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)

Trent W. Walker

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: (800) 927-4648

Date of fiscal year end: December 31

Date of reporting period: June 30, 2018

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).

PIMCO Managed Accounts Trust

Semiannual Report

June 30, 2018

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

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

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

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

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

Table of Contents

			Page
Letter from the Chairman of the Board & President				2
Important Information About the Portfolios				4
Expense Examples				24
Benchmark Descriptions				25
Financial Highlights				26
Statements of Assets and Liabilities				30
Statements of Operations				32
Statements of Changes in Net Assets				34
Statements of Cash Flows				36
Notes to Financial Statements				111
Glossary				144
Approval of Investment Advisory Contract and Other Agreements				146
Portfolio	Portfolio Summary		Schedule of Investments
Fixed Income SHares: Series C		14		38
Fixed Income SHares: Series LD		16		53
Fixed Income SHares: Series M		18		67
Fixed Income SHares: Series R		20		89
Fixed Income SHares: Series TE		22		105

Letter from the Chairman of the Board & President

Dear Shareholder,

Following is the PIMCO Managed Accounts Trust Semiannual Report, which covers the six-month reporting period ended June 30, 2018. On the subsequent pages you will find specific details regarding investment results and a discussion of factors that most affected performance over the reporting period.

For the six-month reporting period ended June 30, 2018

The U.S. economy continued to expand during the reporting period. Looking back, U.S. gross domestic product (GDP) expanded at a revised annual pace of 2.3% and 2.2% during the fourth quarter of 2017 and first quarter of 2018, respectively. The Commerce Department’s initial reading — released after the reporting period had ended — showed that second-quarter 2018 GDP grew at an annual pace of 4.1%.

The Federal Reserve (Fed) continued to normalize monetary policy during the reporting period. After raising interest rates three times in 2017, the Fed again raised rates at its March 2018 meeting, pushing the federal funds rate to a range between 1.50% and 1.75%. Finally, at its meeting that concluded on June 13, 2018, the Fed raised rates to a range between 1.75% and 2.00%.

Economic activity outside the U.S. moderated somewhat during the reporting period. Against this backdrop, the European Central Bank (ECB), the Bank of Japan and the Bank of England largely maintained their highly accommodative monetary policies. Other central banks took a more hawkish stance, including the Bank of Canada, as it raised rates in January 2018. Meanwhile, in June 2018, the ECB indicated that it plans to end its quantitative easing program by the end of the year, but it did not expect to raise interest rates “at least through the summer of 2019.”

The U.S. Treasury yield curve flattened during the reporting period, as short-term rates moved up more than their longer-term counterparts. The increase in rates at the short end of the yield curve was mostly due to Fed interest rate hikes. The yield on the benchmark 10-year U.S. Treasury note was 2.85% at the end of the reporting period, up from 2.40% on December 31, 2017. U.S. Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, returned -1.08% over the six months ended June 30, 2018. Meanwhile the Bloomberg Barclays U.S. Aggregate Bond Index, a widely used index of U.S. investment grade bonds, returned -1.62% over the period. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated mixed results versus the broad U.S. market. The ICE BofAML U.S. High Yield Index gained 0.08% over the reporting period, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global, returned -5.23% over the reporting period. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -6.44% over the period.

Global equities generated mixed results during the reporting period. The U.S. market rallied sharply during the first month of the period. Supporting the market were improving global growth, overall solid corporate profits and the passage of a tax reform bill late in 2017. Those gains were then erased in February and March 2018.

2 PIMCO MANAGED ACCOUNTS TRUST

This was partially driven by fears that the Fed may take a more aggressive approach in terms of raising interest rates. In addition, there were concerns over a possible trade war. However, U.S. equities moved modestly higher over the last three months of the period. All told, U.S. equities, as represented by the S&P 500 Index, returned 2.65% during the reporting period. Emerging market equities, as measured by the MSCI Emerging Markets Index, returned -6.66% over the period, whereas global equities, as represented by the MSCI World Index, gained 0.43%. Elsewhere, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -1.05% over the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned -0.48%.

Commodity prices fluctuated and produced mixed results during the six months ended June 30, 2018. When the reporting period began, crude oil was approximately $60 a barrel. By the end of the period it was roughly $74 a barrel. This ascent was driven in part by planned and observed production cuts by OPEC and the collapse in Venezuelan oil production, as well as global growth maintaining demand. Elsewhere, gold and copper prices moved lower over the reporting period.

Finally, during the reporting period, there were periods of volatility in the foreign exchange markets, due in part to signs of improving global growth, decoupling central bank policies, and a number of geopolitical events. All told, the U.S. dollar returned 2.73%, 2.26% and -1.71% versus the euro, British pound and Japanese yen, respectively, during the six months ended June 30, 2018.

Thank you for the assets you have placed with us. We deeply value your trust, and will continue to work diligently to meet your broad investment needs. We also invite you to visit our website at pimco.com/FISH to learn more about our global viewpoints.

Sincerely,

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

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT JUNE 30, 2018 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 may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities and other instruments 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). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. A Portfolio may lose money as a result of movement in interest rates.

As of the date of this report, interest rates in the U.S. and many parts of the world, including certain European countries, are at or near historically low levels. As such, bond funds may currently face an increased exposure to the risks associated with a rising interest rate environment. This is especially true as the Fed ended its quantitative easing program in October 2014 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. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.” Bond funds and individual bonds with a longer duration (a measure used to determine 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. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Portfolio’s performance or cause a Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

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, leverage risk, management risk and the risk that a Portfolio may not be able to close out a position when it would be most advantageous to do so. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Portfolio’s ability to invest in derivatives, limit the Portfolio’s ability to employ certain strategies that use derivatives and/or adversely affect the value or performance of derivatives and the Portfolio. 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 an asset, instrument or component of the index underlying 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 the 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 own.

4 PIMCO MANAGED ACCOUNTS TRUST

A Portfolio’s use of leverage creates the opportunity for increased income for the Portfolio’s shareholders, but also creates special risks. Leverage is a speculative technique that may expose a Portfolio to greater risk and increased costs. If shorter-term interest rates rise relative to the rate of return on a Portfolio’s holdings, the interest and other costs of leverage to the Portfolio could exceed the rate of return on the debt obligations and other investments held by the Portfolio, thereby reducing return to the Portfolio’s shareholders. In addition, fees and expenses of any form of leverage used by a Portfolio will be borne entirely by its shareholders and will reduce the investment return of the Portfolio’s shares. There can be no assurance that a Portfolio’s use of leverage will result in a higher yield on its shares, and it may result in losses. Leverage creates several major types of risks for a Portfolio’s shareholders, including: (1) the likelihood of greater volatility of net asset value of the Portfolio’s shares, and of the investment return to the Portfolio’s shareholders, than a comparable portfolio without leverage; (2) the possibility either that the Portfolio’s dividends will fall if the interest and other costs of leverage rise, or that dividends paid on the Portfolio’s shares will fluctuate because such costs vary over time; and (3) the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the net asset value of the Portfolio’s shares than if the Portfolio were not leveraged and may result in a greater decline in the market value of the Portfolio’s shares. Moreover, to make payments of interest and other loan costs, a Portfolio may be forced to sell portfolio securities when it is not otherwise advantageous to do so.

There is a risk that a Portfolio investing in a tender option bond program will not be considered the owner of a tender option bond for federal income tax purposes, and thus will not be entitled to treat such interest as exempt from federal income tax. Certain tender option bonds may be illiquid or may become illiquid as a result of, among other things, a credit rating downgrade, a payment default or a disqualification from tax-exempt status. A Portfolio’s investment in the securities issued by a tender option bond trust may involve greater risk and volatility than an investment in a fixed rate bond, and the value of such securities may decrease significantly when market interest rates increase. Tender option bond trusts could be terminated due to market, credit or other events beyond the Portfolios’ control, which could require the Portfolios to dispose of portfolio investments at inopportune times and prices. A Portfolio may use a tender option bond program as a way of achieving leverage in its portfolio, in which case the Portfolio will be subject to leverage risk.

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. Investing in foreign (non-U.S.) securities may entail risk due to foreign (non-U.S.) economic and political developments; this risk may be increased when investing in emerging markets. For example, if a Portfolio invests in emerging market debt, it may face increased

SEMIANNUAL REPORT JUNE 30, 2018 5

Important Information About the Portfolios (Cont.)

exposure to interest rate, liquidity, volatility, and redemption risk due to the specific economic, political, geographical, or legal background of the foreign (non-U.S.) 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 United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

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

Mortgage-related and other asset-backed securities represent interests in “pools” of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if a Portfolio holds mortgage-related securities, it may exhibit 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. Additionally, investments in subordinate mortgage-backed and other asset-backed securities will be subject to risks arising from delinquencies and foreclosures, thereby exposing a Portfolio’s investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed securities are also subject to greater credit risk than those mortgage-backed or other asset-backed securities that are more highly rated.

6 PIMCO MANAGED ACCOUNTS TRUST

A Portfolio may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. Subordinate mortgage-backed or asset-backed instruments are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes a large percentage of delinquent loans, there is a risk that interest payment on subordinate mortgage-backed or asset-backed instruments will not be fully paid. There are multiple tranches of mortgage-backed and asset-backed instruments, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity or “first loss,” according to their degree of risk. The most senior tranche of a mortgage-backed or asset-backed instrument has the greatest collateralization and pays the lowest interest rate. If there are defaults or the collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Lower tranches represent lower degrees of credit quality and pay higher interest rates intended to compensate for the attendant risks. The return on the lower tranches is especially sensitive to the rate of defaults in the collateral pool. The lowest tranche (i.e., the “equity” or “residual” tranche) specifically receives the residual interest payments (i.e., money that is left over after the higher tranches have been paid and expenses of the issuing entities have been paid) rather than a fixed interest rate. Each Portfolio expects that investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing its investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed securities that are more highly rated.

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 markets for lower-rated bonds. Thus, high yield investments increase the chance that a Portfolio will lose money. PIMCO does not rely solely on credit ratings, and develops its own analysis of issuer credit quality. The Portfolio may purchase unrated securities (which are not rated by a rating agency) if PIMCO determines that the security is of comparable quality to a rated security that the Portfolio may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that PIMCO may not accurately evaluate the security’s comparative credit quality, which could result in a Portfolio’s portfolio having a higher level of credit and/or high yield risk than PIMCO has estimated or desires for the Portfolio, and could negatively impact the Portfolio’s performance and/or returns. Certain Portfolios may invest a substantial portion of their assets in unrated securities and therefore may be particularly subject to the associated risks. Analysis of the creditworthiness of issuers of high yield securities may be more complex than for issuers of higher-quality debt obligations. To the extent that a Portfolio invests in high yield and/or unrated securities, the Portfolio’s success in achieving its investment objectives may depend more heavily on the portfolio manager’s creditworthiness analysis than if the Portfolio invested exclusively in higher-quality and rated securities. 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

SEMIANNUAL REPORT JUNE 30, 2018 7

Important Information About the Portfolios (Cont.)

lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. Defaulted securities are often illiquid and may not be actively traded. Sales 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. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

Contingent convertible securities (“CoCos”) are a form of hybrid debt security issued primarily by non-U.S. issuers, which have loss absorption mechanisms built into their terms. CoCos have no stated maturity, have fully discretionary coupons and are typically issued in the form of subordinated debt instruments. CoCos generally either convert into equity of the issuer or have their principal written down upon the occurrence of certain triggering events (“triggers”) linked to regulatory capital thresholds or regulatory actions relating to the issuer’s continued viability. As a result, an investment by a Portfolio in CoCos is subject to the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Portfolio’s investment becoming further subordinated as a result of conversion from debt to equity, the risk that the principal amount due can be written down to a lesser amount, and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Portfolio. In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. There is no guarantee that a Portfolio will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have an adverse effect on the market price of CoCos. CoCos are often rated below investment grade and are subject to the risks of high yield securities. Because CoCos are issued primarily by financial institutions, CoCos may present substantially increased risks at times of financial turmoil, which could affect financial institutions more than companies in other sectors and industries. Further, the value of an investment in CoCos is unpredictable and will be influenced by many factors and risks, including interest rate risk, credit risk, market risk and liquidity risk. An investment by a Portfolio in CoCos may result in losses to the Portfolio.

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 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

8 PIMCO MANAGED ACCOUNTS TRUST

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 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

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Important Information About the Portfolios (Cont.)

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.

Municipal obligations issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations may be affected by economic, market, political, and social conditions in Puerto Rico. Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, the severe impact of two hurricanes, and persistent government budget deficits. These challenges may negatively affect the value of a Portfolio’s investments in Puerto Rico municipal securities. Major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. In both August 2015 and January 2016, Puerto Rico defaulted on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Portfolio’s investments in Puerto Rico municipal securities. Legislation, including legislation that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of a Portfolio’s investments in Puerto Rico municipal securities.

These challenges and uncertainties have been exacerbated by Hurricane Maria and the resulting natural disaster in Puerto Rico. In September 2017, Hurricane Maria struck Puerto Rico, causing major damage across the Commonwealth, including damage to its water, power, and telecommunications infrastructure. The length of time needed to rebuild Puerto Rico’s infrastructure is unclear, but could amount to years, during which the Commonwealth is likely to be in an uncertain economic state. The full extent of the natural disaster’s impact on Puerto Rico’s economy and foreign investment in Puerto Rico is difficult to estimate.

10 PIMCO MANAGED ACCOUNTS TRUST

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 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, contingent convertible securities risk, high yield 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

SEMIANNUAL REPORT JUNE 30, 2018 11

Important Information About the Portfolios (Cont.)

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		12/23/13	Diversified
Fixed Income SHares: Series M		03/17/00	Diversified
Fixed Income SHares: Series R		04/15/04	Diversified
Fixed Income SHares: Series TE		06/26/12	Non-Diversified

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

12 PIMCO MANAGED ACCOUNTS TRUST

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.

The SEC adopted a rule that generally allows funds to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may still elect to receive a complete shareholder report in the mail. PIMCO is evaluating how to make the electronic delivery option available to shareholders in the future.

SEMIANNUAL REPORT JUNE 30, 2018 13

Fixed Income SHares: Series C FXICX

Cumulative Returns Through June 30, 2018

Allocation Breakdown as of 06/30/2018†§
Corporate Bonds & Notes	27.7%
U.S. Government Agencies	25.0%
Asset-Backed Securities	23.6%
U.S. Treasury Obligations	17.6%
Non-Agency Mortgage-Backed Securities	3.9%
Short-Term Instruments‡	0.6%
Other	1.6%

^†   % of Investments, at value.

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

^‡  Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return for the period ended June 30, 2018
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares: Series C		(1.09)%		0.90%		2.90%		8.25%		9.28%
	Bloomberg Barclays U.S. Intermediate Credit Index		(1.45)%		(0.36)%		2.51%		4.37%		5.15%¨

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 in effect as of period end was 0.43%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

14 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

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:

» Underweight exposure to U.S. interest rates contributed to performance, as U.S. interest rates rose.

» Underweight exposure to investment grade corporate credit contributed to performance, as the spread widened.

» Exposure to non-agency mortgage-backed securities contributed to performance, as spreads.

» Long exposure to the Turkish lira versus the U.S. dollar detracted from performance, as the Turkish lira depreciated against the U.S. dollar.

» Holdings of agency mortgage-backed securities detracted from performance, as these securities generally posted negative total return.

SEMIANNUAL REPORT JUNE 30, 2018 15

Fixed Income SHares: Series LD FXIDX

Cumulative Returns Through June 30, 2018

Allocation Breakdown as of 06/30/2018†§
Corporate Bonds & Notes	45.8%
U.S. Treasury Obligations	38.7%
Asset-Backed Securities	9.4%
Non-Agency Mortgage-Backed Securities	2.5%
Short-Term Instruments‡	1.6%
Sovereign Issues	1.1%
Other	0.9%

^†   % of Investments, at value.

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

^‡  Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return for the period ended June 30, 2018
		6 Month*		1 Year		Commencement of Operations (12/23/13)
	Fixed Income SHares: Series LD		0.84%		1.88%		3.57%
	ICE BofAML 1-3 Year U.S. Treasury Index±		0.09%		0.08%		0.56%

All Portfolio returns are net of fees and expenses.

* Cumulative Return

^± The Bank of America Merrill Lynch Global Research fixed income index platform was acquired by the Intercontinental Exchange in October 2017 and renamed to ICE BofAML. This change does not impact the manner in which the indices are constructed.

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 in effect as of period end was 1.30%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

16 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

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:

» Long exposure to the British pound detracted from performance, as the British pound depreciated against the U.S. dollar.

» Overweight exposure to the front end of the U.S. yield curve detracted from performance, as front-end interest rates rose.

» Holdings of investment grade corporate credit contributed to performance, as security selection benefited performance.

» Short exposure to the euro contributed to performance, as the euro depreciated against the U.S. dollar.

» Short exposure to the Canadian dollar in the first half of the reporting period contributed to performance, as the Canadian dollar depreciated against the U.S. dollar.

SEMIANNUAL REPORT JUNE 30, 2018 17

Fixed Income SHares: Series M FXIMX

Cumulative Returns Through June 30, 2018

Allocation Breakdown as of 06/30/2018†§
U.S. Government Agencies	28.5%
Asset-Backed Securities	23.0%
U.S. Treasury Obligations	20.1%
Corporate Bonds & Notes	12.8%
Non-Agency Mortgage-Backed Securities	11.7%
Municipal Bonds & Notes	2.8%
Short-Term Instruments	0.8%
Other	0.3%

^†   % of Investments, at value.

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

^‡  Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return for the period ended June 30, 2018
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (03/17/00)
	Fixed Income SHares: Series M		(0.08)%		3.20%		5.15%		7.02%		7.54%
	Bloomberg Barclays U.S. MBS Fixed-Rate Index		(0.95)%		0.15%		2.27%		3.58%		4.74%¨

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 in effect as of period end was 0.24%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

18 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

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:

» Positions in non-agency mortgage-backed securities (MBS) contributed to relative performance, as total returns in these securities were positive.

» Selection in taxable municipal bonds contributed to relative performance.

» Underweight exposure to agency MBS contributed to relative performance, as agency MBS generally posted negative total returns.

» Overweight exposure to U.S. interest rates detracted from performance, as U.S. interest rates rose.

SEMIANNUAL REPORT JUNE 30, 2018 19

Fixed Income SHares: Series R FXIRX

Cumulative Returns Through June 30, 2018

Allocation Breakdown as of 06/30/2018†§
U.S. Treasury Obligations	63.5%
Sovereign Issues	12.4%
U.S. Government Agencies	12.3%
Corporate Bonds & Notes	5.3%
Asset-Backed Securities	4.3%
Non-Agency Mortgage-Backed Securities	1.8%
Short-Term Instruments	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, 2018
		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (04/15/04)
	Fixed Income SHares: Series R		(0.03)%		3.35%		2.14%		5.33%		5.95%
	Bloomberg Barclays U.S. TIPS Index		(0.02)%		2.11%		1.68%		3.03%		4.10%¨

All Portfolio returns are net of fees and expenses.

* Cumulative Return

^¨ Average Annual Return since 04/30/04

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 in effect as of period end was 0.62%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

20 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

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:

» Exposure to U.S. Treasury Inflation-Protected Securities (TIPS) detracted from absolute performance, as U.S. TIPS, as measured by the Bloomberg Barclays U.S. TIPS Index, posted negative returns.

» Underweight exposure to U.S. nominal duration benefited relative performance, as yields moved higher.

» Overweight exposure to U.S. breakeven inflation (or the yield differential between U.S. nominal Treasuries and like-maturity U.S. TIPS) benefited relative performance, as breakeven inflation spreads widened.

» Positioning within the U.K. nominal yield curve, including underweight exposure to the 10-year portion, benefited relative performance, as U.K. 10-year nominal yield rose.

» Overweight exposure to U.S. real duration detracted from relative performance, as U.S. real yields moved higher.

» Increased exposure to external emerging markets debt in the latter half of the reporting period detracted from relative performance, as the sector posted negative returns during that time period.

SEMIANNUAL REPORT JUNE 30, 2018 21

Fixed Income SHares: Series TE FXIEX

Cumulative Returns Through June 30, 2018

Allocation Breakdown as of 06/30/2018†§
Municipal Bonds & Notes	96.4%
Short-Term Instruments‡	3.6%

^†   % of Investments, at value.

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

^‡  Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return for the period ended June 30, 2018
		6 Month*		1 Year		5 Year		Commencement of Operations (06/26/12)
	Fixed Income SHares: Series TE		0.44%		3.85%		4.20%		3.00%
	Bloomberg Barclays 1-Year Municipal Bond Index		0.97%		0.94%		0.78%		0.75%

All Portfolio returns are net of fees and expenses.

* Cumulative Return

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 in effect as of period end was 0.04%. Details regarding any changes to the Portfolio’s operating expenses, subsequent to period end, can be found in the Portfolio’s current prospectus, as supplemented.

22 PIMCO MANAGED ACCOUNTS TRUST

Investment Objective

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:

» The Portfolio’s duration exposure detracted from performance, as municipal yields moved higher.

» Exposure to the tobacco sector contributed to performance, as the sector outperformed the general municipal market.

» Select exposure to the lease-backed sector detracted from performance.

» Exposure to the transportation sector detracted from performance, as the sector underperformed the general municipal market.

» A modest allocation to U.S. Virgin Islands–domiciled securities contributed to performance.

SEMIANNUAL REPORT JUNE 30, 2018 23

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, 2018 to June 30, 2018 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 (01/01/18)		Ending Account Value (06/30/18)		Expenses Paid During Period*		Beginning Account Value (01/01/18)		Ending Account Value (06/30/18)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Series C	$	1,000.00	$	989.10	$	2.17	$	1,000.00	$	1,022.61	$	2.21		0.44	%
Series LD		1,000.00		1,008.40		13.10		1,000.00		1,011.75		13.12		2.63
Series M		1,000.00		999.20		2.68		1,000.00		1,022.12		2.71		0.54
Series R		1,000.00		999.70		6.45		1,000.00		1,018.35		6.51		1.30
Series TE		1,000.00		1,004.40		0.35		1,000.00		1,024.45		0.35		0.07	(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 0.07% 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 (“TOB”) transactions accounted for as secured borrowing Refer to Note 5, Tender Option Bond Transactions, in the Notes to Financial Statements for additional information regarding TOBs.

24 PIMCO MANAGED ACCOUNTS TRUST

Benchmark Descriptions

Index*	Benchmark Description
Bloomberg Barclays U.S. Intermediate Credit Index	The Bloomberg Barclays U.S. Intermediate Credit Index is an unmanaged index of publicly issued U.S. corporate and specified foreign debentures and secured notes with intermediate maturities ranging from 1 to less than 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 covers the mortgage-backed pass-through securities and hybrid ARM pools of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index is formed by grouping the universe of about 1,000,000 individual fixed rate MBS pools into approximately 5,500 generic aggregates.
Bloomberg Barclays U.S. TIPS Index	Bloomberg Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation-Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $500 million par amount outstanding.
Bloomberg Barclays 1-Year Municipal Bond Index	Bloomberg Barclays 1-Year Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long term tax-exempt bond market. To be included in the Index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
ICE BofAML 1-3 Year U.S. Treasury Index	The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years.

* It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT JUNE 30, 2018 25

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
01/01/2018 - 06/30/2018+		$	10.30		$	0.18		$	(0.29	)		$	(0.11	)		$	(0.19	)		$	0.00			$	0.00			$	(0.19	)
12/31/2017			10.05			0.39			0.25				0.64				(0.29	)			0.00				(0.10	)			(0.39	)
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	)
Series LD
01/01/2018 - 06/30/2018+		$	9.73		$	0.19		$	(0.11	)		$	0.08			$	(0.17	)		$	0.00			$	0.00			$	(0.17	)
12/31/2017			9.77			0.37			(0.02	)			0.35				(0.39	)			0.00				0.00				(0.39	)
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
01/01/2018 - 06/30/2018+		$	10.31		$	0.22		$	(0.23	)		$	(0.01	)		$	(0.19	)		$	0.00			$	0.00			$	(0.19	)
12/31/2017			9.95			0.45			0.49				0.94				(0.49	)			(0.09	)			0.00				(0.58	)
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	)
Series R
01/01/2018 - 06/30/2018+		$	9.26		$	0.23		$	(0.23	)		$	0.00			$	(0.22	)		$	0.00			$	0.00			$	(0.22	)
12/31/2017			9.13			0.35			0.11				0.46				(0.17	)			0.00				(0.16	)			(0.33	)
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	)

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
	$	10.00		(1.09	)%		$	1,296,862		0.44	%*		0.44	%*		0.00	%*		0.00	%*		3.54	%*		202	%
		10.30		6.43				1,310,388		0.43			0.43			0.00			0.00			3.79			366
		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
	$	9.64		0.84	%		$	79,488		2.63	%*		2.63	%*		0.00	%*		0.00	%*		3.92	%*		181	%
		9.73		3.64				86,101		1.30			1.30			0.00			0.00			3.76			230
		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
	$	10.11		(0.08	)%		$	1,313,131		0.54	%*		0.54	%*		0.00	%*		0.00	%*		4.43	%*		228	%
		10.31		9.60				1,331,955		0.24			0.24			0.00			0.00			4.35			556
		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
	$	9.04		(0.03	)%		$	140,931		1.30	%*		1.30	%*		0.00	%*		0.00	%*		5.08	%*		119	%
		9.26		5.16				142,081		0.62			0.62			0.00			0.00			3.81			225
		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

SEMIANNUAL REPORT JUNE 30, 2018 27

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
01/01/2018 - 06/30/2018+		$	10.22		$	0.19		$	(0.15	)		$	0.04			$	(0.18	)		$	0.00		$	0.00		$	(0.18	)
12/31/2017			9.75			0.36			0.47				0.83				(0.36	)			0.00			0.00			(0.36	)
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	)

^{^}  A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

+ 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 31^st to December 31^st.

^(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.

28 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
	$	10.08		0.44	%		$	91,248		0.07	%*		0.07	%*		0.00	%*		0.00	%*		3.74	%*		34	%
		10.22		8.61				91,086		0.04			0.04			0.00			0.00			3.64			86
		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

SEMIANNUAL REPORT JUNE 30, 2018 29

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	Series C			Series LD
Assets:
Investments, at value
Investments in securities*	$	1,836,052		$	199,884
Investments in Affiliates		114			112
Financial Derivative Instruments
Exchange-traded or centrally cleared		714			114
Over the counter		2,440			270
Cash		1			0
Deposits with counterparty		21,219			1,139
Foreign currency, at value		3,043			249
Receivable for investments sold		1,037			9,734
Receivable for investments sold on a delayed-delivery basis		0			0
Receivable for TBA investments sold		381,983			0
Receivable for Portfolio shares sold		1,048			0
Interest and/or dividends receivable		11,737			1,363
Dividends receivable from Affiliates		5			0
Other assets		18			1
Total Assets		2,259,411			212,866
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	123,755		$	47,036
Payable for sale-buyback transactions		675			82,226
Payable for tender option bond floating rate certificates		0			0
Payable for short sales		0			3,419
Financial Derivative Instruments
Exchange-traded or centrally cleared		680			74
Over the counter		4,562			192
Payable for investments purchased		3,090			0
Payable for investments in Affiliates purchased		5			0
Payable for TBA investments purchased		820,368			0
Deposits from counterparty		4,927			0
Payable for Portfolio shares redeemed		261			182
Distributions payable		4,226			232
Overdraft due to custodian		0			17
Other liabilities		0			0
Total Liabilities		962,549			133,378
Net Assets	$	1,296,862		$	79,488
Net Assets Consist of:
Shares of beneficial interest of $0.001 par value (unlimited number authorized)	$	130		$	8
Paid in capital in excess of par		1,509,465			81,499
Undistributed (overdistributed) net investment income		(4,232	)		147
Accumulated undistributed net realized gain (loss)		(205,736	)		(1,162	)
Net unrealized appreciation (depreciation)		(2,765	)		(1,004	)
Net Assets	$	1,296,862		$	79,488
Shares Issued and Outstanding		129,661			8,245
Net Asset Value Per Share Outstanding	$	10.00		$	9.64
Cost of investments in securities	$	1,837,585		$	200,932
Cost of investments in Affiliates	$	114		$	112
Cost of foreign currency held	$	3,078		$	251
Proceeds received on short sales	$	0		$	3,403
Cost or premiums of financial derivative instruments, net	$	3,631		$	39
* Includes repurchase agreements of:	$	11,246		$	1,080

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

30 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

June 30, 2018 (Unaudited)

Series M			Series R			Series TE
$	2,246,066		$	233,027		$	91,084
	101			0			2,859
	190			77			0
	1,321			3,132			0
	0			0			1
	3,007			2,485			114
	850			688			0
	257			69			0
	0			28,356			0
	479,124			31,036			0
	995			169			10
	9,746			874			857
	0			0			12
	17			44			0
	2,741,674			299,957			94,937
$	202,731		$	0		$	0
	92,143			94,764			0
	0			0			3,386
	8,143			0			0
	175			128			0
	2,586			1,931			0
	10,252			3			0
	0			0			12
	1,102,751			59,361			0
	5,127			2,031			0
	277			0			0
	4,357			808			287
	0			0			0
	1			0			4
	1,428,543			159,026			3,689
$	1,313,131		$	140,931		$	91,248
$	130		$	16		$	9
	1,299,226			177,351			89,218
	2,692			673			7
	(24,148	)		(41,355	)		(1,218	)
	35,231			4,246			3,232
$	1,313,131		$	140,931		$	91,248
	129,827			15,585			9,053
$	10.11		$	9.04		$	10.08
$	2,208,480		$	234,734		$	87,809
$	101		$	0		$	2,859
$	845		$	695		$	0
$	8,143		$	0		$	0
$	2,403		$	(815	)	$	0
$	16,890		$	1,085		$	566

SEMIANNUAL REPORT JUNE 30, 2018 31

Statements of Operations

Six Months Ended June 30, 2018 (Unaudited)
(Amounts in thousands†)	Series C			Series LD
Investment Income:
Interest	$	25,702		$	2,616
Dividends from Investments in Affiliates		12			2
Total Income		25,714			2,618
Expenses:
Interest expense		2,843			1,051
Miscellaneous expense		8			0
Total Expenses		2,851			1,051
Net Investment Income (Loss)		22,863			1,567
Net Realized Gain (Loss):
Investments in securities		(27,526	)		49
Investments in Affiliates		2			0
Exchange-traded or centrally cleared financial derivative instruments		4,809			453
Over the counter financial derivative instruments		3,305			(549	)
Short sales		0			50
Foreign currency		717			(6	)
Net Realized Gain (Loss)		(18,693	)		(3	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(20,558	)		(1,577	)
Exchange-traded or centrally cleared financial derivative instruments		2,699			328
Over the counter financial derivative instruments		312			316
Foreign currency assets and liabilities		(287	)		(5	)
Net Change in Unrealized Appreciation (Depreciation)		(17,834	)		(938	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(13,664	)	$	626

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

32 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Series M			Series R			Series TE
$	32,446		$	4,486		$	1,650
	1			0			18
	32,447			4,486			1,668
	3,502			917			30
	10			1			0
	3,512			918			30
	28,935			3,568			1,638
	(21,220	)		(3,297	)		(9	)
	0			0			1
	(1,344	)		1,164			321
	5,039			(418	)		35
	0			0			0
	676			(6	)		0
	(16,849	)		(2,557)			348
	(13,886	)		(3,967	)		(1,512	)
	(701	)		86			(91	)
	1,397			2,907			(23	)
	(6	)		(20	)		0
	(13,196	)		(994	)		(1,626	)
$	(1,110	)	$	17		$	360

SEMIANNUAL REPORT JUNE 30, 2018 33

Statements of Changes in Net Assets

	Series C						Series LD
(Amounts in thousands†)	Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	22,863		$	50,444		$	1,567		$	2,333
Net realized gain (loss)		(18,693	)		33,348			(3	)		(115	)
Net change in unrealized appreciation (depreciation)		(17,834	)		(1,066	)		(938	)		(161	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(13,664	)		82,726			626			2,057
Distributions to Shareholders:
From net investment income		(24,146	)		(37,777	)		(1,417	)		(2,436	)
From net realized capital gains		0			0			0			0
Tax basis return of capital		0			(12,824	)		0			0
Total Distributions(a)		(24,146	)		(50,601	)		(1,417	)		(2,436	)
Portfolio Share Transactions:
Receipts for shares sold		141,789			251,677			13,317			69,893
Cost of shares redeemed		(117,505	)		(273,259	)		(19,139	)		(15,022	)
Net increase (decrease) resulting from Portfolio share transactions		24,284			(21,582	)		(5,822	)		54,871
Total Increase (Decrease) in Net Assets		(13,526	)		10,543			(6,613	)		54,492
Net Assets:
Beginning of period		1,310,388			1,299,845			86,101			31,609
End of period*	$	1,296,862		$	1,310,388		$	79,488		$	86,101
*Including undistributed (overdistributed) net investment income of:	$	(4,232	)	$	(2,949	)	$	147		$	(3	)
Shares of Beneficial Interest:
Shares sold		14,015			24,616			1,375			7,145
Shares redeemed		(11,640	)		(26,658	)		(1,975	)		(1,537	)
Net increase (decrease) in shares outstanding		2,375			(2,042	)		(600	)		5,608

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

^(a) 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.

