0001193125-14-077658.txt : 20140228 0001193125-14-077658.hdr.sgml : 20140228 20140228165712 ACCESSION NUMBER: 0001193125-14-077658 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 39 CONFORMED PERIOD OF REPORT: 20131231 FILED AS OF DATE: 20140228 DATE AS OF CHANGE: 20140228 EFFECTIVENESS DATE: 20140228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIMCO Equity Series CENTRAL INDEX KEY: 0001479360 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22375 FILM NUMBER: 14656340 BUSINESS ADDRESS: STREET 1: 840 NEWPORT CENTER DRIVE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 949-720-6000 MAIL ADDRESS: STREET 1: 840 NEWPORT CENTER DRIVE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 FORMER COMPANY: FORMER CONFORMED NAME: PIMCO Funds Equity Trust DATE OF NAME CHANGE: 20091223 0001479360 S000028117 PIMCO EqS Pathfinder Fund C000085703 Institutional C000085704 Class P C000085706 Class D C000085707 Class A C000085708 Class C C000085709 Class R 0001479360 S000031023 PIMCO EqS Emerging Markets Fund C000096187 Institutional Class C000096188 Class P C000096189 Administrative Class C000096190 Class A C000096191 Class C C000096192 Class D C000096193 Class R 0001479360 S000031024 PIMCO Emerging Multi-Asset Fund C000096194 Administrative Class C000096195 Class A C000096196 Class C C000096197 Class D C000096198 Class R C000096199 Institutional Class C000096200 Class P 0001479360 S000034646 PIMCO Dividend and Income Builder Fund C000106724 Institutional Class C000106725 Class P C000106727 Class D C000106728 Class A C000106729 Class C C000106730 Class R 0001479360 S000034647 PIMCO EqS Dividend Fund C000106732 Class D C000106733 Class A C000106734 Class C C000106735 Class R C000106736 Institutional Class C000106737 Class P 0001479360 S000035999 PIMCO EqS Long/Short Fund C000110326 Institutional Class C000110327 Class P C000110329 Class D C000110330 Class A C000110331 Class C N-CSRS 1 d660105dncsrs.htm PIMCO EQUITY SERIES PIMCO Equity Series
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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: 811-22375

 

PIMCO Equity Series

(Exact name of registrant as specified in charter)

840 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive offices)

 

Trent W. Walker

Treasurer and Principal Financial Officer

PIMCO Equity Series

840 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

 

Copies to:

Brendan C. Fox

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

 

Registrant’s telephone number, including area code: (888) 877-4626

 

Date of fiscal year end: June 30

 

Date of reporting period: December 31, 2013

 

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.

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Item 1. Reports to Stockholders.

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

 

  •  

PIMCO Equity Series—Institutional, P, Administrative, D, A, C and R Classes

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LOGO

 

Your Global Investment Authority

 

PIMCO Equity Series®

 

 

 

Semiannual Report

 

December 31, 2013

 

LOGO

 

PIMCO Dividend and Income Builder Fund

PIMCO EqS® Dividend Fund

PIMCO EqS® Emerging Markets Fund

PIMCO EqS® Long/Short Fund

PIMCO Emerging Multi-Asset Fund

PIMCO EqS Pathfinder Fund®

 

Share Classes

  n  

Institutional

  n  

P

  n  

Administrative

  n  

D

  n  

A

  n  

C

  n  

R

 

LOGO

Table of Contents

Table of Contents

 

          Page  
     

Chairman’s Letter

         2   

Important Information About the Funds

         4   

Expense Examples

         26   

Financial Highlights

         28   

Statements of Assets and Liabilities

         36   

Consolidated Statements of Assets and Liabilities

         38   

Statements of Operations

         40   

Consolidated Statements of Operations

         41   

Statements of Changes in Net Assets

         42   

Consolidated Statements of Changes in Net Assets

         43   

Statement of Cash Flows

         44   

Notes to Financial Statements

         87   

Glossary

         106   

Approval of Renewal of the Investment Advisory Contract and Second Amended and Restated  Supervision and Administration Agreement

      107   
        
Fund    Insights from the
Portfolio Managers		      Fund
Summary		      Schedule of
Investments		  
        

PIMCO Dividend and Income Builder Fund

      6         9         45   

PIMCO EqS® Dividend Fund

      10         12         54   

PIMCO EqS® Emerging Markets Fund

      13         16         59   

PIMCO EqS® Long/Short Fund

      17         19         69   

PIMCO Emerging Multi-Asset Fund

      20         22         75   

PIMCO EqS Pathfinder Fund®

      23         25         80   

 

 

 

 

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus.

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Chairman’s Letter

 

Dear Shareholder,

 

Please find enclosed the Semiannual Report for the PIMCO Equity Series covering the six-month reporting period ended December 31, 2013. On the following pages are specific details about the investment performance of each fund and a discussion of the factors that influenced performance during the reporting period. In addition, the letters from the portfolio managers provide a further review of such factors as well as an overview of each fund’s investment strategy.

 

The last six months of 2013 were marked by continued periods of heightened bond market volatility brought on by uncertainty around central bank monetary and fiscal policy, geopolitical concerns, and a slower than hoped for rebound in the global economy. Following a particularly bumpy third quarter, however, all financial markets completed the year along a relatively smoother path. Federal Reserve (“Fed”) Chairman Ben Bernanke laid the groundwork in September, when he clarified the Fed’s commitment to maintain its quantitative easing (“QE”) bond purchase program of U.S. Treasuries and mortgages, while maintaining the Federal Funds Rate within a zero-bound range. The nomination of Janet Yellen to the Chairmanship further helped to reassure investors that the Fed would be committed to the continuation of their accommodative policies.

 

Towards the latter part of December, the Fed announced that beginning in January 2014 it intends to gradually exit its bond-buying program, by reducing it from $85 billion to $75 billion spread equally across mortgage and U.S. Treasury purchases. As expected, in order to anchor the front-end of the yield curve, the Federal Open Market Committee (“FOMC”) provided even greater assurances that the policy rate would remain near a zero-bound range until signs of sustainable growth are more broadly evident in the U.S. economy. While the markets had months to prepare for the announcement, equities and other risk assets soared in reaction to the news while bond markets saw yields drift higher.

 

Highlights of the financial markets during our six-month reporting period include:

 

  n   

Developed market equities continued to post strong performance in the last six months of 2013, despite a period marked by considerable volatility and uncertainty around central bank policy and geopolitical risks. U.S. equities, as measured by the S&P 500 Index, returned 16.31%. Global equities, as represented by the MSCI All Country World Index Net USD and MSCI World Index, returned 15.79% and 16.83%, respectively. Emerging market (“EM”) equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), returned 7.70%. EM equities underperformed developed market equities due to declining earnings growth and rising interest rates in the U.S. which placed pressure on local EM currencies.

 

  n   

U.S. Treasuries underperformed most other developed sovereign bond markets on a hedged basis as investors reacted to the various Fed announcements regarding the tapering of their QE bond purchase program. In particular, U.S. Treasury yields rose to their highest level in late December as investors reacted to the Fed’s announcement that it would begin the reduction of its asset purchases starting in January 2014. This decision was made on the back of improving economic data, which included a lower unemployment rate, respectable monthly job reports, and improving housing fundamentals. The benchmark ten-year U.S. Treasury note yielded 3.03% at the end of the reporting period, as compared to 2.49% on June 30, 2013. The Barclays U.S. Aggregate Index, a widely used index of U.S. investment-grade bonds, returned 0.43% for the period.

 

All of our active equity strategies are global, high-conviction portfolios that are unconstrained by geography, benchmark or market capitalization and incorporate downside risk management. Each strategy is managed by experienced equity investors who benefit from PIMCO’s global investment resources and macroeconomic insights. We believe the long-term potential of equities to grow earnings and dividends is an important component of an investor’s overall portfolio.

 

If you have any questions regarding the PIMCO Equity Series, please contact your account manager or financial adviser, or call one of our shareholder associates at 888.87.PIMCO (888.877.4626). We also invite you to visit our website at www.pimco.com/investments to learn more about our views and global thought leadership.

 

2   PIMCO EQUITY SERIES     

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Thank you again for the trust you have placed in us. We value your commitment and will continue to work diligently to meet your broad investment needs.

 

LOGO   

Sincerely,

 

LOGO

 

Brent R. Harris

Chairman of the Board,
PIMCO Equity Series

 

January 24, 2014

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   3

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Important Information About the Funds

 

PIMCO Equity Series (the “Trust”) is an open-end management investment company currently consisting of six separate investment portfolios (the “Funds”). Each Fund is an actively managed equity strategy. While we believe that equity funds have an important role to play in a well diversified investment portfolio, they are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.

 

As of the date of this report, interest rates in the U.S. are at or near historically low levels. As such, funds that invest in fixed income securities may currently face an increased exposure to the risks associated with a rising interest rate environment. This is especially true since the Federal Reserve Board has begun tapering its quantitative easing program. Further, while the U.S. bond market has steadily grown over the past three decades, dealer inventories of corporate bonds have remained relatively stagnant. As a result, there has been a significant reduction in the ability of dealers to “make markets.” All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, which could result in losses to a Fund. If the performance of a Fund were to be negatively impacted by rising interest rates, the Fund could face increased redemptions by its shareholders, which could further reduce the value of the Fund.

 

The Funds may be subject to various risks as described in the Funds’ prospectus. Some of these risks may include, but are not limited to, the following: allocation risk, Acquired Fund risk, equity risk, dividend-oriented stocks risk, value investing risk, foreign (non-U.S.) investment risk, emerging markets risk, market risk, issuer risk, interest rate risk, credit risk, high yield and distressed company risk, cash holdings risk, currency risk, real estate risk, liquidity risk, leveraging risk, management risk, small-cap and mid-cap company risk, arbitrage risk, derivatives risk, mortgage-related and other asset-backed risk, short sale risk, commodity risk, convertible securities risk, tax risk, subsidiary risk, operational risk and issuer non-diversification risk. A complete description of these risks and other risks is contained in the Funds’ prospectus. The Funds 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, credit risk, management risk, leverage risk, mispricing or improper valuation risk and the risk that the Funds could not close out a position when it would be most advantageous to do so. Certain derivative transactions may have a leveraging effect on a Fund. For example, a small investment in a derivative instrument may have a significant impact on a Fund’s exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price

movement in a derivative instrument may cause an immediate and substantial loss or gain. A Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying the derivative instrument. A Fund may invest a significant portion of its assets in these types of instruments. If it does, the Fund’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. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be increased when investing in emerging markets.

 

High-yield bonds typically have a lower credit rating than other bonds. Lower-rated bonds generally involve a greater risk to principal than higher-rated bonds. Further, markets for lower-rated bonds are typically less liquid than for higher-rated bonds, and public information is usually less abundant in such markets. Thus, high yield investments increase the chance that the Fund will lose money. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio. Mortgage- and Asset-Backed Securities represent ownership interests in “pools” of mortgages or other assets such as consumer loans or receivables. As a general matter, Mortgage- and Asset-Backed Securities are subject to interest rate risk, extension risk, prepayment risk, and credit risk. These risks largely stem from the fact that returns on Mortgage- and Asset-Backed Securities depend on the ability of the underlying assets to generate cash flow.

 

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Class A shares are subject to an initial sales charge. A Contingent Deferred Sales Charge (“CDSC”) may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 18 months after purchase. The Cumulative Returns chart reflects only Institutional Class performance. Performance for Class P, Administrative Class, Class D, Class A, Class C and Class R shares is typically lower than Institutional Class performance due to the lower expenses paid by Institutional Class shares. Performance shown is net of fees and expenses. A Fund’s total annual operating expense ratios on each individual Fund summary page are as of the currently effective prospectus, as supplemented to date. The Cumulative Returns chart assumes the initial investment of $1,000,000 was made at the end of the month that the Institutional Class of the relevant Fund commenced operations. The minimum initial investment amount for Institutional Class, Class P or Administrative Class shares is $1,000,000. The

 

 

4   PIMCO EQUITY SERIES     

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minimum initial investment amount for Class A, Class C and Class D shares is $1,000. There is no minimum initial investment for Class R shares. Each Fund measures its performance against a broad-based securities market index (benchmark index). The benchmark index does

not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

 

 

The following table discloses the inception dates of each Fund and its respective share classes:

 

Fund Name       Fund
Inception		     Institutional
Class		     Class P     Administrative
Class		     Class D     Class A     Class C     Class R  

PIMCO Dividend and Income Builder Fund

       12/14/11        12/14/11        12/14/11        —          12/14/11        12/14/11        12/14/11        12/14/11   

PIMCO EqS® Dividend Fund

       12/14/11        12/14/11        12/14/11        —          12/14/11        12/14/11        12/14/11        12/14/11   

PIMCO EqS® Emerging Markets Fund

       03/22/11        03/22/11        03/22/11        04/19/11        03/22/11        03/22/11        03/22/11        03/22/11   

PIMCO EqS® Long/Short Fund

       04/20/12        04/20/12        04/30/12        —          04/30/12        04/30/12        04/30/12        —     

PIMCO Emerging Multi-Asset Fund

       04/12/11        04/12/11        04/12/11        04/19/11        04/12/11        04/12/11        04/12/11        04/12/11   

PIMCO EqS Pathfinder Fund®

       04/14/10        04/14/10        04/14/10        —          04/14/10        04/14/10        04/14/10        04/14/10   

 

For periods prior to the inception date of the Class P, Administrative Class, Class D, Class A, Class C and Class R shares (if applicable), performance information shown is based on the performance of the Fund’s Institutional Class shares. The prior Institutional Class performance has been adjusted to reflect the distribution and/or service fees and other expenses paid by the Class P, Administrative Class, Class D, Class A, Class C and Class R shares, respectively.

 

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. It is possible to lose money on investments in a Fund.

 

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, as amended. The Proxy Policy has been adopted by PIMCO Equity Series as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the

policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at http://www.pimco.com/investments, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

 

PIMCO Equity Series files a complete schedule of each Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of a Fund’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. A Fund’s Form N-Q will also be available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Fund’s website at http://www.pimco.com/investments. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   5

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Insights from the Portfolio Managers PIMCO Dividend and Income Builder Fund

 

Dear Shareholder,

 

We appreciate your investment in the PIMCO Dividend and Income Builder Fund (the “Fund”). In the following letter, please find a discussion of the recent market environment and a review of portfolio performance.

 

Market Overview

 

During the six-month reporting period ended December 31, 2013, the MSCI All Country World Index Net USD (the “Index”), which tracks the performance of stocks in developed and emerging markets countries, returned 15.79%. Performance was strongest in the information technology, industrials, and consumer discretionary sectors. Utilities, consumer staples, and energy were the poorest performing sectors.

 

Equities rallied early in the period as Federal Reserve (“Fed”) Chairman Ben Bernanke continued to communicate that highly accommodative monetary policy would remain necessary for the foreseeable future, though markets declined in August as headline comments on the Fed’s tapering program created uncertainty. Markets climbed again in September as the situation in Syria continued to play out through diplomatic channels. Stock prices continued to rise until the Fed announced its decision to keep its $85 billion bond-buying program in place. Equities then sold off towards the end of September as investors shifted their macro concerns to the U.S. budget and debt ceiling debates in Washington.

 

Stocks took off in October as U.S. politicians were finally able to pass legislation that reopened the government and raised the country’s debt ceiling. Also in October, Janet Yellen was nominated to replace Ben Bernanke as the Chairman of the Federal Reserve, allaying investor concerns about rising interest rates. U.S. equities rose even higher in late December after the Fed strengthened its pledge to maintain very low interest rates. While the Fed did announce a December taper (i.e. reduced asset purchases), investors were anticipating this possibility and were heartened by the accompanying positive economic data.

 

During the reporting period, performance was particularly strong in Europe, as economic reports continued to suggest that the region was exiting its recession, albeit at a slow pace. In November, the European Central Bank (“ECB”) cut interest rates, though the ECB president hinted that other, more aggressive stimulus actions were not under consideration. Given the disinflation facing the region, these comments were viewed by many as far too timid.

 

Among developed markets, Japan was the worst performing region. While Japanese equities were strong in local terms, especially after the country announced Gross Domestic Product (“GDP”) numbers that were ahead of expectations, the devaluation of the yen caused Japanese equities to be relatively weak in U.S. dollar terms.

Emerging markets continued to underperform developed markets during the reporting period Concerns about a slowdown in China and widening current account deficits in the “fragile five” countries (Turkey, South Africa, India, Indonesia, and Brazil) weighed on returns. Political unrest in Turkey and Vietnam only exacerbated capital outflows from the region.

 

Fund Review

 

We seek to provide attractive current yield, growing dividends over time, and capital appreciation. During the six-month reporting period ended December 31, 2013, the Fund paid ordinary quarterly dividends of 18.8 cents per share and a one-time supplemental dividend of 1 cent per share on its Institutional Class shares. The dividend per share was slightly lower for the other share classes, to account for varying class specific expenses. The Fund’s net asset value increased by $1.06 per share (from $11.60 to $12.66) over the reporting period, bringing the six-month total return to 10.88% (net of fees). On a relative basis, the Fund underperformed its benchmark (a blend of 75% MSCI All Country World Index Net USD/25% Barclays Global Aggregate (USD Unhedged) Index), which returned 12.32%. Both security selection and sector allocation decisions within equities detracted from relative performance.

 

At the security level, the Fund’s position in Walgreens was the largest contributor to relative performance. The U.S. retail drugstore operator outperformed as year-over-year sales, especially in the front end of the store, improved. The company also raised its quarterly dividend.

 

Marathon Petroleum was another top contributor to performance. The U.S. oil refining and distribution company outperformed as crack spreads continued to widen, and after the company announced a $2 billion increase to its share buyback program. Furthermore, Marathon Petroleum’s stock rallied after the Environmental Protection Agency indicated that it was open to adjusting a renewable fuel mandate that had caused Marathon’s input costs to increase during the first half of 2013.

 

The largest detractor from performance for the reporting period was the Fund’s holding of Cisco Systems. The U.S. communications equipment company underperformed after stating that it planned to lay off approximately 5% of its workforce in an effort to rationalize headcount gained in recent strategic acquisitions. While the market viewed this news as negative, management indicated that it remained committed to returning capital to shareholders. Cisco’s stock price declined again when the company’s management announced disappointing short-term earnings guidance due to weak revenues from the emerging markets. We continue to think that Cisco is an attractively-valued market leader with a solid balance sheet, and we added to our position.

 

 

6   PIMCO EQUITY SERIES     

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The Fund’s holding of ProSafe was another detractor from performance. Following strong performance early in the third quarter, the Norwegian owner and operator of accommodation rigs underperformed after it announced a weakening in forward contracting, though quarterly earnings results hit a record high. We continue to believe that ProSafe’s leading position in a niche market makes it an attractive investment.

 

The Fund’s fixed income allocation performed positively, driven mainly by security selection, primarily within the securitized sector.

 

Conclusion

 

Over the reporting period, we “derisked” the portfolio by decreasing our allocation to “Consistent Earners” (i.e. stable, blue-chip companies) that had appreciated in value during the market rally. At the same time, we increased our allocations to “Basic Value” (i.e. more cyclical) companies and “Emerging Franchises” (i.e. growth companies) as the market volatility provided opportunities to initiate positions in some very compelling investments. We also increased our allocations to European stocks and to financials.

