.000% due 11/25/2019 - 06/01/2045			125,320			133,832
4.500% due 11/25/2026 - 06/01/2045			127,808			138,995
5.000% due 11/01/2033 - 06/01/2045			33,000			36,745
6.000% due 08/01/2022 - 12/01/2023			166			181
6.500% due 01/01/2025 - 12/01/2028			60			70
7.000% due 11/01/2038			85			98
7.010% due 08/01/2022			43			44
11.000% due 07/15/2020			23			24
Freddie Mac
0.632% due 08/15/2029 - 12/15/2031			62			63
0.682% due 09/15/2030			7			7
0.732% due 03/15/2032			9			9
0.832% due 03/15/2020 - 02/15/2024			237			244
0.882% due 10/15/2019			1			1
1.332% due 09/15/2022			35			36
1.532% due 08/15/2023			10			11
1.955% due 08/01/2032			73			73
2.250% due 08/01/2029			15			16
2.348% due 01/01/2033			9			9
2.361% due 02/01/2033			68			72
2.375% due 01/01/2032 - 10/01/2032			195			205
2.386% due 02/01/2029			107			111
2.393% due 07/01/2032			9			9
2.453% due 07/01/2029			9			10
2.459% due 04/01/2032			61			62
2.475% due 08/01/2032			12			13
2.625% due 10/01/2032			60			62
4.500% due 05/15/2018			9			9
5.500% due 04/15/2035			2,800			3,131
6.000% due 08/15/2016 - 12/15/2028			472			540
6.500% due 08/15/2016 - 12/15/2023			17			18
7.000% due 04/01/2029 - 06/01/2030			20			23
7.500% due 08/15/2030			63			73
Ginnie Mae
0.531% due 06/20/2032			16			17
1.625% due 03/20/2017 - 06/20/2032			651			673
2.000% due 05/20/2018 - 09/20/2027			134			140

60 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.125% due 06/20/2022	$		30	$		30
2.500% due 01/20/2018 - 09/20/2021			18			19
3.000% due 04/20/2019 - 08/20/2025			66			68
6.500% due 05/15/2023 - 12/15/2023			2			2
NCUA Guaranteed Notes
0.628% due 10/07/2020			2,716			2,732
Vendee Mortgage Trust
6.500% due 09/15/2024			692			780
Total U.S. Government Agencies (Cost $625,995)						626,865
U.S. TREASURY OBLIGATIONS 17.6%
U.S. Treasury Bonds
2.500% due 02/15/2045			7,450			7,077
2.750% due 08/15/2042 (e)			68,400			68,405
3.000% due 05/15/2042 (e)(g)			58,900			61,840
3.125% due 02/15/2042			14,800			15,917
3.125% due 02/15/2043 (g)(i)			3,400			3,652
4.250% due 05/15/2039 (g)(i)			10,200			13,042
4.375% due 11/15/2039 (e)			50,200			65,437
4.375% due 05/15/2040			17,950			23,447
4.625% due 02/15/2040 (g)(i)			8,100			10,940
6.125% due 11/15/2027			9,500			13,569
6.250% due 05/15/2030 (e)			15,400			23,011
U.S. Treasury Notes
1.250% due 08/31/2015 (i)			1,215			1,220
2.000% due 02/15/2025 (e)			17,700			17,637
Total U.S. Treasury Obligations (Cost $332,989)						325,194
MORTGAGE-BACKED SECURITIES 14.4%
Adjustable Rate Mortgage Trust
2.623% due 02/25/2036			254			215
2.653% due 11/25/2035 ^			355			305
4.827% due 01/25/2036 ^			167			150
5.019% due 11/25/2035 ^			650			591
American Home Mortgage Assets Trust
0.371% due 09/25/2046			1,159			874
0.391% due 10/25/2046			912			630
1.057% due 11/25/2046			785			424
American Home Mortgage Investment Trust
0.471% due 02/25/2045			181			181
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^			318			265
16.541% due 09/25/2035 ^			322			401
Banc of America Funding Ltd.
0.436% due 10/03/2039			4,170			4,111

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Banc of America Funding Trust
0.371% due 10/20/2036	$		309	$		234
0.391% due 04/25/2037 ^			254			181
0.481% due 05/20/2047			155			129
0.581% due 05/25/2037 ^			215			157
2.655% due 02/20/2036			1,070			1,064
2.809% due 09/20/2047 ^			439			329
2.831% due 04/20/2035			364			269
5.399% due 09/20/2046 ^			250			209
5.500% due 03/25/2036 ^			58			54
Banc of America Mortgage Trust
2.622% due 02/25/2033			2			2
2.655% due 07/25/2035 ^			84			78
5.500% due 09/25/2035 ^			1,220			1,178
5.500% due 05/25/2037 ^			323			247
BCAP LLC Trust
0.331% due 05/25/2047 ^			171			129
0.334% due 03/26/2037			134			131
0.374% due 07/26/2036			444			424
0.401% due 05/25/2047 ^			1,102			837
0.409% due 05/26/2047			344			332
0.423% due 07/26/2035			174			172
0.674% due 05/26/2035			150			142
0.694% due 11/26/2035			281			275
0.831% due 09/25/2047			255			219
0.914% due 01/26/2036			167			165
0.961% due 11/26/2046			381			368
1.582% due 10/26/2035			277			278
2.256% due 07/26/2036			915			915
2.396% due 01/26/2034			111			111
2.617% due 02/26/2035			225			223
2.628% due 06/26/2035			453			457
2.740% due 03/26/2037			325			261
3.008% due 07/26/2036			298			298
4.000% due 02/26/2037			393			390
4.379% due 07/26/2036			589			523
4.616% due 03/27/2037			431			284
4.896% due 07/26/2036			86			69
11.968% due 10/26/2036			429			409
BCRR Trust
5.989% due 08/17/2045			4,032			4,309
Bear Stearns Adjustable Rate Mortgage Trust
2.260% due 08/25/2035			5,649			5,695
2.410% due 10/25/2035			1,690			1,670
2.451% due 06/25/2035 ^			74			66
2.455% due 12/25/2046 ^			2,239			1,931
2.485% due 02/25/2036 ^			294			246
2.515% due 03/25/2035			2,301			2,312
2.605% due 11/25/2034			191			185
2.640% due 03/25/2035			139			136
2.646% due 02/25/2034			159			159
2.668% due 01/25/2034			148			148
2.695% due 05/25/2034			77			76
2.705% due 10/25/2035			295			293
2.722% due 01/25/2035			40			40

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 61

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.753% due 05/25/2047 ^	$		583	$		511
5.036% due 08/25/2035			153			135
Bear Stearns ALT-A Trust
0.621% due 04/25/2036			327			245
2.438% due 02/25/2036 ^			72			57
2.495% due 06/25/2034			4,691			4,308
2.522% due 08/25/2036 ^			418			264
2.526% due 05/25/2035			136			133
2.671% due 02/25/2036 ^			713			557
4.258% due 11/25/2036 ^			234			180
4.822% due 07/25/2035 ^			1,128			934
5.036% due 05/25/2036 ^			1,030			752
Bear Stearns Mortgage Funding Trust
0.371% due 01/25/2037			181			148
Bear Stearns Mortgage Securities, Inc.
6.359% due 03/25/2031			11			11
Bear Stearns Structured Products, Inc. Trust
2.514% due 01/26/2036			1,755			1,433
Chase Mortgage Finance Trust
2.456% due 03/25/2037 ^			203			185
5.083% due 03/25/2037 ^			111			105
5.571% due 09/25/2036 ^			3,669			3,308
6.000% due 05/25/2037			223			198
ChaseFlex Trust
0.481% due 07/25/2037			379			328
4.671% due 08/25/2037 ^			73			61
5.000% due 07/25/2037 ^			222			199
Citigroup Commercial Mortgage Trust
5.322% due 12/17/2049			9,862			10,262
5.858% due 07/17/2040			13,501			13,720
Citigroup Mortgage Loan Trust, Inc.
0.344% due 10/25/2046			300			290
2.278% due 10/25/2046			465			376
2.500% due 11/25/2035			319			317
2.504% due 09/25/2037			200			190
2.510% due 10/25/2035			460			457
2.578% due 08/25/2035			92			92
2.592% due 12/25/2035 ^			230			176
2.706% due 09/25/2037 ^			1,332			1,200
2.740% due 03/25/2037 ^			224			182
5.189% due 08/25/2035			3,581			3,549
5.500% due 12/25/2035			261			204
6.434% due 11/25/2037			181			150
CitiMortgage Alternative Loan Trust
6.500% due 06/25/2037 ^			314			289
Community Program Loan Trust
4.500% due 04/01/2029			368			373
Countrywide Alternative Loan Resecuritization Trust
3.058% due 03/25/2047			328			306
6.000% due 08/25/2037 ^			255			209
Countrywide Alternative Loan Trust
0.321% due 08/25/2037			1,541			1,313
0.341% due 12/25/2046 ^			295			299

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.351% due 11/25/2036	$		2,157	$		2,025
0.351% due 01/25/2037 ^			416			398
0.361% due 11/25/2036			270			252
0.361% due 02/20/2047			2,820			2,127
0.361% due 05/25/2047			2,482			2,088
0.371% due 07/25/2046 ^			238			216
0.371% due 09/25/2046 ^			969			830
0.371% due 10/25/2046			451			440
0.391% due 07/20/2046 ^			93			69
0.401% due 05/25/2035			4,000			3,422
0.431% due 06/25/2035			280			247
0.441% due 07/25/2035			276			240
0.441% due 12/25/2035			1,978			1,772
0.451% due 05/25/2036 ^			59			47
0.484% due 10/25/2035			268			214
0.491% due 08/25/2035 ^			389			308
0.681% due 05/25/2035			643			544
0.681% due 05/25/2035 ^			6,329			5,346
0.954% due 09/25/2034			121			119
1.137% due 02/25/2036			865			782
2.415% due 05/25/2036			129			101
2.542% due 08/25/2035			477			407
4.496% due 06/25/2047			376			328
5.230% due 11/25/2035 ^			213			173
5.500% due 11/25/2035			210			170
5.500% due 02/25/2036 ^			173			160
5.750% due 03/25/2037 ^			289			260
5.750% due 04/25/2047 ^			257			230
6.000% due 12/25/2034			173			179
6.000% due 03/25/2036 ^			428			382
6.000% due 08/25/2036 ^			661			616
6.000% due 02/25/2037 ^			865			682
6.000% due 04/25/2037			174			150
6.000% due 05/25/2037 ^			781			651
6.000% due 08/25/2037 ^			820			693
6.250% due 11/25/2036 ^			180			171
6.500% due 12/25/2036 ^			129			106
6.500% due 08/25/2037 ^			557			395
19.302% due 07/25/2035			107			146
Countrywide Home Loan Mortgage Pass-Through Trust
0.411% due 05/25/2035			165			140
0.481% due 04/25/2046 ^			129			73
0.501% due 03/25/2035			1,163			1,117
0.521% due 03/25/2036			811			426
0.551% due 02/25/2035			767			673
0.571% due 02/25/2035			650			501
0.721% due 02/25/2035			35			34
0.801% due 03/25/2035			778			669
2.313% due 02/20/2036 ^			100			95
2.415% due 05/20/2036			138			127
2.420% due 11/25/2034			218			207
2.443% due 08/25/2034			154			142
2.455% due 04/25/2035 ^			281			85
2.517% due 02/20/2036			728			616
2.544% due 05/20/2036 ^			326			274

62 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.653% due 11/25/2037	$		531	$		471
4.880% due 01/25/2036 ^			302			283
5.011% due 10/20/2035			201			181
5.500% due 07/25/2037 ^			775			715
5.750% due 12/25/2035 ^			306			290
6.000% due 02/25/2037 ^			900			865
6.000% due 03/25/2037 ^			296			280
6.000% due 07/25/2037			531			463
6.500% due 11/25/2036 ^			1,972			1,827
Countrywide Home Loan Reperforming REMIC Trust
6.000% due 03/25/2035			202			203
Credit Suisse First Boston Mortgage Securities Corp.
0.804% due 03/25/2032			9			8
1.331% due 09/25/2034 ^			193			165
Credit Suisse Mortgage Capital Certificates
0.324% due 03/27/2036			191			188
0.411% due 05/27/2037			100			86
0.536% due 12/27/2035			280			269
2.366% due 04/26/2038			1,900			1,860
2.551% due 09/27/2036			277			278
2.700% due 04/28/2037			572			394
2.784% due 08/28/2036			172			167
Deutsche ALT-A Securities, Inc.
0.371% due 08/25/2047			868			733
0.481% due 04/25/2037			682			383
Deutsche ALT-B Securities, Inc.
0.341% due 01/25/2047			190			143
Deutsche Mortgage & Asset Receiving Corp.
0.414% due 11/27/2036			500			429
Downey Savings & Loan Association Mortgage Loan Trust
0.501% due 07/19/2045 ^			100			16
First Horizon Alternative Mortgage Securities Trust
2.248% due 04/25/2036 ^			372			312
2.281% due 01/25/2036 ^			739			596
First Horizon Mortgage Pass-Through Trust
2.563% due 11/25/2037 ^			154			137
6.250% due 11/25/2036			1,016			1,017
GMAC Mortgage Corp. Loan Trust
2.941% due 11/19/2035			287			265
Granite Master Issuer PLC
0.361% due 12/20/2054			2,377			2,365
Greenpoint Mortgage Funding Trust
0.381% due 12/25/2046 ^			373			222
GSC Capital Corp. Mortgage Trust
0.361% due 05/25/2036 ^			310			240
GSR Mortgage Loan Trust
2.589% due 09/25/2034			197			187
2.652% due 04/25/2035			128			124
2.677% due 09/25/2035			786			789
2.684% due 04/25/2035			105			105
2.738% due 11/25/2035			271			247

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
HarborView Mortgage Loan Trust
0.371% due 01/19/2038	$		76	$		65
0.401% due 05/19/2035			5,269			4,406
0.431% due 01/19/2036			230			159
0.431% due 01/19/2038 ^			159			54
0.431% due 09/19/2046 ^			33			3
0.861% due 01/19/2035			94			79
0.904% due 07/19/2045			102			95
2.528% due 12/19/2035 ^			276			213
2.650% due 12/19/2035 ^			239			213
HomeBanc Mortgage Trust
0.361% due 12/25/2036			232			202
Impac Secured Assets Trust
0.331% due 11/25/2036			2,088			1,518
0.351% due 01/25/2037			489			425
IndyMac Mortgage Loan Trust
0.361% due 07/25/2047			621			451
0.371% due 09/25/2046			229			197
0.461% due 03/25/2035			534			474
0.481% due 11/25/2035 ^			339			206
2.105% due 06/25/2037 ^			187			143
2.643% due 06/25/2035 ^			168			147
4.276% due 06/25/2036			2,928			2,739
4.375% due 11/25/2035 ^			318			272
4.504% due 08/25/2035			1,937			1,660
4.518% due 09/25/2035 ^			208			179
4.643% due 10/25/2035			1,721			1,453
4.766% due 08/25/2036			4,699			4,592
JPMorgan Alternative Loan Trust
0.676% due 06/27/2037			7,833			6,442
3.144% due 12/25/2036			104			96
JPMorgan Mortgage Trust
2.393% due 11/25/2035			184			176
2.472% due 04/25/2035			87			87
2.478% due 01/25/2037 ^			52			47
2.541% due 07/25/2035			808			812
2.557% due 07/25/2035			1,069			1,090
2.593% due 09/25/2034			642			637
2.635% due 04/25/2035			98			99
5.019% due 11/25/2035			181			172
5.166% due 06/25/2037 ^			394			363
6.000% due 01/25/2036			242			219
JPMorgan Resecuritization Trust
2.322% due 05/27/2037			8,084			7,883
2.564% due 08/27/2037			216			219
Lavender Trust
6.250% due 10/26/2036			319			240
Lehman Mortgage Trust
5.424% due 01/25/2036 ^			385			362
5.672% due 12/25/2035			475			393
6.000% due 07/25/2036 ^			153			124
Lehman XS Trust
0.331% due 07/25/2047 ^			173			168