34 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Series M						Series R						Series TE
Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017			Six Months Ended June 30, 2018 (Unaudited)			Year Ended December 31, 2017
$	28,935		$	58,990		$	3,568		$	5,856		$	1,638		$	3,254
	(16,849	)		34,289			(2,557	)		(1,695	)		348			1,216
	(13,196	)		31,011			(994	)		3,492			(1,626	)		3,032
	(1,110	)		124,290			17			7,653			360			7,502
	(24,709	)		(64,159	)		(3,375	)		(2,982	)		(1,607	)		(3,191	)
	0			(11,632	)		0			0			0			0
	0			0			0			(2,658	)		0			0
	(24,709	)		(75,791	)		(3,375	)		(5,640	)		(1,607	)		(3,191	)
	122,703			221,955			17,533			41,645			14,195			11,555
	(115,708	)		(263,123	)		(15,325	)		(51,689)			(12,786	)		(15,068)
	6,995			(41,168	)		2,208			(10,044	)		1,409			(3,513	)
	(18,824	)		7,331			(1,150	)		(8,031	)		162			798
	1,331,955			1,324,624			142,081			150,112			91,086			90,288
$	1,313,131		$	1,331,955		$	140,931		$	142,081		$	91,248		$	91,086
$	2,692		$	(1,534	)	$	673		$	480		$	7		$	(24	)
	12,094			21,519			1,929			4,528			1,409			1,159
	(11,431	)		(25,432	)		(1,688	)		(5,624	)		(1,267	)		(1,514	)
	663			(3,913	)		241			(1,096	)		142			(355	)

SEMIANNUAL REPORT JUNE 30, 2018 35

Statements of Cash Flows

	Series C			Series LD			Series M			Series R
Six Months Ended June 30, 2018 (Amounts in thousands†)
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(13,664	)	$	626		$	(1,110	)	$	17
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		(3,914,010	)		(383,382	)		(5,180,929	)		(295,803	)
Proceeds from sales of long-term securities		4,324,308			325,706			5,247,561			316,941
(Purchases) Proceeds from sales of short-term portfolio investments, net		6,308			20,275			(6,361	)		(8,533	)
(Increase) decrease in deposits with counterparty		1,599			138			(2,182	)		(93	)
(Increase) decrease in receivable for investments sold		(54,235	)		(5,333	)		254,098			1,069
(Increase) decrease in interest and/or dividends receivable		1,886			(275	)		784			(52	)
(Increase) decrease in dividends receivable from Affiliates		(5	)		0			0			0
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		7,830			736			(1,732	)		1,340
Proceeds from (Payments on) over the counter financial derivative instruments		3,505			(563	)		5,321			(187	)
(Increase) decrease in other assets		(1	)		(1	)		1			(1	)
Increase (decrease) in payable for investments purchased		83,129			0			(232,702	)		(10,294	)
Increase (decrease) in deposits from counterparty		3,789			0			4,953			2,031
Proceeds from (Payments on) short sales transactions, net		0			3,469			8,143			(2,984	)
Proceeds from (Payments on) foreign currency transactions		430			(11	)		670			(26	)
Increase (decrease) in other liabilities		0			0			1			0
Net Realized (Gain) Loss
Investments in securities		27,526			(49	)		21,220			3,297
Investments in Affiliates		(2	)		0			0			0
Exchange-traded or centrally cleared financial derivative instruments		(4,809	)		(453	)		1,344			(1,164	)
Over the counter financial derivative instruments		(3,305	)		549			(5,039	)		418
Short sales		0			(50	)		0			0
Foreign currency		(717	)		6			(676	)		6
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		20,558			1,577			13,886			3,967
Exchange-traded or centrally cleared financial derivative instruments		(2,699	)		(328	)		701			(86	)
Over the counter financial derivative instruments		(312	)		(316	)		(1,397	)		(2,907	)
Foreign currency assets and liabilities		287			5			6			20
Net amortization (accretion) on investments		1,133			393			(888	)		(21	)
Net Cash Provided by (Used for) Operating Activities		488,529			(37,281	)		125,673			6,955

36 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

	Series C			Series LD			Series M			Series R
Cash Flows Received from (Used for) Financing Activities:
Proceeds from shares sold	$	144,986		$	13,594		$	133,165		$	17,595
Payments on shares redeemed		(118,311	)		(18,958	)		(116,127	)		(15,468	)
Increase (decrease) in overdraft due to custodian		0			17			0			0
Cash distributions paid		(24,043	)		(1,410	)		(24,520	)		(2,600	)
Proceeds from reverse repurchase agreements		1,082,835			477,851			2,175,597			1,677
Payments on reverse repurchase agreements		(1,276,100	)		(495,937	)		(2,224,029	)		(1,677	)
Proceeds from sale-buyback transactions		452,172			4,953,664			1,696,377			1,112,155
Payments on sale-buyback transactions		(749,995	)		(4,891,451	)		(1,766,471	)		(1,118,646	)
Net Cash Received from (Used for) Financing Activities		(488,456	)		37,370			(126,008	)		(6,964	)
Net Increase (Decrease) in Cash and Foreign Currency		73			89			(335	)		(9	)
Cash and Foreign Currency:
Beginning of period		2,971			160			1,185			697
End of period	$	3,044		$	249		$	850		$	688
Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	2,923		$	1,026		$	3,393		$	932

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

A Statement of Cash Flows is presented when a Portfolio has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Portfolio’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

SEMIANNUAL REPORT JUNE 30, 2018 37

Schedule of Investments PIMCO Fixed Income SHares: Series C

(Unaudited)

June 30, 2018

(Amounts in thousands*, except number of shares, contracts and units, if any)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 141.6%
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.0%
Castlelake Aircraft Securitization Trust
3.967% due 07/15/2042	$		8,987	$		8,915
State of Rio de Janeiro
6.024% (LIBOR03M + 3.250%) due 12/20/2020 «~			3,900			3,795
Total Loan Participations and Assignments (Cost $12,887)						12,710
CORPORATE BONDS & NOTES 39.2%
BANKING & FINANCE 29.7%
ABN AMRO Bank NV
4.800% due 04/18/2026			2,000			1,999
Air Lease Corp.
3.000% due 09/15/2023			3,150			2,985
American Tower Corp.
3.500% due 01/31/2023			3,375			3,322
4.700% due 03/15/2022			1,600			1,650
Banco Santander S.A.
6.250% due 09/11/2021 •(a)(b)	EUR		400			493
Bank of America Corp.
3.419% due 12/20/2028 •	$		242			228
3.499% due 05/17/2022 •			4,500			4,499
4.000% due 04/01/2024			271			273
4.100% due 07/24/2023			5,600			5,698
4.125% due 01/22/2024			15,100			15,354
5.875% due 03/15/2028 •(a)			6,700			6,558
Barclays Bank PLC
7.625% due 11/21/2022 (b)			3,200			3,451
10.000% due 05/21/2021	GBP		300			475
14.000% due 06/15/2019 •(a)			100			146
Barclays PLC
4.375% due 01/12/2026	$		1,500			1,461
6.500% due 09/15/2019 •(a)(b)	EUR		400			482
Blackstone CQP Holdco LP
6.500% due 03/20/2021	$		12,800			12,864
BPCE S.A.
5.150% due 07/21/2024			1,000			1,015
CIT Group, Inc.
3.875% due 02/19/2019			450			452
Cooperatieve Rabobank UA
4.375% due 08/04/2025			6,000			5,890
Credit Agricole S.A.
7.500% due 06/23/2026 •(a)(b)	GBP		100			142

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
8.125% due 09/19/2033 •(b)	$		1,300	$		1,314
Credit Suisse AG
6.500% due 08/08/2023 (b)			7,216			7,692
Credit Suisse Group Funding Guernsey Ltd.
3.800% due 09/15/2022			400			399
Crown Castle International Corp.
5.250% due 01/15/2023			4,000			4,194
Deutsche Bank AG
4.250% due 10/14/2021			16,375			16,134
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			6,472			6,686
FleetBoston Financial Corp.
6.875% due 01/15/2028			2,120			2,458
General Motors Financial Co., Inc.
4.250% due 05/15/2023			23,220			23,293
Goldman Sachs Group, Inc.
3.500% due 01/23/2025			25,000			24,156
4.000% due 03/03/2024			16,700			16,718
Goodman U.S. Finance Three LLC
3.700% due 03/15/2028			3,200			3,023
HSBC Holdings PLC
4.583% due 06/19/2029 •			4,000			4,043
6.250% due 03/23/2023 •(a)(b)			7,000			6,877
6.375% due 09/17/2024 •(a)(b)			1,200			1,190
Intesa Sanpaolo SpA
3.375% due 01/12/2023			10,400			9,566
JPMorgan Chase & Co.
3.625% due 05/13/2024			900			894
5.829% (US0003M + 3.470%) due 07/30/2018 ~(a)			30,900			31,234
Lincoln Finance Ltd.
6.875% due 04/15/2021	EUR		3,300			3,991
Lloyds Banking Group PLC
7.000% due 06/27/2019 •(a)(b)	GBP		7,300			9,837
MetLife Capital Trust
7.875% due 12/15/2067	$		600			747
Morgan Stanley
3.700% due 10/23/2024			10,000			9,876
3.737% due 04/24/2024 •			6,400			6,367
3.875% due 04/29/2024			1,000			1,002
4.000% due 07/23/2025			6,900			6,883
Navient Corp.
5.500% due 01/15/2019			1,500			1,514
5.875% due 03/25/2021			5,255			5,354
7.250% due 01/25/2022			12,700			13,335
8.000% due 03/25/2020			1,950			2,062

38 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Oversea-Chinese Banking Corp. Ltd.
2.771% (US0003M + 0.450%) due 05/17/2021 ~	$		7,700	$		7,724
Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 •(a)(b)			1,800			1,840
8.625% due 08/15/2021 •(a)(b)			17,400			18,535
Santander UK Group Holdings PLC
2.875% due 08/05/2021			3,100			3,007
SLM Student Loan Trust
1.177% (BP0003M + 0.550%) due 12/15/2039 ~	GBP		7,810			9,960
Springleaf Finance Corp.
6.125% due 05/15/2022	$		7,700			7,892
Tesco Property Finance PLC
5.411% due 07/13/2044	GBP		389			582
5.744% due 04/13/2040			1,070			1,649
5.801% due 10/13/2040			6,956			10,808
UBS AG
4.750% due 02/12/2026 •(b)	EUR		400			503
7.625% due 08/17/2022 (b)	$		4,000			4,426
Wells Fargo & Co.
3.450% due 02/13/2023			5,400			5,296
3.589% (US0003M + 1.230%) due 10/31/2023 ~			10,000			10,209
6.111% (US0003M + 3.770%) due 09/15/2018 ~(a)			12,417			12,595
						385,302
INDUSTRIALS 7.7%
Altice France S.A.
5.375% due 05/15/2022	EUR		700			841
Bacardi Ltd.
4.450% due 05/15/2025	$		5,000			4,989
Bayer U.S. Finance LLC
4.375% due 12/15/2028			6,900			6,925
Braskem Finance Ltd.
5.750% due 04/15/2021			1,600			1,660
Campbell Soup Co.
3.650% due 03/15/2023			5,800			5,699
Charter Communications Operating LLC
4.908% due 07/23/2025			800			809
CVS Health Corp.
4.100% due 03/25/2025			2,850			2,839
4.300% due 03/25/2028			10,000			9,880
Delta Air Lines Pass-Through Trust
4.950% due 11/23/2020			157			158
6.200% due 01/02/2020 «			175			175

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Ecopetrol S.A.
5.875% due 09/18/2023	$		2,500	$		2,656
Energy Transfer Partners LP
9.700% due 03/15/2019			300			314
Equifax, Inc.
3.200% (US0003M + 0.870%) due 08/15/2021 ~			4,050			4,064
General Mills, Inc.
3.700% due 10/17/2023			4,000			3,962
4.000% due 04/17/2025			4,600			4,543
Gerdau Trade, Inc.
5.750% due 01/30/2021			1,300			1,332
Kinder Morgan Energy Partners LP
3.500% due 03/01/2021			300			300
3.950% due 09/01/2022			1,000			1,001
6.850% due 02/15/2020			3,000			3,160
Latam Airlines Pass-Through Trust
4.200% due 08/15/2029			2,740			2,605
Magellan Health, Inc.
4.400% due 09/22/2024			8,500			8,337
Marvell Technology Group Ltd.
4.875% due 06/22/2028			6,050			6,014
Northwest Airlines Pass-Through Trust
7.041% due 10/01/2023			1,019			1,116
7.150% due 04/01/2021			8,922			9,168
Ooredoo International Finance Ltd.
5.000% due 10/19/2025			11,800			12,180
Rockies Express Pipeline LLC
5.625% due 04/15/2020			100			103
SES Global Americas Holdings GP
2.500% due 03/25/2019			400			398
Syngenta Finance NV
4.441% due 04/24/2023			2,500			2,488
WestJet Airlines Ltd.
3.500% due 06/16/2021			1,800			1,783
						99,499
UTILITIES 1.8%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.700% due 08/07/2018			700			704
Verizon Communications, Inc.
4.500% due 08/10/2033			12,000			11,658
4.672% due 03/15/2055			8,000			7,128
Vodafone Group PLC
3.750% due 01/16/2024			4,150			4,118
						23,608
Total Corporate Bonds & Notes (Cost $512,570)						508,409

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 39

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MUNICIPAL BONDS & NOTES 0.6%
ILLINOIS 0.5%
Chicago, Illinois General Obligation Bonds, Series 2008
5.630% due 01/01/2022	$		200	$		202
Chicago, Illinois General Obligation Bonds, Series 2015
7.750% due 01/01/2042			4,350			4,717
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			1,225
						6,346
TEXAS 0.1%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024			1,390			1,415
Total Municipal Bonds & Notes (Cost $7,393)						7,761
U.S. GOVERNMENT AGENCIES 35.3%
Fannie Mae
4.500% due 08/01/2039 - 11/01/2041			269			283
Fannie Mae, TBA
3.000% due 07/01/2033 - 08/01/2033			37,000			36,745
3.500% due 07/01/2033 - 08/01/2048			349,400			348,230
4.000% due 08/01/2048			21,000			21,379
5.000% due 07/01/2048 - 08/01/2048			33,000			34,904
Freddie Mac
2.000% (COF 11 + 1.250%) due 12/01/2018 ~			1			1
6.500% due 01/01/2038 - 10/01/2038			51			57
Ginnie Mae
2.687% (US0001M + 0.770%) due 02/20/2066 ~			2,888			2,904
3.375% (H15T1Y + 1.500%) due 01/20/2022 ~			3			3
Tennessee Valley Authority
7.125% due 05/01/2030			10,000			13,766
Total U.S. Government Agencies (Cost $457,197)						458,272

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 24.9%
U.S. Treasury Notes
1.875% due 01/31/2022 (d)(f)	$		164,900	$		160,401
2.250% due 02/15/2027 (d)(h)			15,600			14,886
2.375% due 05/15/2027 (d)			21,000			20,219
2.750% due 02/28/2025			127,500			127,039
Total U.S. Treasury Obligations (Cost $327,798)						322,545
NON-AGENCY MORTGAGE-BACKED SECURITIES 5.5%
Banc of America Funding Trust
4.046% due 01/20/2047 ^~			63			61
Bear Stearns Adjustable Rate Mortgage Trust
3.125% due 05/25/2034 ~			24			22
3.778% due 10/25/2033 ~			30			30
Bear Stearns ALT-A Trust
3.591% due 02/25/2036 ^~			648			576
Citigroup Mortgage Loan Trust, Inc.
3.410% due 09/25/2035 •			140			142
4.240% due 09/25/2035 •			120			122
Civic Mortgage LLC
3.892% due 06/25/2022 ×			2,280			2,281
Cordusio RMBS SRL
0.000% due 06/30/2035 •	EUR		35			41
Countrywide Alternative Loan Trust
2.291% due 05/25/2036 •	$		57			49
6.000% due 08/25/2034			7,826			8,225
Countrywide Home Loan Mortgage Pass-Through Trust
2.731% due 03/25/2035 •			120			106
3.679% due 08/25/2034 ^~			17			16
Credit Suisse First Boston Mortgage-Backed Pass-through Trust
3.571% due 07/25/2033 ~			4			4
Downey Savings & Loan Association Mortgage Loan Trust
2.345% due 08/19/2045 •			822			779
3.657% due 07/19/2044 ~			517			522
Eurosail PLC
1.577% due 06/13/2045 •	GBP		2,596			3,414
GreenPoint Mortgage Funding Trust
2.551% due 06/25/2045 •	$		1,832			1,691
GreenPoint Mortgage Funding Trust Pass-Through Certificates
4.099% due 10/25/2033 ~			3			3
GSR Mortgage Loan Trust
3.630% due 03/25/2033 •			28			28

40 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.678% due 09/25/2035 ~	$		196	$		200
3.923% due 09/25/2035 ~			441			455
HarborView Mortgage Loan Trust
2.275% due 01/19/2038 •			158			156
2.424% due 06/20/2035 •			259			254
HomeBanc Mortgage Trust
2.351% due 01/25/2036 •			1,175			1,165
3.276% due 04/25/2037 ^~			83			78
JPMorgan Mortgage Trust
3.689% due 11/25/2033 ~			27			27
3.692% due 07/25/2035 ~			418			433
3.977% due 02/25/2035 ~			24			24
4.162% due 07/25/2035 ~			285			287
LMREC, Inc.
3.082% due 02/22/2032 •			4,500			4,511
3.784% due 11/24/2031 •			21,000			21,131
Morgan Stanley Mortgage Loan Trust
3.937% due 08/25/2034 ~			2,704			2,759
RBSSP Resecuritization Trust
2.468% due 09/26/2034 •			986			970
2.468% due 04/26/2037 •			1,122			1,120
Residential Accredit Loans, Inc. Trust
2.301% due 04/25/2046 •			941			460
Structured Adjustable Rate Mortgage Loan Trust
3.756% due 02/25/2034 ~			48			48
Structured Asset Mortgage Investments Trust
2.711% due 09/25/2045 •			667			634
Uropa Securities PLC
0.825% due 06/10/2059 •	GBP		8,385			10,764
0.975% due 06/10/2059 •			1,937			2,442
1.175% due 06/10/2059 •			1,515			1,921
1.375% due 06/10/2059 •			1,614			2,011
WaMu Mortgage Pass-Through Certificates Trust
2.401% due 01/25/2045 •	$		93			92
2.558% due 02/25/2046 •			628			629
2.831% due 11/25/2034 •			944			932
Wells Fargo Mortgage-Backed Securities Trust
3.740% due 03/25/2036 ~			171			168
Total Non-Agency Mortgage-Backed Securities (Cost $68,888)						71,783
ASSET-BACKED SECURITIES 33.5%
Ally Master Owner Trust
3.290% due 05/15/2023			5,000			5,018
Ameriquest Mortgage Securities Trust
2.481% due 03/25/2036 •			100			99
Arbor Realty Commercial Real Estate Notes Ltd.
3.373% due 04/15/2027 •			11,900			11,964
Atrium CDO Corp.
3.192% due 04/22/2027 •			5,650			5,635
3.712% due 10/23/2024 •			10,000			10,025

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Bear Stearns Asset-Backed Securities Trust
2.291% due 12/25/2036 •	$		948	$		947
2.501% due 12/25/2035 •			285			286
3.091% due 10/25/2037 •			261			263
BSPRT Issuer Ltd.
3.423% due 06/15/2027 •			11,000			11,013
Carlyle Global Market Strategies CLO Ltd.
3.488% due 10/16/2025 •			15,000			15,007
Cent CLO Ltd.
3.773% due 11/07/2026 •			5,400			5,406
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
3.021% due 05/25/2035 •			3,499			3,474
Conseco Finance Corp.
6.220% due 03/01/2030			72			77
6.530% due 02/01/2031 ~			2,158			2,098
Credit Suisse Mortgage Capital Trust
4.500% due 03/25/2021			7,547			7,616
Denali Capital CLO Ltd.
3.412% due 10/26/2027 •			22,470			22,466
Dryden Senior Loan Fund
3.248% due 10/15/2027 •			8,300			8,306
ECAF Ltd.
3.473% due 06/15/2040			532			528
4.947% due 06/15/2040			456			461
ECMC Group Student Loan Trust
2.841% due 02/27/2068 •			9,637			9,658
First Franklin Mortgage Loan Trust
2.826% due 09/25/2035 •			510			514
First NLC Trust
2.796% due 12/25/2035 •			532			535
Gallatin CLO Ltd.
3.398% (US0003M + 1.050%) due 07/15/2027 ~			13,600			13,603
Greystone Commercial Real Estate Ltd.
3.623% due 03/15/2027 •			17,900			17,854
Harvest CLO DAC
0.630% due 11/18/2029 •	EUR		2,150			2,514
Home Equity Asset Trust
3.291% due 10/25/2033 •	$		533			527
ICG U.S. CLO Ltd.
3.198% due 01/16/2028 •			5,600			5,601
Jamestown CLO Ltd.
3.488% due 01/15/2026 •			3,838			3,842
3.573% due 01/17/2027 •			12,252			12,265
Jubilee CLO BV
0.479% due 12/15/2029 •	EUR		12,850			15,018
KVK CLO Ltd.
3.498% due 01/15/2026 •	$		20,619			20,631

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 41

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Loomis Sayles CLO Ltd.
3.253% due 04/15/2028 •	$		14,000	$		13,984
Merrill Lynch Mortgage Investors Trust
2.211% due 02/25/2037 •			178			81
METAL LLC
4.581% due 10/15/2042			3,290			3,349
Morgan Stanley ABS Capital, Inc. Trust
2.736% due 09/25/2035 •			441			442
Morgan Stanley Mortgage Loan Trust
2.451% due 04/25/2037 •			127			65
Mountain Hawk CLO Ltd.
2.902% due 10/15/2026 •			7,000			6,993
Navient Student Loan Trust
3.141% due 12/27/2066 •			19,089			19,402
NewMark Capital Funding CLO Ltd.
3.528% due 06/30/2026 •			9,260			9,262
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
2.976% due 09/25/2035 •			1,000			1,009
OCP CLO Ltd.
3.148% due 07/15/2027 •			3,300			3,298
OFSI Fund Ltd.
2.998% due 03/20/2025 •			6,000			6,002
Palmer Square CLO Ltd.
3.573% due 10/17/2027 •			18,600			18,628
Residential Asset Securities Corp. Trust
2.731% due 08/25/2035 •			6,189			6,094
RMAT LP
4.090% due 05/25/2048 ×			4,753			4,761
SLM Student Loan Trust
1.177% due 03/15/2038 •	GBP		23,206			29,907
Stanwich Mortgage Loan Co.
3.844% due 10/16/2046 ~	$		3,247			3,253
Structured Asset Investment Loan Trust
2.781% due 06/25/2035 •			327			328
2.796% due 03/25/2034 •			3,568			3,536
Structured Asset Securities Corp. Mortgage Loan Trust
2.431% due 02/25/2036 •			1,000			1,003
2.766% due 11/25/2035 •			1,200			1,205
Symphony CLO Ltd.
3.228% due 04/15/2028 •			9,600			9,601
Telos CLO Ltd.
3.303% due 04/17/2028 •			2,950			2,950
TICP CLO Ltd.
3.199% due 04/20/2028 •			12,450			12,369
Venture CLO Ltd.
3.228% due 04/15/2027 •			23,000			22,956
VOLT LLC
3.000% due 10/25/2047 ×			12,015			11,920
3.125% due 06/25/2047 ×			2,914			2,901

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.250% due 05/25/2047 ×	$		2,795	$		2,781
3.375% due 04/25/2047 ×			4,937			4,935
3.375% due 05/28/2047 ×			5,675			5,680
3.500% due 03/25/2047 ×			10,652			10,642
Wells Fargo Home Equity Asset-Backed Securities Trust
2.976% due 11/25/2035 •			1,500			1,508
3.141% due 10/25/2034 •			224			220
Total Asset-Backed Securities (Cost $430,665)						434,316
SOVEREIGN ISSUES 0.7%
Qatar Government International Bond
3.875% due 04/23/2023			9,000			9,010
Total Sovereign Issues (Cost $8,941)						9,010
SHORT-TERM INSTRUMENTS 0.9%
REPURCHASE AGREEMENTS (c) 0.9%
						11,246
Total Short-Term Instruments (Cost $11,246)						11,246
Total Investments in Securities (Cost $1,837,585)						1,836,052
		SHARES
INVESTMENTS IN AFFILIATES 0.0%
SHORT-TERM INSTRUMENTS 0.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%
PIMCO Short-Term Floating NAV Portfolio III			11,562			114
Total Short-Term Instruments (Cost $114)						114
Total Investments in Affiliates (Cost $114)						114
Total Investments 141.6% (Cost $1,837,699)				$		1,836,166
Financial Derivative Instruments (e)(g) (0.2)% (Cost or Premiums, net $3,631)						(2,088	)
Other Assets and Liabilities, net (41.4)%						(537,216	)
Net Assets 100.0%				$		1,296,862

42 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

× Coupon represents a rate which changes periodically based on a predetermined schedule. Rate shown is the rate in effect as of period end.

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

(b) Contingent convertible security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(c)  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)
FICC	1.500%		06/29/2018		07/02/2018	$	3,046	U.S. Treasury Notes 1.875% due 02/28/2022	$	(3,112	)	$	3,046	$	3,046
NOM	1.950		06/29/2018		07/02/2018		8,200	U.S. Treasury Bonds 3.000% due 11/15/2044		(8,350	)		8,200		8,202
Total Repurchase Agreements									$	(11,462	)	$	11,246	$	11,248

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date		Amount Borrowed(2)			Payable for Reverse Repurchase Agreements
GRE		1.920	%		04/17/2018		07/17/2018	$	(8,959	)	$	(8,958	)
RCY		2.000			05/18/2018		07/06/2018		(114,510	)		(114,797	)
Total Reverse Repurchase Agreements											$	(123,755	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(2)			Borrowing Date		Maturity Date		Amount Borrowed(2)			Payable for Sale-Buyback Transactions(3)
UBS		2.150	%		06/28/2018		07/27/2018	$	(675	)	$	(675	)
Total Sale-Buyback Transactions											$	(675	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 43

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure(4)
Global/Master Repurchase Agreement
FICC	$	3,046	$	0		$	0		$	3,046		$	(3,112	)	$	(66	)
GRE		0		(8,958	)		0			(8,958	)		9,149			191
NOM		8,202		0			0			8,202			(8,350	)		(148	)
RCY		0		(114,797	)		0			(114,797)			113,906			(891	)
Master Securities Forward Transaction Agreement
UBS		0		0			(675	)		(675	)		674			(1	)
Total Borrowings and Other Financing Transactions	$	11,248	$	(123,755	)	$	(675	)

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	$	(123,755	)	$	0	$	0	$	(123,755	)
Total	$	0	$	(123,755	)	$	0	$	0	$	(123,755	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(675	)		0		0		(675	)
Total	$	0	$	(675	)	$	0	$	0	$	(675	)
Total Borrowings	$	0	$	(124,430	)	$	0	$	0	$	(124,430	)
Payable for reverse repurchase agreements and sale-buyback financing transactions										$	(124,430	)

(d) Securities with an aggregate market value of $124,506 have been pledged as collateral under the terms of the above master agreements as of June 30, 2018.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended June 30, 2018 was $(323,850) at a weighted average interest rate of 1.605%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽³⁾ Payable for sale-buyback transactions includes $(1) of deferred price drop.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

44 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOT U.S. Treasury 5-Year Note September 2018 Futures	$	106.250		08/24/2018		4	$	4	$	0	$	0
Put - CBOT U.S. Treasury 5-Year Note September 2018 Futures		106.500		08/24/2018		24		24		0		0
Put - CBOT U.S. Treasury 5-Year Note September 2018 Futures		107.250		08/24/2018		159		159		2		0
Put - CBOT U.S. Treasury 10-Year Note October 2018 Futures		107.500		09/21/2018		6		6		0		0
Put - CBOT U.S. Treasury 10-Year Note October 2018 Futures		108.000		09/21/2018		1		1		0		0
Put - CBOT U.S. Treasury 10-Year Note September 2018 Futures		108.500		08/24/2018		549		549		5		1
Put - CBOT U.S. Treasury 10-Year Note September 2018 Futures		109.000		08/24/2018		1		1		0		0
									$	7	$	1
Total Purchased Options									$	7	$	1

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Variation Margin
										Asset		Liability
Euro-Bund 10-Year Bond September Futures		09/2018		522		EUR	99,089	$	762	$	152	$	0
U.S. Treasury 5-Year Note September Futures		09/2018		187		$	21,246		35		0		(4	)
U.S. Treasury 10-Year Note September Futures		09/2018		550			66,103		576		0		0
								$	1,373	$	152	$	(4	)

SHORT FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Euro-OAT France Government 10-Year Bond September Futures	09/2018		770		EUR	(138,963	)	$	(1,533	)	$	0	$	(612	)
Total Futures Contracts								$	(160	)	$	152	$	(616	)

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2018(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)		Variation Margin
																					Asset		Liability
Ally Financial, Inc.		5.000	%		Quarterly		06/20/2022		1.065	%	$	30,500	$	3,769		$	742		$	4,511	$	9	$	0
Ford Motor Co.		5.000			Quarterly		12/20/2023		1.556			11,000		1,997			(112	)		1,885		0		(18	)
Kinder Morgan, Inc.		1.000			Quarterly		06/20/2021		0.411			8,900		(182	)		335			153		1		0
Kinder Morgan, Inc.		1.000			Quarterly		12/20/2021		0.560			1,100		(37	)		53			16		0		(1	)
													$	5,547		$	1,018		$	6,565	$	10	$	(19)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 45

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

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

Index/Tranches	Fixed Receive Rate	Payment Frequency	Maturity Date		Notional Amount(3)		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Market Value(4)		Variation Margin
														Asset		Liability
CDX.HY-30 5-Year Index	5.000%	Quarterly		06/20/2023	$	46,800	$	2,828	$	(20	)	$	2,808	$	22	$	0

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index		Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																						Asset		Liability
Pay		3-Month USD-LIBOR		1.750	%		Semi-Annual		06/20/2020		$	600,000	$	(9,368	)	$	(2,697	)	$	(12,065	)	$	0	$	(45	)
Receive		3-Month USD-LIBOR		2.000			Semi-Annual		06/20/2023			78,400		3,026			209			3,235			45		0
Receive		3-Month USD-LIBOR		1.750			Semi-Annual		12/21/2026			256,700		1,879			21,308			23,187			238		0
Receive(5)		6-Month GBP-LIBOR		1.500			Semi-Annual		09/19/2028		GBP	46,000		1,054			(763	)		291			67		0
Receive(5)		6-Month JPY-LIBOR		0.300			Semi-Annual		09/20/2027		JPY	6,290,000		(80	)		(193	)		(273	)		0		0
Pay(5)		28-Day MXN-TIIE		6.000			Lunar		06/07/2022		MXN	1,039,800		791			(4,277	)		(3,486	)		179		0
													$	(2,698	)	$	13,587		$	10,889		$	529	$	(45	)
Total Swap Agreements													$	5,677		$	14,585		$	20,262		$	561	$	(64)

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, 2018:

	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	$	152	$	561	$	714	$	0	$	(616)	$	(64)	$	(680)

(f) Securities with an aggregate market value of $18,896 and cash of $21,219 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, 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⁾ 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

46 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

⁽⁴⁾ The prices and resulting values for credit default swap agreements on credit indices serve as 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.

