1. Organization and Significant Accounting Policies
(a) Valuation of Investments
(b) Investment Transactions and Investment Income
April 30, 2006 (unaudited)
Fixed Income SHaresSeries C, M, R Notes to Financial Statements
Fixed Income SHares (the ''Trust''), was organized as a Massachusetts business trust on November 3, 1999. The Trust is
comprised of Series C, Series M, Series R (the ''Portfolios''), and the Allianz Dresdner Daily Asset Fund. These financial
statements relate to Series C, Series M and Series R. The financial statements for Allianz Dresdner Daily Asset Fund are
provided separately. Allianz Global Investors Fund Management LLC (the ''Investment Manager'') serves as the Portfolio's
Investment Manager and is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. (''Allianz Global'').
Allianz Global is an indirect, majority-owned subsidiary of Allianz AG. The Portfolios are authorized to issue an unlimited
number of shares of beneficial interest at $0.001 par value.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates.
Under the Trust's organizational documents, the Portfolios' officers, trustees, employees and agents are indemnified 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 representations which provide general indemnifications.
The Portfolios maximum exposure under these arrangements is unknown as such exposure would involve claims that may be
made against the Portfolios that have not yet been asserted. However, the Portfolios expect the risk of any loss to be remote.
The following is a summary of significant accounting policies