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 63

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.381% due 08/25/2046 ^	$		144	$		111
0.411% due 04/25/2046 ^			125			96
0.411% due 08/25/2046 ^			3			0
0.421% due 11/25/2046 ^			120			33
Luminent Mortgage Trust
0.351% due 12/25/2036			1,277			1,062
0.381% due 10/25/2046			424			364
MASTR Adjustable Rate Mortgages Trust
0.421% due 05/25/2037			207			140
MASTR Reperforming Loan Trust
7.000% due 05/25/2035			1,617			1,642
8.000% due 07/25/2035			1,453			1,502
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
2.609% due 10/20/2029			90			91
Merrill Lynch Alternative Note Asset Trust
0.361% due 04/25/2037			1,141			1,065
0.481% due 03/25/2037			1,276			638
6.000% due 05/25/2037 ^			310			248
Merrill Lynch Mortgage Investors Trust
0.641% due 04/25/2029			119			115
0.834% due 11/25/2029			139			134
0.841% due 09/25/2029			115			115
1.357% due 07/25/2029			122			117
1.582% due 10/25/2035			588			572
2.124% due 02/25/2036			99			98
2.693% due 11/25/2035			236			236
Morgan Stanley Dean Witter Capital, Inc. Trust
1.699% due 03/25/2033			165			155
Morgan Stanley Mortgage Loan Trust
0.461% due 11/25/2035			197			191
0.501% due 01/25/2035			100			94
2.133% due 06/25/2036			257			251
6.000% due 10/25/2037 ^			134			115
Morgan Stanley Re-REMIC Trust
0.484% due 01/26/2051			554			529
0.487% due 02/26/2037			411			271
0.495% due 03/26/2037			220			161
5.500% due 08/26/2047			125			130
NAAC Reperforming Loan REMIC Trust
7.500% due 03/25/2034			770			820
Nomura Asset Acceptance Corp.
4.064% due 02/25/2036 ^			1,171			975
RBSSP Resecuritization Trust
0.424% due 02/26/2037			2,498			2,355
0.494% due 03/26/2037			8,124			7,968
Residential Accredit Loans, Inc. Trust
0.351% due 12/25/2036			696			539
0.381% due 05/25/2047			271			226
0.391% due 06/25/2037			217			165
0.431% due 08/25/2037			695			557
0.481% due 01/25/2035			204			196
0.481% due 08/25/2035			298			233

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.581% due 10/25/2045	$		233	$		184
3.192% due 02/25/2035 ^			649			526
3.527% due 02/25/2036 ^			217			163
8.000% due 04/25/2036 ^			298			289
Residential Asset Securitization Trust
6.000% due 06/25/2036			288			214
6.000% due 11/25/2036 ^			186			134
6.000% due 03/25/2037 ^			175			125
6.250% due 11/25/2036			127			94
6.500% due 04/25/2037 ^			1,534			1,008
Residential Funding Mortgage Securities, Inc. Trust
3.492% due 03/25/2035			2,047			1,674
5.500% due 02/25/2035			116			117
6.000% due 09/25/2036 ^			512			472
Structured Adjustable Rate Mortgage Loan Trust
0.501% due 10/25/2035			2,833			2,458
0.916% due 06/25/2034			761			716
1.547% due 05/25/2035			913			649
2.443% due 12/25/2035 ^			212			206
2.458% due 10/25/2034			114			116
2.489% due 02/25/2036 ^			583			472
2.608% due 01/25/2036 ^			6			6
2.610% due 10/25/2036 ^			313			235
2.612% due 09/25/2036 ^			6,140			3,894
2.677% due 06/25/2036 ^			118			100
4.519% due 07/25/2037 ^			11			10
Structured Asset Mortgage Investments Trust
0.311% due 03/25/2037			315			239
0.361% due 09/25/2047			141			121
0.371% due 06/25/2036			16,160			13,286
0.371% due 07/25/2046			1,000			803
0.371% due 09/25/2047			1,482			1,105
0.381% due 05/25/2036			1,561			1,167
0.391% due 09/25/2047 ^			3,027			2,113
0.401% due 05/25/2046			1,290			726
0.441% due 05/25/2046 ^			110			40
0.881% due 03/19/2034			741			685
0.881% due 02/19/2035			334			324
0.918% due 12/19/2033			757			732
1.594% due 02/25/2036			1,120			982
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
1.839% due 05/25/2032			1			1
2.217% due 01/25/2032			5			5
2.398% due 02/25/2034			172			169
2.516% due 02/25/2032			2			2
2.702% due 08/25/2032			88			87
Structured Asset Securities Corp. Trust
0.531% due 02/25/2035			88			82
Suntrust Adjustable Rate Mortgage Loan Trust
6.013% due 02/25/2037 ^			709			605
Thornburg Mortgage Securities Trust
0.821% due 09/25/2043			102			99
0.921% due 09/25/2044			94			91

64 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.504% due 09/25/2037	$		207	$		204
Wachovia Mortgage Loan Trust LLC
5.419% due 10/20/2035			157			154
WaMu Mortgage Pass-Through Certificates Trust
0.451% due 12/25/2045			16			16
0.501% due 01/25/2045			495			468
0.578% due 10/25/2044			2,125			2,063
0.591% due 11/25/2045			409			364
0.887% due 06/25/2047 ^			284			115
0.921% due 11/25/2034			414			394
0.947% due 07/25/2047			1,194			1,028
1.161% due 11/25/2034			1,140			1,085
1.337% due 11/25/2042			46			43
2.198% due 12/25/2036 ^			2,736			2,472
2.198% due 11/25/2046			405			368
2.234% due 08/25/2036 ^			270			236
2.381% due 08/25/2033			757			781
3.895% due 12/25/2036 ^			295			272
Washington Mutual Mortgage Pass-Through Certificates Trust
0.631% due 05/25/2035			854			686
0.837% due 04/25/2047			685			547
0.907% due 04/25/2047			1,001			803
4.669% due 09/25/2036 ^			214			122
Wells Fargo Alternative Loan Trust
2.596% due 07/25/2037 ^			156			133
Wells Fargo Mortgage-Backed Securities Trust
0.681% due 07/25/2037 ^			301			257
2.611% due 10/25/2036 ^			168			156
2.615% due 03/25/2036			1,949			1,947
2.616% due 08/25/2034			329			335
2.616% due 03/25/2035			2,995			3,016
2.617% due 10/25/2036 ^			1,592			1,487
2.619% due 01/25/2035			964			960
2.619% due 06/25/2035			5,570			5,530
2.641% due 07/25/2036 ^			3,384			3,310
2.659% due 03/25/2036 ^			265			255
5.349% due 05/25/2035			123			123
6.000% due 06/25/2037 ^			365			370
Total Mortgage-Backed Securities (Cost $255,990)						266,240
ASSET-BACKED SECURITIES 11.2%
Aames Mortgage Investment Trust
0.954% due 10/25/2035			200			160
1.374% due 06/25/2035			700			607
Accredited Mortgage Loan Trust
0.311% due 02/25/2037			3,631			3,478
0.441% due 09/25/2036			1,100			928
0.650% due 09/25/2035			200			159
ACE Securities Corp.
0.291% due 12/25/2036			407			171
0.321% due 07/25/2036			542			403

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.336% due 08/25/2036	$		1,019	$		860
0.341% due 05/25/2036			141			127
0.481% due 02/25/2036			200			178
0.651% due 10/25/2035			1,800			1,535
0.801% due 02/25/2036 ^			200			164
0.831% due 07/25/2035			100			84
0.834% due 11/25/2035			200			171
1.081% due 12/25/2034			190			174
1.156% due 06/25/2034			216			209
Aegis Asset-Backed Securities Trust
0.611% due 12/25/2035			200			139
0.661% due 06/25/2035			200			137
0.874% due 03/25/2035			300			243
1.181% due 03/25/2035 ^			200			186
Ameriquest Mortgage Securities Trust
0.571% due 03/25/2036			400			343
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
0.631% due 07/25/2035			800			716
0.631% due 01/25/2036			300			275
0.651% due 11/25/2035			200			165
0.701% due 09/25/2035			10,000			8,130
0.779% due 11/25/2034			64			63
0.781% due 08/25/2035			921			910
1.291% due 03/25/2035			200			160
Amortizing Residential Collateral Trust
0.761% due 07/25/2032			73			68
1.181% due 10/25/2034			342			337
Argent Securities Trust
0.331% due 09/25/2036			1,054			427
0.371% due 03/25/2036			417			225
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
0.411% due 01/25/2036			141			109
Asset-Backed Funding Certificates Trust
0.291% due 01/25/2037			649			399
0.341% due 01/25/2037			409			254
0.401% due 01/25/2037			246			154
0.801% due 04/25/2034			807			799
0.856% due 06/25/2035			425			389
1.181% due 06/25/2037			333			228
Asset-Backed Securities Corp. Home Equity Loan Trust
0.631% due 11/25/2035			300			266
1.081% due 06/25/2035			200			172
1.374% due 06/25/2034			200			169
3.175% due 08/15/2033			52			48
Basic Asset-Backed Securities Trust
0.491% due 04/25/2036			200			177
Bayview Financial Asset Trust
0.581% due 12/25/2039			443			421
Bear Stearns Asset-Backed Securities Trust
0.284% due 11/25/2036			202			199
0.331% due 06/25/2036			381			362

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 65

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.351% due 05/25/2036 ^	$		389	$		345
0.361% due 06/25/2047			146			142
0.371% due 05/25/2037			372			349
0.381% due 12/25/2036			549			515
0.451% due 06/25/2036			200			168
0.581% due 09/25/2046			348			300
0.604% due 12/25/2035			500			455
0.631% due 08/25/2036			400			340
0.674% due 12/25/2035			300			273
0.731% due 06/25/2036			300			259
0.771% due 06/25/2043			1,956			1,872
0.874% due 11/25/2035 ^			269			228
1.134% due 04/25/2035			169			159
1.431% due 08/25/2037			212			195
2.547% due 10/25/2036			83			62
22.897% due 03/25/2036 ^			257			311
Carrington Mortgage Loan Trust
0.401% due 01/25/2037			1,200			749
0.441% due 02/25/2037			1,400			1,003
1.231% due 05/25/2035			300			216
Cendant Mortgage Corp.
5.969% due 07/25/2043			31			32
Citigroup Mortgage Loan Trust, Inc.
0.321% due 12/25/2036			1,350			1,229
0.321% due 05/25/2037			92			90
0.351% due 05/25/2037			800			723
0.441% due 01/25/2037			300			247
0.491% due 12/25/2035			882			824
0.574% due 11/25/2046			456			387
0.591% due 10/25/2035			1,700			1,563
0.621% due 11/25/2045			300			271
0.641% due 09/25/2035			378			377
0.661% due 09/25/2035 ^			300			285
0.671% due 09/25/2035 ^			500			378
0.801% due 05/25/2035			200			158
5.596% due 05/25/2036 ^			243			159
Conseco Financial Corp.
6.810% due 12/01/2028			1,343			1,408
6.870% due 04/01/2030			513			563
7.060% due 02/01/2031			972			1,016
7.550% due 01/15/2029			99			104
Countrywide Asset-Backed Certificates
0.281% due 08/25/2037			41			41
0.301% due 06/25/2047			10			10
0.321% due 02/25/2037			187			181
0.321% due 07/25/2037			8,600			6,984
0.324% due 01/25/2037			253			241
0.331% due 12/25/2036			647			607
0.331% due 05/25/2037			1,486			1,326
0.341% due 01/25/2034			230			208
0.341% due 05/25/2036			1,348			1,322
0.341% due 03/25/2037			496			457
0.351% due 03/25/2037			774			762
0.351% due 05/25/2037			692			617
0.351% due 06/25/2047			815			733

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.361% due 06/25/2047	$		1,131	$		1,032
0.371% due 06/25/2047			600			520
0.401% due 09/25/2037			400			311
0.401% due 09/25/2047			3,200			2,383
0.411% due 10/25/2047			900			779
0.431% due 01/25/2046			200			140
0.431% due 06/25/2047			243			129
0.474% due 07/25/2036			500			449
0.531% due 04/25/2036			100			88
0.566% due 11/25/2035			264			253
0.581% due 06/25/2036			300			217
0.624% due 04/25/2036			100			72
0.631% due 03/25/2047 ^			190			136
0.661% due 12/25/2031			794			603
0.671% due 02/25/2036			200			159
0.701% due 12/25/2035			700			690
0.841% due 12/25/2035			300			252
1.231% due 08/25/2035			100			88
1.674% due 02/25/2035			300			262
5.530% due 04/25/2047 ^			363			379
Countrywide Asset-Backed Certificates Trust
0.331% due 03/25/2047			441			376
0.634% due 05/25/2036			600			493
0.681% due 08/25/2047			57			56
0.704% due 02/25/2036			200			172
0.794% due 08/25/2035			200			188
0.901% due 07/25/2034			289			274
0.904% due 07/25/2035			400			338
0.981% due 08/25/2047			1,300			1,112
1.074% due 04/25/2035			200			159
1.081% due 10/25/2034			363			353
1.156% due 02/25/2034			115			109
Credit-Based Asset Servicing and Securitization LLC
0.301% due 07/25/2037			20			13
0.401% due 07/25/2037			419			285
0.751% due 07/25/2036			300			274
1.126% due 04/25/2036			80			70
3.977% due 07/25/2035 ^			69			69
Delta Funding Home Equity Loan Trust
0.815% due 08/15/2030			83			76
EMC Mortgage Loan Trust
0.921% due 05/25/2040			19			17
First Franklin Mortgage Loan Trust
0.321% due 12/25/2036			421			264
0.331% due 07/25/2036			162			155
0.341% due 04/25/2036			412			349
0.421% due 04/25/2036			400			261
0.421% due 08/25/2036			400			277
0.541% due 10/25/2035			252			235
0.541% due 11/25/2035			200			131
0.631% due 06/25/2036			377			365
0.671% due 09/25/2035			298			291
0.691% due 09/25/2035			410			408
0.841% due 04/25/2035			258			258
0.991% due 04/25/2035			990			938