⁽⁵⁾ 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.

(g)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		07/2018		$	25,650		AUD	34,746	$	64	$	0
		08/2018		AUD	34,746		$	25,652		0		(64	)
		08/2018		MXN	13,025			653		3		0
BPS		07/2018		EUR	20,859			24,194		0		(166	)
		07/2018		$	3,215		JPY	349,178		0		(61	)
		08/2018			25,117		MXN	483,095		0		(1,000	)
		09/2018			26,119		INR	1,786,776		0		(277	)
CBK		07/2018		EUR	468		$	554		8		0
		07/2018		GBP	61,359			81,293		314		0
		07/2018		$	470		PLN	1,602		0		(42	)
		08/2018		MXN	14,763		$	705		0		(32	)
GLM		07/2018		AUD	34,746			26,120		406		0
		07/2018		$	907		EUR	769		0		(9	)
HUS		08/2018			192		MXN	3,964		6		0
		08/2018			12,619		RUB	788,736		0		(129	)
		09/2018		TWD	1,641,537		$	55,276		1,138		0
IND		08/2018		$	247		ZAR	3,135		0		(20	)
JPM		07/2018		EUR	420		$	487		0		(3	)
		07/2018		$	1,435		GBP	1,090		4		0
		08/2018			165		MXN	3,328		1		0
RYL		08/2018			6,825		TRY	30,014		0		(411	)
SCX		08/2018			12,272			54,226		0		(684	)
		09/2018		KRW	3,199,711		$	2,977		99		0
SSB		07/2018		$	24,420		EUR	20,978		78		0
		08/2018		EUR	20,978		$	24,475		0		(77	)
TOR		07/2018		JPY	349,178			3,178		24		0
		08/2018		$	3,185		JPY	349,178		0		(24	)
UAG		07/2018			79,691		GBP	60,269		0		(151	)
		08/2018		GBP	60,269		$	79,804		155		0
Total Forward Foreign Currency Contracts									$	2,300	$	(3,150	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 47

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

PURCHASED OPTIONS:

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount		Cost		Market Value
JPM	Put - OTC Fannie Mae, TBA 3.500% due 07/01/2048	$	69.000		07/05/2018	$	265,000	$	10	$	0
Total Purchased Options								$	10	$	0

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-30 5-Year Index	Sell		0.750	%		07/18/2018	$	59,600	$	(77	)	$	(20	)
BPS	Put - OTC CDX.IG-30 5-Year Index	Sell		0.900			09/19/2018		150,000		(184	)		(164	)
CBK	Put - OTC CDX.IG-30 5-Year Index	Sell		0.900			09/19/2018		80,000		(114	)		(88	)
Total Written Options										$	(375	)	$	(272	)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed (Pay) Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2018(3)			Notional Amount(4)			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																				Asset		Liability
GST	UBS AG		(1.000	)%	Quarterly		09/20/2022		0.812	%		$	2,800	$	(16	)	$	(6	)	$	0	$	(22	)

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2018(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																				Asset		Liability
BPS	Brazil Government International Bond		1.000	%		Quarterly		06/20/2022		2.295	%	$	9,250	$	(644	)	$	213		$	0	$	(431	)
BRC	Mexico Government International Bond		1.000			Quarterly		06/20/2022		1.061			29,800		(782	)		724			0		(58	)
	Springleaf Finance Corp.		5.000			Quarterly		06/20/2022		2.090			800		66			20			86		0
GST	Brazil Government International Bond		1.000			Quarterly		06/20/2023		2.683			6,800		(275	)		(225	)		0		(500	)
	Mexico Government International Bond		1.000			Quarterly		06/20/2023		1.337			8,600		(80	)		(49	)		0		(129	)
	Springleaf Finance Corp.		5.000			Quarterly		06/20/2022		2.090			500		43			11			54		0
														$	(1,672	)	$	694		$	140	$	(1,118	)
Total Swap Agreements														$	(1,688	)	$	688		$	140	$	(1,140	)

48 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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, 2018:

	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(5)
BOA	$	67	$	0	$	0	$	67	$	(64	)	$	(20	)	$	0		$	(84	)	$	(17	)	$	0		$	(17	)
BPS		0		0		0		0		(1,504	)		(164	)		(431	)		(2,099	)		(2,099	)		2,062			(37	)
BRC		0		0		86		86		0			0			(58	)		(58	)		28			0			28
CBK		322		0		0		322		(74	)		(88	)		0			(162	)		160			(890	)		(730	)
GLM		406		0		0		406		(9	)		0			0			(9	)		397			(340	)		57
GST		0		0		54		54		0			0			(651	)		(651	)		(597	)		426			(171	)
HUS		1,144		0		0		1,144		(129	)		0			0			(129	)		1,015			(1,250	)		(235	)
IND		0		0		0		0		(20	)		0			0			(20	)		(20	)		0			(20	)
JPM		5		0		0		5		(3	)		0			0			(3	)		2			0			2
RYL		0		0		0		0		(411	)		0			0			(411	)		(411	)		334			(77	)
SCX		99		0		0		99		(684	)		0			0			(684	)		(585	)		651			66
SSB		78		0		0		78		(77	)		0			0			(77	)		1			0			1
TOR		24		0		0		24		(24	)		0			0			(24	)		0			0			0
UAG		155		0		0		155		(151	)		0			0			(151	)		4			0			4
Total Over the Counter	$	2,300	$	0	$	140	$	2,440	$	(3,150	)	$	(272	)	$	(1,140	)	$	(4,562	)

(h) Securities with an aggregate market value of $3,622 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2018.

⁽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⁾ 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.

⁽⁵⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 49

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2018:

	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
Futures		0		0		0		0		152		152
Swap Agreements		0		32		0		0		529		561
	$	0	$	32	$	0	$	0	$	682	$	714
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,300	$	0	$	2,300
Swap Agreements		0		140		0		0		0		140
	$	0	$	140	$	0	$	2,300	$	0	$	2,440
	$	0	$	172	$	0	$	2,300	$	682	$	3,154
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	616	$	616
Swap Agreements		0		19		0		0		45		64
	$	0	$	19	$	0	$	0	$	661	$	680
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	3,150	$	0	$	3,150
Written Options		0		272		0		0		0		272
Swap Agreements		0		1,140		0		0		0		1,140
	$	0	$	1,412	$	0	$	3,150	$	0	$	4,562
	$	0	$	1,431	$	0	$	3,150	$	661	$	5,242

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2018:

	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	$	(35	)	$	(35	)
Futures		0		0		0		0		(1,561	)		(1,561	)
Swap Agreements		0		1,199		0		0		5,206			6,405
	$	0	$	1,199	$	0	$	0	$	3,610		$	4,809
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,219	$	0		$	2,219
Purchased Options		0		0		0		0		(21	)		(21	)
Written Options		0		367		0		0		80			447
Swap Agreements		0		660		0		0		0			660
	$	0	$	1,027	$	0	$	2,219	$	59		$	3,305
	$	0	$	2,226	$	0	$	2,219	$	3,669		$	8,114

50 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

	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	$	12		$	12
Futures		0		0			0		0		(846	)		(846	)
Swap Agreements		0		(1,342	)		0		0		4,875			3,533
	$	0	$	(1,342	)	$	0	$	0	$	4,041		$	2,699
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,217	$	0		$	1,217
Written Options		0		103			0		0		0			103
Swap Agreements		0		(1,008	)		0		0		0			(1,008	)
	$	0	$	(905	)	$	0	$	1,217	$	0		$	312
	$	0	$	(2,247	)	$	0	$	1,217	$	4,041		$	3,011

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2018
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	8,915	$	3,795	$	12,710
Corporate Bonds & Notes
Banking & Finance		0		385,302		0		385,302
Industrials		0		99,324		175		99,499
Utilities		0		23,608		0		23,608
Municipal Bonds & Notes
Illinois		0		6,346		0		6,346
Texas		0		1,415		0		1,415
U.S. Government Agencies		0		458,272		0		458,272
U.S. Treasury Obligations		0		322,545		0		322,545
Non-Agency Mortgage-Backed Securities		0		71,783		0		71,783
Asset-Backed Securities		0		434,316		0		434,316
Sovereign Issues		0		9,010		0		9,010
Short-Term Instruments
Repurchase Agreements		0		11,246		0		11,246
	$	0	$	1,832,082	$	3,970	$	1,836,052
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	114	$	0	$	0	$	114
Total Investments	$	114	$	1,832,082	$	3,970	$	1,836,166
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		152		562		0		714
Over the counter		0		2,440		0		2,440
	$	152	$	3,002	$	0	$	3,154

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 51

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

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2018
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	(616	)	$	(64	)	$	0	$	(680	)
Over the counter		0			(4,562	)		0		(4,562	)
	$	(616	)	$	(4,626	)	$	0	$	(5,242	)
Total Financial Derivative Instruments	$	(464	)	$	(1,624	)	$	0	$	(2,088	)
Totals	$	(350	)	$	1,830,458		$	3,970	$	1,834,078

There were no significant transfers among Levels 1 and 2 during the period ended June 30, 2018. There were assets and liabilities valued at $30,406 transferred from Level 3 to Level 2 during the period ended June 30, 2018. There were no significant assets and liabilities transferred from Level 2 to Level 3 during the period ended June 30, 2018.

52 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series LD

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 251.5%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3%
Las Vegas Sands LLC
3.844% due 03/27/2025	$		246	$		245
Total Loan Participations and Assignments (Cost $247)						245
CORPORATE BONDS & NOTES 115.2%
BANKING & FINANCE 57.6%
AerCap Ireland Capital DAC
4.250% due 07/01/2020 (d)			500			506
4.625% due 10/30/2020 (d)			500			510
Air Lease Corp.
2.750% due 01/15/2023 (d)			1,300			1,239
4.750% due 03/01/2020 (d)			500			511
Allstate Corp.
2.964% due 03/29/2023			300			302
Ally Financial, Inc.
3.250% due 11/05/2018			200			200
3.500% due 01/27/2019			300			300
4.125% due 03/30/2020			300			301
8.000% due 03/15/2020			200			214
Aozora Bank Ltd.
2.750% due 03/09/2020 (d)			1,000			989
Athene Global Funding
2.875% due 10/23/2018 (d)			800			800
3.566% due 07/01/2022			900			919
Aviation Capital Group LLC
2.875% due 01/20/2022 (d)			800			774
6.750% due 04/06/2021 (d)			250			270
Bank of America Corp.
5.989% due 07/30/2018 (a)			384			386
Barclays PLC
2.750% due 11/08/2019			1,000			993
8.250% due 12/15/2018 (a)(b)			1,300			1,323
BGC Partners, Inc.
5.125% due 05/27/2021 (d)			300			306
BOC Aviation Ltd.
2.375% due 09/15/2021 (d)			400			383
3.000% due 03/30/2020 (d)			850			845
3.000% due 05/23/2022 (d)			1,300			1,257
3.875% due 05/09/2019			294			296
Cantor Fitzgerald LP
6.500% due 06/17/2022 (d)			200			212
7.875% due 10/15/2019 (d)			300			314
CIT Group, Inc.
3.875% due 02/19/2019			50			50
5.375% due 05/15/2020			100			103

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Citigroup, Inc.
3.309% due 07/24/2023 (d)	$		1,500	$		1,504
3.576% due 07/01/2026			500			500
Credit Suisse Group Funding Guernsey Ltd.
3.800% due 09/15/2022 (d)			850			847
Danske Bank A/S
3.386% due 09/12/2023			1,500			1,502
Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust
5.125% due 11/30/2024			116			119
Five Corners Funding Trust
4.419% due 11/15/2023 (d)			500			515
General Motors Financial Co., Inc.
3.500% due 07/10/2019 (d)			2,000			2,010
Hartford Financial Services Group, Inc.
5.500% due 03/30/2020 (d)			350			364
Hyundai Capital Services, Inc.
1.625% due 08/30/2019			1,000			981
ICICI Bank Ltd.
3.125% due 08/12/2020			300			295
3.500% due 03/18/2020 (d)			400			398
International Lease Finance Corp.
6.250% due 05/15/2019 (d)			200			205
7.125% due 09/01/2018 (d)			300			302
8.250% due 12/15/2020 (d)			250			276
Itau CorpBanca
2.570% due 01/11/2019			500			500
JPMorgan Chase & Co.
5.829% due 07/30/2018 (a)			900			910
LeasePlan Corp. NV
2.875% due 01/22/2019 (d)			600			599
Lloyds Banking Group PLC
7.000% due 06/27/2019 (a)(b)	GBP		1,050			1,415
Macquarie Bank Ltd.
2.600% due 06/24/2019	$		100			100
Macquarie Group Ltd.
6.000% due 01/14/2020 (d)			2,000			2,081
Mitsubishi UFJ Lease & Finance Co. Ltd.
2.250% due 09/07/2021			1,000			959
2.750% due 10/21/2020			300			296
Mizuho Financial Group, Inc.
3.259% due 02/28/2022 (d)			1,400			1,412
Navient Corp.
4.875% due 06/17/2019			1,000			1,006
5.500% due 01/15/2019			500			505
8.000% due 03/25/2020			500			529
Nomura Holdings, Inc.
6.700% due 03/04/2020 (d)			623			657
ORIX Corp.
2.900% due 07/18/2022 (d)			1,200			1,168

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 53

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Qatari Diar Finance Co.
5.000% due 07/21/2020	$		600	$		617
QNB Finance Ltd.
2.125% due 09/07/2021			200			190
Royal Bank of Scotland Group PLC
3.498% due 05/15/2023			600			582
3.813% due 05/15/2023 (d)			700			704
Santander UK PLC
2.350% due 09/10/2019 (d)			200			198
3.400% due 06/01/2021			1,100			1,100
Sinochem Overseas Capital Co. Ltd.
4.500% due 11/12/2020			1,000			1,018
SMBC Aviation Capital Finance DAC
2.650% due 07/15/2021 (d)			700			679
2.650% due 07/15/2021			600			582
3.000% due 07/15/2022 (d)			300			289
Springleaf Finance Corp.
8.250% due 12/15/2020			200			216
State Bank of India
3.275% due 04/06/2020			600			602
3.622% due 04/17/2019 (d)			800			801
Sumitomo Mitsui Trust Bank Ltd.
2.050% due 03/06/2019			500			497
Suncorp-Metway Ltd.
2.100% due 05/03/2019 (d)			500			497
VEREIT Operating Partnership LP
3.000% due 02/06/2019 (d)			500			500
WEA Finance LLC
2.700% due 09/17/2019 (d)			500			498
						45,828
INDUSTRIALS 46.1%
Allergan Sales LLC
5.000% due 12/15/2021 (d)			400			414
Altice France S.A.
5.375% due 05/15/2022	EUR		100			120
AP Moller - Maersk A/S
2.550% due 09/22/2019 (d)	$		400			396
Aptiv PLC
3.150% due 11/19/2020 (d)			700			695
Arrow Electronics, Inc.
3.500% due 04/01/2022 (d)			600			592
Asciano Finance Ltd.
4.625% due 09/23/2020 (d)			700			710
BAT Capital Corp.
3.223% due 08/15/2022 (d)			1,500			1,512
Boral Finance Pty. Ltd.
3.000% due 11/01/2022 (d)			600			579
Central Nippon Expressway Co. Ltd.
3.186% due 09/14/2021 (d)			1,400			1,415

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Charter Communications Operating LLC
4.464% due 07/23/2022	$		700	$		708
Crown Castle Towers LLC
3.222% due 05/15/2042 (d)			300			295
CVS Health Corp.
3.350% due 03/09/2021			1,000			1,000
3.500% due 07/20/2022 (d)			200			199
D.R. Horton, Inc.
3.750% due 03/01/2019			200			201
4.000% due 02/15/2020 (d)			300			303
4.375% due 09/15/2022 (d)			1,000			1,023
Dell International LLC
4.420% due 06/15/2021			400			406
5.450% due 06/15/2023 (d)			400			419
Delta Air Lines Pass-Through Trust
7.750% due 06/17/2021			133			140
Delta Air Lines, Inc.
3.625% due 03/15/2022			1,400			1,385
DISH DBS Corp.
7.875% due 09/01/2019			300			312
Dominion Energy Gas Holdings LLC
2.926% due 06/15/2021			1,000			1,000
Ecopetrol S.A.
7.625% due 07/23/2019			1,500			1,569
Energy Transfer Partners LP
9.000% due 04/15/2019 (d)			200			209
Flex Ltd.
4.625% due 02/15/2020 (d)			300			305
General Electric Co.
5.000% due 01/21/2021 (a)			2,000			1,976
General Mills, Inc.
3.363% due 10/17/2023			100			101
Georgia-Pacific LLC
3.734% due 07/15/2023 (d)			200			201
Imperial Brands Finance PLC
2.050% due 07/20/2018 (d)			400			400
2.950% due 07/21/2020 (d)			650			644
Kansas City Southern
3.000% due 05/15/2023			1,500			1,446
Kinder Morgan, Inc.
3.628% due 01/15/2023 (d)			800			813
Latam Airlines Pass-Through Trust
4.200% due 08/15/2029			174			165
Masco Corp.
5.950% due 03/15/2022			76			81
7.125% due 03/15/2020			52			55
McCormick & Co., Inc.
3.150% due 08/15/2024 (d)			1,400			1,339
MGM Resorts International
6.750% due 10/01/2020			300			315
8.625% due 02/01/2019			400			412

54 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Minera y Metalurgica del Boleo S.A. de C.V.
2.875% due 05/07/2019 (d)	$		400	$		399
Mylan NV
3.150% due 06/15/2021 (d)			1,400			1,385
National Fuel Gas Co.
8.750% due 05/01/2019 (d)			500			523
Ooredoo Tamweel Ltd.
3.039% due 12/03/2018 (d)			1,100			1,100
Pioneer Natural Resources Co.
3.450% due 01/15/2021 (d)			300			301
QUALCOMM, Inc.
2.600% due 01/30/2023 (d)			1,700			1,625
Reynolds American, Inc.
4.000% due 06/12/2022 (d)			600			604
Sabine Pass Liquefaction LLC
5.625% due 02/01/2021			700			732
6.250% due 03/15/2022 (d)			300			323
Shire Acquisitions Investments Ireland DAC
2.400% due 09/23/2021			100			96
Sky PLC
3.125% due 11/26/2022 (d)			1,000			981
Southern Co.
2.950% due 07/01/2023 (d)			1,100			1,062
Syngenta Finance NV
3.933% due 04/23/2021			200			200
Telefonica Emisiones S.A.U.
5.134% due 04/27/2020 (d)			850			877
5.877% due 07/15/2019 (d)			200			206
Teva Pharmaceutical Finance Co. BV
3.650% due 11/10/2021			400			383
Teva Pharmaceutical Finance Netherlands BV
1.700% due 07/19/2019 (d)			500			488
Time Warner Cable LLC
8.250% due 04/01/2019			300			311
Universal Health Services, Inc.
3.750% due 08/01/2019			100			100
WestJet Airlines Ltd.
3.500% due 06/16/2021 (d)			1,100			1,089
						36,640
UTILITIES 11.5%
AT&T, Inc.
2.975% due 06/01/2021			400			402
3.245% due 02/15/2023			1,100			1,112
BP Capital Markets PLC
3.205% due 09/16/2021 (d)			700			713
Chugoku Electric Power Co., Inc.
2.701% due 03/16/2020			200			199
Cleveland Electric Illuminating Co.
8.875% due 11/15/2018 (d)			400			409

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Duquesne Light Holdings, Inc.
5.900% due 12/01/2021 (d)	$		300	$		318
FirstEnergy Corp.
2.850% due 07/15/2022			700			679
KT Corp.
2.625% due 04/22/2019			200			199
Pennsylvania Electric Co.
5.200% due 04/01/2020			800			822
Plains All American Pipeline LP
2.600% due 12/15/2019			500			495
Sinopec Group Overseas Development Ltd.
2.125% due 05/03/2019			800			793
Telstra Corp. Ltd.
3.125% due 04/07/2025			100			95
Verizon Communications, Inc.
3.443% due 05/15/2025			1,100			1,100
Vodafone Group PLC
3.290% due 01/16/2024			1,800			1,793
						9,129
Total Corporate Bonds & Notes (Cost $92,520)						91,597
MUNICIPAL BONDS & NOTES 1.6%
PENNSYLVANIA 1.6%
Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006
2.490% due 10/25/2036			1,236			1,227
Total Municipal Bonds & Notes (Cost $1,214)						1,227
U.S. GOVERNMENT AGENCIES 0.5%
Fannie Mae
2.741% (LIBOR01M + 0.650%) due 09/25/2023 ~			1			1
2.860% (T7Y - 0.050%) due 09/25/2022 ~			23			23
3.000% due 03/01/2042			187			182
Freddie Mac
6.073% (LIBOR01M + 4.000%) due 01/15/2022 ~			14			15
Ginnie Mae
2.534% (LIBOR01M + 0.450%) due 10/20/2037 ~			50			50
2.597% (US0001M + 0.680%) due 08/20/2061 ~(d)			136			136
Total U.S. Government Agencies (Cost $408)						407

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 55

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 97.3%
U.S. Treasury Notes
2.250% due 03/31/2020 (d)	$		63,700	$		63,416
2.500% due 05/31/2020 (d)			13,100			13,095
2.500% due 01/31/2025			850			834
Total U.S. Treasury Obligations (Cost $77,568)						77,345
NON-AGENCY MORTGAGE-BACKED SECURITIES 6.3%
American Home Mortgage Investment Trust
2.671% due 02/25/2045			2			2
Banc of America Funding Trust
2.384% due 02/20/2035			13			13
3.602% due 09/20/2034			73			75
Bear Stearns Adjustable Rate Mortgage Trust
3.401% due 04/25/2033			37			37
3.753% due 11/25/2034			62			61
3.808% due 01/25/2034			9			9
Citicorp Mortgage Securities Trust
5.500% due 08/25/2021			1			1
Citigroup Mortgage Loan Trust
3.630% due 10/25/2035			8			8
Countrywide Alternative Loan Trust
2.251% due 07/25/2036			165			160
Credit Suisse First Boston Mortgage Securities Corp.
3.711% due 06/25/2033			21			21
5.362% due 05/15/2036			500			502
6.500% due 04/25/2033			86			88
GSR Mortgage Loan Trust
3.678% due 09/25/2035			8			8
4.450% due 08/25/2033			134			135
Impac CMB Trust
2.731% due 03/25/2035			409			400
3.091% due 07/25/2033			321			314
JPMorgan Mortgage Trust
3.684% due 09/25/2034			10			10
3.691% due 02/25/2034			53			54
3.788% due 04/25/2035			194			198
3.814% due 06/25/2035			21			21
3.977% due 02/25/2035			5			5
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
2.553% due 06/15/2030			23			22
2.626% due 10/20/2029			16			16
Merrill Lynch Mortgage Investors Trust
2.551% due 04/25/2029			8			8
2.731% due 10/25/2028			6			6
3.537% due 02/25/2035			159			165
Morgan Stanley Mortgage Loan Trust
3.757% due 11/25/2034			11			11
Motel 6 Trust
2.993% due 08/15/2034			880			881

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Prime Mortgage Trust
2.491% due 02/25/2034	$		9	$		9
Sequoia Mortgage Trust
2.785% due 10/19/2026			80			80
2.844% due 10/20/2027			15			15
Structured Asset Mortgage Investments Trust
2.665% due 07/19/2034			51			51
2.745% due 09/19/2032			13			13
6.580% due 06/25/2029			6			7
Structured Asset Securities Corp. Mortgage Loan Trust
2.691% due 10/25/2027			11			11
Thornburg Mortgage Securities Trust
2.731% due 09/25/2043			9			9
3.379% due 04/25/2045			36			36
WaMu Mortgage Pass-Through Certificates Trust
2.361% due 12/25/2045			237			238
2.381% due 10/25/2045			39			40
2.491% due 06/25/2044			31			31
2.831% due 11/25/2034			76			76
2.958% due 06/25/2042			8			8
Wells Fargo Commercial Mortgage Trust
2.897% due 12/13/2031			1,000			1,001
Wells Fargo Mortgage-Backed Securities Trust
3.709% due 10/25/2033			51			52
4.160% due 12/25/2034			124			130
Total Non-Agency Mortgage- Backed Securities (Cost $4,988)						5,038
ASSET-BACKED SECURITIES 23.5%
Allegro CLO Ltd.
3.579% due 01/30/2026			500			500
Amortizing Residential Collateral Trust
3.091% due 10/25/2034			306			308
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
3.131% due 04/25/2034			101			101
Babson CLO Ltd.
3.503% due 10/17/2026			600			601
Bayview Opportunity Master Fund Trust
3.105% due 07/28/2032 ×			130			130
Bear Stearns Asset-Backed Securities Trust
2.841% due 03/25/2035			1,000			979
2.891% due 10/27/2032			42			41
3.291% due 01/25/2045			554			552
Carlyle Global Market Strategies CLO Ltd.
3.488% due 10/16/2025			500			500
Chase Funding Trust
2.831% due 10/25/2032			68			67
Colony American Finance Ltd.
2.544% due 06/15/2048			218			214

56 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Colony Starwood Homes Trust
3.585% due 07/17/2033	$		194	$		195
Delta Funding Home Equity Loan Trust
2.893% due 09/15/2029			6			6
GSAA Home Equity Trust
2.731% due 12/25/2034			14			14
Halcyon Loan Advisors Funding Ltd.
3.279% due 04/20/2027			1,000			1,000
3.485% due 04/18/2026			1,100			1,101
KVK CLO Ltd.
3.498% due 01/15/2026			577			578
Monarch Grove CLO
3.240% due 01/25/2028			1,500			1,501
Navient Student Loan Trust
3.341% due 06/25/2065			157			161
New Century Home Equity Loan Trust
3.021% due 11/25/2034			902			912
NovaStar Mortgage Funding Trust
2.620% due 01/25/2036			1,500			1,493
OneMain Financial Issuance Trust
2.570% due 07/18/2025			37			37
Regatta Funding Ltd.
3.520% due 10/25/2026			500			500
Renaissance Home Equity Loan Trust
2.591% due 12/25/2033			6			6
Residential Mortgage Loan Trust
3.591% due 09/25/2029			5			5
Securitized Asset-Backed Receivables LLC Trust
2.766% due 01/25/2035			1,282			1,259
SLM Student Loan Trust
2.891% due 12/15/2025			519			522
3.110% due 04/25/2023			861			860
3.860% due 04/25/2023			983			1,002
4.060% due 07/25/2023			814			836
SMB Private Education Loan Trust
3.073% due 06/15/2027			337			340
SoFi Professional Loan Program LLC
3.020% due 02/25/2040			332			325
Symphony CLO LP
3.431% due 01/09/2023			24			24
VOLT LLC
3.000% due 10/25/2047 ×			400			397
3.125% due 06/25/2047 ×			52			52
3.125% due 09/25/2047 ×			1,191			1,184
3.250% due 06/25/2047 ×			387			385
Total Asset-Backed Securities (Cost $18,624)						18,688
SOVEREIGN ISSUES 2.7%
Export-Import Bank of India
2.750% due 04/01/2020 (d)			1,200			1,180

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Japan Finance Organization for Municipalities
2.125% due 03/06/2019	$		1,000	$		996
Total Sovereign Issues (Cost $2,202)						2,176
SHORT-TERM INSTRUMENTS 4.1%
CERTIFICATES OF DEPOSIT 1.8%
Credit Suisse AG
2.722% due 09/28/2018			900			901
Itau CorpBanca
2.500% due 12/07/2018			500			500
						1,401
COMMERCIAL PAPER 0.9%
AT&T, Inc.
3.000% due 05/28/2019			700			680
REPURCHASE AGREEMENTS (c) 1.4%
						1,080
Total Short-Term Instruments (Cost $3,161)						3,161
Total Investments in Securities (Cost $200,932)						199,884
		SHARES
INVESTMENTS IN AFFILIATES 0.1%
SHORT-TERM INSTRUMENTS 0.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%
PIMCO Short-Term Floating NAV Portfolio III			11,336			112
Total Short-Term Instruments (Cost $112)						112
Total Investments in Affiliates (Cost $112)						112
Total Investments 251.6% (Cost $201,044)				$		199,996
Financial Derivative Instruments (e)(f) 0.1% (Cost or Premiums, net $39)						118
Other Assets and Liabilities, net (151.7)%						(120,626	)
Net Assets 100.0%				$		79,488

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 57

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

NOTES TO SCHEDULE OF INVESTMENTS:

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

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

× Coupon represents a rate which changes periodically based on a predetermined schedule. Rate shown is the rate in effect as of period end.

