PIMCO Managed Accounts Trust

N-CSRS 1 d414978dncsrs.htm PIMCO MANAGED ACCOUNTS TRUST PIMCO Managed Accounts Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-09721

PIMCO Managed Accounts Trust

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

William G. Galipeau

Treasurer (Principal Financial & Accounting Officer)

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

David C. Sullivan

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2017

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

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

Item 1.

Reports to Shareholders.

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

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PIMCO Managed Accounts Trust

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Semiannual Report

June 30, 2017

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

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

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

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

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

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Table of Contents



			Page

Letter from the Chairman of the Board & President				2
Important Information About the Portfolios				4
Expense Examples				22
Benchmark Descriptions				23
Financial Highlights				24
Statements of Assets and Liabilities				28
Statements of Operations				30
Statements of Changes in Net Assets				32
Statements of Cash Flows				35
Notes to Financial Statements				106
Glossary				138
Approval of Investment Advisory Contract and Other Agreements				139

Portfolio	Portfolio Summary		Schedule of Investments

Fixed Income SHares: Series C		12		36
Fixed Income SHares: Series LD		14		50
Fixed Income SHares: Series M		16		64
Fixed Income SHares: Series R		18		84
Fixed Income SHares: Series TE		20		99

Letter from the Chairman of the Board & President

Dear Shareholder,

The global equity markets generated strong results during the reporting period against a backdrop of solid corporate profits and signs of improving global growth. Meanwhile, the global fixed income market posted strong results as U.S. monetary policy tightened, whereas many international central banks maintained accommodative monetary policies.

For the six-month reporting period ended June 30, 2017

The U.S. economy continued to expand at a relatively modest pace during the reporting period. Looking back, U.S. gross domestic product (“GDP”), which represents 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 revised annual pace of 1.8% during the fourth quarter of 2016. GDP growth then moderated, growing at a revised annual pace of 1.2% for the first quarter of 2017. Finally, the Commerce Department’s initial reading — released after the reporting period had ended — showed that second quarter 2017 GDP grew at an annual pace of 2.6%.

The Federal Reserve (“Fed”) continued to normalize monetary policy, with two interest rate hikes during the reporting period. The first occurrence was in March 2017, followed by a second rate hike in June 2017. The second move put the federal funds rate between 1.00% and 1.25%. In its official statement following the Fed’s June meeting, the Fed said, “The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.” The Fed also indicated that it expects to begin reducing its balance sheet later this year.

Economic activity outside the U.S. generally improved during the reporting period. Nevertheless, a number of central banks, including the European Central Bank, Bank of England and Bank of Japan, maintained their highly accommodative monetary policies. However, toward the end of the reporting period, several central banks indicated that they may pare back their quantitative easing programs should growth improve and inflation increase.

The municipal (or “muni”) market posted positive returns during the first five months of the reporting period. The municipal market was supported by generally positive fundamentals, moderating supply and strong investor demand. The municipal market then experienced a modest setback during the last month of the period as demand moderated. The Bloomberg Barclays Municipal Bond Index gained 3.57% during the six months ended June 30, 2017. In comparison, the overall taxable fixed income market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 2.27% over the same period.


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Outlook

PIMCO’s baseline view is that the U.S. economy is likely to grow at about 2% per year, with inflation running close to the Fed’s target of 2%. PIMCO’s forecast for the federal funds rate at the end of it secular horizon is anchored in a “New Neutral” range of 2% to 3%, but with the risks skewed to the downside on rates. In PIMCO’s view, of real concern for the U.S. outlook, as well as the global outlook, is the “driving-without-a-spare-tire risk” at this late stage of the business cycle. In the next recession, whenever it occurs, PIMCO believes the Fed and other central banks will have less room to cut rates than in past cycles. Some countries — for example, the U.S., China, Germany — will likely have some “fiscal space” to deploy in the next downturn, but with sovereign debt levels already elevated, fiscal policy is unlikely to fully offset the constraints on monetary policy in the next global downturn.

For the eurozone, under PIMCO’s baseline secular scenario, there would be trend growth of 1.25% on average over the next five years, with inflation hovering between 1% and 2%. PIMCO sees risk to its outlook as roughly balanced for the eurozone in the near term, but with risk increasing and tilting to the downside toward the end of its secular horizon. For Japan, PIMCO’s base case secular outlook is for 0% to 1% inflation, with the Bank of Japan only gradually being able to raise the 10-year yield target. Finally, for China, PIMCO’s baseline scenario is that growth slows gradually to about 5.5%.

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 months ended June 30, 2017.

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 www.pimco.com/FISH to learn more about our views.

Sincerely,





Hans W. Kertess		Peter G. Strelow
Chairman of the Board of Trustees		President


		SEMIANNUAL REPORT		JUNE 30, 2017		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 wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). This risk may be particularly acute in the current market environment because market interest rates are currently near historically low levels. This, combined with recent economic recovery, the Federal Reserve Board’s conclusion of its quantitative easing program, and increases in federal funds interest rates in 2015, 2016 and 2017, which had not occurred since 2006, could potentially increase the probability of an upward interest rate environment in the near future. To the extent the Federal Reserve Board continues to raise interest rates, there is a risk that rates across the financial system may rise.

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. In addition, in the current low interest rate environment, the net asset value (“NAV”) of the Portfolios’ common shares may be particularly sensitive to changes in interest rates or the perception that there will be a change in interest rates.

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 NAV. 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. The regulation of the derivatives markets has increased over the past several years, and additional future regulation of the derivatives markets may make derivatives more costly, may limit the availability or reduce the liquidity of derivatives, or may otherwise adversely affect the value or performance of derivatives. Any such adverse future developments could impair the effectiveness of a Portfolio’s derivative transactions and cause a Portfolio to lose value. For instance, in December 2015, the SEC proposed new regulations applicable to a registered investment company’s use of derivatives and related instruments. If adopted as proposed, these regulations could significantly limit or impact a Portfolio’s ability to invest in derivatives and other instruments, limit a Portfolio’s ability to employ


4		PIMCO MANAGED ACCOUNTS TRUST

certain strategies that use derivatives and/or adversely affect a Portfolio’s performance, efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objective.

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 a Portfolio 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.

The geographical classification of 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.

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


		SEMIANNUAL REPORT		JUNE 30, 2017		5

Important Information About the Portfolios (Cont.)

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 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.

The Portfolios may leverage their assets through the use of tender option bond transactions. In a tender option bond transaction (“TOB”), a tender option bond trust (“TOB Trust”) issues floating rate certificates (“TOB Floater”) and residual interest certificates (“TOB Residual”) and utilizes the proceeds of such issuance to purchase a fixed-rate municipal bond (“Fixed Rate Bond”). The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Portfolio that sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to a Portfolio bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received from the issuance of the TOB Floater and TOB Residual (less transaction expenses) to purchase the Fixed Rate Bond from a Portfolio, the Portfolio may then invest the cash received in additional securities, generating leverage for the Portfolio. The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond’s downside investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds.

In December 2013, regulators finalized rules implementing Section 619 (the “Volcker Rule”) and Section 941 (the “Risk Retention Rules”) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Both the Volcker Rule and the Risk Retention Rules apply to tender option bond programs and require that such programs be restructured. In particular, these rules preclude banking entities from (i) sponsoring or acquiring interests in the trusts used to hold a municipal bond in the creation of TOB Trusts; and (ii) continuing to service or maintain relationships with existing programs involving TOB Trusts to the same extent and in the same capacity as existing programs. At this time, the full impact of these rules is not certain and the implementation of the Volcker Rule is still being phased in with respect to TOB Trusts established prior to December 31, 2013 (“Legacy TOB Trusts”).


6		PIMCO MANAGED ACCOUNTS TRUST

In response to these rules, industry participants are continuing to explore various structuring alternatives for both Legacy TOB Trusts and TOB Trusts established after December 31, 2013. Because of the important role that tender option bond programs play in the municipal bond market, it is possible that implementation of these rules and any resulting impact may adversely impact the municipal bond market and the Portfolios. For example, as a result of the implementation of these rules, the municipal bond market may experience reduced demand or liquidity and increased financing costs.

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 on its investment. The Portfolios may also invest in bonds and other instruments that are not rated, but which PIMCO considers to be equivalent to high-yield investments. 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 obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer might not make an interest or other payments. 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 adversely affect the income received from such securities and the NAV of the Portfolios’ shares.

The global economic crisis brought several small economies in Europe to the brink of bankruptcy and many other economies into recession and weakened the banking and financial sectors of many European countries. For example, the governments of Greece, Spain, Portugal, and the Republic of Ireland have all experienced large public budget deficits, the effects of which are still yet unknown and may slow the overall recovery of the European economies from the global economic crisis. In addition, due to large public deficits, some European countries may be dependent on assistance from other European governments and institutions or other central banks or supranational agencies such as the International Monetary Fund. Assistance may be dependent on a country’s implementation of reforms or reaching a certain level of performance. Failure to reach those objectives or an insufficient level of assistance could result in a deep economic downturn which could significantly affect the value of a Portfolio’s European investments. It is possible that one or more Economic and Monetary Union of the European Union member countries could abandon the euro and return to a national currency and/or that the euro will cease to exist as a single currency in its current form. The exit of any country out of the euro may have an extremely destabilizing effect on other eurozone countries and their economies and a negative effect on the global economy as a whole. Such an exit by one country may also increase the possibility that additional countries may exit the euro should they face similar financial difficulties.


		SEMIANNUAL REPORT		JUNE 30, 2017		7

Important Information About the Portfolios (Cont.)

In June 2016, the United Kingdom approved a referendum to leave the EU. Significant uncertainty remains in the market regarding the ramifications of that development, and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict.

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 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.

Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which a Portfolio may invest is generally less than that for corporate equities or bonds, and the investment performance of a Portfolio’s investment in municipal bonds may therefore be more dependent on the analytical abilities of PIMCO than investments in taxable bonds. The secondary market for municipal bonds, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect a Portfolio’s ability to sell its bonds at attractive prices.

The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the issuer. Laws, referenda, ordinances or regulations enacted in the future by Congress or state legislatures or the applicable governmental entity could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such obligations, or on the ability of municipal issuers to levy taxes. Issuers of municipal securities might also seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, a Portfolio could experience delays in collecting principal and interest and the Portfolio may not, in all circumstances, be able to collect all


8		PIMCO MANAGED ACCOUNTS TRUST

principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, a Portfolio may take possession of, and manage, the assets securing the issuer’s obligations on such securities, which may increase the Portfolio’s operating expenses. Any income derived from the Portfolio’s ownership or operation of such assets may not be tax-exempt. More generally, the Portfolios other than FISH: Series TE do not expect to be eligible to pass through to shareholders the tax-exempt character of interest earned on municipal bonds.

A Portfolio that has substantial exposures to 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 has substantial exposures to 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.

As the use of technology has become more prevalent in the course of business, the Portfolios have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to a Portfolio’s digital information systems (e.g., through “hacking” or malicious software coding), but may also result from outside attacks such as denial-of-service attacks (i.e., efforts to make network services unavailable to intended users). In addition, cyber security breaches involving a Portfolio’s third party service providers (including but not limited to advisers, sub-advisers, administrators, transfer agents, custodians, distributors and other third parties), trading counterparties or issuers in which a Portfolio invests can also subject a Portfolio to many of the same risks associated with direct cyber security breaches. Moreover, cyber


		SEMIANNUAL REPORT		JUNE 30, 2017		9

Important Information About the Portfolios (Cont.)

security breaches involving trading counterparties or issuers in which a Portfolio invests could adversely impact such counterparties or issuers and cause the Portfolio’s investment to lose value.

Cyber security failures or breaches may result in financial losses to a Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Portfolio’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

Like with operational risk in general, the Portfolios have established business continuity plans and risk management systems designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Portfolios do not directly control the cyber security systems of issuers in which a Portfolio may invest, trading counterparties or third party service providers to the Portfolios. There is also a risk that cyber security breaches may not be detected. The Portfolios and their shareholders could be negatively impacted as a result.

The Portfolios may be subject to various risks, including, but not limited to, the following: credit risk, currency risk, focused-investment risk, interest rate risk, issuer-non-diversification risk, sovereign debt 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 distributions were reinvested. 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. The figures in the line graph are calculated at net asset value and assume the investment of $10,000 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 and diversification status of each Portfolio:


Portfolio Name	Commencement of Operations		Diversification Status
Fixed Income SHares: Series C		03/17/00	Diversified
Fixed Income SHares: Series LD		12/20/13	Diversified
Fixed Income SHares: Series M		03/17/00	Diversified
Fixed Income SHares: Series R		04/15/04	Diversified
Fixed Income SHares: Series TE		06/25/12	Non-Diversified


10		PIMCO MANAGED ACCOUNTS TRUST

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with PIMCO as the Investment Adviser and Administrator, PIMCO Investments LLC and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolios. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Portfolio’s prospectus nor summary prospectus, the Trust’s Statement of Additional Information (SAI), any press release or shareholder report, any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings from or on behalf of the Trust or a Portfolio creates a contract between or among any shareholders of a Portfolio, on the one hand, and the Trust, a Portfolio, a service provider to the Trust or a Portfolio, and/or the Trustees or officers of the Trust, on the other hand.

The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent or use a new prospectus, summary prospectus or SAI with respect to a Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

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 (800) 927-4648, on the Portfolios’ website at www.pimco.com/ FISH, 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 (800) 927-4648, on the Portfolios’ website at www.pimco.com/FISH. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.


		SEMIANNUAL REPORT		JUNE 30, 2017		11


Fixed Income SHares: Series C		FXICX

Cumulative Returns Through June 30, 2017

LOGO


Allocation Breakdown as of 06/30/2017^†^§

U.S. Treasury Obligations			29.8%
Asset-Backed Securities			22.4%
Corporate Bonds & Notes			21.2%
U.S. Government Agencies			20.2%
Non-Agency Mortgage-Backed Securities			3.4%
Short-Term Instruments			1.1%
Other			1.9%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.


Average Annual Total Return for the period ended June 30, 2017
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares: Series C		4.33%		5.35%		3.42%		10.40%		9.79%
	Bloomberg Barclays U.S. Credit Intermediate Index		2.54%		1.36%		2.99%		4.87%		5.48%	^¨

All Portfolio returns are net of fees and expenses.

* Cumulative Return

^¨	Average Annual Return since 03/31/00

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 portfolio distribution or the redemption of portfolio shares or the deduction of any fees charged to investors at the “wrap account” level. Returns shown do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. Differences in the Portfolio’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Portfolio and the index.

The Portfolio’s total annual operating expense ratio as stated in the Portfolio’s current prospectus, as supplemented to date, is 0.13%.


12		PIMCO MANAGED ACCOUNTS TRUST

Investment Objective and Strategy Overview

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

Portfolio Insights

The following affected performance during the reporting period:

Overweight exposure to investment grade corporate credit risk, specifically the financial sector, benefited performance, as the total returns of this sector were positive.

Exposure to U.S. non-agency mortgages contributed to performance, as spreads narrowed.

Exposure to the intermediate portion of the U.S. yield curve was positive for performance, as that portion of the yield curve rallied.

Long Mexican peso exposure added to performance, as the currency appreciated against the U.S. dollar.

Underweight exposure to investment grade credit spread risk, specifically the industrials sector, detracted from performance, as spreads in that sector narrowed.


		SEMIANNUAL REPORT		JUNE 30, 2017		13


Fixed Income SHares: Series LD		FXIDX

Cumulative Returns Through June 30, 2017

LOGO


Allocation Breakdown as of 06/30/2017^†§

Corporate Bonds & Notes			58.0%
U.S. Treasury Obligations			21.9%
Asset-Backed Securities			11.9%
Non-Agency Mortgage-Backed Securities			2.6%
Short-Term Instruments			2.1%
Sovereign Issues			1.5%
Municipal Bonds & Notes			1.0%
Other			1.0%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.


Average Annual Total Return for the period ended June 30, 2017
		6 Month*		1 Year		Commencement of Operations (12/20/13)
	Fixed Income SHares: Series LD		2.59%		5.93%		4.05%
	BofA Merrill Lynch 1-3 Year U.S. Treasury Index		0.44%		(0.11)%		0.70%

All Portfolio returns are net of fees and expenses.

* Cumulative Return

The Portfolio’s total annual operating expense ratio as stated in the Portfolio’s current prospectus, as supplemented to date, is 0.69%.


14		PIMCO MANAGED ACCOUNTS TRUST

Investment Objective and Strategy Overview

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

Portfolio Insights

The following affected performance during the reporting period:

Overweight exposure to investment grade corporate bonds, particularly financials, industrials and utilities, added to performance, as the sectors outperformed like-duration Treasuries during the reporting period, as measured by the Bloomberg Barclays U.S. Credit Index.

Spread strategies, particularly security selection of non-agency mortgage backed securities, contributed to performance.

Exposure to Mexican rates contributed to performance, as yields fell across the curve during the reporting period.

Overall, currency positioning detracted from performance. A long dollar position against the Australian dollar, euro, and Japanese yen hurt performance, as each currency appreciated over the period.

U.S. interest rate exposure, as well as yield curve positioning, detracted from returns. More specifically, overweight exposure to the short end of the yield curve detracted from results, as respective Treasury yields rose during the reporting period.


		SEMIANNUAL REPORT		JUNE 30, 2017		15


Fixed Income SHares: Series M		FXIMX

Cumulative Returns Through June 30, 2017

LOGO


Allocation Breakdown as of 06/30/2017^†§

U.S. Government Agencies			31.9%
Asset-Backed Securities			22.0%
U.S. Treasury Obligations			19.1%
Non-Agency Mortgage-Backed Securities			12.5%
Corporate Bonds & Notes			9.8%
Municipal Bonds & Notes			2.8%
Short-Term Instruments			1.5%
Other			0.4%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.


Average Annual Total Return for the period ended June 30, 2017
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares: Series M		6.10%		5.02%		5.00%		7.19%		7.80%
	Bloomberg Barclays U.S. MBS Fixed Rate Index		1.35%		(0.06)%		2.00%		4.36%		5.01%	^¨

All Portfolio returns are net of fees and expenses.

* Cumulative Return

^¨ Average Annual Return since 03/31/00

The Portfolio’s total annual operating expense ratio as stated in the Portfolio’s current prospectus, as supplemented to date, is 0.16%.


16		PIMCO MANAGED ACCOUNTS TRUST

Investment Objective and Strategy Overview

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

Portfolio Insights

The following affected performance during the reporting period:

Overweight exposure to non-agency mortgage-backed securities (MBS) benefited performance, as spreads narrowed over the period.

Overweight exposure to U.S. duration added to performance, as rates rallied.

Overweight exposure to corporate credit spread risk added to performance, as spreads narrowed over the period.

Long exposure to the Mexican peso, Australian dollar and Russian ruble added to returns, as each currency appreciated versus the U.S. dollar.


		SEMIANNUAL REPORT		JUNE 30, 2017		17


Fixed Income SHares: Series R		FXIRX

Cumulative Returns Through June 30, 2017

LOGO


Allocation Breakdown as of 06/30/2017^†^§

U.S. Treasury Obligations			75.5%
Sovereign Issues			10.4%
Corporate Bonds & Notes			4.5%
Short-Term Instruments			4.0%
Asset-Backed Securities			2.2%
Non-Agency Mortgage-Backed Securities			1.9%
U.S. Government Agencies			1.5%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.


Average Annual Total Return for the period ended June 30, 2017
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (04/15/04)
	Fixed Income SHares: Series R		1.73%		2.03%		0.78%		7.01%		6.15%
	Bloomberg Barclays U.S. TIPS Index		0.85%		(0.63)%		0.27%		4.27%		4.25%	^¨

All Portfolio returns are net of fees and expenses.

* Cumulative Return

^¨ Average Annual Return since 04/30/04

The Portfolio’s total annual operating expense ratio as stated in the Portfolio’s current prospectus, as supplemented to date, is 0.42%.


18		PIMCO MANAGED ACCOUNTS TRUST

Investment Objective and Strategy Overview

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

Portfolio Insights

The following affected performance during the reporting period:

Underweight exposure to nominal U.K. interest rates via interest rate swaps added to performance over the period, as interest rates rose.

Underweight exposure to U.K. breakeven inflation achieved via inflation swaps added to performance, as longer-term breakeven inflation rates fell over the period.

Exposure to securitized debt added to performance, as the sector posted positive returns.

Overweight exposure to the Brazilian real detracted from performance, as the currency depreciated over the period.


		SEMIANNUAL REPORT		JUNE 30, 2017		19


Fixed Income SHares: Series TE		FXIEX

Cumulative Returns Through June 30, 2017

LOGO


Allocation Breakdown as of 06/30/2017^†^§

Municipal Bonds & Notes			99.1%
Short-Term Instruments			0.9%

^†

% of Investments, at value.

^§

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.


Average Annual Total Return for the period ended June 30, 2017
		6 Month*		1 Year		5 Year		Commencement of Operations (06/25/12)
	Fixed Income SHares: Series TE		5.05%		0.95%		2.84%		2.83%
	Bloomberg Barclays 1 Year Municipal Bond Index		0.96%		0.60%		0.72%		0.71%

All Portfolio returns are net of fees and expenses.

* Cumulative Return

The Portfolio’s total annual operating expense ratio as stated in the Portfolio’s current prospectus, as supplemented to date, is 0.00%.


20		PIMCO MANAGED ACCOUNTS TRUST

Investment Objective and Strategy Overview

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.

Portfolio Insights

The following affected performance during the reporting period:

Overweight exposure to revenue-backed bonds contributed to results, as they outperformed the broader municipal bond market.

Overweight exposure to the Hospitals and Industrial Revenue sectors contributed to returns, as these sectors outperformed the broader municipal bond market during the reporting period.

U.S. interest rate and yield curve strategies contributed to performance over the period. Specifically, underweight exposure to the short end of the yield curve and overweight exposure to the long end of the yield curve contributed to performance, as the yield curve flattened.

Spread strategies related to non-municipal bond positions moderately detracted from performance.

Underweight exposure to Local General Obligation (GO) Bonds detracted from performance, as Local GO’s outperformed the broader municipal bond index.


		SEMIANNUAL REPORT		JUNE 30, 2017		21

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 January 1, 2017 to June 30, 2017 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 rows, 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 row for your Portfolio 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 (01/01/17)		Ending Account Value (06/30/17)		Expenses Paid During Period*		Beginning Account Value (01/01/17)		Ending Account Value (06/30/17)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Series C	$	1,000.00	$	1,043.30	$	1.47	$	1,000.00	$	1,023.36	$	1.45		0.29	%
Series LD		1,000.00		1,025.90		5.88		1,000.00		1,018.99		5.86		1.17
Series M		1,000.00		1,061.00		0.76		1,000.00		1,024.06		0.75		0.15
Series R		1,000.00		1,017.30		2.00		1,000.00		1,022.81		2.01		0.40
Series TE		1,000.00		1,050.50		0.10		1,000.00		1,024.70		0.10		0.02	^(a)

* 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 181/365 (to reflect the one-half year period).

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

^(a)The Net Annualized Expense Ratio reflected in the expense example above includes 0.02% of non-cash interest expense as shown in the Financial Statements. If the example excluded non-cash interest expense, Expenses Paid During Period would have been $0.00 for Actual Performance and $0.00 Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Portfolio, but instead is offset by additional interest income recorded by the Portfolio in Tender Option Bonds (“TOBs”) transaction accounted for as secured borrowing. Refer to Note 5, Borrowings and other Financing Transactions in the Notes to Financial Statements for additional information regarding TOBs.


22		PIMCO MANAGED ACCOUNTS TRUST

Benchmark Descriptions


Index		Description

Bloomberg Barclays U.S. Credit Intermediate Index		The Bloomberg Barclays U.S. Credit Intermediate Index is an unmanaged index of publicly issued U.S. corporate and specified non-U.S. debentures and secured notes with intermediate maturities ranging from 1 to 10 years. To qualify, bonds must be SEC-registered. Securities must also meet specific liquidity and quality requirements.

Bloomberg Barclays U.S. MBS Fixed-Rate Index		Bloomberg Barclays U.S. MBS Fixed Rate Index is an unmanaged index of mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of over 600,000 individual fixed rate MBS pools into approximately 3,500 generic aggregates.

Bloomberg Barclays U.S. TIPS Index		Bloomberg Barclays U.S. TIPS Index is an unmanaged 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.

Bloomberg Barclays 1-Year Municipal Bond Index		The Bloomberg Barclays 1-Year Municipal Bond Index is the 1 Year (1-2) component of the Municipal Bond Index. The Index is a rules- based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.

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.


		SEMIANNUAL REPORT		JUNE 30, 2017		23

Financial Highlights


				Investment Operations											Less Distributions^(b)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period			Net Investment Income (Loss)^(a)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains				Tax Basis Return of Capital				Total
Series C
01/01/2017 - 06/30/2017+		$	10.05		$	0.20		$	0.23			$	0.43			$	(0.20	)		$	0.00			$	0.00			$	(0.20	)
12/31/2016			10.42			0.44			(0.36	)			0.08				(0.38	)			0.00				(0.07	)			(0.45	)
11/01/2015 - 12/31/2015^(e)			11.20			0.09			(0.11	)			(0.02	)			(0.76	)			0.00				0.00				(0.76	)^(f)
10/31/2015			12.29			0.53			(0.48	)			0.05				(0.56	)			(0.58	)			0.00				(1.14	)
10/31/2014			13.11			0.51			0.05				0.56				(0.55	)			(0.83	)			0.00				(1.38	)
10/31/2013			13.75			0.60			(0.24	)			0.36				(0.90	)			(0.10	)			0.00				(1.00	)
10/31/2012			12.71			0.65			1.06				1.71				(0.67	)			0.00				0.00				(0.67	)
Series LD
01/01/2017 - 06/30/2017+		$	9.77		$	0.19		$	0.06			$	0.25			$	(0.21	)		$	0.00			$	0.00			$	(0.21	)
12/31/2016			9.83			0.37			0.03				0.40				(0.46	)			0.00				0.00				(0.46	)
11/01/2015 - 12/31/2015^(e)			10.02			0.06			(0.03	)			0.03				(0.10	)			(0.12	)			0.00				(0.22	)^(f)
10/31/2015			10.20			0.31			0.00				0.31				(0.38	)			(0.11	)			0.00				(0.49	)
12/20/2013 - 10/31/2014			10.00			0.19			0.22				0.41				(0.21	)			0.00				0.00				(0.21	)
Series M
01/01/2017 - 06/30/2017+		$	9.95		$	0.22		$	0.38			$	0.60			$	(0.18	)		$	0.00			$	0.00			$	(0.18	)
12/31/2016			9.87			0.58			0.27				0.85				(0.49	)			(0.28	)			0.00				(0.77	)
11/01/2015 - 12/31/2015^(e)			10.06			0.10			(0.11	)			(0.01	)			(0.18	)			0.00				0.00				(0.18	)^(f)
10/31/2015			10.78			0.50			(0.45	)			0.05				(0.50	)			(0.27	)			0.00				(0.77	)
10/31/2014			10.86			0.43			0.07				0.50				(0.40	)			(0.18	)			0.00				(0.58	)
10/31/2013			11.22			0.34			(0.23	)			0.11				(0.47	)			0.00				0.00				(0.47	)
10/31/2012			10.51			0.41			0.84				1.25				(0.54	)			0.00				0.00				(0.54	)
Series R
01/01/2017 - 06/30/2017+		$	9.13		$	0.19		$	(0.03	)		$	0.16			$	(0.19	)		$	0.00			$	0.00			$	(0.19	)
12/31/2016			8.94			0.35			0.16				0.51				(0.13	)			0.00				(0.19	)			(0.32	)
11/01/2015 - 12/31/2015^(e)			9.46			0.01			(0.18	)			(0.17	)			(0.33	)			0.00				(0.02	)			(0.35	)^(f)
10/31/2015			10.47			0.19			(0.62	)			(0.43	)			(0.58	)			0.00				0.00				(0.58	)
10/31/2014			10.52			0.37			0.01				0.38				(0.18	)			(0.25	)			0.00				(0.43	)
10/31/2013			11.93			0.19			(0.69	)			(0.50	)			(0.23	)			(0.68	)			0.00				(0.91	)
10/31/2012			11.97			0.31			1.10				1.41				(0.40	)			(1.05	)			0.00				(1.45	)


24		PIMCO MANAGED ACCOUNTS TRUST					See Accompanying Notes


						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year or Period			Total Return^(c)			Net Assets End of Year or Period (000s)			Expenses^(d)			Expenses Excluding Waivers^(d)			Expenses Excluding Interest Expense^(d)			Expenses Excluding Interest Expense and Waivers^(d)			Net Investment Income (Loss)			Portfolio Turnover Rate

	$	10.28		4.33	%		$	1,337,413		0.29	%*		0.29	%*		0.00	%*		0.00	%*		3.94	%*		229	%
		10.05		0.84				1,299,845		0.13			0.13			0.00			0.00			4.35			259
		10.42		(0.17	)			1,429,703		0.11	*		0.11	*		0.00	*		0.00	*		4.54	*		8
		11.20		0.43				1,604,425		0.03			0.03			0.00			0.00			4.56			95
		12.29		4.72				2,353,773		0.01			0.01			0.00			0.00			4.11			82
		13.11		2.72				3,261,050		0.00			0.00			0.00			0.00			4.65			149
		13.75		13.79				4,018,843		0.00			0.00			0.00			0.00			4.87			83

	$	9.81		2.59	%		$	62,187		1.17	%*		1.17	%*		0.00	%*		0.00	%*		3.87	%*		75	%
		9.77		4.17				31,609		0.69			0.69			0.00			0.00			3.83			1,395
		9.83		0.29				31,900		0.32	*		0.32	*		0.00	*		0.00	*		3.48	*		44
		10.02		3.11				28,100		0.24			0.24			0.00			0.00			3.10			1,135
		10.20		4.08				9,070		0.10	*		0.10	*		0.00	*		0.00	*		2.15	*		8,278

	$	10.37		6.10	%		$	1,357,737		0.15	%*		0.15	%*		0.00	%*		0.00	%*		4.40	%*		299	%
		9.95		8.78				1,324,624		0.16			0.16			0.00			0.00			5.65			582
		9.87		(0.07	)			1,487,909		0.14	*		0.14	*		0.00	*		0.00	*		5.60	*		68
		10.06		0.51				1,622,393		0.06			0.06			0.00			0.00			4.83			473
		10.78		4.78				2,332,201		0.04			0.04			0.00			0.00			4.01			587
		10.86		0.97				2,996,930		0.00			0.00			0.00			0.00			3.25			448
		11.22		12.23				3,988,009		0.00			0.00			0.00			0.00			3.78			516

	$	9.10		1.73	%		$	154,293		0.40	%*		0.40	%*		0.00	%*		0.00	%*		4.22	%*		104	%
		9.13		5.68				150,112		0.42			0.42			0.00			0.00			3.81			311
		8.94		(1.76	)			157,218		0.28	*		0.28	*		0.00	*		0.00	*		0.87	*		16
		9.46		(4.22	)			174,222		0.16			0.16			0.00			0.00			1.89			126
		10.47		3.82				215,671		0.07			0.07			0.00			0.00			3.55			88
		10.52		(4.78	)			350,159		0.04			0.04			0.00			0.00			2.06			69
		11.93		13.26				602,719		0.02			0.02			0.00			0.00			2.67			264


		SEMIANNUAL REPORT		JUNE 30, 2017		25

Financial Highlights (Cont.)


				Investment Operations											Less Distributions^(b)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period			Net Investment Income (Loss)^(a)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains			Tax Basis Return of Capital			Total
Series TE
01/01/2017 - 06/30/2017+		$	9.75		$	0.18		$	0.31			$	0.49			$	(0.18	)		$	0.00		$	0.00		$	(0.18	)
12/31/2016			10.02			0.32			(0.27	)			0.05				(0.32	)			0.00			0.00			(0.32	)
11/01/2015 - 12/31/2015^(e)			9.85			0.06			0.17				0.23				(0.06	)			0.00			0.00			(0.06	)^(f)
10/31/2015			9.90			0.28			(0.06	)			0.22				(0.27	)			0.00			0.00			(0.27	)
10/31/2014			9.64			0.26			0.24				0.50				(0.24	)			0.00			0.00			(0.24	)
10/31/2013			9.99			0.22			(0.35	)			(0.13	)			(0.22	)			0.00			0.00			(0.22	)
06/25/2012 - 10/31/2012			10.00			0.05			(0.01	)			0.04				(0.05	)			0.00			0.00			(0.05	)

Unaudited

*	Annualized

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

^(b)

The tax characterization of distributions is determined in accordance with federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(c)	The calculation assumes that all income dividends and capital gain distributions, if any, have been reinvested. Total return does not reflect broker commissions or “wrap fee” charges. Total investment return for a period of less than one year is not annualized.

^(d)

The financial statements reflect the fact that no investment management fees or expenses are incurred by the Portfolios. The Portfolios are an integral part of “wrap-fee” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Portfolios and PIMCO. Participants in these programs pay a “wrap” fee to the sponsor of the program.

^(e)	Fiscal year end changed from October 31st to December 31st.

^(f)	Total distributions for the period ended December 31, 2015 may be lower than prior fiscal years due to fiscal year end changes resulting in a reduction of the amount of days in the period ended December 31, 2015.