66 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.051% due 09/25/2034	$		501	$		448
1.126% due 03/25/2035			100			85
1.381% due 01/25/2035			122			102
1.606% due 10/25/2034			948			787
First NLC Trust
0.251% due 08/25/2037			76			43
0.634% due 05/25/2035			1,287			1,092
First Plus Home Loan Owners Trust
7.320% due 11/10/2023 ^			6			0
Fremont Home Loan Trust
0.331% due 01/25/2037			340			177
0.341% due 08/25/2036			259			108
0.351% due 02/25/2036			87			74
0.351% due 02/25/2037			1,185			672
0.451% due 02/25/2036			300			206
0.451% due 04/25/2036			3,000			1,826
0.671% due 07/25/2035			100			89
0.971% due 12/25/2029			15			13
GE-WMC Asset-Backed Pass-Through Certificates
0.431% due 12/25/2035			4,139			3,807
GSAA Home Equity Trust
0.301% due 04/25/2047			431			351
GSAMP Trust
0.271% due 01/25/2037			4,072			2,445
0.301% due 12/25/2036			1,291			724
0.331% due 06/25/2036			533			493
0.331% due 09/25/2036			434			206
0.331% due 12/25/2046			839			501
0.341% due 05/25/2046			67			61
0.381% due 11/25/2036			250			147
0.411% due 12/25/2046			252			152
0.421% due 12/25/2035			235			215
0.421% due 06/25/2036			401			254
0.451% due 04/25/2036			400			255
1.831% due 10/25/2034			130			121
Home Equity Asset Trust
1.276% due 05/25/2035			200			164
Home Equity Loan Trust
0.411% due 04/25/2037			800			540
0.521% due 04/25/2037			500			314
HSI Asset Securitization Corp. Trust
0.291% due 12/25/2036			305			146
0.351% due 12/25/2036			1,389			666
0.401% due 12/25/2036			926			448
0.571% due 11/25/2035			300			214
IndyMac Home Equity Mortgage Loan Asset-Backed Trust
0.321% due 11/25/2036			663			519
0.341% due 11/25/2036			500			306
0.501% due 04/25/2047			500			350
IXIS Real Estate Capital Trust
0.601% due 02/25/2036			500			442

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
JPMorgan Mortgage Acquisition Corp.
0.361% due 02/25/2036	$		462	$		444
0.411% due 05/25/2035			487			475
JPMorgan Mortgage Acquisition Trust
0.334% due 05/25/2036			512			497
0.341% due 01/25/2036			200			183
0.341% due 01/25/2037			929			908
0.341% due 05/25/2037			200			183
0.344% due 04/25/2036			981			925
0.441% due 03/25/2037			300			231
0.441% due 05/25/2037			300			242
0.444% due 04/25/2036			300			261
0.444% due 05/25/2036			700			585
0.444% due 07/25/2036			200			146
0.461% due 01/25/2037			200			146
6.337% due 08/25/2036 ^			186			130
Lehman ABS Mortgage Loan Trust
0.271% due 06/25/2037			335			220
0.381% due 06/25/2037			270			180
Lehman XS Trust
0.324% due 04/25/2037 ^			1,250			931
0.351% due 02/25/2037 ^			2,072			1,161
Long Beach Mortgage Loan Trust
0.561% due 08/25/2045			268			250
0.611% due 11/25/2035			600			517
1.021% due 07/25/2031			360			336
1.231% due 06/25/2035			500			404
1.456% due 02/25/2035			200			157
1.606% due 03/25/2032			622			590
MASTR Asset-Backed Securities Trust
0.291% due 08/25/2036			238			127
0.331% due 08/25/2036			393			211
0.361% due 02/25/2036			541			322
0.421% due 06/25/2036			234			134
0.421% due 08/25/2036			236			129
0.481% due 01/25/2036			300			289
0.561% due 01/25/2036			300			232
0.681% due 10/25/2035 ^			393			297
0.931% due 12/25/2034 ^			131			126
Meritage Mortgage Loan Trust
0.931% due 11/25/2035			362			347
Merrill Lynch Mortgage Investors Trust
0.381% due 01/25/2037			128			124
0.421% due 08/25/2037			1,330			808
0.491% due 08/25/2036			300			272
0.631% due 02/25/2047			1,605			1,174
0.661% due 05/25/2036			499			456
MESA Trust
0.981% due 12/25/2031			1,000			917
Mid-State Capital Corp. Trust
6.005% due 08/15/2037			991			1,044
Morgan Stanley ABS Capital, Inc. Trust
0.251% due 10/25/2036			121			76

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 67

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.321% due 10/25/2036	$		180	$		114
0.321% due 11/25/2036			336			236
0.331% due 06/25/2036			708			593
0.331% due 09/25/2036			472			270
0.331% due 10/25/2036			291			201
0.331% due 11/25/2036			1,785			1,148
0.361% due 03/25/2037			530			299
0.381% due 02/25/2037			181			111
0.401% due 11/25/2036			420			298
0.431% due 03/25/2037			530			302
0.471% due 01/25/2036			2,000			1,804
0.491% due 12/25/2035			526			476
1.081% due 05/25/2034			174			160
1.111% due 03/25/2035			300			296
1.171% due 06/25/2035			400			361
1.231% due 04/25/2035			200			146
1.431% due 07/25/2037			400			280
1.831% due 03/25/2034			1,578			1,381
Morgan Stanley Dean Witter Capital, Inc. Trust
1.531% due 02/25/2033			1,202			1,151
Morgan Stanley Home Equity Loan Trust
0.341% due 04/25/2036			176			133
0.351% due 04/25/2037			822			534
0.411% due 04/25/2037			274			179
Morgan Stanley Mortgage Loan Trust
0.411% due 02/25/2037			221			131
0.541% due 04/25/2037			381			208
5.750% due 11/25/2036 ^			327			170
5.965% due 09/25/2046 ^			578			406
New Century Home Equity Loan Trust
0.411% due 02/25/2036			60			59
0.431% due 12/25/2035			260			255
0.461% due 10/25/2035			294			293
0.631% due 06/25/2035			1,000			953
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
0.591% due 02/25/2036			200			182
6.032% due 10/25/2036			202			112
NovaStar Mortgage Funding Trust
0.331% due 06/25/2036			195			129
0.551% due 01/25/2036			75			74
0.651% due 01/25/2036			7,500			5,932
Option One Mortgage Loan Trust
0.321% due 01/25/2037			93			57
0.351% due 05/25/2037			238			142
0.401% due 01/25/2037			373			231
0.511% due 04/25/2037			173			106
0.541% due 01/25/2036			300			203
0.691% due 08/25/2035			400			308
Option One Mortgage Loan Trust Asset-Backed Certificates
0.621% due 11/25/2035			400			380
0.641% due 11/25/2035			1,100			819

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Ownit Mortgage Loan Trust
0.781% due 10/25/2036 ^	$		298	$		224
Park Place Securities, Inc.
0.671% due 09/25/2035			200			163
Park Place Securities, Inc. Asset Backed Pass-Through Certificates
0.811% due 06/25/2035			200			174
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
0.671% due 08/25/2035			200			163
0.671% due 09/25/2035			500			408
0.711% due 07/25/2035			400			353
0.731% due 07/25/2035			950			725
0.931% due 03/25/2035			400			336
1.021% due 01/25/2036			100			96
1.126% due 02/25/2035			100			100
1.231% due 10/25/2034			500			426
1.426% due 01/25/2036			300			269
1.981% due 12/25/2034			676			572
People’s Choice Home Loan Securities Trust
0.894% due 05/25/2035 ^			200			184
People’s Financial Realty Mortgage Securities Trust
0.321% due 09/25/2036			477			198
Popular ABS Mortgage Pass-Through Trust
0.441% due 11/25/2046			200			175
0.571% due 02/25/2036			400			334
RAAC Trust
0.481% due 06/25/2044			119			103
0.531% due 11/25/2046			792			690
0.574% due 09/25/2045			4,100			3,336
0.581% due 06/25/2047			174			163
1.381% due 10/25/2045			250			227
1.681% due 09/25/2047			600			491
Renaissance Home Equity Loan Trust
5.812% due 11/25/2036			578			375
7.238% due 09/25/2037			287			192
Residential Asset Mortgage Products Trust
0.341% due 12/25/2036			234			227
0.341% due 02/25/2037			554			506
0.394% due 10/25/2034			127			116
0.461% due 09/25/2036			300			252
0.481% due 05/25/2036 ^			1,936			1,478
0.501% due 01/25/2036			1,000			767
0.611% due 11/25/2035			250			222
0.621% due 10/25/2035			200			190
0.641% due 10/25/2035			100			85
0.661% due 09/25/2035			300			261
1.074% due 08/25/2034			276			266
5.625% due 07/25/2034 ^			1,894			1,777
5.634% due 01/25/2034			2,128			2,268
Residential Asset Securities Corp. Trust
0.311% due 11/25/2036			916			758
0.341% due 11/25/2036			962			825

68 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.351% due 11/25/2036	$		1,163	$		1,025
0.421% due 09/25/2036			900			792
0.431% due 04/25/2037			400			364
0.451% due 05/25/2037			300			272
0.461% due 06/25/2036			1,000			795
0.504% due 12/25/2035			280			199
0.521% due 04/25/2037			1,600			1,136
0.561% due 02/25/2036			400			353
0.591% due 01/25/2036			200			176
0.601% due 10/25/2035			300			266
0.601% due 12/25/2035			400			342
0.621% due 11/25/2035			300			262
0.641% due 11/25/2035			300			237
0.826% due 03/25/2035			1,857			1,706
0.939% due 03/25/2034			111			103
1.021% due 12/25/2034			61			59
7.140% due 04/25/2032 ^			27			0
Salomon Mortgage Loan Trust
1.074% due 11/25/2033			372			369
Saxon Asset Securities Trust
1.351% due 07/25/2031			94			90
Securitized Asset-Backed Receivables LLC Trust
0.271% due 07/25/2036			303			152
0.321% due 05/25/2036			661			372
0.341% due 07/25/2036			296			151
0.421% due 07/25/2036			254			131
0.431% due 05/25/2036			1,466			848
0.451% due 03/25/2036			338			279
0.461% due 08/25/2035			266			264
0.621% due 08/25/2035			400			259
0.856% due 01/25/2035			199			189
1.141% due 01/25/2036 ^			173			145
3.395% due 01/25/2036 ^			84			63
SG Mortgage Securities Trust
0.341% due 07/25/2036			35,500			14,479
0.631% due 10/25/2035			1,000			819
SLM Student Loan Trust
1.777% due 04/25/2023			10,315			10,598
Soundview Home Loan Trust
0.261% due 06/25/2037			79			48
0.291% due 02/25/2037			371			167
0.331% due 01/25/2037			89			87
0.341% due 11/25/2036			778			664
0.361% due 02/25/2037			520			237
0.361% due 07/25/2037			2,825			1,787
0.531% due 03/25/2036			400			328
1.006% due 06/25/2035			300			271
1.131% due 10/25/2037			575			406
South Carolina Student Loan Corp.
1.262% due 09/03/2024			600			606
Specialty Underwriting & Residential Finance Trust
0.331% due 09/25/2037			173			102
0.331% due 11/25/2037			1,100			609
0.451% due 04/25/2037			295			169

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.156% due 12/25/2035	$		600	$		536
Structured Asset Investment Loan Trust
0.331% due 09/25/2036			457			364
0.371% due 03/25/2036			923			820
0.481% due 01/25/2036			313			243
1.081% due 05/25/2035			600			502
1.306% due 07/25/2033			129			124
Structured Asset Securities Corp. Mortgage Loan Trust
0.321% due 09/25/2036			709			695
0.331% due 09/25/2036			249			212
0.341% due 03/25/2036			224			216
0.351% due 12/25/2036			345			303
0.391% due 02/25/2037			1,205			1,070
0.411% due 01/25/2037			3,362			2,216
0.431% due 09/25/2036			200			160
0.551% due 04/25/2036			600			518
1.081% due 08/25/2037			497			472
1.181% due 08/25/2037			1,362			1,310
Structured Asset Securities Corp. Trust
0.641% due 09/25/2035			700			520
Wells Fargo Home Equity Asset-Backed Securities Trust
0.511% due 05/25/2036			300			241
0.811% due 03/25/2035			1,000			889
0.811% due 11/25/2035			200			180
1.231% due 02/25/2035			200			182
Total Asset-Backed Securities (Cost $203,852)						208,027
SOVEREIGN ISSUES 0.5%
Banco Nacional de Desenvolvimento Economico e Social
3.375% due 09/26/2016			1,400			1,420
Qatar Government International Bond
6.400% due 01/20/2040			2,300			3,140
Venezuela Government International Bond
9.250% due 05/07/2028			10,000			4,500
Total Sovereign Issues (Cost $10,987)						9,060
SHORT-TERM INSTRUMENTS 4.6%
REPURCHASE AGREEMENTS (d) 3.5%
						64,236

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 69

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY BILLS 1.1%
0.034% due 06/11/2015 - 09/17/2015 (a)(e)(g)(i)	$		20,546	$		20,545
Total Short-Term Instruments (Cost $84,779)						84,781
Total Investments in Securities (Cost $2,613,640)						2,668,240
Total Investments 144.2% (Cost $2,613,640)				$		2,668,240
Financial Derivative Instruments (f)(h) (0.9%) (Cost or Premiums, net $(10,307))						(16,713	)
Other Assets and Liabilities, net (43.3%)						(800,678	)
Net Assets 100.0%				$		1,850,849

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) 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

$

17,180

$

16,649

0.90%

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)
MSC	0.220%		04/30/2015		05/01/2015	$	37,800	U.S. Treasury Bonds 4.625% due 02/15/2040	$	(38,871	)	$	37,800	$	37,800
NOM	0.120%		04/30/2015		05/01/2015		18,000	U.S. Treasury Notes 1.500% due 11/30/2019		(18,407	)		18,000		18,000
SGY	0.200%		04/30/2015		05/01/2015		5,000	U.S. Treasury Inflation Protected Securities 0.125% due 04/15/2019		(5,102	)		5,000		5,000
SSB	0.000%		04/30/2015		05/01/2015		3,436	U.S. Treasury Notes 0.750% due 12/31/2017		(3,509	)		3,436		3,436
Total Repurchase Agreements									$	(65,889	)	$	64,236	$	64,236

⁽¹⁾  Includes accrued interest.