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

(b) Contingent convertible security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(c)  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)
FICC	1.500%		06/29/2018		07/02/2018	$	1,080	U.S. Treasury Notes 2.125% due 08/15/2021	$	(1,102	)	$	1,080	$	1,080
Total Repurchase Agreements									$	(1,102	)	$	1,080	$	1,080

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date		Amount Borrowed(2)			Payable for Reverse Repurchase Agreements
BOS		2.250	%		06/18/2018		07/18/2018	$	(133	)	$	(133	)
FOB		2.100			05/22/2018		06/05/2018		(378	)		(378	)
		2.200			06/05/2018		06/19/2018		(366	)		(366	)
		2.350			06/19/2018		07/03/2018		(791	)		(792	)
		2.400			06/19/2018		07/03/2018		(6,692	)		(6,698	)
		2.450			06/21/2018		07/11/2018		(825	)		(826	)
RDR		2.250			06/19/2018		07/20/2018		(6,033	)		(6,038	)
UBS		2.200			05/10/2018		06/11/2018		(1,891	)		(1,893	)
		2.290			06/14/2018		07/13/2018		(12,846	)		(12,861	)
		2.300			06/15/2018		07/13/2018		(4,152	)		(4,156	)
		2.320			06/18/2018		07/18/2018		(12,883	)		(12,895	)
Total Reverse Repurchase Agreements											$	(47,036	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(2)			Borrowing Date		Maturity Date		Amount Borrowed(2)			Payable for Sale-Buyback Transactions(3)
BCY		2.400	%		06/28/2018		07/05/2018	$	(13,125	)	$	(13,129	)
		2.400			06/29/2018		07/02/2018		(63,774	)		(63,786	)
TDM		1.930			06/29/2018		07/02/2018		(5,310	)		(5,311	)
Total Sale-Buyback Transactions											$	(82,226	)

58 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

SHORT SALES:

Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Treasury Obligations (4.3)%
U.S. Treasury Notes		2.750	%		04/30/2023	$	3,400	$	(3,403	)	$	(3,419	)
Total Short Sales (4.3)%								$	(3,403	)	$	(3,419	)

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, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Payable for Short Sales			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure(4)
Global/Master Repurchase Agreement
BOS	$	0	$	(133	)	$	0		$	0		$	(133	)	$	136		$	3
FICC		1,080		0			0			0			1,080			(1,102	)		(22	)
FOB		0		(9,060	)		0			0			(9,060	)		9,602			542
RDR		0		(6,038	)		0			0			(6,038	)		6,316			278
UBS		0		(31,805	)		0			0			(31,805	)		33,096			1,291
Master Securities Forward Transaction Agreement
BCY		0		0			(76,915	)		(3,419	)		(80,334	)		76,511			(3,823	)
TDM		0		0			(5,311	)		0			(5,311	)		5,298			(13	)
Total Borrowings and Other Financing Transactions	$	1,080	$	(47,036	)	$	(82,226	)	$	(3,419	)

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	$	(44,265	)	$	(2,638	)	$	0	$	(46,903	)
U.S. Government Agencies		0		(133	)		0			0		(133	)
Total	$	0	$	(44,398	)	$	(2,638	)	$	0	$	(47,036	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(82,226	)		0			0		(82,226	)
Total	$	0	$	(82,226	)	$	0		$	0	$	(82,226	)
Total Borrowings	$	0	$	(126,624	)	$	(2,638	)	$	0	$	(129,262	)
Payable for reverse repurchase agreements and sale-buyback financing transactions											$	(129,262	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 59

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

(d) Securities with an aggregate market value of $130,960 have been pledged as collateral under the terms of the above master agreements as of June 30, 2018.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended June 30, 2018 was $(113,402) at a weighted average interest rate of 1.823%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

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

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOT U.S. Treasury 2-Year Note September 2018 Futures	$	104.000		08/24/2018		35	$	70	$	0	$	0
Call - CBOT U.S. Treasury 5-Year Note September 2018 Futures		120.250		08/24/2018		41		41		1		0
Call - CBOT U.S. Treasury 5-Year Note September 2018 Futures		120.500		08/24/2018		194		194		2		0
Call - CBOT U.S. Treasury 5-Year Note September 2018 Futures		123.000		08/24/2018		1		1		0		0
Call - CBOT U.S. Treasury 5-Year Note September 2018 Futures		123.500		08/24/2018		3		3		0		0
Call - CBOT U.S. Treasury 5-Year Note September 2018 Futures		124.000		08/24/2018		208		208		2		0
Call - CBOT U.S. Treasury 10-Year Note September 2018 Futures		134.500		08/24/2018		38		38		0		0
Call - CBOT U.S. Treasury Ultra Long-Term Bond September 2018 Futures		196.000		08/24/2018		8		8		0		0
Call - CBOT U.S. Treasury Ultra Long-Term Bond September 2018 Futures		200.000		08/24/2018		4		4		0		0
									$	5	$	0
Total Purchased Options									$	5	$	0

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
3-Month Canada Bankers Acceptance September Futures	09/2019		139		CAD	25,783	$	3		$	0	$	(34	)
90-Day Eurodollar December Futures	12/2018		518		$	126,081		(218	)		0		0
90-Day Eurodollar June Futures	06/2019		69			16,758		(16	)		0		0
							$	(231	)	$	0		$    (34	)

SHORT FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
90-Day Eurodollar December Futures	12/2019		310		$	(75,202	)	$	320		$	8	$	0
U.S. Treasury 5-Year Note September Futures	09/2018		413			(46,924	)		(81	)		10		0

60 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

Description	Expiration Month	# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
U.S. Treasury 10-Year Note September Futures	09/2018		30		$	(3,606	)	$	(34	)	$	0	$	0
U.S. Treasury Ultra Long-Term Bond September Futures	09/2018		8			(1,277	)		(33	)		1		0
United Kingdom Long Gilt September Futures	09/2018		45		GBP	(7,308	)		(79	)		16		0
								$	93		$	35	$	0
Total Futures Contracts								$	(138	)	$	35	$	(34	)

SWAP AGREEMENTS:

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

Index/Tranches	Fixed (Pay) Rate		Payment Frequency	Maturity Date		Notional Amount(2)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value(3)			Variation Margin
																Asset		Liability
CDX.HY-29 5-Year Index		(5.000)%	Quarterly		12/20/2022	$	2,300	$	(176	)	$	29	$	(147	)	$	0	$	(1	)
CDX.HY-30 5-Year Index		(5.000)	Quarterly		06/20/2023		2,900		(180	)		6		(174	)		0		(1	)
CDX.IG-30 5-Year Index		(1.000)	Quarterly		06/20/2023		1,000		(20	)		5		(15	)		0		(1	)
								$	(376	)	$	40	$	(336	)	$	0	$	(3	)

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																					Asset		Liability
Pay(5)	1-Month LIBOR + 0.125%		0.000	%		Quarterly		06/21/2020		$	61,000	$	2		$	(7	)	$	(5	)	$	7	$	0
Pay	3-Month USD-LIBOR		2.000			Semi-Annual		12/15/2022			69,800		(958	)		(1,676	)		(2,634	)		0		(37	)
Receive(4)	3-Month USD-LIBOR		2.000			Semi-Annual		12/14/2023			69,800		1,377			1,679			3,056			45		0
Pay(5)	1-Month LIBOR + 0.095%		2.331			Quarterly		05/21/2022			44,300		0			38			38			0		0
Pay(5)	1-Month LIBOR + 1.39%		2.353			Quarterly		05/10/2021			26,180		0			14			14			13		0
Pay(5)	1-Month LIBOR + 1.39%		2.355			Quarterly		05/14/2021			16,220		0			8			8			8		0
Pay(5)	1-Month LIBOR + 1.36%		2.356			Quarterly		05/11/2021			13,100		0			8			8			6		0
												$	421		$	64		$	485		$	79	$	(37	)
Total Swap Agreements												$	45		$	104		$	149		$	79	$	(40	)

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, 2018:

	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	$	35	$	79	$	114	$	0	$	(34)	$	(40)	$	(74)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 61

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

Cash of $1,139 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2018. See Note 8, Master Netting 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.

⁽⁵⁾ Versus Floating Rate Index Receive 3-Month USD-LIBOR

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BPS		07/2018		EUR	1,758		$	2,039	$	0	$	(14	)
		07/2018		JPY	555,400			5,114		97		0
		07/2018		$	1,067		GBP	796		0		(16	)
		08/2018		MXN	2,597		$	137		7		0
BRC		07/2018		GBP	2,767			3,618		0		(33	)
		08/2018		$	3,623		GBP	2,767		33		0
GLM		07/2018		EUR	854		$	1,003		6		0
		07/2018		JPY	182,400			1,664		17		0
		07/2018		$	235		EUR	201		0		0
JPM		07/2018		GBP	62		$	82		0		0
		07/2018		$	2,670		EUR	2,300		16		0
SCX		07/2018			1,773		GBP	1,334		0		(13	)
SSB		07/2018		JPY	48,400		$	443		6		0
TOR		07/2018		$	938		GBP	699		0		(16	)
		07/2018			7,156		JPY	786,200		0		(55	)
		08/2018		JPY	786,200		$	7,170		55		0
Total Forward Foreign Currency Contracts									$	237	$	(147	)

PURCHASED OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price		Expiration Date		Notional Amount			Cost		Market Value
BRC	Call - OTC EUR versus USD	$	1.255		07/05/2018		EUR	6,300	$	1	$	0
	Put - OTC USD versus JPY	JPY	98.000		07/05/2018		$	17,000		1		0
									$	2	$	0

62 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount			Cost		Market Value
GLM	Call - OTC 2-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.750	%		08/23/2018		$	31,600	$	25	$	25
	Put - OTC 2-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.040			08/23/2018			31,600		18		8
												$	43	$	33
Total Purchased Options												$	45	$	33

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-30 5-Year Index	Sell		0.750	%		07/18/2018	$	300	$	0		$	0
BPS	Put - OTC CDX.IG-30 5-Year Index	Sell		0.750			07/18/2018		1,100		(1	)		0
	Put - OTC CDX.IG-30 5-Year Index	Sell		0.900			09/19/2018		1,300		(2	)		(2	)
JPM	Put - OTC CDX.IG-30 5-Year Index	Sell		0.725			07/18/2018		700		(1	)		0
										$	(4	)	$	(2	)

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount			Premiums (Received)			Market Value
GLM	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.880	%		08/23/2018		$	7,300	$	(26	)	$	(33	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.410			08/23/2018			7,300		(18	)		(3	)
MYC	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.000			07/26/2018			5,700		(8	)		(7	)
												$	(52	)	$	(43	)
Total Written Options												$	(56	)	$	(45	)

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, 2018:

	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)
BPS	$	104	$	0	$	0	$	104	$	(30	)	$	(2	)	$	0	$	(32	)	$	72	$	0	$	72
BRC		33		0		0		33		(33	)		0			0		(33	)		0		0		0
GLM		23		33		0		56		0			(36	)		0		(36	)		20		0		20
JPM		16		0		0		16		0			0			0		0			16		0		16

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 63

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

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(1)
MYC	$	0	$	0	$	0	$	0	$	0		$	(7	)	$	0	$	(7	)		(7	)		0		(7	)
SCX		0		0		0		0		(13	)		0			0		(13	)		(13	)		0		(13	)
SSB		6		0		0		6		0			0			0		0			6			0		6
TOR		55		0		0		55		(71	)		0			0		(71	)		(16	)		0		(16	)
Total Over the Counter	$	237	$	33	$	0	$	270	$	(147	)	$	(45	)	$	0	$	(192	)

⁽¹⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting 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, 2018:

	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	$	35	$	35
Swap Agreements		0		0		0		0		79		79
	$	0	$	0	$	0	$	0	$	114	$	114
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	237	$	0	$	237
Purchased Options		0		0		0		0		33		33
	$	0	$	0	$	0	$	237	$	33	$	270
	$	0	$	0	$	0	$	237	$	147	$	384
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	34	$	34
Swap Agreements		0		3		0		0		37		40
	$	0	$	3	$	0	$	0	$	71	$	74
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	147	$	0	$	147
Written Options		0		2		0		0		43		45
	$	0	$	2	$	0	$	147	$	43	$	192
	$	0	$	5	$	0	$	147	$	114	$	266

64 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2018:

	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		$	(15	)	$	(15	)
Futures		0		0			0		0			790			790
Swap Agreements		0		(68	)		0		0			(254	)		(322	)
	$	0	$	(68	)	$	0	$	0		$	521		$	453
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(472	)	$	0		$	(472	)
Purchased Options		0		0			0		(5	)		(54	)		(59	)
Written Options		0		8			0		12			(38	)		(18	)
	$	0	$	8		$	0	$	(465	)	$	(92	)	$	(549	)
	$	0	$	(60	)	$	0	$	(465	)	$	429		$	(96	)
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			(90	)		(90	)
Swap Agreements		0		124			0		0			295			419
	$	0	$	124		$	0	$	0		$	204		$	328
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	311		$	0		$	311
Purchased Options		0		0			0		(2	)		(9	)		(11	)
Written Options		0		1			0		0			15			16
	$	0	$	1		$	0	$	309		$	6		$	316
	$	0	$	125		$	0	$	309		$	210		$	644

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2018
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	245	$	0	$	245
Corporate Bonds & Notes
Banking & Finance		0		45,828		0		45,828
Industrials		0		36,640		0		36,640
Utilities		0		9,129		0		9,129
Municipal Bonds & Notes
Pennsylvania		0		1,227		0		1,227
U.S. Government Agencies		0		407		0		407
U.S. Treasury Obligations		0		77,345		0		77,345
Non-Agency Mortgage-Backed Securities		0		5,038		0		5,038
Asset-Backed Securities		0		18,688		0		18,688
Sovereign Issues		0		2,176		0		2,176
Short-Term Instruments
Certificates of Deposit		0		1,401		0		1,401
Commercial Paper		0		680		0		680
Repurchase Agreements		0		1,080		0		1,080
	$	0	$	199,884	$	0	$	199,884

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 65

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

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2018
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	112		$	0		$	0	$	112
Total Investments	$	112		$	199,884		$	0	$	199,996
Short Sales, at Value - Liabilities
U.S. Treasury Obligations	$	0		$	(3,419	)	$	0	$	(3,419	)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		35			79			0		114
Over the counter		0			270			0		270
	$	35		$	349		$	0	$	384
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	(34	)	$	(40	)	$	0	$	(74	)
Over the counter		0			(192	)		0		(192	)
	$	(34	)	$	(232	)	$	0	$	(266	)
Total Financial Derivative Instruments	$	1		$	117		$	0	$	118
Totals	$	113		$	196,582		$	0	$	196,695

There were no significant transfers among Levels 1, 2, or 3 during the period ended June 30, 2018.

66 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series M

(Unaudited)

June 30, 2018

(Amounts in thousands*, except number of shares, contracts and units, if any)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 171.1%
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0%
Rise Ltd.
4.750% due 01/31/2021 ~«(f)	$		464	$		459
Total Loan Participations and Assignments (Cost $464)						459
CORPORATE BONDS & NOTES 21.9%
BANKING & FINANCE 17.2%
AerCap Ireland Capital DAC
5.000% due 10/01/2021			15,800			16,291
Banco Bilbao Vizcaya Argentaria S.A.
6.750% due 02/18/2020 •(d)(e)	EUR		2,000			2,435
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand
4.125% due 11/09/2022	$		26,100			25,748
Bank of America Corp.
3.108% (US0003M + 0.790%) due 03/05/2024 ~			635			633
Barclays Bank PLC
7.625% due 11/21/2022 (e)			5,200			5,608
14.000% due 06/15/2019 •(d)	GBP		3,500			5,115
Barclays PLC
3.684% due 01/10/2023	$		6,400			6,228
8.250% due 12/15/2018 •(d)(e)			3,000			3,053
Blackstone CQP Holdco LP
6.500% due 03/20/2021			35,000			35,175
BPCE S.A.
4.625% due 07/11/2024			14,300			14,133
Charles Schwab Corp.
5.000% due 12/01/2027 •(d)			4,200			4,027
Credit Suisse AG
6.500% due 08/08/2023 (e)			14,100			15,030
Crown Castle International Corp.
4.450% due 02/15/2026			8,000			7,958
Equinix, Inc.
2.875% due 03/15/2024	EUR		10,000			11,478
General Motors Financial Co., Inc.
3.200% due 07/13/2020	$		1,300			1,295
4.250% due 05/15/2023			9,630			9,660
Goldman Sachs Group, Inc.
3.919% (US0003M + 1.600%) due 11/29/2023 ~			4,200			4,342
Hospitality Properties Trust
5.000% due 08/15/2022			8,500			8,741
HSBC Holdings PLC
4.583% due 06/19/2029 •			3,400			3,437

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Intesa Sanpaolo SpA
6.500% due 02/24/2021	$		2,300	$		2,384
Lloyds Banking Group PLC
2.907% due 11/07/2023 •			6,400			6,100
Morgan Stanley
3.875% due 04/29/2024			4,100			4,109
Ohio National Financial Services, Inc.
6.375% due 04/30/2020			1,500			1,575
Oversea-Chinese Banking Corp. Ltd.
2.771% (US0003M + 0.450%) due 05/17/2021 ~			7,200			7,223
Royal Bank of Scotland Group PLC
3.885% (US0003M + 1.550%) due 06/25/2024 ~			1,900			1,898
Santander Holdings USA, Inc.
3.700% due 03/28/2022			2,000			1,972
Santander UK Group Holdings PLC
3.373% due 01/05/2024 •			1,000			962
Tesco Property Finance PLC
5.661% due 10/13/2041	GBP		98			150
5.744% due 04/13/2040			195			300
5.801% due 10/13/2040			686			1,066
UBS AG
7.625% due 08/17/2022 (e)	$		14,000			15,490
Washington Prime Group LP
3.850% due 04/01/2020			1,900			1,851
Wells Fargo & Co.
4.100% due 06/03/2026			400			392
						225,859
INDUSTRIALS 4.5%
CVS Pass-Through Trust
7.507% due 01/10/2032			6,300			7,394
Florida Gas Transmission Co. LLC
7.900% due 05/15/2019			5,000			5,206
Ford Motor Co.
7.450% due 07/16/2031			1,000			1,178
Georgia-Pacific LLC
8.000% due 01/15/2024			4,200			5,073
HCA Healthcare, Inc.
6.250% due 02/15/2021			800			832
HCA, Inc.
6.500% due 02/15/2020			10,300			10,751
Kinder Morgan, Inc.
5.625% due 11/15/2023			1,150			1,224
Marvell Technology Group Ltd.
4.875% due 06/22/2028			7,000			6,959
Odebrecht Oil & Gas Finance Ltd.
0.000% due 07/30/2018 (b)(d)			46			1
Petroleos Mexicanos
5.500% due 02/24/2025	EUR		13,000			16,820

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 67

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
QVC, Inc.
5.125% due 07/02/2022	$		900	$		922
Teva Pharmaceutical Finance Netherlands BV
1.700% due 07/19/2019			3,100			3,027
						59,387
UTILITIES 0.2%
AT&T, Inc.
4.550% due 03/09/2049			1,036			899
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021			49			46
Odebrecht Drilling Norbe Ltd. (6.350% Cash or 7.350% PIK)
7.350% due 12/01/2026 (a)			85			42
Verizon Communications, Inc.
4.400% due 11/01/2034			2,000			1,869
						2,856
Total Corporate Bonds & Notes (Cost $294,391)						288,102
MUNICIPAL BONDS & NOTES 4.8%
CALIFORNIA 0.4%
Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010
7.168% due 07/01/2040			3,500			4,862
ILLINOIS 0.2%
Chicago, Illinois Waterworks Revenue Bonds, Series 2010
6.642% due 11/01/2029			900			1,050
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			2,430			2,303
						3,353
OHIO 0.1%
American Municipal Power, Inc., Ohio Revenue Bonds, Series 2010
7.734% due 02/15/2033			900			1,229
PENNSYLVANIA 0.8%
Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010
6.532% due 06/15/2039			600			769
State Public School Building Authority, Pennsylvania Revenue Bonds, Series 2011
5.426% due 09/15/2026			8,500			9,238
						10,007

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TEXAS 0.1%
Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024	$		1,000	$		1,018
VIRGINIA 1.4%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			18,975			18,820
WEST VIRGINIA 1.8%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			23,395			23,394
Total Municipal Bonds & Notes (Cost $52,739)						62,683
U.S. GOVERNMENT AGENCIES 48.7%
Fannie Mae
2.541% (LIBOR01M + 0.450%) due 08/25/2021 ~			1			1
3.000% due 01/01/2046			314			305
3.224% (H15T1Y + 1.974%) due 11/01/2032 ~			12			12
3.248% (H15T1Y + 1.998%) due 10/01/2032 ~			11			12
3.345% (H15T1Y + 2.095%) due 09/01/2027 ~			38			39
3.442% (H15T1Y + 2.149%) due 01/01/2033 ~			33			34
3.465% (US0012M + 1.715%) due 09/01/2032 ~			8			8
3.468% (US0012M + 1.593%) due 12/01/2034 ~			53			56
3.500% due 05/01/2047			532			531
3.537% (H15T1Y + 2.075%) due 05/01/2028 ~			7			7
3.550% (US0012M + 1.800%) due 10/01/2034 ~			43			43
4.000% due 11/25/2019 - 12/01/2044			48			49
4.013% (H15T1Y + 2.126%) due 05/01/2033 ~			59			62
4.127% due 03/25/2041 ~			13			13
4.274% due 05/25/2042 ~			13			13
6.000% due 08/01/2022 - 12/01/2023			50			51
6.500% due 07/18/2027 - 12/01/2028			27			30
7.000% due 11/01/2038			27			27
7.010% due 08/01/2022			11			11
11.000% due 07/15/2020			1			1

68 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Fannie Mae, TBA
3.000% due 07/01/2048 - 08/01/2048	$		146,050	$		141,378
3.500% due 07/01/2033 - 08/01/2048			118,000			117,390
4.000% due 07/01/2048 - 09/01/2048			167,845			170,892
4.500% due 08/01/2048			127,000			132,013
Freddie Mac
2.523% (LIBOR01M + 0.450%) due 08/15/2029 - 12/15/2031 ~			33			33
2.569% (LIBOR01M + 0.650%) due 03/15/2020 ~			1			1
2.573% (LIBOR01M + 0.500%) due 09/15/2030 ~			4			5
2.623% (LIBOR01M + 0.550%) due 03/15/2032 ~			5			5
2.723% (LIBOR01M + 0.650%) due 02/15/2024 ~			223			227
3.082% (H15T1Y + 1.830%) due 08/01/2032 ~			62			62
3.223% (LIBOR01M + 1.150%) due 09/15/2022 ~			14			15
3.250% (H15T1Y + 2.125%) due 08/01/2029 ~			12			13
3.423% (LIBOR01M + 1.350%) due 08/15/2023 ~			4			4
3.500% (H15T1Y + 2.250%) due 01/01/2032 - 10/01/2032 ~			56			58
3.639% (H15T1Y + 2.278%) due 02/01/2029 ~			40			42
3.643% (US0012M + 1.893%) due 07/01/2032 ~			3			3
3.723% (H15T1Y + 2.223%) due 01/01/2033 ~			2			2
3.738% (H15T1Y + 2.206%) due 02/01/2033 ~			37			39
3.750% (H15T1Y + 2.500%) due 10/01/2032 ~			52			53
6.000% due 12/15/2028			204			220
6.500% due 12/15/2023			3			3
7.000% due 04/01/2029 - 03/01/2030			14			15
7.500% due 08/15/2030			31			35
Ginnie Mae
2.434% (LIBOR01M + 0.350%) due 06/20/2032 ~			10			10
2.625% (H15T1Y + 1.500%) due 06/20/2021 - 06/20/2032 ~			115			117
2.750% (H15T1Y + 1.500%) due 07/20/2021 - 07/20/2029 ~			53			55

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.000% (H15T1Y + 1.500%) due 04/20/2019 - 08/20/2025 ~	$		39	$		39
3.125% (H15T1Y + 2.000%) due 06/20/2022 ~			15			15
3.125% (H15T1Y + 1.500%) due 11/20/2023 - 10/20/2027 ~			43			44
3.375% (H15T1Y + 1.500%) due 01/20/2022 - 03/20/2032 ~			174			180
6.500% due 05/15/2023 - 12/15/2023			1			1
Ginnie Mae, TBA
4.000% due 07/01/2048 - 08/01/2048			71,700			73,458
NCUA Guaranteed Notes
2.475% (LIBOR01M + 0.450%) due 10/07/2020 ~			1,184			1,188
Vendee Mortgage Trust
6.500% due 09/15/2024			334			361
Total U.S. Government Agencies (Cost $636,279)						639,281
U.S. TREASURY OBLIGATIONS 34.4%
U.S. Treasury Notes
1.875% due 08/31/2024 (h)			133,350			126,485
2.000% due 05/31/2024 (h)(j)(l)			60,400			57,809
2.250% due 10/31/2024 (h)(l)			134,080			129,783
2.750% due 02/28/2025 (h)(l)			137,500			137,003
Total U.S. Treasury Obligations (Cost $463,110)						451,080
NON-AGENCY MORTGAGE-BACKED SECURITIES 20.1%
Adjustable Rate Mortgage Trust
3.369% due 01/25/2036 ^~			64			61
3.655% due 11/25/2035 ^~			174			149
3.663% due 02/25/2036 ~			148			135
3.741% due 11/25/2035 ^~			197			186
American Home Mortgage Assets Trust
2.281% due 09/25/2046 ^•			751			695
2.301% due 10/25/2046 •			640			473
2.478% due 11/25/2046 •			636			354
American Home Mortgage Investment Trust
2.671% due 02/25/2045 •			16			16
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^			179			161
12.340% due 09/25/2035 ^•			140			157

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 69

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Banc of America Funding Trust
2.100% due 08/27/2036 ~	$		7,436	$		6,591
2.274% due 10/20/2036 •			177			159
2.301% due 04/25/2037 ^•			142			117
2.384% due 05/20/2047 •			79			73
2.491% due 05/25/2037 ^•			135			121
3.661% due 09/20/2047 ^~			203			184
3.770% due 09/20/2046 ^~			128			117
3.795% due 02/20/2036 ~			424			422
3.915% due 04/20/2035 ^~			150			137
5.500% due 03/25/2036 ^			24			23
Banc of America Mortgage Trust
3.859% due 02/25/2034 ~			243			244
3.932% due 07/25/2035 ^~			29			27
4.029% due 05/25/2035 ^~			1,047			1,045
5.500% due 09/25/2035 ^			519			501
5.500% due 05/25/2037 ^			153			132
BCAP LLC
6.738% due 10/26/2036 ~			355			348
BCAP LLC Trust
2.148% due 07/26/2036 ~			179			172
2.241% due 05/25/2047 ^•			91			84
2.304% due 11/26/2046 •			218			218
2.311% due 05/25/2047 ^•			589			545
2.460% due 05/26/2035 •			46			46
2.741% due 09/25/2047 •			131			124
3.291% due 10/25/2047 •			18,210			17,013
3.680% due 03/27/2037 ~			387			292
3.798% due 07/26/2036 ~			302			285
3.839% due 02/26/2035 ~			27			27
3.849% due 07/26/2036 ~			42			38
3.853% due 03/26/2037 ~			156			137
3.895% due 06/26/2035 ~			109			108
3.926% due 01/26/2034 ~			36			35
5.722% due 07/26/2036 ~			72			72
Bear Stearns Adjustable Rate Mortgage Trust
3.520% due 10/25/2035 •			755			765
3.536% due 05/25/2034 ~			44			44
3.596% due 01/25/2035 ~			19			19
3.604% due 02/25/2036 ^~			166			157
3.616% due 03/25/2035 ~			64			62
3.661% due 08/25/2035 ~			66			58
3.662% due 12/25/2046 ^•			1,176			1,087
3.691% due 02/25/2034 ~			82			81
3.692% due 11/25/2034 ~			76			75
3.785% due 06/25/2035 ^~			42			38
3.814% due 01/25/2034 ~			88			89
3.901% due 10/25/2035 ~			118			119
3.951% due 05/25/2047 ^~			288			261
Bear Stearns ALT-A Trust
2.531% due 04/25/2036 •			184			199
3.416% due 02/25/2036 ^~			45			42
3.576% due 11/25/2036 ^~			132			120
3.591% due 02/25/2036 ^~			463			411
3.781% due 05/25/2035 ~			122			123

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.835% due 05/25/2036 ^~	$		648	$		485
3.894% due 06/25/2034 ~			3,087			2,900
3.911% due 08/25/2036 ^~			307			251
3.926% due 01/25/2036 ~			6,586			6,215
4.527% due 07/25/2035 ^~			692			572
Bear Stearns Asset-Backed Securities Trust
16.622% due 03/25/2036 ^•			192			178
Bear Stearns Mortgage Funding Trust
2.281% due 01/25/2037 •			129			123
Bear Stearns Mortgage Securities, Inc.
6.211% due 03/25/2031 ~			5			5
Bear Stearns Structured Products, Inc. Trust
3.664% due 01/26/2036 ~			982			871
Chase Mortgage Finance Trust
3.576% due 09/25/2036 ^~			1,913			1,814
3.647% due 03/25/2037 ^~			60			59
3.735% due 03/25/2037 ^~			108			107
6.000% due 05/25/2037			148			122
ChaseFlex Trust
2.391% due 07/25/2037 •×			241			225
4.370% due 08/25/2037 ^			50			48
5.000% due 07/25/2037 ^			131			112
Citigroup Mortgage Loan Trust
2.311% due 01/25/2037 •			5,112			4,701
3.424% due 09/25/2037 ~			140			137
3.630% due 10/25/2035 •			164			166
3.710% due 11/25/2035 •			120			121
3.712% due 09/25/2037 ^~			676			655
3.841% due 08/25/2035 ~			36			36
3.853% due 03/25/2037 ^~			107			98
3.903% due 10/25/2046 ~			223			201
5.500% due 12/25/2035			226			189
6.250% due 11/25/2037 ~			131			104
Citigroup Mortgage Loan Trust, Inc.
3.593% due 08/25/2035 ~			1,543			1,565
3.854% due 12/25/2035 ^~			130			98
CitiMortgage Alternative Loan Trust
6.500% due 06/25/2037 ^			176			177
Community Program Loan Trust
4.500% due 04/01/2029			142			142
Countrywide Alternative Loan Resecuritization Trust
3.296% due 03/25/2047 ~			76			76
6.000% due 08/25/2037 ^~			162			124
Countrywide Alternative Loan Trust
2.231% due 08/25/2037 •			857			775
2.251% due 12/25/2046 ^•			55			54
2.261% due 11/25/2036 •			708			678
2.261% due 01/25/2037 ^•			323			316
2.264% due 02/20/2047 ^•			1,758			1,454
2.266% due 11/25/2036 •			9,005			8,163
2.271% due 11/25/2036 •			132			125
2.271% due 05/25/2047 •			1,404			1,368
2.281% due 07/25/2046 ^•			119			100

70 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.281% due 09/25/2046 ^•	$		553	$		508
2.281% due 10/25/2046 •			46			46
2.294% due 07/20/2046 ^•			55			41
2.311% due 05/25/2035 •			2,282			2,008
2.361% due 05/25/2036 ^•			16			5
2.401% due 08/25/2035 ^•			219			188
2.558% due 02/25/2036 •			548			501
2.591% due 05/25/2035 ^•			3,480			3,220
2.591% due 06/25/2035 •			141			135
2.611% due 07/25/2035 •			160			159
2.611% due 12/25/2035 •			1,175			1,140
2.711% due 10/25/2035 •			121			109
2.821% due 11/25/2035 •			1,315			1,307
2.938% due 11/25/2047 ^•			3,822			3,257
3.344% due 05/25/2036 ~			60			48
3.416% due 11/25/2035 ^~			136			123
3.625% due 08/25/2035 ~			250			239
3.753% due 06/25/2047 ~			189			176
5.500% due 11/25/2035			126			98
5.500% due 02/25/2036 ^			91			81
5.750% due 03/25/2037 ^•			161			141
5.750% due 07/25/2037 ^			24			22
5.750% due 04/25/2047 ^			164			143
6.000% due 12/25/2034			99			100
6.000% due 03/25/2036 ^			265			216
6.000% due 08/25/2036 ^•			367			330
6.000% due 02/25/2037 ^			576			412
6.000% due 04/25/2037			105			90
6.000% due 05/25/2037 ^			497			371
6.000% due 08/25/2037 ^•			548			446
6.250% due 11/25/2036 ^			118			101
6.500% due 05/25/2036 ^			1,874			1,437
6.500% due 12/25/2036 ^			89			65
6.500% due 08/25/2037 ^			438			326
14.049% due 07/25/2035 •			56			64
Countrywide Asset-Backed Certificates
2.591% due 03/25/2036 •			8,018			7,326
Countrywide Home Loan Mortgage Pass-Through Trust
2.391% due 04/25/2046 ^•			40			3
2.431% due 03/25/2036 •			437			203
2.551% due 05/25/2035 •			98			90
2.631% due 02/25/2035 •			19			18
2.666% due 04/25/2035 ^~			131			37
2.711% due 03/25/2035 •			398			383
2.831% due 02/25/2035 •			429			415
2.871% due 02/25/2035 •			363			351
3.215% due 02/20/2036 ~			335			276
3.345% due 05/20/2036 ^~			172			162
3.381% due 10/20/2035 ~			86			77
3.454% due 05/20/2036 ~			73			70
3.462% due 02/20/2036 ^•			46			40
3.493% due 01/25/2036 ^~			148			138
3.519% due 11/25/2034 ~			109			109
3.651% due 11/25/2037 ~			268			237