 

Going forward, we maintain our long-term view that dividend-paying equities have the potential to be an attractive long-term investment solution, especially given a secular outlook for lower returns across asset classes. As always, however, we continue to emphasize valuation in a market that has recently been characterized by overreactions to both positive and negative news.

 

Thank you for your investment in the Fund.

 

Sincerely,

 

LOGO    LOGO
LOGO    LOGO
Brad Kinkelaar    Dan Ivascyn
Portfolio Manager    Fixed Income Co-Portfolio Manager

 

LOGO   
LOGO   
Alfred Murata   
Fixed Income Co-Portfolio Manager   
 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   7

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Insights from the Portfolio Managers PIMCO Dividend and Income Builder Fund (Cont.)

 

 

Top 10 Holdings1

 

Cisco Systems, Inc.

        3.6%   

HSBC Holdings PLC

        3.6%   

Roche Holding AG

        3.2%   

Qualcomm, Inc.

        3.1%   

Nippon Telegraph & Telephone Corp.

        3.0%   

Enagas S.A.

        2.9%   

Standard Chartered PLC

        2.7%   

JPMorgan Chase & Co.

        2.7%   

Total S.A.

        2.7%   

Cia de Saneamento Basico do Estado de Sao Paulo SP—ADR

        2.6%   

 

Geographic Breakdown1

 

United States

        48.6%   

United Kingdom

        11.6%   

Brazil

        5.3%   

France

        4.0%   

South Africa

        3.7%   

Netherlands

        3.5%   

Spain

        3.2%   

Switzerland

        3.2%   

Japan

        3.1%   

Cyprus

        2.5%   

Other

        8.9%   

Sector Breakdown1

 

Financials

        26.4%   

Consumer Discretionary

        12.1%   

Information Technology

        11.8%   

Energy

        9.7%   

Health Care

        7.8%   

Industrials

        6.9%   

Utilities

        6.3%   

Consumer Staples

        5.4%   

Telecommunication Services

        4.9%   

Mortgage-Backed Securities

        2.3%   

Materials

        1.8%   

Other

        1.8%   

 

1 

% of Total Investments as of 12/31/2013. Top Holdings, Geographic and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

 

 

8   PIMCO EQUITY SERIES     

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PIMCO Dividend and Income Builder Fund

 

Institutional Class -  PQIIX   Class A - PQIZX
Class P -  PQIPX   Class C - PQICX
Class D - PQIDX   Class R - PQIBX

 

Cumulative Returns Through December 31, 2013

 

LOGO

Average Annual Total Return for the period ended December 31, 2013

  
        6 Months*     1 Year     Fund Inception
(12/14/11)		  
LOGO   PIMCO Dividend and Income Builder Fund Institutional Class     10.88%        17.29%        16.57%   
  PIMCO Dividend and Income Builder Fund Class P     10.81%        17.26%        16.55%   
  PIMCO Dividend and Income Builder Fund Class D     10.69%        17.00%        16.24%   
  PIMCO Dividend and Income Builder Fund Class A     10.69%        17.00%        16.24%   
  PIMCO Dividend and Income Builder Fund Class A (adjusted)     4.60%        10.56%        13.07%   
  PIMCO Dividend and Income Builder Fund Class C     10.21%        16.02%        15.31%   
  PIMCO Dividend and Income Builder Fund Class C (adjusted)     9.21%        15.02%        15.31%   
  PIMCO Dividend and Income Builder Fund Class R     10.55%        16.73%        15.97%   
LOGO   MSCI All Country World Index Net USD±     15.79%        22.80%        20.96%   
LOGO   75% MSCI All Country World Index Net USD/25% Barclays Global Aggregate USD Unhedged±±     12.32%        15.99%        15.84%   

 

All Fund returns are net of fees and expenses.

 

* Cumulative return.

 

± The MSCI All Country World Index Net USD is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. It is not possible to invest directly in an unmanaged index.

 

±± The benchmark is a blend of 75% MSCI All Country World Index Net USD/25% Barclays Global Aggregate USD Unhedged. The MSCI All Country World Index Net USD is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. Barclays Global Aggregate (USD Unhedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities. It is not possible to invest directly in an unmanaged index.

 

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. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.20% for the Institutional Class shares, 1.30% for the Class P shares, 1.55% for the Class D shares, 1.55% for the Class A shares, 2.30% for the Class C shares and 1.80% for the Class R shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com/investments.

 

Portfolio Insights

 

»  

The PIMCO Dividend and Income Builder Fund seeks to provide current income that exceeds the average yield on global stocks, and to provide a growing stream of income per share over time, with a secondary objective to seek to provide long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of income-producing investments, and will typically invest at least 50% of its assets in equity and equity-related securities. The Fund’s investments in equity and equity-related securities include common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), as well as securities issued by real estate investment trusts, master limited partnerships and other equity trusts and depositary receipts.

 

»  

The Fund’s Institutional Class shares returned 10.88% after fees, and the Fund’s benchmark index, a blend of 75% MSCI All Country World Index Net USD/25% Barclays Global Aggregate (USD Unhedged) Index, returned 12.32% during the reporting period.

 

»  

During the reporting period, the Fund paid ordinary quarterly dividends of 18.8 cents per share and a one-time supplemental dividend of 1 cent per share on its Institutional Class shares. The dividend per share was slightly lower for the other share classes, to account for varying class specific expenses. The net asset value of the Fund’s Institutional Class shares increased by $1.06 per share (from $11.60 to $12.66) over the reporting period, bringing the six-month total return to 10.88%.

 

»  

Security selection detracted from performance. The largest single detractor from relative performance was the Fund’s holding of Cisco Systems, the U.S.-based communications equipment company.

 

»  

The largest single contributor to relative performance was the Fund’s holding of Walgreens, the U.S.-based retail drugstore operator.

 

»  

The Fund’s weight in cash detracted from relative performance during a period in which the Fund’s blended benchmark index returned 12.32%.

 

»  

The Fund’s fixed income allocation performed positively, driven mainly by security selection, primarily within the securitized sector.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   9

Table of Contents

Insights from the Portfolio Managers PIMCO EqS® Dividend Fund

 

Dear Shareholder,

 

We appreciate your investment in the PIMCO EqS® Dividend Fund (the “Fund”). In the following letter, please find a discussion of the recent market environment and a review of portfolio performance.

 

Market Overview

 

During the six-month reporting period ended December 31, 2013, the MSCI All Country World Index Net USD (the “Index”), which tracks the performance of stocks in developed and emerging markets countries, returned 15.79%. Performance was strongest in the information technology, industrials, and consumer discretionary sectors. Utilities, consumer staples, and energy were the poorest performing sectors.

 

Equities rallied early in the period as Federal Reserve (“Fed”) Chairman Ben Bernanke continued to communicate that highly accommodative monetary policy would remain necessary for the foreseeable future, though markets declined in August as headline comments on the Fed’s tapering program created uncertainty. Markets climbed again in September as the situation in Syria continued to play out through diplomatic channels. Stock prices continued to rise until the Fed announced its decision to keep its $85 billion bond-buying program in place. Equities then sold off towards the end of September as investors shifted their macro concerns to the U.S. budget and debt ceiling debates in Washington.

 

Stocks took off in October as U.S. politicians were finally able to pass legislation that reopened the government and raised the country’s debt ceiling. Also in October, Janet Yellen was nominated to replace Ben Bernanke as the Chairman of the Federal Reserve, allaying investor concerns about rising interest rates. U.S. equities rose even higher in late December after the Fed strengthened its pledge to maintain very low interest rates. While the Fed did announce a December taper (i.e. reduced asset purchases), investors were anticipating this possibility and were heartened by the accompanying positive economic data.

 

During the reporting period, performance was particularly strong in Europe, as economic reports continued to suggest that the region was exiting its recession, albeit at a slow pace. In November, the European Central Bank (“ECB”) cut interest rates, though the ECB president hinted that other, more aggressive stimulus actions were not under consideration. Given the disinflation facing the region, these comments were viewed by many as far too timid.

 

Among developed markets, Japan was the worst performing region. While Japanese equities were strong in local terms, especially after the country announced Gross Domestic Product numbers that were ahead of expectations, the devaluation of the yen caused Japanese equities to be relatively weak in U.S. dollar terms.

Emerging markets continued to underperform developed markets during the period. Concerns about a slowdown in China and widening current account deficits in the “fragile five” countries (Turkey, South Africa, India, Indonesia, and Brazil) weighed on returns. Political unrest in Turkey and Vietnam only exacerbated capital outflows from the region.

 

Fund Review

 

We seek to provide attractive current yield, growing dividends over time, and capital appreciation. During the six-month reporting period ended December 31, 2013, the Fund paid ordinary quarterly dividends of 18.9 cents per share and a one-time supplemental dividend of 7 cents per share on its Institutional Class shares. The dividend per share was slightly lower for the other share classes, to account for varying class specific expenses. The Fund’s net asset value increased by $0.42 per share (from $11.87 to $12.29) over the reporting period, bringing the six-month total return to 11.21% (net of fees). On a relative basis, the Fund underperformed the MSCI All Country World Index Net USD, which returned 15.79%. Both security selection and sector allocation decisions detracted from relative performance.

 

At the security level, the Fund’s position in Walgreens was the largest contributor to relative performance. The U.S. retail drugstore operator outperformed as year-over-year sales, especially in the front end of the store, improved. The company also raised its quarterly dividend.

 

Marathon Petroleum was another top contributor to performance. The U.S. oil refining and distribution company outperformed as crack spreads continued to widen, and after the company announced a $2 billion increase to its share buyback program. Furthermore, Marathon Petroleum’s stock rallied after the Environmental Protection Agency indicated that it was open to adjusting a renewable fuel mandate that had caused Marathon’s input costs to increase during the first half of 2013.

 

The largest detractor from performance for the reporting period was the Fund’s holding of Cisco Systems. The U.S. communications equipment company underperformed after stating that it planned to lay off approximately 5% of its workforce in an effort to rationalize headcount gained in recent strategic acquisitions. While the market viewed this news as negative, management indicated that it remained committed to returning capital to shareholders. Cisco’s stock price declined again when the company’s management announced disappointing short-term earnings guidance due to weak revenues from the emerging markets. We continue to think that Cisco is an attractively-valued market leader with a solid balance sheet, and we added to our position.

 

The Fund’s holding of ProSafe was another detractor from performance. Following strong performance early in the third quarter,

 

 

10   PIMCO EQUITY SERIES     

Table of Contents

the Norwegian owner and operator of accommodation rigs underperformed after it announced a weakening in forward contracting, though quarterly earnings results hit a record high. We continue to believe that ProSafe’s leading position in a niche market makes it an attractive investment.

 

Conclusion

 

Over the reporting period, we “derisked” the portfolio by decreasing our allocation to “Consistent Earners” (i.e. stable, blue-chip companies) that had appreciated in value during the market rally. At the same time, we increased our allocations to “Basic Value” (i.e. more cyclical) companies and “Emerging Franchises” (i.e. growth companies) as the market volatility provided opportunities to initiate positions in some very compelling investments. We also increased our allocations to European stocks and to financials.

 

Going forward, we maintain our long-term view that dividend-paying equities have the potential to be an attractive long-term investment solution, especially given a secular outlook for lower returns across asset classes. As always, however, we continue to emphasize valuation in a market that has recently been characterized by overreactions to both positive and negative news.

 

Thank you for your investment in the Fund.

 

Sincerely,

 

LOGO   
LOGO   

Brad Kinkelaar

Portfolio Manager

   

Top 10 Holdings1

 

HSBC Holdings PLC

        4.3%   

Cisco Systems, Inc.

        4.1%   

Roche Holding AG

        3.9%   

Qualcomm, Inc.

        3.4%   

Nippon Telegraph & Telephone Corp.

        3.3%   

Standard Chartered PLC

        3.3%   

Enagas S.A.

        3.1%   

Total S.A.

        3.0%   

JPMorgan Chase & Co.

        3.0%   

ProSafe SE

        2.8%   

 

Geographic Breakdown1

 

United States

        48.0%   

United Kingdom

        12.9%   

Brazil

        5.6%   

France

        4.3%   

South Africa

        4.0%   

Switzerland

        3.9%   

Japan

        3.3%   

Spain

        3.1%   

Cyprus

        2.8%   

Netherlands

        2.6%   

Other

        8.5%   

 

Sector Breakdown1

 

Financials

        28.0%   

Consumer Discretionary

        13.1%   

Information Technology

        13.0%   

Energy

        9.9%   

Health Care

        9.3%   

Utilities

        6.2%   

Consumer Staples

        6.1%   

Industrials

        6.0%   

Telecommunication Services

        5.5%   

Materials

        1.9%   

 

1 

% of Total Investments as of 12/31/2013. Top Holdings, Geographic and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   11

Table of Contents

PIMCO EqS® Dividend Fund

 

Institutional Class -  PQDIX   Class A -  PQDAX
Class P -  PQDPX   Class C -  PQDCX
Class D -  PQDDX   Class R - PQDRX

 

Cumulative Returns Through December 31, 2013

 

LOGO

Average Annual Total Return for the period ended December 31, 2013  
        6 Months*     1 Year     Fund Inception
(12/14/11)		  
LOGO   PIMCO EqS® Dividend Fund Institutional Class     11.21%        20.33%        17.68%   
  PIMCO EqS® Dividend Fund Class P     11.15%        20.21%        17.61%   
  PIMCO EqS® Dividend Fund Class D     11.10%        19.93%        17.35%   
  PIMCO EqS® Dividend Fund Class A     11.01%        19.93%        17.35%   
  PIMCO EqS® Dividend Fund Class A (adjusted)     4.91%        13.33%        14.15%   
  PIMCO EqS® Dividend Fund Class C     10.64%        19.05%        16.40%   
  PIMCO EqS® Dividend Fund Class C (adjusted)     9.64%        18.05%        16.40%   
  PIMCO EqS® Dividend Fund Class R     10.88%        19.66%        17.04%   
LOGO   MSCI All Country World Index Net USD±     15.79%        22.80%        20.96%   

 

All Fund returns are net of fees and expenses.

 

* Cumulative return.

 

± The MSCI All Country World Index Net USD is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 45 country indices comprising 24 developed and 21 emerging market country indices. It is not possible to invest directly in an unmanaged index.

 

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. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.18% for the Institutional Class shares, 1.28% for the Class P shares, 1.53% for the Class D shares, 1.53% for the Class A shares, 2.28% for the Class C shares and 1.78% for the Class R shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com/investments.

 

Portfolio Insights

 

»  

The PIMCO EqS® Dividend Fund seeks to provide current income that exceeds the average yield on global stocks, and as a secondary objective, seeks to provide long-term capital appreciation, by investing under normal circumstances at least 75% of its assets in equity and equity-related securities, including common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), as well as securities issued by real estate investment trusts, master limited partnerships and other equity trusts and depositary receipts.

 

»  

The Fund’s Institutional Class shares returned 11.21% after fees, and the Fund’s benchmark index, the MSCI All Country World Index Net USD, returned 15.79% during the reporting period.

 

»  

During the reporting period, the Fund paid ordinary quarterly dividends of 18.9 cents per share and a one-time supplemental dividend of 7 cents per share on its Institutional Class shares. The dividend per share was slightly lower for the other share classes to account for varying class specific expenses. The net asset value of the Fund’s Institutional Class shares increased by $0.42 per share (from $11.87 to $12.29) over the reporting period, bringing the six-month total return to 11.21%.

 

»  

Security selection detracted from performance. The largest single detractor from relative performance was the Fund’s holding of Cisco Systems, the U.S.-based communications equipment company.

 

»  

The largest single contributor to relative performance was the Fund’s holding of Walgreens, the U.S.-based retail drugstore operator.

 

»  

The Fund’s holdings in cash detracted from relative performance during a period in which the Fund’s benchmark index returned 15.79%.

 

12   PIMCO EQUITY SERIES     

Table of Contents

Insights from the Portfolio Managers PIMCO EqS® Emerging Markets Fund

 

Dear Shareholder,

 

We appreciate your investment in the PIMCO EqS® Emerging Markets Fund (the “Fund”). In the following letter, please find a discussion of the recent market environment and a review of portfolio performance.

 

Market Overview

 

While emerging market (“EM”) equities rebounded in the second half of the year following May’s “taper tantrum,” developed market (“DM”) equities rallied even stronger. The MSCI Emerging Markets Index delivered 7.70%, underperforming its developed market counterpart, the MSCI World Index, which returned 16.83%.

 

Second half performance was nevertheless stronger than the first half of the year, in which EM equities underperformed DM equities. Much of the underperformance can be explained by weakening fundamentals in the EM corporate sector. Whereas developed market firms have grown earnings, EM firms have experienced significant earnings deterioration, in part due to on-going structural challenges, such as overcapacity and rising wage costs. Compounding the problem has been the influence of developed market monetary policy. When Federal Reserve (“Fed”) Chairman Ben Bernanke first publicly indicated that scaling back monetary stimulus was a near-term possibility, investors opted to redeploy capital away from the emerging world and into the developed world, driving a market sell-off in May and June 2013.

 

The strong rebound in the second half of 2013 was driven by both mean reversion from the summer sell-off, and policy influence moving in the opposite direction, as the Fed announced a delay in tapering its stimulus program. In addition, stronger Chinese manufacturing data helped generate more positive sentiment. These factors helped EM equities begin the fourth quarter of 2013 on a strong note. However, by the end of the reporting period concerns over a slowdown in China and widening current account deficits in the “fragile five” countries (Turkey, South Africa, India, Indonesia, and Brazil) weighed on returns. Political unrest, as seen in Turkey and Vietnam, only exacerbated capital outflows.

 

Looking ahead to 2014, we believe that EM equities remain attractively valued. However, we continue to be mindful of the risks, and will be observing closely how the asset class reacts to reduced Fed purchases and whether the Chinese government can grow its economy back to pre-crisis levels, while simultaneously delivering on its promises of financial and social reform. In addition, upcoming EM political elections may serve as another source of volatility, in our view. While they serve as an opportunity for elected officials to introduce substantial policy shifts, we believe it is likely that unpopular structural reforms may be delayed. In this environment we believe differentiation between both countries and companies will remain critical.

Fund Review

 

Over the six-month reporting period, the Fund’s Institutional Class shares returned 6.54% net of fees, underperforming its benchmark index, the MSCI Emerging Markets Index, which returned 7.70%. Though the Fund lagged its benchmark index over the six-month reporting period ended December 31, 2013, the Fund outperformed its benchmark index for the full 2013 calendar year.

 

The Fund’s underperformance over the six-month reporting period was driven by stock-specific events, as well as the general market environment of the third quarter of 2013. As the market re-bounded from its summer lows in September, more cyclical, lower quality sectors rallied. The Fund’s bias towards firms with higher operating margins and returns on equity, which helped it perform well in the first six months of 2013, caused the Fund to lag during the EM equity market rebound in the second half of 2013.