70 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed (2)			Payable for Reverse Repurchase Agreements
BPG		0.410	%		04/21/2015		06/02/2015	$	(11,184	)	$	(11,185	)
		0.420	%		04/02/2015		05/05/2015		(13,273	)		(13,277	)
		0.420	%		05/05/2015		06/03/2015		(13,301	)		(13,301	)
		0.440	%		04/21/2015		06/02/2015		(12,475	)		(12,477	)
		0.480	%		02/20/2015		05/18/2015		(20,422	)		(20,441	)
BRC		0.450	%		04/06/2015		05/01/2015		(4,940	)		(4,942	)
		0.600	%		04/14/2015		07/14/2015		(9,880	)		(9,883	)
		0.600	%		05/01/2015		08/03/2015		(4,988	)		(4,987	)
DEU		0.010	%		05/01/2015		05/04/2015		(5,778	)		(5,778	)
GRE		0.220	%		04/20/2015		05/04/2015		(19,903	)		(19,905	)
		0.230	%		05/01/2015		05/19/2015		(8,285	)		(8,284	)
		0.250	%		04/16/2015		05/18/2015		(32,967	)		(32,970	)
JPS		0.040	%		04/30/2015		05/07/2015		(23,620	)		(23,620	)
SGY		0.010	%		04/30/2015		05/01/2015		(5,000	)		(5,000	)
UBS		0.650	%		02/17/2015		05/18/2015		(10,577	)		(10,591	)
Total Reverse Repurchase Agreements											$	(196,641	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed (2)				Payable for Sale-Buyback Transactions (3)
BCY		0.180	%		04/22/2015		05/06/2015		$	(6,527	)	$	(6,530	)
		0.190	%		04/23/2015		05/26/2015			(102	)		(102	)
		0.213	%		04/27/2015		05/20/2015			(1,081	)		(1,065	)
		0.220	%		04/08/2015		05/08/2015			(2,597	)		(2,599	)
		0.220	%		04/09/2015		05/11/2015			(6,710	)		(6,717	)
		0.260	%		04/17/2015		05/01/2015			(4,901	)		(4,901	)
BPG		(0.020	%)		04/30/2015		05/05/2015			(11,900	)		(11,903	)
		0.150	%		04/28/2015		05/05/2015			(1,278	)		(1,279	)
BPS		0.070	%		02/05/2015		05/07/2015		EUR	(110,391	)		(123,274	)
GSC		0.170	%		04/22/2015		05/06/2015		$	(2,673	)		(2,674	)
		0.190	%		04/20/2015		05/04/2015			(2,637	)		(2,637	)
		0.220	%		04/24/2015		05/08/2015			(7,399	)		(7,403	)
		0.230	%		05/01/2015		05/08/2015			(758	)		(759	)
MSC		0.240	%		04/28/2015		05/12/2015			(4,742	)		(4,747	)
Total Sale-Buyback Transactions												$	(176,590	)

⁽²⁾  The average amount of borrowings outstanding during the period ended April 30, 2015 was $348,275 at a weighted average interest rate of 0.340%.

⁽³⁾  Payable for sale-buyback transactions includes $86 of deferred price drop.

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 71

Schedule of Investments PIMCO Fixed Income SHares: Series M (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 April 30, 2015:

(e) Securities with an aggregate market value of $357,567 have been pledged as collateral under the terms of the following master agreements as of April 30, 2015.

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
BPG	$	0	$	(70,681	)	$	0		$	0	$	(70,681	)	$	60,025		$	(10,656	)
BRC		0		(19,812	)		0			0		(19,812	)		15,413			(4,399	)
DEU		0		(5,778	)		0			0		(5,778	)		5,780			2
GRE		0		(61,159	)		0			0		(61,159	)		60,455			(704	)
JPS		0		(23,620	)		0			0		(23,620	)		23,011			(609	)
MSC		37,800		0			0			0		37,800			(38,871	)		(1,071	)
NOM		18,000		0			0			0		18,000			(18,407	)		(407	)
SGY		5,000		(5,000	)		0			0		0			(120	)		(120	)
SSB		3,436		0			0			0		3,436			(3,509	)		(73	)
UBS		0		(10,591	)		0			0		(10,591	)		11,483			892
Master Securities Forward Transaction Agreement
BCY		0		0			(21,914	)		0		(21,914	)		21,571			(343	)
BPG		0		0			(13,182	)		0		(13,182	)		13,093			(89	)
BPS		0		0			(123,274	)		0		(123,274	)		120,479			(2,795	)
GSC		0		0			(13,473	)		0		(13,473	)		13,335			(138	)
MSC		0		0			(4,747	)		0		(4,747	)		4,332			(415	)
Total Borrowings and Other Financing Transactions	$	64,236	$	(196,641	)	$	(176,590	)	$	0

⁽⁴⁾  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.

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

FUTURES CONTRACTS:

Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Variation Margin
									Asset		Liability
90-Day Eurodollar December Futures	Short		12/2015		4,329	$	(1,033	)	$	162	$	0
90-Day Eurodollar March Futures	Short		03/2016		4,351		(1,245	)		217		0
90-Day Eurodollar September Futures	Short		09/2015		2,634		(497	)		66		0
Euro-Bund 10-Year Bond June Futures	Long		06/2015		1,464		(1,754	)		0		(4,225	)
U.S. Treasury 10-Year Note June Futures	Long		06/2015		1,186		752			0		(167	)
U.S. Treasury 30-Year Bond June Futures	Long		06/2015		406		(938	)		0		(114	)
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Short		06/2015		4,000		(81	)		77		0
Total Futures Contracts						$	(4,796	)	$	522	$	(4,506	)

72 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

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
															Asset		Liability
Receive	3-Month USD-LIBOR		1.250%		06/17/2017		$	1,000,000	$	(6,903	)	$	(5,483	)	$	391	$	0
Pay	3-Month USD-LIBOR		2.750%		06/17/2025			269,500		14,623			1,129			0		(342	)
Pay	3-Month USD-LIBOR		3.250%		06/17/2045			59,600		9,258			12			0		(208	)
Receive	6-Month JPY-LIBOR		1.000%		09/18/2023		JPY	7,290,000		(2,904	)		(1,356	)		132		0
Pay	28-Day MXN-TIIE		6.150%		06/07/2024		MXN	68,000		38			90			0		(20	)
Total Swap Agreements									$	14,112		$	(5,608	)	$	523	$	(570	)

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 April 30, 2015:

(g) Securities with an aggregate market value of $17,311 and cash of $7,491 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of April 30, 2015. 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	$	522	$	523	$	1,045	$	0	$	(4,506	)	$	(570	)	$	(5,076	)

(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)
									Asset		Liability
BOA		05/2015		ILS	76,018	$		19,125	$	0	$	(561	)
		05/2015		JPY	7,246,800			60,652		0		(42	)
		05/2015	$		1,512		EUR	1,408		69		0
		05/2015			46,026		GBP	30,330		530		0
		06/2015		GBP	30,330	$		46,017		0		(530	)
		06/2015		ILS	189,860			47,849		0		(1,321	)
BPS		05/2015		BRL	15,714			4,940		0		(275	)
		05/2015		EUR	83,521			89,901		0		(3,882	)
		05/2015	$		5,249		BRL	15,714		0		(34	)
CBK		05/2015		MXN	7,842	$		503		0		(8	)
		05/2015	$		33,550		AUD	42,661		206		0
		05/2015			3,125		CAD	3,949		148		0
		05/2015			77,775		EUR	71,748		2,789		0
		06/2015		EUR	71,748	$		77,801		0		(2,791	)
DUB		05/2015		BRL	15,714			5,249		34		0
		05/2015	$		5,064		BRL	15,714		151		0
		06/2015		BRL	15,714	$		5,019		0		(145	)

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 73

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

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		06/2015	$		6,238		MXN	95,437	$	0	$	(33	)
		07/2015			1,823		BRL	4,945		0		(213	)
GLM		05/2015		AUD	42,661	$		33,352		0		(404	)
		05/2015	$		984		EUR	914		43		0
		06/2015		ILS	56,892	$		14,355		0		(379	)
		06/2015	$		33,302		AUD	42,661		404		0
JPM		05/2015			60,908		JPY	7,246,800		0		(214	)
		06/2015		JPY	7,246,800	$		60,923		215		0
SCX		05/2015		GBP	30,330			44,858		0		(1,698	)
UAG		05/2015	$		10,388		EUR	9,451		224		0
Total Forward Foreign Currency Contracts									$	4,813	$	(12,530	)

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection	Exercise Rate		Expiration Date		Notional Amount			Premiums (Received)			Market Value
CBK	Call - OTC iTraxx Europe 23 5-Year Index	Buy		0.550%		07/15/2015		EUR	315,100	$	(406	)	$	(426	)
	Put - OTC iTraxx Europe 23 5-Year Index	Sell		0.850%		07/15/2015			315,100		(400	)		(369	)
										$	(806	)	$	(795	)

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price		Expiration Date		Notional Amount			Premiums (Received)			Market Value
BPS	Put - OTC EUR versus USD	$	1.030		07/21/2015		EUR	74,136		$        (755	)	$	(227	)
	Call - OTC GBP versus USD		1.550		07/21/2015		GBP	52,537		(551	)		(1,140	)
										$    (1,306	)	$	(1,367	)

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount		Premiums (Received)			Market Value
MYC	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.550%		09/17/2015	$	573,500	$	(4,195	)	$	(3,126	)
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.050%		09/17/2015		573,500		(3,931	)		(2,490	)
										$	(8,126	)	$	(5,616	)
Total Written Options										$	(10,238	)	$	(7,778	)

74 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED APRIL 30, 2015:

	# of Contracts			Notional Amount in $			Notional Amount in EUR		Notional Amount in GBP		Premiums
Balance at Beginning of Period		0		$	93,000		EUR	0	GBP	0	$	(897	)
Sales		3,908			1,341,000			704,336		52,537		(12,293	)
Closing Buys		0			0			0		0		0
Expirations		(1,954	)		(287,000	)		0		0		2,229
Exercised		(1,954	)		0			0		0		723
Balance at End of Period		0		$	1,147,000		EUR	704,336	GBP	52,537	$	(10,238	)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at April 30, 2015 (3)		Notional Amount  (4)		Premiums Paid/(Received)		Unrealized (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BOA	Macy’s Retail Holdings, Inc.		(7.060%	)		09/20/2015		0.047%	$	5,000	$	0	$	(180	)	$	0	$	(180	)

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 April 30, 2015 (3)		Notional Amount  (4)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																	Asset		Liability
DUB	BP Capital Markets America, Inc.		1.000%		12/20/2018		0.475%		EUR	8,200	$	218		$	(6	)	$	212	$	0
GST	Bank of America Corp.		1.000%		03/20/2018		0.405%		$	30,000		(316	)		883			567		0
	California State General Obligation Bonds, Series 2003		1.600%		12/20/2018		0.487%			25,000		0			1,038			1,038		0
	California State General Obligation Bonds, Series 2003		1.750%		12/20/2018		0.487%			11,000		0			518			518		0
	Connecticut State General Obligation Notes, Series 2007		1.600%		03/20/2021		0.989%			9,000		0			298			298		0
											$	(98	)	$	2,731		$	2,633	$	0

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION ⁽²⁾

Counterparty	Index/Tranches	Fixed Deal Receive Rate		Maturity Date		Notional Amount (4)		Premiums Paid		Unrealized Appreciation		Swap Agreements, at Value (5)
												Asset		Liability
MYC	MCDX-24 5-Year Index		1.000%		06/20/2020	$	9,000	$	29	$	11	$	40	$	0

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 75

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

⁽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⁾  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.

⁽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.

⁽⁵⁾  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

Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation		Swap Agreements, at Value
															Asset		Liability
BOA	Pay	28-Day MXN-TIIE		8.300%		02/07/2019		MXN	40,400	$	0		$	320	$	320	$	0
Total Swap Agreements										$	(69	)	$	2,882	$	2,993	$	(180	)

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 April 30, 2015:

(i) Securities with an aggregate market value of $15,102 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of April 30, 2015.

	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	$	599	$	0	$	320	$	919	$	(2,454	)	$	0		$	(180	)	$	(2,634	)	$	(1,715	)	$	2,065		$	350
BPS		0		0		0		0		(4,191	)		(1,367	)		0			(5,558	)		(5,558	)		5,130			(428	)
CBK		3,143		0		0		3,143		(2,799	)		(795	)		0			(3,594	)		(451	)		4			(447	)
DUB		185		0		212		397		(391	)		0			0			(391	)		6			0			6
GLM		447		0		0		447		(783	)		0			0			(783	)		(336	)		321			(15	)
GST		0		0		2,421		2,421		0			0			0			0			2,421			(2,480	)		(59	)
JPM		215		0		0		215		(214	)		0			0			(214	)		1			0			1
MYC		0		0		40		40		0			(5,616	)		0			(5,616	)		(5,576	)		4,913			(663	)
SCX		0		0		0		0		(1,698	)		0			0			(1,698	)		(1,698	)		2,018			320
UAG		224		0		0		224		0			0			0			0			224			0			224
Total Over the Counter	$	4,813	$	0	$	2,993	$	7,806	$	(12,530	)	$	(7,778	)	$	(180	)	$	(20,488	)

⁽⁶⁾  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

76 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

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 April 30, 2015:

	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	$	522	$	522
Swap Agreements		0		0		0		0		523		523
	$	0	$	0	$	0	$	0	$	1,045	$	1,045
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4,813	$	0	$	4,813
Swap Agreements		0		2,673		0		0		320		2,993
	$	0	$	2,673	$	0	$	4,813	$	320	$	7,806
	$	0	$	2,673	$	0	$	4,813	$	1,365	$	8,851
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	4,506	$	4,506
Swap Agreements		0		0		0		0		570		570
	$	0	$	0	$	0	$	0	$	5,076	$	5,076
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	12,530	$	0	$	12,530
Written Options		0		795		0		1,367		5,616		7,778
Swap Agreements		0		180		0		0		0		180
	$	0	$	975	$	0	$	13,897	$	5,616	$	20,488
	$	0	$	975	$	0	$	13,897	$	10,692	$	25,564

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2015:

	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	$	1,043		$	1,043
Futures		0		0		0		0		10,726			10,726
Swap Agreements		0		0		0		0		(1,107	)		(1,107	)
	$	0	$	0	$	0	$	0	$	10,662		$	10,662
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	12,888	$	0		$	12,888
Purchased Options		0		0		0		0		(20	)		(20	)
Written Options		0		289		0		897		0			1,186
Swap Agreements		0		380		0		0		(10,165	)		(9,785	)
	$	0	$	669	$	0	$	13,785	$	(10,185	)	$	4,269
	$	0	$	669	$	0	$	13,785	$	477		$	14,931

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 77

Schedule of Investments PIMCO Fixed Income SHares: Series M (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		$	(4,796	)	$	(4,796	)
Swap Agreements		0		0			0		0			(4,347	)		(4,347	)
	$	0	$	0		$	0	$	0		$	(9,143	)	$	(9,143	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(9,693	)	$	0		$	(9,693	)
Purchased Options		0		0			0		0			20			20
Written Options		0		11			0		(493	)		2,510			2,028
Swap Agreements		0		(131	)		0		0			6,655			6,524
	$	0	$	(120	)	$	0	$	(10,186	)	$	9,185		$	(1,121	)
	$	0	$	(120	)	$	0	$	(10,186	)	$	42		$	(10,264	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of April 30, 2015 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 04/30/2015
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	351,042	$	95,724	$	446,766
Industrials		0		265,775		0		265,775
Utilities		0		65,025		0		65,025
Municipal Bonds & Notes
California		0		199,952		0		199,952
Illinois		0		15,962		0		15,962
Massachusetts		0		855		0		855
Michigan		0		1,533		0		1,533
New Jersey		0		1,442		0		1,442
New York		0		86,613		0		86,613
Ohio		0		17,814		0		17,814
Pennsylvania		0		10,471		0		10,471
Tennessee		0		134		0		134
Washington		0		8,744		0		8,744
West Virginia		0		26,987		0		26,987
U.S. Government Agencies		0		626,865		0		626,865
U.S. Treasury Obligations		0		325,194		0		325,194
Mortgage-Backed Securities		0		262,129		4,111		266,240
Asset-Backed Securities		0		208,027		0		208,027
Sovereign Issues		0		9,060		0		9,060
Short-Term Instruments
Repurchase Agreements		0		64,236		0		64,236
U.S. Treasury Bills		0		20,545		0		20,545
Total Investments	$	0	$	2,568,405	$	99,835	$	2,668,240