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.735% due 08/25/2034 ^~	$		87	$		83
3.907% due 08/25/2034 ~			7,232			7,134
3.950% due 06/25/2034 ~			1,099			1,133
5.500% due 07/25/2037 ^			417			344
5.750% due 12/25/2035 ^			130			116
6.000% due 02/25/2037 ^			480			423
6.000% due 03/25/2037 ^			168			140
6.000% due 07/25/2037			264			219
6.500% due 11/25/2036 ^			1,148			935
Countrywide Home Loan Reperforming REMIC Trust
6.000% due 03/25/2035 ^			96			96
Credit Suisse First Boston Mortgage Securities Corp.
2.511% due 03/25/2032 ~			16			15
3.241% due 09/25/2034 ^•			101			99
Credit Suisse Mortgage Capital Certificates
2.287% due 12/27/2035 •			168			165
3.500% due 04/26/2038 ~			1,181			1,178
3.833% due 04/28/2037 ~			477			417
4.016% due 08/28/2036 ~			49			50
Credit Suisse Mortgage Capital Trust
2.200% due 05/27/2037 •			73			73
Deutsche ALT-A Securities, Inc.
2.251% due 01/25/2047 •			80			78
2.281% due 08/25/2047 •			458			437
2.391% due 04/25/2037 •			418			280
Deutsche Mortgage & Asset Receiving Corp.
2.200% due 11/27/2036 •			409			399
Downey Savings & Loan Association Mortgage Loan Trust
2.405% due 07/19/2045 ^•			16			2
Eurosail PLC
1.577% due 06/13/2045 •	GBP		5,432			7,151
First Horizon Alternative Mortgage Securities Trust
3.500% due 04/25/2036 ^~	$		199			189
4.018% due 01/25/2036 ^~			337			271
First Horizon Mortgage Pass-Through Trust
3.535% due 11/25/2037 ^~			83			82
GMAC Mortgage Corp. Loan Trust
3.748% due 11/19/2035 ~			156			152
GreenPoint Mortgage Funding Trust
2.291% due 12/25/2046 ^•			343			314
GS Mortgage Securities Trust
3.722% due 10/10/2049 ~			5,000			4,921
GSC Capital Corp. Mortgage Trust
2.271% due 05/25/2036 ^•			162			144
GSR Mortgage Loan Trust
3.650% due 04/25/2035 ~			75			76
3.678% due 09/25/2035 ~			313			320
3.749% due 09/25/2035 ~			124			126
3.845% due 04/25/2035 ~			45			46
3.853% due 09/25/2034 ~			87			89
3.893% due 11/25/2035 ~			167			142

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 71

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
HarborView Mortgage Loan Trust
2.275% due 01/19/2038 •	$		53	$		52
2.325% due 12/19/2036 ^•			6,353			5,928
2.335% due 01/19/2038 ^•			62			38
2.525% due 05/19/2035 •			3,317			3,207
2.585% due 01/19/2036 •			155			123
2.765% due 01/19/2035 •			56			55
3.064% due 07/19/2045 •			59			57
3.410% due 12/19/2035 ^~			158			132
3.764% due 06/19/2036 ^~			260			184
4.029% due 12/19/2035 ^~			90			90
HomeBanc Mortgage Trust
2.271% due 12/25/2036 •			112			110
Impac Secured Assets Trust
2.241% due 11/25/2036 •			1,198			1,075
2.261% due 01/25/2037 •			143			138
IndyMac Mortgage Loan Trust
2.271% due 07/25/2047 •			430			360
2.281% due 09/25/2046 •			158			147
2.391% due 11/25/2035 ^•			228			176
2.651% due 03/25/2035 •			268			264
3.273% due 06/25/2037 ^~			119			110
3.501% due 10/25/2035 ~			943			863
3.503% due 09/25/2035 ^~			114			107
3.504% due 11/25/2035 ^~			169			157
3.550% due 06/25/2036 ~			1,565			1,505
3.561% due 08/25/2036 ~			2,896			2,873
3.570% due 06/25/2036 ~			5,998			5,291
3.576% due 08/25/2035 ~			1,120			1,021
4.085% due 06/25/2035 ^~			82			75
JPMorgan Alternative Loan Trust
2.241% due 03/25/2037 •			16			20
2.251% due 10/25/2036 •			8,041			7,750
2.468% due 06/27/2037 •			4,074			3,665
3.262% due 12/25/2036 ~			30			33
JPMorgan Mortgage Trust
3.501% due 11/25/2035 ~			88			86
3.561% due 11/25/2035 ~			133			129
3.692% due 07/25/2035 ~			518			537
3.702% due 06/25/2037 ^~			199			181
3.784% due 04/25/2035 ~			43			44
3.788% due 04/25/2035 ~			28			28
3.788% due 01/25/2037 ^~			25			24
3.936% due 07/25/2035 ~			363			372
4.115% due 09/25/2034 ~			246			247
6.000% due 01/25/2036 ^			152			126
JPMorgan Resecuritization Trust
3.689% due 05/27/2037 ~			1,450			1,444
Lavender Trust
6.250% due 10/26/2036			322			262
Lehman Mortgage Trust
5.243% due 01/25/2036 ^~			189			187
5.324% due 12/25/2035 ~			267			167
6.000% due 07/25/2036 ^			97			77

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Lehman XS Trust
2.291% due 08/25/2046 ^•	$		87	$		74
2.321% due 04/25/2046 ^•			62			61
2.331% due 11/25/2046 ^•			30			3
2.361% due 02/25/2036 •			8,527			8,110
Luminent Mortgage Trust
2.261% due 12/25/2036 •			868			778
2.291% due 10/25/2046 •			267			259
MASTR Adjustable Rate Mortgages Trust
2.331% due 05/25/2037 •			141			89
MASTR Reperforming Loan Trust
7.000% due 05/25/2035			1,113			1,094
8.000% due 07/25/2035			1,034			1,066
Mellon Residential Funding Corp. Mortgage Pass-Through Trust
2.626% due 10/20/2029 •			52			53
Merrill Lynch Alternative Note Asset Trust
2.251% due 01/25/2037 •			146			74
2.271% due 04/25/2037 •			208			209
2.391% due 03/25/2037 •			1,015			453
6.000% due 05/25/2037 ^			202			191
Merrill Lynch Mortgage Investors Trust
2.551% due 04/25/2029 •			54			53
2.751% due 09/25/2029 •			49			49
2.751% due 11/25/2029 •			72			71
3.504% due 07/25/2029 •			59			59
3.595% due 02/25/2036 ~			52			52
3.655% due 11/25/2035 •			112			114
3.717% due 10/25/2035 •			257			260
6.250% due 10/25/2036			2,587			2,164
Morgan Stanley Dean Witter Capital, Inc. Trust
3.053% due 03/25/2033 ~			87			81
Morgan Stanley Mortgage Loan Trust
2.371% due 11/25/2035 •			38			38
2.411% due 01/25/2035 •			44			41
3.485% due 07/25/2035 ~			3,675			3,305
3.522% due 06/25/2036 ~			97			99
6.000% due 10/25/2037 ^			90			80
Morgan Stanley Re-REMIC Trust
3.113% due 02/26/2037 •			252			220
3.624% due 03/26/2037 ×			133			114
5.500% due 10/26/2035 ~			10,456			9,110
Morgan Stanley Resecuritization Trust
2.270% due 01/26/2051 •			300			298
NAAC Reperforming Loan REMIC Trust
7.500% due 03/25/2034 ^			511			500
Nomura Asset Acceptance Corp. Alternative Loan Trust
4.493% due 02/25/2036 ^~			772			684
RBSSP Resecuritization Trust
2.210% due 02/26/2037 •			1,354			1,350
3.444% due 10/26/2035 ~			2,538			2,569

72 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Residential Accredit Loans, Inc. Trust
2.261% due 12/25/2036 •	$		436	$		374
2.291% due 05/25/2047 •			167			163
2.301% due 06/25/2037 •			137			119
2.341% due 08/25/2037 •			465			445
2.391% due 08/25/2035 •			190			168
2.891% due 10/25/2045 •			141			127
3.918% due 02/25/2035 ^~			321			277
5.073% due 02/25/2036 ^~			140			125
8.000% due 04/25/2036 ^•			169			163
Residential Asset Securitization Trust
6.000% due 06/25/2036			215			154
6.000% due 11/25/2036 ^			138			90
6.000% due 03/25/2037 ^			128			86
6.250% due 11/25/2036			94			64
6.500% due 04/25/2037 ^			1,312			740
Residential Funding Mortgage Securities, Inc. Trust
4.586% due 03/25/2035 ^~			1,357			1,069
6.000% due 09/25/2036 ^			284			270
Structured Adjustable Rate Mortgage Loan Trust
2.411% due 10/25/2035 •			1,630			1,597
2.826% due 06/25/2034 •			580			566
2.958% due 05/25/2035 ^•			535			447
3.522% due 09/25/2036 ^~			4,153			3,270
3.662% due 02/25/2036 ^~			331			323
3.720% due 10/25/2036 ^~			185			167
3.787% due 10/25/2034 ~			70			71
3.818% due 07/25/2037 ^~			6			6
3.918% due 06/25/2036 ^~			44			54
Structured Asset Mortgage Investments Trust
2.271% due 09/25/2047 •			97			95
2.281% due 06/25/2036 •			11,234			11,101
2.281% due 07/25/2046 ^•			594			504
2.281% due 09/25/2047 •			1,065			1,030
2.291% due 05/25/2036 •			1,073			981
2.301% due 09/25/2047 ^•			1,701			1,647
2.311% due 05/25/2046 •			1,096			635
2.351% due 03/25/2037 •			204			152
2.351% due 05/25/2046 ^•			36			47
2.612% due 02/25/2036 ^•			729			703
2.785% due 03/19/2034 •			408			394
2.785% due 02/19/2035 •			176			175
2.825% due 12/19/2033 •			383			377
Structured Asset Securities Corp. Trust
2.441% due 02/25/2035 •			27			27
Suntrust Adjustable Rate Mortgage Loan Trust
3.626% due 02/25/2037 ^~			456			396
SunTrust Alternative Loan Trust
6.000% due 12/25/2035			617			619
Thornburg Mortgage Securities Trust
2.731% due 09/25/2043 •			314			306
2.831% due 09/25/2044 •			49			49
3.424% due 09/25/2037 ~			96			96

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Wachovia Mortgage Loan Trust LLC
3.703% due 10/20/2035 ~	$		71	$		66
WaMu Mortgage Pass-Through Certificates Trust
2.274% due 07/25/2047 •			18,537			17,013
2.308% due 06/25/2047 ^•			115			53
2.361% due 12/25/2045 •			9			9
2.395% due 11/25/2046 •			279			274
2.501% due 11/25/2045 •			273			260
2.558% due 08/25/2046 •			1,917			1,809
2.731% due 01/25/2045 •			275			284
2.758% due 11/25/2042 •			33			32
2.831% due 11/25/2034 •			236			233
2.871% due 10/25/2044 •			1,245			1,244
3.071% due 11/25/2034 •			650			643
3.208% due 12/25/2036 ^~			176			172
3.268% due 08/25/2033 ~			367			373
3.358% due 08/25/2036 ^~			148			145
3.438% due 12/25/2036 ^~			1,573			1,544
Washington Mutual Mortgage Pass-Through Certificates Trust
2.258% due 04/25/2047 •			501			421
2.328% due 04/25/2047 •			732			547
2.541% due 05/25/2035 ^•			476			406
4.404% due 09/25/2036 ^×			168			85
Wells Fargo Alternative Loan Trust
4.260% due 07/25/2037 ^~			79			74
Wells Fargo Mortgage-Backed Securities Trust
2.591% due 07/25/2037 ^•			109			98
3.633% due 10/25/2036 ^~			646			641
3.640% due 10/25/2036 ^~			60			59
3.643% due 08/25/2034 ~			113			117
3.705% due 06/25/2035 ~			2,118			2,148
3.740% due 01/25/2035 ~			380			386
3.822% due 03/25/2036 ~			744			758
3.873% due 03/25/2035 ~			1,363			1,383
4.017% due 03/25/2036 ^~			109			108
4.120% due 07/25/2036 ^~			1,595			1,565
6.000% due 06/25/2037 ^			119			119
Total Non-Agency Mortgage-Backed Securities (Cost $246,856)						263,391
ASSET-BACKED SECURITIES 39.4%
Aames Mortgage Investment Trust
2.871% due 10/25/2035 •			200			197
3.291% due 06/25/2035 •			700			680
AASET Trust
3.967% due 05/16/2042			2,545			2,544
AASET US Ltd.
3.844% due 01/16/2038			4,229			4,200
Accredited Mortgage Loan Trust
2.221% due 02/25/2037 •			872			871
2.351% due 09/25/2036 •			963			941
2.577% due 09/25/2035 •			200			194

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 73

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ACE Securities Corp. Home Equity Loan Trust
2.201% due 12/25/2036 •	$		354	$		146
2.231% due 07/25/2036 •			214			173
2.246% due 08/25/2036 •			721			702
2.251% due 05/25/2036 •			17			17
2.391% due 02/25/2036 •			149			149
2.501% due 12/25/2035 •			2,000			1,854
2.561% due 10/25/2035 •			1,800			1,793
2.711% due 02/25/2036 ^•			155			147
2.751% due 11/25/2035 •			200			200
2.991% due 12/25/2034 •			169			162
3.066% due 06/25/2034 •			149			151
3.066% due 07/25/2035 •			100			101
Aegis Asset-Backed Securities Trust
2.521% due 12/25/2035 •			200			196
2.571% due 06/25/2035 •			200			178
2.791% due 03/25/2035 •			300			288
3.091% due 03/25/2035 ^•			125			117
Ameriquest Mortgage Securities Trust
2.481% due 03/25/2036 •			400			398
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
2.541% due 01/25/2036 •			300			300
2.561% due 11/25/2035 •			200			194
2.611% due 09/25/2035 •			10,000			10,022
2.691% due 08/25/2035 •			101			101
2.766% due 07/25/2035 •			800			803
3.201% due 03/25/2035 •			200			198
Amortizing Residential Collateral Trust
3.091% due 10/25/2034 •			208			209
Argent Securities Trust
2.241% due 09/25/2036 •			909			397
2.281% due 03/25/2036 •			358			217
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
2.321% due 01/25/2036 •			110			103
2.411% due 01/25/2036 •			4,471			4,129
Asset-Backed Funding Certificates Trust
2.201% due 01/25/2037 •			503			336
2.231% due 11/25/2036 •			12,430			8,905
2.251% due 01/25/2037 •			317			214
2.311% due 01/25/2037 •			190			129
2.711% due 04/25/2034 •			273			274
2.766% due 06/25/2035 •			194			195
3.091% due 06/25/2037 •			241			212
Asset-Backed Securities Corp. Home Equity Loan Trust
2.541% due 11/25/2035 •			300			301
2.991% due 06/25/2035 •			200			199
3.291% due 06/25/2034 •			200			199
3.966% due 09/25/2034 •			1,433			1,489
4.512% due 08/15/2033 •			34			34
Avery Point CLO Ltd.
3.460% due 04/25/2026 •			5,600			5,604

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Babson CLO Ltd.
3.503% due 10/17/2026 •	$		15,000	$		15,012
Babson Euro CLO BV
0.492% due 10/25/2029 •	EUR		2,250			2,629
Basic Asset-Backed Securities Trust
2.401% due 04/25/2036 •	$		172			172
Bayview Opportunity Master Fund Trust
3.105% due 07/28/2032 ×			1,319			1,315
3.105% due 08/28/2032 ×			3,285			3,275
Bear Stearns Asset-Backed Securities Trust
2.201% due 04/25/2031 •			87			114
2.241% due 06/25/2036 •			176			176
2.271% due 06/25/2047 •			47			47
2.281% due 05/25/2037 •			156			170
2.291% due 12/25/2036 •			322			322
2.321% due 02/25/2037 •			11,634			10,146
2.361% due 06/25/2036 •			200			199
2.431% due 05/25/2036 ^•			219			255
2.491% due 09/25/2046 •			222			215
2.521% due 12/25/2035 •			500			502
2.541% due 08/25/2036 •			356			337
2.591% due 12/25/2035 •			197			197
2.641% due 06/25/2036 •			300			297
2.791% due 11/25/2035 ^•			186			151
2.859% due 10/25/2036 ~			64			48
3.051% due 04/25/2035 •			98			98
3.141% due 08/25/2037 •			8,345			7,618
3.271% due 06/25/2043 •			1,170			1,160
3.341% due 08/25/2037 •			122			121
3.647% due 07/25/2036 ~			350			353
Business Jet Securities LLC
4.447% due 06/15/2033 «			8,000			8,012
Carrington Mortgage Loan Trust
2.311% due 01/25/2037 •			1,200			960
2.351% due 02/25/2037 •			1,400			1,289
3.141% due 05/25/2035 •			300			294
Catamaran CLO Ltd.
3.716% due 01/27/2028 •			400			399
Cendant Mortgage Corp.
6.000% due 07/25/2043 ~			23			23
Cent CLO Ltd.
3.689% due 10/29/2025 •			8,479			8,491
Citigroup Mortgage Loan Trust
2.231% due 12/25/2036 •			565			562
2.261% due 05/25/2037 •			19,092			17,509
2.491% due 11/25/2046 •			254			249
2.541% due 11/25/2045 •			253			251
2.711% due 12/25/2035 •			204			205
6.351% due 05/25/2036 ^×			177			106
Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates
3.021% due 05/25/2035 •			200			199

74 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
2.351% due 01/25/2037 •	$		300	$		297
2.501% due 10/25/2035 •			1,298			1,301
2.811% due 09/25/2035 ^•			117			118
2.826% due 09/25/2035 ^•			500			495
Conseco Finance Corp.
6.810% due 12/01/2028 ~			390			402
6.870% due 04/01/2030 ~			240			256
7.060% due 02/01/2031 ~			675			671
Countrywide Asset-Backed Certificates
2.231% due 06/25/2035 •			1,547			1,417
2.231% due 07/25/2037 •			4,343			3,877
2.241% due 07/25/2036 •			114			113
2.241% due 01/25/2037 •			5,577			5,433
2.241% due 05/25/2037 •			500			495
2.251% due 01/25/2034 •			63			62
2.251% due 05/25/2036 •			557			492
2.251% due 03/25/2037 •			170			169
2.261% due 03/25/2037 •			247			240
2.261% due 05/25/2037 •			147			147
2.261% due 06/25/2047 •			229			227
2.271% due 06/25/2047 •			421			418
2.281% due 06/25/2047 •			228			225
2.311% due 09/25/2037 ^•			234			197
2.311% due 09/25/2047 •			1,854			1,654
2.321% due 10/25/2047 •			426			416
2.341% due 01/25/2046 ^•			4,344			4,099
2.341% due 06/25/2047 •			243			226
2.391% due 07/25/2036 •			220			220
2.441% due 04/25/2036 •			57			58
2.491% due 06/25/2036 •			300			295
2.541% due 03/25/2036 •			100			98
2.541% due 03/25/2047 ^•			111			86
2.581% due 02/25/2036 •			200			199
2.751% due 12/25/2035 •			300			303
2.861% due 11/25/2035 •			3			3
3.066% due 02/25/2034 •			76			76
3.141% due 08/25/2035 •			100			101
3.591% due 02/25/2035 •			300			308
4.746% due 10/25/2046 ~			15,332			14,209
Countrywide Asset-Backed Certificates Trust
2.221% due 04/25/2046 •			6,345			5,921
2.231% due 02/25/2037 •			10,742			10,169
2.241% due 09/25/2046 •			5,452			5,420
2.241% due 10/25/2046 ^•			1,334			1,335
2.241% due 03/25/2047 •			191			187
2.551% due 05/25/2036 •			600			592
2.621% due 02/25/2036 •			200			199
2.811% due 07/25/2034 •			165			166
2.821% due 07/25/2035 •			400			403
2.891% due 08/25/2047 •			744			739
2.991% due 10/25/2034 •			97			96
3.021% due 08/25/2035 •			44			45
3.441% due 04/25/2035 •			200			203

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit-Based Asset Servicing & Securitization LLC
2.211% due 07/25/2037 •	$		14	$		10
2.311% due 07/25/2037 •			308			207
2.661% due 07/25/2036 •			169			168
3.036% due 04/25/2036 •			80			81
3.481% due 01/25/2036 ^×			67			60
3.763% due 06/25/2035 ^×			7			7
CVP Cascade CLO Ltd.
3.498% due 01/16/2026 •			10,883			10,894
Delta Funding Home Equity Loan Trust
2.713% due 08/15/2030 •			63			61
ECMC Group Student Loan Trust
2.841% due 02/27/2068 •			9,637			9,658
EMC Mortgage Loan Trust
2.831% due 05/25/2040 •			12			12
First Franklin Mortgage Loan Trust
2.231% due 12/25/2036 •			320			200
2.241% due 07/25/2036 •			60			60
2.251% due 04/25/2036 •			242			230
2.331% due 04/25/2036 •			400			352
2.331% due 08/25/2036 •			324			279
2.451% due 10/25/2035 •			126			127
2.451% due 11/25/2035 •			200			193
2.541% due 06/25/2036 •			175			176
2.826% due 09/25/2035 •			102			103
2.901% due 04/25/2035 •			340			343
2.961% due 09/25/2034 •			289			290
3.036% due 03/25/2035 •			100			100
3.291% due 01/25/2035 •			122			123
3.516% due 10/25/2034 •			865			855
First NLC Trust
2.161% due 08/25/2037 •			61			38
2.312% due 05/25/2035 •			954			934
FIRSTPLUS Home Loan Owner Trust
7.320% due 11/10/2023 ^			6			2
Fremont Home Loan Trust
2.241% due 01/25/2037 •			280			166
2.251% due 08/25/2036 •			230			110
2.261% due 02/25/2036 •			66			62
2.261% due 02/25/2037 •			960			542
2.361% due 02/25/2036 •			300			220
2.361% due 04/25/2036 •			3,000			1,873
2.826% due 07/25/2035 •			100			100
2.881% due 12/25/2029 •			9			9
Gallatin CLO Ltd.
3.398% (US0003M + 1.050%) due 07/15/2027 ~			7,600			7,602
GE-WMC Asset-Backed Pass-Through Certificates
2.341% due 12/25/2035 •			2,286			2,282
GSAA Home Equity Trust
2.211% due 04/25/2047 •			253			240
GSAMP Trust
2.181% due 01/25/2037 •			3,177			2,180

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 75

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.211% due 12/25/2036 •	$		1,064	$		572
2.241% due 06/25/2036 •			228			226
2.241% due 09/25/2036 •			372			186
2.241% due 12/25/2046 •			673			435
2.251% due 05/25/2046 •			36			36
2.291% due 11/25/2036 •			202			127
2.321% due 12/25/2046 •			202			132
2.331% due 12/25/2035 •			100			100
2.331% due 06/25/2036 •			303			213
2.361% due 04/25/2036 •			374			286
3.741% due 10/25/2034 •			61			60
Home Equity Asset Trust
3.186% due 05/25/2035 •			200			196
Home Equity Loan Trust
2.321% due 04/25/2037 •			800			727
2.431% due 04/25/2037 •			500			416
Home Equity Mortgage Loan Asset-Backed Trust
2.231% due 11/25/2036 •			494			475
2.251% due 11/25/2036 •			399			327
2.411% due 04/25/2037 •			362			326
HSI Asset Securitization Corp. Trust
2.201% due 12/25/2036 •			252			99
2.261% due 12/25/2036 •			1,150			449
2.311% due 12/25/2036 •			767			302
2.481% due 11/25/2035 •			300			289
IXIS Real Estate Capital Trust
2.721% due 02/25/2036 •			355			357
JPMorgan Mortgage Acquisition Corp.
2.271% due 02/25/2036 •			41			41
2.321% due 05/25/2035 •			31			31
JPMorgan Mortgage Acquisition Trust
2.251% due 01/25/2036 •			97			97
2.251% due 05/25/2036 •			81			81
2.251% due 06/25/2036 •			69			69
2.251% due 01/25/2037 •			129			129
2.261% due 04/25/2036 •			252			251
2.351% due 03/25/2037 •			300			294
2.351% due 06/25/2037 •			300			294
2.361% due 04/25/2036 •			258			255
2.361% due 05/25/2036 •			700			688
2.361% due 07/25/2036 •			200			192
2.371% due 01/25/2037 •			200			195
6.337% due 08/25/2036 ^×			148			113
Lehman ABS Mortgage Loan Trust
2.181% due 06/25/2037 •			274			194
2.291% due 06/25/2037 •			221			158
Lehman XS Trust
2.241% due 04/25/2037 ^•			397			376
2.261% due 12/25/2036 •			4,335			5,147
2.261% due 02/25/2037 ^•			1,870			1,514
Lendmark Funding Trust
3.260% due 04/21/2025			2,600			2,604
LoanCore Issuer Ltd.
3.203% due 05/15/2028 •			10,700			10,717

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Long Beach Mortgage Loan Trust
2.651% due 07/25/2031 •	$		199	$		201
2.736% due 11/25/2035 •			453			449
2.851% due 08/25/2045 •			111			112
3.141% due 06/25/2035 •			500			469
3.366% due 02/25/2035 •			12,750			12,719
3.516% due 03/25/2032 •			333			338
Loomis Sayles CLO Ltd.
3.753% due 04/15/2028 •			550			548
MAPS Ltd.
4.212% due 05/15/2043			4,541			4,564
MASTR Asset-Backed Securities Trust
2.201% due 08/25/2036 •			190			106
2.241% due 08/25/2036 •			314			176
2.271% due 02/25/2036 •			417			237
2.331% due 06/25/2036 •			188			111
2.331% due 08/25/2036 •			189			107
2.591% due 10/25/2035 ^•			322			301
2.591% due 11/25/2035 •			11,566			8,290
2.661% due 01/25/2036 •			300			294
2.691% due 01/25/2036 •			134			135
2.841% due 12/25/2034 ^•			49			49
Meritage Mortgage Loan Trust
2.841% due 11/25/2035 •			101			102
Merrill Lynch Mortgage Investors Trust
2.331% due 08/25/2037 •			1,015			699
2.401% due 08/25/2036 •			300			300
2.541% due 02/25/2047 •			1,242			932
2.811% due 05/25/2036 •			269			264
MESA Trust
2.760% due 12/25/2031 •			584			578
METAL LLC
4.581% due 10/15/2042			5,641			5,741
Mid-State Capital Corp. Trust
6.005% due 08/15/2037			670			727
Morgan Stanley ABS Capital, Inc. Trust
2.161% due 10/25/2036 •			100			61
2.201% due 10/25/2036 •			821			537
2.231% due 10/25/2036 •			148			92
2.231% due 11/25/2036 •			269			179
2.241% due 06/25/2036 •			336			248
2.241% due 09/25/2036 •			410			213
2.241% due 10/25/2036 •			241			158
2.241% due 11/25/2036 •			1,415			979
2.271% due 03/25/2037 •			435			241
2.291% due 02/25/2037 •			151			98
2.311% due 11/25/2036 •			1,611			1,083
2.341% due 03/25/2037 •			435			243
2.401% due 12/25/2035 •			384			381
2.991% due 05/25/2034 •			113			113
3.021% due 03/25/2035 •			247			250
3.081% due 06/25/2035 •			400			400
3.141% due 04/25/2035 •			200			195
3.341% due 07/25/2037 •			400			374
3.741% due 03/25/2034 •			542			542

76 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Morgan Stanley Capital, Inc. Trust
2.381% due 01/25/2036 •	$		1,340	$		1,329
Morgan Stanley Dean Witter Capital, Inc. Trust
3.441% due 02/25/2033 •			738			736
Morgan Stanley Home Equity Loan Trust
2.251% due 04/25/2036 •			131			104
2.261% due 04/25/2037 •			675			461
2.321% due 04/25/2037 •			225			155
Morgan Stanley Mortgage Loan Trust
2.321% due 02/25/2037 •			157			81
2.451% due 04/25/2037 •			297			151
3.717% due 11/25/2036 ^•			284			151
5.965% due 09/25/2046 ^×			389			215
Mountain Hawk CLO Ltd.
2.902% due 10/15/2026 •			700			699
Nelnet Student Loan Trust
3.980% due 11/25/2024 •			9,148			9,292
New Century Home Equity Loan Trust
2.341% due 12/25/2035 •			54			54
2.766% due 06/25/2035 •			632			634
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
2.501% due 02/25/2036 •			148			148
6.032% due 10/25/2036 ^×			176			74
NovaStar Mortgage Funding Trust
2.241% due 06/25/2036 •			144			111
2.665% due 01/25/2036 •			7,500			7,456
Oak Hill Credit Partners Ltd.
3.489% due 07/20/2026 •			6,500			6,510
OHA Credit Partners Ltd.
3.369% due 10/20/2025 •			4,610			4,613
OneMain Direct Auto Receivables Trust
2.040% due 01/15/2021			18			18
OneMain Financial Issuance Trust
2.370% due 09/14/2032			7,300			7,161
Option One Mortgage Loan Trust
2.231% due 01/25/2037 •			76			50
2.261% due 05/25/2037 •			187			121
2.311% due 01/25/2037 •			303			201
2.421% due 04/25/2037 •			138			92
2.451% due 01/25/2036 •			300			266
2.856% due 08/25/2035 •			400			388
Option One Mortgage Loan Trust Asset-Backed Certificates
2.531% due 11/25/2035 •			282			282
2.551% due 11/25/2035 •			3,100			2,901
Ownit Mortgage Loan Trust
2.691% due 10/25/2036 ^•			248			215
Palmer Square CLO Ltd.
3.573% due 10/17/2027 •			9,000			9,013
Park Place Securities, Inc.
2.581% due 09/25/2035 •			200			190

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
2.581% due 08/25/2035 •	$		200	$		194
2.581% due 09/25/2035 •			500			500
2.886% due 07/25/2035 •			400			402
2.916% due 07/25/2035 •			950			922
3.036% due 06/25/2035 •			200			201
3.141% due 10/25/2034 •			500			508
3.216% due 03/25/2035 •			400			402
3.336% due 01/25/2036 •			300			302
3.891% due 12/25/2034 •			676			685
People’s Choice Home Loan Securities Trust
2.811% due 05/25/2035 ^•			135			133
People’s Financial Realty Mortgage Securities Trust
2.231% due 09/25/2036 •			418			177
Popular ABS Mortgage Pass-Through Trust
2.351% due 11/25/2036 •			200			196
2.481% due 02/25/2036 •			400			396
RAAC Trust
2.391% due 06/25/2044 •			70			64
2.441% due 11/25/2046 •			632			572
2.491% due 09/25/2045 •			4,100			3,969
2.491% due 06/25/2047 •			72			72
3.291% due 10/25/2045 •			250			253
3.591% due 09/25/2047 •			600			593
Regatta Funding Ltd.
3.520% due 10/25/2026 •			6,000			6,005
Renaissance Home Equity Loan Trust
5.812% due 11/25/2036 ×			541			327
7.238% due 09/25/2037 ^×			259			143
Residential Asset Mortgage Products Trust
2.251% due 12/25/2036 •			82			82
2.251% due 02/25/2037 •			210			209
2.311% due 10/25/2034 •			28			27
2.371% due 09/25/2036 •			217			207
2.391% due 05/25/2036 ^•			1,313			1,142
2.411% due 01/25/2036 •			873			791
2.571% due 09/25/2035 •			300			301
2.736% due 11/25/2035 •			249			250
2.751% due 10/25/2035 •			180			181
2.781% due 10/25/2035 •			100			99
2.991% due 08/25/2034 •			119			119
Residential Asset Securities Corp. Trust
2.221% due 11/25/2036 •			606			483
2.251% due 11/25/2036 ^•			457			437
2.261% due 11/25/2036 •			772			662
2.331% due 09/25/2036 •			671			667
2.341% due 04/25/2037 •			231			228
2.361% due 05/25/2037 •			176			175
2.371% due 06/25/2036 •			1,000			986
2.431% due 04/25/2037 •			1,600			1,510
2.471% due 02/25/2036 •			350			351
2.501% due 01/25/2036 •			149			148
2.511% due 10/25/2035 •			300			298
2.511% due 12/25/2035 •			400			399