 

In addition, holdings in KIA Motors, a Korean car manufacturer, and Iluka Resources, an Australian mining company, impacted performance as the stock prices of these companies struggled over the reporting period. Japan’s bond buying program has been successful in weakening the yen, boosting country exports and improved earnings for Japanese industries, particularly carmakers. While this has been positive for our holdings in Japanese industrials, it has come at the expense of competing firms in the Asia-Pacific region, such as KIA Motors. KIA suffered slightly over the reporting period as revenue was challenged by lower-priced Japanese car models. Although we recognize the competition from Japan, we believe that KIA retains a strong market position and is one of the most attractively valued global auto manufacturers.

 

Concern over whether Chinese growth was cooling also resurfaced in the second half of 2013, and with it concerns of a slowdown among its largest commodity trading partners, such as Australia. This weighed on Australian materials company Iluka Resources as demand for its building materials, which are used heavily in Chinese real estate construction, cooled. Although Chinese growth is likely to slow over the cyclical timeframe, we think that Iluka will benefit from long-term demand for building materials.

 

Areas that performed well during the reporting period included our holdings in Russian energy companies, a good example of our focus on investing in strong free cash flow generating companies with increasing dividend payouts. From a valuation perspective, Russia is the cheapest market in the developing world, and the energy sector makes up close to 60% of the equity market. We are vigilant of typical investing traps in Russia, such as high cyclicality and poor corporate governance, and we believe investing in businesses with high dividend yields or at low valuations may help mitigate these issues. Over the

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   13

Table of Contents

Insights from the Portfolio Managers PIMCO EqS® Emerging Markets Fund (Cont.)

 

reporting period, Russian energy companies performed extremely well, helped by news that the government is considering opening up the state-run liquefied natural gas market by granting operating licenses to independent producers as early as 2014.

 

Other areas that performed well included our long-standing positions in the Asian gaming industry. The Chinese region of Macau offers investors the chance to benefit from rising consumer demand and middle-class consumption on the back of improving infrastructure to access hotels and casinos from the Chinese mainland. Wynn Macau and Melco Crown are businesses that continue to experience double-digit revenue growth from a combination of expanding demand and a constrained supply of table licenses, which is limited by regulation.

 

Conclusion

 

Looking ahead, we believe that EM equities remain attractively valued on a historical basis and that real wage growth and an emerging consuming class should drive equity returns over the secular horizon. However, we retain a cautious eye in the near term and believe the asset class remains susceptible to currency volatility and negative shocks. As EM corporate earnings remain highly levered to Gross Domestic Product growth, we believe sustained outperformance likely rests on a turn in the earnings cycle and improving manufacturing data.

 

To navigate this environment we continue to believe in an active, fundamental approach, investing in both EM equities and DM equities with EM growth drivers, and fully incorporating macroeconomic views. With the near-term headwinds facing EM, we believe that differentiation is critical. We continue to favor companies commanding premium profitability and benefiting from healthy long-run consumer dynamics. From a country perspective we are cautious on countries with large current account deficits, preferring those with strong balance sheets and a high degree of policy flexibility. From a sector perspective, we see value in higher quality cyclicals and may look to add to select consumer staples on any market pull-back.

 

Again, we thank you for your continued investment in the Fund and look forward to serving your investment needs.

Sincerely,

 

LOGO

LOGO

 

Maria (Masha) Gordon

Portfolio Manager

 

Top 10 Holdings1

 

Samsung Electronics Co. Ltd.

        5.8%   

Kia Motors Corp.

        3.0%   

MegaFon OAO—GDR

        2.6%   

China Shenhua Energy Co. Ltd. ‘H’

        2.4%   

AIA Group Ltd.

        2.3%   

Industrial & Commercial Bank of China Ltd. ‘H’

        2.3%   

Credicorp Ltd.

        2.2%   

JPMorgan Chase & Co., Chinese Exchange Basket—Exp. 01/08/2014

        2.1%   

MediaTek, Inc.

        2.0%   

Prada SpA

        2.0%   

 

Geographic Breakdown1

 

Brazil

        10.9%   

China

        10.6%   

South Korea

        10.6%   

India

        5.8%   

Hong Kong

        5.7%   

United Kingdom

        3.9%   

Japan

        3.7%   

Peru

        3.3%   

Taiwan

        3.0%   

Russia

        2.6%   

Cyprus

        2.3%   

Italy

        2.0%   

Israel

        2.0%   
 

 

14   PIMCO EQUITY SERIES     

Table of Contents

Geographic Breakdown1 (Cont.)

 

South Africa

        2.0%   

Mexico

        1.9%   

Cambodia

        1.9%   

Denmark

        1.8%   

Australia

        1.6%   

Other

        11.5%   

 

Sector Breakdown1

 

Financials

        21.8%   

Consumer Discretionary

        15.7%   

Consumer Staples

        12.3%   

Information Technology

        9.6%   

Materials

        8.6%   

Industrials

        6.1%   

Energy

        5.4%   

Telecommunication Services

        3.5%   

Utilities

        2.7%   

Other

        1.4%   

 

1 

% of Total Investments as of 12/31/2013. Top Holdings, Geographic and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   15

Table of Contents

PIMCO EqS® Emerging Markets Fund

 

Institutional Class -  PEQWX   Class A -  PEQAX
Class P -  PEQQX   Class C -  PEQEX
Administrative Class -  PEQTX   Class R - PEQHX
Class D -  PEQDX  

 

Cumulative Returns Through December 31, 2013

 

LOGO

Average Annual Total Return for the period ended December 31, 2013  
        6 Months*     1 Year     Fund Inception
(03/22/11)		  
LOGO  

PIMCO EqS® Emerging Markets Fund Institutional Class

     6.54%        -0.79%        -4.03%   
 

PIMCO EqS® Emerging Markets Fund Class P

     6.67%        -0.79%        -4.06%   
 

PIMCO EqS® Emerging Markets Fund Administrative Class

     6.44%        -1.02%        -4.30%   
 

PIMCO EqS® Emerging Markets Fund Class D

     6.46%        -1.02%        -4.35%   
 

PIMCO EqS® Emerging Markets Fund Class A

     6.46%        -1.13%        -4.41%   
 

PIMCO EqS® Emerging Markets Fund Class A (adjusted)

     0.58%        -6.53%        -6.33%   
 

PIMCO EqS® Emerging Markets Fund Class C

     5.92%        -1.94%        -5.08%   
 

PIMCO EqS® Emerging Markets Fund Class C (adjusted)

     4.92%        -2.92%        -5.08%   
 

PIMCO EqS® Emerging Markets Fund Class R

     6.23%        -1.36%        -4.60%   
LOGO  

MSCI Emerging Markets Index (Net Dividends in USD)±

     7.70%        -2.60%        -1.36%   

 

All Fund returns are net of fees and expenses.

 

* Cumulative return.

 

± The MSCI Emerging Markets Index (Net Dividends in USD) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. It is not possible to invest directly in an unmanaged index.

 

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. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.45% for the Institutional Class shares, 1.55% for the Class P shares, 1.70% for the Administrative Class shares, 1.80% for the Class D shares, 1.80% for the Class A shares, 2.55% for the Class C shares and 2.05% for the Class R shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com/investments.

 

Portfolio Insights

 

»  

The PIMCO EqS® Emerging Markets Fund seeks capital appreciation by investing under normal circumstances at least 80% of its assets in a diversified portfolio of investments economically tied to emerging market countries. The Fund will invest a substantial portion of its assets in equity and equity-related securities, including common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock). The Fund may also invest in fixed income securities, including debt securities issued by both corporate and government issuers. The Fund may invest in commodity related instruments, including exchange-traded funds, futures and other investment companies. The Fund may also invest in derivative instruments, such as options, futures contracts or swap agreements.

 

»  

The Fund’s Institutional Class shares returned 6.54% after fees, and the Fund’s benchmark index, the MSCI Emerging Markets Index, returned 7.70% during the reporting period.

 

»  

From a sector perspective, stock selection in the energy and industrials sectors contributed to relative performance. Positions in Russian energy companies were the top contributors. A focus on Japanese industrials with higher dividend yield and earnings forecasts was also additive to returns.

 

»  

On the downside, an overweight to the materials sector detracted from returns. Stock selection in Australian and Israeli materials companies detracted from performance.

 

»  

From a country perspective, an overweight to Russia and an underweight to Indonesia were positive for performance. Security selection within Russian energy contributed to performance. An underweight to Indonesia was positive for performance.

 

»  

On the downside, stock selection in Korea and off-benchmark allocations to Israel and Australia were negative for relative performance. In Korea, stock selection within the consumer discretionary and information technology sectors, coupled with an underweight to the financials and materials sectors, detracted from returns. An allocation to the Israeli and Australian materials sector was negative on concerns over Chinese demand.

 

»  

Currency positioning and cash holdings were negative contributors over the reporting period.

 

16   PIMCO EQUITY SERIES     

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Insights from the Portfolio Managers PIMCO EqS® Long/Short Fund

 

Dear Shareholder,

 

We appreciate your investment in the PIMCO EqS® Long/Short Fund (the “Fund”). In the following letter, please find a discussion of the recent market environment and a review of recent portfolio performance.

 

Market Overview

 

Following the pull back in equity markets during June 2013 as investors began to speculate as to the speed and magnitude of the Federal Reserve’s (“Fed”) eventual exit of its supportive monetary policies, investors began to accept that “tapering” was not necessarily “tightening.” Macroeconomic fears continued to recede as economic results for both the U.S. and Europe indicated stronger than anticipated growth. While the Fed did somewhat surprise the markets with their announcement of a December tapering, their strengthened pledge towards a zero interest rate policy largely offset investor concerns of tightening monetary policy.

 

Fund Review

 

Over the six-month reporting period, the Fund’s Institutional Class shares returned 13.78% net of fees, outperforming its benchmark, 3-Month USD LIBOR Index, by 13.65% on an after fees basis. The performance over this time period contributed to a strong 2013. For the 2013 calendar year, the Fund returned 34.52% net of fees, outperforming both its benchmark index by 34.24% and the broader U.S. equity market return of 32.39%, as represented by the S&P 500 Index.

 

As a reminder, the Fund is a concentrated, long-biased equity fund that integrates bottom-up research and macroeconomic insights. With the flexibility to increase or decrease equity market exposure, the Fund has the potential to participate in market upside while also seeking to mitigate losses during extended market declines. The Fund’s ability to take sizeable positions in its highest conviction stock ideas enhances the potential for returns. In 2013, our performance was driven by strong stock selection, particularly among our long positions.

 

During the six-month reporting period, the Fund’s position in DST Systems was the top contributor to performance. DST is a conglomerate business, built as the company’s former CEO used DST’s strong free cash flow to make investments in other public companies, private equity, and real estate to amass a substantial portfolio of non-core assets. Last year, the company’s shareholders appointed a new chairman and CEO to improve the company’s overall capital allocation, and this management team is now monetizing these investments and redeploying the capital into share repurchases and debt reduction. We believed that the stock had significant upside with means to unlock shareholder value or the potential to be considered a favorable takeover target for private equity investors.

The Fund’s investment in Genworth Financial was another contributor to returns over the reporting period. Genworth is a combination of two businesses that are a bit of an odd couple: 1) a life insurance operation with a long-term care business, and 2) a U.S. mortgage insurance business that had been driving a sub-par return on equity (“ROE”). As half of the competitors have left the long-term care business over the past two years due to low interest rates and poor ROEs, the industry right now is an oligopoly with just four players. We viewed the company as being in an attractive position to benefit from a rising rate environment along with an improvement in the housing market to improve the headwinds from their mortgage insurance business. Combined with the potential to spin off other businesses and initiate a dividend next year, we viewed that there was substantial upside and the thesis played out favorably over the reporting period.

 

These positive results were partially offset by the Fund’s position in Penn West Petroleum, which detracted from returns. The company traded sharply lower on announcing that it would be targeting as much as $2 billion Canadian dollars of asset sales before 2015 as a strategic review, which was a sharply negative surprise for investors and extended the timing of the company’s transition plan. Given this new information, we revisited our original investment thesis and decided to exit the position.

 

In addition, our short positions detracted from performance in aggregate due to the strong equity market rally. Our approach to shorting is primarily to generate alpha as opposed to simply hedging market risk. While detracting from performance over the six-month period, these positions have historically served to reduce the overall volatility of the portfolio in periods when the equity market pulled back, and we believe can still generate alpha over the full market cycle.

 

Conclusion

 

We reflect on 2013 as a year in which U.S. equities surged to record highs on signs of economic recovery and continued aggressive monetary policy. In addition, we have observed that equities benefited primarily from expanding valuations rather than strong fundamentals. From here, the outlook for equities is mixed: Valuations today are higher but we think fair, and the global economy is improving but growth is still muted. In this environment, we think equities are investable, but investors should pick their spots. We believe a highly-selective, stock-specific approach to equity investing is the best way to seek attractive returns going forward.

 

Again, we thank you for your continued investment in the Fund and look forward to serving your investment needs.

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   17

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Insights from the Portfolio Managers PIMCO EqS® Long/Short Fund (Cont.)

 

 

Sincerely,

 

LOGO

LOGO

 

Geoffrey Johnson, CFA

Portfolio Manager

 

Top 10 Holdings1

 

Genworth Financial, Inc. ‘A’

        7.2%   

Lowe’s Cos., Inc.

        5.9%   

DST Systems, Inc.

        5.6%   

Comcast Corp. ‘A’

        5.5%   

Citigroup, Inc.

        5.0%   

General Motors Co.

        4.4%   

Apple, Inc.

        4.4%   

Walter Investment Management Corp.

        3.8%   

American Realty Capital Properties, Inc.

        3.8%   

DaVita HealthCare Partners, Inc.

        3.7%   

 

Sector Breakdown2

 

Financials

        26.6%   

Consumer Discretionary

        17.9%   

Information Technology

        17.1%   

Health Care

        9.2%   

Industrials

        7.9%   

Consumer Staples

        4.8%   

Materials

        3.0%   

Telecommunications

        (0.1% ) 

Energy

        (3.6% ) 

 

1 

% of Total Investments as of 12/31/2013. Top Holdings solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

 

2 

% of net exposure (Total Investments less Securities Sold Short) as of 12/31/2013. Financial derivative instruments and short-term instruments are not taken into consideration.

 

 

18   PIMCO EQUITY SERIES     

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PIMCO EqS® Long/Short Fund

 

Institutional Class -  PMHIX   Class A - PMHAX
Class P -  PMHBX   Class C - PMHCX
Class D - PMHDX  

 

Cumulative Returns Through December 31, 2013

 

LOGO

Average Annual Total Return for the period ended December 31, 2013*  
        6 Months**     1 Year     5 Year     10 Year     Fund Inception
(01/01/03)		  
LOGO  

PIMCO EqS® Long/Short Fund Institutional Class

     13.78%        34.52%        10.42%        11.76%        14.11%   
 

PIMCO EqS® Long/Short Fund Class P

     13.69%        34.44%        10.32%        11.65%        14.01%   
 

PIMCO EqS® Long/Short Fund Class D

     13.51%        33.98%        10.02%        11.36%        13.71%   
 

PIMCO EqS® Long/Short Fund Class A

     13.55%        34.05%        10.02%        11.36%        13.71%   
 

PIMCO EqS® Long/Short Fund Class A (adjusted)

     7.33%        26.74%        8.78%        10.73%        13.12%   
 

PIMCO EqS® Long/Short Fund Class C

     13.13%        33.13%        9.21%        10.53%        12.86%   
 

PIMCO EqS® Long/Short Fund Class C (adjusted)

     12.13%        32.13%        9.21%        10.53%        12.86%   
LOGO  

3 Month USD LIBOR Index±

     0.13%        0.28%        0.46%        2.12%        2.03%   

 

All Fund returns are net of fees and expenses.

 

** Cumulative return.

 

± The 3 Month USD LIBOR (London Interbank Offered Rate) Index is an average interest rate, determined by the British Bankers Association, that banks charge one another for the use of short-term money (3 months) in England’s Eurodollar market. It is not possible to invest directly in an unmanaged index.

 

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. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 2.74% for the Institutional Class shares, 2.84% for the Class P shares, 3.09% for the Class D shares, 3.09% for the Class A shares, and 3.84% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com/investments.

 

* For periods prior to April 20, 2012, the Fund’s performance reflects the performance when the Fund was a partnership, net of actual fees and expenses charged to individual partnership accounts in the aggregate. If the performance had been restated to reflect the applicable fees and expenses of each share class, the performance may have been higher or lower. The Fund began operations as a partnership on January 1, 2003 and, on April 20, 2012, was reorganized into a newly-formed fund that was registered as an investment company under the Investment Company Act of 1940. Prior to the reorganization, the Fund had an investment objective, investment strategies, investment guidelines, and restrictions that were substantially similar to those currently applicable to the Fund; however, the Fund was not registered as an investment company under the Investment Company Act of 1940 and was not subject to its requirements or requirements imposed by the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance. The performance of Class P, D, A and C shares for the period from April 20, 2012 to April 30, 2012 is based on the performance of the Institutional Class shares of the Fund. The performance of each class of shares will differ as a result of the different levels of fees and expenses applicable to each class of shares.

 

Portfolio Insights

 

»  

The PIMCO EqS® Long/Short Fund seeks long-term capital appreciation by investing under normal circumstances in long and short positions of equity and equity-related securities, including common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), utilizing a fundamental investing style that integrates bottom-up and top-down research. The Fund will normally invest a substantial portion of its assets in equity and equity-related securities. The Fund may also invest in fixed income securities of varying maturities, cash and cash equivalents.

 

»  

The Fund’s Institutional Class shares returned 13.78% after fees, and the Fund’s benchmark index, the 3-Month USD LIBOR Index, returned 0.13% during the reporting period.

 

»  

The Fund’s long equity positions contributed to absolute returns as equity markets rallied and the stocks held in the Fund outperformed the broad equity market, as represented by the S&P 500 Index.

 

»  

The Fund’s short equity positions detracted from performance in aggregate as the overall equity markets rose during the reporting period.

 

»  

Within the Fund, two long investments that contributed the most on the long side were DST Systems and Genworth Financial.

 

»  

The Fund’s long position in Penn West Petroleum and select equity short positions detracted from performance.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   19

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Insights from the Portfolio Managers PIMCO Emerging Multi-Asset Fund

 

Dear Shareholder,

 

We appreciate your investment in the PIMCO Emerging Multi-Asset Fund (the “Fund”). Below is our semiannual update that includes a discussion of our investment outlook with a focus on emerging markets (“EM”) as well as an update on the portfolio over the six-month reporting period ended December 31, 2013.

 

Tapering Speculation Drives EM Volatility

 

As has been the case since May when the Federal Reserve (“Fed”) hinted that it may begin to unwind its program of bond purchases, speculation regarding the actual start of “Fed tapering” drove volatility across EM classes throughout the second half of 2013. When the Fed finally announced the start of tapering in mid-December, EM responded in mixed, but muted, fashion with dollar assets outperforming as markets had mostly priced-in the event. After years of strong inflows post-financial crisis, outflows from EM accelerated in the second half of 2013 amid higher developed market (“DM”) interest rates and idiosyncratic EM pressures.