26		PIMCO MANAGED ACCOUNTS TRUST					See Accompanying Notes


						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year or Period			Total Return^(c)			Net Assets End of Year or Period (000s)			Expenses^(d)			Expenses Excluding Waivers^(d)			Expenses Excluding Interest Expense^(d)			Expenses Excluding Interest Expense and Waivers^(d)			Net Investment Income (Loss)			Portfolio Turnover Rate

	$	10.06		5.05	%		$	87,649		0.02	%*		0.02	%*		0.00	%*		0.00	%*		3.70	%*		50	%
		9.75		0.40				90,288		0.00			0.00			0.00			0.00			3.14			193
		10.02		2.33				92,821		0.00	*		0.00	*		0.00	*		0.00	*		3.43	*		5
		9.85		2.25				91,524		0.00			0.00			0.00			0.00			2.91			72
		9.90		5.27				95,841		0.00			0.00			0.00			0.00			2.67			8
		9.64		(1.40	)			65,594		0.00			0.00			0.00			0.00			2.19			18
		9.99		0.43				9,450		0.00	*		0.00	*		0.00	*		0.00	*		1.71	*		30


		SEMIANNUAL REPORT		JUNE 30, 2017		27

Statements of Assets and Liabilities


(Amounts in thousands^†, except per share amounts)	Series C			Series LD
Assets:
Investments, at value
Investments in securities*	$	2,417,779		$	137,390
Financial Derivative Instruments
Exchange-traded or centrally cleared		1,625			297
Over the counter		5,050			134
Cash		57			108
Deposits with counterparty		19,703			1,101
Foreign currency, at value		2,605			241
Receivable for investments sold		1,127			2,527
Receivable for investments sold on a delayed-delivery basis		0			0
Receivable for TBA investments sold		633,674			0
Receivable for Portfolio shares sold		262			113
Interest and/or dividends receivable		12,989			802
Other assets		17			0
Total Assets		3,094,888			142,713

Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	65,193		$	49,624
Payable for sale-buyback transactions		509,450			29,190
Payable for tender option bond floating rate certificates		0			0
Payable for short sales		75,321			0
Financial Derivative Instruments
Exchange-traded or centrally cleared		392			161
Over the counter		7,308			218
Payable for investments purchased		41,553			1,100
Payable for TBA investments purchased		1,048,082			0
Deposits from counterparty		5,605			0
Payable for Portfolio shares redeemed		239			0
Distributions payable		4,331			233
Other liabilities		1			0
Total Liabilities		1,757,475			80,526

Net Assets	$	1,337,413		$	62,187

Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)	$	130		$	6
Paid in capital in excess of par		1,527,079			62,787
Undistributed (overdistributed) net investment income		(5,269	)		(138	)
Accumulated undistributed net realized gain (loss)		(192,602	)		(695	)
Net unrealized appreciation (depreciation)		8,075			227

Net Assets	$	1,337,413		$	62,187

Shares Issued and Outstanding		130,107			6,340

Net Asset Value Per Share Outstanding	$	10.28		$	9.81

Cost of investments in securities	$	2,402,569		$	136,561
Cost of foreign currency held	$	2,581		$	240
Proceeds received on short sales	$	75,321		$	0
Cost or premiums of financial derivative instruments, net	$	(2,051	)	$	19

* Includes repurchase agreements of:	$	26,769		$	473

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


28		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

June 30, 2017 (Unaudited)


Series M			Series R			Series TE


$	2,434,971		$	250,342		$	89,911

	249			496			41
	2,826			1,061			26
	1			251			997
	361			2,127			265
	1,098			690			0
	4,858			209			0
	0			64			0
	1,037,634			11,689			0
	258			1			8
	7,902			826			939
	17			0			0
	3,490,175			267,756			92,187



$	183,363		$	1,879		$	0
	124,278			93,284			0
	0			0			3,005
	0			0			0

	301			328			0
	2,602			3,191			72
	1,846			47			1,171
	1,811,334			13,636			0
	4,422			260			0
	279			93			0
	4,012			745			287
	1			0			3
	2,132,438			113,463			4,538

$	1,357,737		$	154,293		$	87,649


$	131		$	17		$	9
	1,310,499			192,574			85,798
	1,392			(1,061	)		(15	)
	18,764			(38,630	)		(2,402	)
	26,951			1,393			4,259

$	1,357,737		$	154,293		$	87,649

	130,872			16,954			8,712

$	10.37		$	9.10		$	10.06

$	2,407,286		$	251,617		$	85,787
$	1,079		$	683		$	0
$	0		$	0		$	0
$	(963	)	$	(160	)	$	(100	)

$	36,076		$	1,195		$	0


		SEMIANNUAL REPORT		JUNE 30, 2017		29

Statements of Operations


Six Months Ended June 30, 2017 (Unaudited)
(Amounts in thousands^†)	Series C			Series LD

Investment Income:
Interest	$	28,129		$	1,250
Total Income		28,129			1,250

Expenses:
Interest expense		1,949			289
Miscellaneous expense		10			1
Total Expenses		1,959			290

Net Investment Income (Loss)		26,170			960

Net Realized Gain (Loss):
Investments in securities		8,892			355
Exchange-traded or centrally cleared financial derivative instruments		36,523			(39	)
Over the counter financial derivative instruments		(7,888	)		(119	)
Foreign currency		973			32

Net Realized Gain (Loss)		38,500			229

Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		28,535			688
Exchange-traded or centrally cleared financial derivative instruments		(35,587	)		(377	)
Over the counter financial derivative instruments		(982	)		(181	)
Foreign currency assets and liabilities		(26	)		2

Net Change in Unrealized Appreciation (Depreciation)		(8,060	)		132

Net Increase (Decrease) in Net Assets Resulting from Operations	$	56,610		$	1,321

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


30		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes



Series M			Series R			Series TE


$	30,539		$	3,667		$	1,646
	30,539			3,667			1,646


	989			316			9
	2			1			1
	991			317			10

	29,548			3,350			1,636


	34,767			(257	)		399
	136			250			(84	)
	6,085			(208	)		100
	282			(30	)		0

	41,270			(245	)		415


	11,306			1,173			2,442
	22			312			98
	(1,964	)		(1,830	)		(97	)
	171			(10	)		0

	9,535			(355	)		2,443

$	80,353		$	2,750		$	4,494


		SEMIANNUAL REPORT		JUNE 30, 2017		31

Statements of Changes in Net Assets


	Series C
(Amounts in thousands^†)	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets from:

Operations:
Net investment income (loss)	$	26,170		$	62,875
Net realized gain (loss)		38,500			(123,153	)
Net change in unrealized appreciation (depreciation)		(8,060	)		74,163

Net Increase (Decrease) in Net Assets Resulting from Operations		56,610			13,885

Distributions to Shareholders:
From net investment income		(26,537	)		(54,775	)
From net realized capital gains		0			0
Tax basis return of capital		0			(9,773	)

Total Distributions^(a)		(26,537	)		(64,548	)

Portfolio Share Transactions:
Receipts for shares sold		140,449			353,155
Cost of shares redeemed		(132,954	)		(432,350	)
Net increase (decrease) resulting from Portfolio share transactions		7,495			(79,195	)

Total Increase (Decrease) in Net Assets		37,568			(129,858	)

Net Assets:
Beginning of period		1,299,845			1,429,703
End of period*	$	1,337,413		$	1,299,845

* Including undistributed (overdistributed) net investment income of:	$	(5,269	)	$	(4,902	)

Shares of Beneficial Interest:
Shares sold		13,853			34,827
Shares redeemed		(13,074	)		(42,771	)
Net increase (decrease) in shares outstanding		779			(7,944	)

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

^(a)


32		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes


Series LD						Series M
Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016



$	960		$	1,199		$	29,548		$	84,044
	229			(243	)		41,270			(4,820	)
	132			337			9,535			53,434

	1,321			1,293			80,353			132,658


	(1,078	)		(1,476	)		(24,340	)		(71,036	)
	0			0			0			(37,957	)
	0			0			0			0

	(1,078	)		(1,476	)		(24,340	)		(108,993	)


	36,467			8,949			112,677			244,368
	(6,132	)		(9,057	)		(135,577	)		(431,318	)
	30,335			(108	)		(22,900	)		(186,950	)

	30,578			(291	)		33,113			(163,285	)


	31,609			31,900			1,324,624			1,487,909
$	62,187		$	31,609		$	1,357,737		$	1,324,624

$	(138	)	$	(20	)	$	1,392		$	(3,816	)


	3,731			918			11,114			24,068
	(628	)		(927	)		(13,319	)		(41,698	)
	3,103			(9	)		(2,205	)		(17,630	)


		SEMIANNUAL REPORT		JUNE 30, 2017		33

Statements of Changes in Net Assets (Cont.)


	Series R						Series TE
(Amounts in thousands^†)	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets from:

Operations:
Net investment income (loss)	$	3,350		$	5,563		$	1,636		$	3,011
Net realized gain (loss)		(245	)		(11,225	)		415			404
Net change in unrealized appreciation (depreciation)		(355	)		13,911			2,443			(3,016	)

Net Increase (Decrease) in Net Assets Resulting from Operations		2,750			8,249			4,494			399

Distributions to Shareholders:
From net investment income		(3,299	)		(1,849	)		(1,608	)		(3,006	)
From net realized capital gains		0			0			0			0
Tax basis return of capital		0			(3,067	)		0			0

Total Distributions^(a)		(3,299	)		(4,916	)		(1,608	)		(3,006	)

Portfolio Share Transactions:
Receipts for shares sold		29,949			40,079			6,678			22,635
Cost of shares redeemed		(25,219	)		(50,518	)		(12,203	)		(22,561	)
Net increase (decrease) resulting from Portfolio share transactions		4,730			(10,439	)		(5,525	)		74

Total Increase (Decrease) in Net Assets		4,181			(7,106	)		(2,639	)		(2,533	)

Net Assets:
Beginning of period		150,112			157,218			90,288			92,821
End of period*	$	154,293		$	150,112		$	87,649		$	90,288

* Including undistributed (overdistributed) net investment income of:	$	(1,061	)	$	(1,112	)	$	(15	)	$	(43	)

Shares of Beneficial Interest:
Shares sold		3,256			4,407			679			2,241
Shares redeemed		(2,742	)		(5,559	)		(1,233	)		(2,235	)
Net increase (decrease) in shares outstanding		514			(1,152	)		(554	)		6

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

^(a)


34		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

Statements of Cash Flows


Six Months Ended June 30, 2017
(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	$	56,610		$	1,321		$	2,750

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		(5,251,010	)		(142,039	)		(284,356	)
Proceeds from sales of long-term securities		5,039,473			70,951			237,142
(Purchases) Proceeds from sales of short-term portfolio investments, net		22,273			(3,370	)		14,469
(Increase) decrease in deposits with counterparty		19,189			(376	)		115
(Increase) decrease in receivable for investments sold		(420,494	)		(2,527	)		45,357
(Increase) decrease in interest and/or dividends receivable		388			(327	)		(218	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(2,561	)		(564	)		245
Proceeds from (Payments on) over the counter financial derivative instruments		(6,814	)		(143	)		(342	)
(Increase) decrease in other assets		0			0			1
Increase (decrease) in payable for investments purchased		490,384			1,100			(53,976	)
Increase (decrease) in deposits from counterparty		(3,918	)		0			(260	)
Proceeds from (Payments on) short sales transactions, net		75,321			0			0
Proceeds from (Payments on) foreign currency transactions		947			34			(40	)
Increase (decrease) in other liabilities		1			0			0
Net Realized (Gain) Loss
Investments in securities		(8,892	)		(355	)		257
Exchange-traded or centrally cleared financial derivative instruments		(36,523	)		39			(250	)
Over the counter financial derivative instruments		7,888			119			208
Foreign currency		(973	)		(32	)		30
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		(28,535	)		(688	)		(1,173	)
Exchange-traded or centrally cleared financial derivative instruments		35,587			377			(312	)
Over the counter financial derivative instruments		982			181			1,830
Foreign currency assets and liabilities		26			(2	)		10
Net amortization (accretion) on investments		45			318			(528	)
Net Cash Provided by (Used for) Operating Activities		(10,606	)		(75,983	)		(39,041	)

Cash Flows Received from (Used for) Financing Activities:
Proceeds from shares sold		140,659			36,467			30,982
Payments on shares redeemed		(135,680	)		(6,132	)		(25,126	)
Cash distributions paid		(27,958	)		(956	)		(2,926	)
Proceeds from reverse repurchase agreements		4,495,356			313,949			15,919
Payments on reverse repurchase agreements		(4,914,016	)		(294,245	)		(14,039	)
Proceeds from sale-buyback transactions		5,258,141			576,877			943,034
Payments on sale-buyback transactions		(4,808,904	)		(549,662	)		(908,041	)
Net Cash Received from (Used for) Financing Activities		7,598			76,298			39,803

Net (Decrease) in Cash and Foreign Currency		(3,008	)		315			762

Cash and Foreign Currency:
Beginning of period		5,670			34			179
End of period	$	2,662		$	349		$	941

Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	2,687		$	297		$	351

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


		SEMIANNUAL REPORT		JUNE 30, 2017		35

Schedule of Investments PIMCO Fixed Income SHares: Series C


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 180.8%

LOAN PARTICIPATIONS AND ASSIGNMENTS 1.3%
Energy Future Intermediate Holding Co. LLC
4.295% due 06/30/2017	$		6,900	$		6,914
Petrobras Netherlands BV
TBD% - 3.281% due 05/10/2022			10,000			9,794

Total Loan Participations and Assignments (Cost $16,738)						16,708


CORPORATE BONDS & NOTES 38.2%

BANKING & FINANCE 28.1%
ABN AMRO Bank NV
4.800% due 04/18/2026			2,000			2,131
Air Lease Corp.
3.000% due 09/15/2023			3,150			3,136
Ally Financial, Inc.
6.250% due 12/01/2017			300			306
American Tower Corp.
3.500% due 01/31/2023			3,375			3,465
4.700% due 03/15/2022			1,600			1,735
Banco Santander S.A.
6.250% due 09/11/2021 (c)	EUR		400			474
Bank of America Corp.
4.000% due 04/01/2024	$		500			524
4.100% due 07/24/2023			5,600			5,935
4.125% due 01/22/2024			15,100			15,949
Barclays Bank PLC
7.625% due 11/21/2022			1,200			1,375
7.750% due 04/10/2023			7,300			7,619
10.000% due 05/21/2021	GBP		300			502
14.000% due 06/15/2019 (c)			100			159
Barclays PLC
4.375% due 01/12/2026	$		1,500			1,562
6.500% due 09/15/2019 (c)	EUR		400			473
Blackstone CQP Holdco LP
6.500% due 03/20/2021	$		12,800			12,871
BPCE S.A.
5.150% due 07/21/2024			1,000			1,070
CIT Group, Inc.
3.875% due 02/19/2019			900			925
Cooperatieve Rabobank UA
4.375% due 08/04/2025			6,000			6,303
6.625% due 06/29/2021 (c)	EUR		5,000			6,363
11.000% due 06/30/2019 (c)	$		200			233
Credit Agricole S.A.
7.500% due 06/23/2026 (c)	GBP		100			147
8.125% due 09/19/2033	$		1,300			1,386


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Suisse AG
6.500% due 08/08/2023	$		1,100	$		1,240
Credit Suisse Group Funding Guernsey Ltd.
3.800% due 09/15/2022			400			416
Crown Castle International Corp.
5.250% due 01/15/2023			4,000			4,448
Deutsche Bank AG
4.250% due 10/14/2021			16,375			17,162
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			7,581			7,876
FleetBoston Financial Corp.
6.875% due 01/15/2028			2,120			2,591
General Motors Financial Co., Inc.
4.250% due 05/15/2023			23,220			24,330
Goldman Sachs Group, Inc.
3.500% due 01/23/2025			25,000			25,298
4.000% due 03/03/2024			16,700			17,499
HBOS PLC
6.750% due 05/21/2018			25,300			26,321
HSBC Holdings PLC
6.375% due 09/17/2024 (c)			1,200			1,260
JPMorgan Chase & Co.
3.625% due 05/13/2024			900			929
7.900% due 04/30/2018 (c)			30,900			32,159
Lincoln Finance Ltd.
6.875% due 04/15/2021	EUR		3,300			4,048
MetLife Capital Trust
7.875% due 12/15/2067	$		600			813
Morgan Stanley
3.700% due 10/23/2024			10,000			10,273
3.875% due 04/29/2024			1,000			1,040
4.000% due 07/23/2025			6,900			7,210
Navient Corp.
5.500% due 01/15/2019			1,500			1,566
5.875% due 03/25/2021			5,255			5,570
7.250% due 01/25/2022			12,700			13,922
8.000% due 03/25/2020			1,100			1,232
Preferred Term Securities Ltd.
1.817% due 03/24/2034			196			181
Royal Bank of Scotland Group PLC
6.990% due 10/05/2017 (c)			400			455
7.500% due 08/10/2020 (c)			2,200			2,276
8.625% due 08/15/2021 (c)			17,000			18,572
Santander UK Group Holdings PLC
2.875% due 08/05/2021			3,100			3,110
SLM Student Loan Trust
0.840% due 03/15/2038	GBP		24,146			30,625
0.840% due 12/15/2039			7,810			9,487
Springleaf Finance Corp.
6.125% due 05/15/2022	$		7,700			8,143


36		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UBS AG
4.750% due 02/12/2026	EUR		400	$		505
Wells Fargo & Co.
3.450% due 02/13/2023	$		7,700			7,889
7.980% due 03/15/2018 (c)			12,917			13,479

						376,568


INDUSTRIALS 8.6%
Alliance Data Systems Corp.
5.250% due 12/01/2017			12,750			12,894
AutoNation, Inc.
6.750% due 04/15/2018			800			830
Brunswick Rail Finance Designated Activity Co.
6.500% due 11/01/2017			2,800			2,252
Charter Communications Operating LLC
4.908% due 07/23/2025			800			866
CSC Holdings LLC
7.875% due 02/15/2018			810			837
Delta Air Lines Pass-Through Trust
4.950% due 11/23/2020			204			212
6.200% due 01/02/2020			218			227
Ecopetrol S.A.
5.875% due 09/18/2023			2,500			2,740
Energy Transfer LP
9.700% due 03/15/2019			300			336
Ford Motor Co.
7.450% due 07/16/2031			6,000			7,605
Kinder Morgan Energy Partners LP
3.500% due 03/01/2021			300			308
3.950% due 09/01/2022			1,000			1,034
6.850% due 02/15/2020			3,000			3,309
Latam Airlines Pass-Through Trust
4.200% due 08/15/2029			2,919			2,909
Northwest Airlines Pass-Through Trust
7.041% due 10/01/2023			1,100			1,268
7.150% due 04/01/2021			16,250			17,307
Ooredoo International Finance Ltd.
5.000% due 10/19/2025			4,500			4,855
5.000% due 10/19/2025 (e)			7,300			7,876
Phosagro OAO via Phosagro Bond Funding DAC
4.204% due 02/13/2018			4,300			4,346
Rockies Express Pipeline LLC
5.625% due 04/15/2020			100			107
SES Global Americas Holdings GP
2.500% due 03/25/2019			400			400
Severstal OAO Via Steel Capital S.A.
6.700% due 10/25/2017			500			507
SFR Group S.A.
5.375% due 05/15/2022	EUR		700			835


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Sibur Securities DAC
3.914% due 01/31/2018	$		4,400	$		4,435
Solvay Finance America LLC
4.450% due 12/03/2025			1,000			1,066
Volkswagen Group of America Finance LLC
1.642% due 05/22/2018			1,100			1,101
WestJet Airlines Ltd.
3.500% due 06/16/2021			1,800			1,841
Wind Acquisition Finance S.A.
4.000% due 07/15/2020	EUR		28,200			32,573

						114,876


UTILITIES 1.5%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.700% due 08/07/2018	$		700			746
FirstEnergy Corp.
2.750% due 03/15/2018			2,000			2,013
Gazprom OAO Via Gaz Capital S.A.
8.146% due 04/11/2018			600			626
NRG Energy, Inc.
7.625% due 01/15/2018			1,162			1,203
Petrobras Global Finance BV
6.125% due 01/17/2022			4,350			4,502
Rosneft Finance S.A.
7.875% due 03/13/2018			3,700			3,836
SSE PLC
5.625% due 10/01/2017 (c)	EUR		5,000			5,787
TECO Finance, Inc.
6.572% due 11/01/2017	$		983			998

						19,711

Total Corporate Bonds & Notes (Cost $499,448)						511,155


MUNICIPAL BONDS & NOTES 0.7%

ILLINOIS 0.6%
Chicago, Illinois General Obligation Bonds, Series 2008
5.630% due 01/01/2022			200			199
Chicago, Illinois General Obligation Bonds, Series 2015
7.375% due 01/01/2033			1,500			1,547
7.750% due 01/01/2042			4,350			4,438
Chicago, Illinois General Obligation Notes, Series 2015
5.633% due 01/01/2020			200			202
Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035			1,095			1,173

						7,559


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		37

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TEXAS 0.1%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024	$		1,390	$		1,474

Total Municipal Bonds & Notes (Cost $8,937)						9,033


U.S. GOVERNMENT AGENCIES 36.6%
Fannie Mae
4.500% due 08/01/2039 - 11/01/2041			318			343
Fannie Mae, TBA
3.000% due 08/01/2032			74,000			75,867
3.500% due 08/01/2032 - 09/01/2047			346,000			354,803
4.000% due 08/01/2047			21,000			22,035
5.000% due 08/01/2047			33,000			36,016
Freddie Mac
1.875% due 12/01/2018			2			2
6.500% due 01/01/2038 - 10/01/2038			53			59
Ginnie Mae
2.375% due 01/20/2022			4			4

Total U.S. Government Agencies (Cost $490,278)						489,129


U.S. TREASURY OBLIGATIONS 53.9%
U.S. Treasury Bonds
3.000% due 05/15/2045			24,300			25,084
U.S. Treasury Notes
1.250% due 10/31/2021 (e)			207,500			202,681
1.750% due 04/30/2022 (g)(i)			6,000			5,966
1.750% due 09/30/2022 (i)			7,400			7,333
1.875% due 01/31/2022 (e)(g)			164,900			165,116
1.875% due 08/31/2022			8,000			7,984
2.125% due 06/30/2022			20,800			21,027
2.250% due 02/15/2027 (e)			255,600			254,502
2.375% due 05/15/2027			31,300			31,507

Total U.S. Treasury Obligations (Cost $720,813)						721,200


NON-AGENCY MORTGAGE-BACKED SECURITIES 6.1%
Banc of America Funding Trust
3.559% due 01/20/2047 ^			75			71
Bear Stearns Adjustable Rate Mortgage Trust
3.274% due 10/25/2033			44			44
3.283% due 05/25/2034			36			34
3.636% due 03/25/2035			91			92
Bear Stearns ALT-A Trust
3.310% due 02/25/2036 ^			747			638


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
2.690% due 09/25/2035	$		188	$		194
3.180% due 09/25/2035			154			159
Cordusio RMBS SRL
0.000% due 06/30/2035	EUR		62			70
Countrywide Alternative Loan Trust
1.416% due 05/25/2036	$		66			57
6.000% due 08/25/2034			9,836			10,361
Countrywide Home Loan Mortgage Pass-Through Trust
1.856% due 03/25/2035			137			111
3.399% due 08/25/2034 ^			22			20
Credit Suisse First Boston Mortgage Securities Corp.
2.989% due 07/25/2033			4			4
Downey Savings & Loan Association Mortgage Loan Trust
1.469% due 08/19/2045			1,004			888
2.949% due 07/19/2044			620			623
Eurosail PLC
1.240% due 06/13/2045	GBP		3,027			3,748
Fort Cre LLC
2.712% due 05/21/2036	$		6,953			6,965
GreenPoint Mortgage Funding Trust
1.676% due 06/25/2045			2,050			1,848
Greenpoint Mortgage Pass-Through Certificates
3.718% due 10/25/2033			6			6
GSR Mortgage Loan Trust
2.560% due 03/25/2033			35			34
3.109% due 09/25/2035			272			278
3.209% due 09/25/2035			618			635
HarborView Mortgage Loan Trust
1.399% due 01/19/2038			179			169
1.552% due 06/20/2035			287			281
3.202% due 05/19/2033			65			64
HomeBanc Mortgage Trust
1.476% due 01/25/2036			1,483			1,337
3.181% due 04/25/2037 ^			128			116
JPMorgan Mortgage Trust
2.980% due 11/25/2033			33			32
3.406% due 07/25/2035			552			555
3.411% due 07/25/2035			362			362
3.505% due 02/25/2035			30			29
LMREC, Inc.
2.710% due 11/24/2031			21,000			21,158
Morgan Stanley Mortgage Loan Trust
3.426% due 08/25/2034			4,674			4,758
RBSSP Resecuritization Trust
1.491% due 04/26/2037			1,436			1,366
1.533% due 09/26/2034			1,909			1,844
Residential Accredit Loans, Inc. Trust
1.426% due 04/25/2046			1,025			539


38		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Structured Adjustable Rate Mortgage Loan Trust
3.396% due 02/25/2034	$		64	$		64
Structured Asset Mortgage Investments Trust
1.526% due 09/25/2045			983			897
Uropa Securities PLC
0.489% due 06/10/2059	GBP		9,564			12,012
0.639% due 06/10/2059			2,210			2,630
0.839% due 06/10/2059			1,729			2,040
1.039% due 06/10/2059			1,841			2,148
WaMu Mortgage Pass-Through Certificates Trust
1.526% due 01/25/2045	$		112			110
1.732% due 02/25/2046			755			739
1.956% due 11/25/2034			1,215			1,199
Wells Fargo Mortgage-Backed Securities Trust
3.063% due 03/25/2036			227			220

Total Non-Agency Mortgage-Backed Securities (Cost $79,342)						81,549


ASSET-BACKED SECURITIES 40.6%
Ameriquest Mortgage Securities Trust
1.606% due 03/25/2036			100			98
Arbor Realty Trust, Inc.
2.459% due 04/15/2027			11,900			11,958
Ares Enhanced Loan Investment Strategy IR Ltd.
2.553% due 07/23/2025			9,650			9,694
Atlas Senior Loan Fund Ltd.
2.400% due 01/30/2024			9,041			9,055
Atrium CDO Corp.
2.503% due 10/23/2024			10,000			10,050
AVANT Loans Funding Trust
2.960% due 09/16/2019			372			373
Bayview Opportunity Master Fund Trust
3.475% due 04/28/2032			7,447			7,457
Bear Stearns Asset-Backed Securities Trust
1.416% due 12/25/2036			1,173			1,129
1.626% due 12/25/2035			657			656
2.216% due 10/25/2037			317			319
BNC Mortgage Loan Trust
1.316% due 05/25/2037			232			231
Bosphorus CLO
0.700% due 10/15/2025	EUR		10,741			12,287
BSPRT Issuer Ltd.
2.426% due 06/15/2027	$		11,000			11,017
Cadogan Square CLO BV
0.000% due 07/24/2023	EUR		96			110
Carlyle Global Market Strategies CLO Ltd.
2.298% due 10/16/2025	$		15,000			15,019
Cent CLO Ltd.
2.589% due 11/07/2026			5,400			5,424


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
2.146% due 05/25/2035	$		3,499	$		3,367
Conseco Financial Corp.
6.220% due 03/01/2030			99			106
6.530% due 02/01/2031			2,441			2,415
Credit Suisse Mortgage Capital Mortgage-Backed Trust
4.500% due 03/25/2021			11,492			11,529
Denali Capital CLO Ltd.
2.317% due 04/28/2025			28,500			28,526
Dryden Senior Loan Fund
0.000% due 10/15/2026			12,600			12,604
2.358% due 01/15/2025			9,054			9,065
ECAF Ltd.
3.473% due 06/15/2040			704			694
4.947% due 06/15/2040			483			476
Finn Square CLO Ltd.
2.506% due 12/24/2023			11,261			11,274
First Franklin Mortgage Loan Trust
1.706% due 09/25/2035			701			702
First NLC Trust
1.921% due 12/25/2035			671			671
Fortress Credit BSL Ltd.
2.308% due 10/19/2025			13,500			13,507
Galaxy CLO Ltd.
2.310% due 11/16/2025			17,400			17,419
Greystone Commercial Real Estate Ltd.
2.539% due 03/15/2027			17,900			17,922
Home Equity Asset Trust
2.416% due 10/25/2033			605			598
Jamestown CLO Ltd.
2.298% due 01/15/2026			6,250			6,250
2.378% due 01/17/2027			12,750			12,750
KKR Financial CLO Ltd.
2.603% due 01/23/2026			8,150			8,178
KVK CLO Ltd.
2.308% due 01/15/2026			25,000			25,024
Lockwood Grove CLO Ltd.
2.626% due 04/25/2025			12,250			12,327
Madison Park Funding Ltd.
2.268% due 01/19/2025			20,000			20,024
Mariner CLO LLC
2.743% due 07/23/2026			29,300			29,301
Merrill Lynch Mortgage Investors Trust
1.336% due 02/25/2037			192			93
Morgan Stanley ABS Capital, Inc. Trust
1.861% due 09/25/2035			500			487
Morgan Stanley Mortgage Loan Trust
1.576% due 04/25/2037			137			69


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		39

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Mountain View CLO Ltd.
2.398% due 10/15/2026	$		7,000	$		7,008
Navient Student Loan Trust
2.266% due 12/27/2066			22,502			22,664
NewMark Capital Funding CLO Ltd.
2.372% due 06/30/2026			9,260			9,263
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
2.101% due 09/25/2035			1,000			1,000
Northwoods Capital Ltd.
2.254% due 11/04/2025			10,600			10,620
OHA Loan Funding Ltd.
2.456% due 08/23/2024			5,500			5,525
Palmer Square CLO Ltd.
2.378% due 10/17/2027			18,600			18,606
Race Point CLO Ltd.
2.379% due 11/08/2024			2,899			2,898
Residential Asset Securities Corp. Trust
1.856% due 08/25/2035			6,189			5,683
Shackleton CLO Ltd.
2.275% due 01/13/2025			4,700			4,711
SLM Student Loan Trust
0.219% due 01/25/2041	EUR		8,400			9,198
Stanwich Mortgage Loan Co.
3.844% due 10/16/2046	$		11,506			11,530
Structured Asset Investment Loan Trust
1.906% due 06/25/2035			618			618
Structured Asset Securities Corp. Mortgage Loan Trust
1.556% due 02/25/2036			1,000			994
1.666% due 11/25/2035			1,200			1,194
THL Credit Wind River CLO Ltd.
2.598% due 01/18/2026			4,900			4,913
TICC CLO LLC
1.750% due 08/25/2023			464			465
TICP CLO Ltd.
2.336% due 01/20/2027			11,800			11,803
Tralee CLO Ltd.
2.606% due 07/20/2026			6,750			6,781
U.S. Residential Opportunity Fund Trust
3.475% due 07/27/2036			6,393			6,452
Venture CLO Ltd.
2.668% due 04/15/2026			11,300			11,314


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VOLT LLC
3.125% due 06/25/2047	$		5,600	$		5,600
3.375% due 04/25/2047			10,771			10,790
3.375% due 05/28/2047			15,713			15,747
3.500% due 03/25/2047			14,975			15,038
Wells Fargo Home Equity Asset-Backed Securities Trust
1.806% due 11/25/2035			1,500			1,504
2.266% due 10/25/2034			272			266

Total Asset-Backed Securities (Cost $539,091)						542,440


SOVEREIGN ISSUES 1.4%
Banco Nacional de Desenvolvimento Economico e Social
6.369% due 06/16/2018			3,300			3,424
Republic of Greece Government International Bond
3.800% due 08/08/2017	JPY		955,000			8,459
4.500% due 07/03/2017			820,000			7,318

Total Sovereign Issues (Cost $20,558)						19,201


SHORT-TERM INSTRUMENTS 2.0%

REPURCHASE AGREEMENTS (d) 2.0%
						26,769


U.S. TREASURY BILLS 0.0%
0.963% due 08/31/2017 (a)(b)(e)	$		596			595

Total Short-Term Instruments (Cost $27,364)						27,364


Total Investments in Securities (Cost $2,402,569)						2,417,779

Total Investments 180.8% (Cost $2,402,569)				$		2,417,779

Financial Derivative Instruments (f)(h) (0.1)% (Cost or Premiums, net $(2,051))						(1,025	)

Other Assets and Liabilities, net (80.7)%						(1,079,341	)

Net Assets 100.0%				$		1,337,413


40		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

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 yield to maturity.

(b)

Zero coupon security.