78 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 04/30/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	522		$	523		$	0	$	1,045
Over the counter		0			7,806			0		7,806
	$	522		$	8,329		$	0	$	8,851
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(4,506	)		(570	)		0		(5,076	)
Over the counter		0			(20,488	)		0		(20,488	)
	$	(4,506	)	$	(21,058	)	$	0	$	(25,564	)
Totals	$	(3,984	)	$	2,555,676		$	99,835	$	2,651,527

There were no significant transfers between Levels 1 and 2 during the period ended April 30, 2015.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended April 30, 2015:

Category and Subcategory	Beginning Balance at 10/31/2014		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 04/30/2015		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 04/30/2015 (1)
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	28,852	$	0	$	(221	)	$	(5	)	$	4	$	(805	)	$	79,074	$	(11,175	)	$	95,724	$	(866	)
Mortgage-Backed Securities		5,988		0		(1,469	)		2			15		5			0		(430	)		4,111		(6	)
Asset-Backed Securities		472		0		(59	)		0			0		8			0		(421	)		0		0
Totals	$	35,312	$	0	$	(1,749	)	$	(3	)	$	19	$	(792	)	$	79,074	$	(12,026	)	$	99,835	$	(872	)

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 04/30/2015		Valuation Technique	Unobservable Inputs	Input Value(s) (% Unless Noted Otherwise)
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	79,074	Benchmark Pricing	Base Price		103.38
		16,650	Other Valuation Technique (2)	—		—
Mortgage-Backed Securities		4,111	Benchmark Pricing	Base Price		98.60
Total	$	99,835

⁽¹⁾  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at April 30, 2015 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 the securities valued using such techniques that are not considered significant to the Portfolio.

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 79

Schedule of Investments PIMCO Fixed Income SHares: Series R

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 142.9%
CORPORATE BONDS & NOTES 13.8%
BANKING & FINANCE 10.3%
Banco Popular Espanol S.A.
11.500% due 10/10/2018 (c)	EUR		600	$		782
Bank of America Corp.
5.650% due 05/01/2018	$		500			553
Barclays Bank PLC
7.625% due 11/21/2022			1,700			1,995
Barclays PLC
6.500% due 09/15/2019 (c)	EUR		200			229
8.000% due 12/15/2020 (c)			1,900			2,358
BNP Paribas S.A.
0.716% due 05/07/2017	$		4,400			4,407
LBG Capital PLC
15.000% due 12/21/2019	GBP		670			1,460
National Bank of Greece S.A.
3.875% due 10/07/2016	EUR		400			378
Stone Street Trust
5.902% due 12/15/2015	$		6,100			6,263
UniCredit SpA
6.750% due 09/10/2021 (c)	EUR		1,400			1,602
						20,027
INDUSTRIALS 2.9%
Dynegy, Inc.
6.750% due 11/01/2019	$		1,200			1,260
Zimmer Holdings, Inc.
1.450% due 04/01/2017			1,600			1,607
2.000% due 04/01/2018			2,700			2,726
						5,593
UTILITIES 0.6%
Petrobras Global Finance BV
2.415% due 01/15/2019			200			185
3.000% due 01/15/2019			100			94
4.375% due 05/20/2023			1,000			892
						1,171
Total Corporate Bonds & Notes (Cost $26,500)						26,791
U.S. GOVERNMENT AGENCIES 4.9%
Fannie Mae
0.626% due 02/25/2037			149			150
1.336% due 10/01/2044			8			8
Freddie Mac
1.987% due 09/01/2036			121			128
2.091% due 07/01/2036			110			116

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NCUA Guaranteed Notes
0.548% due 11/06/2017	$		2,839	$		2,846
2.650% due 10/29/2020			6,054			6,170
Total U.S. Government Agencies (Cost $9,303)						9,418
U.S. TREASURY OBLIGATIONS 84.4%
U.S. Treasury Bonds
2.500% due 02/15/2045 (e)			1,800			1,710
U.S. Treasury Inflation Protected Securities (b)
0.125% due 04/15/2017 (g)			3,926			4,012
0.125% due 04/15/2018 (e)(i)			19,948			20,434
0.125% due 04/15/2019			8,614			8,815
0.125% due 01/15/2022			5,185			5,255
0.125% due 07/15/2022			7,042			7,159
0.125% due 01/15/2023			5,389			5,440
0.250% due 01/15/2025 (e)			8,921			9,050
0.750% due 02/15/2042			2,607			2,616
0.750% due 02/15/2045			3,588			3,618
1.125% due 01/15/2021 (i)			268			289
1.375% due 02/15/2044 (e)			9,370			10,926
1.750% due 01/15/2028 (e)			43,887			51,547
1.875% due 07/15/2015 (g)(i)			3,137			3,177
1.875% due 07/15/2019 (e)(g)			8,365			9,256
2.000% due 01/15/2026 (i)			591			703
2.125% due 02/15/2041 (i)			1,500			2,008
2.375% due 01/15/2025			2,117			2,577
2.375% due 01/15/2027 (i)			1,047			1,297
2.500% due 01/15/2029			4,919			6,301
2.625% due 07/15/2017			6,002			6,524
3.875% due 04/15/2029 (i)			457			672
Total U.S. Treasury Obligations (Cost $161,017)						163,386
MORTGAGE-BACKED SECURITIES 4.1%
Bear Stearns Adjustable Rate Mortgage Trust
2.160% due 08/25/2035			18			19
2.515% due 03/25/2035			13			14
2.680% due 03/25/2035			54			54
Citigroup Mortgage Loan Trust, Inc.
2.230% due 09/25/2035			21			21
2.280% due 09/25/2035			37			37
2.706% due 09/25/2037 ^			592			534
Commercial Mortgage Trust
3.156% due 07/10/2046			2,991			3,005
Countrywide Alternative Loan Trust
0.376% due 12/20/2046			2,001			1,532
1.137% due 02/25/2036			444			401
Countrywide Home Loan Mortgage Pass-Through Trust
2.349% due 04/20/2035			479			480

80 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Countrywide Home Loan Reperforming REMIC Trust
0.521% due 06/25/2035	$		15	$		13
Granite Mortgages PLC
0.886% due 03/20/2044	GBP		359			550
Grifonas Finance PLC
0.394% due 08/28/2039	EUR		229			176
GSR Mortgage Loan Trust
2.677% due 09/25/2035	$		79			79
Merrill Lynch Mortgage Investors Trust
1.582% due 10/25/2035			504			491
Residential Accredit Loans, Inc. Trust
0.361% due 06/25/2046			322			145
Swan Trust
3.520% due 04/25/2041	AUD		490			391
Total Mortgage-Backed Securities (Cost $7,581)						7,942
ASSET-BACKED SECURITIES 3.9%
Bear Stearns Asset-Backed Securities Trust
1.181% due 10/25/2037	$		266			250
2.281% due 03/25/2035			1,300			1,214
CIFC Funding Ltd.
1.575% due 01/19/2023			1,479			1,481
Citigroup Mortgage Loan Trust, Inc.
0.261% due 01/25/2037			328			225
0.471% due 10/25/2036			2,600			2,288
JPMorgan Mortgage Acquisition Corp.
0.916% due 07/25/2035			83			83
Magi Funding PLC
0.331% due 04/11/2021	EUR		27			30
Massachusetts Educational Financing Authority
1.227% due 04/25/2038	$		129			130
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
0.901% due 03/25/2035			300			275
Residential Asset Securities Corp. Trust
0.601% due 12/25/2035			400			342
Saxon Asset Securities Trust
4.034% due 06/25/2033			323			328
Soundview Home Loan Trust
0.441% due 12/25/2035			765			754
Structured Asset Securities Corp. Mortgage Loan Trust
1.181% due 08/25/2037			102			98
Wood Street CLO BV
0.339% due 03/29/2021	EUR		61			68
Total Asset-Backed Securities (Cost $7,534)						7,566

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOVEREIGN ISSUES 30.7%
Athens Urban Transportation Organisation
4.851% due 09/19/2016	EUR		1,300	$		1,000
Denmark Government Bond
0.100% due 11/15/2023 (b)	DKK		39,230			6,404
France Government Bond
0.250% due 07/25/2018 (b)	EUR		5,343			6,315
0.700% due 07/25/2030 (b)			198			273
2.250% due 07/25/2020 (b)			169			225
Italy Buoni Poliennali Del Tesoro
2.100% due 09/15/2016 (b)			106			124
2.100% due 09/15/2017 (b)			804			965
2.350% due 09/15/2024 (b)			2,184			2,925
2.550% due 10/22/2016 (b)			130			151
3.100% due 09/15/2026 (b)			210			306
5.000% due 09/01/2040			100			166
5.500% due 11/01/2022			200			294
Mexico Government International Bond
3.010% due 06/29/2017	MXN		1,200			78
4.000% due 11/15/2040 (b)			11,255			808
4.000% due 11/08/2046 (b)			29,215			2,118
4.500% due 12/04/2025 (b)			37,280			2,795
4.500% due 11/22/2035 (b)			23,972			1,845
New South Wales Treasury Corp.
2.500% due 11/20/2035	AUD		367			363
New Zealand Government Bond
2.000% due 09/20/2025	NZD		516			402
2.500% due 09/20/2035			403			338
3.000% due 09/20/2030			1,227			1,081
Province of Ontario
3.450% due 06/02/2045	CAD		1,600			1,438
Republic of Germany
0.750% due 04/15/2018 (b)	EUR		5,670			6,712
Spain Government Bond
1.000% due 11/30/2030 (b)			592			703
5.400% due 01/31/2023			7,500			11,045
United Kingdom Gilt
0.125% due 03/22/2024 (b)	GBP		5,082			8,568
0.125% due 03/22/2058 (b)			903			2,096
Total Sovereign Issues (Cost $64,483)						59,538
SHORT-TERM INSTRUMENTS 1.1%
REPURCHASE AGREEMENTS (d) 0.1%
						265

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 81

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY BILLS 1.0%
0.013% due 05/21/2015 - 08/06/2015 (a)(i)	$		1,962	$		1,962
Total Short-Term Instruments (Cost $2,227)						2,227
Total Investments in Securities (Cost $278,645)						276,868
Total Investments 142.9% (Cost $278,645)				$		276,868
Financial Derivative Instruments (f)(h) (3.1%) (Cost or Premiums, net $(696))						(5,975	)
Other Assets and Liabilities, net (39.8%)						(77,200	)
Net Assets 100.0%				$		193,693

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.

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)
SSB	0.000%		04/30/2015		05/01/2015	$	265	U.S. Treasury Notes 1.375% due 06/30/2018	$	(275	)	$	265	$	265
Total Repurchase Agreements									$	(275	)	$	265	$	265

⁽¹⁾  Includes accrued interest.

82 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Amount Borrowed  (2)				Payable for Sale-Buyback Transactions (3)
BCY		0.180	%		04/22/2015		05/06/2015		$	(1,079	)	$	(1,080	)
		0.200	%		04/23/2015		05/26/2015			(8,331	)		(8,372	)
		0.230	%		04/09/2015		05/14/2015			(1,668	)		(1,672	)
BPG		0.250	%		04/10/2015		05/13/2015			(44,083	)		(44,169	)
		0.250	%		04/20/2015		05/04/2015			(4,480	)		(4,482	)
		0.260	%		04/17/2015		05/04/2015			(19,219	)		(19,231	)
TDM		0.250	%		05/01/2015		05/08/2015			(1,706	)		(1,707	)
Total Sale-Buyback Transactions												$	(80,713	)

⁽²⁾  As of April 30, 2015, there were no open reverse repurchase agreements. The average amount of borrowings outstanding during the period ended April 30, 2015 was $117,747 at a weighted average interest rate of 0.222%.

⁽³⁾  Payable for sale-buyback transactions includes $144 of deferred price drop.

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 April 30, 2015:

(e) Securities with an aggregate market value of $80,387 have been pledged as collateral under the terms of the following master agreements as of April 30, 2015.

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  (1)
Global/Master Repurchase Agreement
SSB	$	265	$	0	$	0		$	0	$	265		$	(275	)	$	(10)
Master Securities Forward Transaction Agreement
BCY		0		0		(11,124	)		0		(11,124	)		11,008			(116	)
BPG		0		0		(67,882	)		0		(67,882	)		67,672			(210	)
TDM		0		0		(1,707	)		0		(1,707	)		1,710			3
Total Borrowings and Other Financing Transactions	$	265	$	0	$	(80,713	)	$	0

⁽¹⁾  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.