 

EM equities (as represented by the MSCI Emerging Markets Index) returned 7.70% over the six-month reporting period, trailing its DM counterpart (as represented by the MSCI World Index) by over 9 percentage points. Much of the underperformance can be explained by diverging fundamentals in the EM corporate sector. Whereas DM firms have grown earnings, EM firms have experienced significant earnings deterioration, in part due to ongoing structural challenges, such as overcapacity and rising wage costs. Compounding the problem has been the influence of DM monetary policy. When Fed Chairman Bernanke first publicly indicated that scaling back monetary stimulus was a near-term possibility, investors opted to redeploy capital away from the emerging into the developed world, driving an EM sell-off in May and June. The strong rebound in the second half of 2013 was driven by both mean reversion from the summer sell-off and some relief that tapering had been put off by a few months, as the Fed announced a delay in tapering its stimulus program before commencing in December. The Fund is overweight EM equities given depressed valuations post sell-off and an improved global growth outlook.

 

EM external debt (as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global) returned 1.79% over the six-month reporting period, recovering from steep declines in May and June. Gains over the period were driven by tightening spreads due to improved market risk sentiment. This offset a rise in U.S. Treasury yields, which weighed on the asset class. Spreads declined 26 basis points over the period, with a larger compression experienced by the high yield subset of the index. The Fund maintains its underweight to EM spread duration, as we believe spreads may be susceptible to further investor outflows, slower EM growth, and limited progress on

structural reforms. Within the more strongly positioned countries, we will substitute higher yielding quasi-sovereign and EM corporate credits for rich sovereign issues and maintain, more broadly, a tactical allocation to the EM corporate debt asset class.

 

EM local debt markets (as represented by the JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index (Unhedged)) declined 1.96% over the six-month reporting period. Investor preference for U.S. dollar-denominated assets amid U.S. economic strength, concerns over external vulnerabilities of higher current account deficit countries, and the implications of a slowdown in China generally weakened EM currencies. While higher carry supported the asset class, the combination of rising yields (largely mirroring the rise in U.S. Treasury yields) and depreciating currencies led to losses over the period. We maintain our slight overweight to EM local rates, which offer lower duration than EM dollar-denominated assets. We believe EM local rates are moderately attractive since select yield curves offer attractive carry and roll opportunities, particularly at the front end. The Fund has increased its defensive posturing to EM currencies, given weak technicals and expected volatility and slower EM growth.

 

EM Likely to Remain Bumpy at the Start of 2014

 

Investor outflows from EM strategies, which typically follow periods of negative returns, may continue during the first few months of the year. We believe this may lead to further volatility, especially for local bonds and currencies in light of renewed U.S. dollar strength and large levels of foreign ownership of local bond markets. While outflows were driven by tactically-oriented investors, strategically-oriented investors continued to increase allocations to EM.

 

Growth and inflation across EM are expected to remain steady with continued policy efforts focused on reducing inflation and raising real growth. Our view is that 2014 will be a year where country and corporate differentiation will dominate EM debt and equity investment performance given varying initial conditions relating to balance sheet strength, macro conditions, and the flexibility of fiscal and monetary policies. Politics bear monitoring with key elections in Brazil, Turkey, Indonesia, India and South Africa. The electoral cycle will likely delay needed structural reforms. Country differentiation could be accentuated by changing market reactions to tapering and the withdrawal of quantitative easing liquidity.

 

We believe that EM equities remain attractively valued on a historical basis and that real wage growth and an emerging consuming class should drive equity returns over the secular horizon. However, we retain a cautious eye in the near term and believe the asset class remains susceptible to currency volatility and negative shocks. As EM

 

 

20   PIMCO EQUITY SERIES     

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earnings remain highly levered to Gross Domestic Product growth, sustained outperformance likely rests on a turn in the earnings cycle and improving manufacturing data. From a country perspective, we are cautious on countries with large current account deficits, preferring those with strong balance sheets and a high degree of policy flexibility. From a sector perspective, we see value in higher quality cyclicals and may look to add to select consumer staples on any market pull-back.

 

In the external EM debt space, we remain underweight both spread and interest rate duration. Spreads remain vulnerable given outflows, low liquidity, and the macro environment. We continue to overweight countries that, in our view, can withstand exogenous shocks and will underweight or avoid countries with weaker fundamentals and are exposed to unique pressures. Our interest rate duration underweight is concentrated in the long-end of EM yield curves and is supported by the view that shorter maturity U.S. Treasury rates are well-tethered. Where relative value dictates, we will substitute a country’s sovereign debt for corporate and quasi-sovereigns, which provide additional yield at generally shorter durations without a proportional drop in credit quality.

 

In the local EM space, we will continue to favor countries that offer high nominal yields, positive real rates, and steep yield curves that provide attractive carry and roll down. We will focus on the front-end of select EM yield curves which are supported by well anchored short-term U.S. Treasury rates. We remain cautious on EM currencies in aggregate due to the potential negative impact of tapering and a weak technical environment. Our overweights are concentrated in countries we believe have strong, supportive credit fundamentals that offer high carry, while our underweights are in countries we view as having large current account deficits and a reliance on short-term portfolio flows. Amid better valuations across EM, we will look to capitalize on relative value opportunities as dislocations materialize.

Sincerely,

 

LOGO    LOGO
LOGO    LOGO
Curtis Mewbourne    Maria (Masha) Gordon
Portfolio Manager,
Generalist		    Portfolio Manager, Emerging Markets Equities

 

LOGO    LOGO
LOGO    LOGO
Michael Gomez    Ramin Toloui
Portfolio Manager,
Emerging Markets Debt		    Portfolio Manager, Emerging Markets Debt

 

Top 10 Holdings1

 

PIMCO EqS® Emerging Markets Fund

        53.7%   

PIMCO Emerging Local Bond Fund

        26.6%   

PIMCO Emerging Markets Bond Fund

        12.4%   

PIMCO Emerging Markets Corporate Bond Fund

        7.1%   

PIMCO Short-Term Floating NAV Portfolio

        0.2%   

 

1 

% of Total Investments as of 12/31/2013. Top Holdings, solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   21

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PIMCO Emerging Multi-Asset Fund

 

Institutional Class -  PEAWX   Class A -  PEAAX
Class P -  PEAQX   Class C -  PEACX
Administrative Class -  PEAMX   Class R - PEARX
Class D -  PEAEX  

 

Cumulative Returns Through December 31, 2013

 

LOGO

 
Average Annual Total Return for the period ended December 31, 2013  
        6 Months*     1 Year     Fund Inception
(04/12/11)		  
LOGO   PIMCO Emerging Multi-Asset Fund Institutional Class     2.76%        -5.07%        -3.24%   
  PIMCO Emerging Multi-Asset Fund Class P     2.75%        -5.10%        -3.32%   
  PIMCO Emerging Multi-Asset Fund Administrative Class     2.67%        -5.30%        -3.48%   
  PIMCO Emerging Multi-Asset Fund Class D     2.72%        -5.34%        -3.53%   
  PIMCO Emerging Multi-Asset Fund Class A     2.74%        -5.35%        -3.56%   
  PIMCO Emerging Multi-Asset Fund Class A (adjusted)     -2.91%        -10.56%        -5.54%   
  PIMCO Emerging Multi-Asset Fund Class C     2.25%        -6.07%        -4.24%   
  PIMCO Emerging Multi-Asset Fund Class C (adjusted)     1.25%        -7.00%        -4.24%   
  PIMCO Emerging Multi-Asset Fund Class R     2.64%        -5.47%        -3.75%   
LOGO   MSCI Emerging Markets Index (Net Dividends in USD)±     7.70%        -2.60%        -3.22%   
LOGO   50% MSCI Emerging Markets Index (Net Dividends in USD), 25% JPMorgan Emerging Markets Bond Index (EMBI) Global, 25% JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)±±     3.76%        -5.17%        0.09%   

 

All Fund returns are net of fees and expenses.

 

* Cumulative return.

 

± The MSCI Emerging Markets Index (Net Dividends in USD) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. It is not possible to invest directly in the index.

 

±± The benchmark is a blend of 50% MSCI Emerging Markets Index (Net Dividends in USD), 25% JPMorgan Emerging Markets Bond Index (EMBI) Global, 25% JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) . MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. JPMorgan Emerging Markets Bond Index (EMBI) Global tracks total returns for United States Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds and local market instruments. JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) is a comprehensive global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. It is not possible to invest directly in an unmanaged index.

 

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. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 2.36% for the Institutional Class shares, 2.46% for the Class P shares, 2.61% for the Administrative Class shares, 2.71% for the Class D shares, 2.71% for the Class A shares, 3.46% for the Class C shares and 2.96% for the Class R shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com/investments.

 

Portfolio Insights

 

»  

The PIMCO Emerging Multi-Asset Fund seeks maximum total return, consistent with prudent investment management, by investing under normal circumstances at least 80% of its assets in investments economically tied to emerging market countries. The Fund will typically invest 20% to 80% of its total assets in equity-related instruments (including investments in common stock, preferred stock, and equity-related Underlying PIMCO Funds or Acquired Funds). The Fund is designed to provide concurrent exposure to a broad spectrum of emerging market asset classes, such as equity, fixed income and currencies, and other investments, including commodities.

 

»  

During the reporting period, the Fund’s Institutional Class shares returned 2.76% after fees, while the Fund’s primary benchmark index (MSCI Emerging Markets Index) returned 7.70%, and the Fund’s secondary benchmark index (a blended index consisting of 50% MSCI Emerging Markets Index/25% JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index (Unhedged)/25% JPMorgan Emerging Markets Bond Index (EMBI) Global) returned 3.76%.

 

»  

The relative performance of the PIMCO EqS® Emerging Markets Fund detracted from relative performance as this Underlying PIMCO Fund underperformed its respective primary benchmark, the MSCI Emerging Markets Index, over the reporting period.

 

»  

An asset allocation decision to overweight emerging markets (“EM”) local debt throughout the reporting period detracted from relative performance as the JPMorgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified Index (Unhedged) underperformed the Fund’s secondary benchmark index over the reporting period.

 

»  

An asset allocation decision to overweight EM equities throughout the reporting period contributed to relative performance as the MSCI Emerging Markets Index outperformed the Fund’s secondary benchmark index over the reporting period.

 

»  

An asset allocation decision to underweight external EM debt positively contributed to relative performance as the asset class, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global, lagged the Fund’s secondary benchmark index during the reporting period.

 

22   PIMCO EQUITY SERIES     

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Insights from the Portfolio Managers PIMCO EqS Pathfinder Fund®

 

Dear Shareholder,

 

It is our pleasure to be speaking with you as we finish the second half of 2013 and we thank you for your investment in the PIMCO EqS Pathfinder Fund® (the “Fund”). Our commitment continues to be to seek an attractive absolute return that beats the market over a full market cycle and to do so with less volatility than the overall market. We have organized our thoughts below to provide you with a review of the equity market over the past six months, the Fund itself, and our outlook for 2014.

 

The Last Six Months in Review

 

After the equity market retreat late in the second quarter of 2013 due to concerns about U.S. Federal Reserve (“Fed”) Chairman Bernanke’s comments regarding the potential for Fed “tapering” of its bond buying program, equity markets rebounded strongly in the second half of 2013. Most developed markets posted strong gains for the second half of the year, with the MSCI World Index returning 16.83%.

 

If earnings for the fourth quarter of 2013 come in close to Analysts’ estimates, we believe the earnings growth for the entire year will be approximately 5.5% to 6.0% for the companies in the index. Very much like the previous six months and the previous calendar year 2012, most of the increase in the price of the index will have been driven by Price/Earnings (“PE”) multiple expansion for the second half of 2013 and indeed for the entire year. Very accommodative developed market central banks increased corporate stock buybacks assisted by corporate cash (which is at elevated levels last seen in the 1960s), relatively benign inflation, and attractive earnings and dividend yields on stocks versus other asset classes, continued to provide support for equity market investors. Although the Fund posted a good absolute return over the reporting period, capturing approximately 86% of the market’s return, it lagged the overall broad equity market index (as represented by the MSCI World Index) during the multiple-expansion led equity market rally.

 

Pathfinder Fund

 

After the Bernanke-induced market retreat late in the second quarter of 2013, we opportunistically increased our equity investments as prices became attractive, in our view. We initiated positions in Japanese companies such as leading automotive company Toyota Motor, industrial manufacturer Komatsu, consumer products manufacturer and distributor Kao, and U.S.-based dominant securities services company Brink’s. Later in the year, we also initiated positions in the world’s largest VLGC (very large gas carrier), BW LPG, leading enterprise software provider, Oracle, London-based global bank, Barclays, and IBM. Some of our notable performers in the Fund during the reporting period included Logitech International, ING, and Carrefour.

Logitech sells computer peripheral products such as computer mice, keyboards, audio and gaming devices. With 70% of its sales still coming from PC peripherals, Logitech benefited from less pressure in the near term in the core PC segment. The turnaround implemented by the new management team is starting to materialize with the successful launch of new products such as the iPhone game controller.

 

ING performed well in the second half of the year, advancing off a low valuation level, as the company continued to progress toward splitting and selling off businesses, and separating them from the bank. Furthermore, the value of the bank and other businesses increased from an improved environment for credit and housing in ING’s home market.

 

Carrefour’s restructuring plan is starting to bear fruit, for the first time in several years, with a recovery in foot traffic, an expansion of the earnings before interest and tax (“EBIT”) margin in its French operations, and some welcome market share gains. Although the improvement was impressive in 2013, we believe more is expected as Carrefour is beginning to simplify the complex logistics of its supply chain and improve its inventory management. Carrefour’s terms with suppliers should improve materially in 2014, in our view, as the result of the combination of better sales momentum and a new and very competent procurement team.

 

We also had a few stocks in the Fund which did not perform as we expected. Danone, American Capital Agency Corp., and AngloGold Ashanti were three of those holdings that detracted from performance.

 

Danone, a long-held position in the Fund, and world leading dairy, yogurt, baby, and nutrition manufacturer, was impacted by a precautionary product recall in its infant milk business in Australasia. After investigation, the product recall proved to be unfounded as no contaminated product was used by Danone. Although we think the long-term brand equity is unlikely to be affected, previous examples of product recalls demonstrates that it often takes between six to twelve months for previous sales growth to return to normal after such an incident.

 

American Capital Agency Corp., a real estate investment trust which invests in Agency securities and mortgage obligations, suffered in the second half of 2013 due to the recent increase in interest rates and pressure on their book value.

 

AngloGold Ashanti, a South African gold producer, declined alongside the general retreat in the price of gold, as some investors decreased their exposure to gold and other precious metals ahead of a potential Fed tapering.

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   23

Table of Contents

Insights from the Portfolio Managers PIMCO EqS Pathfinder Fund® (Cont.)

 

 

Looking Forward

 

The equity market advance over the six-month reporting period has largely been driven by PE multiple expansion, and some are now postulating that the market as a whole is fairly valued. Ours is not to quibble with others’ views of the market, as we do not invest in markets per se. We invest in individual businesses, when it is appropriate to do so, and only when these businesses meet our investment criteria. That is our investment discipline. We are continuing to find a number of new attractive investments, as noted in the third paragraph in this letter, and we are fully invested today with a full pipeline of ideas percolating in the background.

 

We would also be remiss if we didn’t remind our readers that assessing downside risk is equally as important to us as is estimating the upside potential in each and every one of our investments. It is our intent to deliver to you a portfolio which offers less volatility on the downside than the overall equity market. In addition, we know that preserving assets in the short-term leads to the more attractive compounding of returns over the long term.

 

To close our letter, we repeat our thanks for investing with us in the PIMCO EqS Pathfinder Fund®. We maintain our value-driven discipline, seeking the twin goals of capital appreciation and downside risk mitigation. We are privileged to have the opportunity to manage your capital, and we look forward to the challenges and the opportunities in the months and years ahead.

 

Sincerely,

 

LOGO
LOGO

Anne Gudefin, CFA

Portfolio Manager

Top 10 Holdings1

 

Imperial Tobacco Group PLC

        3.1%   

British American Tobacco PLC

        3.0%   

Microsoft Corp.

        2.9%   

Intel Corp.

        2.8%   

Danone

        2.8%   

AIA Group Ltd.

        2.8%   

Marine Harvest ASA

        2.7%   

Berkshire Hathaway, Inc. ‘B’

        2.5%   

Carrefour S.A.

        2.4%   

Seadrill Ltd.

        2.3%   

 

Geographic Breakdown1

 

United States

        34.6%   

United Kingdom

        12.0%   

France

        9.7%   

Switzerland

        5.9%   

Netherlands

        5.3%   

Japan

        4.6%   

Hong Kong

        4.2%   

Norway

        3.5%   

Bermuda

        3.3%   

Germany

        2.4%   

Denmark

        2.1%   

Other

        6.5%   

 

Sector Breakdown1

 

Consumer Staples

        28.5%   

Financials

        18.8%   

Information Technology

        11.9%   

Energy

        11.6%   

Industrials

        11.2%   

Health Care

        5.7%   

Consumer Discretionary

        3.8%   

Other

        2.6%   

 

1 

% of Total Investments as of 12/31/2013. Top Holdings, Geographic and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

 

 

24   PIMCO EQUITY SERIES     

Table of Contents

PIMCO EqS Pathfinder Fund®

 

Institutional Class -  PTHWX   Class A -  PATHX
Class P -  PTHPX   Class C -  PTHCX
Class D -  PTHDX   Class R - PTHRX

 

Cumulative Returns Through December 31, 2013

 

LOGO

 
Average Annual Total Return for the period ended December 31, 2013  
        6 Months*     1 Year     Fund Inception
(04/14/10)		  
LOGO   PIMCO EqS Pathfinder Fund® Institutional Class     14.48%        19.45%        7.38%   
  PIMCO EqS Pathfinder Fund® Class P     14.35%        19.32%        7.26%   
  PIMCO EqS Pathfinder Fund® Class D     14.19%        19.07%        6.97%   
  PIMCO EqS Pathfinder Fund® Class A     14.25%        19.11%        7.00%   
  PIMCO EqS Pathfinder Fund® Class A (adjusted)     7.97%        12.56%        5.38%   
  PIMCO EqS Pathfinder Fund® Class C     13.90%        18.25%        6.24%   
  PIMCO EqS Pathfinder Fund® Class C (adjusted)     12.90%        17.25%        6.24%   
  PIMCO EqS Pathfinder Fund® Class R     14.12%        18.69%        6.65%   
LOGO   MSCI World Index±     16.83%        26.68%        10.56%   

 

All Fund returns are net of fees and expenses.

 

* Cumulative return.

 

± The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 24 developed market country indices. It is not possible to invest directly in an unmanaged index.

 

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. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.08% for the Institutional Class shares, 1.18% for the Class P shares, 1.43% for the Class D shares, 1.43% for the Class A shares, 2.18% for the Class C shares and 1.68% for the Class R shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com/investments.

 

Portfolio Insights

 

»  

The PIMCO EqS Pathfinder Fund® seeks capital appreciation by investing under normal circumstances in equity securities, including common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), of issuers that PIMCO believes are undervalued. The Fund’s bottom-up value investment style attempts to identify securities that are undervalued by the market in comparison to PIMCO’s own determination of the company’s value, taking into account criteria such as asset value, book value, cash flow and earnings estimates.