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 77

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.531% due 11/25/2035 •	$		300	$		300
2.736% due 03/25/2035 •			913			916
2.751% due 12/25/2035 •			245			205
2.781% due 11/25/2035 •			300			297
2.856% due 03/25/2034 •			78			79
2.931% due 12/25/2034 •			36			36
Salomon Mortgage Loan Trust
2.991% due 11/25/2033 •			165			165
Saxon Asset Securities Trust
3.261% due 07/25/2031 •			25			25
Securitized Asset-Backed Receivables LLC Trust
2.181% due 07/25/2036 •			255			128
2.231% due 05/25/2036 •			547			357
2.251% due 07/25/2036 •			249			126
2.331% due 07/25/2036 •			214			109
2.341% due 05/25/2036 •			1,213			801
2.361% due 03/25/2036 •			226			202
2.751% due 08/25/2035 •			256			175
2.766% due 01/25/2035 •			84			82
3.051% due 01/25/2036 ^•			105			80
Seneca Park CLO Ltd.
3.473% due 07/17/2026 •			6,800			6,803
SG Mortgage Securities Trust
2.251% due 07/25/2036 •			31,878			11,267
2.541% due 10/25/2035 •			1,000			991
SLM Student Loan Trust
3.860% due 04/25/2023 •			8,801			8,987
Soundview Home Loan Trust
2.171% due 06/25/2037 •			62			45
2.201% due 02/25/2037 •			332			140
2.251% due 11/25/2036 •			367			360
2.271% due 02/25/2037 •			465			198
2.271% due 07/25/2037 •			2,711			2,374
2.441% due 03/25/2036 •			400			387
2.916% due 06/25/2035 •			121			120
3.041% due 10/25/2037 •			401			347
South Carolina Student Loan Corp.
3.300% due 09/03/2024 •			526			531
Specialty Underwriting & Residential Finance Trust
2.241% due 09/25/2037 •			137			86
2.241% due 11/25/2037 •			960			637
2.361% due 04/25/2037 •			242			154
3.066% due 12/25/2035 •			369			369
SpringCastle America Funding LLC
3.050% due 04/25/2029			9,268			9,246
Staniford Street CLO Ltd.
3.521% due 06/15/2025 •			14,512			14,530
Structured Asset Investment Loan Trust
2.241% due 09/25/2036 •			305			296
2.281% due 03/25/2036 •			589			563
2.691% due 01/25/2036 •			313			310
2.991% due 05/25/2035 •			600			598
3.216% due 07/25/2033 •			69			69
3.366% due 12/25/2034 •			1,138			1,120

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Structured Asset Securities Corp. Mortgage Loan Trust
2.226% due 07/25/2036 •	$		9,477	$		9,256
2.231% due 09/25/2036 •			199			198
2.241% due 09/25/2036 •			148			145
2.251% due 03/25/2036 •			27			27
2.261% due 12/25/2036 •			208			202
2.301% due 02/25/2037 •			761			750
2.321% due 01/25/2037 •			2,841			2,018
2.341% due 09/25/2036 •			200			197
2.461% due 04/25/2036 •			497			468
2.991% due 08/25/2037 •			257			262
3.091% due 08/25/2037 •			717			722
Structured Asset Securities Corp. Trust
2.551% due 09/25/2035 •			700			660
THL Credit Wind River CLO Ltd.
3.218% due 10/15/2027 •			300			299
3.798% due 01/15/2026 •			10,500			10,535
U.S. Residential Opportunity Fund Trust
3.352% due 11/27/2037 ×			6,825			6,811
VOLT LLC
3.250% due 06/25/2047 ×			10,492			10,460
WaMu Asset-Backed Certificates WaMu Trust
2.316% due 05/25/2047 •			11,989			11,530
Wells Fargo Home Equity Asset-Backed Securities Trust
2.421% due 05/25/2036 •			300			295
3.036% due 03/25/2035 •			1,000			1,005
3.036% due 11/25/2035 •			200			200
3.666% due 02/25/2035 •			200			202
Total Asset-Backed Securities (Cost $490,390)						516,673
SOVEREIGN ISSUES 0.5%
Corp. Financiera de Desarrollo S.A.
4.750% due 02/08/2022			7,000			7,112
Total Sovereign Issues (Cost $6,966)						7,112
SHORT-TERM INSTRUMENTS 1.3%
REPURCHASE AGREEMENTS (g) 1.3%
						16,890
U.S. TREASURY BILLS 0.0%
1.958% due 10/04/2018 (b)(c)(l)			397			395
Total Short-Term Instruments (Cost $17,285)						17,285
Total Investments in Securities (Cost $2,208,480)						2,246,066

78 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.0%
SHORT-TERM INSTRUMENTS 0.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%
PIMCO Short-Term Floating NAV Portfolio III		10,237	$		101
Total Short-Term Instruments (Cost $101)					101
Total Investments in Affiliates (Cost $101)					101
Total Investments 171.1% (Cost $2,208,581)			$		2,246,167
Financial Derivative Instruments (i)(k) (0.1)% (Cost or Premiums, net $2,403)					(1,250	)
Other Assets and Liabilities, net (71.0)%					(931,786)
Net Assets 100.0%			$		1,313,131

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

× Coupon represents a rate which changes periodically based on a predetermined schedule. Rate shown is the rate in effect as of period end.

(a) Payment in-kind 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) Contingent convertible security.

(f)  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	$	464	$	459		0.03%
							$	464	$	459		0.03%

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 79

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

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)
FICC	1.500%		06/29/2018		07/02/2018	$	16,890	U.S. Treasury Notes 1.875% due 02/28/2022	$	(17,231	)	$	16,890	$	16,891
Total Repurchase Agreements									$	(17,231	)	$	16,890	$	16,891

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(2)			Settlement Date		Maturity Date		Amount Borrowed(2)			Payable for Reverse Repurchase Agreements
BOM		2.140	%		06/25/2018		07/25/2018	$	(8,181)		$	(8,184	)
		2.170			06/25/2018		07/26/2018		(4,542	)		(4,544	)
BOS		2.230			06/21/2018		07/05/2018		(4,826	)		(4,829	)
BSN		1.960			05/02/2018		07/10/2018		(69,166)			(69,396	)
GRE		2.020			05/09/2018		07/11/2018		(14,419	)		(14,462	)
		2.160			06/13/2018		07/05/2018		(3,695	)		(3,700	)
		2.200			06/15/2018		07/05/2018		(3,510	)		(3,514	)
RCY		2.020			05/09/2018		07/09/2018		(93,818	)		(94,102	)
Total Reverse Repurchase Agreements											$	(202,731	)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(2)			Borrowing Date		Maturity Date		Amount Borrowed(2)			Payable for Sale-Buyback Transactions(3)
BPG		2.220	%		06/22/2018		07/23/2018	$	(8,185)		$	(8,190	)
UBS		1.980			05/07/2018		07/12/2018		(32,910	)		(33,011	)
		2.050			05/30/2018		07/31/2018		(44,169	)		(44,252	)
		2.150			06/28/2018		07/27/2018		(6,688	)		(6,690	)
Total Sale-Buyback Transactions											$	(92,143	)

SHORT SALES:

Description	Coupon		Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (0.6)%
Fannie Mae, TBA		4.000%		07/01/2048	$	8,000	$	(8,143	)	$	(8,143	)
Total Short Sales (0.6)%							$	(8,143	)	$	(8,143	)

80 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure(4)
Global/Master Repurchase Agreement
BOM	$	0	$	(12,728	)	$	0		$	(12,728	)	$	12,710		$	(18	)
BOS		0		(4,829	)		0			(4,829	)		4,837			8
BSN		0		(69,396	)		0			(69,396	)		69,104			(292	)
FICC		16,891		0			0			16,891			(17,231	)		(340	)
GRE		0		(21,676	)		0			(21,676	)		21,728			52
RCY		0		(94,102	)		0			(94,102	)		93,556			(546	)
Master Securities Forward Transaction Agreement
BPG		0		0			(8,190	)		(8,190	)		8,157			(33	)
UBS		0		0			(83,953	)		(83,953	)		83,171			(782	)
Total Borrowings and Other Financing Transactions	$	16,891	$	(202,731	)	$	(92,143	)

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	$	(202,731	)	$	0		$	0	$	(202,731	)
Total	$	0	$	(202,731	)	$	0		$	0	$	(202,731	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(47,891	)		(44,252	)		0		(92,143	)
Total	$	0	$	(47,891	)	$	(44,252	)	$	0	$	(92,143	)
Total Borrowings	$	0	$	(250,622	)	$	(44,252	)	$	0	$	(294,874	)
Payable for reverse repurchase agreements and sale-buyback financing transactions											$	(294,874	)

(h) Securities with an aggregate market value of $294,843 have been pledged as collateral under the terms of the above master agreements as of June 30, 2018.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended June 30, 2018 was $(402,965) at a weighted average interest rate of 1.704%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽³⁾ Payable for sale-buyback transactions includes $(112) of deferred price drop.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 81

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

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

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOT U.S. Treasury 5-Year Note September 2018 Futures	$	105.750		08/24/2018		12	$	12	$	0	$	0
Put - CBOT U.S. Treasury 5-Year Note September 2018 Futures		106.000		08/24/2018		2		2		0		0
Put - CBOT U.S. Treasury 5-Year Note September 2018 Futures		106.500		08/24/2018		83		83		1		0
Put - CBOT U.S. Treasury 5-Year Note September 2018 Futures		107.250		08/24/2018		553		553		5		1
Put - CBOT U.S. Treasury 10-Year Note September 2018 Futures		108.500		08/24/2018		967		967		8		1
Total Purchased Options									$	14	$	2

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
Call Options Strike @ EUR 185.000 on Euro-OAT France Government 10-Year Bond September 2018 Futures	08/2018		200		EUR	2	$	0		$	0	$	0
Call Options Strike @ GBP 158.000 United Kingdom Gilt September 2018 Futures	08/2018		370		GBP	0		(6	)		0		0
U.S. Treasury 5-Year Note September Futures	09/2018		650		$	73,851		121			0		(15	)
U.S. Treasury 10-Year Note September Futures	09/2018		807			96,991		542			0		0
							$	657		$	0	$	(15	)

SHORT FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Euro-OAT France Government 10-Year Bond September Futures	09/2018		201		EUR	(36,275	)	$	(290	)	$	0	$	(160	)
United Kingdom Long Gilt September Futures	09/2018		372		GBP	(60,416	)		(567	)		138		0
								$	(857	)	$	138	$	(160	)
Total Futures Contracts								$	(200	)	$	138	$	(175	)

SWAP AGREEMENTS:

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value		Variation Margin
															Asset		Liability
Receive	3-Month USD-LIBOR		2.000%	Semi-Annual		06/20/2023	$	88,200	$	3,404	$	235	$	3,639	$	50	$	0
Total Swap Agreements									$	3,404	$	235	$	3,639	$	50	$	0

82 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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, 2018:

	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	$	2	$	138	$	50	$	190	$	0	$	(175)	$	0	$	(175)

(j) Securities with an aggregate market value of $2,063 and cash of $3,007 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

(k)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		08/2018		ILS	1,840		$	511	$	7	$	0
BPS		07/2018		EUR	31,005			35,962		0		(246	)
		08/2018		$	15,556		MXN	295,650		0		(796	)
BRC		07/2018		GBP	443		$	580		0		(5	)
CBK		07/2018			16,667			22,082		85		0
		07/2018		$	1,542		GBP	1,148		0		(27	)
		08/2018		AUD	32,629		$	24,372		222		0
		08/2018		$	12,496		RUB	777,407		0		(184	)
GLM		07/2018		EUR	302		$	353		0		0
		07/2018		GBP	789			1,052		11		0
HUS		08/2018		AUD	4,313			3,210		18		0
		08/2018		$	114		RUB	7,110		0		(1	)
JPM		08/2018			1,125		CAD	1,433		0		(35	)
MSB		07/2018			1,408		EUR	1,220		16		0
SCX		09/2018		KRW	25,119,481		$	23,370		774		0
SSB		07/2018		$	35,024		EUR	30,087		111		0
		08/2018		EUR	30,087		$	35,102		0		(110	)
UAG		07/2018		$	21,564		GBP	16,308		0		(41	)
		08/2018		GBP	16,308		$	21,594		42		0
Total Forward Foreign Currency Contracts									$	1,286	$	(1,445	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 83

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

PURCHASED OPTIONS:

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount		Cost		Market Value
DUB	Put - OTC Fannie Mae, TBA 4.000% due 07/01/2048	$	71.500		07/05/2018	$	62,000	$	2	$	0
JPM	Put - OTC Fannie Mae, TBA 3.000% due 07/01/2048		67.000		07/05/2018		100,000		4		0
	Put - OTC Fannie Mae, TBA 3.500% due 07/01/2048		69.000		07/05/2018		50,000		2		0
	Put - OTC Fannie Mae, TBA 4.000% due 07/01/2048		71.000		07/05/2018		100,000		4		0
Total Purchased Options								$	12	$	0

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount		Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-30 5-Year  Index	Sell		0.750	%		07/18/2018	$	69,700	$	(91	)	$	(24	)
BPS	Put - OTC CDX.IG-30 5-Year Index	Sell		0.750			07/18/2018		162,000		(154	)		(54	)
	Put - OTC CDX.IG-30 5-Year Index	Sell		0.900			09/19/2018		50,000		(61	)		(55	)
CBK	Put - OTC CDX.IG-30 5-Year Index	Sell		0.900			09/19/2018		50,000		(71	)		(55	)
JPM	Put - OTC CDX.IG-30 5-Year Index	Sell		0.725			07/18/2018		25,000		(23	)		(10	)
Total Written Options										$	(400	)	$	(198	)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2018(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																			Asset		Liability
FBF	Brazil Government International Bond		1.000	%	Quarterly		06/20/2022		2.295	%		$  1,200	$	(80	)	$	24		$	0	$	(56	)
GST	Brazil Government International Bond		1.000		Quarterly		06/20/2023		2.683			6,700		(271	)		(221	)		0		(492	)
	Qatar Government International Bond		1.000		Quarterly		12/20/2018		0.298			9,600		48			(13	)		35		0
HUS	Brazil Government International Bond		1.000		Quarterly		06/20/2023		2.683			4,600		(291	)		(47	)		0		(338	)
	Mexico Government International Bond		1.000		Quarterly		06/20/2023		1.337			3,800		(33	)		(24	)		0		(57	)
Total Swap Agreements													$	(627	)	$	(281	)	$	35	$	(943	)

84 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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, 2018:

	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	$	7	$	0	$	0	$	7	$	0		$	(24	)	$	0		$	(24	)	$	(17	)	$	0		$	(17	)
BPS		0		0		0		0		(1,042	)		(109	)		0			(1,151	)		(1,151	)		916			(235	)
BRC		0		0		0		0		(5	)		0			0			(5	)		(5	)		0			(5	)
CBK		307		0		0		307		(211	)		(55	)		0			(266	)		41			(370	)		(329	)
FBF		0		0		0		0		0			0			(56	)		(56	)		(56	)		3			(53	)
GLM		11		0		0		11		0			0			0			0			11			0			11
GST		0		0		35		35		0			0			(492	)		(492	)		(457	)		284			(173	)
HUS		18		0		0		18		(1	)		0			(395	)		(396	)		(378	)		479			101
JPM		0		0		0		0		(35	)		(10	)		0			(45	)		(45	)		0			(45	)
MSB		16		0		0		16		0			0			0			0			16			0			16
SCX		774		0		0		774		0			0			0			0			774			(840	)		(66	)
SSB		111		0		0		111		(110	)		0			0			(110	)		1			0			1
UAG		42		0		0		42		(41	)		0			0			(41	)		1			0			1
Total Over the Counter	$	1,286	$	0	$	35	$	1,321	$	(1,445	)	$	(198	)	$	(943	)	$	(2,586	)

(l) Securities with an aggregate market value of $1,682 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2018.

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, 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⁾ 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⁾ 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 Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 85

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2018:

	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	$	2	$	2
Futures		0		0		0		0		138		138
Swap Agreements		0		0		0		0		50		50
	$	0	$	0	$	0	$	0	$	190	$	190
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,286	$	0	$	1,286
Swap Agreements		0		35		0		0		0		35
	$	0	$	35	$	0	$	1,286	$	0	$	1,321
	$	0	$	35	$	0	$	1,286	$	190	$	1,511
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	175	$	175
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,445	$	0	$	1,445
Written Options		0		198		0		0		0		198
Swap Agreements		0		943		0		0		0		943
	$	0	$	1,141	$	0	$	1,445	$	0	$	2,586
	$	0	$	1,141	$	0	$	1,445	$	175	$	2,761

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2018:

	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		$	(51	)	$	(51	)
Futures		0		0		0		0			(4,557	)		(4,557	)
Swap Agreements		0		0		0		0			3,264			3,264
	$	0	$	0	$	0	$	0		$	(1,344	)	$	(1,344	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4,318		$	0		$	4,318
Purchased Options		0		0		0		(6	)		(18	)		(24	)
Written Options		0		224		0		0			79			303
Swap Agreements		0		442		0		0			0			442
	$	0	$	666	$	0	$	4,312		$	61		$	5,039
	$	0	$	666	$	0	$	4,312		$	(1,283	)	$	3,695

86 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

	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	$	(9	)	$	(9	)
Futures		0		0			0		0		182			182
Swap Agreements		0		0			0		0		(874	)		(874	)
	$	0	$	0		$	0	$	0	$	(701	)	$	(701	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,983	$	0		$	1,983
Purchased Options		0		0			0		0		(6	)		(6	)
Written Options		0		203			0		0		0			203
Swap Agreements		0		(783	)		0		0		0			(783	)
	$	0	$	(580	)	$	0	$	1,983	$	(6	)	$	1,397
	$	0	$	(580	)	$	0	$	1,983	$	(707	)	$	696

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2018
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	0	$	459	$	459
Corporate Bonds & Notes
Banking & Finance		0		225,859		0		225,859
Industrials		0		59,387		0		59,387
Utilities		0		2,856		0		2,856
Municipal Bonds & Notes
California		0		4,862		0		4,862
Illinois		0		3,353		0		3,353
Ohio		0		1,229		0		1,229
Pennsylvania		0		10,007		0		10,007
Texas		0		1,018		0		1,018
Virginia		0		18,820		0		18,820
West Virginia		0		23,394		0		23,394
U.S. Government Agencies		0		639,281		0		639,281
U.S. Treasury Obligations		0		451,080		0		451,080
Non-Agency Mortgage-Backed Securities		0		263,391		0		263,391
Asset-Backed Securities		0		508,661		8,012		516,673
Sovereign Issues		0		7,112		0		7,112
U.S. Government Agencies		0		0		0		0
Short-Term Instruments
Repurchase Agreements		0		16,890		0		16,890
U.S. Treasury Bills		0		395		0		395
	$	0	$	2,237,595	$	8,471	$	2,246,066
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	101	$	0	$	0	$	101
Total Investments	$	101	$	2,237,595	$	8,471	$	2,246,167

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 87

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

(Unaudited)

June 30, 2018

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2018
Short Sales, at Value - Liabilities
U.S. Government Agencies	$	0		$	(8,143	)	$	0	$	(8,143	)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		138			52			0		190
Over the counter		0			1,321			0		1,321
	$	138		$	1,373		$	0	$	1,511
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(175	)		0			0		(175	)
Over the counter		0			(2,586	)		0		(2,586	)
	$	(175	)	$	(2,586	)	$	0	$	(2,761	)
Total Financial Derivative Instruments	$	(37	)	$	(1,213	)	$	0	$	(1,250	)
Totals	$	64		$	2,228,239		$	8,471	$	2,236,774

There were no significant transfers among Levels 1, 2, or 3 during the period ended June 30, 2018.

88 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series R

(Unaudited)

June 30, 2018

(Amounts in thousands*, except number of shares, contracts and units, if any)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 165.3%
CORPORATE BONDS & NOTES 8.7%
BANKING & FINANCE 5.4%
AerCap Ireland Capital DAC
3.750% due 05/15/2019	$		100	$		101
4.625% due 10/30/2020			100			102
Ally Financial, Inc.
3.500% due 01/27/2019			400			400
Deutsche Bank AG
4.250% due 10/14/2021			1,400			1,379
Goldman Sachs Group, Inc.
2.876% due 10/31/2022			300			293
3.541% due 09/15/2020			1,400			1,422
ING Bank NV
2.625% due 12/05/2022			400			392
International Lease Finance Corp.
5.875% due 04/01/2019			100			102
6.250% due 05/15/2019			100			103
8.250% due 12/15/2020			100			110
Lloyds Banking Group PLC
3.130% due 06/21/2021			200			200
7.000% due 06/27/2019 (c)(d)	GBP		400			539
Nordea Kredit Realkreditaktieselskab
2.500% due 10/01/2047	DKK		1			0
Nykredit Realkredit A/S
2.500% due 10/01/2047			161			26
Realkredit Danmark A/S
2.500% due 07/01/2047			117			19
Royal Bank of Scotland Group PLC
3.885% due 06/25/2024	$		300			300
4.519% due 06/25/2024			200			200
UBS AG
2.639% due 12/07/2018			900			901
2.901% due 06/08/2020			1,000			1,003
						7,592
INDUSTRIALS 0.8%
BAT Capital Corp.
2.945% due 08/14/2020			300			301
Dominion Energy Gas Holdings LLC
2.926% due 06/15/2021			200			200
eBay, Inc.
2.750% due 01/30/2023			300			289
Enbridge, Inc.
2.737% due 01/10/2020			300			300
VMware, Inc.
2.950% due 08/21/2022			100			96
						1,186

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 2.5%
AT&T, Inc.
3.298% due 07/15/2021	$		1,100	$		1,111
5.150% due 02/15/2050			300			281
5.300% due 08/15/2058			100			94
Gazprom OAO Via Gaz Capital S.A.
4.625% due 10/15/2018	EUR		120			142
NextEra Energy Capital Holdings, Inc.
2.636% due 09/03/2019			570			571
Petrobras Global Finance BV
4.375% due 05/20/2023			200			187
5.999% due 01/27/2028			490			444
6.125% due 01/17/2022			68			69
7.375% due 01/17/2027			500			501
Sempra Energy
2.791% due 03/15/2021			100			100
						3,500
Total Corporate Bonds & Notes (Cost $12,393)						12,278
U.S. GOVERNMENT AGENCIES 20.3%
Fannie Mae
2.536% (LIBOR01M + 0.445%) due 02/25/2037 ~			37			37
2.664% (12MTA + 1.200%) due 10/01/2044 ~			5			5
Fannie Mae, TBA
3.000% due 08/01/2048			300			290
3.500% due 07/01/2048 - 08/01/2048			14,200			14,121
4.000% due 08/01/2048			13,800			14,049
Freddie Mac
3.249% (US0012M + 1.500%) due 09/01/2036 ~			43			45
3.515% (US0006M + 1.744%) due 07/01/2036 ~			53			56
Total U.S. Government Agencies (Cost $28,465)						28,603
U.S. TREASURY OBLIGATIONS 105.0%
U.S. Treasury Inflation Protected Securities (b)
0.125% due 04/15/2019			1,054			1,048
0.125% due 04/15/2020 (f)			11,079			10,963
0.125% due 04/15/2021 (f)			932			918
0.125% due 01/15/2022 (h)			852			838
0.125% due 04/15/2022			807			790
0.125% due 07/15/2024 (f)			12,629			12,280
0.125% due 07/15/2026			2,550			2,444
0.250% due 01/15/2025 (f)			8,600			8,367
0.375% due 07/15/2025			1,957			1,923
0.500% due 01/15/2028			4,673			4,573

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 89

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.625% due 07/15/2021	$		667	$		670
0.625% due 04/15/2023			1,644			1,642
0.625% due 01/15/2024			4,921			4,916
0.625% due 01/15/2026 (f)			13,170			13,102
0.625% due 02/15/2043			545			516
0.750% due 02/15/2042			1,652			1,615
0.750% due 02/15/2045			3,086			2,997
0.875% due 02/15/2047			5,828			5,834
1.000% due 02/15/2046			4,526			4,666
1.000% due 02/15/2048			4,627			4,787
1.250% due 07/15/2020			838			851
1.375% due 02/15/2044			6,289			7,028
1.750% due 01/15/2028 (f)			19,918			21,772
1.875% due 07/15/2019			1,995			2,027
2.000% due 01/15/2026			1,910			2,093
2.125% due 02/15/2040 (j)			267			335
2.125% due 02/15/2041			2,517			3,190
2.375% due 01/15/2025			3,881			4,305
2.500% due 01/15/2029 (f)			10,840			12,747
3.375% due 04/15/2032			586			783
3.625% due 04/15/2028			4,633			5,887
3.875% due 04/15/2029			1,623			2,141
Total U.S. Treasury Obligations (Cost $148,482)						148,048
NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9%
Citigroup Mortgage Loan Trust
2.160% (US0001M + 0.200%) due 06/25/2047			706			708
Countrywide Alternative Loan Trust
2.279% due 12/20/2046 ^			1,185			1,003
Grifonas Finance PLC
0.009% due 08/28/2039	EUR		166			174
GSR Mortgage Loan Trust
3.678% due 09/25/2035	$		31			32
HarborView Mortgage Loan Trust
2.684% due 06/20/2035			547			544
IndyMac Mortgage Loan Trust
2.931% due 05/25/2034			1,512			1,408
MortgageIT Trust
3.096% due 12/25/2034			27			25
Residential Accredit Loans, Inc. Trust
2.271% due 06/25/2046			255			113
Swan Trust
3.310% due 04/25/2041	AUD		231			172
Total Non-Agency Mortgage- Backed Securities (Cost $3,922)						4,179
ASSET-BACKED SECURITIES 7.1%
Asset-Backed Funding Certificates Trust
2.691% due 10/25/2034			22			22

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CIT Mortgage Loan Trust
3.441% due 10/25/2037	$		667	$		675
Citigroup Mortgage Loan Trust
2.171% due 01/25/2037			219			156
2.236% due 09/25/2036			704			681
Citigroup Mortgage Loan Trust, Inc.
2.551% due 10/25/2035			500			465
Countrywide Asset-Backed Certificates Trust
2.621% due 02/25/2036			500			497
Credit Suisse Mortgage Capital Trust
4.500% due 03/25/2021			348			352
Dryden Senior Loan Fund
3.248% due 10/15/2027			700			700
Evans Grove CLO Ltd.
3.239% due 05/28/2028			1,600			1,600
First Franklin Mortgage Loan Trust
2.916% due 01/25/2035			34			34
Home Equity Asset Trust
2.946% due 08/25/2034			101			100
Long Beach Mortgage Loan Trust
2.551% due 01/25/2046			14			14
Massachusetts Educational Financing Authority
3.310% due 04/25/2038			62			62
Morgan Stanley ABS Capital, Inc. Trust
2.751% due 01/25/2035			268			263
Mountain View CLO Ltd.
3.162% due 10/13/2027			200			199
Nomura Home Equity Loan, Inc. Home Equity Loan Trust
2.601% due 05/25/2035			1,300			1,246
RAAC Trust
2.431% due 08/25/2036			100			100
Saxon Asset Securities Trust
2.811% due 05/25/2035			42			38
Sound Point CLO Ltd.
3.208% due 04/15/2027			600			600
Structured Asset Securities Corp. Mortgage Loan Trust
3.091% due 08/25/2037			54			54
Venture CLO Ltd.
3.119% due 02/28/2026			1,650			1,643
VOLT LLC
3.125% due 09/25/2047 ×			397			395
3.500% due 03/25/2047 ×			67			67
Total Asset-Backed Securities (Cost $9,765)						9,963
SOVEREIGN ISSUES 20.5%
Argentina Government International Bond
5.875% due 01/11/2028			400			326

90 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.875% due 01/26/2027	$		1,000	$		884
22.844% due 10/04/2022	ARS		100			5
34.188% due 04/03/2022			1,596			50
40.000% due 06/21/2020			14,879			536
Australia Government International Bond
1.250% due 02/21/2022 (b)	AUD		858			654
3.000% due 09/20/2025 (b)			1,884			1,627
Brazil Letras do Tesouro Nacional
0.000% due 01/01/2019 (a)	BRL		46,192			11,536
Canadian Government Real Return Bond
4.250% due 12/01/2026 (b)	CAD		911			915
Cyprus Government International Bond
2.750% due 06/27/2024	EUR		50			62
3.750% due 07/26/2023			130			167
3.875% due 05/06/2022			110			141
4.250% due 11/04/2025			130			174
Denmark Government International Bond
0.100% due 11/15/2023 (b)	DKK		11,590			1,971
France Government International Bond
0.100% due 03/01/2025 (b)	EUR		318			406
1.850% due 07/25/2027 (b)			1,672			2,492
Mexico Government International Bond
7.750% due 05/29/2031	MXN		8,021			408
New Zealand Government International Bond
2.000% due 09/20/2025 (b)	NZD		426			303
2.500% due 09/20/2035 (b)			416			310
3.000% due 09/20/2030 (b)			1,266			993
Qatar Government International Bond
3.875% due 04/23/2023	$		300			300
5.103% due 04/23/2048			200			200

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
United Kingdom Gilt
0.125% due 03/22/2026 (b)	GBP		1,706	$		2,606
0.125% due 03/22/2046 (b)			136			284
0.125% due 08/10/2048 (b)			112			243
0.125% due 11/22/2056 (b)			144			356
0.125% due 11/22/2065 (b)			149			434
1.875% due 11/22/2022 (b)			313			488
Total Sovereign Issues (Cost $30,622)						28,871
SHORT-TERM INSTRUMENTS 0.8%
REPURCHASE AGREEMENTS (e) 0.8%
						1,085
Total Short-Term Instruments (Cost $1,085)						1,085
Total Investments in Securities (Cost $234,734)						233,027
Total Investments 165.3% (Cost $234,734)				$		233,027
Financial Derivative Instruments (g)(i) 0.9% (Cost or Premiums, net $(815)						1,150
Other Assets and Liabilities, net (66.2)%						(93,246	)
Net Assets 100.0%				$		140,931

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

× Coupon represents a rate which changes periodically based on a predetermined schedule. Rate shown is the rate in effect as of period end.

(a) Zero coupon security.

(b) Principal amount of security is adjusted for inflation.

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

(d) Contingent convertible security.

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 91

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  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)
FICC	1.500%		06/29/2018		07/02/2018	$	1,085	U.S. Treasury Notes 2.125% due 08/15/2021	$	(1,107	)	$	1,085	$	1,085
Total Repurchase Agreements									$	(1,107	)	$	1,085	$	1,085

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(2)			Borrowing Date		Maturity Date		Amount Borrowed(2)			Payable for Sale-Buyback Transactions(3)
BPG		2.070	%		05/16/2018		07/16/2018	$	(40,073	)	$	(40,181	)
		3.980			04/25/2018		07/25/2018		(1,222	)		(1,226	)
		4.140			05/16/2018		07/16/2018		(23,746	)		(23,811	)
TDM		1.930			04/18/2018		07/12/2018		(6,127	)		(6,151	)
		1.930			05/02/2018		07/02/2018		(5,152	)		(5,169	)
		2.080			05/18/2018		07/13/2018		(18,179	)		(18,226	)
Total Sale-Buyback Transactions											$	(94,764)

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, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure(4)
Global/Master Repurchase Agreement
FICC	$	1,085	$	0	$	0		$	1,085		$	(1,107	)	$	(22	)
Master Securities Forward Transaction Agreement
BPG		0		0		(65,218	)		(65,218	)		65,576			358
BPS		0		0		0			0			(400	)		(400	)
TDM		0		0		(29,546	)		(29,546	)		29,783			237
Total Borrowings and Other Financing Transactions	$	1,085	$	0	$	(94,764	)

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
Sale-Buyback Transactions
U.S. Treasury Obligations	$	0	$	(94,764	)	$	0	$	0	$	(94,764	)
Total Borrowings	$	0	$	(94,764	)	$	0	$	0	$	(94,764	)
Payable for sale-buyback financing transactions										$	(94,764	)

92 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

(f) Securities with an aggregate market value of $95,359 have been pledged as collateral under the terms of the above master agreements as of June 30, 2018.