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 83

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

(f)  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 10-Year Note June Futures	$	100.000		05/22/2015		139	$	1	$	2
Put - CBOT U.S. Treasury 10-Year Note June Futures		103.000		05/22/2015		154		1		3
Put - CBOT U.S. Treasury 5-Year Note June Futures		108.500		05/22/2015		554		5		4
							$	7	$	9
Total Purchased Options							$	7	$	9

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOT U.S. Treasury 10-Year Note June Futures	$	127.500		05/22/2015		3	$	(1	)	$	(1	)
Call - CBOT U.S. Treasury 10-Year Note June Futures		130.500		05/22/2015		3		(1	)		0
							$	(2	)	$	(1	)
Total Written Options							$	(2	)	$	(1	)

FUTURES CONTRACTS:

Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Variation Margin
									Asset		Liability
90-Day Eurodollar December Futures	Short		12/2015		371	$	(39	)	$	14	$	0
90-Day Eurodollar December Futures	Short		12/2016		15		(18	)		2		0
90-Day Eurodollar June Futures	Short		06/2015		28		(9	)		0		0
90-Day Eurodollar June Futures	Short		06/2016		142		(134	)		9		0
90-Day Eurodollar March Futures	Short		03/2016		328		(240	)		16		0
90-Day Eurodollar September Futures	Short		09/2015		72		(37	)		2		0
90-Day Eurodollar September Futures	Short		09/2016		142		(152	)		12		0
Euro-Bund 10-Year Bond June Futures	Long		06/2015		48		(92	)		0		(120	)
Put Options Strike @ EUR 157.000 on Euro-Bund 10-Year Bond June Futures	Short		05/2015		73		(60	)		0		(67	)
U.S. Treasury 5-Year Note June Futures	Long		06/2015		554		778			0		(56	)
U.S. Treasury 10-Year Note June Futures	Long		06/2015		148		47			0		(21	)
U.S. Treasury 30-Year Bond June Futures	Short		06/2015		30		133			9		0
Total Futures Contracts						$	177		$	64	$	(264	)

SWAP AGREEMENTS:

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

Index/Tranches	Fixed Deal (Pay) Rate			Maturity Date		Notional Amount  (2)			Market Value  (3)			Unrealized Appreciation		Variation Margin
														Asset		Liability
iTraxx Europe 23 5-Year Index		(1.000%	)		06/20/2020		EUR	20,900	$	(474	)	$	8	$	4	$	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

84 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

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⁾  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
															Asset		Liability
Receive	3-Month CAD-Bank Bill		1.250%		09/18/2017		CAD	2,900	$	0		$	0		$	0	$	0
Receive	3-Month USD-LIBOR		2.750%		06/17/2025		$	13,100		(711	)		(39	)		17		0
Receive	3-Month USD-LIBOR		3.500%		12/18/2043			5,000		(1,042	)		(1,300	)		17		0
Receive	3-Month USD-LIBOR		3.250%		06/17/2045			100		(16	)		(2	)		0		0
Receive	6-Month EUR-EURIBOR		0.550%		01/17/2016		EUR	24,600		(90	)		(90	)		2		0
Receive	6-Month EUR-EURIBOR		2.000%		01/29/2024			3,400		(462	)		(453	)		58		0
Receive	6-Month EUR-EURIBOR		1.000%		12/17/2024			4,300		(156	)		(162	)		81		0
Receive	6-Month EUR-EURIBOR		0.750%		09/16/2025			18,500		(49	)		175			380		0
Pay	6-Month EUR-EURIBOR		1.250%		09/16/2045			300		17			7			0		(21	)
Pay	6-Month EUR-EURIBOR		1.500%		03/16/2046			400		50			(30	)		0		(29	)
Receive	6-Month GBP-LIBOR		1.250%		06/17/2017		GBP	13,200		(76	)		(36	)		19		0
Receive	6-Month GBP-LIBOR		1.500%		09/16/2017			26,400		(263	)		(2	)		49		0
Receive	6-Month GBP-LIBOR		2.000%		09/16/2025			2,200		5			104			52		0
Receive	6-Month GBP-LIBOR		2.000%		09/16/2045			5,860		549			569			328		0
Pay	28-Day MXN-TIIE		4.310%		09/06/2016		MXN	70,000		7			19			1		0
									$	(2,237	)	$	(1,240	)	$	1,004	$	(50	)
Total Swap Agreements									$	(2,711	)	$	(1,232	)	$	1,008	$	(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 April 30, 2015:

(g) Securities with an aggregate market value of $371 and cash of $3,725 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of April 30, 2015. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

	Financial Derivative Assets (1)								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	$	9	$	64	$	1,010	$	1,083	$	(1	)	$	(264	)	$	(50	)	$	(315	)

⁽¹⁾  Unsettled variation margin asset of $2 for closed swap agreements is outstanding at period end.

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 85

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

(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)
									Asset		Liability
AZD		05/2015		GBP	12,474	$		18,514		$           0		$       (633	)
BOA		05/2015		JPY	829,880			6,946		0		(5	)
		05/2015		MXN	7,176			480		12		0
		05/2015		NZD	2,086			1,549		0		(42	)
		05/2015	$		5,197		AUD	6,605		29		0
		05/2015			240		EUR	223		11		0
		05/2015			14,084		GBP	9,284		167		0
		05/2015			3,606		JPY	432,200		14		0
		06/2015		AUD	6,605	$		5,189		0		(30	)
		06/2015		GBP	9,131			13,854		0		(159	)
		06/2015		MXN	40,827			2,674		20		0
BPS		05/2015		BRL	273			91		0		0
		05/2015		EUR	47,233			50,846		0		(2,191	)
		05/2015	$		91		BRL	273		0		(1	)
		05/2015			3,904		MXN	60,268		24		0
		07/2015		MXN	60,268	$		3,886		0		(24	)
BRC		05/2015			17,958			1,206		36		0
		07/2015	$		2,603		INR	165,153		0		(45	)
CBK		05/2015		CAD	2,291	$		1,813		0		(86	)
		05/2015		EUR	1,520			1,605		0		(101	)
		05/2015		MXN	27,164			1,794		24		0
		05/2015	$		50,746		EUR	46,814		1,819		0
		06/2015		EUR	46,814	$		50,763		0		(1,821	)
DUB		05/2015		MXN	1,052			70		1		0
		05/2015	$		9,782		EUR	8,986		309		0
		06/2015		EUR	8,986	$		9,785		0		(309	)
		06/2015	$		508		MXN	7,771		0		(3	)
		07/2015			1,600		BRL	4,341		0		(187	)
		08/2015			209		DKK	1,370		0		(2	)
FBF		05/2015		AUD	1,330	$		1,012		0		(41	)
		05/2015		BRL	273			91		1		0
		05/2015		KRW	1,950,757			1,770		0		(50	)
		05/2015		MXN	4,683			301		0		(4	)
		05/2015	$		91		BRL	273		0		0
GLM		05/2015		AUD	2,773	$		2,103		0		(91	)
		05/2015	$		110		EUR	100		2		0
		05/2015			2,091		INR	131,777		0		(22	)
		06/2015			373			23,569		0		(6	)
HUS		05/2015		AUD	2,502	$		1,927		0		(53	)
		05/2015		MXN	27,228			1,781		13		(7	)
		05/2015	$		3,320		MXN	50,526		25		(52	)
JPM		05/2015			1,771		EUR	1,634		64		0
		05/2015			363		GBP	242		8		0
		05/2015			3,342		JPY	397,680		0		(12	)
		05/2015			1,860		MXN	28,343		0		(13	)
		06/2015		JPY	397,680	$		3,343		12		0
		06/2015	$		325		GBP	211		0		(2	)
		07/2015		HUF	816,918	$		2,913		0		(101	)
		07/2015		MXN	28,343			1,852		13		0
		07/2015		PLN	446			119		0		(5	)

86 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
SCX		05/2015		GBP	2,035	$		3,010		$           0		$       (114	)
		05/2015		MXN	10,547			719		31		0
UAG		05/2015		EUR	9,004			9,897		0		(213	)
		05/2015		MXN	53,231			3,612		142		0
		05/2015	$		7,425		GBP	4,983		224		0
		06/2015			3,719		INR	236,379		0		(37	)
		08/2015		DKK	39,735	$		6,058		63		0
WST		05/2015	$		658		MXN	9,901		0		(13	)
Total Forward Foreign Currency Contracts										$    3,064		$    (6,475	)

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount		Cost		Market Value
BOA	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.590%		05/22/2015	$	700	$	3	$	8
DUB	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.795%		05/29/2015		12,300		181		34
GLM	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.597%		05/22/2015		500		3		6
MYC	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		0.800%		01/19/2016		20,000		32		23
	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.683%		12/11/2017		3,000		420		328
										$	639	$	399
Total Purchased Options										$	639	$	399

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty

Description

Buy/Sell Protection

Exercise Rate

Expiration Date

Notional Amount

Premiums (Received)

Market Value

GST

Put - OTC iTraxx Europe 23 5-Year Index

Sell

0.900%

09/16/2015

EUR

7,100

$

(11

)

$

(15

)

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	)	$	(47	)
FBF	Put - OTC USD versus BRL			2.850		07/16/2015		552		(4	)		(4	)
	Call - OTC USD versus BRL			4.000		03/17/2016		700		(29	)		(15	)
									$	(42	)	$	(66	)

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 87

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

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	)	$	(17	)
	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	)		(12	)
JPM	Cap - OTC CPURNSA Index	TBD	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		04/22/2024		6,500		(47	)		(19	)
	Cap - OTC CPURNSA Index	TBD	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		05/16/2024		500		(4	)		(1	)
	Cap - OTC YOY CPURNSA Index	TBD	Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0		03/24/2020		4,800		(54	)		(59	)
								$	(429	)	$	(109	)

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

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount			Premiums (Received)			Market Value
DUB	Call - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.295%		05/29/2015		$	12,300	$	(194	)	$	(50	)
GLM	Call - OTC 30-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		0.750%		09/11/2015		EUR	3,600		(97	)		(65	)
MYC	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		0.520%		01/19/2016		$	20,000		(12	)		(7	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		0.660%		01/19/2016			20,000		(20	)		(14	)
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.500%		12/11/2017			12,600		(420	)		(327	)
											$	(743	)	$	(463	)

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price			Expiration Date		Notional Amount		Premiums (Received)			Market Value
BOA	Put - OTC U.S. Treasury Notes 2.500% Due 02/01/2045		$	94.000		05/22/2015	$	770	$	(3	)	$	(9	)
GSC	Put - OTC U.S. Treasury Notes 2.500% Due 02/01/2045			94.000		05/22/2015		550		(3	)		(7	)
									$	(6	)	$	(16	)
Total Written Options									$	(1,231	)	$	(669	)

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED APRIL 30, 2015:

	# of Contracts			Notional Amount in $			Notional Amount in EUR			Premiums
Balance at Beginning of Period		0		$	77,570		EUR	25,700		$	(586	)
Sales		286			129,072			101,869			(1,720	)
Closing Buys		0			(32,500	)		(3,600	)		349
Expirations		(206	)		(52,500	)		(85,619	)		524
Exercised		(74	)		(6,500	)		(27,650	)		200
Balance at End of Period		6		$	115,142		EUR	10,700		$	(1,233	)

88 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Deal (Pay) Rate			Maturity Date		Implied Credit Spread at April 30, 2015 (4)		Notional Amount  (5)		Premiums Paid/(Received)		Unrealized (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BOA	Marsh & McLennan Cos., Inc.		(0.900%	)		06/20/2019		0.137%	$	3,000	$	0	$	(99	)	$	0	$	(99	)
GST	RPM International, Inc.		(1.500%	)		03/20/2018		0.412%		1,000		0		(33	)		0		(33	)
											$	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 April 30, 2015 (4)		Notional Amount  (5)		Premiums (Received)			Unrealized Appreciation		Swap Agreements, at Value
															Asset		Liability
BPS	Italy Government International Bond		1.000%		03/20/2019		0.832%	$	6,800	$	(118	)	$	133	$	15	$	0
GST	Gazprom OAO Via Gaz Capital S.A.		1.000%		03/20/2016		4.937%		400		(31	)		21		0		(10	)
HUS	Petrobras International Finance Co.		1.000%		09/20/2015		6.944%		700		(22	)		18		0		(4	)
										$	(171	)	$	172	$	15	$	(14	)

⁽²⁾  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.

⁽³⁾  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.

⁽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.

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 89

Schedule of Investments PIMCO Fixed Income SHares: Series R (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
																	Asset		Liability
BOA	Pay	1-Month GBP-UKRPI		3.500%		10/15/2044		GBP	1,200	$	2		$	18			$	20	$	0
	Pay	1-Month GBP-UKRPI		3.550%		12/11/2044			300		(1	)		13				12		0
	Pay	1-Month GBP-UKRPI		3.328%		01/12/2045			400		1			(47	)			0		(46	)
BPS	Pay	3-Month USD- CPURNSA Index		1.560%		11/05/2016		$	4,800		0			(64	)			0		(64	)
CBK	Pay	1-Month GBP-UKRPI		3.190%		04/15/2030		GBP	1,700		0			(64	)			0		(64	)
	Pay	1-Month GBP-UKRPI		3.500%		10/15/2044			400		(13	)		19				6		0
	Receive	3-Month USD- CPURNSA Index		2.250%		07/15/2017		$	15,000		4			(740	)			0		(736	)
DUB	Receive	3-Month USD- CPURNSA Index		1.860%		11/05/2016			11,800		0			(253	)			0		(253	)
	Receive	3-Month USD- CPURNSA Index		2.360%		01/28/2017			8,200		0			(382	)			0		(382	)
	Pay	3-Month USD- CPURNSA Index		1.725%		03/04/2019			1,175		0			(2	)			0		(2	)
	Pay	3-Month USD- CPURNSA Index		1.510%		12/23/2019			14,000		0			27				27		0
	Receive	3-Month USD- CPURNSA Index		2.500%		07/15/2022			5,000		103			(534	)			0		(431	)
FBF	Pay	1-Month GBP-UKRPI		3.100%		12/11/2024		GBP	100		2			0				2		0
	Pay	1-Month GBP-UKRPI		3.335%		04/15/2035			300		0			(14	)			0		(14	)
	Pay	1-Month GBP-UKRPI		3.528%		09/23/2044			600		(4	)		24				20		0
	Pay	1-Month GBP-UKRPI		3.500%		10/15/2044			200		(6	)		10				4		0
	Pay	1-Month GBP-UKRPI		3.550%		11/15/2044			400		0			18				18		0
GLM	Pay	1-Month GBP-UKRPI		3.125%		12/10/2024			900		1			20				21		0
	Pay	1-Month GBP-UKRPI		3.140%		01/14/2030			2,360		0			(83	)			0		(83	)
	Pay	1-Month GBP-UKRPI		3.358%		04/15/2035			400		0			(17	)			0		(17	)
	Pay	3-Month EUR-EXT- CPI Index		0.900%		11/15/2019		EUR	4,800		0			0				0		0
	Receive	3-Month USD- CPURNSA Index		1.730%		04/15/2016		$	19,400		(41	)		(372	)			0		(413	)
	Receive	3-Month USD- CPURNSA Index		2.033%		04/15/2018			5,300		0			(183	)			0		(183	)
																��
JPM	Pay	1-Month GBP-UKRPI		3.528%		09/23/2044		GBP	600		0			19				19		0
RYL	Receive	3-Month USD- CPURNSA Index		1.930%		10/31/2016		$	7,800		0			(183	)			0		(183	)
	Receive	3-Month USD- CPURNSA Index		2.250%		07/15/2017			4,100		14			(216	)			0		(202	)
UAG	Pay	1-Month GBP-UKRPI		2.945%		01/12/2025		GBP	500		0			(7	)			0		(7	)
										$	62		$	(2,993	)		$	149	$	(3,080	)
Total Swap Agreements										$	(109	)	$	(2,953	)		$	164	$	(3,226	)

90 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

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 April 30, 2015:

(i) Securities with an aggregate market value of $5,384 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of April 30, 2015.