 

»  

During the reporting period, the Fund’s Institutional Class shares returned 14.48% after fees, and the Fund’s benchmark index, the MSCI World Index, returned 16.83%.

 

»  

An overweight to and security selection in the consumer staples sector was a significant detractor from returns, as was an underweight to and security selection in the consumer discretionary sector. In addition, the Fund’s modest cash holding also detracted from returns. However, security selection in the financials and utilities sectors benefited returns relative to the Fund’s benchmark index.

 

»  

Holdings in Logitech, ING Groep, and Veolia Environnement benefited performance as prices on these securities appreciated during the reporting period.

 

»  

Holdings in Danone, British American Tobacco, and Imperial Tobacco Group detracted from returns as prices on these securities declined or failed to keep pace with the broader equity market during the reporting period.

 

»  

At the end of the reporting period, the Fund held approximately 99% in equities we believe are undervalued, approximately 1% (on the long side only) in merger arbitrage investments, and held the balance of the portfolio in cash and currency hedges.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   25

Table of Contents

Expense Examples

 

 

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund 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 Funds and share classes is from July 1, 2013 to December 31, 2013 unless noted otherwise in the table and footnotes below.

 

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the column entitled “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 Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’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 Fund 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, such as sales charges (loads) on purchase payments and exchange fees. 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 from 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
(07/01/13)		     Ending
Account Value
(12/31/13)		     Expenses Paid
During Period*		         Beginning
Account Value
(07/01/13)		     Ending
Account Value
(12/31/13)		     Expenses Paid
During Period*		         Net Annualized
Expense Ratio**		  

PIMCO Dividend and Income Builder Fund

                    
Institutional Class     $  1,000.00      $  1,108.80      $ 4.46          $  1,000.00      $  1,020.97      $  4.28            0.84 % 
Class P       1,000.00        1,108.10        4.99            1,000.00        1,020.47        4.79            0.94   
Class D       1,000.00        1,106.90        6.32            1,000.00        1,019.21        6.06            1.19   
Class A       1,000.00        1,106.90        6.32            1,000.00        1,019.21        6.06            1.19   
Class C       1,000.00        1,102.10         10.28            1,000.00        1,015.43        9.86            1.94   
Class R       1,000.00        1,105.50        7.64          1,000.00        1,017.95        7.32          1.44   

PIMCO EqS® Dividend Fund

                    
Institutional Class     $ 1,000.00      $ 1,112.10      $ 4.47          $ 1,000.00      $ 1,020.97      $ 4.28            0.84 % 
Class P       1,000.00        1,111.50        5.00            1,000.00        1,020.47        4.79            0.94   
Class D       1,000.00        1,111.00        6.33            1,000.00        1,019.21        6.06            1.19   
Class A       1,000.00        1,110.10        6.33            1,000.00        1,019.21        6.06            1.19   
Class C       1,000.00        1,106.40        10.30            1,000.00        1,015.43        9.86            1.94   
Class R       1,000.00        1,108.80        7.65          1,000.00        1,017.95        7.32          1.44   

 

26   PIMCO EQUITY SERIES     

Table of Contents

 

(Unaudited)

 

        Actual         Hypothetical
(5% return before expenses)		             
        Beginning
Account Value
(07/01/13)		     Ending
Account Value
(12/31/13)		     Expenses Paid
During Period*		         Beginning
Account Value
(07/01/13)		     Ending
Account Value
(12/31/13)		     Expenses Paid
During Period*		         Net Annualized
Expense Ratio**		  

PIMCO EqS® Emerging Markets Fund

                    
Institutional Class     $  1,000.00      $  1,065.40      $ 6.56          $  1,000.00      $  1,018.85      $ 6.41            1.26 % 
Class P       1,000.00        1,066.70        7.08            1,000.00        1,018.35        6.92            1.36   
Administrative Class       1,000.00        1,064.40        7.86            1,000.00        1,017.59        7.68            1.51   
Class D       1,000.00        1,064.60        8.38            1,000.00        1,017.09        8.19            1.61   
Class A       1,000.00        1,064.60        8.38            1,000.00        1,017.09        8.19            1.61   
Class C       1,000.00        1,059.20         12.25            1,000.00        1,013.31         11.98            2.36   
Class R       1,000.00        1,062.30        9.67          1,000.00        1,015.83        9.45          1.86   

PIMCO EqS® Long/Short Fund

                    
Institutional Class     $ 1,000.00      $ 1,137.80      $ 11.69          $ 1,000.00      $ 1,014.27      $ 11.02            2.17 % 
Class P       1,000.00        1,136.90        11.53            1,000.00        1,014.42        10.87            2.14   
Class D       1,000.00        1,135.10        12.92            1,000.00        1,013.11        12.18            2.40   
Class A       1,000.00        1,135.50        13.03            1,000.00        1,013.01        12.28            2.42   
Class C       1,000.00        1,131.30        16.76          1,000.00        1,009.48        15.80          3.12   

PIMCO Emerging Multi-Asset Fund

                    
Institutional Class     $ 1,000.00      $ 1,027.60      $ 1.43          $ 1,000.00      $ 1,023.79      $ 1.43            0.28 % 
Class P       1,000.00        1,027.50        1.94            1,000.00        1,023.29        1.94            0.38   
Administrative Class       1,000.00        1,026.70        2.71            1,000.00        1,022.53        2.70            0.53   
Class D       1,000.00        1,027.20        3.22            1,000.00        1,022.03        3.21            0.63   
Class A       1,000.00        1,027.40        3.22            1,000.00        1,022.03        3.21            0.63   
Class C       1,000.00        1,022.50        7.04            1,000.00        1,018.25        7.02            1.38   
Class R       1,000.00        1,026.40        4.49          1,000.00        1,020.77        4.48          0.88   

PIMCO EqS Pathfinder Fund®

                    
Institutional Class     $ 1,000.00      $ 1,144.80      $ 4.87          $ 1,000.00      $ 1,020.67      $ 4.58            0.90 % 
Class P       1,000.00        1,143.50        5.40            1,000.00        1,020.16        5.09            1.00   
Class D       1,000.00        1,141.90        6.75            1,000.00        1,018.90        6.36            1.25   
Class A       1,000.00        1,142.50        6.75            1,000.00        1,018.90        6.36            1.25   
Class C       1,000.00        1,139.00        10.78            1,000.00        1,015.12        10.16            2.00   
Class R       1,000.00        1,141.20        8.10          1,000.00        1,017.64        7.63          1.50   

 

* Expenses Paid During Period are equal to the net annualized expense ratio for the Fund, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 

** The Net Annualized Expense Ratio is reflective of any applicable waivers related to contractual agreements for contractual fee waivers or voluntary fee waivers. Details regarding fee waivers can be found in note 9 in the Notes to Financial Statements.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   27

Table of Contents

Financial Highlights

 

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 Income
from
Investment
Operations		     Dividends
from Net
Investment
Income		     Distributions
from Net
Realized
Capital Gains		     Total
Distributions		  

PIMCO Dividend and Income Builder Fund

              
Institutional Class              

07/01/2013 - 12/31/2013

   $   11.60      $ 0.16      $ 1.10      $ 1.26      $   (0.20 )    $ 0.00      $   (0.20 ) 

06/30/2013

     10.47        0.54        1.03        1.57        (0.42 )        (0.02 )      (0.44 ) 

12/14/2011 - 06/30/2012

     10.00        0.25        0.47        0.72        (0.25 )      0.00        (0.25 ) 
Class P              

07/01/2013 - 12/31/2013

     11.62        0.15        1.10        1.25        (0.19 )      0.00        (0.19 ) 

06/30/2013

     10.48        0.54        1.03        1.57        (0.41 )      (0.02 )      (0.43 ) 

12/14/2011 - 06/30/2012

     10.00        0.30        0.42        0.72        (0.24 )      0.00        (0.24 ) 
Class D              

07/01/2013 - 12/31/2013

     11.61        0.14        1.10        1.24        (0.18 )      0.00        (0.18 ) 

06/30/2013

     10.47        0.46        1.09        1.55        (0.39 )      (0.02 )      (0.41 ) 

12/14/2011 - 06/30/2012

     10.00        0.26        0.44        0.70        (0.23 )      0.00        (0.23 ) 
Class A              

07/01/2013 - 12/31/2013

     11.61        0.14        1.10        1.24        (0.18 )      0.00        (0.18 ) 

06/30/2013

     10.47        0.48        1.07        1.55        (0.39 )      (0.02 )      (0.41 ) 

12/14/2011 - 06/30/2012

     10.00        0.26        0.44        0.70        (0.23 )      0.00        (0.23 ) 
Class C              

07/01/2013 - 12/31/2013

     11.59        0.09        1.09        1.18        (0.13 )      0.00        (0.13 ) 

06/30/2013

     10.46        0.40        1.06        1.46        (0.31 )      (0.02 )      (0.33 ) 

12/14/2011 - 06/30/2012

     10.00        0.24        0.41        0.65        (0.19 )      0.00        (0.19 ) 
Class R              

07/01/2013 - 12/31/2013

     11.61        0.12        1.10        1.22        (0.16 )      0.00        (0.16 ) 

06/30/2013

     10.47        0.36        1.16        1.52        (0.36 )      (0.02 )      (0.38 ) 

12/14/2011 - 06/30/2012

     10.00        0.25        0.43        0.68        (0.21 )      0.00        (0.21 ) 

PIMCO EqS® Dividend Fund

              
Institutional Class              

07/01/2013 - 12/31/2013

   $ 11.87      $ 0.16      $ 1.14      $ 1.30      $ (0.26 )    $ (0.62 )    $ (0.88 ) 

06/30/2013

     10.47        0.43        1.37        1.80        (0.37 )      (0.03 )      (0.40 ) 

12/14/2011 - 06/30/2012

     10.00        0.28        0.42        0.70        (0.23 )      0.00        (0.23 ) 
Class P              

07/01/2013 - 12/31/2013

     11.88        0.15        1.14        1.29        (0.25 )      (0.62 )      (0.87 ) 

06/30/2013

     10.48        0.47        1.32        1.79        (0.36 )      (0.03 )      (0.39 ) 

12/14/2011 - 06/30/2012

     10.00        0.29        0.41        0.70        (0.22 )      0.00        (0.22 ) 
Class D              

07/01/2013 - 12/31/2013

     11.87        0.13        1.16        1.29        (0.24 )      (0.62 )      (0.86 ) 

06/30/2013

     10.48        0.40        1.36        1.76        (0.34 )      (0.03 )      (0.37 ) 

12/14/2011 - 06/30/2012

     10.00        0.30        0.39        0.69        (0.21 )      0.00        (0.21 ) 
Class A              

07/01/2013 - 12/31/2013

     11.88        0.13        1.15        1.28        (0.24 )      (0.62 )      (0.86 ) 

06/30/2013

     10.48        0.42        1.35        1.77        (0.34 )      (0.03 )      (0.37 ) 

12/14/2011 - 06/30/2012

     10.00        0.27        0.42        0.69        (0.21 )      0.00        (0.21 ) 
Class C              

07/01/2013 - 12/31/2013

     11.84        0.09        1.14        1.23        (0.19 )      (0.62 )      (0.81 ) 

06/30/2013

     10.45        0.36        1.32        1.68        (0.26 )      (0.03 )      (0.29 ) 

12/14/2011 - 06/30/2012

     10.00        0.23        0.39        0.62        (0.17 )      0.00        (0.17 ) 
Class R              

07/01/2013 - 12/31/2013

     11.87        0.12        1.14        1.26        (0.22 )      (0.62 )      (0.84 ) 

06/30/2013

     10.47        0.36        1.38        1.74        (0.31 )      (0.03 )      (0.34 ) 

12/14/2011 - 06/30/2012

     10.00        0.18        0.48        0.66        (0.19 )      0.00        (0.19 ) 

PIMCO EqS® Emerging Markets Fund

              
Institutional Class              

07/01/2013 - 12/31/2013

   $ 8.26      $   (0.01 )    $ 0.55      $ 0.54      $ 0.00      $ 0.00      $ 0.00   

06/30/2013

     7.97        0.13        0.25        0.38        (0.09 )      0.00        (0.09 ) 

06/30/2012

     10.19        0.08          (2.27 )        (2.19 )      (0.02 )      (0.01 )      (0.03 ) 

03/22/2011 - 06/30/2011

     10.00        0.05        0.14        0.19        0.00        0.00        0.00   

 

Please see footnotes on page 34.

 

28   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

(Unaudited)

 

Net Asset
Value End of
Year or
Period		     Total Return     Net Assets
End of Year or
Period (000s)		     Ratio of
Expenses to
Average
Net Assets		     Ratio of
Expenses to
Average
Net Assets
Excluding  Waivers		     Ratio of
Expenses to
Average
Net Assets
Excluding  Interest
Expense and
Dividends on
Securities
Sold Short		     Ratio of
Expenses to
Average
Net Assets
Excluding  Interest
Expense and
Dividends on
Securities
Sold Short
and Waivers		     Ratio of Net
Investment
Income (Loss)  to
Average
Net Assets		     Portfolio
Turnover
Rate**		  
               
               
$   12.66        10.88 %    $ 86,941        0.84 %*      1.00 %*      0.84 %*      1.00 %*      2.55 %*      32 % 
  11.60        15.17        69,203        0.83        1.00        0.83        1.00        4.66        75   
  10.47        7.17        11,170        0.83 *      1.57 *      0.83 *      1.57 *      4.35 *      28   
               
  12.68        10.81        134,272        0.94 *      1.10 *      0.94 *      1.10 *      2.48 *      32   
  11.62        15.15        85,724        0.93        1.10        0.93        1.10        4.62        75   
  10.48        7.21        8,207        0.93 *      2.47 *      0.93 *      2.47 *      5.28 *      28   
               
  12.67        10.69        34,185        1.19 *      1.35 *      1.19 *      1.35 *      2.22 *      32   
  11.61        14.91        23,204        1.18        1.35        1.18        1.35        4.00        75   
  10.47        6.98        2,306        1.18 *      2.26 *      1.18 *      2.26 *      4.52 *      28   
               
  12.67        10.69        281,654        1.19 *      1.35 *      1.19 *      1.35 *      2.23 *      32   
  11.61        14.91        117,579        1.18        1.35        1.18        1.35        4.18        75   
  10.47        6.98        13,314        1.18 *      2.43 *      1.18 *      2.43 *      4.62 *      28   
               
  12.64        10.21        291,833        1.94 *      2.10 *      1.94 *      2.10 *      1.49 *      32   
  11.59        14.08        86,879        1.93        2.10        1.93        2.10        3.42        75   
  10.46        6.46        8,000        1.93 *      3.46 *      1.93 *      3.46 *      4.27 *      28   
               
  12.67        10.55        405        1.44 *      1.60 *      1.44 *      1.60 *      1.93 *      32   
  11.61        14.66        217        1.43        1.60        1.43        1.60        3.24        75   
  10.47        6.84        415        1.43 *      2.32 *      1.43 *      2.32 *      4.30 *      28   
               
               
$ 12.29        11.21 %    $   495,083        0.84 %*      1.00 %*      0.84 %*      1.00 %*      2.51 %*      48 % 
  11.87        17.32        579,198        0.83        1.00        0.83        1.00        3.74        108   
  10.47        6.95        315,513        0.83 *      1.20 *      0.83 *      1.20 *      4.98 *      21   
               
  12.30        11.15        4,200        0.94 *      1.10 *      0.94 *      1.10 *      2.37 *      48   
  11.88        17.21        1,435        0.93        1.10        0.93        1.10        3.98        108   
  10.48        7.00        71        0.93 *      1.33 *      0.93 *      1.33 *      5.11 *      21   
               
  12.30        11.10        11,177        1.19 *      1.35 *      1.19 *      1.35 *      2.15 *      48   
  11.87        16.85        7,801        1.18        1.35        1.18        1.35        3.41        108   
  10.48        6.86        1,251        1.18 *      1.67 *      1.18 *      1.67 *      5.25 *      21   
               
  12.30        11.01        59,493        1.19 *      1.35 *      1.19 *      1.35 *      2.13 *      48   
  11.88        16.95        27,729        1.18        1.35        1.18        1.35        3.63        108   
  10.48        6.86        2,529        1.18 *      1.51 *      1.18 *      1.51 *      4.74 *      21   
               
  12.26        10.64        38,266        1.94 *      2.10 *      1.94 *      2.10 *      1.39 *      48   
  11.84        16.14        14,150        1.93        2.10        1.93        2.10        3.05        108   
  10.45        6.19        1,275        1.93 *      2.26 *      1.93 *      2.26 *      4.11 *      21   
               
  12.29        10.88        111        1.44 *      1.60 *      1.44 *      1.60 *      1.89 *      48   
  11.87        16.71        100        1.43        1.60        1.43        1.60        3.05        108   
  10.47        6.63        11        1.43 *      1.67 *      1.43 *      1.67 *      3.24 *      21   
               
               
$ 8.80        6.54 %    $ 419,603        1.26 %*      1.46 %*      1.26 %*      1.46 %*      (0.18 )%*      31 % 
  8.26        4.68        496,172        1.26        1.46        1.26        1.46        1.46        85   
  7.97        (21.51 )      514,884        1.25        1.46        1.25        1.45        0.94        92   
  10.19        1.90        353,099        1.25 *      1.62 *      1.25 *      1.62 *      1.77 *      41   

 

Please see footnotes on page 34.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   29

Table of Contents

Financial Highlights (Cont.)

 

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 Income
from
Investment
Operations		     Dividends
from Net
Investment
Income		     Distributions
from Net
Realized
Capital Gains		     Total
Distributions		  

PIMCO EqS® Emerging Markets Fund (Cont.)