⁽¹⁾ Includes accrued interest.

⁽²⁾ The average amount of borrowings outstanding during the period ended June 30, 2018 was $(103,970) at a weighted average interest rate of 1.731%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽³⁾ Payable for sale-buyback transactions includes $(68) of deferred price drop.

⁽⁴⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Call - CBOT U.S. Treasury 5-Year Note September 2018 Futures	$	120.500		08/24/2018		32	$	32	$	0	$	0
Call - CBOT U.S. Treasury 5-Year Note September 2018 Futures		124.000		08/24/2018		9		9		0		0
Put - CBOT U.S. Treasury 10-Year Note September 2018 Futures		108.500		08/24/2018		53		53		1		0
Put - CBOT U.S. Treasury 10-Year Note September 2018 Futures		109.500		08/24/2018		39		39		0		0
Call - CBOT U.S. Treasury 10-Year Note September 2018 Futures		132.000		08/24/2018		4		4		0		0
Call - CBOT U.S. Treasury 10-Year Note September 2018 Futures		132.500		08/24/2018		12		12		0		0
Call - CBOT U.S. Treasury 10-Year Note September 2018 Futures		133.000		08/24/2018		2		2		0		0
Put - CBOT U.S. Treasury 30-Year Bond September 2018 Futures		112.000		08/24/2018		4		4		0		0
Call - CBOT U.S. Treasury 30-Year Bond September 2018 Futures		170.000		08/24/2018		2		2		0		0
Call - CBOT U.S. Treasury 30-Year Bond September 2018 Futures		171.000		08/24/2018		7		7		0		0
Call - CBOT U.S. Treasury 30-Year Bond September 2018 Futures		172.000		08/24/2018		7		7		0		0
Call - CBOT U.S. Treasury 30-Year Bond September 2018 Futures		174.000		08/24/2018		1		1		0		0
Call - CBOT U.S. Treasury 30-Year Bond September 2018 Futures		175.000		08/24/2018		47		47		1		0
Call - CBOT U.S. Treasury 30-Year Bond September 2018 Futures		190.000		08/24/2018		3		3		0		0
Call - CBOT U.S. Treasury Ultra Long-Term Bond September 2018 Futures		190.000		08/24/2018		1		1		0		0
Total Purchased Options									$	2	$	0

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOT U.S. Treasury 30-Year Bond August 2018 Futures	$	141.000		07/27/2018		2	$	2	$	(2	)	$	0
Put - CBOT U.S. Treasury 30-Year Bond August 2018 Futures		142.000		07/27/2018		2		2		(1	)		0
Put - CBOT U.S. Treasury 30-Year Bond August 2018 Futures		143.000		07/27/2018		8		8		(5	)		(3	)
Call - CBOT U.S. Treasury 30-Year Bond August 2018 Futures		145.000		07/27/2018		8		8		(5	)		(8	)
Call - CBOT U.S. Treasury 30-Year Bond August 2018 Futures		146.000		07/27/2018		8		8		(5	)		(5	)
Call - CBOT U.S. Treasury 30-Year Bond August 2018 Futures		146.500		07/27/2018		8		8		(5	)		(4	)
Total Written Options									$	(23)		$	(20)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 93

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

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
90-Day Eurodollar December Futures		12/2018		2		$	487	$	(2	)	$	0	$	0
90-Day Eurodollar December Futures		12/2019		2			485		(2	)		0		0
90-Day Eurodollar June Futures		06/2019		2			486		(2	)		0		0
90-Day Eurodollar March Futures		03/2019		2			486		(2	)		0		0
90-Day Eurodollar September Futures		09/2018		2			488		(2	)		0		0
90-Day Eurodollar September Futures		09/2019		2			485		(2	)		0		0
Call Options Strike @ EUR 180.000 on Euro-OAT France Government 10-Year Bond September 2018 Futures		08/2018		38		EUR	0		0			0		0
Call Options Strike @ EUR 183.000 on Euro-Bund 10-Year Bond September 2018 Futures		08/2018		26			0		0			0		0
Euro-Bund 10-Year Bond September Futures		09/2018		6			1,139		6			2		0
Put Options Strike @ EUR 144.000 on Euro-Bund 10-Year Bond September 2018 Futures		08/2018		19			0		0			0		0
U.S. Treasury 10-Year Note September Futures		09/2018		98		$	11,778		37			0		0
								$	31		$	2	$	0

SHORT FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Australia Government 3-Year Note September Futures	09/2018		10		AUD	(824	)	$	(3	)	$	0	$	0
Australia Government 10-Year Bond September Futures	09/2018		7			(670	)		(9	)		1		(1	)
Call Options Strike @ EUR 162.000 on Euro-Bund 10-Year Bond September 2018 Futures	08/2018		26		EUR	(41	)		(27	)		0		(4	)
Euro-BTP Italy Government Bond September Futures	09/2018		2			(297	)		2			0		(4	)
Euro-OAT France Government 10-Year Bond September Futures	09/2018		38			(6,858	)		(55	)		0		(30	)
Japan Government 10-Year Bond September Futures	09/2018		1		JPY	(1,362	)		(2	)		0		0
Put Options Strike @ EUR 157.000 on Euro-Bund 10-Year Bond September 2018 Futures	08/2018		13		EUR	(1	)		7			0		0
U.S. Treasury 5-Year Note September Futures	09/2018		41		$	(4,658	)		(22	)		1		0
U.S. Treasury 10-Year Ultra September Futures	09/2018		29			(3,719	)		(29	)		0		0
U.S. Treasury 30-Year Bond September Futures	09/2018		59			(8,555	)		(222	)		0		(2	)
U.S. Treasury Ultra Long-Term Bond September Futures	09/2018		1			(160	)		(3	)		0		0
United Kingdom Long Gilt September Futures	09/2018		7		GBP	(1,137	)		0			0		0
								$	(363	)	$	2	$	(41	)
Total Futures Contracts								$	(332	)	$	4	$	(41	)

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate	Payment Frequency	Maturity Date	Implied Credit Spread at June 30, 2018(3)			Notional Amount(4)		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value(5)		Variation Margin
															Asset		Liability
Daimler AG	1.000%	Quarterly	12/20/2020		0.495	%		EUR  110	$	2	$	0	$	2	$	0	$	0

94 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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

Index/Tranches	Fixed (Pay) Rate		Payment Frequency	Maturity Date		Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(5)			Variation Margin
																	Asset		Liability
CDX.HY-30 5-Year Index		(5.000)%	Quarterly		06/20/2023		$  1,840	$	(118	)	$	8		$	(110	)	$	0	$	(1	)
iTraxx Europe Main 26 5-Year Index		(1.000)	Quarterly		12/20/2021		EUR  1,900		(34	)		(8	)		(42	)		0		(1	)
iTraxx Europe Main 28 5-Year Index		(1.000)	Quarterly		12/20/2022		5,200		(146	)		47			(99	)		0		(2	)
								$	(298	)	$	47		$	(251)		$	0	$	(4	)

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.000	%	Annual		12/15/2047		$	1,190	$	2		$	115		$	117		$	5	$	0
Receive	1-Day USD-Federal Funds Rate Compounded-OIS		2.428		Annual		12/20/2047			1,100		3			4			7			5		0
Pay	1-Year BRL-CDI		11.970		Maturity		01/04/2027		BRL	3,700		1			11			12			5		0
Receive	3-Month NZD-BBR		3.250		Semi-Annual		03/21/2028		NZD	1,200		4			(29	)		(25	)		0		(5	)
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		06/20/2020		$	10,500		206			5			211			1		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		12/21/2026			3,860		(112	)		453			341			3		0
Receive(6)	3-Month USD-LIBOR		1.850		Semi-Annual		07/27/2026			1,600		(3	)		81			78			1		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		12/20/2019			100		(1	)		2			1			0		0
Pay	3-Month USD-LIBOR		2.000		Semi-Annual		06/20/2023			6,100		(236	)		(19	)		(255	)		0		(4	)
Receive(6)	3-Month USD-LIBOR		2.000		Semi-Annual		07/27/2026			11,500		193			296			489			10		0
Receive	3-Month USD-LIBOR		2.150		Semi-Annual		06/19/2048			1,000		100			72			172			2		0
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		12/16/2022			7,200		16			(211	)		(195	)		0		(4	)
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		12/20/2022			4,700		6			(134	)		(128	)		0		(3	)
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028			2,100		116			9			125			2		0
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028			2,310		(159	)		15			(144	)		0		(2	)
Receive(6)	3-Month USD-LIBOR		2.300	%	Semi-Annual		04/21/2026			2,300		(10	)		78			68			2		0
Receive(6)	3-Month USD-LIBOR		2.300		Semi-Annual		04/27/2026			5,900		(23	)		197			174			5		0
Receive(6)	3-Month USD-LIBOR		2.400		Semi-Annual		12/07/2026			12,200		112			196			308			10		0
Pay(6)	3-Month USD-LIBOR		2.500		Semi-Annual		12/19/2023			3,000		(24	)		(38	)		(62	)		0		(2	)
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		06/20/2048			1,910		229			(39	)		190			3		0
Pay(6)	3-Month USD-LIBOR		2.670		Semi-Annual		11/19/2023			2,000		0			(25	)		(25	)		0		(1	)
Pay(6)	3-Month USD-LIBOR		2.678		Semi-Annual		10/25/2023			2,000		0			(24	)		(24	)		0		(1	)
Pay(6)	3-Month USD-LIBOR		2.681		Semi-Annual		12/12/2023			2,000		0			(25	)		(25	)		0		(1	)
Receive(6)	3-Month USD-LIBOR		2.951		Semi-Annual		11/19/2048			100		0			1			1			0		0
Receive(6)	3-Month USD-LIBOR		2.969		Semi-Annual		10/25/2048			160		0			1			1			0		0
Receive(6)	3-Month USD-LIBOR		3.100		Semi-Annual		04/17/2028			380		(2	)		1			(1	)		0		0
Receive(6)	6-Month GBP-LIBOR		1.500		Semi-Annual		09/19/2028		GBP	7,630		125			(77	)		48			11		0
Receive(6)	6-Month GBP-LIBOR		1.750		Semi-Annual		09/19/2048			1,090		(68	)		24			(44	)		0		(1	)
Receive	6-Month JPY-LIBOR		0.300		Semi-Annual		09/20/2027		JPY	390,000		(7	)		(10	)		(17	)		0		(1	)
Receive	6-Month JPY-LIBOR		0.300		Semi-Annual		03/20/2028			170,000		(3	)		(1	)		(4	)		0		(1	)
Receive(6)	6-Month JPY-LIBOR		0.450		Semi-Annual		03/20/2029			180,000		(10	)		(7	)		(17	)		0		(1	)
Receive	CPTFEMU		1.505		Maturity		06/26/2021		EUR	300		0			0			0			0		0
Receive	CPTFEMU		1.535		Maturity		06/15/2023			6,600		(1	)		4			3			0		(3	)
Receive	CPTFEMU		1.535		Maturity		03/15/2028			600		0			(4	)		(4	)		0		0
Receive	CPTFEMU		1.620		Maturity		05/15/2028			620		0			1			1			0		0
Pay	CPTFEMU		1.710		Maturity		03/15/2033			300		(1	)		2			1			0		0
Receive	CPTFEMU		1.946		Maturity		03/15/2048			300		1			(5	)		(4	)		0		0
Pay	CPURNSA		1.550		Maturity		07/26/2021		$	900		30			2			32			0		0

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 95

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

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																					Asset		Liability
Pay	CPURNSA		1.603			Maturity		09/12/2021		$	770	$	23		$	2		$	25		$	0	$	0
Receive	CPURNSA		1.730			Maturity		07/26/2026			900		(48	)		(5	)		(53	)		0		0
Receive	CPURNSA		1.762			Maturity		08/30/2026			1,100		(54	)		(6	)		(60	)		0		0
Receive	CPURNSA		1.780			Maturity		09/15/2026			1,300		(63	)		(7	)		(70	)		0		0
Receive	CPURNSA		1.800			Maturity		09/12/2026			1,900		(19	)		(79	)		(98	)		0		0
Receive	CPURNSA		1.801			Maturity		09/12/2026			770		(36	)		(3	)		(39	)		0		0
Receive	CPURNSA		1.805			Maturity		09/12/2026			600		(27	)		(4	)		(31	)		0		0
Pay	CPURNSA		2.021			Maturity		11/25/2020			1,300		0			13			13			0		(1	)
Pay	CPURNSA		2.027			Maturity		11/23/2020			1,400		0			14			14			0		(1	)
Receive	CPURNSA		2.070			Maturity		10/04/2019			200		0			(2	)		(2	)		0		0
Receive	CPURNSA		2.143			Maturity		04/25/2020			50		0			0			0			0		0
Pay	CPURNSA		2.168			Maturity		07/15/2020			1,700		0			9			9			0		0
Pay	CPURNSA		2.210			Maturity		02/05/2023			3,240		0			18			18			0		(2	)
Pay	CPURNSA		2.220			Maturity		04/13/2023			2,240		0			8			8			1		0
Pay	CPURNSA		2.263			Maturity		04/27/2023			720		0			1			1			0		0
Pay	CPURNSA		2.263			Maturity		05/09/2023			510		0			1			1			0		0
Pay	CPURNSA		2.281			Maturity		05/10/2023			770		0			(1	)		(1	)		0		(1	)
Receive	CPURNSA		2.353			Maturity		02/05/2028			1,650		4			(9	)		(5	)		1		0
Receive	CPURNSA		2.353			Maturity		05/09/2028			510		0			0			0			0		0
Receive	CPURNSA		2.360			Maturity		05/09/2028			770		0			1			1			0		0
Receive	CPURNSA		2.364			Maturity		05/10/2028			770		0			1			1			0		0
Receive	CPURNSA		2.370			Maturity		06/06/2028			2,200		0			0			0			0		0
Pay	FRCPXTOB		1.000			Maturity		04/15/2020		EUR	150		0			1			1			0		0
Pay	FRCPXTOB		1.345			Maturity		06/15/2021			600		0			0			0			1		0
Receive	FRCPXTOB		1.575			Maturity		01/15/2028			430		0			(1	)		(1	)		0		0
Receive	FRCPXTOB		1.590			Maturity		02/15/2028			1,670		0			(3	)		(3	)		0		0
Receive	FRCPXTOB		1.606			Maturity		02/15/2028			240		0			0			0			0		0
Receive	UKRPI		3.140			Maturity		04/15/2031		GBP	40		(4	)		2			(2	)		0		0
Receive	UKRPI		3.190			Maturity		04/15/2030			1,500		(85	)		78			(7	)		0		(1	)
Receive	UKRPI		3.325			Maturity		08/15/2030			3,950		(39	)		97			58			0		(16	)
Receive	UKRPI		3.350			Maturity		05/15/2030			1,800		(18	)		77			59			0		(3	)
Receive	UKRPI		3.358			Maturity		04/15/2035			700		(24	)		41			17			1		0
Receive	UKRPI		3.400			Maturity		06/15/2030			1,000		17			23			40			0		(2	)
Pay	UKRPI		3.428			Maturity		03/15/2047			1,210		78			(78	)		0			2		0
Receive	UKRPI		3.470	%		Maturity		09/15/2032		$	1,870		(2	)		45			43			0		(6	)
Pay	UKRPI		3.585			Maturity		10/15/2046			980		(73	)		(48	)		(121	)		2		0
												$	114		$	1,108		$	1,222		$	73	$	(63	)
Total Swap Agreements												$	(182	)	$	1,155		$	973		$	73	$	(67	)

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, 2018:

	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	$	4	$	73	$	77	$	(20)		$  (41)		$  (67)		$  (128)

96 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

(h) Securities with an aggregate market value of $230 and cash of $2,485 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, 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⁾ 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.

⁽³⁾ 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.

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

⁽⁵⁾ The prices and resulting values for credit default swap agreements on credit indices serve as 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.

⁽⁶⁾ 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.

(i)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		07/2018		ARS	2,499	$		86	$	0	$	0
		07/2018	$		97		ARS	2,500		0		(11	)
		07/2018			3,661		AUD	4,960		9		0
		07/2018			920		EUR	786		0		(2	)
		07/2018			119		PLN	446		0		0
		08/2018		AUD	4,960	$		3,662		0		(9	)
		10/2018		PLN	446			119		0		0
BPS		07/2018		ARS	15,663			571		29		0
		07/2018		BRL	15,565			4,361		345		0
		07/2018		EUR	3,458			4,011		0		(28	)
		07/2018	$		1,128		ARS	31,802		1		(35	)
		07/2018			4,261		BRL	15,565		0		(245	)
		07/2018			1,842		JPY	200,100		0		(35	)
		08/2018		ARS	18,852	$		700		84		0
		09/2018	$		825		INR	56,425		0		(9	)
		01/2019		BRL	15,832	$		4,271		255		0
BRC		09/2018		KRW	721,165			651		2		0
		09/2018		SGD	883			651		2		0
		09/2018		TWD	19,679			651		2		0

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 97

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

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
CBK		07/2018		BRL	4,252	$		1,164	$	67	$	0
		07/2018		CAD	2,238			1,719		17		0
		07/2018		COP	2,348,420			797		0		(4	)
		07/2018		DKK	12,157			2,026		120		0
		07/2018		GBP	3,912			5,183		20		0
		07/2018		RUB	20,684			327		0		(2	)
		07/2018	$		1,136		BRL	4,252		0		(39	)
		08/2018		MXN	3,230	$		168		7		0
		09/2018	$		795		COP	2,348,420		4		0
		01/2019		BRL	4,391	$		1,155		41		0
DUB		07/2018		ARS	8,160			282		0		(1	)
		07/2018		BRL	17,300			5,037		573		0
		07/2018	$		298		ARS	8,160		0		(16	)
		07/2018			4,487		BRL	17,300		0		(23	)
GLM		07/2018		AUD	4,960	$		3,729		58		0
		07/2018		GBP	223			297		3		0
		07/2018	$		180		GBP	134		0		(4	)
		09/2018		INR	54,983	$		798		3		0
HUS		07/2018		BRL	21,200			6,052		582		0
		07/2018	$		5,498		BRL	21,200		0		(28	)
		07/2018			1,682		CAD	2,238		20		0
		07/2018			328		RUB	20,685		1		0
		08/2018		CAD	2,238	$		1,683		0		(20	)
		08/2018		RUB	20,684			327		0		(1	)
		08/2018	$		319		RUB	19,944		0		(3	)
		09/2018		CNH	10,375	$		1,630		71		0
		09/2018	$		514		IDR	7,387,126		0		(4	)
JPM		07/2018		BRL	25,447	$		6,600		34		0
		07/2018		EUR	674			793		6		0
		07/2018		NZD	2,425			1,677		34		0
		07/2018	$		7,207		BRL	25,447		0		(641	)
		07/2018			820		COP	2,348,420		0		(19	)
		01/2019		BRL	18,500	$		4,982		290		0
MSB		07/2018		PLN	446			131		12		0
		08/2018	$		39		ARS	798		0		(12	)
		09/2018		ARS	1,280	$		58		17		0
SCX		07/2018		BRL	7,336			1,903		10		0
		07/2018	$		2,000		BRL	7,336		0		(107	)
		07/2018			1,905		DKK	12,155		0		0
		07/2018			1,654		NZD	2,425		0		(12	)
		08/2018		NZD	2,425	$		1,654		12		0
		09/2018		KRW	732,204			681		23		0
		10/2018		DKK	12,155			1,919		0		0
		01/2019		BRL	7,469			2,006		112		0
SSB		07/2018	$		3,895		EUR	3,346		12		0
		08/2018		EUR	3,346	$		3,904		0		(12	)
TOR		07/2018		JPY	200,100			1,821		14		0
		08/2018	$		1,825		JPY	200,100		0		(14	)
UAG		07/2018			5,291		GBP	4,001		0		(10	)
		08/2018		GBP	4,001	$		5,298		10		0
Total Forward Foreign Currency Contracts									$	2,902	$	(1,346	)

98 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

PURCHASED OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty

Description

Strike Price

Expiration Date

Notional Amount

Cost

Market Value

BPS

Call - OTC USD versus JPY

JPY

116.900

07/03/2018

$

1,900

$

0

$

0

INTEREST RATE SWAPTIONS

Counterparty

Description

Floating Rate Index

Pay/ Receive Floating Rate

Exercise Rate

Expiration Date

Notional Amount

Cost

Market Value

MYC

Put - OTC 10-Year Interest Rate Swap

3-Month USD-LIBOR

Receive

2.765%

07/16/2018

$

3,300

$

39

$

59

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount		Cost		Market Value
JPM	Put - OTC Fannie Mae, TBA 3.500% due 07/01/2048	$	69.000		07/05/2018	$	17,000	$	1	$	0
	Put - OTC Fannie Mae, TBA 4.000% due 07/01/2048		71.000		07/05/2018		9,800		0		0
								$	1	$	0
Total Purchased Options								$	40	$	59

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection		Exercise Rate			Expiration Date		Notional Amount			Premiums (Received)			Market Value
BPS	Put - OTC CDX.IG-30 5-Year Index		Sell		0.750	%		07/18/2018		$	900	$	(1	)	$	0
	Put - OTC CDX.IG-30 5-Year Index		Sell		0.900			09/19/2018			1,700		(2	)		(2	)
	Put - OTC iTraxx Europe 29 5-Year Index		Sell		0.900			08/15/2018		EUR	2,700		(5	)		(4	)
CBK	Put - OTC CDX.IG-30 5-Year Index		Sell		0.900			09/19/2018		$	800		(1	)		(1	)
CKL	Put - OTC iTraxx Europe 29 5-Year Index		Sell		0.900			09/19/2018		EUR	5,500		(12	)		(14	)
												$	(21	)	$	(21	)

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price			Expiration Date		Notional Amount			Premiums (Received)			Market Value
CBK	Call - OTC USD versus MXN		MXN	21.100		08/22/2018		$	1,157	$	(13	)	$	(8	)

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 99

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

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
GLM	Cap - OTC CPALEMU		100.151	Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0		06/22/2035		EUR    1,200		(55	)		(7	)
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	)		(4	)
	Floor - OTC YOY CPURNSA		238.654	Maximum of [0.000% - (Final Index/Initial Index - 1)] or 0		10/02/2020		2,100		(39	)		(3	)
									$	(505	)	$	(15	)

INTEREST RATE SWAPTIONS

Counterparty

Description

Floating Rate Index

Pay/ Receive Floating Rate

Exercise Rate

Expiration Date

Notional Amount

Premiums (Received)

Market Value

CBK

Put - OTC 5-Year Interest Rate Swap(1)

3-Month USD-LIBOR

Pay

3.250%

12/04/2018

$

3,100

$

(18

)

$

(11

)

INTEREST RATE-CAPPED OPTIONS

Counterparty	Description	Exercise Rate		Floating Rate Index	Expiration Date		Notional Amount		Premiums (Received)			Market Value
MYC	Call - OTC 1-Year Interest Rate Floor(1)		0.000%	10-Year USD-ISDA - 2-Year USD-ISDA		01/02/2020	$	25,000	$	(19	)	$	(36	)
Total Written Options									$	(576	)	$	(91	)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2018(4)			Notional Amount(5)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
																			Asset		Liability
FBF	Brazil Government International Bond		1.000	%		Quarterly		06/20/2021		1.880	%	$	300	$	(21	)	$	14	$	0	$	(7	)
HUS	Brazil Government International Bond		1.000			Quarterly		06/20/2021		1.880			1,200		(83	)		54		0		(29	)
	Brazil Government International Bond		1.000			Quarterly		06/20/2022		2.295			400		(26	)		7		0		(19	)
JPM	Brazil Government International Bond		1.000			Quarterly		06/20/2021		1.880			200		(14	)		9		0		(5	)
														$	(144	)	$	84	$	0	$	(60	)

100 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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

Counterparty	Index/Tranches	Fixed Receive Rate	Payment Frequency		Maturity Date		Notional Amount(5)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value(6)
														Asset		Liability
DUB	CMBX.NA.AAA.7 Index	0.500%		Monthly		01/17/2047	$	220	$	(7	)	$	8	$	1	$	0
	CMBX.NA.AAA.8 Index	0.500		Monthly		10/17/2057		500		(22	)		24		2		0
MYC	CMBX.NA.AAA.7 Index	0.500		Monthly		01/17/2047		180		(6	)		7		1		0
									$	(35	)	$	39	$	4	$	0

INTEREST RATE SWAPS

Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Payment Frequency		Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																		Asset		Liability
BOA	Pay	CPURNSA		1.560%		Maturity		12/17/2020		$	1,700	$	0		$	48		$	48	$	0
BRC	Receive	1-Year ILS-TELBOR		0.374		Annual		06/20/2020		ILS	2,240		0			1			1		0
	Pay	1-Year ILS-TELBOR		1.950		Annual		06/20/2028			480		0			(1	)		0		(1	)
DUB	Pay	CPURNSA		2.500		Maturity		07/15/2022		$	5,000		103			(488	)		0		(385	)
GLM	Receive	1-Year ILS-TELBOR		0.290		Annual		02/16/2020		ILS	4,230		0			0			0		0
	Receive	1-Year ILS-TELBOR		0.370		Annual		06/20/2020			1,740		0			1			1		0
	Pay	1-Year ILS-TELBOR		1.971		Annual		02/16/2028			890		0			1			1		0
	Pay	1-Year ILS-TELBOR		1.998		Annual		06/20/2028			370		0			0			0		0
JPM	Receive	1-Year ILS-TELBOR		0.420		Annual		06/20/2020			2,150		0			0			0		0
	Pay	1-Year ILS-TELBOR		2.078		Annual		06/20/2028			460		0			1			1		0
MYC	Pay	CPURNSA		1.548		Maturity		12/21/2020		$	4,000		0			115			115		0
	Receive	CPURNSA		1.800		Maturity		07/20/2026			600		0			(32	)		0		(32	)
	Receive	CPURNSA		1.805		Maturity		09/20/2026			300		0			(16	)		0		(16	)
												$	103		$	(370	)	$	167	$	(434	)
Total Swap Agreements												$	(76	)	$	(247	)	$	171	$	(494	)

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, 2018:

	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)
BOA	$	9	$	0	$	48	$	57	$	(22	)	$	0		$	0		$	(22	)	$	35		$	0		$	35
BPS		714		0		0		714		(352	)		(6	)		0			(358	)		356			(310	)		46
BRC		6		0		1		7		0			0			(1	)		(1	)		6			0			6
CBK		276		0		0		276		(45	)		(20	)		0			(65	)		211			(260	)		(49	)
CKL		0		0		0		0		0			(14	)		0			(14	)		(14	)		0			(14	)
DUB		573		0		3		576		(40	)		0			(385	)		(425	)		151			(460	)		(309	)
FBF		0		0		0		0		0			0			(7	)		(7	)		(7	)		0			(7	)
GLM		64		0		2		66		(4	)		(7	)		0			(11	)		55			0			55

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 101

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

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(7)
HUS	$	674	$	0	$	0	$	674	$	(56	)	$	0		$	(48	)	$	(104	)		570			(590	)		(20	)
JPM		364		0		1		365		(660	)		(8	)		(5	)		(673	)		(308	)		302			(6	)
MSB		29		0		0		29		(12	)		0			0			(12	)		17			0			17
MYC		0		59		116		175		0			(36	)		(48	)		(84	)		91			0			91
SCX		157		0		0		157		(119	)		0			0			(119	)		38			(10	)		28
SSB		12		0		0		12		(12	)		0			0			(12	)		0			0			0
TOR		14		0		0		14		(14	)		0			0			(14	)		0			0			0
UAG		10		0		0		10		(10	)		0			0			(10	)		0			0			0
Total Over the Counter	$	2,902	$	59	$	171	$	3,132	$	(1,346)		$	(91)		$	(494	)	$	(1,931)

(j) Securities with an aggregate market value of $302 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2018.

⁽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⁾ 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.

⁽⁴⁾ 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.

⁽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⁾ 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.

⁽⁷⁾ 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 Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

102 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	4	$	4
Swap Agreements		0		0		0		0		73		73
	$	0	$	0	$	0	$	0	$	77	$	77
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,902	$	0	$	2,902
Purchased Options		0		0		0		0		59		59
Swap Agreements		0		4		0		0		167		171
	$	0	$	4	$	0	$	2,902	$	226	$	3,132
	$	0	$	4	$	0	$	2,902	$	303	$	3,209
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	20	$	20
Futures		0		0		0		0		41		41
Swap Agreements		0		4		0		0		63		67
	$	0	$	4	$	0	$	0	$	124	$	128
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,346	$	0	$	1,346
Written Options		0		21		0		8		62		91
Swap Agreements		0		60		0		0		434		494
	$	0	$	81	$	0	$	1,354	$	496	$	1,931
	$	0	$	85	$	0	$	1,354	$	620	$	2,059

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	0	$	0		$	17		$	17
Written Options		0		0			0		0			143			143
Futures		0		0			0		0			190			190
Swap Agreements		0		(106	)		0		0			920			814
	$	0	$	(106	)	$	0	$	0		$	1,270		$	1,164
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(131	)	$	0		$	(131	)
Purchased Options		0		0			0		3			(116	)		(113	)
Written Options		0		16			0		9			97			122
Swap Agreements		0		13			0		0			(309	)		(296	)
	$	0	$	29		$	0	$	(119	)	$	(328	)	$	(418	)
	$	0	$	(77	)	$	0	$	(119	)	$	942		$	746

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 103

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

(Unaudited)

June 30, 2018

	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	$	(5	)	$	(5	)
Written Options		0		0			0		0		(16	)		(16	)
Futures		0		0			0		0		(347	)		(347	)
Swap Agreements		0		138			0		0		316			454
	$	0	$	138		$	0	$	0	$	(52	)	$	86
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	2,463	$	0		$	2,463
Purchased Options		0		0			0		0		144			144
Written Options		0		0			0		4		(44	)		(40	)
Swap Agreements		0		(49	)		0		0		389			340
	$	0	$	(49	)	$	0	$	2,467	$	489		$	2,907
	$	0	$	89		$	0	$	2,467	$	437		$	2,993

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2018
Investments in Securities, at Value
Corporate Bonds & Notes
Banking & Finance	$	0		$	7,592		$	0	$	7,592
Industrials		0			1,186			0		1,186
Utilities		0			3,500			0		3,500
U.S. Government Agencies		0			28,603			0		28,603
U.S. Treasury Obligations		0			148,048			0		148,048
Non-Agency Mortgage-Backed Securities		0			4,179			0		4,179
Asset-Backed Securities		0			9,963			0		9,963
Sovereign Issues		0			28,871			0		28,871
Short-Term Instruments
Repurchase Agreements		0			1,085			0		1,085
Total Investments	$	0		$	233,027		$	0	$	233,027
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		4			73			0		77
Over the counter		0			3,132			0		3,132
	$	4		$	3,205		$	0	$	3,209
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(41	)		(87	)		0		(128	)
Over the counter		0			(1,931	)		0		(1,931	)
	$	(41	)	$	(2,018	)	$	0	$	(2,059	)
Total Financial Derivative Instruments	$	(37	)	$	1,187		$	0	$	1,150
Totals	$	(37	)	$	234,214		$	0	$	234,177

There were no significant transfers among Levels 1, 2, or 3 during the period ended June 30, 2018.