(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)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
NOM	1.050%		06/30/2017		07/03/2017	$	23,600	U.S. Treasury Notes 1.750% due 09/30/2022	$	(24,061	)	$	23,600	$	23,602
SSB	0.050		06/30/2017		07/03/2017		3,169	U.S. Treasury Notes 3.500% due 05/15/2020⁽²⁾		(3,233	)		3,169		3,169

Total Repurchase Agreements									$	(27,294	)	$	26,769	$	26,771

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽³⁾			Settlement Date		Maturity Date			Amount Borrowed⁽³⁾			Payable for Reverse Repurchase Agreements
BOM		1.060	%		06/09/2017		07/12/2017		$	(10,328	)	$	(10,335	)
BOS		1.140			05/16/2017		07/17/2017			(2,636	)		(2,640	)
BRC		(0.150	)		06/14/2017		TBD	⁽⁴⁾		(3,299	)		(3,299	)
RDR		1.050			06/08/2017		07/07/2017			(22,626	)		(22,643	)
		1.060			05/05/2017		07/07/2017			(26,231	)		(26,276	)

Total Reverse Repurchase Agreements												$	(65,193	)

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽³⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽³⁾			Payable for Sale-Buyback Transactions⁽⁵⁾
GSC		1.110	%		05/17/2017		07/17/2017	$	(251,436	)	$	(251,800	)
		1.150			05/11/2017		07/11/2017		(19,364	)		(19,396	)
		1.160			06/02/2017		07/05/2017		(29,751	)		(29,781	)
UBS		1.220			06/08/2017		08/08/2017		(168,357	)		(168,500	)
		2.440			06/05/2017		09/05/2017		(3,735	)		(3,738	)
		2.440			06/08/2017		08/08/2017		(36,204	)		(36,235	)

Total Sale-Buyback Transactions											$	(509,450	)


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		41

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

SHORT SALES:


Description	Coupon		Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (5.6)%
Fannie Mae, TBA		3.500%		07/01/2047	$	73,000	$	(75,321	)	$	(75,321	)

Total Short Sales (5.6)%							$	(75,321	)	$	(75,321	)

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/(received) as of June 30, 2017:


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure⁽⁶⁾
Global/Master Repurchase Agreement
BOM	$	0	$	(10,335	)	$	0		$	(10,335	)	$	10,321		$	(14	)
BOS		0		(2,640	)		0			(2,640	)		2,637			(3	)
BRC		0		(3,299	)		0			(3,299	)		3,237			(62	)
NOM		23,602		0			0			23,602			(24,061	)		(459	)
RDR		0		(48,919	)		0			(48,919	)		48,427			(492	)
SSB		3,169		0			0			3,169			(3,233	)		(64	)

Master Securities Forward Transaction Agreement
GSC		0		0			(300,977	)		(300,977	)		297,711			(3,266	)
UBS		0		0			(208,473	)		(208,473	)		207,283			(1,190	)

Total Borrowings and Other Financing Transactions	$	26,771	$	(65,193)		$	(509,450	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days		31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	0	$	0		$	(3,299	)	$	(3,299)
U.S. Treasury Obligations		0		(61,894)		0			0			(61,894)

Total	$	0	$	(61,894)	$	0		$	(3,299)		$	(65,193)

Sale-Buyback Transactions
U.S. Treasury Obligations		0		(300,977)		(208,473	)		0			(509,450)

Total	$	0	$	(300,977)	$	(208,473)		$	0		$	(509,450)

Total Borrowings	$	0	$	(362,871)	$	(208,473	)	$	(3,299	)	$	(574,643)

Gross amount of recognized liabilities for reverse repurchase agreements and sale-buyback financing transactions											$	(574,643)

(e)

Securities with an aggregate market value of $571,659 have been pledged as collateral under the terms of the above master agreements as of June 30, 2017.

⁽¹⁾	Includes accrued interest.

⁽²⁾	Collateral is held in custody by the counterparty.


42		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

⁽³⁾	The average amount of borrowings outstanding during the period ended 06/30/2017 was $(451,616) at a weighted average interest rate of 0.792%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽⁴⁾	Open maturity reverse repurchase agreement.

⁽⁵⁾	Payable for sale-buyback transactions includes $(373) of deferred price drop.

⁽⁶⁾

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 8, Master Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

(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 September Futures	$	112.000		08/25/2017		373	$	3	$	1
Put - CBOT U.S. Treasury 10-Year Note September Futures		112.500		08/25/2017		371		4		0
Put - CBOT U.S. Treasury 10-Year Note September Futures		114.000		08/25/2017		139		1		0
Put - CBOT U.S. Treasury 10-Year Note September Futures		115.000		08/25/2017		73		1		0
Put - CBOT U.S. Treasury 10-Year Note September Futures		116.500		08/25/2017		14		0		0

							$	9	$	1

Total Purchased Options							$	9	$	1

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month	# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month	# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
90-Day Eurodollar March Futures	03/2018		1,332	$	327,805	$	566		$	0	$	(66	)
U.S. Treasury 10-Year Note September Futures	09/2017		550		69,042		(186	)		0		(155	)

						$	380		$	0	$	(221	)

Total Futures Contracts						$	380		$	0	$	(221	)

SWAP AGREEMENTS:

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


Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017⁽³⁾			Notional Amount⁽⁴⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value		Variation Margin
Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017⁽³⁾			Notional Amount⁽⁴⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value		Asset		Liability
Ally Financial, Inc.		5.000	%		06/20/2022		2.099	%	$	30,500	$	3,769		$	311	$	4,080	$	89	$	0
Ford Motor Co.		5.000			12/20/2023		1.761			11,000		1,997			99		2,096		0		(7	)
Kinder Morgan, Inc.		1.000			06/20/2021		0.714			8,900		(182	)		283		101		6		0
Kinder Morgan, Inc.		1.000			12/20/2021		0.867			1,100		(37	)		44		7		0		0

											$	5,547		$	737	$	6,284	$	95	$	(7	)


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		43

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

INTEREST RATE SWAPS


Pay/ Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay		3-Month USD-LIBOR		1.750	%		12/21/2026		$	256,700	$	1,879		$	9,613		$	11,492		$	745	$	0
Receive		3-Month USD-LIBOR		1.750			12/21/2023			70,000		1,127			282			1,409			163		0
Receive⁽¹⁾		6-Month EUR-EURIBOR		1.000			09/20/2027		EUR	49,800		(326	)		40			(286	)		40		0
Receive⁽¹⁾		6-Month GBP-LIBOR		1.500			09/20/2027		GBP	46,000		(1,649	)		893			(756	)		581		0
Pay		28-Day MXN-TIIE		6.000			06/07/2022		MXN	1,039,800		791			(2,787	)		(1,996	)		0		(164	)

											$	1,822		$	8,041		$	9,863		$	1,529	$	(164	)

Total Swap Agreements											$	7,369		$	8,778		$	16,147		$	1,624	$	(171	)

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 June 30, 2017:

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

1,624

1,625

(221)

(171)

(392)

(g)

Securities with an aggregate market value of $16,602 and cash of $19,737 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2017. See Note 8, Master Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

⁽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, securities or other deliverable obligations 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 sovereign issues as of period end serve as indicators 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.


44		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
AZD		07/2017	$		26,362		AUD	34,746	$	344	$	0
		08/2017		AUD	34,746		$	26,353		0		(343	)
BOA		07/2017			34,746			25,872		0		(834	)
		07/2017		EUR	61,560			69,193		0		(1,117	)
		08/2017		MXN	14,306			755		0		(29	)
		08/2017	$		8,333		ZAR	107,707		0		(142	)
BPS		07/2017			12,652		JPY	1,416,422		0		(59	)
		08/2017		JPY	1,416,422		$	12,667		59		0
		08/2017	$		125		MXN	2,301		1		0
BRC		08/2017			28,381			547,248		1,610		0
CBK		07/2017		GBP	25,330		$	32,592		0		(399	)
		08/2017		MXN	562,194			31,101		291		0
		08/2017	$		389		MXN	7,184		5		0
DUB		07/2017		BRL	69,437		$	20,923		18		(54	)
		07/2017	$		21,396		BRL	69,437		0		(437	)
		08/2017			8,465			28,388		54		0
FBF		07/2017			73,020		EUR	64,420		557		0
		08/2017		EUR	64,420		$	73,128		0		(555	)
		09/2017		KRW	3,199,711			2,846		46		0
GLM		07/2017		BRL	68,564			20,638		0		(58	)
		07/2017		EUR	10,766			12,021		0		(276	)
		07/2017		JPY	1,416,422			12,793		200		0
		07/2017	$		20,741		BRL	68,564		0		(45	)
		07/2017			45		CNH	309		1		0
		07/2017			1,301		GBP	1,003		6		0
		08/2017			164		MXN	2,997		0		0
		09/2017			8,333		RUB	490,564		0		(149	)
HUS		08/2017			466		MXN	8,357		0		(8	)
JPM		07/2017			17,859		EUR	15,912		314		0
		08/2017			7,661		JPY	856,600		0		(36	)
		08/2017			566		MXN	10,270		0		(4	)
SCX		07/2017		GBP	23,350		$	30,071		0		(341	)
		08/2017	$		415		PLN	1,602		17		0
		12/2017			8,333		INR	546,641		0		(38	)
SOG		08/2017			196		MXN	3,669		6		0
		09/2017		TWD	2,285,238		$	75,710		387		0
UAG		07/2017		EUR	8,006			9,005		0		(139	)
		07/2017	$		62,388		GBP	48,680		1,015		0
		08/2017		GBP	48,680		$	62,444		0		(1,015	)

Total Forward Foreign Currency Contracts									$	4,931	$	(6,078	)

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2017:


	Balance at Beginning of Period			Sales		Closing Buys		Expirations			Exercised			Balance at End of Period
Notional Amount in $	$	114,600		$	0	$	0	$	(57,300	)	$	(57,300	)	$	0
Premiums	$	(867	)	$	0	$	0	$	409		$	458		$	0

As of June 30, 2017 there were no open written options.


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		45

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

SWAP AGREEMENTS:

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


Counterparty	Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
BPS	Brazil Government International Bond		1.000	%		06/20/2022		2.376	%	$	10,750	$	(749	)	$	77	$	0	$	(672	)
BRC	Brazil Government International Bond		1.000			06/20/2022		2.376			5,300		(371	)		40		0		(331	)
	Mexico Government International Bond		1.000			06/20/2022		1.128			40,000		(1,049	)		822		0		(227	)
	Springleaf Finance Corp.		5.000			06/20/2022		2.972			800		66			7		73		0
GST	Springleaf Finance Corp.		5.000			06/20/2022		2.972			500		43			3		46		0

												$	(2,060	)	$	949	$	119	$	(1,230	)

Total Swap Agreements												$	(2,060	)	$	949	$	119	$	(1,230	)

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 pledged/(received) as of June 30, 2017:


	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 Pledged/ (Received)			Net Exposure⁽⁴⁾
AZD	$	344	$	0	$	0	$	344	$	(343	)	$	0	$	0		$	(343	)	$	1		$	0		$	1
BOA		0		0		0		0		(2,122	)		0		0			(2,122	)		(2,122	)		2,183			61
BPS		60		0		0		60		(59	)		0		(672	)		(731	)		(671	)		665			(6	)
BRC		1,610		0		73		1,683		0			0		(558	)		(558	)		1,125			(1,370	)		(245	)
CBK		296		0		0		296		(399	)		0		0			(399	)		(103	)		284			181
DUB		72		0		0		72		(491	)		0		0			(491	)		(419	)		645			226
FBF		603		0		0		603		(555	)		0		0			(555	)		48			0			48
GLM		207		0		0		207		(528	)		0		0			(528	)		(321	)		227			(94	)
GST		0		0		46		46		0			0		0			0			46			0			46
HUS		0		0		0		0		(8	)		0		0			(8	)		(8	)		0			(8	)
JPM		314		0		0		314		(40	)		0		0			(40	)		274			(260	)		14
SCX		17		0		0		17		(379	)		0		0			(379	)		(362	)		0			(362	)
SOG		393		0		0		393		0			0		0			0			393			(260	)		133
UAG		1,015		0		0		1,015		(1,154	)		0		0			(1,154	)		(139	)		0			(139	)

Total Over the Counter	$	4,931	$	0	$	119	$	5,050	$	(6,078	)	$	0	$	(1,230	)	$	(7,308	)

(i)

Securities with an aggregate market value of $4,004 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2017.

⁽¹⁾


46		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

⁽²⁾

⁽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⁾

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 8, Master Arrangements, 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 June 30, 2017:


	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	$	1	$	1
Swap Agreements		0		95		0		0		1,529		1,624

	$	0	$	95	$	0	$	0	$	1,530	$	1,625

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4,931	$	0	$	4,931
Swap Agreements		0		119		0		0		0		119

	$	0	$	119	$	0	$	4,931	$	0	$	5,050

	$	0	$	214	$	0	$	4,931	$	1,530	$	6,675


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	221	$	221
Swap Agreements		0		7		0		0		164		171

	$	0	$	7	$	0	$	0	$	385	$	392

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	6,078	$	0	$	6,078
Swap Agreements		0		1,230		0		0		0		1,230

	$	0	$	1,230	$	0	$	6,078	$	0	$	7,308

	$	0	$	1,237	$	0	$	6,078	$	385	$	7,700


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		47

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2017:


	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		$	(9	)	$	(9	)
Futures		0		0		0		0			2,113			2,113
Swap Agreements		0		1,036		0		0			33,383			34,419

	$	0	$	1,036	$	0	$	0		$	35,487		$	36,523

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(9,999	)	$	0		$	(9,999	)
Written Options		0		0		0		0			409			409
Swap Agreements		0		1,702		0		0			0			1,702

	$	0	$	1,702	$	0	$	(9,999	)	$	409		$	(7,888	)

	$	0	$	2,738	$	0	$	(9,999	)	$	35,896		$	28,635


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	0	$	0		$	(7	)	$	(7	)
Futures		0		0		0		0			381			381
Swap Agreements		0		556		0		0			(36,517	)		(35,961	)

	$	0	$	556	$	0	$	0		$	(36,143	)	$	(35,587	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(962	)	$	0		$	(962	)
Written Options		0		0		0		0			(237	)		(237	)
Swap Agreements		0		217		0		0			0			217

	$	0	$	217	$	0	$	(962	)	$	(237	)	$	(982	)

	$	0	$	773	$	0	$	(962	)	$	(36,380	)	$	(36,569	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2017
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	6,914	$	9,794	$	16,708
Corporate Bonds & Notes
Banking & Finance		0		376,568		0		376,568
Industrials		0		114,876		0		114,876
Utilities		0		19,711		0		19,711
Municipal Bonds & Notes
Illinois		0		7,559		0		7,559
Texas		0		1,474		0		1,474
U.S. Government Agencies		0		489,129		0		489,129
U.S. Treasury Obligations		0		721,200		0		721,200
Non-Agency Mortgage-Backed Securities		0		60,391		21,158		81,549
Asset-Backed Securities		0		536,840		5,600		542,440
Sovereign Issues		0		19,201		0		19,201
Short-Term Instruments
Repurchase Agreements		0		26,769		0		26,769
U.S. Treasury Bills		0		595		0		595

Total Investments	$	0	$	2,381,227	$	36,552	$	2,417,779


48		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2017
Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0		$	(75,321	)	$	0	$	(75,321	)

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0			1,625			0		1,625
Over the counter		0			5,050			0		5,050
	$	0		$	6,675		$	0	$	6,675

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(221	)		(171	)		0		(392	)
Over the counter		0			(7,308	)		0		(7,308	)
	$	(221	)	$	(7,479	)	$	0	$	(7,700	)
Total Financial Derivative Instruments	$	(221	)	$	(804	)	$	0	$	(1,025	)

Totals	$	(221	)	$	2,305,102		$	36,552	$	2,341,433

There were no significant transfers among Levels 1 and 2 during the period ended June 30, 2017.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended June 30, 2017:


Category and Subcategory	Beginning Balance at 12/31/2016		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 06/30/2017		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2017⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	9,838	$	0		$	0		$	0		$	(44	)	$	0	$	0		$	9,794	$	(44	)
Corporate Bonds & Notes
Industrials		17,919		0		(917	)		(45	)		(23	)		373			0		(17,307	)		0		0
Non-Agency Mortgage-Backed Securities		32,417		0		(4,485	)		0			0			191			0		(6,965	)		21,158		177
Asset-Backed Securities		0		5,600		0			0			0			0			0		0			5,600		0

Totals	$	50,336	$	15,438	$	(5,402	)	$	(45	)	$	(23	)	$	520		$	0	$	(24,272	)	$	36,552	$	133

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 06/30/2017

Valuation
Technique

Unobservable
Inputs

Input Value(s)
(% Unless
Noted
Otherwise)

Investments in Securities, at Value

Loan Participations and Assignments

9,794

Third Party Vendor

Broker Quote

97.938

Non-Agency Mortgage-Backed Securities

21,158

Third Party Vendor

Broker Quote

100.750

Asset-Backed Securities

5,600

Third Party Vendor

Broker Quote

100.000

Total

36,552

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at June 30, 2017 may be due to an investment no longer held or categorized as Level 3 at period end.


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		49

Schedule of Investments PIMCO Fixed Income SHares: Series LD


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 220.9%

LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0%
Energy Future Intermediate Holding Co. LLC
4.295% due 06/30/2017	$		400	$		401
Las Vegas Sands LLC
3.230% due 03/29/2024			247			248

Total Loan Participations and Assignments (Cost $648)						649


CORPORATE BONDS & NOTES 128.1%

BANKING & FINANCE 64.4%
AerCap Ireland Capital DAC
4.250% due 07/01/2020 (h)			500			524
4.625% due 10/30/2020 (h)			500			532
Air Lease Corp.
4.750% due 03/01/2020 (h)			500			531
Ally Financial, Inc.
3.250% due 02/13/2018			100			101
3.250% due 11/05/2018			100			101
3.500% due 01/27/2019			300			305
3.600% due 05/21/2018			800			811
American Tower Corp.
3.400% due 02/15/2019 (h)			400			409
Aozora Bank Ltd.
2.750% due 03/09/2020			1,000			1,007
Athene Global Funding
2.875% due 10/23/2018 (h)			800			804
Aviation Capital Group Corp.
2.875% due 01/20/2022 (h)			800			798
6.750% due 04/06/2021 (h)			250			284
Bank of America Corp.
6.875% due 04/25/2018 (h)			400			416
Barclays PLC
2.000% due 03/16/2018 (h)			1,015			1,017
8.250% due 12/15/2018 (e)			1,300			1,381
BGC Partners, Inc.
5.125% due 05/27/2021 (h)			300			316
BOC Aviation Ltd.
2.375% due 09/15/2021			400			391
3.000% due 03/30/2020 (h)			850			857
3.875% due 05/09/2019			294			301
Cantor Fitzgerald LP
6.500% due 06/17/2022 (h)			200			224
7.875% due 10/15/2019 (h)			300			330
CIT Group, Inc.
3.875% due 02/19/2019			100			103
5.375% due 05/15/2020			100			108
5.500% due 02/15/2019			168			177


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Commerzbank AG
1.157% due 09/20/2017	$		100	$		100
Credit Suisse Group Funding Guernsey Ltd.
3.800% due 09/15/2022 (h)			850			884
DBS Bank Ltd.
3.625% due 09/21/2022 (h)			600			602
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			135			141
Five Corners Funding Trust
4.419% due 11/15/2023 (h)			500			538
General Motors Financial Co., Inc.
3.250% due 05/15/2018 (h)			800			810
Goodman Funding Pty. Ltd.
6.375% due 11/12/2020 (h)			500			559
Goodman U.S. Finance One LLC
6.375% due 04/15/2021 (h)			500			560
Goodman U.S. Finance Two LLC
6.000% due 03/22/2022 (h)			250			282
Hartford Financial Services Group, Inc.
5.500% due 03/30/2020 (h)			350			381
HBOS PLC
6.750% due 05/21/2018			500			520
HSBC Holdings PLC
2.849% due 05/25/2021 (h)			250			259
3.262% due 03/13/2023			1,000			1,019
International Lease Finance Corp.
6.250% due 05/15/2019			200			215
7.125% due 09/01/2018 (h)			300			318
8.250% due 12/15/2020			250			295
JPMorgan Chase & Co.
3.220% due 03/01/2025 (h)			1,000			1,001
7.900% due 04/30/2018 (e)			400			416
LeasePlan Corp. NV
2.500% due 05/16/2018 (h)			666			668
2.875% due 01/22/2019 (h)			600			602
Lloyds Banking Group PLC
7.000% due 06/27/2019 (e)	GBP		1,050			1,422
Macquarie Bank Ltd.
1.600% due 10/27/2017 (h)	$		300			300
Macquarie Group Ltd.
3.000% due 12/03/2018			100			101
Mitsubishi UFJ Lease & Finance Co. Ltd.
2.250% due 09/07/2021 (h)			1,000			990
2.750% due 10/21/2020			300			303
Morgan Stanley
2.553% due 10/24/2023 (h)			200			204
Nationwide Building Society
4.125% due 03/20/2023	EUR		200			234
Navient Corp.
4.875% due 06/17/2019	$		800			834
5.500% due 01/15/2019			500			522
8.000% due 03/25/2020			500			560


50		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Nomura Holdings, Inc.
6.700% due 03/04/2020 (h)	$		623	$		690
ORIX Corp.
2.950% due 07/23/2020 (h)			700			710
Royal Bank of Scotland Group PLC
2.652% due 05/15/2023			200			202
3.498% due 05/15/2023 (h)			600			604
Santander Holdings USA, Inc.
2.642% due 11/24/2017 (h)			500			502
Santander UK Group Holdings PLC
2.875% due 08/05/2021 (h)			600			602
Santander UK PLC
2.350% due 09/10/2019 (h)			100			101
Siam Commercial Bank PCL
3.375% due 09/19/2017 (h)			900			902
SMBC Aviation Capital Finance DAC
2.650% due 07/15/2021 (h)			700			688
2.650% due 07/15/2021			600			590
Springleaf Finance Corp.
8.250% due 12/15/2020			200			225
Standard Chartered Bank
6.400% due 09/26/2017			500			505
Standard Chartered PLC
1.559% due 09/08/2017 (h)			700			700
State Bank of India
2.100% due 04/06/2020			400			400
Sumitomo Mitsui Trust Bank Ltd.
2.050% due 03/06/2019 (h)			500			500
Suncorp-Metway Ltd.
2.100% due 05/03/2019 (h)			500			499
Synchrony Financial
2.402% due 02/03/2020 (h)			400			403
2.580% due 11/09/2017 (h)			300			301
UBS AG
4.750% due 05/22/2023			1,900			1,941
Ventas Realty LP
2.000% due 02/15/2018 (h)			500			501
VEREIT Operating Partnership LP
3.000% due 02/06/2019 (h)			500			505
WEA Finance LLC
2.700% due 09/17/2019 (h)			500			504

						40,043


INDUSTRIALS 49.6%
AbbVie, Inc.
2.850% due 05/14/2023 (h)			400			400
AP Moller - Maersk A/S
2.550% due 09/22/2019 (h)			400			403
Arrow Electronics, Inc.
3.500% due 04/01/2022 (h)			600			614


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Asciano Finance Ltd.
4.625% due 09/23/2020 (h)	$		700	$		729
BMW U.S. Capital LLC
2.000% due 04/11/2021 (h)			200			198
Boston Scientific Corp.
3.375% due 05/15/2022 (h)			300			309
Charter Communications Operating LLC
4.464% due 07/23/2022			700			747
Coca-Cola European Partners PLC
0.000% due 11/26/2017	EUR		200			229
Cox Communications, Inc.
9.375% due 01/15/2019 (h)	$		500			551
Crown Castle Towers LLC
3.222% due 05/15/2042 (h)			300			308
CVS Health Corp.
3.500% due 07/20/2022 (h)			200			208
D.R. Horton, Inc.
3.750% due 03/01/2019			200			205
4.000% due 02/15/2020 (h)			300			312
Dell International LLC
3.480% due 06/01/2019 (h)			400			410
4.420% due 06/15/2021 (h)			400			422
Delphi Automotive PLC
3.150% due 11/19/2020 (h)			700			716
Delta Air Lines Pass-Through Trust
7.750% due 06/17/2021			171			188
DISH DBS Corp.
4.250% due 04/01/2018			1,000			1,015
7.875% due 09/01/2019			300			331
EMC Corp.
1.875% due 06/01/2018			600			597
Energy Transfer LP
9.000% due 04/15/2019 (h)			200			223
Flex Ltd.
4.625% due 02/15/2020 (h)			300			315
Forest Laboratories LLC
4.375% due 02/01/2019			27			28
5.000% due 12/15/2021 (h)			400			437
Georgia-Pacific LLC
3.734% due 07/15/2023 (h)			200			210
5.400% due 11/01/2020 (h)			400			438
Imperial Brands Finance PLC
2.050% due 07/20/2018 (h)			400			400
2.950% due 07/21/2020 (h)			650			661
Kansas City Southern
3.000% due 05/15/2023 (h)			1,300			1,306
Kia Motors Corp.
2.625% due 04/21/2021 (h)			300			298
Kinder Morgan, Inc.
7.250% due 06/01/2018 (h)			500			523


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		51

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Latam Airlines Pass-Through Trust
4.200% due 08/15/2029	$		185	$		185
Masco Corp.
5.950% due 03/15/2022			76			86
7.125% due 03/15/2020			52			59
MGM Resorts International
8.625% due 02/01/2019			400			442
Minera y Metalurgica del Boleo S.A. de C.V.
2.875% due 05/07/2019			400			404
Mylan NV
3.150% due 06/15/2021 (h)			900			916
Nabors Industries, Inc.
6.150% due 02/15/2018			350			355
National Fuel Gas Co.
8.750% due 05/01/2019 (h)			500			554
Nissan Motor Acceptance Corp.
2.000% due 03/08/2019 (h)			500			501
Ooredoo Tamweel Ltd.
3.039% due 12/03/2018			1,100			1,101
Petroleos Mexicanos
3.125% due 01/23/2019			900			909
9.250% due 03/30/2018 (h)			600			629
Pioneer Natural Resources Co.
3.450% due 01/15/2021 (h)			300			308
6.875% due 05/01/2018			100			104
QUALCOMM, Inc.
3.000% due 05/20/2022 (h)			200			205
Reynolds American, Inc.
4.000% due 06/12/2022 (h)			600			636
Sabine Pass Liquefaction LLC
5.625% due 02/01/2021 (h)			700			763
6.250% due 03/15/2022			300			340
SFR Group S.A.
5.375% due 05/15/2022	EUR		100			119
Shire Acquisitions Investments Ireland DAC
2.400% due 09/23/2021	$		100			99
Siemens Financieringsmaatschappij NV
1.860% due 03/16/2022 (h)			300			303
SK Telecom Co. Ltd.
2.125% due 05/01/2018 (h)			200			200
2.125% due 05/01/2018			200			200
Sky PLC
3.125% due 11/26/2022 (h)			1,000			1,018
Solvay Finance America LLC
3.400% due 12/03/2020 (h)			400			413
Southern Co.
2.950% due 07/01/2023 (h)			1,100			1,094
Telefonica Emisiones S.A.U.
5.134% due 04/27/2020 (h)			850			917
5.877% due 07/15/2019			200			215


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Tesco PLC
5.500% due 11/15/2017	$		1,000	$		1,012
Teva Pharmaceutical Finance Co. BV
3.650% due 11/10/2021 (h)			400			413
Teva Pharmaceutical Finance Netherlands BV
1.700% due 07/19/2019 (h)			500			496
2.800% due 07/21/2023 (h)			300			292
Time Warner Cable LLC
8.250% due 04/01/2019			300			331
Universal Health Services, Inc.
3.750% due 08/01/2019			100			102
Volkswagen Group of America Finance LLC
1.600% due 11/20/2017 (h)			750			750
Woodside Finance Ltd.
8.750% due 03/01/2019 (h)			400			442
Wynn Macau Ltd.
5.250% due 10/15/2021			200			205

						30,849


UTILITIES 14.1%
AT&T, Inc.
3.875% due 08/15/2021 (h)			300			314
BP Capital Markets PLC
2.120% due 09/16/2021 (h)			700			713
Chugoku Electric Power Co., Inc.
2.701% due 03/16/2020			200			202
Duquesne Light Holdings, Inc.
5.900% due 12/01/2021			300			336
E.ON International Finance BV
5.800% due 04/30/2018			350			361
Exelon Corp.
2.450% due 04/15/2021 (h)			300			299
FirstEnergy Corp.
2.750% due 03/15/2018			700			705
Great Plains Energy, Inc.
3.150% due 04/01/2022 (h)			1,000			1,011
Kinder Morgan Finance Co. LLC
6.000% due 01/15/2018 (h)			400			408
KT Corp.
2.625% due 04/22/2019 (h)			200			201
National Grid North America, Inc.
1.812% due 08/21/2017 (h)			600			601
Plains All American Pipeline LP
2.600% due 12/15/2019 (h)			500			502
Sinopec Group Overseas Development Ltd.
2.125% due 05/03/2019			800			797
2.500% due 10/17/2018			500			502
Telecom Italia Capital S.A.
6.999% due 06/04/2018			600			628


52		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Telstra Corp. Ltd.
3.125% due 04/07/2025 (h)	$		100	$		101
Verizon Communications, Inc.
2.250% due 03/16/2022 (h)			1,100			1,114

						8,795

Total Corporate Bonds & Notes (Cost $79,053)						79,687



MUNICIPAL BONDS & NOTES 2.3%

PENNSYLVANIA 2.3%
Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006
1.286% due 10/25/2036			1,473			1,428

Total Municipal Bonds & Notes (Cost $1,446)						1,428


U.S. GOVERNMENT AGENCIES 1.0%
Fannie Mae
1.866% due 09/25/2023			7			8
1.940% due 09/25/2022			36			36
3.000% due 03/01/2042			208			209
Freddie Mac
5.159% due 01/15/2022			20			21
Ginnie Mae
1.662% due 10/20/2037			61			61
1.673% due 08/20/2061			309			310

Total U.S. Government Agencies (Cost $639)						645


U.S. TREASURY OBLIGATIONS 48.3%
U.S. Treasury Inflation Protected Securities (d)
0.125% due 04/15/2020 (h)			1,044			1,046
0.125% due 04/15/2022 (h)			5,128			5,105
U.S. Treasury Notes
0.000% due 06/30/2019 (c)(h)			16,100			16,058
2.375% due 05/15/2027 (h)			7,800			7,852

Total U.S. Treasury Obligations (Cost $30,039)						30,061


NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8%
American Home Mortgage Investment Trust
1.796% due 02/25/2045			9			9
BAMLL Commercial Mortgage Securities Trust
1.789% due 06/15/2028			100			100
Banc of America Funding Trust
1.512% due 02/20/2035			22			22
3.039% due 09/20/2034			130			133


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bear Stearns Adjustable Rate Mortgage Trust
3.100% due 04/25/2033	$		49	$		50
3.111% due 11/25/2034			80			78
3.565% due 01/25/2034			12			12
Citicorp Mortgage Securities Trust
5.500% due 08/25/2021			1			1
Citigroup Mortgage Loan Trust, Inc.
2.930% due 10/25/2035			12			12
Countrywide Commercial Mortgage Trust
6.477% due 11/12/2043			52			52
Credit Suisse First Boston Mortgage Securities Corp.
3.047% due 06/25/2033			29			28
5.362% due 05/15/2036			500			518
6.500% due 04/25/2033			118			120
Credit Suisse Mortgage Capital Certificates
3.519% due 05/26/2037			5			5
Eurosail PLC
0.590% due 06/13/2045	GBP		11			14
First Republic Mortgage Loan Trust
1.509% due 11/15/2031	$		42			41
GSR Mortgage Loan Trust
3.109% due 09/25/2035			11			11
3.472% due 08/25/2033			232			232
Impac CMB Trust
2.216% due 07/25/2033			410			400
JPMorgan Mortgage Trust
2.988% due 02/25/2034			71			72
3.240% due 09/25/2034			11			11
3.306% due 04/25/2035			273			277
3.478% due 06/25/2035			29			29
3.505% due 02/25/2035			6			6
JPMorgan Resecuritization Trust
2.845% due 07/27/2037			3			3
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
1.639% due 06/15/2030			28			27
2.610% due 10/20/2029			18			19
Merrill Lynch Mortgage Investors Trust
1.676% due 04/25/2029			10			10
1.856% due 10/25/2028			9			9
2.981% due 02/25/2035			216			221
Morgan Stanley Mortgage Loan Trust
3.353% due 11/25/2034			15			15
Prime Mortgage Trust
1.616% due 02/25/2034			13			12
Residential Accredit Loans, Inc. Trust
1.656% due 06/25/2034			48			47
Sequoia Mortgage Trust
1.909% due 10/19/2026			108			106
1.972% due 10/20/2027			19			18
Structured Asset Mortgage Investments Trust
1.789% due 07/19/2034			60			60
1.869% due 09/19/2032			17			17
8.914% due 06/25/2029			8			8


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		53

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Structured Asset Securities Corp. Mortgage Loan Trust
1.816% due 10/25/2027	$		15	$		15
Thornburg Mortgage Securities Trust
1.856% due 09/25/2043			11			11
3.111% due 04/25/2045			46			46
WaMu Mortgage Pass-Through Certificates Trust
1.486% due 12/25/2045			295			287
1.506% due 10/25/2045			49			49
1.616% due 06/25/2044			38			37
1.956% due 11/25/2034			98			97
2.132% due 06/25/2042			12			12
Wells Fargo Mortgage-Backed Securities Trust
3.132% due 10/25/2033			64			64
3.583% due 12/25/2034			160			167

Total Non-Agency Mortgage-Backed Securities (Cost $3,534)						3,590


ASSET-BACKED SECURITIES 26.3%
Aegis Asset-Backed Securities Trust
1.486% due 12/25/2035			5			5
Allegro CLO Ltd.
2.390% due 01/30/2026			500			502
Amortizing Residential Collateral Trust
2.216% due 10/25/2034			361			354
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
2.256% due 04/25/2034			101			96
Atlas Senior Loan Fund Ltd.
2.400% due 01/30/2024			532			533
Babson CLO Ltd.
2.308% due 10/17/2026			600			601
Bear Stearns Asset-Backed Securities Trust
2.016% due 10/27/2032			48			46
Carlyle Global Market Strategies CLO Ltd.
2.298% due 10/16/2025			500			501
2.320% due 07/27/2026			500			500
Chase Funding Trust
1.956% due 10/25/2032			69			66
CIFC Funding Ltd.
2.173% due 10/24/2025			600			602
Colony American Finance Ltd.
2.544% due 06/15/2048			295			293
Colony Starwood Homes Trust
2.709% due 07/17/2033			199			202
Delta Funding Home Equity Loan Trust
1.979% due 09/15/2029			7			7
Denali Capital CLO Ltd.
1.383% due 01/22/2022			57			57
Figueroa CLO Ltd.
2.524% due 06/20/2027			600			601


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GSAA Home Equity Trust
1.856% due 12/25/2034	$		24	$		24
Halcyon Loan Advisors Funding Ltd.
0.000% due 04/18/2026 (a)			1,100			1,100
JMP Credit Advisors CLO Ltd.
2.398% due 10/17/2025			700			702
Jubilee CDO BV
0.000% due 07/30/2024	EUR		968			1,106
KVK CLO Ltd.
2.308% due 01/15/2026	$		700			701
National Collegiate Student Loan Trust
1.456% due 11/27/2028			6			6
Navient Student Loan Trust
2.466% due 06/25/2065			183			186
Ocean Trails CLO
2.482% due 08/13/2025			500			501
OneMain Financial Issuance Trust
2.570% due 07/18/2025			263			264
OZLM Funding Ltd.
2.288% due 01/17/2026			700			701
Regatta Funding Ltd.
2.316% due 10/25/2026			500			500
Renaissance Home Equity Loan Trust
1.716% due 12/25/2033			7			7
Residential Mortgage Loan Trust
2.716% due 09/25/2029			6			6
SLM Student Loan Trust
1.796% due 12/15/2025			600			602
1.906% due 04/25/2023			1,014			1,010
2.656% due 04/25/2023			1,155			1,181
2.856% due 07/25/2023			957			984
SMB Private Education Loan Trust
2.159% due 06/15/2027			400			403
SoFi Professional Loan Program LLC
3.020% due 02/25/2040			446			448
Symphony CLO LP
2.255% due 01/09/2023			155			155
VOLT LLC
3.125% due 06/25/2047			100			100
3.250% due 04/25/2059			700			701

Total Asset-Backed Securities (Cost $16,223)						16,354


SOVEREIGN ISSUES 3.4%
Export-Import Bank of India
2.750% due 04/01/2020			700			701
Japan Finance Organization for Municipalities
2.125% due 03/06/2019			1,000			1,000
Korea Water Resources Corp.
2.000% due 04/16/2018			400			400


54		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Malaysia Government International Bond
4.012% due 09/15/2017	MYR		115	$		27

Total Sovereign Issues (Cost $2,126)						2,128


SHORT-TERM INSTRUMENTS 4.7%

REPURCHASE AGREEMENTS (g) 0.8%
						473



SHORT-TERM NOTES 0.2%
Bank Negara Monetary Notes
3.009% due 07/20/2017 (c)(f)			215			50
3.024% due 09/19/2017 (c)(f)			170			39

						89

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

MEXICO TREASURY BILLS 3.7%

7.078% due 08/31/2017 (b)(c)

MXN

42,000

2,286

Total Short-Term Instruments
(Cost $2,853)

2,848

Total Investments in Securities
(Cost $136,561)

137,390

Total Investments 220.9%
(Cost $136,561)

137,390

Financial Derivative Instruments (i)(j) 0.1%

(Cost or Premiums, net $19)

Other Assets and Liabilities, net (121.0)%

(75,255

)

Net Assets 100.0%

62,187

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)

Zero coupon security.