              
Class P              

07/01/2013 - 12/31/2013

   $ 8.24      $   (0.01 )    $ 0.56      $ 0.55      $ 0.00      $ 0.00      $ 0.00   

06/30/2013

     7.97        0.33        0.03        0.36        (0.09 )      0.00        (0.09 ) 

06/30/2012

       10.19        0.06          (2.25 )        (2.19 )      (0.02 )        (0.01 )        (0.03 ) 

03/22/2011 - 06/30/2011

     10.00        0.04        0.15        0.19        0.00        0.00        0.00   
Administrative Class              

07/01/2013 - 12/31/2013

     8.23        (0.02 )      0.55        0.53        0.00        0.00        0.00   

06/30/2013

     7.96        0.11        0.24        0.35        (0.08 )      0.00        (0.08 ) 

06/30/2012

     10.18        0.06        (2.27 )      (2.21 )      (0.00 )^      (0.01 )      (0.01 ) 

04/19/2011 - 06/30/2011

     10.51        0.04        (0.37 )      (0.33 )      0.00        0.00        0.00   
Class D              

07/01/2013 - 12/31/2013

     8.20        (0.02 )      0.55        0.53        0.00        0.00        0.00   

06/30/2013

     7.93        0.09        0.26        0.35        (0.08 )      0.00        (0.08 ) 

06/30/2012

     10.18        0.00 ^      (2.22 )      (2.22 )      (0.02 )      (0.01 )      (0.03 ) 

03/22/2011 - 06/30/2011

     10.00        0.06        0.12        0.18        0.00        0.00        0.00   
Class A              

07/01/2013 - 12/31/2013

     8.20        (0.02 )      0.55        0.53        0.00        0.00        0.00   

06/30/2013

     7.94        0.13        0.21        0.34        (0.08 )      0.00        (0.08 ) 

06/30/2012

     10.18        0.08        (2.31 )      (2.23 )      (0.00 )^      (0.01 )      (0.01 ) 

03/22/2011 - 06/30/2011

     10.00        0.05        0.13        0.18        0.00        0.00        0.00   
Class C              

07/01/2013 - 12/31/2013

     8.11        (0.06 )      0.54        0.48        0.00        0.00        0.00   

06/30/2013

     7.88        0.07        0.21        0.28        (0.05 )      0.00        (0.05 ) 

06/30/2012

     10.17        0.01        (2.29 )      (2.28 )      (0.00 )^      (0.01 )      (0.01 ) 

03/22/2011 - 06/30/2011

     10.00        0.03        0.14        0.17        0.00        0.00        0.00   
Class R              

07/01/2013 - 12/31/2013

     8.19        (0.03 )      0.54        0.51        0.00        0.00        0.00   

06/30/2013

     7.93        0.08        0.24        0.32        (0.06 )      0.00        (0.06 ) 

06/30/2012

     10.18        0.01        (2.25 )      (2.24 )      (0.00 )^      (0.01 )      (0.01 ) 

03/22/2011 - 06/30/2011

     10.00        0.06        0.12        0.18        0.00        0.00        0.00   

PIMCO EqS® Long/Short Fund

              
Institutional Class              

07/01/2013 - 12/31/2013

   $   11.09      $ (0.07 )    $ 1.59      $ 1.52      $   (0.06 )    $ (0.61 )    $ (0.67 ) 

06/30/2013

     9.71        0.15        1.27        1.42        (0.04 )      0.00        (0.04 ) 

04/20/2012 - 06/30/2012

     10.00        (0.02 )      (0.27 )      (0.29 )      0.00        0.00        0.00   
Class P              

07/01/2013 - 12/31/2013

     11.08        (0.07 )      1.58        1.51        (0.07 )      (0.61 )      (0.68 ) 

06/30/2013

     9.70        (0.05 )      1.47        1.42        (0.04 )      0.00        (0.04 ) 

04/30/2012 - 06/30/2012

     10.00        (0.02 )      (0.28 )      (0.30 )      0.00        0.00        0.00   
Class D              

07/01/2013 - 12/31/2013

     11.06        (0.09 )      1.58        1.49        (0.06 )      (0.61 )      (0.67 ) 

06/30/2013

     9.70        (0.10 )      1.48        1.38        (0.02 )      0.00        (0.02 ) 

04/30/2012 - 06/30/2012

     10.00        (0.03 )      (0.27 )      (0.30 )      0.00        0.00        0.00   
Class A              

07/01/2013 - 12/31/2013

     11.05        (0.08 )      1.57        1.49        (0.06 )      (0.61 )      (0.67 ) 

06/30/2013

     9.70        0.00 ^      1.38        1.38        (0.03 )      0.00        (0.03 ) 

04/30/2012 - 06/30/2012

     10.00        (0.03 )      (0.27 )      (0.30 )      0.00        0.00        0.00   
Class C              

07/01/2013 - 12/31/2013

     10.98        (0.12 )      1.56        1.44        (0.05 )      (0.61 )      (0.66 ) 

06/30/2013

     9.69        0.01        1.29        1.30        (0.01 )      0.00        (0.01 ) 

04/30/2012 - 06/30/2012

     10.00        (0.04 )      (0.27 )      (0.31 )      0.00        0.00        0.00   

 

Please see footnotes on page 34.

 

30   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

(Unaudited)

 

Net Asset
Value End of
Year or
Period		     Total Return     Net Assets
End of Year or
Period (000s)		     Ratio of
Expenses to
Average
Net Assets		     Ratio of
Expenses to
Average
Net Assets
Excluding  Waivers		     Ratio of
Expenses to
Average
Net Assets
Excluding  Interest
Expense and
Dividends on
Securities
Sold Short		     Ratio of
Expenses to
Average
Net Assets
Excluding  Interest
Expense and
Dividends on
Securities
Sold Short
and Waivers		     Ratio of Net
Investment
Income (Loss)  to
Average
Net Assets		     Portfolio
Turnover
Rate**		  
               
               
$ 8.79        6.67 %    $ 6,219        1.36 %*      1.56 %*      1.36 %*      1.56 %*      (0.34 )%*      31 % 
  8.24        4.46        7,615        1.36        1.56        1.36        1.56        3.81        85   
  7.97        (21.52 )      63        1.35        1.56        1.35        1.55        0.68        92   
    10.19        1.90        37        1.35 *      1.94 *      1.35 *      1.94 *      1.42 *      41   
               
  8.76        6.44        44        1.51 *      1.71 *      1.51 *      1.71 *      (0.43 )*      31   
  8.23        4.36        42        1.51        1.71        1.51        1.71        1.32        85   
  7.96        (21.72 )      34        1.50        1.72        1.50        1.72        0.74        92   
  10.18        (3.14 )      10        1.50 *      1.90 *      1.50 *      1.90 *      1.72 *      41   
               
  8.73        6.46        1,196        1.61 *      1.81 *      1.61 *      1.81 *      (0.53 )*      31   
  8.20        4.31        1,097        1.61        1.81        1.61        1.81        0.99        85   
  7.93        (21.83 )      989        1.60        1.82        1.60        1.81        (0.02 )      92   
  10.18        1.80        1,080        1.60 *      2.11 *      1.60 *      2.11 *      1.98 *      41   
               
  8.73        6.46        6,274        1.61 *      1.81 *      1.61 *      1.81 *      (0.56 )*      31   
  8.20        4.23        4,324        1.61        1.81        1.61        1.81        1.51        85   
  7.94        (21.89 )      2,469        1.60        1.81        1.60        1.80        0.90        92   
  10.18        1.80        764        1.60 *      2.02 *      1.60 *      2.02 *      1.89 *      41   
               
  8.59        5.92        1,886        2.36 *      2.56 *      2.36 *      2.56 *      (1.36 )*      31   
  8.11        3.54        1,371        2.36        2.56        2.36        2.56        0.83        85   
  7.88        (22.43 )      675        2.35        2.57        2.35        2.56        0.12        92   
  10.17        1.70        98        2.35 *      2.80 *      2.35 *      2.80 *      0.98 *      41   
               
  8.70        6.23        26        1.86 *      2.06 *      1.86 *      2.06 *      (0.79 )*      31   
  8.19        4.04        25        1.86        2.06        1.86        2.06        0.92        85   
  7.93        (22.01 )      24        1.85        2.07        1.85        2.06        0.06        92   
  10.18        1.80        39        1.85 *      2.34 *      1.85 *      2.34 *      1.97 *      41   
               
               
$ 11.94        13.78 %    $   498,922        2.17 %*      2.22 %*      1.46 %*      1.51 %*      (1.25 )%*      250 % 
  11.09        14.66        329,610        2.65        2.75        1.40        1.50        1.45        528   
  9.71        (2.90 )      212,229        1.52 *      2.41 *      1.40 *      2.29 *      (1.30 )*      113   
               
  11.91        13.69        117,805        2.14 *      2.19 *      1.56 *      1.61 *      (1.14 )*      250   
  11.08        14.77        15,664        3.94        4.04        1.50        1.60        (0.48 )      528   
  9.70        (3.00 )      10        1.62 *      2.40 *      1.50 *      2.28 *      (1.34 )*      113   
               
  11.88        13.51        64,838        2.40 *      2.45 *      1.81 *      1.86 *      (1.42 )*      250   
  11.06        14.31        12,421        3.95        4.05        1.75        1.85        (0.97 )      528   
  9.70        (3.00 )      111        1.87 *      3.97 *      1.77 *      3.87 *      (1.72 )*      113   
               
  11.87        13.55        211,793        2.42 *      2.47 *      1.81 *      1.86 *      (1.37 )*      250   
  11.05        14.27        24,759        3.62        3.72        1.75        1.85        (0.03 )      528   
  9.70        (3.00 )      1,219        1.87 *      3.17 *      1.74 *      3.04 *      (1.70 )*      113   
               
  11.76        13.13        118,302        3.12 *      3.17 *      2.56 *      2.61 *      (2.07 )*      250   
  10.98        13.41        9,530        4.04        4.14        2.50        2.60        0.13        528   
  9.69        (3.10 )      53        2.62 *      4.50 *      2.52 *      4.40 *      (2.46 )*      113   

 

Please see footnotes on page 34.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   31

Table of Contents

Financial Highlights (Cont.)

 

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 Income
from
Investment
Operations		     Dividends
from Net
Investment
Income		     Distributions
from Net
Realized
Capital Gains		     Total
Distributions		  

PIMCO Emerging Multi-Asset Fund

              
Institutional Class              

07/01/2013 - 12/31/2013

   $ 8.60      $ 0.13      $ 0.11      $ 0.24      $ (0.15 )    $ 0.00      $ (0.15 ) 

06/30/2013

     8.71        0.24        (0.08 )      0.16        (0.27 )      0.00        (0.27 ) 

06/30/2012

     9.89        0.14        (1.27 )      (1.13 )      (0.05 )      0.00        (0.05 ) 

04/12/2011 - 06/30/2011

     10.00        0.02        (0.13 )      (0.11 )      0.00        0.00        0.00   
Class P              

07/01/2013 - 12/31/2013

     8.58          0.13        0.11        0.24        (0.15 )      0.00          (0.15 ) 

06/30/2013

     8.69        0.24          (0.09 )      0.15        (0.26 )      0.00        (0.26 ) 

06/30/2012

     9.90        0.15        (1.31 )        (1.16 )        (0.05 )        0.00        (0.05 ) 

04/12/2011 - 06/30/2011

     10.00        0.02        (0.12 )      (0.10 )      0.00        0.00        0.00   
Administrative Class              

07/01/2013 - 12/31/2013

     8.55        0.12        0.11        0.23        (0.14 )      0.00        (0.14 ) 

06/30/2013

     8.69        0.15        (0.01 )      0.14        (0.28 )      0.00        (0.28 ) 

06/30/2012

     9.89        0.12        (1.28 )      (1.16 )      (0.04 )      0.00        (0.04 ) 

04/19/2011 - 06/30/2011

     10.02        0.02        (0.15 )      (0.13 )      0.00        0.00        0.00   
Class D              

07/01/2013 - 12/31/2013

     8.57        0.12        0.11        0.23        (0.13 )      0.00        (0.13 ) 

06/30/2013

     8.70        0.20        (0.08 )      0.12        (0.25 )      0.00        (0.25 ) 

06/30/2012

     9.89        0.11        (1.27 )      (1.16 )      (0.03 )      0.00        (0.03 ) 

04/12/2011 - 06/30/2011

     10.00        0.02        (0.13 )      (0.11 )      0.00        0.00        0.00   
Class A              

07/01/2013 - 12/31/2013

     8.54        0.12        0.11        0.23        (0.13 )      0.00        (0.13 ) 

06/30/2013

     8.68        0.23        (0.12 )      0.11        (0.25 )      0.00        (0.25 ) 

06/30/2012

     9.88        0.12        (1.28 )      (1.16 )      (0.04 )      0.00        (0.04 ) 

04/12/2011 - 06/30/2011

     10.00        0.02        (0.14 )      (0.12 )      0.00        0.00        0.00   
Class C              

07/01/2013 - 12/31/2013

     8.46        0.08        0.11        0.19        (0.10 )      0.00        (0.10 ) 

06/30/2013

     8.62        0.15        (0.09 )      0.06        (0.22 )      0.00        (0.22 ) 

06/30/2012

     9.88        0.05        (1.29 )      (1.24 )      (0.02 )      0.00        (0.02 ) 

04/12/2011 - 06/30/2011

     10.00        0.00 ^      (0.12 )      (0.12 )      0.00        0.00        0.00   
Class R              

07/01/2013 - 12/31/2013

     8.51        0.11        0.11        0.22        (0.12 )      0.00        (0.12 ) 

06/30/2013

     8.68        0.23        (0.13 )      0.10        (0.27 )      0.00        (0.27 ) 

06/30/2012

     9.88        0.09        (1.27 )      (1.18 )      (0.02 )      0.00        (0.02 ) 

04/12/2011 - 06/30/2011

     10.00        0.01        (0.13 )      (0.12 )      0.00        0.00        0.00   

PIMCO EqS Pathfinder Fund®

              
Institutional Class              

07/01/2013 - 12/31/2013

   $   10.82      $ 0.09      $ 1.47      $ 1.56      $ (0.18 )    $   (0.23 )    $ (0.41 ) 

06/30/2013

     10.11        0.25        0.77        1.02        (0.31 )      0.00        (0.31 ) 

06/30/2012

     10.65        0.18        (0.62 )      (0.44 )      (0.07 )      (0.03 )      (0.10 ) 

06/30/2011

     9.23        0.19        1.34        1.53        (0.09 )      (0.02 )      (0.11 ) 

04/14/2010 - 06/30/2010

     10.00        0.07        (0.84 )      (0.77 )      0.00        0.00        0.00   
Class P              

07/01/2013 - 12/31/2013

     10.80        0.08        1.46        1.54        (0.17 )      (0.23 )      (0.40 ) 

06/30/2013

     10.09        0.25        0.76        1.01        (0.30 )      0.00        (0.30 ) 

06/30/2012

     10.64        0.17        (0.63 )      (0.46 )      (0.06 )      (0.03 )      (0.09 ) 

06/30/2011

     9.23        0.18        1.34        1.52        (0.09 )      (0.02 )      (0.11 ) 

04/14/2010 - 06/30/2010

     10.00        0.07        (0.84 )      (0.77 )      0.00        0.00        0.00   
Class D              

07/01/2013 - 12/31/2013

     10.74        0.07        1.44        1.51        (0.15 )      (0.23 )      (0.38 ) 

06/30/2013

     10.05        0.21        0.77        0.98        (0.29 )      0.00        (0.29 ) 

06/30/2012

     10.61        0.13        (0.61 )      (0.48 )      (0.05 )      (0.03 )      (0.08 ) 

06/30/2011

     9.21        0.16        1.34        1.50        (0.08 )      (0.02 )      (0.10 ) 

04/14/2010 - 06/30/2010

     10.00        0.06        (0.85 )      (0.79 )      0.00        0.00        0.00   

 

Please see footnotes on page 34.

 

32   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

(Unaudited)

 

Net Asset
Value End of
Year or
Period		     Total Return     Net Assets
End of Year or
Period (000s)		     Ratio of
Expenses to
Average
Net Assets		     Ratio of
Expenses to
Average
Net Assets
Excluding  Waivers		     Ratio of
Expenses to
Average
Net Assets
Excluding  Interest
Expense and
Dividends on
Securities
Sold Short		     Ratio of
Expenses to
Average
Net Assets
Excluding  Interest
Expense and
Dividends on
Securities
Sold Short
and Waivers		     Ratio of Net
Investment
Income (Loss)  to
Average
Net Assets		     Portfolio
Turnover
Rate**		  
               
               
$ 8.69        2.76 %    $ 27,787        0.28 %*      1.37 %*      0.28 %*      1.37 %*      2.99 %*      15 % 
  8.60        1.60        36,051        0.35        1.36        0.35        1.36        2.62        53   
  8.71        (11.45 )      29,987        0.53        1.38        0.53        1.38        1.62        41   
  9.89        (1.10 )      9,755        0.53 *      6.96 *      0.53 *      6.96 *      1.13 *      0   
               
  8.67        2.75        1,977        0.38 *      1.47 *      0.38 *      1.47 *      2.89 *      15   
  8.58        1.53        1,998        0.45        1.46        0.45        1.46        2.62        53   
  8.69        (11.69 )      2,019        0.63        1.48        0.63        1.48        1.71        41   
  9.90        (1.00 )      74        0.63 *      17.34 *      0.63 *      17.34 *      0.96 *      0   
               
  8.64        2.67        1,905        0.53 *      1.62 *      0.53 *      1.62 *      2.76 *      15   
  8.55        1.35        2,051        0.60        1.61        0.60        1.61        1.60        53   
  8.69        (11.75 )      28        0.78        1.63        0.78        1.63        1.36        41   
  9.89        (1.30 )      10        0.78 *      6.47 *      0.78 *      6.47 *      0.88 *      0   
               
  8.67        2.72        5,686        0.63 *      1.72 *      0.63 *      1.72 *      2.69 *      15   
  8.57        1.17        5,669        0.70        1.71        0.70        1.71        2.23        53   
  8.70        (11.77 )      4,912        0.88        1.73        0.88        1.73        1.20        41   
  9.89        (1.10 )      2,745        0.88 *      8.20 *      0.88 *      8.20 *      0.81 *      0   
               
  8.64        2.74        11,537        0.63 *      1.72 *      0.63 *      1.72 *      2.63 *      15   
  8.54        1.12        12,333        0.70        1.71        0.70        1.71        2.46        53   
  8.68        (11.72 )      10,147        0.88        1.73        0.88        1.73        1.32        41   
  9.88        (1.20 )      1,801        0.88 *      9.28 *      0.88 *      9.28 *      0.82 *      0   
               
  8.55        2.25        4,652        1.38 *      2.47 *      1.38 *      2.47 *      1.91 *      15   
  8.46        0.56        5,101        1.45        2.46        1.45        2.46        1.68        53   
  8.62        (12.51 )      3,868        1.63        2.48        1.63        2.48        0.57        41   
  9.88        (1.20 )      649        1.63 *      9.73 *      1.63 *      9.73 *      0.08 *      0   
               
  8.61        2.64        31        0.88 *      1.97 *      0.88 *      1.97 *      2.45 *      15   
  8.51        0.96        30        0.95        1.96        0.95        1.96        2.47        53   
  8.68        (11.98 )      9        1.13        1.98        1.13        1.98        0.99        41   
  9.88        (1.20 )      10        1.13 *      6.40 *      1.13 *      6.40 *      0.50 *      0   
               
               
$   11.97        14.48 %    $   2,623,946        0.90 %*      1.07 %*      0.90 %*      1.07 %*      1.53 %*      23 % 
  10.82        10.19        1,691,850        0.90        1.10        0.89        1.09        2.38        29   
  10.11        (4.09 )      1,930,637        0.92        1.09        0.90        1.07        1.80        32   
  10.65        16.68        1,338,509        0.92        1.10        0.89        1.07        1.87        35   
  9.23        (7.70 )      542,879        0.98 *      1.21 *      0.89 *      1.12 *      3.53 *      4   
               
  11.94        14.35        79,904        1.00 *      1.17 *      1.00 *      1.17 *      1.43 *      23   
  10.80        10.12        62,479        1.00        1.20        0.99        1.19        2.34        29   
  10.09        (4.23 )      67,977        1.02        1.19        1.00        1.17        1.70        32   
  10.64        16.55        45,785        1.02        1.20        0.99        1.17        1.72        35   
  9.23        (7.70 )      970        1.08 *      1.31 *      0.99 *      1.22 *      3.36 *      4   
               
  11.87        14.19        18,497        1.25 *      1.42 *      1.25 *      1.42 *      1.15 *      23   
  10.74        9.89        17,730        1.25        1.45        1.24        1.44        2.01        29   
  10.05        (4.52 )      18,469        1.27        1.45        1.26        1.42        1.33        32   
  10.61        16.39        24,352        1.27        1.45        1.24        1.42        1.55        35   
  9.21        (7.90 )      7,084        1.33 *      1.56 *      1.24 *      1.47 *      3.13 *      4   

 

Please see footnotes on page 34.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   33

Table of Contents

Financial Highlights (Cont.)