104 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Schedule of Investments PIMCO Fixed Income SHares: Series TE

(Unaudited)

June 30, 2018

(Amounts in thousands*, except number of shares, contracts and units, if any)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.8%
MUNICIPAL BONDS & NOTES 99.2%
ALABAMA 0.9%
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2018
4.000% due 12/01/2048	$		800	$		855
ARIZONA 2.7%
Industrial Development Authority of the City of Phoenix, Arizona Revenue Notes, Series 2018
5.000% due 07/01/2028			250			285
Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2010
5.000% due 07/01/2028			1,000			1,065
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2012
5.000% due 12/01/2030			1,000			1,103
						2,453
CALIFORNIA 12.5%
Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.000% due 04/01/2038			2,000			2,295
California County Tobacco Securitization Agency Revenue Bonds, Series 2002
5.750% due 06/01/2029			945			955
California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2042			1,000			1,120
California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,000			1,072
California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (a)			3,000			3,422
California Statewide Communities Development Authority Revenue Bonds, Series 2018
5.000% due 12/01/2057			900			1,028
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2031			1,300			1,513
						11,405
COLORADO 2.6%
Colorado Health Facilities Authority Revenue Bonds, Series 2013
5.000% due 12/01/2033			2,125			2,341

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CONNECTICUT 2.6%
Connecticut Special Tax State Revenue Bonds, Series 2018
5.000% due 01/01/2029	$		110	$		126
Connecticut State General Obligation Bonds, Series 2018
5.000% due 06/15/2035			1,000			1,113
Connecticut State Health & Educational Facility Authority Revenue Bonds, Series 2014
5.000% due 07/01/2026			1,000			1,119
						2,358
FLORIDA 2.2%
Broward County, Florida Airport System Revenue Bonds, Series 2012
5.000% due 10/01/2037			1,300			1,426
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2013
5.000% due 10/01/2028			555			624
						2,050
GEORGIA 1.1%
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2018
2.093% due 04/01/2048			1,000			997
ILLINOIS 11.0%
Chicago, Illinois General Obligation Bonds, Series 2002
5.500% due 01/01/2037			1,000			1,066
Chicago, Illinois General Obligation Bonds, Series 2017
5.750% due 01/01/2034			1,500			1,670
Chicago, Illinois General Obligation Notes, Series 2016
5.000% due 01/01/2024			1,000			1,069
Illinois Finance Authority Revenue Bonds, Series 2017
5.000% due 12/01/2037			1,000			1,043
Illinois State General Obligation Bonds, Series 2014
5.250% due 02/01/2028			1,000			1,007
Illinois State General Obligation Bonds, Series 2018
5.000% due 05/01/2036			1,000			1,050
5.000% due 05/01/2042			1,000			1,045
Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025			2,000			2,131
						10,081

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 105

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDIANA 0.6%
Rockport, Indiana Revenue Bonds, Series 2009
3.050% due 06/01/2025	$		500	$		503
KANSAS 2.4%
Kansas Development Finance Authority Revenue Bonds, Series 2012
5.000% due 11/15/2034			2,000			2,199
MASSACHUSETTS 4.9%
Massachusetts Development Finance Agency Revenue Bonds, Series 2016
5.000% due 01/01/2047			1,000			1,096
Massachusetts Development Finance Agency Revenue Bonds, Series 2018
5.000% due 07/01/2053			1,000			1,100
Massachusetts State College Building Authority Revenue Bonds, Series 2014
5.000% due 05/01/2028			2,000			2,256
						4,452
MICHIGAN 3.5%
Michigan Finance Authority Revenue Notes, Series 2014
4.000% due 10/01/2024			2,000			2,102
Michigan Finance Authority Revenue Notes, Series 2016
5.000% due 04/01/2024			1,000			1,114
						3,216
MISSOURI 1.6%
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, (AMBAC Insured), Series 2001
3.073% due 06/01/2031			475			475
3.076% due 06/01/2031			1,000			1,000
						1,475
NEBRASKA 1.2%
Central Plains Energy Project, Nebraska Revenue Bonds, Series 2012
5.000% due 09/01/2032			1,000			1,095
NEVADA 1.4%
Reno, Nevada Revenue Bonds, (AGM Insured), Series 2018
4.125% due 06/01/2058			1,250			1,270

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW JERSEY 7.1%
Atlantic City, New Jersey General Obligation Bonds, (BAM Insured), Series 2017
5.000% due 03/01/2042	$		1,250	$		1,383
Atlantic City, New Jersey General Obligation Notes, (BAM Insured), Series 2017
5.000% due 03/01/2026			250			283
New Jersey Economic Development Authority Revenue Bonds, Series 2013
3.060% due 09/01/2027			500			494
New Jersey Economic Development Authority Revenue Notes, Series 2016
5.000% due 06/15/2022			1,500			1,615
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.250% due 07/01/2035			1,000			1,118
New Jersey Turnpike Authority Revenue Notes, Series 2017
2.088% due 01/01/2024			1,000			1,005
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2029			500			582
						6,480
NEW MEXICO 0.7%
Albuquerque Municipal School District No.12, New Mexico General Obligation Bonds, Series 2017
5.000% due 08/01/2027			500			591
NEW YORK 8.4%
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2028			1,340			1,498
New York State Energy Research & Development Authority Revenue Bonds, Series 1994
3.500% due 10/01/2029			1,000			1,003
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2013
5.000% due 11/15/2027			2,000			2,276
TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2033			1,000			1,109
TSASC, Inc., New York Revenue Notes, Series 2017
5.000% due 06/01/2027			1,500			1,746
						7,632
NORTH CAROLINA 1.2%
North Carolina Turnpike Authority Revenue Bonds, Series 2011
5.000% due 07/01/2024			1,000			1,088

106 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OHIO 1.0%
Cleveland, Ohio Revenue Bonds, Series 2017
5.000% due 10/01/2030	$		750	$		870
PENNSYLVANIA 4.8%
Commonwealth Financing Authority, Pennsylvania Revenue Bonds, Series 2018
5.000% due 06/01/2031			1,000			1,143
Commonwealth of Pennsylvania General Obligation Bonds, Series 2018
4.000% due 03/01/2037			1,000			1,031
Delaware River Port Authority, Pennsylvania Revenue Notes, Series 2012
5.000% due 01/01/2023			1,000			1,111
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017
5.000% due 02/15/2045 (a)			1,000			1,122
						4,407
PUERTO RICO 4.0%
Puerto Rico Electric Power Authority Revenue Bonds, (AGM Insured), Series 2007
2.069% due 07/01/2029			1,010			889
Puerto Rico Highway & Transportation Authority Revenue Bonds, (AGC Insured), Series 2005
5.250% due 07/01/2041			500			558
Puerto Rico Highway & Transportation Authority Revenue Bonds, (AGC Insured), Series 2007
5.250% due 07/01/2036			2,000			2,226
						3,673
RHODE ISLAND 2.3%
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2040			1,000			1,068
5.000% due 06/01/2050			1,000			1,032
						2,100
TENNESSEE 0.3%
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.250% due 09/01/2024			200			228
TEXAS 13.1%
Austin, Texas Airport System Revenue Bonds, Series 2017
5.000% due 11/15/2046			1,000			1,134

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Irving Hospital Authority, Texas Revenue Bonds, Series 2017
2.610% due 10/15/2044	$		1,000	$		1,001
New Hope Cultural Education Facilities Corp., Texas Revenue Bonds, Series 2016
4.000% due 07/01/2036			1,000			1,018
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
5.000% due 01/01/2030			630			678
SA Energy Acquisition Public Facility Corp., Texas Revenue Bonds, Series 2007
5.500% due 08/01/2025			1,000			1,162
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2023			1,000			1,133
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			5,000			5,825
						11,951
VIRGINIA 2.8%
Loudoun County, Virginia General Obligation Bonds, Series 2013
5.000% due 12/01/2027			2,315			2,593
WASHINGTON 1.1%
Seattle, Washington Municipal Light and Power Revenue Bonds, Series 2018
4.000% due 01/01/2040 (a)			500			525
Washington Health Care Facilities Authority Revenue Bonds, Series 2013
2.910% due 01/01/2035			500			505
						1,030
WISCONSIN 1.2%
WPPI Energy, Wisconsin Revenue Bonds, Series 2013
5.000% due 07/01/2025			1,000			1,125
Total Municipal Bonds & Notes (Cost $87,243)						90,518
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (b) 0.6%
						566
Total Short-Term Instruments (Cost $566)						566
Total Investments in Securities (Cost $87,809)						91,084

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 107

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 3.2%
SHORT-TERM INSTRUMENTS 3.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.2%
PIMCO Short-Term Floating NAV Portfolio III		289,231	$		2,859
Total Short-Term Instruments (Cost $2,859)					2,859
Total Investments in Affiliates (Cost $2,859)					2,859
Total Investments 103.0% (Cost $90,668)			$		93,943
Financial Derivative Instruments (c) 0.0% Cost or Premiums, net $(0)					0
Other Assets and Liabilities, net (3.0)%					(2,695	)
Net Assets 100.0%			$		91,248

NOTES TO SCHEDULE OF INVESTMENTS:

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

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

(a) 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.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  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)
FICC	1.500%		06/29/2018		07/02/2018	$	566	U.S. Treasury Notes 2.125% due 08/15/2021	$	(581	)	$	566	$	566
Total Repurchase Agreements									$	(581	)	$	566	$	566

108 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

(Unaudited)

June 30, 2018

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, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/ (Received)		Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	566	$	0	$	0	$	566	$	(581)	$	(15)
Total Borrowings and Other Financing Transactions	$	566	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount				Unrealized Appreciation/ (Depreciation)			Variation Margin
												Asset		Liability
U.S. Treasury 10-Year Note September Futures		09/2018		65		$	(7,812	)	$	(45	)	$	0	$	0
U.S. Treasury 30-Year Bond September Futures		09/2018		10			(1,450	)		2			0		0
Total Futures Contracts									$	(43	)	$	0	$	0

Cash of $114 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2018:

	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	$	321	$	321
Over the counter
Swap Agreements	$	0	$	(13	)	$	0	$	0	$	48	$	35
	$	0	$	(13	)	$	0	$	0	$	369	$	356

See Accompanying Notes SEMIANNUAL REPORT JUNE 30, 2018 109

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

(Unaudited)

June 30, 2018

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	(91	)	$	(91	)
Over the counter
Swap Agreements	$	0	$	9	$	0	$	0	$	(32	)	$	(23	)
	$	0	$	9	$	0	$	0	$	(123	)	$	(114	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2018 in valuing the Portfolio’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2018
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	855	$	0	$	855
Arizona		0		2,453		0		2,453
California		0		11,405		0		11,405
Colorado		0		2,341		0		2,341
Connecticut		0		2,358		0		2,358
Florida		0		2,050		0		2,050
Georgia		0		997		0		997
Illinois		0		10,081		0		10,081
Indiana		0		503		0		503
Kansas		0		2,199		0		2,199
Massachusetts		0		4,452		0		4,452
Michigan		0		3,216		0		3,216
Missouri		0		1,475		0		1,475
Nebraska		0		1,095		0		1,095
Nevada		0		1,270		0		1,270
New Jersey		0		6,480		0		6,480
New Mexico		0		591		0		591
New York		0		7,632		0		7,632
North Carolina		0		1,088		0		1,088
Ohio		0		870		0		870
Pennsylvania		0		4,407		0		4,407
Puerto Rico		0		3,673		0		3,673
Rhode Island		0		2,100		0		2,100
Tennessee		0		228		0		228
Texas		0		11,951		0		11,951
Virginia		0		2,593		0		2,593
Washington		0		1,030		0		1,030
Wisconsin		0		1,125		0		1,125
Short-Term Instruments
Repurchase Agreements		0		566		0		566
	$	0	$	91,084	$	0	$	91,084
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	2,859	$	0	$	0	$	2,859
Total Investments	$	2,859	$	91,084	$	0	$	93,943

There were no significant transfers among Levels 1, 2, or 3 during the period ended June 30, 2018.

110 PIMCO MANAGED ACCOUNTS TRUST See Accompanying Notes

Notes to Financial Statements

(Unaudited)

June 30, 2018

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 functional and reporting currency for the Portfolios is the U.S. dollar. 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 registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, 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.

SEMIANNUAL REPORT JUNE 30, 2018 111

Notes to Financial Statements (Cont.)

(b) Cash and Foreign Currency  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 (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 dividends. Dividends are declared daily and paid monthly, generally on the last business day of the month. Net realized capital gains earned by each Portfolio, if any, will be distributed no less frequently than once each year. A Portfolio may engage in investment strategies, including the use of derivatives, to, among other things, seek to generate current, distributable income without regard to possible declines in the Portfolio’s net asset value (“NAV”). A Portfolio’s income and gain-generating strategies, including certain derivatives strategies, may generate current, distributable income, even if such strategies could potentially result in declines in a Portfolio’s NAV. 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. A Portfolio’s transactions in derivatives, short sales, or similar transactions could affect the amount, timing and character of distributions from the Portfolio, and could increase the amount or accelerate the timing for payment of taxes payable by shareholders.

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.

112 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

June 30, 2018

If a Portfolio estimates that a portion of its distribution may be comprised of amounts from sources other than net investment 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, a Portfolio’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a 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 for the calendar year.

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 August 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-15, which amends Accounting Standards Codification (“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. The Portfolios have adopted the ASU. The implementation of the ASU did not have an impact on the Portfolios’ financial statements.

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 Portfolios have adopted the ASU. The implementation of the ASU did not have an impact on the 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.

SEMIANNUAL REPORT JUNE 30, 2018 113

Notes to Financial Statements (Cont.)

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 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 a 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 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

114 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

June 30, 2018

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. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) relating to the non-U.S security being fair valued between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). 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 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

SEMIANNUAL REPORT JUNE 30, 2018 115

Notes to Financial Statements (Cont.)

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.

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

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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.

(c) Valuation Techniques and the Fair Value Hierarchy

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.

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

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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 and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. 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.

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.

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4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolios. The table below shows the Portfolios’ transactions in and earnings from these affiliated issuers for the period ended June 30, 2018 (amounts in thousands^†):

Investments in PIMCO Short-Term Floating NAV Portfolio III

Portfolio Name	Market Value 12/31/2017		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
Fixed Income SHares - Series C	$	0	$	26,712	$	(26,600	)	$	2	$	0	$	114	$	12	$	0
Fixed Income SHares - Series LD		0		9,202		(9,090	)		0		0		112		2		0
Fixed Income SHares - Series M		0		8,201		(8,100	)		0		0		101		1		0
Fixed Income SHares - Series TE		0		9,718		(6,860	)		1		0		2,859		18		0

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Portfolios may utilize the investments and strategies described below to the extent permitted by each Portfolio’s respective investment policies.

Delayed-Delivery 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, the Portfolio does not participate in future gains (losses) with respect to the security.

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

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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 and Assignments  are 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 exposure to investments in 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, including those arising under bankruptcy, fraudulent conveyance, equitable subordination, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.

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

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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 loans, commercial real estate and other commercial loans and structured loans. The Portfolios may 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. Unfunded loan commitments are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities  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.

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Notes to Financial Statements (Cont.)

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 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. The Portfolios may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or “first loss” tranche.

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

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

Payment In-Kind Securities  (“PIKs”) may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be 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 investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolios at June 30, 2018 are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  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.

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Notes to Financial Statements (Cont.)

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. Instead, they are supported only by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

Roll-timing strategies can be used where a Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially 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. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Portfolios to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Portfolios’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolios and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolios may enter into the borrowings and other financing transactions described below to the extent permitted by each Portfolio’s respective investment policies.

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  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. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any 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.

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(b) 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 a Portfolio’s obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price; please 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  A sale-buyback financing 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  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 the 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

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Notes to Financial Statements (Cont.)

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, or securities identical to 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  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 issuances to purchase a fixed rate municipal bond (“Fixed Rate Bond”) that is either owned or identified by the Portfolio. The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to a 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 the 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 (less transaction expenses) from the issuance of the TOB Floater and TOB Residual to purchase the Fixed Rate Bond from a Portfolio, a Portfolio may then invest the cash received in additional securities, generating leverage for a Portfolio. Other PIMCO-managed accounts may also contribute municipal bonds to a TOB Trust into which a Portfolio has contributed Fixed Rate Bonds. If multiple PIMCO-managed accounts 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.

A 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

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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 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 considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Floaters, less certain transaction expenses, is paid to a Portfolio. A Portfolio typically invests the cash received in additional municipal bonds. The Portfolios account for the transactions described above as secured borrowings by including the Fixed Rate Bonds 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 expense incurred on the secured borrowing 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.

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. 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. The Risk Retention Rules require the sponsor to a TOB Trust to retain at least five percent of the credit risk of the underlying assets supporting to the TOB Trust’s municipal bonds. The Risk Retention Rules may increase the costs of such transactions in certain circumstances.

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Notes to Financial Statements (Cont.)

In response to these rules, industry participants explored various structuring alternatives for TOB Trusts established after December 31, 2013 and TOB Trusts established prior to December 31, 2013 (“Legacy TOB Trusts”) and agreed on a new tender option bond structure in which the Portfolios hire service providers to assist with establishing, structuring and sponsoring a TOB Trust. Service providers to a TOB Trust, such as administrators, liquidity providers, trustees and remarketing agents act at the direction of, and as agent of, the Portfolios as the TOB residual holders.

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 interest rate agreed upon with the liquidity provider.

For the period ended June 30, 2018, 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	$	3,019		2.00%

* Annualized

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolios may enter into the financial derivative instruments described below to the extent permitted by each Portfolio’s respective investment policies.

The following disclosures contain information on how and why the Portfolios use financial derivative instruments, and how financial derivative instruments affect the Portfolios’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change 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 amounts of net realized gain (loss) and net change 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  may be engaged, 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 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

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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 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  are agreements to buy or sell a security or other asset for a set price on a future date. 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  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 and subsequently marked to market to reflect the current value of the option written. These amounts 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

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Notes to Financial Statements (Cont.)

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.

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  may be written or purchased 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  may be written or purchased to 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  may be written or purchased 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-Capped Options  may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect a Portfolio from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions  may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing 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  (“Futures Option”) may be written or purchased 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  may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

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(d) Swap Agreements  are bilaterally negotiated agreements between a Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements 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. Centrally Cleared and 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 a Portfolio’s investment policy adopted pursuant to Rule 35d-1 under the 1940 Act (if any), the Portfolio will count derivative instruments at market value. For purposes of applying a Portfolio’s other investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Portfolio at market value, notional value or full exposure value or any combination of the foregoing (e.g., notional value for purposes of calculating the numerator and market value for purposes of calculating the denominator for compliance with a particular policy or restriction). See Note 6 - Asset Segregation below. 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 a 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

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Notes to Financial Statements (Cont.)

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 values of the asset upon which the swap is based.

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 OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements  on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into 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

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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 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.

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Notes to Financial Statements (Cont.)

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Portfolio is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements  may be entered into to help hedge against interest rate risk exposure and to maintain a Portfolio’s ability to generate income at prevailing market rates. 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.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

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 a Portfolio. With respect to forwards, futures contracts, options and swaps that are required to cash settle (i.e., where physical delivery of the underlying reference asset is not required),

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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 (i.e., the market value of the reference asset underlying the forward or derivative). 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 utilize such instruments to a greater extent than if a Portfolio were to segregate or earmark liquid assets equal to the full notional value of the instrument.

7. PRINCIPAL RISKS

The principal risks of investing in a Portfolio, which could adversely affect its net asset value, yield and total return, are listed below.

	FISH: Series C		FISH: Series LD		FISH: Series M		FISH: Series R		FISH: Series TE
Risks
Interest Rate		X		X		X		X		X
Credit		X		X		X		X		X
Market		X		X		X		X		X
Foreign (Non-U.S.) Investment		X		X		X		X		—
Mortgage-Related and Other Asset-Backed Securities		X		X		X		X		—
Emerging Markets		X		X		X		X		—
Focused Investment		X		X		X		X		X
Derivatives		X		X		X		X		X
Liquidity		X		X		X		X		X
Management		X		X		X		X		X
High Yield		X		X		X		X		—
Currency		X		X		X		X		—
Leveraging		X		X		X		X		—
Issuer		X		X		X		X		X
Turnover		X		X		X		X		X
Municipal Securities		X		X		X		X		X
Issuer Non-Diversification		—		—		—		—		X
Municipal Project-Specific		—		—		—		—		X
Municipal Bond Market		—		—		—		—		X
California State-Specific		—		—		—		—		X
New York State-Specific		—		—		—		—		X
Sovereign Debt		—		—		—		X		—

Please see “Description of Principal Risks” in a Portfolio’s prospectus for a more detailed description of the risks of investing in a Portfolio.

Interest Rate Risk  is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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Notes to Financial Statements (Cont.)

Credit Risk  is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

Market Risk  is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Mortgage-Related and Other Asset-Backed Securities Risk  is the risk of investing in mortgage-related and other asset- backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.

Emerging Markets Risk  is the risk of investing in securities of issuers economically tied to countries with developing economies, which may subject the Portfolio to market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed countries.

Focused Investment Risk  is the risk that, to the extent that the Portfolio focuses its investments in a particular sector, it may be susceptible to loss due to adverse developments affecting that sector. Furthermore, the Portfolio may invest a substantial portion of its assets in companies in related sectors that may share common characteristics, are often subject to similar business risks and regulatory burdens, and whose securities may react similarly to market developments, which will subject the Portfolio to greater risk. The Portfolio also will be subject to focused investment risk to the extent that it invests a substantial portion of its assets in a particular issuer, market, asset class, country or geographic region.

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit, management and valuation risks, as well as the risks of valuation complexity. The Portfolio’s use of derivatives may result in losses to the Portfolio, a reduction in the Portfolio’s returns and/or increased volatility. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Over-the-counter (“OTC”) derivatives are also 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 derivatives. For derivatives traded on exchanges or through a central counterparty, credit risk resides with the Portfolio’s clearing broker or the clearinghouse itself, rather than with a counterparty in an

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OTC derivative transaction. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Portfolio’s ability to invest in derivatives, limit the Portfolio’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio’s performance.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and the Portfolio may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager(s) in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

High Yield Risk  is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Currency Risk  is the risk that foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or other foreign (non-U.S.) currencies and affect the Portfolio’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk  is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and/or reduced demand for the issuer’s goods or services.

Turnover Risk  is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

Municipal Securities Risk  is the risk that investing in municipal securities subjects the Portfolio to certain risks, including variations in the quality of municipal securities, both within a particular

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Notes to Financial Statements (Cont.)

classification and between classifications. The rates of return on municipal securities can depend on a variety of factors, including general money market conditions, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation, and the rating of the issue.

Issuer Non-Diversification Risk  is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Portfolios that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”.

Municipal Project-Specific Risk  is the risk that the Portfolio may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

Municipal Bond Market Risk  is the risk that the Portfolio may be adversely affected due to factors such as limited amount of public information available regarding the municipal bonds held in the Portfolio as compared to that for corporate equities or bonds, legislative changes and local and business developments, general conditions of the municipal bond market, the size of the particular offering, the rating of the issue and the maturity of the obligation.

California State-Specific Risk  is the risk that the Portfolio, to the extent it concentrates its investments in California municipal bonds, may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk  is the risk that the Portfolio, to the extent it concentrates its investments in New York municipal bonds, may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.

Sovereign Debt Risk  is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from the issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

8. MASTER NETTING 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.

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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 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. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk may be reduced as creditors of an FCM cannot 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 are disclosed in the Notes to Schedules 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

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Notes to Financial Statements (Cont.)

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.

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

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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.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid 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, 2018, 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	$	11,740	$	0
Fixed Income SHares: Series LD		1,909		3,568
Fixed Income SHares: Series M		7,952		40,087
Fixed Income SHares: Series R		377		403

^†   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

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Notes to Financial Statements (Cont.)

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.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2018, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Portfolio Name	Purchases		Sales		Purchases		Sales
Fixed Income SHares: Series C	$	3,657,079	$	4,087,336	$	256,930	$	203,147
Fixed Income SHares: Series LD		357,964		300,312		25,419		22,500
Fixed Income SHares: Series M		5,002,143		5,068,763		178,604		100,476
Fixed Income SHares: Series R		271,402		285,788		21,336		30,219
Fixed Income SHares: Series TE		0		0		31,273		29,487

^†   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 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.

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In accordance with U.S. GAAP, the Adviser has reviewed the Portfolios’ tax positions for all open tax years. As of June 30, 2018, 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. federal, state, and local tax returns as required. The Portfolios’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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.

As of their last fiscal year ended December 31, 2017, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
Fixed Income SHares: Series C	$	185,999	$	0
Fixed Income SHares: Series LD		0		1,087
Fixed Income SHares: Series M		0		0
Fixed Income SHares: Series R		2,792		32,827
Fixed Income SHares: Series TE		205		1,301

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

As of June 30, 2018, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
Fixed Income SHares: Series C	$	1,841,872	$	40,587	$	(28,312	)	$	12,275
Fixed Income SHares: Series LD		197,753		2,723		(3,810	)		(1,087	)
Fixed Income SHares: Series M		2,205,932		64,867		(30,598	)		34,269
Fixed Income SHares: Series R		235,155		6,656		(6,962	)		(306	)
Fixed Income SHares: Series TE		90,668		3,371		(139	)		3,232

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

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

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

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	GST	Goldman Sachs International
BOA	Bank of America N.A.	HUS	HSBC Bank USA N.A.
BOM	Bank of Montreal	IND	Crédit Agricole Corporate and Investment Bank S.A.
BOS	Banc of America Securities LLC	JPM	JP Morgan Chase Bank N.A.
BPG	BNP Paribas Securities Corp.	MSB	Morgan Stanley Bank, N.A
BPS	BNP Paribas S.A.	MYC	Morgan Stanley Capital Services, Inc.
BRC	Barclays Bank PLC	NOM	Nomura Securities International Inc.
BSN	Bank of Nova Scotia	RCY	Royal Bank of Canada
CBK	Citibank N.A.	RDR	RBC Capital Markets LLC
CKL	Citibank N.A. London	RYL	Royal Bank of Scotland Group PLC
DUB	Deutsche Bank AG	SCX	Standard Chartered Bank
FBF	Credit Suisse International	SSB	State Street Bank and Trust Co.
FICC	Fixed Income Clearing Corporation	TDM	TD Securities (USA) LLC
FOB	Credit Suisse Securities (USA) LLC	TOR	Toronto Dominion Bank
GLM	Goldman Sachs Bank USA	UAG	UBS AG Stamford
GRE	RBS Securities, Inc.	UBS	UBS Securities LLC
GSC	Goldman Sachs & Co.
Currency Abbreviations:
ARS	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	NZD	New Zealand Dollar
CNH	Chinese Renminbi (Offshore)	PLN	Polish Zloty
COP	Colombian Peso	RUB	Russian Ruble
DKK	Danish Krone	SGD	Singapore Dollar
EUR	Euro	TRY	Turkish New Lira
GBP	British Pound	TWD	Taiwanese Dollar
IDR	Indonesian Rupiah	USD (or $)	United States Dollar
ILS	Israeli Shekel	ZAR	South African Rand
INR	Indian Rupee
Exchange Abbreviations:
CBOT	Chicago Board of Trade	OTC	Over the Counter
Index/Spread Abbreviations:
12MTA	12 Month Treasury Average	EUR006M	6 Month EUR Swap Rate
BADLARPP	Argentina Badlar Floating Rate Notes	FRCPXTOB	France Consumer Price ex-Tobacco Index
BBSW1M	1 Month Bank Bill Swap Rate	H15T1Y	1 Year US Treasury Yield Curve Constant Maturity Rate
BP0003M	3 Month GBP-LIBOR	ISDA	International Swaps and Derivatives Association, Inc.
CDX.HY	Credit Derivatives Index - High Yield	LIBOR01M	1 Month USD-LIBOR
CDX.IG	Credit Derivatives Index - Investment Grade	LIBOR03M	3 Month USD-LIBOR
CMBX	Commercial Mortgage-Backed Index	T7Y	7 Year Treasury
COF 11	Cost of Funds - 11th District of San Francisco	UKRPI	United Kingdom Retail Prices Index
CPALEMU	Euro Area All Items Non-Seasonally Adjusted Index	US0001M	1 Month USD Swap Rate
CPTFEMU	Eurozone HICP ex-Tobacco Index	US0003M	3 Month USD Swap Rate
CPURNSA	Consumer Price All Urban Non-Seasonally Adjusted Index	US0006M	6 Month USD Swap Rate
EUR003M	3 Month EUR Swap Rate	US0012M	12 Month USD Swap Rate

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Municipal Bond or Agency Abbreviations:
AGC	Assured Guaranty Corp.	AMBAC	American Municipal Bond Assurance Corp.
AGM	Assured Guaranty Municipal	BAM	Build America Mutual Assurance
Other Abbreviations:
ABS	Asset-Backed Security	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.
ALT	Alternate Loan Trust	NCUA	National Credit Union Administration
BABs	Build America Bonds	OAT	Obligations Assimilables du Trésor
BBR	Bank Bill Rate	OIS	Overnight Index Swap
BBSW	Bank Bill Swap Reference Rate	PIK	Payment-in-Kind
BTP	Buoni del Tesoro Poliennali	REMIC	Real Estate Mortgage Investment Conduit
CDI	Brazil Interbank Deposit Rate	RMBS	Residential Mortgage-Backed Security
CDO	Collateralized Debt Obligation	TBA	To-Be-Announced
CLO	Collateralized Loan Obligation	TELBOR	Tel Aviv Inter-Bank Offered Rate
DAC	Designated Activity Company	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”
LIBOR	London Interbank Offered Rate	YOY	Year-Over-Year

SEMIANNUAL REPORT JUNE 30, 2018 145

Approval of Investment Advisory Contract and Other Agreements

At an in-person meeting held on June 14, 2018 (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, 2018. Prior to the Approval Meeting, the Contracts Committee (the “Committee”) of the Board held an in-person meeting on June 14, 2018 (the “Committee Meeting”) and formally considered and recommended to the Board the continuation of the Agreements. Prior to the Approval Meeting, on May 11, 2018, the Chair and another member of the Committee 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, 2018, 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 23, 2018, the Committee held a meeting via conference call (collectively with the May 11, 2018 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

146 PIMCO MANAGED ACCOUNTS TRUST

(Unaudited)

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, 2017; (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; (iv) information regarding sub-accounting arrangements for the Portfolios; and (v) 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 are 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

SEMIANNUAL REPORT JUNE 30, 2018 147

Approval of Investment Advisory Contract and Other Agreements (Cont.)

(Unaudited)

extraordinary expenses, including extraordinary legal expenses, and expenses incurred as a result of 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.

148 PIMCO MANAGED ACCOUNTS TRUST

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

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 the Portfolios listed on the Report cover.

FISH4001SAR_063018

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.

Not applicable.

Item 6. Schedule of Investments.

The Schedule of Investments is included as part of the report to shareholders under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded 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 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 (17 CFR 270.30a-3(d))) that occurred during the last 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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.

(a)(3) Not applicable to open-end investment companies.

(a)(4) There was no change in the registrant’s independent public accountant for the period covered by this report.

(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, 2018

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, 2018
By:	/s/    Trent W. Walker
	Trent W. Walker
	Treasurer (Principal Financial & Accounting Officer)
Date: August 28, 2018