(d)

Principal amount of security is adjusted for inflation.

(e)

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

(f) RESTRICTED SECURITIES:


Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Bank Negara Monetary Notes		3.009	%		07/20/2017		06/09/2017	$	50	$	50		0.08	%
Bank Negara Monetary Notes		3.024			09/19/2017		06/09/2017		40		39		0.06

								$	90	$	89		0.14	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
SSB	0.050%		06/30/2017		07/03/2017	$	473	U.S. Treasury Notes 1.625% due 12/31/2019⁽²⁾	$	(487	)	$	473	$	473

Total Repurchase Agreements									$	(487	)	$	473	$	473


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		55

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

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽³⁾			Settlement Date		Maturity Date		Amount Borrowed⁽³⁾				Payable for Reverse Repurchase Agreements
FOB		1.500	%		06/16/2017		07/03/2017		$	(954	)	$	(955	)
		1.550			07/03/2017		07/17/2017			(957	)		(957	)
		1.600			06/16/2017		07/03/2017			(1,572	)		(1,573	)
		1.600			06/21/2017		07/11/2017			(478	)		(478	)
		1.600			06/22/2017		07/21/2017			(6,086	)		(6,089	)
		1.600			07/03/2017		07/17/2017			(1,568	)		(1,568	)
		1.650			06/20/2017		07/11/2017			(1,006	)		(1,007	)
		1.650			06/21/2017		07/11/2017			(6,788	)		(6,792	)
		1.650			06/22/2017		07/21/2017			(12,976	)		(12,983	)
		1.650			06/29/2017		07/06/2017			(1,725	)		(1,725	)
		1.700			06/20/2017		07/11/2017			(4,751	)		(4,754	)
		1.700			06/22/2017		07/21/2017			(547	)		(547	)
RDR		1.510			06/13/2017		07/13/2017			(2,891	)		(2,893	)
		1.520			06/16/2017		07/13/2017			(3,526	)		(3,529	)
SOG		1.500			06/26/2017		07/25/2017			(3,773	)		(3,774	)

Total Reverse Repurchase Agreements												$	(49,624	)

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽³⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽³⁾			Payable for Sale-Buyback Transactions⁽⁴⁾
BCY		1.250	%		06/27/2017		07/05/2017	$	(7,966	)	$	(7,967	)
		1.380			06/26/2017		07/03/2017		(209	)		(209	)
		1.380			06/27/2017		07/05/2017		(838	)		(838	)
		1.550			06/29/2017		07/06/2017		(4,512	)		(4,513	)
		1.600			06/30/2017		07/03/2017		(15,661	)		(15,663	)

Total Sale-Buyback Transactions											$	(29,190	)

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/(received) as of June 30, 2017:


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale- Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure⁽⁵⁾
Global/Master Repurchase Agreement
FOB	$	0	$	(39,428	)	$	0		$	(39,428	)	$	41,793		$	2,365
RDR		0		(6,422	)		0			(6,422	)		6,699			277
SOG		0		(3,774	)		0			(3,774	)		3,910			136
SSB		473		0			0			473			(487	)		(14	)
Master Securities Forward Transaction Agreement
BCY		0		0			(29,190	)		(29,190	)		29,061			(129	)

Total Borrowings and Other Financing Transactions	$	473	$	(49,624	)	$	(29,190	)


56		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(47,099)	$	0	$	0	$	(47,099)

Total	$	0	$	(47,099)	$	0	$	0	$	(47,099)

Sale-Buyback Transactions
U.S. Treasury Obligations		0		(29,190)		0		0		(29,190)

Total	$	0	$	(29,190)	$	0	$	0	$	(29,190)

Total Borrowings	$	0	$	(76,289)	$	0	$	0	$	(76,289)

Gross amount of recognized liabilities for reverse repurchase agreements and sale-buyback financing transactions⁽⁶⁾									$	(76,289)

(h) Securities

with an aggregate market value of $81,463 have been pledged as collateral under the terms of the above master agreements as of June 30, 2017.

⁽¹⁾	Includes accrued interest.

⁽²⁾	Collateral is held in custody by the counterparty.

⁽³⁾	The average amount of borrowings outstanding during the period ended June 30, 2017 was $(44,570) at a weighted average interest rate of 1.257%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽⁴⁾	Payable for sale-buyback transactions includes $(1) of deferred price drop.

⁽⁵⁾

⁽⁶⁾	Unsettled reverse repurchase agreements liability of $(2,525) is outstanding at period end.

(i) 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 2-Year Note September Futures	$	106.500		08/25/2017		81	$	1	$	0
Call - CBOT U.S. Treasury 5-Year Note September Futures		122.250		08/25/2017		2		0		0
Call - CBOT U.S. Treasury 5-Year Note September Futures		124.000		08/25/2017		31		0		0
Call - CBOT U.S. Treasury 5-Year Note September Futures		125.500		08/25/2017		5		0		0
Call - CBOT U.S. Treasury 5-Year Note September Futures		126.000		08/25/2017		54		1		0
Call - CBOT U.S. Treasury 5-Year Note September Futures		126.500		08/25/2017		29		0		0
Call - CBOT U.S. Treasury 5-Year Note September Futures		127.000		08/25/2017		2		0		0

							$	2	$	0

Total Purchased Options							$	2	$	0


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		57

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

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Euro-Bobl September Futures		09/2017		50		EUR	7,521	$	(77	)	$	0	$	(28	)
Put Options Strike @ EUR 129.000 on Euro-BOBL September Futures		09/2017		50			2		2			1		0

								$	(75	)	$	1	$	(28	)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)		Asset		Liability
Euro-Buxl 30-Year Bond September Futures		09/2017		9		EUR	(1,681	)	$	35	$	36	$	0
U.S. Treasury 5-Year Note September Futures		09/2017		123		$	(14,494	)		40		21		0
United Kingdom Long Gilt September Futures		09/2017		32		GBP	(5,234	)		79		56		0

									$	154	$	113	$	0

Total Futures Contracts									$	79	$	114	$	(28	)

SWAP AGREEMENTS:

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


Index/Tranches	Fixed Receive Rate			Maturity Date		Notional Amount⁽²⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽³⁾			Variation Margin
Index/Tranches	Fixed Receive Rate			Maturity Date		Notional Amount⁽²⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽³⁾			Asset		Liability
CDX.HY-28 5-Year Index		5.000	%		06/20/2022	$	3,500	$	(244	)	$	(3	)	$	(247	)	$	0	$	(8	)
CDX.IG-28 5-Year Index		1.000			06/20/2022		8,100		(155	)		2			(153	)		0		(4	)

								$	(399	)	$	(1	)	$	(400	)	$	0	$	(12	)

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	3-Month USD-LIBOR		1.350	%		12/28/2018		$	5,300	$	(2	)	$	(12	)	$	(14	)	$	0	$	(1	)
Pay⁽⁴⁾	3-Month USD-LIBOR		0.000			06/21/2020			61,000		2			(33	)		(31	)		0		0
Receive	3-Month USD-LIBOR		2.000			06/15/2021			7,800		(65	)		18			(47	)		10		0
Pay	3-Month USD-LIBOR		2.000			12/15/2021			66,000		252			39			291			0		(102	)
Receive	3-Month USD-LIBOR		1.500			12/21/2021			5,300		125			(32	)		93			8		0
Pay⁽⁴⁾	3-Month USD-LIBOR		0.000			05/21/2022			44,300		0			(42	)		(42	)		0		(4	)
Receive⁽⁴⁾	3-Month USD-LIBOR		2.000			12/15/2022			66,000		705			(504	)		201			136		0
Pay	3-Month USD-LIBOR		1.750			12/21/2026			1,600		8			64			72			5		0
Receive	3-Month USD-LIBOR		1.500			06/21/2027			8,100		752			(170	)		582			24		0
Pay	28-Day MXN-TIIE		5.798			09/06/2021		MXN	60,700		(113	)		(8	)		(121	)		0		(6	)
Pay	28-Day MXN-TIIE		7.199			12/03/2021			66,700		(38	)		101			63			0		(8	)

										$	1,626		$	(579	)	$	1,047		$	183	$	(121	)

Total Swap Agreements										$	1,227		$	(580	)	$	647		$	183	$	(133	)


58		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

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 June 30, 2017:

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

114

183

297

(28

)

(133

)

(161

)

Cash of $1,101 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2017. See Note 8, Master Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽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, securities or other deliverable obligations 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 indicators 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.

⁽⁴⁾	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
BOA		07/2017		AUD	3,531	$		2,629	$	0	$	(85	)
		07/2017		EUR	2,508			2,819		0		(46	)
BPS		07/2017		GBP	1,212			1,560		0		(18	)
		07/2017	$		2,853		EUR	2,508		12		0
		07/2017			4,039		JPY	452,195		0		(19	)
		08/2017		EUR	2,508	$		2,857		0		(12	)
		08/2017		JPY	452,195			4,044		19		0
		08/2017		MXN	4,216			235		4		0
BRC		08/2017	$		1,374		EUR	1,202		1		0
FBF		07/2017		MYR	1	$		0		0		0
		09/2017			85			20		0		0
GLM		07/2017		GBP	59			76		0		(1	)
		07/2017		JPY	441,495			3,987		62		0
		08/2017		GBP	1,219			1,587		0		(2	)
JPM		07/2017		AUD	971			737		0		(10	)
		07/2017		JPY	13,900			124		0		0
		07/2017	$		1,372		EUR	1,202		1		0


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		59

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


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
		07/2017	$		66		GBP	52	$	1	$	0
		08/2017		MXN	30,000	$		1,623		0		(15	)
		08/2017	$		84		MXN	1,506		0		(1	)
		09/2017		MYR	34	$		8		0		0
MSB		07/2017			215			50		0		0
		08/2017		MXN	12,000			661		6		0
		09/2017		MYR	169			40		0		0
NAB		07/2017	$		3,451		AUD	4,502		9		0
		08/2017		AUD	4,502	$		3,450		0		(9	)
		08/2017	$		62		MXN	1,128		0		0
SCX		07/2017		JPY	10,700	$		97		2		0
TOR		11/2017		EUR	200			231		1		0

Total Forward Foreign Currency Contracts									$	118	$	(218	)

PURCHASED OPTIONS:

FOREIGN CURRENCY OPTIONS


Counterparty	Description		Strike Price		Expiration Date		Notional Amount			Cost		Market Value
BPS	Call - OTC AUD versus USD	$		0.830		08/01/2017		AUD	3,500	$	0	$	0
	Call - OTC EUR versus USD			1.185		07/13/2017		EUR	1,200		0		0
	Put - OTC USD versus JPY	JPY		91.000		07/20/2017		$	3,900		1		0

										$	1	$	0

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index		Pay/ Receive Floating Rate	Exercise Rate		Expiration Date		Notional Amount		Cost		Market Value
BOA	Call - OTC 2-Year Interest Rate Swap		3-Month USD-LIBOR	Pay		1.670%		09/06/2017	$	11,400	$	16	$	16

Total Purchased Options											$	17	$	16

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2017:


	Balance at Beginning of Period			Sales			Closing Buys			Expirations		Exercised		Balance at End of Period
Notional Amount in $	$	10,300		$	26,200		$	(36,500	)	$	0	$	0	$	0
Premiums	$	(25	)	$	(82	)	$	107		$	0	$	0	$	0

As of June 30, 2017 there were no open written options.


60		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

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 pledged/(received) as of June 30, 2017:


	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 Pledged/ (Received)		Net Exposure⁽¹⁾
BOA	$	0	$	16	$	0	$	16	$	(131	)	$	0	$	0	$	(131	)	$	(115	)	$	0	$	(115	)
BPS		35		0		0		35		(49	)		0		0		(49	)		(14	)		0		(14	)
BRC		1		0		0		1		0			0		0		0			1			0		1
GLM		62		0		0		62		(3	)		0		0		(3	)		59			0		59
JPM		2		0		0		2		(26	)		0		0		(26	)		(24	)		0		(24	)
MSB		6		0		0		6		0			0		0		0			6			0		6
NAB		9		0		0		9		(9	)		0		0		(9	)		0			0		0
SCX		2		0		0		2		0			0		0		0			2			0		2
TOR		1		0		0		1		0			0		0		0			1			0		1

Total Over the Counter	$	118	$	16	$	0	$	134	$	(218	)	$	0	$	0	$	(218)

⁽¹⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2017:


	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	$	114	$	114
Swap Agreements		0		0		0		0		183		183

	$	0	$	0	$	0	$	0	$	297	$	297

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	118	$	0	$	118
Purchased Options		0		0		0		0		16		16
	$	0	$	0	$	0	$	118	$	16	$	134

	$	0	$	0	$	0	$	118	$	313	$	431


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	28	$	28
Swap Agreements		0		12		0		0		121		133

	$	0	$	12	$	0	$	0	$	149	$	161

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	218	$	0	$	218

	$	0	$	12	$	0	$	218	$	149	$	379


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		61

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2017:


	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		$	(2	)	$	(2	)
Futures		0		0			0		0			2			2
Swap Agreements		0		(271	)		0		0			232			(39	)

	$	0	$	(271	)	$	0	$	0		$	232		$	(39	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(186	)	$	0		$	(186	)
Purchased Options		0		0			0		(2	)		(10	)		(12	)
Written Options		0		0			0		0			79			79

	$	0	$	0		$	0	$	(188	)	$	69		$	(119	)

	$	0	$	(271	)	$	0	$	(188	)	$	301		$	(158	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	0	$	0		$	(2	)	$	(2	)
Futures		0		0			0		0			64			64
Swap Agreements		0		101			0		0			(540	)		(439	)

	$	0	$	101		$	0	$	0		$	(478	)	$	(377	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(165	)	$	0		$	(165	)
Purchased Options		0		0			0		0			(7	)		(7	)
Written Options		0		0			0		0			(9	)		(9	)

	$	0	$	0		$	0	$	(165	)	$	(16	)	$	(181	)

	$	0	$	101		$	0	$	(165	)	$	(494	)	$	(558	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2017
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	649	$	0	$	649
Corporate Bonds & Notes
Banking & Finance		0		40,043		0		40,043
Industrials		0		30,849		0		30,849
Utilities		0		8,795		0		8,795
Municipal Bonds & Notes
Pennsylvania		0		1,428		0		1,428
U.S. Government Agencies		0		645		0		645
U.S. Treasury Obligations		0		30,061		0		30,061
Non-Agency Mortgage-Backed Securities		0		3,590		0		3,590
Asset-Backed Securities		0		16,254		100		16,354
Sovereign Issues		0		2,128		0		2,128
Short-Term Instruments
Repurchase Agreements		0		473		0		473
Short-Term Notes		0		89		0		89
Mexico Treasury Bills		0		2,286		0		2,286

Total Investments	$	0	$	137,290	$	100	$	137,390


62		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2017

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	114		$	183		$	0	$	297
Over the counter		0			134			0		134
	$	114		$	317		$	0	$	431

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(28	)		(133	)		0		(161	)
Over the counter		0			(218	)		0		(218	)
	$	(28	)	$	(351	)	$	0	$	(379	)
Total Financial Derivative Instruments	$	86		$	(34	)	$	0	$	52

Totals	$	86		$	137,256		$	100	$	137,442

There were no significant transfers among Levels 1, 2, or 3 during the period ended June 30, 2017.


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		63

Schedule of Investments PIMCO Fixed Income SHares: Series M


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 179.4%

LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%
AABS Ltd.
4.875% due 01/10/2038	$		2,061	$		2,057
Rise Ltd.
4.750% due 01/31/2021 (e)			579			581

Total Loan Participations and Assignments (Cost $2,637)						2,638


CORPORATE BONDS & NOTES 17.5%

BANKING & FINANCE 11.7%
AerCap Ireland Capital DAC
5.000% due 10/01/2021			15,800			17,114
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand
4.125% due 11/09/2022			26,100			27,248
Barclays Bank PLC
7.625% due 11/21/2022			5,200			5,957
7.750% due 04/10/2023			2,600			2,714
14.000% due 06/15/2019 (d)	GBP		3,500			5,551
Barclays PLC
8.250% due 12/15/2018 (d)	$		3,000			3,188
Blackstone CQP Holdco LP
6.500% due 03/20/2021			35,000			35,193
BPCE S.A.
4.625% due 07/11/2024			14,300			14,845
Credit Suisse AG
6.500% due 08/08/2023			14,100			15,890
General Motors Financial Co., Inc.
3.200% due 07/13/2020			1,300			1,325
4.250% due 05/15/2023			9,630			10,090
Hospitality Properties Trust
5.000% due 08/15/2022			8,500			9,120
Intesa Sanpaolo SpA
6.500% due 02/24/2021			2,300			2,579
Ohio National Financial Services, Inc.
6.375% due 04/30/2020			1,500			1,642
Santander Holdings USA, Inc.
3.700% due 03/28/2022			2,000			2,028
SoQ Sukuk A QSC
2.099% due 01/18/2018			4,400			4,394
Springleaf Finance Corp.
6.500% due 09/15/2017			700			707

						159,585


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 3.8%
CNH Industrial Finance Europe S.A.
6.250% due 03/09/2018	EUR		1,000	$		1,190
CVS Pass-Through Trust
7.507% due 01/10/2032	$		6,564			8,124
Domtar Corp.
6.750% due 02/15/2044			700			760
Florida Gas Transmission Co. LLC
7.900% due 05/15/2019			5,000			5,486
Georgia-Pacific LLC
8.000% due 01/15/2024			4,200			5,395
HCA, Inc.
6.500% due 02/15/2020			10,300			11,266
Kinder Morgan, Inc.
5.625% due 11/15/2023			1,150			1,274
Petroleos Mexicanos
5.500% due 02/24/2025	EUR		13,000			17,000
Viacom, Inc.
3.125% due 06/15/2022	$		500			501

						50,996


UTILITIES 2.0%
BG Energy Capital PLC
6.500% due 11/30/2072	GBP		2,000			2,663
6.500% due 11/30/2072	$		4,000			4,071
Gazprom OAO Via Gaz Capital S.A.
8.146% due 04/11/2018			15,500			16,162
Odebrecht Drilling Norbe Ltd.
6.350% due 06/30/2022			143			78
Petrobras Global Finance BV
5.375% due 01/27/2021			3,800			3,873

						26,847

Total Corporate Bonds & Notes (Cost $236,475)						237,428


MUNICIPAL BONDS & NOTES 5.0%

CALIFORNIA 0.4%
Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010
7.168% due 07/01/2040			3,500			4,795


ILLINOIS 0.4%
Chicago, Illinois Waterworks Revenue Bonds, Series 2010
6.642% due 11/01/2029			900			1,082
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			4,420			4,142

						5,224


64		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OHIO 0.1%
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010
7.734% due 02/15/2033	$		900	$		1,237



PENNSYLVANIA 0.7%
Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010
6.532% due 06/15/2039			600			749
State Public School Building Authority, Pennsylvania Revenue Bonds, Series 2011
5.426% due 09/15/2026			8,500			9,223

						9,972


TEXAS 0.1%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			1,000			1,060


VIRGINIA 1.2%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			19,105			16,756


WEST VIRGINIA 2.1%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			28,850			28,296

Total Municipal Bonds & Notes (Cost $59,029)						67,340


U.S. GOVERNMENT AGENCIES 57.2%
Fannie Mae
1.666% due 08/25/2021			4			4
2.464% due 06/01/2020			3			3
2.475% due 11/01/2032			13			13
2.498% due 10/01/2032			13			13
2.595% due 09/01/2027			43			44
2.693% due 05/01/2028			21			22
2.755% due 01/01/2033			37			39
2.771% due 05/01/2018			3			3
2.920% due 05/01/2033			82			87
2.965% due 09/01/2032			8			8
3.000% due 01/01/2046			349			348
3.175% due 10/01/2034			45			45
3.212% due 12/01/2034			70			73
3.500% due 05/01/2047			594			611
3.740% due 03/25/2041			15			16
3.989% due 05/25/2042			14			15


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.000% due 11/25/2019 - 12/01/2044	$		111	$		113
6.000% due 08/01/2022 - 12/01/2023			73			77
6.500% due 01/01/2025 - 12/01/2028			43			47
7.000% due 11/01/2038			52			56
7.010% due 08/01/2022			15			15
11.000% due 07/15/2020			8			8
Fannie Mae, TBA
3.000% due 07/01/2047 - 08/01/2047			299,000			298,135
3.500% due 08/01/2032 - 09/01/2047			88,000			90,202
4.000% due 08/01/2047 - 09/01/2047			234,945			246,505
4.500% due 08/01/2047			127,000			136,059
Freddie Mac
1.609% due 08/15/2029 - 12/15/2031			40			41
1.659% due 09/15/2030			5			5
1.709% due 03/15/2032			6			6
1.809% due 03/15/2020 - 02/15/2024			226			231
2.309% due 09/15/2022			20			20
2.497% due 08/01/2032			65			66
2.509% due 08/15/2023			6			6
2.679% due 08/01/2029			13			14
2.750% due 10/01/2032			41			43
2.785% due 01/01/2032			80			82
2.873% due 02/01/2029			58			60
2.926% due 02/01/2033			43			46
2.973% due 01/01/2033			2			2
3.000% due 10/01/2032			55			56
3.143% due 07/01/2032			6			6
3.725% due 08/01/2032			6			6
4.500% due 05/15/2018			1			1
6.000% due 12/15/2028			262			293
6.500% due 12/15/2023			4			5
7.000% due 04/01/2029 - 03/01/2030			15			17
7.500% due 08/15/2030			40			47
Ginnie Mae
1.562% due 06/20/2032			12			12
2.125% due 05/20/2018 - 06/20/2032			205			211
2.250% due 11/20/2023 - 10/20/2027			53			54
2.375% due 01/20/2022 - 03/20/2032			220			225
2.500% due 05/20/2018 - 09/20/2021			5			5
2.625% due 06/20/2022			21			21
3.000% due 04/20/2019 - 08/20/2025			47			47


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		65

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.500% due 05/15/2023 - 12/15/2023	$		1	$		1
NCUA Guaranteed Notes
1.534% due 10/07/2020			1,614			1,617
Vendee Mortgage Trust
6.500% due 09/15/2024			436			476

Total U.S. Government Agencies (Cost $779,445)						776,283


U.S. TREASURY OBLIGATIONS 34.3%
U.S. Treasury Bonds
3.000% due 02/15/2047 (g)			8,000			8,268
U.S. Treasury Notes
1.125% due 08/31/2021 (g)(i)(k)			195,250			190,121
1.750% due 03/31/2022			41,900			41,692
1.875% due 01/31/2022 (g)(k)			165,100			165,316
2.000% due 05/31/2024 (g)			60,400			59,906
2.375% due 05/15/2027 (g)			600			604

Total U.S. Treasury Obligations (Cost $470,671)						465,907


NON-AGENCY MORTGAGE-BACKED SECURITIES 22.5%
Adjustable Rate Mortgage Trust
3.123% due 01/25/2036 ^			92			86
3.271% due 11/25/2035 ^			224			191
3.274% due 11/25/2035 ^			295			269
3.279% due 02/25/2036			189			166
American Home Mortgage Assets Trust
1.406% due 09/25/2046 ^			883			746
1.426% due 10/25/2046			736			553
1.652% due 11/25/2046			679			364
American Home Mortgage Investment Trust
1.796% due 02/25/2045			65			65
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^			211			187
14.265% due 09/25/2035 ^			177			213
Banc of America Funding Trust
1.402% due 10/20/2036			209			181
1.426% due 04/25/2037 ^			172			127
1.512% due 05/20/2047			109			95
1.616% due 05/25/2037 ^			160			137
3.131% due 02/20/2036			590			585
3.282% due 09/20/2047 ^			282			217
3.352% due 09/20/2046 ^			166			137
3.589% due 04/20/2035 ^			201			153
5.500% due 03/25/2036 ^			31			29
Banc of America Mortgage Trust
3.447% due 07/25/2035 ^			41			38
3.590% due 02/25/2034			334			332


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.616% due 05/25/2035 ^	$		1,278	$		1,231
5.500% due 09/25/2035 ^			694			664
5.500% due 05/25/2037 ^			196			157
BCAP LLC Trust
1.210% due 07/26/2036			237			227
1.234% due 05/26/2047			12			12
1.366% due 05/25/2047 ^			112			91
1.436% due 05/25/2047 ^			719			589
1.524% due 05/26/2035			70			67
1.532% due 11/26/2046			266			260
1.544% due 11/26/2035			22			22
1.702% due 07/26/2036			357			336
1.866% due 09/25/2047			189			169
2.416% due 10/25/2047			21,479			19,614
2.543% due 10/26/2035			72			72
3.116% due 02/26/2035			88			87
3.160% due 06/26/2035			195			193
3.285% due 01/26/2034			62			61
3.404% due 03/27/2037			427			314
3.496% due 03/26/2037			202			170
3.568% due 07/26/2036			53			43
4.000% due 02/26/2037			88			88
4.955% due 07/26/2036			158			158
7.492% due 10/26/2036			395			385
Bear Stearns Adjustable Rate Mortgage Trust
2.820% due 08/25/2035			3,241			3,232
2.830% due 10/25/2035			998			983
3.191% due 10/25/2035			164			163
3.209% due 05/25/2034			51			51
3.224% due 08/25/2035			94			85
3.273% due 01/25/2035			24			24
3.282% due 02/25/2036 ^			195			193
3.322% due 11/25/2034			118			114
3.418% due 06/25/2035 ^			55			49
3.427% due 03/25/2035			86			84
3.431% due 12/25/2046 ^			1,456			1,376
3.432% due 01/25/2034			110			110
3.483% due 02/25/2034			98			98
3.636% due 03/25/2035			1,366			1,384
3.656% due 05/25/2047 ^			362			345
Bear Stearns ALT-A Trust
1.656% due 04/25/2036			222			214
3.087% due 02/25/2036 ^			56			51
3.310% due 02/25/2036 ^			533			455
3.337% due 01/25/2036			7,872			7,151
3.360% due 06/25/2034			3,877			3,659
3.392% due 11/25/2036 ^			160			148
3.444% due 08/25/2036 ^			362			279
3.475% due 05/25/2035			150			149
3.517% due 05/25/2036 ^			792			565
4.630% due 07/25/2035 ^			809			648
Bear Stearns Asset-Backed Securities Trust
19.497% due 03/25/2036 ^			199			210
Bear Stearns Mortgage Funding Trust
1.406% due 01/25/2037			147			127


66		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bear Stearns Mortgage Securities, Inc.
6.265% due 03/25/2031	$		7	$		7
Bear Stearns Structured Products, Inc. Trust
3.421% due 01/26/2036			1,204			1,099
Chase Mortgage Finance Trust
3.212% due 09/25/2036 ^			2,438			2,198
3.328% due 03/25/2037 ^			132			129
3.352% due 03/25/2037 ^			73			69
6.000% due 05/25/2037			168			137
ChaseFlex Trust
1.516% due 07/25/2037			298			244
4.326% due 08/25/2037 ^			55			52
5.000% due 07/25/2037 ^			158			142
Citigroup Mortgage Loan Trust, Inc.
1.436% due 01/25/2037			6,237			5,545
2.757% due 09/25/2037			197			192
2.930% due 10/25/2035			239			241
2.990% due 11/25/2035			171			171
3.083% due 08/25/2035			1,979			1,960
3.148% due 10/25/2046			297			260
3.176% due 08/25/2035			50			50
3.357% due 12/25/2035 ^			147			105
3.496% due 03/25/2037 ^			139			121
3.667% due 09/25/2037 ^			899			822
5.500% due 12/25/2035			255			216
6.250% due 11/25/2037			148			126
CitiMortgage Alternative Loan Trust
6.500% due 06/25/2037 ^			216			204
Community Program Loan Trust
4.500% due 04/01/2029			201			201
Countrywide Alternative Loan Resecuritization Trust
3.065% due 03/25/2047			139			137
6.000% due 08/25/2037 ^			186			150
Countrywide Alternative Loan Trust
1.356% due 08/25/2037			1,057			879
1.376% due 12/25/2046 ^			126			123
1.386% due 11/25/2036			1,078			999
1.386% due 01/25/2037 ^			207			195
1.391% due 11/25/2036			10,756			9,383
1.392% due 02/20/2047 ^			1,958			1,558
1.396% due 11/25/2036			162			148
1.396% due 05/25/2047			1,619			1,523
1.406% due 07/25/2046 ^			164			167
1.406% due 09/25/2046 ^			666			573
1.406% due 10/25/2046			119			119
1.422% due 07/20/2046 ^			67			41
1.436% due 05/25/2035			2,824			2,378
1.476% due 07/25/2035			190			184
1.486% due 05/25/2036 ^			5			22
1.526% due 08/25/2035 ^			257			209
1.526% due 10/25/2035			162			143
1.716% due 05/25/2035 ^			4,299			3,605
1.716% due 06/25/2035			174			160
1.732% due 02/25/2036			667			606