 

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 Income
from
Investment
Operations		     Dividends
from Net
Investment
Income		     Distributions
from Net
Realized
Capital Gains		     Total
Distributions		  

PIMCO EqS Pathfinder Fund® (Cont.)

              
Class A              

07/01/2013 - 12/31/2013

   $ 10.78      $ 0.07      $ 1.46      $ 1.53      $ (0.16 )    $ (0.23 )    $ (0.39 ) 

06/30/2013

     10.08        0.22        0.76        0.98        (0.28 )      0.00        (0.28 ) 

06/30/2012

     10.64        0.14        (0.62 )      (0.48 )      (0.05 )      (0.03 )      (0.08 ) 

06/30/2011

     9.22        0.17        1.33        1.50        (0.06 )      (0.02 )      (0.08 ) 

04/14/2010 - 06/30/2010

     10.00        0.07        (0.85 )      (0.78 )      0.00        0.00        0.00   
Class C              

07/01/2013 - 12/31/2013

       10.60          0.03        1.43        1.46          (0.12 )        (0.23 )        (0.35 ) 

06/30/2013

     9.96        0.13        0.75        0.88        (0.24 )      0.00        (0.24 ) 

06/30/2012

     10.55        0.06          (0.61 )      (0.55 )      (0.01 )      (0.03 )      (0.04 ) 

06/30/2011

     9.21        0.11        1.31        1.42        (0.06 )      (0.02 )      (0.08 ) 

04/14/2010 - 06/30/2010

     10.00        0.05        (0.84 )        (0.79 )      0.00        0.00        0.00   
Class R              

07/01/2013 - 12/31/2013

     10.66        0.05        1.44        1.49        (0.14 )      (0.23 )      (0.37 ) 

06/30/2013

     10.00        0.20        0.74        0.94        (0.28 )      0.00        (0.28 ) 

06/30/2012

     10.59        0.07        (0.59 )      (0.52 )      (0.04 )      (0.03 )      (0.07 ) 

06/30/2011

     9.21        0.12        1.35        1.47        (0.07 )      (0.02 )      (0.09 ) 

04/14/2010 - 06/30/2010

     10.00        0.06        (0.85 )      (0.79 )      0.00        0.00        0.00   

 

* Annualized
** The ratio excludes PIMCO Short-Term Floating NAV Portfolio.
^ Reflects an amount rounding to less than one cent.
(a) 

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

 

34   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

(Unaudited)

 

Net Asset
Value End of
Year or
Period		     Total Return     Net Assets
End of Year or
Period (000s)		     Ratio of
Expenses to
Average
Net Assets		     Ratio of
Expenses to
Average
Net Assets
Excluding  Waivers		     Ratio of
Expenses to
Average
Net Assets
Excluding  Interest
Expense and
Dividends on
Securities
Sold Short		     Ratio of
Expenses to
Average
Net Assets
Excluding  Interest
Expense and
Dividends on
Securities
Sold Short
and Waivers		     Ratio of Net
Investment
Income (Loss)  to
Average
Net Assets		     Portfolio
Turnover
Rate**		  
               
               
$   11.92        14.25 %    $   76,995        1.25 %*      1.42 %*      1.25 %*      1.42 %*      1.18 %*      23 % 
  10.78        9.88        59,746        1.25        1.45        1.24        1.44        2.04        29   
  10.08        (4.50 )      69,910        1.27        1.43        1.26        1.42        1.37        32   
  10.64        16.30        89,571        1.27        1.45        1.24        1.42        1.64        35   
  9.22        (7.80 )      15,436        1.33 *      1.56 *      1.24 *      1.47 *      3.28 *      4   
               
  11.71        13.90        52,407        2.00 *      2.17 *      2.00 *      2.17 *      0.44 *      23   
  10.60        8.95        35,754        2.00        2.20        1.99        2.19        1.24        29   
  9.96        (5.15 )      47,006        2.02        2.21        2.00        2.17        0.65        32   
  10.55        15.50        50,672        2.02        2.20        1.99        2.17        1.04        35   
  9.21        (7.90 )      6,668        2.08 *      2.31 *      1.99 *      2.22 *      2.43 *      4   
               
  11.78        14.12        21        1.50 *      1.67 *      1.50 *      1.67 *      0.94 *      23   
  10.66        9.48        15        1.50        1.70        1.49        1.69        1.92        29   
  10.00        (4.86 )      11        1.52        1.67        1.51        1.66        0.71        32   
  10.59        16.02        102        1.52        1.70        1.49        1.67        1.21        35   
  9.21        (7.90 )      9        1.58 *      1.81 *      1.49 *      1.72 *      2.91 *      4   

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   35

Table of Contents

Statements of Assets and Liabilities

 

(Amounts in thousands, except per share amounts)   PIMCO
Dividend and
Income
Builder Fund		     PIMCO
EqS®
Dividend Fund		     PIMCO
EqS®
Emerging
Markets Fund		     PIMCO
EqS®
Long/Short
Fund		  

Assets:

        

Investments, at value

                                

Investments in securities*

   $   811,897      $   600,369      $   379,667      $ 875,081   

Investments in Affiliates

     19,470        4,290        53,254        150,648   

Financial Derivative Instruments

                                

Exchange-traded or centrally cleared

     43        19        5        416   

Over the counter

     1,928        1,931        7,141        84   

Cash

     0        0        5        1   

Deposits with counterparty

     1,340        751        242        116,135   

Foreign currency, at value

     2,600        1,256        441        0   

Receivable for investments sold

     1,564        1,281        3,719        44,409   

Receivable for Fund shares sold

     8,275        923        571        8,967   

Interest and dividends receivable

     2,490        2,082        84        573   

Dividends receivable from Affiliates

     5        1        14        42   
      849,612        612,903        445,143        1,196,356   

Liabilities:

        

Borrowings & Other Financing Transactions

                                

Payable for short sales

   $ 0      $ 0      $ 0      $ 136,766   

Financial Derivative Instruments

                                

Exchange-traded or centrally cleared

     145        113        7        254   

Over the counter

     865        972        5,190        355   

Payable for investments purchased

     9,801        673        446        44,734   

Payable for investments in Affiliates purchased

     5        1        14        42   

Deposits from counterparty

     5,025        1,765        3,370        290   

Payable for Fund shares redeemed

     2,331        513        382        896   

Dividends payable

     1,243        36        0        0   

Accrued investment advisory fees

     347        274        300        803   

Accrued supervisory and administrative fees

     255        164        170        384   

Accrued distribution fees

     178        26        1        76   

Accrued servicing fees

     112        20        2        59   

Reimbursement to PIMCO

     15        16        12        15   

Other liabilities

     0        0        1        22   
      20,322        4,573        9,895        184,696   

Net Assets

   $ 829,290      $ 608,330      $ 435,248      $   1,011,660   

Net Assets Consist of:

        

Paid in capital

   $ 769,373      $ 531,119      $ 471,050      $ 947,804   

Undistributed (overdistributed) net investment income

     (1,028 )      (2,239 )      1,213        (4,525 ) 

Accumulated undistributed net realized gain (loss)

     (566 )      7,788        (45,168 )      6,716   

Net unrealized appreciation

     61,511        71,662        8,153        61,665   
    $ 829,290      $ 608,330      $ 435,248      $ 1,011,660   

Cost of Investments in Securities

   $ 751,129      $ 529,287      $ 373,578      $ 809,780   

Cost of Investments in Affiliates

   $ 19,470      $ 4,290      $ 53,261      $ 150,654   

Cost of Foreign Currency Held

   $ 2,602      $ 1,258      $ 440      $ 0   

Proceeds Received on Short Sales

   $ 0      $ 0      $ 0      $ 134,202   

Cost or Premiums of Financial Derivative Instruments, net

   $ 0      $ 0      $ (25 )    $ 882   

* Includes repurchase agreements of:

   $ 3,872      $ 1,458      $ 117      $ 2,085   

 

36   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

(Amounts in thousands, except per share amounts)   PIMCO
Dividend and
Income
Builder Fund		     PIMCO
EqS®
Dividend Fund		     PIMCO
EqS®
Emerging
Markets Fund		     PIMCO
EqS®
Long/Short
Fund		  

Net Assets:

        

Institutional Class

   $ 86,941      $   495,083      $   419,603      $ 498,922   

Class P

     134,272        4,200        6,219        117,805   

Administrative Class

     NA        NA        44        NA   

Class D

     34,185        11,177        1,196        64,838   

Class A

       281,654        59,493        6,274          211,793   

Class C

     291,833        38,266        1,886        118,302   

Class R

     405        111        26        NA   

Shares Issued and Outstanding:

        

Institutional Class

     6,866        40,273        47,694        41,795   

Class P

     10,593        341        708        9,894   

Administrative Class

     NA        NA        5        NA   

Class D

     2,699        909        137        5,459   

Class A

     22,237        4,836        719        17,845   

Class C

     23,081        3,122        219        10,063   

Class R

     32        9        3        NA   

Net Asset Value and Redemption Price^ Per Share Outstanding:

        

Institutional Class

   $ 12.66      $ 12.29      $ 8.80      $ 11.94   

Class P

     12.68        12.30        8.79        11.91   

Administrative Class

     NA        NA        8.76        NA   

Class D

     12.67        12.30        8.73        11.88   

Class A

     12.67        12.30        8.73        11.87   

Class C

     12.64        12.26        8.59        11.76   

Class R

     12.67        12.29        8.70        NA   

 

^ With respect to the A and C Classes, the redemption price varies by the length of time the shares are held.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   37

Table of Contents

Consolidated Statements of Assets and Liabilities

 

(Amounts in thousands, except per share amounts)   PIMCO
Emerging
Multi-Asset
Fund		     PIMCO
EqS
Pathfinder
Fund®		  

Assets:

    

Investments, at value

                

Investments in securities*

   $ 0      $ 2,727,641   

Investments in Affiliates

     52,708        152,207   

Financial Derivative Instruments

                

Exchange-traded or centrally cleared

     77        0   

Over the counter

     167        14,274   

Cash

     28        10   

Deposits with counterparty

     32        610   

Foreign currency, at value

     35        785   

Receivable for investments sold

     0        200   

Receivable for investments in Affiliates sold

     675        0   

Receivable for Fund shares sold

     48        2,006   

Interest and dividends receivable

     0        4,056   

Dividends receivable from Affiliates

     103        35   

Reimbursement receivable from PIMCO

     1        0   
      53,874        2,901,824   

Liabilities:

    

Financial Derivative Instruments

                

Exchange-traded or centrally cleared

   $ 26      $ 0   

Over the counter

     105        24,047   

Payable for investments purchased

     0        1,290   

Payable for investments in Affiliates purchased

     103        35   

Deposits from counterparty

     0        8,945   

Payable for Fund shares redeemed

     42        13,460   

Accrued investment advisory fees

     0        1,399   

Accrued supervisory and administrative fees

     14        730   

Accrued distribution fees

     5        36   

Accrued servicing fees

     4        26   

Reimbursement to PIMCO

     0        58   

Other liabilities

     0        28   
      299        50,054   

Net Assets

   $ 53,575      $ 2,851,770   

Net Assets Consist of:

    

Paid in capital

   $ 59,208      $ 2,454,207   

Undistributed (overdistributed) net investment income

     390        (8,075 ) 

Accumulated undistributed net realized gain (loss)

     (2,945 )      1,248   

Net unrealized appreciation (depreciation)

     (3,078 )      404,390   
    $   53,575      $   2,851,770   

Cost of Investments in Securities

   $ 0      $ 2,313,500   

Cost of Investments in Affiliates

   $ 55,822      $ 152,227   

Cost of Foreign Currency Held

   $ 34      $ 783   

Cost or Premiums of Financial Derivative Instruments, net

   $ 79      $ 0   

* Includes repurchase agreements of:

   $ 0      $ 1,191   

 

38   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

(Amounts in thousands, except per share amounts)   PIMCO
Emerging
Multi-Asset
Fund		     PIMCO
EqS
Pathfinder
Fund®		  

Net Assets:

    

Institutional Class

   $   27,787      $   2,623,946   

Class P

     1,977        79,904   

Administrative Class

     1,905        NA   

Class D

     5,686        18,497   

Class A

     11,537        76,995   

Class C

     4,652        52,407   

Class R

     31        21   

Shares Issued and Outstanding:

    

Institutional Class

     3,197        219,243   

Class P

     228        6,692   

Administrative Class

     220        NA   

Class D

     656        1,558   

Class A

     1,335        6,461   

Class C

     544        4,477   

Class R

     4        2   

Net Asset Value and Redemption Price^ Per Share Outstanding:

    

Institutional Class

   $ 8.69      $ 11.97   

Class P

     8.67        11.94   

Administrative Class

     8.64        NA   

Class D

     8.67        11.87   

Class A

     8.64        11.92   

Class C

     8.55        11.71   

Class R

     8.61        11.78   

 

^ With respect to the A and C Classes, the redemption price varies by the length of time the shares are held.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   39

Table of Contents

Statements of Operations

 

Six Months Ended December 31, 2013 (Unaudited)                        
(Amounts in thousands)   PIMCO
Dividend and
Income
Builder Fund		     PIMCO
EqS®
Dividend Fund		     PIMCO
EqS®
Emerging
Markets Fund		     PIMCO
EqS®
Long/Short
Fund		  

Investment Income:

        

Interest

   $ 1,350      $ 0      $ 8      $ 10   

Dividends, net of foreign taxes*

     9,169        10,826        2,524        2,809   

Dividends from Investments in Affiliates

     36        17        57        180   

Total Income

     10,555        10,843        2,589        2,999   

Expenses:

        

Investment advisory fees

     2,136        2,243        2,401        3,265   

Supervisory and administrative fees

     1,200        1,021        1,088        1,529   

Distribution and/or servicing fees - Class D

     36        12        2        44   

Distribution fees - Class C

     743        114        5        188   

Distribution fees - Class R

     1        0        0        0   

Servicing fees - Class A

     259        59        7        125   

Servicing fees - Class C

     248        38        2        63   

Dividends on short sales

     0        0        0        1,881   

Interest expense

     2        1        4        215   

Miscellaneous expense

     16        18        13        53   

Total Expenses

     4,641        3,506        3,522        7,363   

Waiver and/or Reimbursement by PIMCO

     (496 )      (522 )      (482 )      (158 ) 

Net Expenses

     4,145        2,984        3,040        7,205   

Net Investment Income (Loss)

     6,410        7,859        (451 )      (4,206 ) 

Net Realized Gain (Loss):

        

Investments in securities

     3,404        22,725        (512 )      50,780   

Investments in Affiliates

     1        (1 )      0        (27 ) 

Exchange-traded or centrally cleared financial derivative instruments

     (2,563 )      (2,944 )      (984 )      564   

Over the counter financial derivative instruments

     433        (50 )      (3,655 )      (578 ) 

Short sales

     0        0        0        (7,042 ) 

Foreign currency

     149        197        (243 )      (185 ) 

Net Realized Gain (Loss)

     1,424        19,927        (5,394 )      43,512   

Net Change in Unrealized Appreciation (Depreciation):

        

Investments in securities

     53,863        38,898        27,675        50,061   

Investments in Affiliates

     (2 )      0        (7 )      (7 ) 

Exchange-traded or centrally cleared financial derivative instruments

     (231 )      (633 )      95        (3,090 ) 

Over the counter financial derivative instruments

     729        791        8,935        (472 ) 

Short sales

     0        0        0        (9,121 ) 

Foreign currency assets and liabilities

     72        147        (24 )      271   

Net Change in Unrealized Appreciation

     54,431        39,203        36,674        37,642   

Net Gain

     55,855        59,130        31,280        81,154   

Net Increase in Net Assets Resulting from Operations

   $     62,265      $     66,989      $     30,829      $     76,948   

* Foreign tax withholdings - Dividends

   $ 421      $ 537      $ 214      $ 17   

 

40   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

Consolidated Statements of Operations

 

Six Months Ended December 31, 2013 (Unaudited)            
(Amounts in thousands)   PIMCO
Emerging
Multi-Asset
Fund		     PIMCO
EqS
Pathfinder
Fund®		  

Investment Income:

    

Interest

   $ 0      $ 3   

Dividends, net of foreign taxes*

     0        28,532   

Dividends from Investments in Affiliates

     995        200   

Total Income

     995        28,735   

Expenses:

    

Investment advisory fees

     275        8,932   

Supervisory and administrative fees

     150        3,675   

Distribution and/or servicing fees - Administrative Class

     3        0   

Distribution and/or servicing fees - Class D

     8        22   

Distribution fees - Class C

     18        166   

Servicing fees - Class A

     15        86   

Servicing fees - Class C

     6        55   

Dividends on short sales

     0        43   

Interest expense

     0        20   

Miscellaneous expense

     2        64   

Total Expenses

     477        13,063   

Waiver and/or Reimbursement by PIMCO

     (329 )      (1,988 ) 

Net Expenses

     148        11,075   

Net Investment Income

     847        17,660   

Net Realized Gain (Loss):

    

Investments in securities

     153        64,770   

Investments in Affiliates

     (1,022 )      29   

Exchange-traded or centrally cleared financial derivative instruments

     (251 )      90   

Over the counter financial derivative instruments

     (128 )      (4,293 ) 

Short sales

     0        (1,988 ) 

Foreign currency

     (1 )      (288 ) 

Net Realized Gain (Loss)

         (1,249 )      58,320   

Net Change in Unrealized Appreciation (Depreciation):

    

Investments in securities

     0        242,002   

Investments in Affiliates

     1,874        (19 ) 

Exchange-traded or centrally cleared financial derivative instruments

     16        (935 ) 

Over the counter financial derivative instruments

     162        (10,287 ) 

Short sales

     0        197   

Foreign currency assets and liabilities

     2        97   

Net Change in Unrealized Appreciation

     2,054        231,055   

Net Gain

     805        289,375   

Net Increase in Net Assets Resulting from Operations

   $ 1,652      $     307,035   

* Foreign tax withholdings - Dividends

   $ 0      $ 1,518   

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   41

Table of Contents

Statements of Changes in Net Assets

 

    PIMCO
Dividend and Income Builder Fund		     PIMCO
EqS® Dividend Fund		     PIMCO
EqS® Emerging Markets Fund		     PIMCO
EqS® Long/Short Fund		  
(Amounts in thousands)   Six Months Ended
December 31, 2013
(Unaudited)		     Year Ended
June 30, 2013		     Six Months Ended
December 31, 2013
(Unaudited)		     Year Ended
June 30, 2013		     Six Months Ended
December 31, 2013
(Unaudited)		     Year Ended
June 30, 2013		    