	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  (1)
AZD	$	0	$	0	$	0	$	0	$	(633	)	$	0		$	0		$	(633	)	$	(633	)	$	0		$	(633	)
BOA		253		8		32		293		(236	)		(9	)		(145	)		(390	)		(97	)		0			(97	)
BPS		24		0		15		39		(2,216	)		0			(64	)		(2,280	)		(2,241	)		1,874			(367	)
BRC		36		0		0		36		(45	)		0			0			(45	)		(9	)		0			(9	)
CBK		1,843		0		6		1,849		(2,008	)		(18	)		(800	)		(2,826	)		(977	)		859			(118	)
DUB		310		34		27		371		(501	)		(109	)		(1,068	)		(1,678	)		(1,307	)		1,321			14
FBF		1		0		44		45		(95	)		(19	)		(14	)		(128	)		(83	)		0			(83	)
GLM		2		6		21		29		(119	)		(65	)		(696	)		(880	)		(851	)		942			91
GSC		0		0		0		0		0			(7	)		0			(7	)		(7	)		0			(7	)
GST		0		0		0		0		0			(15	)		(43	)		(58	)		(58	)		0			(58	)
HUS		38		0		0		38		(112	)		0			(4	)		(116	)		(78	)		0			(78	)
JPM		97		0		19		116		(133	)		(79	)		0			(212	)		(96	)		0			(96	)
MYC		0		351		0		351		0			(348	)		0			(348	)		3			32			35
RYL		0		0		0		0		0			0			(385	)		(385	)		(385	)		262			(123	)
SCX		31		0		0		31		(114	)		0			0			(114	)		(83	)		0			(83	)
UAG		429		0		0		429		(250	)		0			(7	)		(257	)		172			(354	)		(182	)
WST		0		0		0		0		(13	)		0			0			(13	)		(13	)		0			(13	)
Total Over the Counter	$	3,064	$	399	$	164	$	3,627	$	(6,475	)	$	(669	)	$	(3,226	)	$	(10,370	)

⁽¹⁾  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.

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 91

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Portfolio’s derivative instruments categorized by risk exposure. See Note 7, Principal 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 April 30, 2015:

	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	$	9	$	9
Futures		0		0		0		0		64		64
Swap Agreements		0		4		0		0		1,006		1,010
	$	0	$	4	$	0	$	0	$	1,079	$	1,083
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	3,064	$	0	$	3,064
Purchased Options		0		0		0		0		399		399
Swap Agreements		0		15		0		0		149		164
	$	0	$	15	$	0	$	3,064	$	548	$	3,627
	$	0	$	19	$	0	$	3,064	$	1,627	$	4,710
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	1	$	1
Futures		0		0		0		0		264		264
Swap Agreements		0		0		0		0		50		50
	$	0	$	0	$	0	$	0	$	315	$	315
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	6,475	$	0	$	6,475
Written Options		0		15		0		66		588		669
Swap Agreements		0		146		0		0		3,080		3,226
	$	0	$	161	$	0	$	6,541	$	3,668	$	10,370
	$	0	$	161	$	0	$	6,541	$	3,983	$	10,685

92 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2015:

	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		$	(19	)	$	(19	)
Written Options		23		0			0		0			99			122
Futures		22		0			0		0			294			316
Swap Agreements		0		290			0		0			(7,270	)		(6,980	)
	$	45	$	290		$	0	$	0		$	(6,896	)	$	(6,561	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	13,058		$	0		$	13,058
Purchased Options		0		0			0		(7	)		(128	)		(135	)
Written Options		0		125			0		120			(183	)		62
Swap Agreements		0		99			0		0			(1,798	)		(1,699	)
	$	0	$	224		$	0	$	13,171		$	(2,109	)	$	11,286
	$	45	$	514		$	0	$	13,171		$	(9,005	)	$	4,725
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	0	$	0		$	2		$	2
Written Options		0		0			0		0			1			1
Futures		0		0			0		0			(448	)		(448	)
Swap Agreements		0		(49	)		0		0			2,819			2,770
	$	0	$	(49	)	$	0	$	0		$	2,374		$	2,325
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(5,774	)	$	0		$	(5,774	)
Purchased Options		0		0			0		2			(240	)		(238	)
Written Options		0		(45	)		0		(28	)		205			132
Swap Agreements		0		(391	)		0		0			791			400
	$	0	$	(436	)	$	0	$	(5,800	)	$	756		$	(5,480	)
	$	0	$	(485	)	$	0	$	(5,800	)	$	3,130		$	(3,155	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of April 30, 2015 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 04/30/2015
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	20,027	$	0	$	20,027
Industrials		0		5,593		0		5,593
Utilities		0		1,171		0		1,171
U.S. Government Agencies		0		9,418		0		9,418
U.S. Treasury Obligations		0		163,386		0		163,386
Mortgage-Backed Securities		0		7,942		0		7,942
Asset-Backed Securities		0		7,566		0		7,566
Sovereign Issues		0		59,538		0		59,538

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 93

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

(Unaudited)

April 30, 2015

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 04/30/2015
Short-Term Instruments
Repurchase Agreements	$	0		$	265		$	0	$	265
U.S. Treasury Bills		0			1,962			0		1,962
Total Investments	$	0		$	276,868		$	0	$	276,868
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		64			1,017			0		1,081
Over the counter		0			3,627			0		3,627
	$	64		$	4,644		$	0	$	4,708
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(264	)		(51	)		0		(315	)
Over the counter		0			(10,370	)		0		(10,370	)
	$	(264	)	$	(10,421	)	$	0	$	(10,685	)
Totals	$	(200	)	$	271,091		$	0	$	270,891

There were no significant transfers between Levels 1, 2, or 3 during the period ended April 30, 2015.

94 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series TE

(Unaudited)

April 30, 2015

	PRINCIPAL AMOUNT (000S)		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.4%
MUNICIPAL BONDS & NOTES 95.2%
ARIZONA 5.5%
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		1,128
Arizona Water Infrastructure Finance Authority Revenue Bonds, Series 2014
5.000% due 10/01/2026		1,250		1,527
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2010
5.000% due 07/01/2028		1,000		1,129
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2012
5.000% due 12/01/2030		1,000		1,154
				5,143
ARKANSAS 0.3%
University of Arkansas Revenue Bonds, Series 2012
5.000% due 05/01/2026		260		306
CALIFORNIA 11.1%
Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.000% due 04/01/2038		2,000		2,230
Bay Area Water Supply & Conservation Agency, California Revenue Bonds, Series 2013
5.000% due 10/01/2026		1,000		1,188
California Health Facilities Financing Authority Revenue Bonds, Series 2008
5.250% due 08/15/2022		500		569
California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043		1,000		1,179
Contra Costa Transportation Authority, California Revenue Bonds, Series 2012
5.000% due 03/01/2025		500		583
East Bay Municipal Utility District Water System, California Revenue Notes, Series 2012
5.000% due 06/01/2022		400		487
Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2012
5.000% due 08/01/2042		250		276
Los Angeles Department of Airports, California Revenue Bonds, Series 2012
5.000% due 05/15/2029		500		582
Los Angeles, California General Obligation Bonds, Series 2011
5.000% due 09/01/2022		730		877

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sacramento Municipal Utility District, California Revenue Bonds, Series 2015
5.000% due 07/01/2026 (a)	$		1,800	$		2,193
San Francisco Bay Area Rapid Transit District, California Revenue Bonds, Series 2010
5.000% due 07/01/2024			200			235
						10,399
COLORADO 3.2%
Colorado Health Facilities Authority Revenue Bonds, Series 2013
5.000% due 12/01/2033			2,125			2,360
Denver, Colorado City & County School District No. 1 General Obligation Bonds, Series 2012
5.000% due 12/01/2026			500			595
						2,955
CONNECTICUT 1.2%
Connecticut State Health & Educational Facility Authority Revenue Bonds, Series 2014
5.000% due 07/01/2026			1,000			1,156
FLORIDA 4.8%
Broward County, Florida Airport System Revenue Bonds, Series 2012
5.000% due 10/01/2037			1,300			1,433
Florida Municipal Power Agency Revenue Bonds, Series 2012
5.000% due 10/01/2026			1,800			2,109
Florida State General Obligation Bonds, Series 2012
5.000% due 07/01/2025			250			300
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013
5.000% due 10/01/2028			555			645
						4,487
GEORGIA 1.2%
Atlanta, Georgia Department of Aviation Revenue Bonds, Series 2012
5.000% due 01/01/2042			1,000			1,102
GUAM 0.9%
Guam Government Waterworks Authority Revenue Bonds, Series 2014
5.000% due 07/01/2025			770			881

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 95

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
KANSAS 2.4%
Kansas Development Finance Authority Revenue Bonds, Series 2012
5.000% due 11/15/2034	$		2,000	$		2,222
MASSACHUSETTS 3.3%
Massachusetts School Building Authority Revenue Bonds, Series 2012
5.000% due 08/15/2030			615			714
Massachusetts State College Building Authority Revenue Bonds, Series 2014
5.000% due 05/01/2028			2,000			2,336
						3,050
MISSOURI 1.0%
Metropolitan St. Louis Sewer District, Missouri Revenue Bonds, Series 2012
5.000% due 05/01/2023			750			899
NEBRASKA 0.3%
Omaha Public Power District, Nebraska Revenue Bonds, Series 2012
5.000% due 02/01/2025			200			236
NEW JERSEY 4.9%
New Jersey Economic Development Authority Revenue Bonds, Series 2013
5.000% due 03/01/2024			1,000			1,097
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.250% due 07/01/2035			1,000			1,132
New Jersey State Turnpike Authority Revenue Bonds, Series 2013
5.000% due 01/01/2031			1,300			1,456
New Jersey State Turnpike Authority Revenue Notes, Series 2012
5.000% due 01/01/2021			175			205
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2011
5.500% due 06/15/2041			210			227
South Jersey Transportation Authority LLC, New Jersey Revenue Bonds, Series 2014
5.000% due 11/01/2026			400			448
						4,565
NEW YORK 11.7%
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2027			165			189
5.000% due 11/15/2028			1,340			1,568

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2015
5.000% due 02/01/2034	$		1,000	$		1,148
New York City, New York Trust for Cultural Resources Revenue Bonds, Series 2013
5.000% due 08/01/2024			200			239
5.000% due 08/01/2025			365			433
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			1,255
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2025			300			357
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2013
5.000% due 11/15/2027			2,000			2,383
5.000% due 11/15/2029			1,000			1,144
						10,967
NORTH CAROLINA 6.3%
North Carolina Turnpike Authority Revenue Bonds, Series 2011
5.000% due 07/01/2024			1,000			1,177
Raleigh, North Carolina Combined Enterprise System Revenue Bonds, Series 2013
5.000% due 03/01/2024			1,250			1,514
Town of Cary, North Carolina Combined Utility Systems Revenue Bonds, Series 2013
5.000% due 12/01/2024			1,000			1,217
University of North Carolina at Greensboro Revenue Notes, Series 2014
5.000% due 04/01/2024			1,660			2,003
						5,911
OHIO 11.5%
Cleveland Department of Public Utilities Division of Water, Ohio Revenue Bonds, Series 2012
5.000% due 01/01/2024			900			1,060
Cuyahoga County, Ohio Certificates of Participation Bonds, Series 2014
5.000% due 12/01/2026			4,000			4,649
Ohio Air Quality Development Authority Revenue Bonds, Series 2006
3.750% due 12/01/2023			4,000			4,233

96 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

April 30, 2015

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Ohio Higher Educational Facility Commission Revenue Notes, Series 2012
5.000% due 12/01/2021	$		450	$		536
Ohio State Revenue Bonds, Series 2012
5.000% due 12/15/2024			250			296
						10,774
OKLAHOMA 0.4%
Oklahoma Water Resources Board Revenue Bonds, Series 2011
5.000% due 04/01/2022			300			357
OREGON 1.3%
Oregon State General Obligation Bonds, Series 2015
5.000% due 08/01/2029			1,000			1,198
PENNSYLVANIA 2.5%
Delaware River Port Authority, Pennsylvania Revenue Bonds, Series 2012
5.000% due 01/01/2023			1,000			1,142
Pennsylvania Turnpike Commission Revenue Bonds, Series 2009
5.000% due 12/01/2020			1,000			1,153
						2,295
TENNESSEE 0.3%
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.250% due 09/01/2024			200			236
TEXAS 10.4%
Dallas, Texas General Obligation Bonds, Series 2012
5.000% due 02/15/2023			300			358
Dallas/Fort Worth International Airport, Texas Revenue Bonds, Series 2013
5.000% due 11/01/2027			500			578
Harris County, Texas General Obligation Bonds, Series 1997
5.125% due 08/15/2024			1,580			1,928
Harris County, Texas General Obligation Bonds, Series 2012
5.000% due 08/15/2026			250			298
La Joya Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2012
5.000% due 02/15/2027			200			234
Lower Colorado River Authority, Texas Revenue Bonds, Series 2012
5.000% due 05/15/2033			750			829

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
North Texas Tollway Authority Revenue Bonds, Series 2012
5.000% due 01/01/2028	$		175	$		197
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			1,175
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			3,000			3,717
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2012
5.000% due 12/15/2026			100			113
						9,719
UTAH 1.2%
Intermountain Power Agency, Utah Revenue Bonds, Series 2013
5.000% due 07/01/2023			1,000			1,113
VIRGINIA 6.4%
Loudoun County, Virginia General Obligation Bonds, Series 2013
5.000% due 12/01/2027			2,315			2,763
Virginia College Building Authority Revenue Bonds, Series 2012
5.000% due 02/01/2025			560			657
Virginia Public Building Authority Revenue Bonds, Series 2013
5.000% due 08/01/2025			1,000			1,201
Virginia Public School Authority Revenue Notes, Series 2013
5.000% due 08/01/2021			1,000			1,196
Virginia Resources Authority Revenue Bonds, Series 2012
5.000% due 11/01/2026			175			208
						6,025
WASHINGTON 1.8%
Central Puget Sound Regional Transit Authority, Washington Revenue Bonds, Series 2012
5.000% due 02/01/2024			1,250			1,486
Washington State General Obligation Bonds, Series 2008
5.000% due 01/01/2028			200			222
						1,708

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 97

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WISCONSIN 1.3%
WPPI Energy, Wisconsin Revenue Bonds, Series 2013
5.000% due 07/01/2025	$		1,000	$		1,187
Total Municipal Bonds & Notes (Cost $86,000)						88,891
SHORT-TERM INSTRUMENTS 4.2%
U.S. TREASURY BILLS 4.2%
0.025% due 06/04/2015 - 10/08/2015 (b)			3,900			3,900
Total Short-Term Instruments (Cost $3,900)						3,900
Total Investments in Securities (Cost $89,900)						92,791
Total Investments 99.4% (Cost $89,900)				$		92,791
Financial Derivative Instruments (c) 0.1% (Cost or Premiums, net $0)						54
Other Assets and Liabilities, net 0.5%						539
Net Assets 100.0%				$		93,384

98 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

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) When-issued security.