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.736% due 12/25/2035	$		1,511	$		1,450
1.946% due 11/25/2035			1,505			1,469
1.996% due 09/25/2034			31			31
2.112% due 11/25/2047 ^			5,024			4,042
3.108% due 05/25/2036			77			58
3.189% due 11/25/2035 ^			155			135
3.221% due 08/25/2035			299			252
3.574% due 06/25/2047			241			216
5.500% due 11/25/2035			154			121
5.500% due 02/25/2036 ^			105			91
5.750% due 03/25/2037 ^			193			164
5.750% due 07/25/2037 ^			29			27
5.750% due 04/25/2047 ^			186			164
6.000% due 12/25/2034			116			115
6.000% due 03/25/2036 ^			303			254
6.000% due 08/25/2036 ^			436			387
6.000% due 02/25/2037 ^			657			466
6.000% due 04/25/2037			121			106
6.000% due 05/25/2037 ^			570			430
6.000% due 08/25/2037 ^			607			510
6.250% due 11/25/2036 ^			132			118
6.500% due 05/25/2036 ^			2,282			1,781
6.500% due 12/25/2036 ^			99			73
6.500% due 08/25/2037 ^			462			302
16.456% due 07/25/2035			66			81
Countrywide Asset-Backed Certificates
1.716% due 03/25/2036			9,776			8,332
Countrywide Home Loan Mortgage Pass-Through Trust
1.516% due 04/25/2046 ^			45			42
1.556% due 03/25/2036			513			334
1.676% due 05/25/2035			115			98
1.756% due 02/25/2035			24			23
1.836% due 03/25/2035			468			421
1.956% due 02/25/2035			534			504
1.996% due 02/25/2035			453			428
2.363% due 04/25/2035 ^			217			42
3.051% due 10/20/2035			97			85
3.106% due 02/20/2036			460			364
3.123% due 11/25/2034			138			137
3.172% due 05/20/2036 ^			219			186
3.223% due 05/20/2036			96			87
3.270% due 11/25/2037			362			317
3.275% due 08/25/2034 ^			101			93
3.309% due 02/20/2036 ^			65			59
3.337% due 01/25/2036 ^			179			163
3.482% due 08/25/2034			10,844			10,615
3.524% due 06/25/2034			1,284			1,267
5.500% due 07/25/2037 ^			481			401
5.750% due 12/25/2035 ^			163			146
6.000% due 02/25/2037 ^			550			496
6.000% due 03/25/2037 ^			187			165
6.000% due 07/25/2037			313			256
6.500% due 11/25/2036 ^			1,317			1,111
Countrywide Home Loan Reperforming REMIC Trust
6.000% due 03/25/2035 ^			115			113


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		67

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Suisse Commercial Mortgage Trust
1.264% due 05/27/2037	$		100	$		99
Credit Suisse First Boston Mortgage Securities Corp.
1.590% due 03/25/2032			18			17
2.366% due 09/25/2034 ^			120			112
Credit Suisse Mortgage Capital Certificates
1.354% due 12/27/2035			209			204
3.254% due 04/26/2038			1,599			1,587
3.550% due 08/28/2036			89			88
3.588% due 04/28/2037			522			419
Deutsche ALT-A Securities, Inc.
1.376% due 01/25/2047			117			110
1.406% due 08/25/2047			561			518
1.516% due 04/25/2037			477			301
Deutsche Mortgage & Asset Receiving Corp.
0.768% due 11/27/2036			500			492
Downey Savings & Loan Association Mortgage Loan Trust
1.529% due 07/19/2045 ^			19			3
Eurosail PLC
1.240% due 06/13/2045	GBP		6,334			7,916
First Horizon Alternative Mortgage Securities Trust
3.063% due 04/25/2036 ^	$		250			224
3.161% due 01/25/2036 ^			450			358
First Horizon Mortgage Pass-Through Trust
2.939% due 11/25/2037 ^			116			105
6.250% due 11/25/2036			609			576
GMAC Mortgage Corp. Loan Trust
3.661% due 11/19/2035			199			195
GreenPoint Mortgage Funding Trust
1.416% due 12/25/2046 ^			348			269
GS Mortgage Securities Trust
3.722% due 10/10/2049			5,000			4,990
GSC Capital Corp. Mortgage Trust
1.396% due 05/25/2036 ^			204			162
GSR Mortgage Loan Trust
3.109% due 09/25/2035			436			444
3.122% due 09/25/2035			196			197
3.337% due 04/25/2035			97			96
3.358% due 09/25/2034			132			134
3.454% due 11/25/2035			191			167
3.608% due 04/25/2035			59			59
HarborView Mortgage Loan Trust
1.399% due 01/19/2038			60			56
1.459% due 01/19/2036			177			141
1.459% due 01/19/2038 ^			90			55
1.649% due 05/19/2035			3,846			3,612
1.889% due 01/19/2035			67			61
1.987% due 07/19/2045			71			67
3.097% due 12/19/2035 ^			195			161
3.523% due 12/19/2035 ^			111			108


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
HomeBanc Mortgage Trust
1.396% due 12/25/2036	$		144	$		136
Impac Secured Assets Trust
1.366% due 11/25/2036			1,446			1,223
1.386% due 01/25/2037			240			225
IndyMac Mortgage Loan Trust
1.396% due 07/25/2047			506			349
1.406% due 09/25/2046			184			163
1.496% due 03/25/2035			376			340
1.516% due 11/25/2035 ^			265			184
2.988% due 06/25/2037 ^			150			134
3.177% due 08/25/2036			3,321			3,190
3.185% due 11/25/2035 ^			198			167
3.196% due 08/25/2035			1,331			1,112
3.237% due 09/25/2035 ^			135			126
3.266% due 06/25/2036			1,944			1,864
3.285% due 10/25/2035			1,141			950
3.310% due 06/25/2036			6,777			5,750
3.528% due 06/25/2035 ^			105			93
JPMorgan Alternative Loan Trust
1.366% due 03/25/2037			33			33
1.376% due 10/25/2036			9,875			8,934
1.544% due 06/27/2037			5,025			4,249
3.032% due 12/25/2036			56			54
JPMorgan Mortgage Trust
3.024% due 11/25/2035			111			108
3.075% due 11/25/2035			108			103
3.253% due 01/25/2037 ^			33			30
3.306% due 04/25/2035			39			40
3.370% due 06/25/2037 ^			272			243
3.406% due 07/25/2035			684			687
3.411% due 07/25/2035			532			540
3.455% due 04/25/2035			54			54
3.604% due 09/25/2034			307			306
6.000% due 01/25/2036 ^			175			153
JPMorgan Resecuritization Trust
3.203% due 05/27/2037			4,167			4,091
Lavender Trust
6.250% due 10/26/2036			330			267
Lehman Mortgage Trust
5.285% due 01/25/2036 ^			249			235
5.374% due 12/25/2035			297			205
6.000% due 07/25/2036 ^			111			92
Lehman XS Trust
1.416% due 08/25/2046 ^			103			83
1.446% due 04/25/2046 ^			84			78
1.456% due 11/25/2046 ^			56			26
1.486% due 02/25/2036			10,175			9,235
Luminent Mortgage Trust
1.194% due 12/25/2036			990			874
1.416% due 10/25/2046			314			283
MASTR Adjustable Rate Mortgages Trust
1.456% due 05/25/2037			163			108


68		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MASTR Reperforming Loan Trust
7.000% due 05/25/2035	$		1,283	$		1,271
8.000% due 07/25/2035			1,119			1,162
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
2.610% due 10/20/2029			61			61
Merrill Lynch Alternative Note Asset Trust
1.204% due 04/25/2037			513			511
1.376% due 01/25/2037			157			81
1.516% due 03/25/2037			1,095			505
6.000% due 05/25/2037 ^			226			208
Merrill Lynch Mortgage Investors Trust
1.676% due 04/25/2029			71			69
1.876% due 09/25/2029			63			63
1.876% due 11/25/2029			88			86
2.449% due 07/25/2029			80			77
2.665% due 10/25/2035			354			354
3.010% due 02/25/2036			62			62
3.020% due 11/25/2035			149			150
6.250% due 10/25/2036			3,114			2,606
Morgan Stanley Dean Witter Capital, Inc. Trust
2.618% due 03/25/2033			102			94
Morgan Stanley Mortgage Loan Trust
1.496% due 11/25/2035			74			74
1.536% due 01/25/2035			59			55
3.085% due 06/25/2036			110			111
3.174% due 07/25/2035			4,787			4,301
6.000% due 10/25/2037 ^			104			89
Morgan Stanley Re-REMIC Trust
0.685% due 02/26/2037			307			247
1.719% due 03/26/2037			165			138
5.500% due 10/26/2035			10,756			9,169
5.500% due 08/26/2047			20			20
Morgan Stanley Resecuritization Trust
1.334% due 01/26/2051			386			373
NAAC Reperforming Loan REMIC Trust
7.500% due 03/25/2034 ^			584			570
Nomura Asset Acceptance Corp. Alternative Loan Trust
3.696% due 02/25/2036 ^			809			684
RBSSP Resecuritization Trust
1.274% due 02/26/2037			1,662			1,590
1.344% due 03/26/2037			2,015			1,999
2.900% due 10/26/2035			4,735			4,802
Residential Accredit Loans, Inc. Trust
1.386% due 12/25/2036			499			405
1.416% due 05/25/2047			200			188
1.426% due 06/25/2037			168			139
1.466% due 08/25/2037			538			472
1.516% due 01/25/2035			93			93
1.516% due 08/25/2035			217			179
1.616% due 10/25/2045			171			151
3.777% due 02/25/2035 ^			413			339


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.856% due 02/25/2036 ^	$		158	$		130
8.000% due 04/25/2036 ^			202			200
Residential Asset Securitization Trust
6.000% due 06/25/2036			235			170
6.000% due 11/25/2036 ^			157			108
6.000% due 03/25/2037 ^			138			92
6.250% due 11/25/2036			107			76
6.500% due 04/25/2037 ^			1,390			839
Residential Funding Mortgage Securities, Inc. Trust
4.250% due 03/25/2035 ^			1,521			1,246
6.000% due 09/25/2036 ^			326			308
Structured Adjustable Rate Mortgage Loan Trust
1.536% due 10/25/2035			1,952			1,800
1.951% due 06/25/2034			601			562
2.176% due 05/25/2035 ^			626			491
3.165% due 09/25/2036 ^			5,473			4,119
3.297% due 06/25/2036 ^			65			62
3.320% due 02/25/2036 ^			396			373
3.330% due 10/25/2034			86			87
3.357% due 10/25/2036 ^			218			178
3.691% due 07/25/2037 ^			8			7
Structured Asset Mortgage Investments Trust
1.346% due 03/25/2037			259			192
1.396% due 09/25/2047			112			103
1.406% due 06/25/2036			13,082			11,854
1.406% due 07/25/2046 ^			780			655
1.406% due 09/25/2047			1,233			1,153
1.416% due 05/25/2036			1,228			1,075
1.426% due 09/25/2047 ^			2,057			1,723
1.436% due 05/25/2046			1,169			675
1.476% due 05/25/2046 ^			34			26
1.909% due 03/19/2034			516			493
1.909% due 02/19/2035			216			209
1.949% due 12/19/2033			475			460
2.076% due 02/25/2036 ^			841			816
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
2.893% due 02/25/2032			2			2
3.209% due 01/25/2032			4			4
3.275% due 02/25/2034			110			110
3.626% due 08/25/2032			79			79
Structured Asset Securities Corp. Trust
1.566% due 02/25/2035			40			39
Suntrust Adjustable Rate Mortgage Loan Trust
3.482% due 02/25/2037 ^			554			475
SunTrust Alternative Loan Trust
6.000% due 12/25/2035			760			751
Thornburg Mortgage Securities Trust
1.856% due 09/25/2043			397			386
1.956% due 09/25/2044			56			53
2.757% due 09/25/2037			135			135
Wachovia Mortgage Loan Trust LLC
3.249% due 10/20/2035			95			84


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		69

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WaMu Mortgage Pass-Through Certificates Trust
1.482% due 06/25/2047 ^	$		156	$		53
1.486% due 12/25/2045			11			11
1.502% due 07/25/2047			20,903			18,567
1.606% due 10/25/2044			1,497			1,473
1.626% due 11/25/2045			317			290
1.732% due 08/25/2046			2,312			2,112
1.856% due 01/25/2045			343			341
1.932% due 11/25/2042			36			34
1.956% due 11/25/2034			304			300
2.145% due 11/25/2046			323			309
2.196% due 11/25/2034			837			827
2.701% due 08/25/2033			496			508
2.808% due 12/25/2036 ^			202			192
2.833% due 08/25/2036 ^			182			172
2.953% due 12/25/2036 ^			1,963			1,873
Washington Mutual Mortgage Pass-Through Certificates Trust
1.432% due 04/25/2047			559			411
1.502% due 04/25/2047			818			592
1.666% due 05/25/2035 ^			580			449
4.365% due 09/25/2036 ^			180			97
Wells Fargo Alternative Loan Trust
3.509% due 07/25/2037 ^			92			83
Wells Fargo Mortgage-Backed Securities Trust
1.716% due 07/25/2037 ^			148			129
3.044% due 08/25/2034			169			174
3.045% due 06/25/2035			3,586			3,608
3.047% due 10/25/2036 ^			86			84
3.075% due 10/25/2036 ^			859			827
3.082% due 01/25/2035			525			525
3.107% due 03/25/2036			1,030			1,039
3.153% due 03/25/2035			1,835			1,847
3.246% due 07/25/2036 ^			2,110			2,048
3.253% due 03/25/2036 ^			155			153
3.377% due 05/25/2035			12			12
6.000% due 06/25/2037 ^			172			173

Total Non-Agency Mortgage-Backed Securities (Cost $293,808)						305,030


ASSET-BACKED SECURITIES 39.5%
Aames Mortgage Investment Trust
1.996% due 10/25/2035			200			182
2.416% due 06/25/2035			700			653
AASET Trust
3.967% due 05/16/2042			2,800			2,807
Accredited Mortgage Loan Trust
1.346% due 02/25/2037			1,724			1,711
1.476% due 09/25/2036			1,100			1,071
1.500% due 09/25/2035			200			182
ACE Securities Corp. Home Equity Loan Trust
1.326% due 12/25/2036			366			155


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.356% due 07/25/2036	$		309	$		212
1.371% due 08/25/2036			819			749
1.376% due 05/25/2036			52			52
1.516% due 02/25/2036			174			171
1.626% due 12/25/2035			2,000			1,781
1.686% due 10/25/2035			1,800			1,780
1.836% due 02/25/2036 ^			174			163
1.876% due 11/25/2035			200			195
2.116% due 12/25/2034			187			179
2.191% due 06/25/2034			167			165
2.191% due 07/25/2035			100			100
Aegis Asset-Backed Securities Trust
1.646% due 12/25/2035			200			168
1.696% due 06/25/2035			200			169
1.916% due 03/25/2035			300			266
2.216% due 03/25/2035 ^			149			140
Ameriquest Mortgage Securities Trust
1.606% due 03/25/2036			400			394
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
1.666% due 07/25/2035			800			774
1.666% due 01/25/2036			300			298
1.686% due 11/25/2035			200			177
1.736% due 09/25/2035			10,000			9,223
1.816% due 08/25/2035			386			387
2.326% due 03/25/2035			200			184
Amortizing Residential Collateral Trust
1.796% due 07/25/2032			72			69
2.216% due 10/25/2034			245			241
Ares Enhanced Loan Investment Strategy IR Ltd.
2.553% due 07/23/2025			9,700			9,744
Argent Securities Trust
1.366% due 09/25/2036			946			419
1.406% due 03/25/2036			379			203
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
1.446% due 01/25/2036			120			105
1.536% due 01/25/2036			4,868			4,161
Asset-Backed Funding Certificates Trust
1.326% due 01/25/2037			543			364
1.356% due 11/25/2036			13,379			9,337
1.376% due 01/25/2037			342			231
1.436% due 01/25/2037			205			140
1.836% due 04/25/2034			415			416
1.891% due 06/25/2035			282			282
2.216% due 06/25/2037			268			213
Asset-Backed Securities Corp. Home Equity Loan Trust
1.666% due 11/25/2035			300			291
2.116% due 06/25/2035			200			192
2.416% due 06/25/2034			200			192
3.091% due 09/25/2034			1,433			1,417
4.159% due 08/15/2033			40			40


70		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Avery Point CLO Ltd.
2.256% due 04/25/2026	$		5,600	$		5,609
Babson CLO Ltd.
2.308% due 10/17/2026			15,000			15,019
Basic Asset-Backed Securities Trust
1.526% due 04/25/2036			200			192
Bayview Financial Asset Trust
1.616% due 12/25/2039			258			258
Bear Stearns Asset-Backed Securities Trust
1.326% due 04/25/2031			118			126
1.366% due 06/25/2036			229			229
1.386% due 05/25/2036 ^			253			259
1.396% due 06/25/2047			75			74
1.406% due 05/25/2037			228			238
1.416% due 12/25/2036			399			384
1.446% due 02/25/2037			11,807			10,056
1.486% due 06/25/2036			200			188
1.616% due 09/25/2046			252			223
1.646% due 12/25/2035			500			481
1.666% due 08/25/2036			400			363
1.716% due 12/25/2035			300			300
1.766% due 06/25/2036			300			288
1.916% due 11/25/2035 ^			210			212
2.176% due 04/25/2035			121			121
2.388% due 10/25/2036			69			50
2.396% due 06/25/2043			1,496			1,481
2.466% due 08/25/2037			171			165
3.079% due 07/25/2036			399			382
Carrington Mortgage Loan Trust
1.436% due 01/25/2037			1,200			893
1.476% due 02/25/2037			1,400			1,247
2.266% due 05/25/2035			300			259
Cendant Mortgage Corp.
6.000% due 07/25/2043			25			26
Cent CLO Ltd.
2.500% due 10/29/2025			9,050			9,060
CIFC Funding Ltd.
2.173% due 10/24/2025			15,000			15,050
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
2.146% due 05/25/2035			200			192
Citigroup Mortgage Loan Trust, Inc.
1.356% due 12/25/2036			713			703
1.386% due 05/25/2037			20,440			16,181
1.476% due 01/25/2037			300			290
1.616% due 11/25/2046			294			284
1.626% due 10/25/2035			1,700			1,649
1.666% due 11/25/2045			300			296
1.836% due 12/25/2035			346			345
1.936% due 09/25/2035 ^			170			170
1.951% due 09/25/2035 ^			500			492
6.351% due 05/25/2036 ^			191			123


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Conseco Financial Corp.
6.810% due 12/01/2028	$		667	$		698
6.870% due 04/01/2030			318			343
7.060% due 02/01/2031			764			775
Countrywide Asset-Backed Certificates
1.356% due 06/25/2035			1,698			1,362
1.356% due 02/25/2037			19			19
1.356% due 07/25/2037 ^			4,986			4,311
1.366% due 07/25/2036			448			463
1.366% due 01/25/2037			6,623			6,320
1.366% due 05/25/2037			683			665
1.376% due 01/25/2034			86			84
1.376% due 05/25/2036			765			616
1.376% due 03/25/2037			205			200
1.386% due 03/25/2037			350			331
1.386% due 05/25/2037			235			230
1.386% due 06/25/2047			303			299
1.396% due 06/25/2047			533			525
1.406% due 06/25/2047			288			280
1.436% due 09/25/2037 ^			256			212
1.436% due 09/25/2047			2,230			2,008
1.446% due 10/25/2047			490			486
1.466% due 01/25/2046			4,344			3,498
1.466% due 06/25/2047			243			201
1.516% due 07/25/2036			276			274
1.566% due 04/25/2036			100			99
1.616% due 06/25/2036			300			291
1.666% due 03/25/2036			100			91
1.666% due 03/25/2047 ^			135			78
1.696% due 12/25/2031 ^			638			515
1.706% due 02/25/2036			200			188
1.876% due 12/25/2035			300			293
1.986% due 11/25/2035			39			39
2.191% due 02/25/2034			85			83
2.266% due 08/25/2035			100			101
2.716% due 02/25/2035			300			285
Countrywide Asset-Backed Certificates Trust
1.346% due 04/25/2046			6,942			5,717
1.356% due 02/25/2037			11,696			10,151
1.366% due 09/25/2046			6,676			6,589
1.366% due 10/25/2046 ^			3,546			3,495
1.366% due 03/25/2047			229			216
1.676% due 05/25/2036			600			565
1.746% due 02/25/2036			200			197
1.836% due 08/25/2035			123			123
1.936% due 07/25/2034			196			195
1.946% due 07/25/2035			400			397
2.016% due 08/25/2047			932			901
2.116% due 10/25/2034			124			120
2.566% due 04/25/2035			200			199
Credit-Based Asset Servicing and Securitization LLC
1.336% due 07/25/2037			16			10
1.436% due 07/25/2037			340			226
1.786% due 07/25/2036			296			291
2.116% due 11/25/2033			195			194


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		71

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.161% due 04/25/2036	$		80	$		77
3.721% due 06/25/2035 ^			20			20
CVC Cordatus Loan Fund Ltd.
0.870% due 07/15/2027	EUR		1,200			1,373
CVP Cascade CLO Ltd.
2.308% due 01/16/2026	$		11,500			11,504
Delta Funding Home Equity Loan Trust
1.799% due 08/15/2030			66			64
EMC Mortgage Loan Trust
1.764% due 05/25/2040			13			12
First Franklin Mortgage Loan Trust
1.356% due 12/25/2036			344			213
1.366% due 07/25/2036			92			91
1.376% due 04/25/2036			296			272
1.456% due 04/25/2036			400			296
1.456% due 08/25/2036			357			254
1.576% due 10/25/2035			161			154
1.576% due 11/25/2035			200			168
1.706% due 09/25/2035			140			140
1.726% due 09/25/2035			1			1
1.891% due 06/25/2036			213			213
2.026% due 04/25/2035			540			541
2.086% due 09/25/2034			401			396
2.161% due 03/25/2035			100			88
2.416% due 01/25/2035			122			108
2.641% due 10/25/2034			948			853
First NLC Trust
0.070% due 05/25/2035			1,043			919
1.286% due 08/25/2037			66			37
First Plus Home Loan Owners Trust
7.320% due 11/10/2023 ^			6			2
Fremont Home Loan Trust
1.366% due 01/25/2037			295			160
1.376% due 08/25/2036			237			100
1.386% due 02/25/2036			71			63
1.386% due 02/25/2037			1,021			582
1.486% due 02/25/2036			300			212
1.486% due 04/25/2036			3,000			1,841
1.706% due 07/25/2035			100			96
2.006% due 12/25/2029			10			10
GE-WMC Asset-Backed Pass-Through Certificates
1.466% due 12/25/2035			2,945			2,854
GSAA Home Equity Trust
1.336% due 04/25/2047			317			289
GSAMP Trust
1.294% due 04/25/2036			397			291
1.306% due 01/25/2037			3,421			2,149
1.336% due 12/25/2036			1,117			617
1.366% due 06/25/2036			321			318
1.366% due 09/25/2036			391			183
1.366% due 12/25/2046			723			460
1.376% due 05/25/2046			46			45
1.416% due 11/25/2036			214			128
1.446% due 12/25/2046			217			139


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.456% due 12/25/2035	$		138	$		137
1.456% due 06/25/2036			334			219
2.866% due 10/25/2034			84			80
Hildene CLO Ltd.
2.308% due 01/17/2026			5,600			5,614
2.338% due 07/19/2026			3,100			3,108
Home Equity Asset Trust
2.311% due 05/25/2035			200			189
Home Equity Loan Trust
1.446% due 04/25/2037			800			695
1.556% due 04/25/2037			500			383
HSI Asset Securitization Corp. Trust
1.326% due 12/25/2036			266			113
1.386% due 12/25/2036			1,213			519
1.436% due 12/25/2036			809			349
1.606% due 11/25/2035			300			256
ICG U.S. CLO Ltd.
2.348% due 10/15/2026			8,500			8,501
IndyMac Home Equity Mortgage Loan Asset-Backed Trust
1.356% due 11/25/2036			542			450
1.376% due 11/25/2036			448			340
1.536% due 04/25/2037			409			377
IXIS Real Estate Capital Trust
1.846% due 02/25/2036			486			480
JPMorgan Mortgage Acquisition Corp.
1.396% due 02/25/2036			285			284
1.446% due 05/25/2035			331			329
JPMorgan Mortgage Acquisition Trust
1.376% due 01/25/2036			176			174
1.376% due 05/25/2036			321			319
1.376% due 06/25/2036			170			169
1.376% due 01/25/2037			453			451
1.386% due 04/25/2036			602			598
1.476% due 03/25/2037			300			284
1.476% due 06/25/2037			300			277
1.486% due 04/25/2036			300			293
1.486% due 05/25/2036			700			658
1.486% due 07/25/2036			200			162
1.496% due 01/25/2037			200			187
6.337% due 08/25/2036 ^			158			112
Lehman ABS Mortgage Loan Trust
1.306% due 06/25/2037			292			185
1.416% due 06/25/2037			235			152
Lehman XS Trust
1.366% due 04/25/2037 ^			614			505
1.386% due 02/25/2037 ^			1,943			1,244
Lendmark Funding Trust
3.260% due 04/21/2025			2,600			2,624
Long Beach Mortgage Loan Trust
1.596% due 08/25/2045			179			170
1.831% due 07/25/2031			260			258
1.861% due 11/25/2035			600			556


72		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.266% due 06/25/2035	$		500	$		439
2.491% due 02/25/2035			12,750			11,249
2.641% due 03/25/2032			333			326
MASTR Asset-Backed Securities Trust
1.326% due 08/25/2036			205			110
1.366% due 08/25/2036			338			183
1.396% due 02/25/2036			454			254
1.456% due 06/25/2036			199			115
1.456% due 08/25/2036			203			112
1.516% due 01/25/2036			213			212
1.596% due 01/25/2036			300			260
1.716% due 10/25/2035 ^			357			325
1.716% due 11/25/2035			12,666			8,687
1.966% due 12/25/2034 ^			72			72
Meritage Mortgage Loan Trust
1.966% due 11/25/2035			179			179
Merrill Lynch Mortgage Investors Trust
1.456% due 08/25/2037			1,104			715
1.526% due 08/25/2036			300			297
1.666% due 02/25/2047			1,366			959
1.696% due 05/25/2036			340			320
MESA Trust
2.016% due 12/25/2031			694			686
Mid-State Capital Corp. Trust
6.005% due 08/15/2037			773			842
Morgan Stanley ABS Capital, Inc. Trust
1.286% due 10/25/2036			106			58
1.326% due 10/25/2036			860			517
1.356% due 10/25/2036			157			87
1.356% due 11/25/2036			288			178
1.366% due 06/25/2036			432			335
1.366% due 09/25/2036			426			208
1.366% due 10/25/2036			252			152
1.366% due 11/25/2036			1,532			997
1.396% due 03/25/2037			461			242
1.416% due 02/25/2037			160			96
1.436% due 11/25/2036			1,727			1,082
1.466% due 03/25/2037			461			245
1.526% due 12/25/2035			432			412
2.116% due 05/25/2034			127			123
2.146% due 03/25/2035			300			297
2.206% due 06/25/2035			400			397
2.266% due 04/25/2035			200			153
2.466% due 07/25/2037			400			315
2.866% due 03/25/2034			925			885
Morgan Stanley Capital, Inc. Trust
1.506% due 01/25/2036			1,557			1,505
Morgan Stanley Dean Witter Capital, Inc. Trust
2.566% due 02/25/2033			908			905
Morgan Stanley Home Equity Loan Trust
1.376% due 04/25/2036			143			108
1.386% due 04/25/2037			723			455
1.446% due 04/25/2037			241			153


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Morgan Stanley Mortgage Loan Trust
1.446% due 02/25/2037	$		174	$		93
1.576% due 04/25/2037			319			161
2.665% due 11/25/2036 ^			300			148
5.965% due 09/25/2046 ^			424			240
MP CLO Ltd.
2.358% due 01/15/2027			14,000			14,006
New Century Home Equity Loan Trust
1.466% due 12/25/2035			112			112
1.891% due 06/25/2035			1,000			988
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
1.626% due 02/25/2036			193			193
6.032% due 10/25/2036 ^			187			87
NovaStar Mortgage Funding Trust
1.366% due 06/25/2036			157			116
1.586% due 01/25/2036			9			9
1.686% due 01/25/2036			7,500			7,041
OHA Credit Partners Ltd.
2.166% due 10/20/2025			5,600			5,600
2.286% due 07/20/2026			6,500			6,518
OHA Loan Funding Ltd.
2.456% due 08/23/2024			5,500			5,525
OneMain Direct Auto Receivables Trust
2.040% due 01/15/2021			2,340			2,343
Option One Mortgage Loan Trust
1.356% due 01/25/2037			81			54
1.386% due 05/25/2037			201			122
1.436% due 01/25/2037			324			219
1.546% due 04/25/2037			147			97
1.576% due 01/25/2036			300			250
1.726% due 08/25/2035			400			330
Option One Mortgage Loan Trust Asset- Backed Certificates
1.656% due 11/25/2035			396			394
1.676% due 11/25/2035			3,100			2,655
Ownit Mortgage Loan Trust
1.816% due 10/25/2036 ^			280			242
OZLM Funding Ltd.
2.288% due 01/17/2026			23,100			23,142
Palmer Square CLO Ltd.
2.378% due 10/17/2027			9,000			9,003
Park Place Securities, Inc.
1.706% due 09/25/2035			200			176
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
1.706% due 08/25/2035			200			177
1.706% due 09/25/2035			500			490
1.746% due 07/25/2035			400			386
1.766% due 07/25/2035			950			820
2.161% due 02/25/2035			21			21
2.161% due 06/25/2035			200			201
2.266% due 10/25/2034			500			479


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		73

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.341% due 03/25/2035	$		400	$		393
2.461% due 01/25/2036			300			300
3.016% due 12/25/2034			676			613
People’s Choice Home Loan Securities Trust
1.936% due 05/25/2035 ^			181			177
People’s Financial Realty Mortgage Securities Trust
1.356% due 09/25/2036			435			184
Popular ABS Mortgage Pass-Through Trust
1.476% due 11/25/2046			200			195
1.606% due 02/25/2036			400			357
RAAC Trust
1.385% due 10/25/2045			250			248
1.516% due 06/25/2044			87			74
1.566% due 11/25/2046			684			613
1.616% due 09/25/2045			4,100			3,933
1.616% due 06/25/2047			99			99
2.716% due 09/25/2047			600			570
Regatta Funding Ltd.
2.316% due 10/25/2026			6,000			6,003
Renaissance Home Equity Loan Trust
5.812% due 11/25/2036			554			333
7.238% due 09/25/2037 ^			268			158
Residential Asset Mortgage Products Trust
1.244% due 10/25/2034			54			52
1.376% due 12/25/2036			125			124
1.376% due 02/25/2037			321			317
1.496% due 09/25/2036			258			228
1.516% due 05/25/2036 ^			1,499			1,219
1.536% due 01/25/2036			1,000			868
1.646% due 11/25/2035			250			244
1.656% due 10/25/2035			200			195
1.676% due 10/25/2035			100			95
1.696% due 09/25/2035			300			296
2.116% due 08/25/2034			184			180
5.512% due 07/25/2034 ^			1,345			1,299
5.521% due 01/25/2034			1,449			1,495
Residential Asset Securities Corp. Trust
1.346% due 11/25/2036			677			578
1.376% due 11/25/2036 ^			591			553
1.386% due 11/25/2036			902			824
1.456% due 09/25/2036			862			806
1.466% due 04/25/2037			293			288
1.486% due 05/25/2037			227			223
1.496% due 06/25/2036			1,000			951
1.546% due 12/25/2035			276			208
1.556% due 04/25/2037			1,600			1,352
1.596% due 02/25/2036			400			400
1.626% due 01/25/2036			200			198
1.636% due 10/25/2035			300			286
1.636% due 12/25/2035			400			375
1.656% due 11/25/2035			300			299
1.676% due 11/25/2035			300			274
1.861% due 03/25/2035			1,174			1,155
1.981% due 03/25/2034			87			85


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.056% due 12/25/2034	$		43	$		42
Saxon Asset Securities Trust
2.386% due 07/25/2031			25			25
Securitized Asset-Backed Receivables LLC Trust
1.306% due 07/25/2036			264			137
1.356% due 05/25/2036			573			338
1.376% due 07/25/2036			258			135
1.456% due 07/25/2036			221			118
1.466% due 05/25/2036			1,271			767
1.486% due 03/25/2036			259			235
1.876% due 08/25/2035			360			233
1.891% due 01/25/2035			111			108
2.176% due 01/25/2036 ^			137			97
3.443% due 01/25/2036 ^			73			58
Seneca Park CLO Ltd.
2.278% due 07/17/2026			6,800			6,817
SG Mortgage Securities Trust
1.376% due 07/25/2036			32,981			12,208
1.666% due 10/25/2035			1,000			961
SLM Student Loan Trust
2.656% due 04/25/2023			9,891			10,117
Soundview Home Loan Trust
1.296% due 06/25/2037			67			45
1.326% due 02/25/2037			342			134
1.376% due 11/25/2036			481			453
1.396% due 02/25/2037			479			190
1.396% due 07/25/2037			2,825			2,291
1.566% due 03/25/2036			400			345
2.041% due 06/25/2035			200			188
2.166% due 10/25/2037			449			353
South Carolina Student Loan Corp.
2.202% due 09/03/2024			600			604
Specialty Underwriting & Residential Finance Trust
1.366% due 09/25/2037			147			89
1.366% due 11/25/2037			1,040			679
1.486% due 04/25/2037			257			153
2.191% due 12/25/2035			444			409
SpringCastle America Funding LLC
3.050% due 04/25/2029			13,143			13,237
Staniford Street CLO Ltd.
2.426% due 06/15/2025			20,000			20,000
Structured Asset Investment Loan Trust
1.366% due 09/25/2036			350			313
1.406% due 03/25/2036			703			646
1.516% due 01/25/2036			313			276
2.116% due 05/25/2035			600			585
2.341% due 07/25/2033			87			87
2.491% due 12/25/2034			1,138			969
Structured Asset Securities Corp. Mortgage Loan Trust
1.351% due 07/25/2036			12,088			11,454
1.356% due 09/25/2036			342			340
1.366% due 09/25/2036			174			160


74		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
1.376% due 03/25/2036	$		73	$		73
1.386% due 12/25/2036			247			223
1.426% due 02/25/2037			899			813
1.446% due 01/25/2037			2,998			2,004
1.466% due 09/25/2036			200			178
1.586% due 04/25/2036			600			554
2.116% due 08/25/2037			323			317
2.216% due 08/25/2037			927			902
Structured Asset Securities Corp. Trust
1.676% due 09/25/2035			700			546
THL Credit Wind River CLO Ltd.
2.608% due 01/15/2026			10,500			10,550
Venture CLO Ltd.
0.000% due 07/15/2026 (a)			1,550			1,550
VOLT LLC
3.250% due 04/25/2059			19,000			19,031
WaMu Asset-Backed Certificates Trust
1.441% due 05/25/2047			13,120			10,789
Wells Fargo Home Equity Asset-Backed Securities Trust
1.546% due 05/25/2036			300			272
1.846% due 03/25/2035			1,000			995
1.846% due 11/25/2035			200			193
2.266% due 02/25/2035			200			189

Total Asset-Backed Securities (Cost $521,895)						536,463


SOVEREIGN ISSUES 0.5%
Corp. Financiera de Desarrollo S.A.
4.750% due 02/08/2022			7,000			7,514

Total Sovereign Issues (Cost $6,957)						7,514

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

SHORT-TERM INSTRUMENTS 2.7%

REPURCHASE AGREEMENTS (f) 2.7%

36,076

U.S. TREASURY BILLS 0.0%

0.899% due
08/31/2017 (b)(c)

293

292

Total Short-Term Instruments
(Cost $36,369)

36,368

Total Investments in Securities (Cost $2,407,286)

2,434,971

Total Investments 179.4%
(Cost $2,407,286)

2,434,971

Financial Derivative
Instruments (h)(j) 0.0%

(Cost or Premiums, net $(963))

172

Other Assets and Liabilities,
net (79.4)%

(1,077,406

)

Net Assets 100.0%

1,357,737

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)

When-issued security.

(b)

Zero coupon security.

(c)

Coupon represents a yield to maturity.

(d)

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

(e) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets

Rise Ltd.

4.750%

01/31/2021

03/14/2017

579

581

0.04%


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		75

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
BCY	1.440%		06/30/2017		07/03/2017	$	10,200	Fannie Mae 4.000% due 07/01/2037	$	(10,527	)	$	10,200	$	10,201
NOM	1.050		06/30/2017		07/03/2017		22,200	U.S. Treasury Notes 1.750% due 09/30/2022		(22,633	)		22,200		22,202
SSB	0.050		06/30/2017		07/03/2017		3,676	U.S. Treasury Notes 3.500% due 05/15/2020⁽²⁾		(3,753	)		3,676		3,676

Total Repurchase Agreements									$	(36,913	)	$	36,076	$	36,079

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽³⁾			Settlement Date		Maturity Date		Amount Borrowed⁽³⁾			Payable for Reverse Repurchase Agreements
BOM		1.060	%		05/03/2017		07/12/2017	$	(39,636	)	$	(39,707	)
BOS		1.140			05/16/2017		07/17/2017		(47,775	)		(47,848	)
BSN		0.980			04/04/2017		07/05/2017		(57,415	)		(57,555	)
		1.010			06/15/2017		07/18/2017		(10,526	)		(10,531	)
JPS		0.920			05/22/2017		07/03/2017		(1,947	)		(1,949	)
RDR		1.060			05/05/2017		07/07/2017		(25,728	)		(25,773	)

Total Reverse Repurchase Agreements											$	(183,363	)

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽³⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽³⁾			Payable for Sale-Buyback Transactions⁽⁴⁾
BCY		1.100	%		06/22/2017		07/06/2017	$	(3,942	)	$	(3,944	)
BPG		1.340			06/21/2017		07/21/2017		(27,140	)		(27,152	)
GSC		1.050			06/13/2017		07/13/2017		(610	)		(610	)
		1.150			05/11/2017		07/11/2017		(32,472	)		(32,527	)
		1.160			06/02/2017		07/05/2017		(4,311	)		(4,315	)
		1.200			06/07/2017		07/07/2017		(3,437	)		(3,440	)
UBS		2.440			06/05/2017		09/05/2017		(52,240	)		(52,290	)

Total Sale-Buyback Transactions											$	(124,278	)


76		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

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/(received) as of June 30, 2017:


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure⁽⁵⁾
Global/Master Repurchase Agreement
BCY	$	10,201	$	0		$	0		$	10,201		$	(10,527	)	$	(326	)
BOM		0		(39,707	)		0			(39,707	)		39,533			(174	)
BOS		0		(47,848	)		0			(47,848	)		47,347			(501	)
BSN		0		(68,086	)		0			(68,086	)		67,290			(796	)
JPS		0		(1,949	)		0			(1,949	)		1,964			15
NOM		22,202		0			0			22,202			(22,633	)		(431	)
RDR		0		(25,773	)		0			(25,773	)		25,634			(139	)
SSB		3,676		0			0			3,676			(3,753	)		(77	)

Master Securities Forward Transaction Agreement
BCY		0		0			(3,944	)		(3,944	)		3,824			(120	)
BPG		0		0			(27,152	)		(27,152	)		26,878			(274	)
GSC		0		0			(40,892	)		(40,892	)		40,569			(323	)
UBS		0		0			(52,290	)		(52,290	)		51,668			(622	)

Total Borrowings and Other Financing Transactions	$	36,079	$	(183,363	)	$	(124,278	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days		Total
Reverse Repurchase Agreements
U.S. Treasury Obligations	$	0	$	(183,363	)	$	0		$	0	$	(183,363	)

Total	$	0	$	(183,363	)	$	0		$	0	$	(183,363	)

Sale-Buyback Transactions
U.S. Treasury Obligations		0		(71,988	)		(52,290	)		0		(124,278	)

Total	$	0	$	(71,988	)	$	(52,290	)	$	0	$	(124,278	)

Total Borrowings	$	0	$	(255,351	)	$	(52,290	)	$	0	$	(307,641	)

Gross amount of recognized liabilities for reverse repurchase agreements and sale-buyback financing transactions											$	(307,641	)

(g)

Securities with an aggregate market value of $305,726 have been pledged as collateral under the terms of of the above master agreements as of June 30, 2017.

⁽¹⁾	Includes accrued interest.

⁽²⁾	Collateral is held in custody by the counterparty.

⁽³⁾	The average amount of borrowings outstanding during the period ended June 30, 2017 was $(201,764) at a weighted average interest rate of 0.937%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽⁴⁾	Payable for sale-buyback transactions includes $(141) of deferred price drop.


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		77

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

⁽⁵⁾

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 8, Master Arrangements,, in the Notes to Financial Statements for more information regarding master netting arrangements.

(h) 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 September Futures	$	114.500		08/25/2017		14	$	0	$	0
Put - CBOT U.S. Treasury 10-Year Note September Futures		115.000		08/25/2017		180		2		0

							$	2	$	0

Total Purchased Options							$	2	$	0

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS


Description	Expiration Month	# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month	# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
90-Day Eurodollar March Futures	03/2018		214	$	52,665	$	21		$	0	$	(11	)
U.S. Treasury 10-Year Note September Futures	09/2017		1,033		129,674		(367	)		0		(290	)

						$	(346	)	$	0	$	(301	)

SHORT FUTURES CONTRACTS


Description	Expiration Month	# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month	# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Asset		Liability
United Kingdom Long Gilt September Futures	09/2017		45		GBP 7,360	$	109		$	65	$	0

Total Futures Contracts						$	(237	)	$	65	$	(301	)

SWAP AGREEMENTS:

INTEREST RATE SWAPS

Pay/Receive
Floating Rate

Floating Rate Index

Fixed Rate

Maturity
Date

Notional
Amount

Premiums
Paid/(Received)

Unrealized
Appreciation/
(Depreciation)

Market
Value

Variation Margin

Asset

Liability

Receive

3-Month USD-LIBOR

1.750%

12/21/2023

79,000

1,287

303

$ 1,590

184

Total Swap Agreements

1,287

303

$ 1,590

184


78		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

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 June 30, 2017:

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

184

249

$ (301)

$ 0

$ (301)

(i)

Securities with an aggregate market value of $1,319 and cash of $361 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2017. See Note 8, Master Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
BOA		07/2017		EUR	17,204		$	19,337	$	0	$	(312	)
		07/2017		ILS	1,840			509		0		(19	)
BPS		07/2017		$	19,570		EUR	17,204		80		0
		08/2017		EUR	17,204		$	19,598		0		(79	)
		08/2017		$	12,146		MXN	234,467		704		0
CBK		07/2017		GBP	21,072		$	27,113		0		(332	)
		08/2017		MXN	79,337			4,389		41		0
DUB		07/2017		BRL	73,984			22,364		32		0
		07/2017		$	22,797		BRL	73,984		0		(465	)
FBF		08/2017			1,016		CAD	1,385		53		0
		09/2017		KRW	25,119,481		$	22,343		364		0
GLM		07/2017		BRL	73,055			21,990		0		(62	)
		07/2017		$	22,083		BRL	73,055		0		(31	)
		07/2017			14		CNH	94		0		0
		10/2017			121		RUB	7,110		0		(3	)
HUS		08/2017			1,055		GBP	812		3		0
SCX		08/2017			25,269		AUD	34,338		1,110		0
UAG		07/2017			27,006		GBP	21,072		439		0
		08/2017		GBP	21,072		$	27,030		0		(440	)

Total Forward Foreign Currency Contracts									$	2,826	$	(1,743	)

SWAP AGREEMENTS:

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


Counterparty	Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BOA	Brazil Government International Bond		1.000	%		06/20/2022		2.376	%		$	2,000	$	(122	)	$	(3	)	$	0	$	(125	)


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		79

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


Counterparty	Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at June 30, 2017⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
FBF	Brazil Government International Bond		1.000	%		06/20/2022		2.376	%		$	5,900	$	(393	)	$	24	$	0	$	(369	)
HUS	Brazil Government International Bond		1.000			06/20/2022		2.376				5,450		(386	)		46		0		(340	)
	Mexico Government International Bond		1.000			06/20/2022		1.128				4,400		(64	)		39		0		(25	)

													$	(965	)	$	106	$	0	$	(859	)

Total Swap Agreements													$	(965	)	$	106	$	0	$	(859	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2017:


	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 Pledged/ (Received)			Net Exposure⁽⁴⁾
BOA	$	0	$	0	$	0	$	0	$	(331	)	$	0	$	(125	)	$	(456	)	$	(456	)	$	344		$	(112	)
BPS		784		0		0		784		(79	)		0		0			(79	)		705			(900	)		(195	)
CBK		41		0		0		41		(332	)		0		0			(332	)		(291	)		273			(18	)
DUB		32		0		0		32		(465	)		0		0			(465	)		(433	)		445			12
FBF		417		0		0		417		0			0		(369	)		(369	)		48			0			48
GLM		0		0		0		0		(96	)		0		0			(96	)		(96	)		0			(96	)
HUS		3		0		0		3		0			0		(365	)		(365	)		(362	)		384			22
SCX		1,110		0		0		1,110		0			0		0			0			1,110			(1,090	)		20
UAG		439		0		0		439		(440	)		0		0			(440	)		(1	)		0			(1	)

Total Over the Counter		$2,826	$	0	$	0	$	2,826	$	(1,743	)	$	0	$	(859	)	$	(2,602	)

(k)

Securities with an aggregate market value of $1,446 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2017.

⁽¹⁾

⁽²⁾

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


80		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2017:


	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	$	65	$	65
Swap Agreements		0		0		0		0		184		184

	$	0	$	0	$	0	$	0	$	249	$	249

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,826	$	0	$	2,826

	$	0	$	0	$	0	$	2,826	$	249	$	3,075


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	301	$	301

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,743	$	0	$	1,743
Swap Agreements		0		859		0		0		0		859

	$	0	$	859	$	0	$	1,743	$	0	$	2,602

	$	0	$	859	$	0	$	1,743	$	301	$	2,903

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2017:


	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	$	1,955		$	1,955
Swap Agreements		0		0		0		0		(1,819	)		(1,819	)

	$	0	$	0	$	0	$	0	$	136		$	136

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5,040	$	0		$	5,040
Purchased Options		0		0		0		0		(45	)		(45	)
Swap Agreements		0		1,090		0		0		0			1,090

	$	0	$	1,090	$	0	$	5,040	$	(45	)	$	6,085

	$	0	$	1,090	$	0	$	5,040	$	91		$	6,221


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		81

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
Purchased Options	$	0	$	0		$	0	$	0		$	(1	)	$	(1	)
Futures		0		0			0		0			(237	)		(237	)
Swap Agreements		0		0			0		0			260			260

	$	0	$	0		$	0	$	0		$	22		$	22

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(1,316	)	$	0		$	(1,316	)
Purchased Options		0		0			0		0			15			15
Swap Agreements		0		(663	)		0		0			0			(663	)

	$	0	$	(663	)	$	0	$	(1,316	)	$	15		$	(1,964	)

	$	0	$	(663	)	$	0	$	(1,316	)	$	37		$	(1,942	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2017
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	0	$	2,638	$	2,638
Corporate Bonds & Notes
Banking & Finance		0		159,585		0		159,585
Industrials		0		50,996		0		50,996
Utilities		0		26,847		0		26,847
Municipal Bonds & Notes
California		0		4,795		0		4,795
Illinois		0		5,224		0		5,224
Ohio		0		1,237		0		1,237
Pennsylvania		0		9,972		0		9,972
Texas		0		1,060		0		1,060
Virginia		0		16,756		0		16,756
West Virginia		0		28,296		0		28,296
U.S. Government Agencies		0		776,283		0		776,283
U.S. Treasury Obligations		0		465,907		0		465,907
Non-Agency Mortgage-Backed Securities		0		305,030		0		305,030
Asset-Backed Securities		0		536,463		0		536,463
Sovereign Issues		0		7,514		0		7,514
Short-Term Instruments
Repurchase Agreements		0		36,076		0		36,076
U.S. Treasury Bills		0		292		0		292
Total Investments	$	0	$	2,432,333	$	2,638	$	2,434,971

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		65		184		0		249
Over the counter		0		2,826		0		2,826
	$	65	$	3,010	$	0	$	3,075


82		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2017
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	(301	)	$	0		$	0	$	(301	)
Over the counter		0			(2,602	)		0		(2,602	)
	$	(301	)	$	(2,602	)	$	0	$	(2,903	)

Total Financial Derivative Instruments	$	(236	)	$	408		$	0	$	172

Totals	$	(236	)	$	2,432,741		$	2,638	$	2,435,143

There were no significant transfers among Levels 1, 2, or 3 during the period ended June 30, 2017.


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		83

Schedule of Investments PIMCO Fixed Income SHares: Series R


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 162.3%

CORPORATE BONDS & NOTES 7.4%

BANKING & FINANCE 5.6%
AerCap Ireland Capital DAC
3.750% due 05/15/2019	$		100	$		103
4.625% due 10/30/2020			100			106
Ally Financial, Inc.
3.500% due 01/27/2019			400			407
Bank of America N.A.
1.750% due 06/05/2018			1,800			1,803
Deutsche Bank AG
4.250% due 10/14/2021			1,400			1,467
Goldman Sachs Group, Inc.
2.446% due 09/15/2020			1,400			1,425
ING Bank NV
2.625% due 12/05/2022			400			404
International Lease Finance Corp.
5.875% due 04/01/2019			100			106
6.250% due 05/15/2019			100			107
8.250% due 12/15/2020			100			118
Nordea Kredit Realkreditaktieselskab
2.500% due 10/01/2047	DKK		564			88
Nykredit Realkredit A/S
2.500% due 10/01/2047			1,869			292
Realkredit Danmark A/S
2.500% due 10/01/2047			1,322			206
Santander Holdings USA, Inc.
2.642% due 11/24/2017	$		100			100
UBS AG
1.539% due 12/07/2018			900			901
1.799% due 06/08/2020			1,000			1,002

						8,635


INDUSTRIALS 0.2%
eBay, Inc.
2.750% due 01/30/2023			300			297


UTILITIES 1.6%
AT&T, Inc.
1.808% due 01/15/2020			400			402
2.023% due 07/15/2021			1,100			1,112
Petrobras Global Finance BV
4.375% due 05/20/2023			200			189
6.125% due 01/17/2022			200			207
7.375% due 01/17/2027			500			531

						2,441

Total Corporate Bonds & Notes (Cost $11,195)						11,373


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. GOVERNMENT AGENCIES 2.4%
Fannie Mae
1.661% due 02/25/2037	$		57	$		57
1.892% due 10/01/2044			6			6
Fannie Mae, TBA
3.000% due 09/01/2047			2,000			1,991
Freddie Mac
2.739% due 09/01/2036			75			79
3.034% due 07/01/2036			68			71
NCUA Guaranteed Notes
1.454% due 11/06/2017			1,553			1,553

Total U.S. Government Agencies (Cost $3,763)						3,757


U.S. TREASURY OBLIGATIONS 122.5%
U.S. Treasury Bonds
2.875% due 11/15/2046 (i)			20			20
3.000% due 02/15/2047 (e)			3,040			3,142
3.000% due 05/15/2047 (e)			1,260			1,303
U.S. Treasury Inflation Protected Securities (c)
0.125% due 04/15/2019			2,713			2,716
0.125% due 04/15/2020 (e)			28,193			28,244
0.125% due 04/15/2021 (e)			19,025			19,002
0.125% due 01/15/2022 (g)(i)			832			831
0.125% due 04/15/2022			101			100
0.125% due 01/15/2023 (e)			7,734			7,666
0.125% due 07/15/2024 (e)			10,515			10,332
0.125% due 07/15/2026 (i)			2,489			2,402
0.250% due 01/15/2025			6,845			6,726
0.375% due 07/15/2023 (i)			6,284			6,327
0.375% due 07/15/2025			2,299			2,283
0.375% due 01/15/2027			2,936			2,884
0.625% due 01/15/2024			4,737			4,806
0.625% due 01/15/2026 (e)			10,497			10,568
0.625% due 02/15/2043			532			490
0.750% due 02/15/2042			1,396			1,331
0.750% due 02/15/2045			3,011			2,830
0.875% due 02/15/2047			1,773			1,722
1.000% due 02/15/2046 (i)			5,139			5,141
1.250% due 07/15/2020			1,009			1,052
1.375% due 07/15/2018 (e)(i)			397			403
1.375% due 02/15/2044 (e)(i)			6,715			7,315
1.750% due 01/15/2028 (e)			18,722			20,883
1.875% due 07/15/2019			1,947			2,030
2.000% due 01/15/2026			517			580
2.125% due 02/15/2040 (i)			272			338
2.125% due 02/15/2041			2,457			3,073
2.375% due 01/15/2025			3,788			4,317
2.500% due 01/15/2029 (e)			16,993			20,449
3.625% due 04/15/2028			5,458			7,135
U.S. Treasury Notes
1.625% due 02/15/2026 (i)			40			38
1.875% due 02/28/2022 (i)			300			300


84		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.000% due 11/15/2026 (i)	$		200	$		195

Total U.S. Treasury Obligations (Cost $190,451)						188,974


NON-AGENCY MORTGAGE-BACKED SECURITIES 3.0%
Citigroup Mortgage Loan Trust, Inc.
1.224% due 06/25/2047			1,114			1,107
Countrywide Alternative Loan Trust
1.407% due 12/20/2046 ^			1,376			1,119
Grifonas Finance PLC
0.042% due 08/28/2039	EUR		189			185
GSR Mortgage Loan Trust
3.109% due 09/25/2035	$		44			44
IndyMac Mortgage Loan Trust
2.056% due 05/25/2034			1,727			1,607
Marche Mutui SRL
0.062% due 02/25/2055	EUR		3			4
1.921% due 01/27/2064			56			64
Morgan Stanley Capital Trust
5.809% due 12/12/2049	$		149			149
MortgageIT Trust
2.221% due 12/25/2034			34			32
Residential Accredit Loans, Inc. Trust
1.396% due 06/25/2046			274			121
Swan Trust
2.915% due 04/25/2041	AUD		286			221

Total Non-Agency Mortgage-Backed Securities (Cost $4,417)						4,653


ASSET-BACKED SECURITIES 3.6%
Bayview Opportunity Master Fund Trust
3.475% due 04/28/2032	$		189			189
CIT Mortgage Loan Trust
2.566% due 10/25/2037			834			829
Citigroup Mortgage Loan Trust, Inc.
1.296% due 01/25/2037			239			154
1.676% due 10/25/2035			500			414
Countrywide Asset-Backed Certificates Trust
1.746% due 02/25/2036			500			494
Credit Suisse Mortgage Capital Mortgage-Backed Trust
4.500% due 03/25/2021			530			532
Dryden Senior Loan Fund
2.358% due 01/15/2025			743			744
First Franklin Mortgage Loan Trust
2.041% due 01/25/2035			51			51
Highlander Euro CDO BV
0.000% due 05/01/2023	EUR		460			526
Long Beach Mortgage Loan Trust
1.446% due 01/25/2046	$		66			66


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Massachusetts Educational Financing Authority
2.106% due 04/25/2038	$		79	$		79
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
1.726% due 05/25/2035			1,300			1,129
RAAC Trust
1.556% due 08/25/2036			100			96
Saxon Asset Securities Trust
1.936% due 05/25/2035			42			32
Structured Asset Securities Corp. Mortgage Loan Trust
2.216% due 08/25/2037			70			68
VOLT LLC
3.500% due 03/25/2047			94			94

Total Asset-Backed Securities (Cost $5,465)						5,497


SOVEREIGN ISSUES 16.8%
Argentine Government International Bond
6.875% due 01/26/2027			1,000			1,036
Brazil Letras do Tesouro Nacional
0.000% due 10/01/2017 (b)	BRL		5,290			1,560
0.000% due 07/01/2018 (b)			47,000			13,054
Canada Government International Bond
4.250% due 12/01/2026 (c)	CAD		891			936
Denmark Government International Bond
0.100% due 11/15/2023 (c)	DKK		28,589			4,653
Mexico Government International Bond
7.750% due 05/29/2031	MXN		8,021			474
New Zealand Government International Bond
2.000% due 09/20/2025 (c)	NZD		525			391
2.500% due 09/20/2035 (c)			410			317
3.000% due 09/20/2030 (c)			1,250			1,029
United Kingdom Gilt
0.125% due 03/22/2046 (c)	GBP		353			732
0.125% due 03/22/2058 (c)			63			161
0.125% due 11/22/2065 (c)			311			897
0.125% due 03/22/2068 (c)			119			363
1.500% due 07/22/2047			10			12
3.250% due 01/22/2044			220			366

Total Sovereign Issues (Cost $26,455)						25,981


SHORT-TERM INSTRUMENTS 6.6%

CERTIFICATES OF DEPOSIT 0.6%
Barclays Bank PLC
1.710% due 03/16/2018	$		900			900


REPURCHASE AGREEMENTS (d) 0.8%
						1,195


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		85

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

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

JAPAN TREASURY BILLS 2.7%

(0.141)% due 07/10/2017 - 08/07/2017 (a)(b)

JPY

470,000

4,179

MEXICO TREASURY BILLS 2.5%

6.773% due 08/17/2017 - 01/04/2018 (a)(b)

MXN

70,440

3,833

Total Short-Term Instruments
(Cost $9,871)

10,107

Total Investments in Securities
(Cost $251,617)

250,342

MARKET
VALUE
(000S)

Total Investments 162.3% (Cost $251,617)

250,342

Financial Derivative Instruments (f)(h) (1.3)%

(Cost or Premiums, net $(160))

(1,962

)

Other Assets and Liabilities, net (61.0)%

(94,087

)

Net Assets 100.0%

154,293

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)

Zero coupon security.

(c)

Principal amount of security is adjusted for inflation.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received⁽¹⁾
SSB	0.050%		06/30/2017		07/03/2017	$	1,195	U.S. Treasury Notes 3.500% due 05/15/2020⁽²⁾	$	(1,219	)	$	1,195	$	1,195

Total Repurchase Agreements									$	(1,219	)	$	1,195	$	1,195

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽³⁾			Settlement Date		Maturity Date		Amount Borrowed⁽³⁾			Payable for Reverse Repurchase Agreements
GRE		1.160	%		06/21/2017		07/12/2017	$	(1,879	)	$	(1,879	)

Total Reverse Repurchase Agreements											$	(1,879	)


86		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

SALE-BUYBACK TRANSACTIONS:


Counterparty	Borrowing Rate⁽³⁾			Borrowing Date		Maturity Date		Amount Borrowed⁽³⁾			Payable for Sale-Buyback Transactions⁽⁴⁾
BCY		1.380	%		06/27/2017		07/05/2017	$	(2,676	)	$	(2,677	)
		1.600			06/29/2017		07/06/2017		(1,033	)		(1,033	)
BPG		1.250			06/08/2017		07/10/2017		(6,272	)		(6,278	)
		2.440			05/31/2017		07/28/2017		(2,942	)		(2,945	)
MSC		1.310			06/13/2017		07/13/2017		(3,152	)		(3,155	)
TDM		0.960			04/19/2017		07/13/2017		(25,391	)		(25,441	)
		1.010			04/26/2017		07/13/2017		(4,100	)		(4,108	)
		1.040			05/04/2017		07/10/2017		(35,042	)		(35,103	)
		1.110			05/10/2017		07/10/2017		(3,935	)		(3,941	)
		1.120			05/17/2017		07/13/2017		(7,026	)		(7,036	)
		1.150			06/01/2017		07/03/2017		(415	)		(416	)
		1.170			06/05/2017		07/07/2017		(831	)		(832	)
		1.180			06/07/2017		07/07/2017		(319	)		(319	)

Total Sale-Buyback Transactions											$	(93,284	)

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/(received) as of June 30, 2017:


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure⁽⁵⁾
Global/Master Repurchase Agreement
GRE	$	0	$	(1,879	)	$	0		$	(1,879	)	$	1,865		$	(14	)
SSB		1,195		0			0			1,195			(1,219	)		(24	)

Master Securities Forward Transaction Agreement
BCY		0		0			(3,710	)		(3,710	)		3,673			(37	)
BPG		0		0			(9,223	)		(9,223	)		9,073			(150	)
MSC		0		0			(3,155	)		(3,155	)		3,142			(13	)
TDM		0		0			(77,196	)		(77,196	)		76,495			(701	)

Total Borrowings and Other Financing Transactions	$	1,195	$	(1,879	)	$	(93,284	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Reverse Repurchase Agreements
U.S. Treasury Obligations	$	0	$	(1,879)	$	0	$	0	$	(1,879)

Total	$	0	$	(1,879)	$	0	$	0	$	(1,879)


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		87

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


	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Sale-Buyback Transactions
U.S. Treasury Obligations	$	0	$	(93,284)	$	0	$	0	$	(93,284)

Total	$	0	$	(93,284)	$	0	$	0	$	(93,284)

Total Borrowings	$	0	$	(95,163)	$	0	$	0	$	(95,163)

Gross amount of recognized liabilities for reverse repurchase agreements and sale-buyback financing transactions									$	(95,163)

(e)

Securities with an aggregate market value of $94,248 have been pledged as collateral under the terms of the above master agreements as of June 30, 2017.

⁽¹⁾	Includes accrued interest.

⁽²⁾	Collateral is held in custody by the counterparty.

⁽³⁾	The average amount of borrowings outstanding during the period ended June, 30 2017 was $(65,854) at a weighted average interest rate of 0.895%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽⁴⁾	Payable for sale-buyback transactions includes $(24) of deferred price drop.