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

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

FUTURES CONTRACTS:

Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation		Variation Margin
								Asset		Liability
U.S. Treasury 30-Year Bond June Futures	Short		06/2015		93	$	130	$	26	$	0
Total Futures Contracts						$	130	$	26	$	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
														Asset		Liability
Receive	3-Month USD-LIBOR		3.500%		12/18/2043	$	8,000	$	(1,763	)	$	(2,156	)	$	28	$	0
Total Swap Agreements								$	(1,763	)	$	(2,156	)	$	28	$	0

(Unaudited)

April 30, 2015

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 April 30, 2015:

(d) Cash of $1,135 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of April 30, 2015. 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	$	26	$	28	$	54	$	0	$	0	$	0	$	0

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 April 30, 2015:

	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	$	26	$	26
Swap Agreements		0		0		0		0		28		28
	$	0	$	0	$	0	$	0	$	54	$	54

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended April 30, 2015:

	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	$	(1,100	)	$	(1,100	)
Swap Agreements		0		0		0		0		(131	)		(131	)
	$	0	$	0	$	0	$	0	$	(1,231	)	$	(1,231	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	423		$	423
Swap Agreements		0		0		0		0		(920	)		(920	)
	$	0	$	0	$	0	$	0	$	(497	)	$	(497	)

See Accompanying Notes SEMIANNUAL REPORT APRIL 30, 2015 99

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

(Unaudited)

April 30, 2015

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of April 30, 2015 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 04/30/2015
Investments in Securities, at Value
Municipal Bonds & Notes
Arizona	$	0	$	5,143	$	0	$	5,143
Arkansas		0		306		0		306
California		0		10,399		0		10,399
Colorado		0		2,955		0		2,955
Connecticut		0		1,156		0		1,156
Florida		0		4,487		0		4,487
Georgia		0		1,102		0		1,102
Guam		0		881		0		881
Kansas		0		2,222		0		2,222
Massachusetts		0		3,050		0		3,050
Missouri		0		899		0		899
Nebraska		0		236		0		236
New Jersey		0		4,565		0		4,565
New York		0		10,967		0		10,967
North Carolina		0		5,911		0		5,911
Ohio		0		10,774		0		10,774
Oklahoma		0		357		0		357
Oregon		0		1,198		0		1,198
Pennsylvania		0		2,295		0		2,295
Tennessee		0		236		0		236
Texas		0		9,719		0		9,719
Utah		0		1,113		0		1,113
Virginia		0		6,025		0		6,025
Washington		0		1,708		0		1,708
Wisconsin		0		1,187		0		1,187
Short-Term Instruments
U.S. Treasury Bills		0		3,900		0		3,900
Total Investments	$	0	$	92,791	$	0	$	92,791
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	26	$	28	$	0	$	54
Totals	$	26	$	92,819	$	0	$	92,845

There were no significant transfers between Levels 1, 2, or 3 during the period ended April 30, 2015.

100 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Notes to Financial Statements

(Unaudited)

April 30, 2015

1. ORGANIZATION

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

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”). Each Portfolio is treated as an investment company under the reporting requirements of 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 the 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 appreciation/depreciation on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain/loss on investments on the Statements of Operations. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

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

SEMIANNUAL REPORT APRIL 30, 2015 101

Notes to Financial Statements (Cont.)

sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolios do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and net changes in unrealized gain or loss from investments on the Statements of Operations. The Portfolios may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract (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, generally 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 dividends 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, 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 dividends 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.

102 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

April 30, 2015

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/overdistributed 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 or sale-buyback 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”), ASU 2013-08, 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. The Portfolios have adopted the ASU as they follow the investment company reporting requirements under U.S. GAAP. The implementation of the ASU did not have an impact on the Portfolios’ financial statements.

In June 2014, the FASB issued an ASU, ASU 2014-11, that expanded 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 became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. 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 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

SEMIANNUAL REPORT APRIL 30, 2015 103

Notes to Financial Statements (Cont.)

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 market 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 or closing prices are reported, equity securities are generally valued at the mean of the last available bid and ask quotations on the exchange or market on which the security is primarily traded, or use other information 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 market 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 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. The Manager 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 financial derivative instruments cannot be valued pursuant to the established guidelines, the value of the security or 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 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 or settled.

104 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

April 30, 2015

(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, or 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 a Portfolio’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Portfolio.

SEMIANNUAL REPORT APRIL 30, 2015 105

Notes to Financial Statements (Cont.)

(c) Valuation Techniques and the Fair Value Hierarchy

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 and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares. 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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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.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager 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.

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Broker quotes are typically received from established market participants. Although independently received, the Manager 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. In general, the value of an inflation-indexed security tends to decrease when real interest rates increase and can increase when real interest rates decrease. Thus generally, during periods of rising inflation, the value of inflation-indexed securities will tend to increase and during periods of deflation, their value will tend to decrease. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loan Participations, Assignments and Originations  Certain Portfolios may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Portfolio’s investments in loans may be in the form of direct investments, participations in loans, assignments of all or a portion of loans from third parties, or originations of loans by a Portfolio or Portfolios. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. 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 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. When a Portfolio purchases assignments from lenders it acquires direct rights against the borrower of the loan. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

Investments in loans are generally subject to risks similar to those of investments in other types of debt obligations, including, among others, credit risk, interest rate risk, variable and floating rate securities risk, and risks associated with mortgage-related securities. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. The Portfolios may be subject to heightened or additional risks and potential liabilities and costs by investing in mezzanine and other subordinated loans or acting as an originator of loans, including those arising under

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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. To the extent that a Portfolio originates a loan, it may be responsible for all or a substantial portion of the expenses associated with initiating the loan. This may include significant legal and due diligence expenses, which will be indirectly borne by the Portfolio and its shareholders. A Portfolio may pay fees and expenses associated with originating a loan, including significant legal and due diligence expenses, irrespective of whether the loan transaction is ultimately consummated or closed.

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

Investments in loans may include unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. A Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. As of April 30, 2015, the Portfolios had no unfunded loan commitments outstanding.

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

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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.

As CMOs have evolved, some classes of CMO bonds have become more common. For example, a Portfolio may invest in parallel-pay and planned amortization class (“PAC”) CMOs and multi-class pass through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or non-PAC bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A Portfolio may invest in various tranches of CMO bonds, including support bonds.

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 typically 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. For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral

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default and disappearance of protecting tranches, market anticipation of defaults and aversion to CBO or CLO securities as a class. 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 April 30, 2015 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 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.

When-Issued Transactions  Certain Portfolios may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment is made by a Portfolio to purchase or sell these securities

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for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. Since the value of securities purchased may fluctuate prior to settlement, the Portfolios may be required to pay more at settlement than the security is worth. In addition, the Portfolios are not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Portfolios assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. A Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain or loss.

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. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Portfolio’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio’s obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price (see Note 7, Principal Risks). A Portfolio will segregate assets determined to be liquid by PIMCO or will otherwise cover its obligations under reverse repurchase agreements.

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(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 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. Sale-buybacks involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price (see Note 7, Principal Risks).

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 are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. The contractual obligations of a buyer or seller of a forward foreign currency contract may generally be satisfied by taking or making physical delivery of the underlying currency, establishing

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an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. Although forwards may be intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the value of such currencies increase. In addition, a Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts  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. Generally, a futures contact provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value is recorded by the Portfolio (“variation margin”). Gains or losses are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of variation margin disclosed within exchange traded or centrally cleared financial derivative instruments 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

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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.

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 with specified amounts of currency and a rate of exchange that may be exercised by a certain 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

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Notes to Financial Statements (Cont.)

intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“centrally cleared swaps”). A Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation/(depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as 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 that the referenced entity, obligation or index, as specified in the agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap.

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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 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). Credit default swaps on corporate, sovereign, or U.S. municipal issues may be used 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. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. Credit default swaps on indices are instruments often used to attempt to protect investors owning bonds against default, and traders use them to speculate on changes in credit quality.

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Notes to Financial Statements (Cont.)

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.

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. If 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

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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 changes 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 a Portfolio may lose money if these changes are not anticipated by Portfolio management. 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 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.

Foreign (non U.S.) 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.

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.

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Notes to Financial Statements (Cont.)

The market values of equities, such as common stocks and preferred securities or equity related investments such as futures and options, have historically risen and fallen in periodic cycles and may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment 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, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by a Portfolio. Even when markets perform well, there is no assurance that the investments held by a Portfolio will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level.

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 seeks to minimize concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges, where applicable. 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.

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. PIMCO, as investment adviser, seeks to minimize counterparty risks to the Portfolios through a number of ways. Prior to entering into transactions with a new counterparty, the PIMCO Counterparty Risk Committee conducts an extensive credit review of such counterparty and must approve the use of such counterparty. Furthermore, pursuant to the terms of the underlying contract, to the extent that unpaid amounts owed to a Portfolio exceed a predetermined threshold, such counterparty shall advance collateral to the Portfolio in the form of cash or securities 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 to the Portfolio.

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  A Portfolio may be subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve

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legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular counterparty organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally show derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under 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 Statements 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. A Portfolio’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and sale-buyback transactions between a Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to 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 a Portfolio 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 derivatives 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 United States, counterparty risk is significantly reduced as creditors of a futures

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Notes to Financial Statements (Cont.)

broker do not have a claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolios. 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 a Portfolio 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  The Trust entered into an Investment Advisory Contract with the Manager (the “Advisory Contract”) pursuant to which the Manager serves as the investment adviser to each 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.

Each Portfolio is an integral part of one or more “wrap-fee” programs, including those sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios, and unaffiliated with PIMCO or AGIFM. Participants in these programs pay a “wrap” fee to the sponsor of the program. PIMCO may receive fees or other benefits from or through its relationships with the sponsors of such wrap-fee programs for which the Portfolios are an investment option.

(b) Supervisory and Administration Fee  The Trust also entered into a Supervision and Administration Agreement with PIMCO (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

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the Trust pursuant to which it has agreed to pay or reimburse certain other expenses of the Portfolios, as discussed in more detail below. The Administrator does not receive any administration or other fees from the Portfolios or the Trust for serving as administrator to the Portfolios (although the Administrator may receive compensation under the Administration Agreement with respect to future series of the Trust).

(c) Distribution Fee  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).

(d) Expense Limitation Agreement  The Manager has contractually agreed pursuant to an expense limitation agreement (the “Expense Limitation Agreement”) to bear the expenses of or make payments to each Portfolio to the extent that, for any calendar month, “Specified Expenses”, as defined in the Expense Limitation Agreement of such Portfolio would exceed 0.00%. “Specified Expenses” of a Portfolio means 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 applicable Portfolio pursuant to the Advisory Contract.

9. RELATED PARTY TRANSACTIONS

The Manager, Administrator, and Distributor are related parties. Fees payable 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 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 April 30, 2015, 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	$	146,465	$	142,120
Fixed Income SHares - Series LD		1,302		0
Fixed Income SHares - Series M		0		257,007

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

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Notes to Financial Statements (Cont.)

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 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 April 30, 2015, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Portfolio Name	Purchases		Sales		Purchases		Sales
Fixed Income SHares - Series C	$	77,426	$	0	$	393,422	$	969,944
Fixed Income SHares - Series LD		85,691		85,728		11,967		1,379
Fixed Income SHares - Series M		5,990,346		5,741,288		451,566		1,089,458
Fixed Income SHares - Series R		96,935		138,071		50,793		30,839
Fixed Income SHares - Series TE		0		0		5,076		3,622

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

12. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. As of April 30, 2015, one shareholder who is a related party of the Portfolio (the “Related Party Shareholder”) owned 10% or more of FISH: Series LD’s outstanding shares. The Related Party Shareholder held a total of 14% of FISH Series LD’s outstanding shares as of the end of the reporting period. 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 against it.

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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 April 30, 2015, 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 2012-2014, 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.

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

As of October 31, 2014, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
Series C	$	—	$	—
Series LD		—		—
Series M		—		—
Series R		—		6,372
Series TE		516		735

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

As of April 30, 2015, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

Portfolio Name	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (1)
Fixed Income Shares - Series C	$	1,805,856	$	69,329	$	(33,836	)	$	35,493
Fixed Income Shares - Series LD		23,975		162		(62	)		100
Fixed Income Shares - Series M		2,617,356		92,807		(41,923	)		50,884
Fixed Income Shares - Series R		285,030		4,665		(12,827	)		(8,162	)
Fixed Income Shares - Series TE		89,900		3,126		(235	)		2,891

⁽¹⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

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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.

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

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

(Unaudited)

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	FOB	Credit Suisse Securities (USA) LLC	NOM	Nomura Securities International Inc.
BCY	Barclays Capital, Inc.	GLM	Goldman Sachs Bank USA	RDR	RBC Dain Rausher, Inc.
BOA	Bank of America N.A.	GRE	RBS Securities, Inc.	RYL	Royal Bank of Scotland Group PLC
BOS	Banc of America Securities LLC	GSC	Goldman Sachs & Co.	SAL	Citigroup Global Markets, Inc.
BPG	BNP Paribas Securities Corp.	GST	Goldman Sachs International	SCX	Standard Chartered Bank
BPS	BNP Paribas S.A.	HUS	HSBC Bank USA N.A.	SGY	Societe Generale, New York
BRC	Barclays Bank PLC	JML	JP Morgan Securities Plc	SOG	Societe Generale
CBK	Citibank N.A.	JPM	JPMorgan Chase Bank N.A.	SSB	State Street Bank and Trust Co.
CFR	Credit Suisse Securities (Europe) Ltd.	JPS	JPMorgan Securities, Inc.	TDM	TD Securities (USA) LLC
DEU	Deutsche Bank Securities, Inc.	MSB	Morgan Stanley Bank, N.A	UAG	UBS AG Stamford
DUB	Deutsche Bank AG	MSC	Morgan Stanley & Co., Inc.	UBS	UBS Securities LLC
FBF	Credit Suisse International	MYC	Morgan Stanley Capital Services, Inc.	WST	Westpac Banking Corp.
Currency Abbreviations:
AUD	Australian Dollar	GBP	British Pound	MXN	Mexican Peso
BRL	Brazilian Real	HUF	Hungarian Forint	NZD	New Zealand Dollar
CAD	Canadian Dollar	ILS	Israeli Shekel	PLN	Polish Zloty
CHF	Swiss Franc	INR	Indian Rupee	USD (or $)	United States Dollar
DKK	Danish Krone	JPY	Japanese Yen
EUR	Euro	KRW	South Korean Won
Exchange Abbreviations:
CBOT	Chicago Board of Trade	CME	Chicago Mercantile Exchange	OTC	Over the Counter
Index Abbreviations:
CDX.HY	Credit Derivatives Index - High Yield	CPURNSA	Consumer Price All Urban Non-Seasonally Adjusted Index	MCDX	Municipal Bond Credit Derivative Index
CMBX	Commercial Mortgage-Backed Index	EXT-CPI	Excluding Tobacco-Non-revised Consumer Price Index	UKRPI	United Kingdom Retail Price Index
Municipal Bond or Agency Abbreviations:
PSF	Public School Fund
Other Abbreviations:
ABS	Asset-Backed Security	CLO	Collateralized Loan Obligation	REMIC	Real Estate Mortgage Investment Conduit
ALT	Alternate Loan Trust	EURIBOR	Euro Interbank Offered Rate	RMBS	Residential Mortgage-Backed Security
BABs	Build America Bonds	LIBOR	London Interbank Offered Rate	TBD	To Be Determined
BBR	Bank Bill Rate	MBS	Mortgage-Backed Security	TIIE	Tasa de Interés Interbancaria de Equilibrio
BBSW	Bank Bill Swap Reference Rate	NCUA	National Credit Union Administration	YOY	Year-Over-Year
CDO	Collateralized Debt Obligation

SEMIANNUAL REPORT APRIL 30, 2015 127

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 and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

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.

FISH4001SAR_043015

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

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

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 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 is not applicable for semiannual reports

(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
Date:	June 26, 2015

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
Date:	June 26, 2015
By:	/s/   WILLIAM G. GALIPEAU
	William G. Galipeau
	Treasurer
Date:	June 26, 2015