⁽⁵⁾

(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
Call - CBOT U.S. Treasury 2-Year Note September Futures	$	110.250		08/25/2017		23	$	0	$	0
Call - CBOT U.S. Treasury 5-Year Note September Futures		126.000		08/25/2017		84		1		0
Call - CBOT U.S. Treasury 5-Year Note September Futures		128.000		08/25/2017		44		1		0
Call - CBOT U.S. Treasury 5-Year Note September Futures		129.500		08/25/2017		24		0		0
Put - CBOT U.S. Treasury 10-Year Note September Futures		111.000		08/25/2017		217		2		0
Call - CBOT U.S. Treasury 10-Year Note September Futures		141.000		08/25/2017		14		0		0
Call - CBOT U.S. Treasury 10-Year Note September Futures		141.500		08/25/2017		7		0		0
Call - CBOT U.S. Treasury 10-Year Note September Futures		142.000		08/25/2017		25		0		0
Call - CBOT U.S. Treasury 10-Year Note September Futures		144.000		08/25/2017		4		0		0
Put - CME 90-Day Eurodollar March Futures		98.250		03/19/2018		195		19		16

							$	23	$	16

Total Purchased Options							$	23	$	16

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 August Futures	$	126.000		07/21/2017		60	$	(14	)	$	(47	)
Call - CBOT U.S. Treasury 10-Year Note August Futures		127.500		07/21/2017		60		(13	)		(3	)
Put - CBOT U.S. Treasury 10-Year Note September Futures		124.500		08/25/2017		32		(14	)		(15	)


88		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


Description	Strike Price		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Call - CBOT U.S. Treasury 10-Year Note September Futures	$	127.500		08/25/2017		32	$	(17	)	$	(6	)
Call - CME 90-Day Eurodollar March Futures		98.750		03/19/2018		195		(22	)		(7	)

							$	(80	)	$	(78	)

Total Written Options							$	(80	)	$	(78	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description

Expiration
Month

# of
Contracts

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Variation Margin

Asset

Liability

U.S. Treasury 10-Year Note September Futures

09/2017

105

13,181

(98)

(30)

SHORT FUTURES CONTRACTS


Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Asset		Liability
Euro-OAT France Government 10-Year Bond September Futures		09/2017		27		EUR	4,579		27			40		0
Japan Government 10-Year Bond September Futures		09/2017		6		JPY	8,008		27			22		0
U.S. Treasury 5-Year Note September Futures		09/2017		233		$	27,456		54			40		0
U.S. Treasury 30-Year Bond September Futures		09/2017		14			2,152		(13	)		8		0
United Kingdom Long Gilt September Futures		09/2017		14		GBP	2,290		35			20		0

								$	130		$	130	$	0

Total Futures Contracts								$	32		$	130	$	(30	)

SWAP AGREEMENTS:

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


Index/Tranches	Fixed Receive Rate			Maturity Date		Notional Amount⁽²⁾			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽³⁾			Variation Margin
Index/Tranches	Fixed Receive Rate			Maturity Date		Notional Amount⁽²⁾			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value⁽³⁾			Asset		Liability
CDX.HY-28 5-Year Index		5.000	%		06/20/2022	$		1,830	$	(126	)	$	(3)	$	(129	)	$	0	$	(4	)
iTraxx Europe Main 26 5-Year Index		1.000			12/20/2021		EUR	1,900		(34	)		(16)		(50	)		2		0
iTraxx Europe Main 27 5-Year Index		1.000			06/20/2022			5,200		(94	)		(37)		(131	)		5		0

									$	(254	)	$	(56)	$	(310	)	$	7	$	(4	)

INTEREST RATE SWAPS


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	3-Month USD-LIBOR		1.750	%		12/21/2026	$	3,860	$	(112	)	$	278		$	166		$	12	$	0
Receive	3-Month USD-LIBOR		1.250			06/15/2018		3,800		16			(23	)		(7	)		0		0
Receive	3-Month USD-LIBOR		1.250			06/21/2019		20,700		124			20			144			9		0


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		89

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


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Receive	3-Month USD-LIBOR		2.250	%		12/16/2022	$	7,200	$	16		$	81		$	97		$	0	$	(14	)
Pay⁽⁴⁾	3-Month USD-LIBOR		2.678			10/25/2023		2,000		0			42			42			0		(4	)
Pay⁽⁴⁾	3-Month USD-LIBOR		2.670			11/19/2023		2,000		0			40			40			0		(4	)
Pay⁽⁴⁾	3-Month USD-LIBOR		2.681			12/12/2023		2,000		0			40			40			0		(4	)
Pay⁽⁴⁾	3-Month USD-LIBOR		2.500			12/19/2023		3,000		(24	)		58			34			0		(7	)
Receive⁽⁴⁾	3-Month USD-LIBOR		2.500			02/22/2026		13,890		(44	)		72			28			24		0
Receive⁽⁴⁾	3-Month USD-LIBOR		2.400			03/16/2026		8,600		0			58			58			15		0
Receive⁽⁴⁾	3-Month USD-LIBOR		2.300			04/21/2026		5,000		(21	)		79			58			8		0
Receive⁽⁴⁾	3-Month USD-LIBOR		2.300			04/27/2026		5,900		(23	)		92			69			10		0
Receive⁽⁴⁾	3-Month USD-LIBOR		1.850			07/27/2026		1,600		(2	)		54			52			2		0
Receive⁽⁴⁾	3-Month USD-LIBOR		2.000			07/27/2026		11,500		194			104			298			17		0
Receive	3-Month USD-LIBOR		2.250			12/21/2046		1,300		(116	)		29			(87	)		0		(6	)
Receive	3-Month USD-LIBOR		1.750			06/21/2047		1,700		(318	)		16			(302	)		0		(7	)
Receive⁽⁴⁾	3-Month USD-LIBOR		2.969			10/25/2048		360		0			(26	)		(26	)		2		0
Receive⁽⁴⁾	3-Month USD-LIBOR		2.951			11/19/2048		300		0			(20	)		(20	)		2		0
Receive⁽⁴⁾	3-Month USD-LIBOR		2.953			12/12/2048		300		0			(20	)		(20	)		2		0
Receive⁽⁴⁾	3-Month USD-LIBOR		2.750			12/19/2048		700		19			(36	)		(17	)		3		0
Receive⁽⁴⁾	6-Month GBP-LIBOR		1.500			09/20/2027	GBP	5,310		(73	)		(14	)		(87	)		68		0
Receive⁽⁴⁾	6-Month GBP-LIBOR		1.750			03/21/2048		3,190		(191	)		61			(130	)		104		0
Pay	28-Day MXN-TIIE		5.610			07/07/2021	MXN	2,200		(6	)		1			(5	)		0		0
Pay	28-Day MXN-TIIE		7.030			11/10/2021		5,600		(1	)		4			3			0		(1	)
Pay	28-Day MXN-TIIE		7.350			11/17/2021		3,300		0			4			4			0		0
Pay	28-Day MXN-TIIE		7.200			06/05/2024		16,600		0			11			11			0		(5	)
Pay	28-Day MXN-TIIE		8.035			12/17/2026		21,000		(2	)		76			74			0		(7	)
Pay	28-Day MXN-TIIE		7.733			02/25/2027		11,600		17			10			27			0		(4	)
Pay	CPTFEMU		0.580			10/15/2017	EUR	500		(2	)		3			1			1		0
Pay	CPTFEMU		0.830			05/15/2018		2,100		(9	)		(18	)		(27	)		0		(2	)
Pay	CPTFEMU		0.625			09/15/2018		1,300		(4	)		10			6			0		0
Pay	CPTFEMU		0.650			10/15/2018		500		(1	)		4			3			0		0
Pay	CPTFEMU		0.806			04/15/2021		2,300		13			43			56			4		0
Pay	CPTFEMU		0.875			05/15/2021		1,600		11			25			36			3		0
Pay	CPTFEMU		1.165			12/15/2021		320		0			1			1			1		0
Pay	CPTFEMU		1.178			05/15/2026		400		(11	)		2			(9	)		0		(1	)
Pay	CPTFEMU		1.385			12/15/2026		3,600		(1	)		8			7			0		(13	)
Pay	CPTFEMU		1.360			06/15/2027		1,300		0			4			4			5		0
Pay	CPURNSA		1.710			04/27/2018	$	3,200		0			(13	)		(13	)		2		0
Pay	CPURNSA		1.580			05/23/2018		2,800		1			(3	)		(2	)		1		0
Pay	CPURNSA		2.078			03/29/2019		11,500		0			113			113			0		(3	)
Pay	CPURNSA		1.935			04/27/2019		3,200		0			22			22			0		(2	)
Pay	CPURNSA		2.027			11/23/2020		1,400		0			(8	)		(8	)		1		0
Pay	CPURNSA		2.021			11/25/2020		1,300		0			(7	)		(7	)		1		0
Pay	CPURNSA		1.550			07/26/2021		900		30			(14	)		16			1		0
Pay	CPURNSA		1.603			09/12/2021		770		23			(12	)		11			1		0
Pay	CPURNSA		1.730			07/26/2026		900		(48	)		22			(26	)		0		(1	)
Pay	CPURNSA		1.762			08/30/2026		1,100		(54	)		27			(27	)		0		(1	)
Pay	CPURNSA		1.800			09/12/2026		1,900		(19	)		(22	)		(41	)		0		(3	)
Pay	CPURNSA		1.801			09/12/2026		770		(36	)		19			(17	)		0		(1	)
Pay	CPURNSA		1.805			09/12/2026		600		(27	)		14			(13	)		0		(1	)
Pay	CPURNSA		1.780			09/15/2026		1,300		(63	)		32			(31	)		0		(2	)
Pay	FRCPXTOB		0.890			11/15/2018	EUR	300		0			0			0			0		0
Pay	FRCPXTOB		1.438			06/15/2027		1,300		0			(2	)		(2	)		0		(5	)
Pay	UKRPI		3.190			04/15/2030	GBP	1,700		(96	)		52			(44	)		0		(17	)
Pay	UKRPI		3.350			05/15/2030		1,800		(18	)		37			19			0		(20	)
Pay	UKRPI		3.400			06/15/2030		1,000		(4	)		21			17			0		(12	)
Pay	UKRPI		3.325			08/15/2030		3,800		(56	)		24			(32	)		0		(50	)
Pay	UKRPI		3.275			09/15/2030		300		(15	)		8			(7	)		0		(4	)
Pay	UKRPI		3.140			04/15/2031		40		(4	)		1			(3	)		0		0
Pay	UKRPI		3.530			10/15/2031		400		4			0			4			0		(1	)
Pay	UKRPI		3.358			04/15/2035		700		(24	)		14			(10	)		0		(14	)


90		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value		Variation Margin
Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value		Asset		Liability
Pay	UKRPI		3.585	%		10/15/2046	GBP	980	$	(73)	$	5	$	(68)	$	44	$	0

									$	(1,030)	$	1,503	$	473	$	343	$	(216	)

Total Swap Agreements									$	(1,284)	$	1,447	$	163	$	350	$	(220	)

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 June 30, 2017:

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Total

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

130

350

496

(78)

(30)

(220)

(328)

(g)

Securities with an aggregate market value of $228 and cash of $2,145 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2017. See Note 8, Master Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾

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

⁽³⁾

⁽⁴⁾	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
AZD		07/2017		$	1,936		AUD	2,552		$ 25		$ 0
		08/2017		AUD	2,552		$	1,935		0		(25	)
BOA		07/2017			2,552			1,900		0		(61	)
		07/2017		DKK	34,291			5,028		0		(239	)
		07/2017		$	5,186		DKK	34,268		77		0
		07/2017			1,761		NZD	2,425		16		0
		08/2017		JPY	10,000		$	90		1		0


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		91

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


Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Asset		Liability
		08/2017		NZD	2,425		$	1,760		$ 0		$ (16	)
		10/2017		DKK	34,268			5,213		0		(77	)
BPS		07/2017		BRL	4,316			1,305		2		0
		07/2017		$	1,338		BRL	4,316		0		(35	)
		07/2017			904		EUR	795		4		0
		07/2017			121		JPY	13,500		0		(1	)
		08/2017		EUR	795		$	906		0		(4	)
		08/2017		JPY	13,500			121		1		0
		08/2017		MXN	17,955			899		0		(84	)
		10/2017		$	4,892		BRL	16,400		0		(30	)
		07/2018		BRL	12,500		$	3,566		17		0
BRC		08/2017		$	429		MXN	8,265		24		0
CBK		07/2017		EUR	903		$	1,016		0		(15	)
		07/2017		GBP	5,470			7,038		0		(86	)
		07/2017		JPY	160,000			1,454		31		0
		08/2017			200,000			1,801		21		0
		08/2017		MXN	17,727			959		0		(13	)
		09/2017		$	133		ARS	2,227		0		(4	)
		09/2017			942		RUB	54,470		0		(34	)
		10/2017		BRL	53,790		$	15,045		0		(903	)
		07/2018			1,600			476		22		0
DUB		07/2017			3,529			1,063		0		(2	)
		07/2017		$	1,067		BRL	3,529		0		(1	)
		08/2017			1,057			3,529		2		0
		10/2017			2,573			8,600		0		(24	)
		07/2018		BRL	11,700		$	3,347		25		0
FBF		07/2017		CNH	39			6		0		0
		07/2017		INR	61,047			945		2		0
		08/2017		MXN	23,910			1,197		0		(112	)
		12/2017		$	931		INR	61,047		0		(5	)
GLM		07/2017		BRL	1,863		$	564		2		0
		07/2017		JPY	13,500			122		2		0
		07/2017		NZD	2,425			1,717		0		(60	)
		07/2017		$	561		BRL	1,863		2		0
		07/2017			122		EUR	108		2		0
		07/2017			1,810		GBP	1,413		31		0
		08/2017		MXN	20,650		$	1,031		0		(99	)
		08/2017		$	135		MXN	2,427		0		(1	)
		10/2017		RUB	54,235		$	925		25		0
		10/2017		$	1,253		BRL	4,200		0		(8	)
		01/2018		MXN	7,925		$	387		0		(38	)
HUS		07/2017		$	1,003		GBP	777		9		0
		08/2017			469		CAD	633		19		0
		08/2017			212		GBP	163		1		0
		10/2017			5,676		BRL	19,000		0		(43	)
		07/2018		BRL	21,200		$	6,052		32		0
JPM		07/2017		$	1,026		GBP	792		5		0
		08/2017		CAD	1,878		$	1,371		0		(78	)
MSB		09/2017		$	318		ARS	5,314		0		(9	)
SCX		07/2017			930		INR	61,047		12		0
		08/2017		PLN	446		$	115		0		(5	)
UAG		07/2017		$	3,406		GBP	2,657		55		0
		08/2017		GBP	2,657		$	3,409		0		(55	)
		08/2017		JPY	100,000			901		10		0

Total Forward Foreign Currency Contracts										$ 477		$ (2,167	)


92		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

PURCHASED OPTIONS:

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate		Exercise Rate		Expiration Date		Notional Amount			Cost		Market Value
DUB	Call - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR		Pay		2.150%		06/15/2018		$	2,000	$	201	$	43
	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR		Receive		2.150		06/15/2018			2,000		200		241
MYC	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR		Receive		2.720		07/16/2018			6,200		71		98
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR		Receive		2.765		07/16/2018			8,200		95		120

												$	567	$	502

Total Purchased Options												$	567	$	502

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS


Counterparty	Description	Strike Price			Expiration Date		Notional Amount			Premiums (Received)			Market Value
BPS	Put - OTC GBP versus USD		$	1.265		07/05/2017		GBP	900	$	(5	)	$	0
MSB	Put - OTC GBP versus USD			1.266		07/06/2017			800		(4	)		0

										$	(9	)	$	0

INFLATION-CAPPED OPTIONS


Counterparty	Description	Initial Index		Floating Rate	Expiration Date⁽²⁾		Notional Amount			Premiums (Received)			Market Value
CBK	Floor - OTC CPURNSA		216.687	Maximum of [(1 + 0.000%)¹⁰ - (Final Index/Initial Index)] or 0		04/07/2020		$	32,200	$	(287	)	$	0
	Floor - OTC CPURNSA		217.965	Maximum of [(1 + 0.000%)¹⁰ - (Final Index/Initial Index)] or 0		09/29/2020			1,500		(19	)		0
DUB	Floor - OTC YOY CPURNSA		233.546	Maximum of [(1 + 0.000%) - (Final Index/Initial Index)] or 0		01/22/2018			1,800		(18	)		0
GLM	Cap - OTC CPALEMU		100.151	Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0		06/22/2035		EUR	1,200		(55	)		(14	)
JPM	Cap - OTC CPURNSA		233.916	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		04/22/2024		$	6,500		(47	)		(1	)
	Cap - OTC CPURNSA		234.781	Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0		05/16/2024			500		(4	)		0
	Floor - OTC YOY CPURNSA		234.812	Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0		03/24/2020			4,800		(54	)		(20	)
	Floor - OTC YOY CPURNSA		238.654	Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0		10/02/2020			2,100		(39	)		(12	)

										$	(523	)	$	(47	)


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		93

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

INTEREST RATE SWAPTIONS


Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate		Exercise Rate		Expiration Date		Notional Amount			Premiums (Received)			Market Value
RYL	Call - OTC 5-Year Interest Rate Swap⁽¹⁾	3-Month USD-LIBOR		Receive		1.800%		11/07/2017		$	3,400	$	(29	)	$	(1	)
	Put - OTC 5-Year Interest Rate Swap⁽¹⁾	3-Month USD-LIBOR		Pay		2.600		11/07/2017			3,400		(30	)		(34	)

												$	(59	)	$	(35	)

Total Written Options												$	(591	)	$	(82	)

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2017:


	Balance at Beginning of Period				Sales				Closing Buys				Expirations				Exercised				Balance at End of Period
# of Contracts			17				875				(203	)			(133	)			(177	)			379
Notional Amount in $		$	116,200			$	17,749			$	(38,322	)		$	(25,527	)		$	(13,900	)		$	56,200
Notional Amount in EUR		EUR	6,100			EUR	14,200			EUR	(4,000	)		EUR	(8,000	)		EUR	(7,100	)		EUR	1,200
Notional Amount in GBP		GBP	2,510			GBP	9,623			GBP	0			GBP	(7,792	)		GBP	(2,641	)		GBP	1,700
Premiums		$	(1,466	)		$	(638	)		$	843			$	361			$	229			$	(671	)

SWAP AGREEMENTS:

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


Counterparty	Reference Entity	Fixed Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2017⁽⁴⁾			Notional Amount⁽⁵⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
Counterparty	Reference Entity	Fixed Receive Rate		Maturity Date		Implied Credit Spread at June 30, 2017⁽⁴⁾			Notional Amount⁽⁵⁾		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
FBF	Brazil Government International Bond		1.000%		06/20/2021		1.885	%	$	300	$	(21	)	$	11	$	0	$	(10	)
HUS	Brazil Government International Bond		1.000		06/20/2021		1.885			1,200		(83	)		44		0		(39	)
	Brazil Government International Bond		1.000		06/20/2022		2.376			400		(26	)		1		0		(25	)
JPM	Brazil Government International Bond		1.000		06/20/2021		1.885			200		(14	)		7		0		(7	)

											$	(144	)	$	63	$	0	$	(81	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽³⁾


Counterparty	Index/Tranches	Fixed Receive Rate	Maturity Date		Notional Amount⁽⁵⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value⁽⁶⁾
Counterparty	Index/Tranches	Fixed Receive Rate	Maturity Date		Notional Amount⁽⁵⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
DUB	CMBX.NA.AAA.7 Index	0.500%		01/17/2047	$	220	$	(7	)	$	7	$	0	$	0
	CMBX.NA.AAA.8 Index	0.500		10/17/2057		500		(22	)		19		0		(3	)
MYC	CMBX.NA.AAA.7 Index	0.500		01/17/2047		180		(6	)		6		0		0

							$	(35	)	$	32	$	0	$	(3	)


94		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

INTEREST RATE SWAPS


Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BOA	Pay	CPURNSA		1.556%		12/17/2020		$	1,700	$	0		$	21		$	21	$	0
DUB	Pay	CPURNSA		1.510		12/23/2019			14,000		0			(50	)		0		(50	)
	Pay	CPURNSA		2.500		07/15/2022			5,000		103			(610	)		0		(507	)
GLM	Pay	CPURNSA		2.033		04/15/2018			5,300		0			(209	)		0		(209	)
	Pay	UKRPI		3.400		06/15/2030		GBP	500		2			7			9		0
	Pay	UKRPI		3.325		08/15/2030			1,250		(5	)		(6	)		0		(11	)
MYC	Pay	CPURNSA		1.548		12/21/2020		$	4,000		0			52			52		0
	Pay	CPURNSA		1.788		07/18/2026			900		0			(22	)		0		(22	)
	Pay	CPURNSA		1.810		07/19/2026			1,500		0			(32	)		0		(32	)
	Pay	CPURNSA		1.800		07/20/2026			900		0			(20	)		0		(20	)
	Pay	CPURNSA		1.805		09/20/2026			300		0			(7	)		0		(7	)

										$	100		$	(876	)	$	82	$	(858	)

Total Swap Agreements										$	(79	)	$	(781	)	$	82	$	(942	)

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 pledged/(received) as of June 30, 2017:


	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 Pledged/ (Received)			Net Exposure⁽⁷⁾
AZD	$	25	$	0	$	0	$	25	$	(25	)	$	0		$	0		$	(25	)	$	0		$	0		$	0
BOA		94		0		21		115		(393	)		0			0			(393	)		(278	)		299			21
BPS		24		0		0		24		(154	)		0			0			(154	)		(130	)		0			(130	)
BRC		24		0		0		24		0			0			0			0			24			0			24
CBK		74		0		0		74		(1,055	)		0			0			(1,055	)		(981	)		1,011			30
DUB		27		284		0		311		(27	)		0			(560	)		(587	)		(276	)		143			(133	)
FBF		2		0		0		2		(117	)		0			(10	)		(127	)		(125	)		0			(125	)
GLM		64		0		9		73		(206	)		(14	)		(220	)		(440	)		(367	)		340			(27	)
HUS		61		0		0		61		(43	)		0			(64	)		(107	)		(46	)		0			(46	)
JPM		5		0		0		5		(78	)		(33	)		(7	)		(118	)		(113	)		0			(113	)
MSB		0		0		0		0		(9	)		0			0			(9	)		(9	)		0			(9	)
MYC		0		218		52		270		0			0			(81	)		(81	)		189			(260	)		(71	)
RYL		0		0		0		0		0			(35	)		0			(35	)		(35	)		271			236
SCX		12		0		0		12		(5	)		0			0			(5	)		7			0			7
UAG		65		0		0		65		(55	)		0			0			(55	)		10			0			10

Total Over the Counter	$	477	$	502	$	82	$	1,061	$	(2,167	)	$	(82	)	$	(942	)	$	(3,191	)

(i)

Securities with an aggregate market value of $2,065 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2017.

⁽¹⁾	The underlying instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

⁽²⁾	YOY options may have a series of expirations.

⁽³⁾


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		95

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

⁽⁴⁾

⁽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.

⁽⁶⁾

⁽⁷⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2017:


	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	$	16	$	16
Futures		0		0		0		0		130		130
Swap Agreements		0		7		0		0		343		350

	$	0	$	7	$	0	$	0	$	489	$	496

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	477	$	0	$	477
Purchased Options		0		0		0		0		502		502
Swap Agreements		0		0		0		0		82		82

	$	0	$	0	$	0	$	477	$	584	$	1,061

	$	0	$	7	$	0	$	477	$	1,073	$	1,557


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	78	$	78
Futures		0		0		0		0		30		30
Swap Agreements		0		4		0		0		216		220

	$	0	$	4	$	0	$	0	$	324	$	328

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,167	$	0	$	2,167
Written Options		0		0		0		0		82		82
Swap Agreements		0		84		0		0		858		942

	$	0	$	84	$	0	$	2,167	$	940	$	3,191

	$	0	$	88	$	0	$	2,167	$	1,264	$	3,519


96		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2017:


	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		$	(38	)	$	(38	)
Written Options		0		0			0		0			165			165
Futures		0		0			0		0			(230	)		(230	)
Swap Agreements		0		(103	)		0		0			456			353

	$	0	$	(103	)	$	0	$	0		$	353		$	250

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	717		$	0		$	717
Purchased Options		0		0			0		0			149			149
Written Options		0		12			0		96			(94	)		14
Swap Agreements		0		36			0		(3	)		(1,121	)		(1,088	)

	$	0	$	48		$	0	$	810		$	(1,066	)	$	(208	)

	$	0	$	(55	)	$	0	$	810		$	(713	)	$	42


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	0	$	0		$	(6	)	$	(6	)
Written Options		0		0			0		0			(4	)		(4	)
Futures		0		0			0		0			57			57
Swap Agreements		0		(13	)		0		0			278			265

	$	0	$	(13	)	$	0	$	0		$	325		$	312

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(2,622	)	$	0		$	(2,622	)
Purchased Options		0		0			0		0			(456	)		(456	)
Written Options		0		(10	)		0		(8	)		307			289
Swap Agreements		0		56			0		0			903			959

	$	0	$	46		$	0	$	(2,630	)	$	754		$	(1,830	)

	$	0	$	33		$	0	$	(2,630	)	$	1,079		$	(1,518	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2017
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0	$	8,635	$	0	$	8,635
Industrials		0		297		0		297
Utilities		0		2,441		0		2,441
U.S. Government Agencies		0		3,757		0		3,757
U.S. Treasury Obligations		0		188,974		0		188,974
Non-Agency Mortgage-Backed Securities		0		4,653		0		4,653
Asset-Backed Securities		0		5,497		0		5,497
Sovereign Issues		0		25,981		0		25,981


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		97

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


Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2017
Short-Term Instruments
Certificates of Deposit	$	0		$	900		$	0	$	900
Repurchase Agreements		0			1,195			0		1,195
Japan Treasury Bills		0			4,179			0		4,179
Mexico Treasury Bills		0			3,833			0		3,833

Total Investments	$	0		$	250,342		$	0	$	250,342

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		146			350			0		496
Over the counter		0			1,061			0		1,061
	$	146		$	1,411		$	0	$	1,557

Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(37	)		(291	)		0		(328	)
Over the counter		0			(3,191	)		0		(3,191	)
	$	(37	)	$	(3,482	)	$	0	$	(3,519	)

Total Financial Derivative Instruments	$	109		$	(2,071	)	$	0	$	(1,962	)

Totals	$	109		$	248,271		$	0	$	248,380

There were no significant transfers among Levels 1, 2, or 3 during the period ended June 30, 2017.


98		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series TE

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 102.6%

MUNICIPAL BONDS & NOTES 101.7%

ALABAMA 2.8%
Lower Alabama Gas District Revenue Bonds, Series 2016
5.000% due 09/01/2046	$		2,000	$		2,469


ARIZONA 2.6%
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2010
5.000% due 07/01/2028			1,000			1,107
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2012
5.000% due 12/01/2030			1,000			1,155

						2,262


CALIFORNIA 17.8%
Alameda Community Facilities District, California Special Tax Bonds, Series 2016
5.000% due 09/01/2042			1,105			1,218
Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.000% due 04/01/2038			2,000			2,246
California County Tobacco Securitization Agency Revenue Bonds, Series 2002
5.750% due 06/01/2029			1,425			1,439
California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2042			1,000			1,126
California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,000			1,112
California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (d)			3,000			3,426
California Health Facilities Financing Authority Revenue Bonds, Series 2017
5.000% due 11/15/2038 (a)			1,000			1,166
Inglewood Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (BAM Insured), Series 2017
5.000% due 05/01/2031			500			586
5.000% due 05/01/2033			750			870
Irvine Unified School District, California Special Tax Bonds, Series 2017
4.000% due 09/01/2053			1,000			1,003
M-S-R Energy Authority, California Revenue Bonds, Series 2009
7.000% due 11/01/2034			1,000			1,435

						15,627


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
COLORADO 2.7%
Colorado Health Facilities Authority Revenue Bonds, Series 2013
5.000% due 12/01/2033	$		2,125	$		2,384


CONNECTICUT 1.3%
Connecticut State Health & Educational Facility Authority Revenue Bonds, Series 2014
5.000% due 07/01/2026			1,000			1,168


FLORIDA 2.4%
Broward County, Florida Airport System Revenue Bonds, Series 2012
5.000% due 10/01/2037			1,300			1,455
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013
5.000% due 10/01/2028			555			652

						2,107


GEORGIA 1.3%
Municipal Electric Authority of Georgia Revenue Bonds, Series 2016
5.000% due 01/01/2028			1,000			1,173


ILLINOIS 10.9%
Chicago, Illinois General Obligation Bonds, Series 2002
5.500% due 01/01/2037			1,000			989
Chicago, Illinois General Obligation Bonds, Series 2015
5.250% due 01/01/2028			2,000			2,016
Chicago, Illinois General Obligation Bonds, Series 2017
5.750% due 01/01/2034			3,500			3,541
Chicago, Illinois General Obligation Notes, Series 2016
5.000% due 01/01/2024			1,000			1,013
Illinois Finance Authority Revenue Bonds, Series 2017
5.000% due 12/01/2037			1,000			998
Illinois State General Obligation Bonds, Series 2014
5.250% due 02/01/2028			1,000			1,007

						9,564


KANSAS 2.6%
Kansas Development Finance Authority Revenue Bonds, Series 2012
5.000% due 11/15/2034			2,000			2,266


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		99

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MARYLAND 1.3%
Baltimore, Maryland Revenue Bonds, Series 2017
5.000% due 09/01/2046	$		1,000	$		1,115


MASSACHUSETTS 3.9%
Massachusetts Development Finance Agency Revenue Bonds, Series 2016
5.000% due 01/01/2047			1,000			1,104
Massachusetts State College Building Authority Revenue Bonds, Series 2014
5.000% due 05/01/2028			2,000			2,340

						3,444


MICHIGAN 3.8%
Michigan Finance Authority Revenue Notes, Series 2014
4.000% due 10/01/2024			2,000			2,137
Michigan Finance Authority Revenue Notes, Series 2016
5.000% due 04/01/2024			1,000			1,152

						3,289


NEBRASKA 1.3%
Central Plains Energy Project, Nebraska Revenue Bonds, Series 2012
5.000% due 09/01/2032			1,000			1,096


NEW JERSEY 6.9%
Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017
5.000% due 03/01/2025			500			565
5.000% due 03/01/2026			250			283
5.000% due 03/01/2042			1,250			1,394
New Jersey Economic Development Authority Revenue Notes, Series 2016
5.000% due 06/15/2022			1,500			1,602
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.250% due 07/01/2035			1,000			1,125
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2017
4.000% due 07/01/2030			1,000			1,062

						6,031


NEW MEXICO 0.7%
Albuquerque Municipal School District No.12, New Mexico General Obligation Bonds, Series 2017
5.000% due 08/01/2027			500			616


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW YORK 9.2%
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2028	$		1,340	$		1,571
Tompkins County, New York Development Corp. Revenue Notes, Series 2013
5.000% due 07/01/2020			1,130			1,191
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2013
5.000% due 11/15/2027			2,000			2,396
TSASC Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2033			1,000			1,139
TSASC Inc., New York Revenue Notes, Series 2017
5.000% due 06/01/2027			1,500			1,787

						8,084


NORTH CAROLINA 3.6%
North Carolina Turnpike Authority Revenue Bonds, Series 2011
5.000% due 07/01/2024			1,000			1,138
University of North Carolina at Greensboro Revenue Notes, Series 2014
5.000% due 04/01/2024			1,660			1,996

						3,134


OHIO 1.4%
Cleveland, Ohio Revenue Bond, Series 2017
5.000% due 10/01/2030			750			889
Cleveland, Ohio Revenue Notes, Series 2017
4.000% due 10/01/2025			250			286

						1,175


PENNSYLVANIA 3.8%
Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012
5.000% due 01/01/2023			1,000			1,134
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017
5.000% due 02/15/2045 (d)			1,000			1,138
Pennsylvania Turnpike Commission Revenue Bonds, Series 2009
5.000% due 12/01/2020			1,000			1,088

						3,360


PUERTO RICO 0.9%
Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
1.289% due 07/01/2029			1,010			808


100		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RHODE ISLAND 2.4%
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2040	$		1,000	$		1,063
5.000% due 06/01/2050			1,000			1,021

						2,084


TENNESSEE 0.3%
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.250% due 09/01/2024			200			239


TEXAS 12.8%
Austin Convention Enterprises Inc., Texas Revenue Bonds, Series 2017
5.000% due 01/01/2033			500			573
Austin, Texas Airport System Revenue Bonds, Series 2017
5.000% due 11/15/2046			1,000			1,149
New Hope Cultural Education Facilities Corp., Texas Revenue Bonds, Series 2016
4.000% due 07/01/2036			1,000			1,021
SA Energy Acquisition Public Facility Corp., Texas Revenue Bonds, Series 2007
5.500% due 08/01/2025			1,000			1,215
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2023			1,000			1,156
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			5,000			6,120

						11,234


VIRGINIA 3.1%
Loudoun County, Virginia General Obligation Bonds, Series 2013
5.000% due 12/01/2027			2,315			2,727

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

WASHINGTON 0.6%

Washington Health Care Facilities Authority Revenue Bonds, Series 2013

2.310% due 01/01/2035

500

499

WISCONSIN 1.3%

WPPI Energy, Wisconsin Revenue Bonds, Series 2013

5.000% due 07/01/2025

1,000

1,157

Total Municipal Bonds & Notes
(Cost $84,988)

89,112

SHORT-TERM INSTRUMENTS 0.9%

SHORT-TERM NOTES 0.9%

Federal Home Loan Bank

1.041% due 08/28/2017 (b)(c)

800

799

Total Short-Term Instruments (Cost $799)

799

Total Investments in Securities

(Cost $85,787)

89,911

Total Investments 102.6% (Cost $85,787)

89,911

Financial Derivative Instruments (e)(f) (0.0)%

(Cost or Premiums, net $(100))

)

Other Assets and Liabilities, net (2.6)%

(2,257

)

Net Assets 100.0%

87,649

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)

Zero coupon security.

(c)

Coupon represents a yield to maturity.

(d)

Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Portfolio sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction. See Note 5, Tender Option Bond Transactions, in the Notes to Financial Statements for more information.


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		101

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

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

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS


	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Asset		Liability
U.S. Treasury 10-Year Note September Futures		09/2017		105	$	13,180	$	60	$	29	$	0
U.S. Treasury 30-Year Bond September Futures		09/2017		21		3,227		38		12		0

							$	98	$	41	$	0

Total Futures Contracts							$	98	$	41	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2017:


	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	$	41	$	0	$	41	$	0	$	0	$	0	$	0

Cash of $265 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2017. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

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

Counterparty

Index/Tranches

Fixed
(Pay) Rate

Maturity
Date

Notional
Amount⁽²⁾

Premiums
Paid/(Received)

Unrealized
Appreciation/
(Depreciation)

Swap Agreements,
at Value⁽³⁾

Asset

Liability

CBK

MCDX-28 5-Year Index

(1.000)%

06/20/2022

5,400

(100

)

(72

)

INTEREST RATE SWAPS


Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
CBK	Receive	3-Month USD-LIBOR		0.883%		09/19/2021		$	1,300	$	0		$	26	$	26	$	0

Total Swap Agreements										$	(100	)	$	54	$	26	$	(72	)


102		PIMCO MANAGED ACCOUNTS TRUST				See Accompanying Notes

(Unaudited)

June 30, 2017

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 pledged/(received) as of June 30, 2017:


	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 Pledged/ (Received)		Net Exposure⁽⁴⁾
CBK	$	0	$	0	$	26	$	26	$	0	$	0	$	(72)	$	(72)	$	(46)	$	0	$	(46)

⁽¹⁾

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

⁽³⁾

⁽⁴⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2017:


	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	$	41	$	41

Over the counter
Swap Agreements	$	0	$	0	$	0	$	0	$	26	$	26

	$	0	$	0	$	0	$	0	$	67	$	67


Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	72	$	0	$	0	$	0	$	72


See Accompanying Notes		SEMIANNUAL REPORT		JUNE 30, 2017		103

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2017:


	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	$	(84	)	$	(84	)

Over the counter
Swap Agreements	$	0	$	(27	)	$	0	$	0	$	127		$	100

	$	0	$	(27	)	$	0	$	0	$	43		$	16


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0	$	98		$	98

Over the counter
Swap Agreements	$	0	$	31		$	0	$	0	$	(128	)	$	(97	)

	$	0	$	31		$	0	$	0	$	(30	)	$	1

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2017 in valuing the Portfolio’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2017
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	2,469	$	0	$	2,469
Arizona		0		2,262		0		2,262
California		0		15,627		0		15,627
Colorado		0		2,384		0		2,384
Connecticut		0		1,168		0		1,168
Florida		0		2,107		0		2,107
Georgia		0		1,173		0		1,173
Illinois		0		9,564		0		9,564
Kansas		0		2,266		0		2,266
Maryland		0		1,115		0		1,115
Massachusetts		0		3,444		0		3,444
Michigan		0		3,289		0		3,289
Nebraska		0		1,096		0		1,096
New Jersey		0		6,031		0		6,031
New Mexico		0		616		0		616
New York		0		8,084		0		8,084
North Carolina		0		3,134		0		3,134
Ohio		0		1,175		0		1,175
Pennsylvania		0		3,360		0		3,360
Puerto Rico		0		808		0		808
Rhode Island		0		2,084		0		2,084
Tennessee		0		239		0		239
Texas		0		11,234		0		11,234
Virginia		0		2,727		0		2,727
Washington		0		499		0		499
Wisconsin		0		1,157		0		1,157


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Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2017
Short-Term Instruments
Short-Term Notes	$	0	$	799		$	0	$	799

Total Investments	$	0	$	89,911		$	0	$	89,911

Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		41		0			0		41
Over the counter		0		26			0		26
	$	41	$	26		$	0	$	67

Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(72	)	$	0	$	(72	)

Total Financial Derivative Instruments	$	41	$	(46	)	$	0	$	(5	)

Totals	$	41	$	89,865		$	0	$	89,906

There were no significant transfers among Levels 1, 2, or 3 during the period ended June 30, 2017.


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Notes to Financial Statements

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”). 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 “Adviser”) serves as the Portfolios’ investment adviser and administrator.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Portfolio 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. Realized gains (losses) from securities sold are recorded on the identified cost basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective 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 (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from underlying funds, if any, are recorded as dividend income. Long-term capital gain distributions received from underlying funds, if any, are recorded as realized gains.

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.


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(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 denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, 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 gain (loss) and net change in unrealized appreciation (depreciation) 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. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (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 (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (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) Distributions to Shareholders Each Portfolio distributes substantially all of its net investment income to shareholders in the form of distributions. Distributions 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 even if such strategies could potentially result in declines in the Portfolio’s net asset value. A Portfolio’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when the Portfolio has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or the Portfolio’s debt investments, or arising from its use of derivatives. Consequently, common 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, and which may be economically similar to a taxable return of capital. The tax treatment of certain derivatives may be open to different interpretations. Any recharacterization of payments made or received by a Portfolio pursuant to derivatives potentially could affect the amount, timing or character of Portfolio distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions 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.


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Notes to Financial Statements (Cont.)

If a Portfolio estimates that a portion of one of its dividend distributions may be comprised of amounts from sources other than net income in accordance with its policies and good accounting practices, the Portfolio will notify shareholders of record of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Portfolio estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Portfolio’s daily internal accounting records and practices, the Portfolio’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Portfolio may not issue a Section 19 Notice in situations where the Portfolio’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders each January.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital. In addition, other amounts have been reclassified between undistributed (overdistributed) net investment income (loss), accumulated undistributed (overdistributed) net realized gain (loss) and/or paid in capital to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements In March 2016, the FASB issued ASU 2016-05 which provides guidance related to the impact of derivative contract novations on certain relationships under Accounting Standards Codification (“ASC”) 815. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Portfolios have adopted the ASU. The implementation of the ASU did not have an impact on the Portfolios’ financial statements.

In August 2016, the FASB issued ASU 2016-15 which amends ASC 230 to clarify guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The


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compliance date for these amendments is August 1, 2017. Compliance is based on reporting period-end date. At this time, management is assessing the anticipated impact of these regulatory developments.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds (Portfolios) have adopted the ASU. The implementation of the ASU did not have an impact on the Funds (Portfolios) financial statements.

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Portfolios have adopted the ASU. The implementation of the ASU did not have an impact on the Portfolios’ financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The price of a Portfolio’s shares is based on the Portfolio’s net asset value (“NAV”). The NAV of a Portfolio’s shares is determined by dividing the total value of portfolio investments and other assets attributable to that Portfolio less any liabilities by the total number of shares outstanding of that Portfolio.

On each day that the New York Stock Exchange (“NYSE”) is open, Portfolio shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the Portfolios or their agents after the time as of which 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. Each Portfolio reserves the right to change the time as of which its respective NAV is calculated if the Portfolio closes earlier, or as permitted by the SEC.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Portfolios’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Portfolios will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery


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Notes to Financial Statements (Cont.)

basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Portfolio’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Portfolio may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Portfolio may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when a Portfolio is not open for business, which may result in a Portfolio’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, 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 investments 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 a Portfolio is not open for business. As a result, to the extent that a Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair


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valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Adviser. 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, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), 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 assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of a Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Portfolio uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation 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 ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Portfolio may differ from the value that would be realized if the securities were sold.

(b) Fair Value Hierarchy U.S. GAAP describes fair 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 risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎

Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎

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.

^∎

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.


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Notes to Financial Statements (Cont.)

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 method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by 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 into 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 realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value 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.

Level 1 and Level 2 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities 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 on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ 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 Services that use broker-dealer quotations, reported trades 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.


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Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or 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 valued (denominated) in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates (currency spot and forward rates) obtained from Pricing Services. 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 Trust is not open for business.

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 Services 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.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward 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. Other than swap agreements, which are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services, these contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services 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 and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. 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, investments 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:


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Notes to Financial Statements (Cont.)

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser 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.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Securities

Delayed-Delivery Transactions Certain Portfolios may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Portfolio has sold a security on a delayed-delivery basis, a Portfolio does not participate in future gains (losses) with respect to the security.

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 or assignments of all or a portion of loans from third parties or


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exposure to investments in or originations of loans through investments in a mutual fund or other pooled investment vehicle. A loan is often administered by a bank or other financial institution (the “agent”) 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 agent that is selling the loan agreement.

In the event of the insolvency of the agent selling a participation, a Portfolio may be treated as a general creditor of the agent and may not benefit from any set-off between the agent and the borrower. When a Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. 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 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 a 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.

Additionally, because loans are not ordinarily registered with the SEC or any state securities commission or listed on any securities exchange, there is usually less publicly available information about such instruments. In addition, loans may not be considered “securities” for purposes of the anti-fraud provisions under the federal securities laws and, as a result, as a purchaser of these instruments, a Portfolio may not be entitled to the anti-fraud protections of the federal securities laws. In the course of investing in such instruments, a Portfolio may come into possession of material nonpublic information and, because of prohibitions on trading in securities of issuers while in possession of such information, the Portfolio may be unable to enter into a transaction in a publicly-traded security of that issuer when it would otherwise be advantageous for the Portfolio to do so. Alternatively, a Portfolio may choose not to receive material nonpublic information about an issuer of such loans, with the result that the Portfolio may have less information about such issuers than other investors who transact in such assets.

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


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Notes to Financial Statements (Cont.)

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 agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. Because investing in unfunded loan commitments creates a future obligation for a Portfolio to provide funding to a borrower upon demand in exchange for a fee, the Portfolio will segregate or earmark liquid assets with the Portfolio’s custodian in amounts sufficient to satisfy any such future obligations. 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 June 30, 2017, 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 typically provide a monthly payment which consists of both principal and interest. Interest may be determined by fixed or adjustable rates. In times of declining interest rates, there is a greater likelihood that a Portfolio’s higher yielding securities will be pre-paid with the Portfolio being unable to reinvest the proceeds in an investment with as great a yield. 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. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. 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 (“CMBS”) reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other


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types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including without limitation, auto loans, credit card receivables, home equity loans, and student loans.

Collateralized Debt Obligations (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is typically 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 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.

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


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Notes to Financial Statements (Cont.)

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 and equity or “first loss” tranches (see “Collateralized Debt Obligations” below).

Restricted Securities Certain Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities may generally 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 held by the Portfolios at June 30, 2017 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.

Certain Portfolios may engage in strategies where they seek to extend the expiration or maturity of a position, such as a To-Be-Announced (“TBA”) security on an underlying asset, by closing out the position before expiration and opening a new position with respect to the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively.


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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. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When purchasing a security on a delayed delivery basis, a Portfolio assumes 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 (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 of these instruments in each Portfolio’s financial statements is 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 purchases 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 by a Portfolio’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, 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 the 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. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. 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


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Notes to Financial Statements (Cont.)

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.

(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).

(d) Short Sales Certain Portfolios may enter into short sales transactions. Short sales are transactions in which a Portfolio sells a security that it may not own. A Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Portfolio. A short sale is “against the box” if a Portfolio holds in its portfolio or has the right to acquire the security sold short at no additional cost. A Portfolio will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Portfolio’s loss on a short sale could theoretically be unlimited in cases where a Portfolio is unable, for whatever reason, to close out its short position.

(e) Tender Option Bond Transactions Certain Portfolios may leverage their assets through the use of tender option bond transactions. In a tender option bond transaction (“TOB”), a tender option bond trust (“TOB Trust”) issues floating rate certificates (“TOB Floater”) and residual interest certificates (“TOB Residual”) and utilizes the proceeds of such issuance to purchase a fixed-rate


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municipal bond (“Fixed Rate Bond”). The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Portfolio that sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to a Portfolio bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received from the issuance of the TOB Floater and TOB Residual (less transaction expenses) to purchase the Fixed Rate Bond from a Portfolio, the Portfolio may then invest the cash received in additional securities, generating leverage for the Portfolio. Other Portfolios managed or advised by PIMCO (the “PIMCO-Managed Portfolios”) may also contribute municipal bonds to a TOB Trust into which a Portfolio has contributed Fixed Rate Bonds. If multiple PIMCO-Managed Portfolios participate in the same TOB Trust, the economic rights and obligations under the TOB Residual will be shared among the Portfolios ratably in proportion to their participation in the TOB Trust.

The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond’s downside investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds.

The TOB Residual held by a Portfolio provides the Portfolio with the right to: (1) cause the holders of the TOB Floater to tender their notes at par, and (2) cause the sale of the Fixed-Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of a loan from the Liquidity Provider or from a liquidation of the Fixed Rate Bond.

The TOB Trust may also be collapsed without the consent of a Portfolio, as the TOB Residual holder, upon the occurrence of certain “tender option termination events” (or “TOTEs”) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the Fixed Rate Bond, a substantial downgrade in credit quality of the Fixed Rate Bond, or a judgment or ruling that interest on the Fixed Rate Bond is subject to federal income taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out to the TOB Residual holder. In the case of a mandatory termination event (“MTE”), after the payment of fees, the TOB


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Notes to Financial Statements (Cont.)

Floater holders would be paid before the TOB Residual holders (i.e., the Portfolios). In contrast, in the case of a TOTE, after payment of fees, the TOB Floater holders and the TOB Residual holders would be paid pro rata in proportion to the respective face values of their certificates.

Each Portfolio’s transfer of Fixed Rate Bonds to a TOB Trust is generally considered a secured borrowing for financial reporting purposes. The Portfolios may account for the transactions described above as secured borrowings by including all or a portion of the Fixed Rate Bonds transferred to the TOB Trust in their Schedules of Investments, and account for the TOB Floater as a liability under the caption “Payable for tender option bond floating rate certificates” in the Portfolios’ Statements of Assets and Liabilities. Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by each Portfolio on an accrual basis and is shown as interest on the Statements of Operations. Interest payable for the TOB Floater liability is shown as interest expense on the Statements of Operations.

The Portfolios may also purchase TOB Residuals in a secondary market transaction without transferring a fixed rate municipal bond into a TOB Trust. Such transactions are not accounted for as secured borrowings but rather as a security purchase with the TOB Residual being included in the Schedule of Investments.

At this time, the full impact of these rules is not certain and the implementation of the Volker Rule is still being phased in with respect to TOB Trusts established prior to December 31, 2013 (“Legacy TOB Trusts”); in response to these rules, industry participants are continuing to explore various structuring alternatives for both Legacy TOB Trusts and TOB Trusts established after December 31, 2013 (“Non-Legacy TOB Trusts”). For example, under a new tender option bond structure, the Portfolios would hire service providers to assist the Portfolios with establishing, structuring and sponsoring a TOB Trust. Service providers to a TOB Trust, such as administrators, liquidity providers, trustees and remarketing agents would be acting at the direction of, and as agent of, the Portfolios as the TOB residual holders. This structure is relatively new to the TOBs marketplace and it is possible that regulators could take positions that could limit the market for such newly structured TOB Trust transactions or the Portfolios’ ability to hold TOB Residuals. Because of the important role that tender option bond programs play in the municipal bond market, it is possible that implementation of these rules and any resulting impact may adversely impact the municipal bond market and the Portfolios. For example, as a result of the implementation of these rules, the municipal bond market may experience reduced demand or liquidity and increased financing costs. Under the new TOB Trust structure, the Portfolios have certain additional duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, legal, regulatory and operational risks.


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The Risk Retention Rules took effect in December 2016 and require the sponsor to a TOB Trust to retain at least five percent of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Portfolios’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

The Portfolios have restructured their Legacy TOB Trusts in conformity with regulatory guidelines. Under the new TOB Trust structure, the Liquidity Provider or remarketing agent will no longer purchase the tendered TOB Floaters, even in the event of failed remarketing. This may increase the likelihood that a TOB Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. The TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Floaters. Any loans made by the Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust and will be subject to an increased interest rate based on the number of days the loan is outstanding.

For the period ended June 30, 2017, the Portfolios’ average leverage outstanding from the use of TOB transactions and the daily weighted average interest rate, including fees, were as follows:


Portfolio Name	Average Leverage Outstanding (000s)		Weighted Average Interest Rate*
Fixed Income SHares - Series TE	$	1,297		1.29%

*	Annualized

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 of the net realized appreciation (depreciation) and changes in unrealized appreciation (depreciation) 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 appreciation (depreciation) and changes in unrealized appreciation (depreciation) 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 (loss). Realized gains (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 an opposite


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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 (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 or for other investment purposes. Generally, a futures contract 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 based on changes in the price of the contracts, a Portfolio pays or receives cash or other eligible assets equal to the daily change in the value of the contract (“variation margin”). Gains (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 the variation margin included 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. An option on an instrument (or an index) is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. 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 (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.


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Certain Portfolios may also purchase put and call options. Purchasing call options tends to increase a Portfolio’s exposure to the underlying instrument. Purchasing put options tends to decrease a Portfolio’s exposure to the underlying instrument. A Portfolio pays a premium which is included as an asset on the Statements 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 (loss) when the underlying transaction is executed.

Credit Default Swaptions Certain Portfolios may write or purchase credit default swaptions 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 on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

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 specified amounts of currency at 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.

Inflation-Capped Options Certain Portfolios may write or purchase inflation-capped options to enhance returns or for hedging opportunities. 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.

Interest Rate Swaptions Certain Portfolios may write or purchase interest rate swaptions 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.

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.

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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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.

Centrally Cleared 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 gain (loss) 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 (loss) on the Statements of Operations. Net periodic payments received or paid by a Portfolio are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying a Portfolio’s investment policies and restrictions, swap agreements are generally valued by a Portfolio at market value. In the case of a credit default swap, in applying certain of a Portfolio’s investment policies and restrictions, the Portfolios 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 a Portfolio’s credit quality guidelines (if any) because such value in general better reflects a Portfolio’s actual economic exposure during the term of the credit default swap agreement. As a result, a Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Portfolio’s prospectus. 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 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.

Entering into swap 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 or the asset upon which the swap is based.


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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 may be 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.

To the extent a Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to over the counter swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization

Credit Default Swap Agreements Certain Portfolios may use credit default swaps on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements 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 swap 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.

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. 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 swap agreements on corporate or sovereign 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


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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 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, but may also be used for speculative purposes.

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


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Interest Rate Swap Agreements Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. The value of the fixed rate bonds that the Portfolios hold 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.

Asset Segregation Certain of the transactions described above can be viewed as constituting a form of borrowing or financing transaction by a Portfolio. In such event, a Portfolio will cover its commitment under such transactions by segregating or “earmarking” assets in accordance with procedures adopted by the Board, in which case such transactions will not be considered “senior securities” by the Portfolio. With respect to forwards, futures contracts, options and swaps that are contractually permitted or required to cash settle (i.e., where physical delivery of the underlying reference asset is not required), a Portfolio is permitted to segregate or earmark liquid assets equal to the Portfolio’s daily marked-to-market net obligation under the derivative instrument, if any, rather than the derivative’s full notional value. By segregating or earmarking liquid assets equal to only its net marked-to-market obligation under derivatives that are required to cash settle, a Portfolio will have the ability to employ leverage to a greater extent than if a Portfolio were to segregate or earmark liquid assets equal to the full notional value of the derivative.

7. PRINCIPAL RISKS

In the normal course of business, the Portfolios trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Portfolios may be subject to, please see the Important Information About the Portfolios.

Market Risks A Portfolio’s investments in financial derivative instruments and other financial instruments expose the Portfolio to various risks such as, but not limited to, interest rate, foreign (non-U.S.) currency, equity and commodity risks.

Interest rate risk is the risk that fixed income securities and other instruments held by a Portfolio will decline in value because of changes in interest rates. As nominal interest rates rise, the value of


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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 the Portfolio’s 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 a measure used to determine the sensitivity of a security’s price to changes in interest rates that incorporates a security’s yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio’s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if interest rates rose by one percentage point. Convexity is an additional measure used to understand a security’s interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates and may be positive or negative Securities with negative convexity may experience greater losses during periods of rising interest rates, and accordingly Portfolios holding such securities may be subject to a greater risk of losses in periods of rising interest rates. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Under current economic conditions, interest rates are near historically low levels. Thus, the Portfolios currently face a heightened level of interest rate risk, especially since the Federal Reserve Board has ended its quantitative easing program and has begun, and may continue, to raise interest rates. To the extent the Federal Reserve Board continues to raise interest rates, there is a risk that rates across the financial system may rise. During periods of very low or negative interest rates, a Portfolio may be unable to maintain positive returns. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance to the extent a Portfolio is exposed to such interest rates. Rising interest rates may result in a decline in value of a Portfolio’s fixed-income investments and in periods of volatility. Further, while U.S. bond markets have steadily grown over the past three decades, dealer “market making” ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to “make markets,” are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, the significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. 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 and could require a Portfolio to liquidate its portfolio securities at disadvantageous times and prices.

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


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economic exposure. If a Portfolio invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in financial derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Portfolio, or, in the case of hedging positions, that the Portfolio’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Portfolio’s investments in foreign currency denominated securities may reduce the Portfolio’s returns.

The market values of a Portfolio’s investments may decline due to general market conditions which are not specifically related to a particular company or issuer, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities, 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 counterparties on recognized and reputable exchanges, where applicable. Over the counter (“OTC”) derivative transactions are subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally cleared derivative transactions might not be available for OTC derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Portfolio’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. 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 the 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


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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. PIMCO’s attempts to minimize counterparty risk may, however, be unsuccessful.

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.

8. MASTER ARRANGEMENTS

A Portfolio may be subject to various netting arrangements (“Master Agreements”) with select counterparties. 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 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 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 present 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 most 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 depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. 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


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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 Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA 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, transaction 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 Schedules of Investments.

Customer Account Agreements and related addenda 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 may be reduced as creditors of a futures broker do not have a claim to Portfolio assets in the segregated account. Portability of exposure 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 unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (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 bilateral OTC derivative transactions entered into by a Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting 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 Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee The Trust entered into an Investment Advisory Contract with the Adviser (the “Advisory Contract”) pursuant to which the Adviser serves as the investment adviser to each Portfolio. The Adviser 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.


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Notes to Financial Statements (Cont.)

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 or PIMCO. 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 Pursuant to the Supervision and Administration Agreement with PIMCO (the “Administration Agreement”), PIMCO also serves as administrator to the Portfolios (in this capacity, PIMCO is referred to as the “Administrator”). Under the Administration Agreement, the Administrator, at its expense, is required to procure most supervisory and administrative services required by the Portfolios including, but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, tax services, valuation services and other services required for the Portfolios’ daily operations. Under the Administration Agreement, the Administrator has agreed to provide or procure these services, and to bear the expenses associated with these services at no charge to the Portfolios. In addition, PIMCO has entered into an expense limitation agreement with the Trust pursuant to which it has agreed to pay or reimburse certain other expenses of the Portfolios, as discussed in more detail below. The Administrator does not receive any administration or other fees from the Portfolios or the Trust for serving as administrator to the Portfolios (although the Administrator may receive compensation under the Administration Agreement with respect to future series of the Trust).

(c) Distribution Contract The Trust has entered into a distribution contract with PIMCO 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 “Distribution Contract”). 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 Adviser 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 all expenses incurred by the Portfolio, including organizational and offering expenses, 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 Adviser serves as the investment adviser to the applicable Portfolio pursuant to the Advisory Contract.


134		PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

June 30, 2017

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees payable to these parties are disclosed in Note 9, Fees and Expenses, 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 the Portfolios from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of 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 under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended June 30, 2017, the Portfolios below engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act (amounts in thousands^†):


Portfolio Name	Purchases		Sales
Fixed Income SHares - Series C	$	138,381	$	70,659
Fixed Income SHares - Series LD		3,793		4,877
Fixed Income SHares - Series M		0		21,917
Fixed Income SHares - Series R		0		758
Fixed Income SHares - Series TE		1,151		508

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

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’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.

12. 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 may involve correspondingly greater transaction costs 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 transaction 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.


		SEMIANNUAL REPORT		JUNE 30, 2017		135

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2017, were as follows (amounts in thousands^†):


	U.S. Government/Agency				All Other
Portfolio Name	Purchases		Sales		Purchases		Sales
Fixed Income SHares: Series C	$	4,723,052	$	4,556,069	$	527,958	$	420,774
Fixed Income SHares: Series M		7,068,895		6,915,900		333,470		370,306
Fixed Income SHares: Series LD		71,686		43,681		69,560		24,245
Fixed Income SHares: Series R		253,612		211,199		29,256		24,309
Fixed Income SHares: Series TE		0		0		46,204		44,337

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

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value.

14. REGULATORY AND LITIGATION MATTERS

The Portfolios are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of the preparation of this report.

15. 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.

A Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolios’ tax positions for all open tax years. As of June 30, 2017, 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 ending in 2013-2016, 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 Modernization 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.


136		PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

June 30, 2017

As of their last fiscal year ended December 31, 2016, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands^†):


	Short-Term		Long-Term
Series C	$	223,362	$	6,209
Series LD		26		872
Series M		0		0
Series R		4,522		31,957
Series TE		1,108		1,709

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

As of June 30, 2017, 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⁾
Series C	$	2,403,445	$	24,308	$	(9,974	)	$	14,334
Series LD		136,561		995		(166	)		829
Series M		2,407,624		51,825		(24,478	)		27,347
Series R		252,096		2,086		(3,840	)		(1,754	)
Series TE		85,787		4,158		(34	)		4,124

⁽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.


		SEMIANNUAL REPORT		JUNE 30, 2017		137

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

(Unaudited)



Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	HUS	HSBC Bank USA N.A.
BCY	Barclays Capital, Inc.	JPM	JPMorgan Chase Bank N.A.
BOA	Bank of America N.A.	JPS	JPMorgan Securities, Inc.
BOM	Bank of Montreal	MSB	Morgan Stanley Bank, N.A
BOS	Banc of America Securities LLC	MSC	Morgan Stanley & Co., Inc.
BPG	BNP Paribas Securities Corp.	MYC	Morgan Stanley Capital Services, Inc.
BPS	BNP Paribas S.A.	NAB	National Australia Bank Ltd.
BRC	Barclays Bank PLC	NOM	Nomura Securities International Inc.
BSN	Bank of Nova Scotia	RDR	RBC Capital Markets
CBK	Citibank N.A.	RYL	Royal Bank of Scotland Group PLC
DUB	Deutsche Bank AG	SCX	Standard Chartered Bank
FBF	Credit Suisse International	SOG	Societe Generale
FOB	Credit Suisse Securities (USA) LLC	SSB	State Street Bank and Trust Co.
GLM	Goldman Sachs Bank USA	TDM	TD Securities (USA) LLC
GRE	RBS Securities, Inc.	TOR	Toronto Dominion Bank
GSC	Goldman Sachs & Co.	UAG	UBS AG Stamford
GST	Goldman Sachs International	UBS	UBS Securities LLC

Currency Abbreviations:
ARS	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	MYR	Malaysian Ringgit
CNH	Chinese Renminbi (Offshore)	NZD	New Zealand Dollar
DKK	Danish Krone	PLN	Polish Zloty
EUR	Euro	RUB	Russian Ruble
GBP	British Pound	TWD	Taiwanese Dollar
ILS	Israeli Shekel	USD (or $)	United States Dollar
INR	Indian Rupee	ZAR	South African Rand

Exchange Abbreviations:
CBOT	Chicago Board of Trade	OTC	Over the Counter
CME	Chicago Mercantile Exchange

Index/Spread Abbreviations:
CDX.HY	Credit Derivatives Index - High Yield	CPURNSA	Consumer Price All Urban Non-Seasonally Adjusted Index
CDX.IG	Credit Derivatives Index - Investment Grade	FRCPXTOB	France Consumer Price ex-Tobacco Index
CMBX	Commercial Mortgage-Backed Index	MCDX	Municipal Bond Credit Derivative Index
CPALEMU	Euro Area All Items Non-Seasonally Adjusted Index	UKRPI	United Kingdom Retail Price Index
CPTFEMU	Eurozone HICP ex-Tobacco Index

Municipal Bond or Agency Abbreviations:
AGM	Assured Guaranty Municipal

Other Abbreviations:
ABS	Asset-Backed Security	OAT	Obligations Assimilables du Trésor
ALT	Alternate Loan Trust	REMIC	Real Estate Mortgage Investment Conduit
BABs	Build America Bonds	RMBS	Residential Mortgage-Backed Security
CDO	Collateralized Debt Obligation	TBA	To-Be-Announced
CLO	Collateralized Loan Obligation	TBD	To-Be-Determined
EURIBOR	Euro Interbank Offered Rate	TBD%	Interest rate to be determined when loan settles
JSC	Joint Stock Company	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”
LIBOR	London Interbank Offered Rate	YOY	Year-Over-Year
NCUA	National Credit Union Administration


138		PIMCO MANAGED ACCOUNTS TRUST

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

At an in-person meeting held on June 13, 2017 (the “Approval Meeting”), the Board of Trustees of PMAT (the “Board”), including the Trustees who are not interested persons (as that term is defined in the Investment Company Act of 1940) of PMAT or PIMCO (the “Independent Trustees”), formally considered and unanimously approved the continuation of the Investment Advisory Contract between PMAT, on behalf of each of its series (as referenced in this exhibit, each, a “Portfolio” and, collectively, the “Portfolios”), and PIMCO (the “Investment Advisory Contract”), the Supervision and Administration Agreement between PMAT, on behalf of each Portfolio, and PIMCO (the “Administration Agreement”) and the Distribution Contract between PMAT, on behalf of each Portfolio, and PI (the “Distribution Contract” and, collectively, the “Agreements”), each for an additional one-year period commencing on August 1, 2017. Prior to the Approval Meeting, the Contracts Review Committee (the “Committee”) of the Board held an in-person meeting on June 13, 2017 (the “Committee Meeting”) and formally considered and recommended to the Board the continuation of the Agreements. Prior to the Approval Meeting, the Chair of the Committee, on May 15, 2017 participated in a conference call with members of management and PIMCO personnel and counsel to the Independent Trustees (“Independent Counsel”) to discuss the process for the Board’s review of the Agreements and to consider certain information relating to the Portfolios, including, among other information, information relating to PIMCO’s profitability with respect to the Agreements and Portfolio performance. On May 16, 2017, PIMCO provided materials to the Committee for its consideration of the Agreements in response to a request from Independent Counsel (the “Manager Request Letter”), as well as other materials and information PIMCO and PI believed was useful in evaluating the continuation of the Agreements.

On May 25, 2017, the Committee held a meeting via conference call (collectively with the May 15, 2017 conference call, Committee Meeting and the Approval Meeting, the “Contract Renewal Meetings”), at which the members of the Committee, all of whom are Independent Trustees, considered the materials and information provided by PIMCO and PI bearing on the continuation of the Agreements. The Committee also received and reviewed a memorandum from counsel to the Portfolios regarding the Trustees’ responsibilities in evaluating the Agreements, which they discussed with Independent Counsel.

Following the presentation at the Committee Meeting, the Independent Trustees met separately in executive session with Independent Counsel to review and discuss all relevant information, including, but not limited to, information provided in response to the Manager Request Letter and information presented and discussed at the prior Contract Renewal Meetings.

In connection with their deliberations regarding the proposed continuation of the Agreements for each Portfolio, the Trustees, including the Independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The Trustees also considered the nature, quality and extent of the various investment management, administrative and other services performed by PIMCO under the Investment Advisory Contract and Administration Agreement and the distribution services provided to each Portfolio by PI under the Distribution Contract.

It was noted that, in connection with their Contract Renewal Meetings, the Trustees relied upon materials provided by PIMCO and PI, which included, among other items: (i) information regarding the investment performance for each Portfolio and certain composites comprised of separate


		SEMIANNUAL REPORT		JUNE 30, 2017		139

Approval of Investment Advisory Contract and Other Agreements (Cont.)

accounts managed by PIMCO that invest in the Portfolios, along with associated benchmark indices for such separate accounts; (ii) the estimated profitability to PIMCO with respect to the Portfolios for the one-year period ended December 31, 2016; (iii) information regarding the overall organization of PIMCO, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative, compliance and other services to the Portfolios; information regarding sub-accounting arrangements for the Portfolios; and (iv) PI’s Compliance Manual, organizational structure and personnel information.

The Trustees’ conclusions as to the continuation of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

As part of their review, the Trustees examined PIMCO’s abilities to provide high-quality investment management and other services to the Portfolios. Among other information, the Trustees considered the investment philosophy and research and decision-making processes of PIMCO; the experience of key advisory personnel of PIMCO responsible for portfolio management of the Portfolios; the ability of PIMCO to attract and retain capable personnel; and the capabilities of the senior management and staff of PIMCO. In addition, the Trustees reviewed the quality of PIMCO’s services with respect to regulatory compliance and compliance with the investment policies of the Portfolios; the nature and quality of the supervisory and administrative services PIMCO is responsible for providing to the Portfolios under the Administration Agreement; the nature and quality of the distribution services that PI is responsible for providing under the Distribution Contract; and conditions that might affect PIMCO’s and PI’s ability to provide high-quality services to the Portfolios in the future under the Agreements, including PIMCO’s and PI’s financial condition and operational stability. Based on the foregoing, the Trustees concluded that PIMCO’s investment process, research capabilities and philosophy were well suited to the Portfolios given their investment objectives and policies, and that PIMCO and PI would be able to continue to meet any reasonably foreseeable obligations under the Agreements.

The Trustees also considered the performance of the Portfolios as compared to the performance of certain composites comprised of separate accounts managed by PIMCO that invest in the Portfolios, along with associated benchmark indices for such separate accounts. The Trustees noted that because the Portfolios are intended to form only a portion of an overall investment strategy and were developed exclusively for use within separately managed accounts, comparisons to the performance of traditional stand-alone funds or accounts managed by PIMCO would produce limited information. In the course of their deliberations, the Trustees took into account information provided by PIMCO and PI at the Contract Renewal Meetings, as well as information provided during investment review meetings conducted with PIMCO personnel during the course of the year regarding each Portfolio’s performance.

The Trustees also gave substantial consideration to the fact that, with respect to the Portfolios, no fees are payable to PIMCO or PI from the Portfolios under the Agreements, and that PIMCO has entered into an Expense Limitation Agreement with PMAT, on behalf of each Portfolio, pursuant to which, PIMCO waives all fees and/or pays or reimburses all expenses of the Portfolios, except extraordinary expenses, including extraordinary legal expenses, and expenses incurred as a result of


140		PIMCO MANAGED ACCOUNTS TRUST

portfolio investments, such as 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, fees and expenses of any underlying funds or other pooled vehicles in which the Portfolios invest, taxes, governmental fees and dividends and interest on short positions.

The Trustees also considered the amounts paid by the sponsors of the “wrap” programs to PIMCO and/or its affiliates with respect to wrap account assets invested in the Portfolios, as well as the fees “imputed” to PIMCO, for purposes of arriving at an estimate of profitability arising from PIMCO’s and its affiliates’ relationships with the Portfolios. Among other information, the Trustees took into account explanations from PIMCO regarding how certain corporate and shared expenses were allocated among the Portfolios and other funds and accounts managed by PIMCO for purposes of developing profitability estimates. Based on the profitability analysis provided by PIMCO, the Trustees determined that, taking into account the various assumptions made, that such profitability did not appear to be excessive.

Because the Portfolios do not pay fees directly, the Trustees did not place emphasis on the extent to which economies of scale would be realized due to potential growth of assets in the Portfolios or whether fee and expense levels reflect economies of scale for the Portfolios’ shareholders.

The Trustees considered the fact that PIMCO and its affiliates may benefit from their relationships with the sponsors of wrap programs for which the Portfolios are an investment option. They noted such benefits include the receipt by PIMCO and its affiliates of fees paid by the sponsor of the wrap program based on assets under management of the wrap program. Additionally, the Trustees considered so-called “fall-out benefits” to PIMCO, such as reputational value derived from serving as investment adviser to the Portfolios and research, statistical and quotation services PIMCO may receive from broker-dealers executing the Portfolios’ portfolio transactions on an agency basis.

After reviewing these and other factors described herein, including that no fees are payable under the Agreements, the Trustees concluded, with respect to each Portfolio, within the context of their overall conclusions regarding the Agreements and based on the information provided and related representations made by management, that they were satisfied with PIMCO’s responses and efforts relating to the investment performance of the Portfolios. Based on their evaluation of factors that they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the continuation of the Agreements were in the interests of each Portfolio and its shareholders, and should be approved.


		SEMIANNUAL REPORT		JUNE 30, 2017		141

(Unaudited)

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 FISH: Series C, FISH: Series LD, FISH: Series M, FISH: Series R and FISH: Series TE, each a series of PIMCO Managed Accounts Trust.

LOGO

FISH4001SAR_063017

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 Trust’s Board of Trustees since the Trust 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 as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(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 (Principal Executive Officer)

Date:		August 28, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ PETER G. STRELOW
		Peter G. Strelow
		President (Principal Executive Officer)

Date:		August 28, 2017

By:		/s/ WILLIAM G. GALIPEAU
		William G. Galipeau
		Treasurer (Principal Financial & Accounting Officer)

Date:		August 28, 2017