Six Months Ended
December 31, 2013
(Unaudited)

     Year Ended
June 30, 2013		  

Increase (Decrease) in
Net Assets from:

                

Operations:

                

Net investment income (loss)

   $ 6,410      $ 6,920      $ 7,859      $ 18,361      $ (451 )    $ 8,322      $ (4,206 )    $ 3,879   

Net realized gain (loss)

     1,424        (1,730 )      19,927        18,234        (5,394 )      627        43,512        15,236   

Net change in unrealized appreciation

     54,431        7,508        39,203        33,325        36,674        17,587        37,642        21,700   

Net increase resulting from operations

     62,265        12,698        66,989        69,920        30,829        26,536        76,948        40,815   

Distributions to Shareholders:

                

From net investment income

                

Institutional Class

     (1,228 )      (1,472 )      (11,173 )      (16,060 )      0        (5,839 )      (2,688 )      (1,029 ) 

Class P

     (1,716 )      (1,556 )      (77 )      (30 )      0        (2 )      (663 )      (9 ) 

Administrative Class

     0        0        0        0        0        (0 )^      0        0   

Class D

     (413 )      (604 )      (186 )      (149 )      0        (10 )      (316 )      (2 ) 

Class A

     (3,038 )      (1,667 )      (972 )      (359 )      0        (33 )      (1,080 )      (15 ) 

Class C

     (2,218 )      (860 )      (515 )      (161 )      0        (6 )      (463 )      (2 ) 

Class R

     (4 )      (8 )      (2 )      (1 )      0        (0 )^      0        0   

From net realized capital gains

                

Institutional Class

     0        (52 )      (25,541 )      (839 )      0        0        (23,512 )      0   

Class P

     0        (48 )      (199 )      (2 )      0        0        (4,678 )      0   

Administrative Class

     0        0        0        0        0        0        0        0   

Class D

     0        (28 )      (465 )      (9 )      0        0        (2,765 )      0   

Class A

     0        (60 )      (2,702 )      (18 )      0        0        (8,208 )      0   

Class C

     0        (36 )      (1,844 )      (7 )      0        0        (4,823 )      0   

Class R

     0        (0 )^      (5 )      (0 )^      0        0        0        0   

Total Distributions

     (8,617 )      (6,391 )      (43,681 )      (17,635 )      0        (5,890 )      (49,196 )      (1,057 ) 

Portfolio Share Transactions:

                

Net increase (decrease) resulting from Fund share transactions**

     392,836        333,087        (45,391 )      257,478            (106,227 )      (29,138 )      591,924        138,604   

Total Increase (Decrease) in Net Assets

     446,484        339,394        (22,083 )      309,763        (75,398 )      (8,492 )      619,676        178,362   

Net Assets:

                

Beginning of period

     382,806        43,412        630,413        320,650        510,646        519,138        391,984        213,622   

End of period*

   $     829,290      $     382,806      $     608,330      $     630,413      $ 435,248      $     510,646      $     1,011,660      $     391,984   

* Including undistributed
(overdistributed) net investment income of:

   $ (1,028 )    $ 1,179      $ (2,239 )    $ 2,827      $ 1,213      $ 1,664      $ (4,525 )    $ 4,891   

 

** See note 13 in the Notes to Financial Statements.
^ Amount is less than $500.

 

42   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

Consolidated Statements of Changes in Net Assets

 

    PIMCO
Emerging Multi-Asset Fund		     PIMCO
EqS Pathfinder Fund®		  
(Amounts in thousands)   Six Months Ended
December 31, 2013
(Unaudited)		     Year Ended
June 30, 2013		    

Six Months Ended
December 31, 2013
(Unaudited)

     Year Ended
June 30, 2013		  

Increase (Decrease) in Net Assets from:

        

Operations:

        

Net investment income

   $ 847      $ 1,478      $ 17,660      $ 49,210   

Net realized gain (loss)

     (1,249 )      (886 )      58,320        (1,580 ) 

Net change in unrealized appreciation (depreciation)

     2,054        (1,976 )      231,055        160,637   

Net increase (decrease) resulting from operations

     1,652        (1,384 )      307,035        208,267   

Distributions to Shareholders:

        

From net investment income

        

Institutional Class

     (469 )      (773 )      (38,137 )      (58,239 ) 

Class P

     (33 )      (47 )      (1,112 )      (1,444 ) 

Administrative Class

     (31 )      (2 )      0        0   

Class D

     (89 )      (84 )      (237 )      (632 ) 

Class A

     (175 )      (327 )      (976 )      (1,599 ) 

Class C

     (53 )      (104 )      (539 )      (920 ) 

Class R

     (0 )^      (1 )      (0 )^      (0 )^ 

From net realized capital gains

        

Institutional Class

     0        0        (49,062 )      0   

Class P

     0        0        (1,472 )      0   

Administrative Class

     0        0        0        0   

Class D

     0        0        (351 )      0   

Class A

     0        0        (1,402 )      0   

Class C

     0        0        (968 )      0   

Class R

     0        0        (0 )^      0   

Total Distributions

     (850 )      (1,338 )      (94,256 )      (62,834 ) 

Portfolio Share Transactions:

        

Net increase (decrease) resulting from Fund share transactions**

         (10,460 )      14,985        771,417        (411,869 ) 

Net Increase (Decrease) in Net Assets

     (9,658 )      12,263        984,196        (266,436 ) 

Net Assets:

        

Beginning of period

     63,233        50,970        1,867,574        2,134,010   

End of period*

   $ 53,575      $     63,233      $     2,851,770      $     1,867,574   

* Including undistributed (overdistributed) net investment income of:

   $ 390      $ 393      $ (8,075 )    $ 15,266   

 

** See note 13 in the Notes to Financial Statements.
^ Amount is less than $500.

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   43

Table of Contents

Statement of Cash Flows

 

Six Months Ended December 31, 2013      
(Amounts in thousands)   PIMCO EqS®
Long/Short
Fund		  

Cash flows (used for) operating activities:

  

Net increase in net assets resulting from operations

   $ 76,948   

Adjustments to reconcile net increase in net assets from operations to net cash (used for) operating activities:

  

Purchases of long-term securities

     (1,785,760 ) 

Proceeds from sales of long-term securities

         1,254,649   

Proceeds from sales of short-term portfolio investments, net

     12,005   

(Increase) in deposits with counterparty

     (27,915 ) 

Decrease in receivable for investments sold

     8,547   

(Increase) in interest and dividends receivable

     (405 ) 

Decrease in exchange-traded or centrally cleared derivatives

     1,034   

(Increase) in over the counter derivatives

     (578 ) 

(Decrease) in payable for investments purchased

     (18,365 ) 

Increase in deposits from counterparty

     290   

Increase in accrued investment advisory fees

     531   

Increase in accrued supervisory and administrative fees

     251   

Increase in accrued distribution fee

     71   

Increase in accrued servicing fee

     54   

Increase in reimbursement to PIMCO

     1   

Proceeds from short sales transactions, net

     22,608   

Payments on currency transactions

     (163 ) 

Net Realized (Gain) Loss

        

Investments in securities

     (50,780 ) 

Investments in Affiliates

     27   

Exchange-traded or centrally cleared financial derivative instruments

     (564 ) 

Over the counter financial derivative instruments

     578   

Short sales

     7,042   

Foreign currency

     185   

Net Change in Unrealized (Appreciation) Depreciation

        

Investments in securities

     (50,061 ) 

Investments in Affiliates

     7   

Exchange-traded or centrally cleared financial derivative instruments

     3,090   

Over the counter financial derivative instruments

     472   

Short sales

     9,121   

Foreign currency assets and liabilities

     (271 ) 

Net amortization (accretion) on investments

     (1 ) 

Net cash (used for) operating activities

     (537,352 ) 

Cash flows received from financing activities:

  

Proceeds from shares sold

     611,569   

Payments on shares redeemed

     (73,964 ) 

Cash dividend paid*

     (255 ) 

Net cash received from financing activities

     537,350   

Net Decrease in Cash and Foreign Currency

     (2 ) 

Cash and Foreign Currency:

  

Beginning of period

     3   

End of period

   $ 1   

* Reinvestment of dividends

   $ 48,941   

Supplemental disclosure of cash flow information:

  

Interest expense paid during the period

   $ 162   

 

44   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

Schedule of Investments PIMCO Dividend and Income Builder Fund

 

December 31, 2013 (Unaudited)

 

        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  
INVESTMENTS IN SECURITIES 98.0%   
ASSET-BACKED SECURITIES 1.5%   
UNITED STATES 1.5%   

Credit Suisse First Boston Mortgage Securities Corp.

  

0.785% due 01/25/2032

   $     16      $     15   

EMC Mortgage Loan Trust

  

0.815% due 02/25/2041

       74          68   

GSAMP Trust

  

0.315% due 12/25/2046

       5,279          2,907   

HSI Asset Securitization Corp. Trust

  

0.335% due 12/25/2036

       6,565          2,918   

JPMorgan Mortgage Acquisition Trust

  

5.338% due 11/25/2036

       200          199   

Morgan Stanley Home Equity Loan Trust

  

0.265% due 12/25/2036

       215          120   

Residential Asset Securities Corp. Trust

  

1.050% due 01/25/2034

       3,043          2,701   

Structured Asset Investment Loan Trust

  

0.315% due 09/25/2036

       5,335          3,951   
       

 

 

  

Total Asset-Backed Securities
(Cost $12,686)

     12,879   
       

 

 

  
        SHARES            
COMMON STOCKS 86.8%   
BERMUDA 0.9%   
ENERGY 0.9%   

Golar LNG Partners LP

       245,184          7,417   
       

 

 

  

Total Bermuda

           7,417   
       

 

 

  
BRAZIL 5.2%   
FINANCIALS 1.4%   

BB Seguridade Participacoes S.A.

       1,093,708          11,358   
       

 

 

  
INDUSTRIALS 0.9%   

Arteris S.A.

       932,800          7,532   
       

 

 

  
UTILITIES 2.9%   

Cia de Saneamento Basico do Estado de Sao Paulo
SP - ADR

       1,905,148          21,604   

Light S.A.

       279,200          2,626   
       

 

 

  
          24,230   
       

 

 

  

Total Brazil

           43,120   
       

 

 

  
CHINA 1.4%   
INDUSTRIALS 1.4%   

Guangshen Railway Co. Ltd. ‘H’

       8,008,000          3,738   

Zhejiang Expressway Co. Ltd. ‘H’

       8,006,000          7,600   
       

 

 

  
          11,338   
       

 

 

  

Total China

  

         11,338   
       

 

 

  
CYPRUS 2.5%   
ENERGY 2.5%   

ProSafe SE

       2,666,699          20,631   
       

 

 

  

Total Cyprus

           20,631   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
FRANCE 3.9%   
ENERGY 2.7%   

Total S.A.

       362,081      $     22,224   
       

 

 

  
FINANCIALS 1.2%   

CNP Assurances

       485,490          9,956   
       

 

 

  

Total France

           32,180   
       

 

 

  
HONG KONG 0.5%   
INDUSTRIALS 0.5%   

Yuexiu Transport Infrastructure Ltd.

       7,230,000          3,818   
       

 

 

  

Total Hong Kong

           3,818   
       

 

 

  
ITALY 0.9%   
INDUSTRIALS 0.9%   

Societa Iniziative Autostradali e Servizi SpA

       742,496          7,386   
       

 

 

  

Total Italy

           7,386   
       

 

 

  
JAPAN 3.0%   
TELECOMMUNICATION SERVICES 3.0%   

Nippon Telegraph & Telephone Corp.

       468,200          25,217   
       

 

 

  

Total Japan

           25,217   
       

 

 

  
NETHERLANDS 3.3%   
ENERGY 1.4%   

Royal Dutch Shell PLC ‘A’

       314,789          11,282   
       

 

 

  
       
FINANCIALS 1.9%   

Aegon NV

       1,664,240          15,771   
       

 

 

  

Total Netherlands

           27,053   
       

 

 

  
PANAMA 0.4%   
INDUSTRIALS 0.4%   

Copa Holdings S.A. ‘A’

       23,588          3,777   
       

 

 

  

Total Panama

           3,777   
       

 

 

  
SOUTH AFRICA 3.6%   
CONSUMER DISCRETIONARY 0.9%   

Imperial Holdings Ltd.

       390,572          7,552   
       

 

 

  
HEALTH CARE 0.9%   

Life Healthcare Group Holdings Ltd.

       1,857,310          7,418   
       

 

 

  
TELECOMMUNICATION SERVICES 1.8%   

MTN Group Ltd.

       734,952          15,222   
       

 

 

  

Total South Africa

           30,192   
       

 

 

  
SPAIN 2.9%   
UTILITIES 2.9%   

Enagas S.A.

       929,667          24,285   
       

 

 

  

Total Spain

             24,285   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
SWITZERLAND 3.2%   
HEALTH CARE 3.2%   

Roche Holding AG

       94,192      $     26,386   
       

 

 

  

Total Switzerland

           26,386   
       

 

 

  
TAIWAN 1.4%   
INFORMATION TECHNOLOGY 1.4%   

Radiant Opto-Electronics Corp.

       3,152,590          11,564   
       

 

 

  

Total Taiwan

           11,564   
       

 

 

  
THAILAND 0.2%   
INDUSTRIALS 0.2%   

Bangkok Expressway PCL

       1,675,100          1,713   
       

 

 

  

Total Thailand

           1,713   
       

 

 

  
TURKEY 1.0%   
INDUSTRIALS 1.0%   

TAV Havalimanlari Holding A/S

       1,113,214          8,015   
       

 

 

  

Total Turkey

           8,015   
       

 

 

  
UNITED KINGDOM 10.9%   
CONSUMER DISCRETIONARY 1.1%   

Marks & Spencer Group PLC

       1,263,374          9,072   
       

 

 

  
CONSUMER STAPLES 2.2%   

Imperial Tobacco Group PLC

       485,639          18,827   
       

 

 

  
FINANCIALS 7.6%   

HSBC Holdings PLC

       2,730,313          29,963   

Intermediate Capital Group PLC

       1,457,667          10,164   

Standard Chartered PLC

       1,004,501          22,688   
       

 

 

  
          62,815   
       

 

 

  

Total United Kingdom

  

         90,714   
       

 

 

  
UNITED STATES 41.6%   
CONSUMER DISCRETIONARY 10.2%   

AMC Entertainment Holdings, Inc. ‘A’ (a)

       198,204          4,073   

Coach, Inc.

       265,649          14,911   

Foot Locker, Inc.

       364,969          15,124   

General Motors Co. (a)

       455,750          18,627   

Kohl’s Corp.

       298,007          16,912   

Staples, Inc.

       932,539          14,818   
       

 

 

  
          84,465   
       

 

 

  
CONSUMER STAPLES 2.2%   

Walgreen Co.

       323,902          18,605   
       

 

 

  
ENERGY 2.3%   

Marathon Petroleum Corp.

       210,053          19,268   
       

 

 

  
FINANCIALS 10.9%   

Apollo Investment Corp.

       875,643          7,425   

Blackstone Group LP

       250,396          7,888   
 

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   45

Table of Contents

Schedule of Investments PIMCO Dividend and Income Builder Fund (Cont.)

 

        SHARES         MARKET
VALUE
(000S)		  

JPMorgan Chase & Co.

       383,411      $     22,422   

KeyCorp

       1,388,015          18,627   

Prudential Financial, Inc.

       181,580          16,745   

Solar Capital Ltd.

       574,233          12,949   

Solar Senior Capital Ltd.

       235,130          4,284   
       

 

 

  
          90,340   
       

 

 

  
HEALTH CARE 3.8%   

Medtronic, Inc.

       218,739          12,554   

Merck & Co., Inc.

       376,587          18,848   
       

 

 

  
          31,402   
       

 

 

  
INFORMATION TECHNOLOGY 10.4%   

Cisco Systems, Inc.

       1,345,553          30,208   

Microsoft Corp.

       402,284          15,057   

Qualcomm, Inc.

       349,629          25,960   

Western Digital Corp.

       178,471          14,974   
       

 

 

  
          86,199   
       

 

 

  
MATERIALS 1.8%   

Tronox Ltd. ‘A’

       647,006          14,926   
       

 

 

  

Total United States

             345,205   
       

 

 

  

Total Common Stocks
(Cost $660,184)

       720,011   
       

 

 

  
        PRINCIPAL
AMOUNT
(000S)		            
CORPORATE BONDS & NOTES 2.9%   
AUSTRIA 0.0%   
INDUSTRIALS 0.0%   

OGX Austria GmbH

  

8.500% due 06/01/2018 ^

   $     200          17   

8.375% due 04/01/2022 ^

       200          17   
       

 

 

  
          34   
       

 

 

  

Total Austria

           34   
       

 

 

  
BRAZIL 0.1%   
BANKING & FINANCE 0.0%   

Banco Votorantim S.A.

  

5.250% due 02/11/2016

       200          208   

BM&FBovespa S.A.

  

5.500% due 07/16/2020

       200          211   
       

 

 

  
          419   
       

 

 

  
UTILITIES 0.1%   

Centrais Eletricas Brasileiras S.A.

  

6.875% due 07/30/2019

       400          430   
       

 

 

  

Total Brazil

           849   
       

 

 

  
CAYMAN ISLANDS 0.0%   
UTILITIES 0.0%   

Odebrecht Drilling Norbe Ltd.

  

6.350% due 06/30/2021

       180          185   
       

 

 

  

Total Cayman Islands

     185   
       

 

 

  
        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  
FRANCE 0.2%   
BANKING & FINANCE 0.1%   

Banque PSA Finance S.A.

  

2.146% due 04/04/2014

   $     250      $     250   

BPCE S.A.

        

12.500% due 09/30/2019 (b)

   EUR     300          544   

12.500% due 12/31/2049

   $     100          131   

RCI Banque S.A.

  

4.600% due 04/12/2016

       100          106   
       

 

 

  
          1,031   
       

 

 

  
INDUSTRIALS 0.1%   

Europcar Groupe S.A.

  

11.500% due 05/15/2017

   EUR     200          322   
       

 

 

  

Total France

           1,353   
       

 

 

  
GERMANY 0.1%   
INDUSTRIALS 0.1%   

KP Germany Erste GmbH

  

11.625% due 07/15/2017

       100          159   

Orion Engineered Carbons Bondco GmbH

  

10.000% due 06/15/2018

       180          275   
       

 

 

  
          434   
       

 

 

  

Total Germany

           434   
       

 

 

  
GUERNSEY, CHANNEL ISLANDS 0.0%   
BANKING & FINANCE 0.0%   

Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust

  

5.125% due 11/30/2024

   $     375          381   
       

 

 

  

Total Guernsey, Channel Islands

  

       381   
       

 

 

  
IRELAND 0.1%   
INDUSTRIALS 0.1%   

Nara Cable Funding Ltd.

       

8.875% due 12/01/2018

   EUR     300          449   

Vimpel Communications Via VIP Finance Ireland Ltd. OJSC

   

6.493% due 02/02/2016

   $     400          429   
       

 

 

  
          878   
       

 

 

  
UTILITIES 0.0%   

Novatek OAO via Novatek Finance Ltd.

  

5.326% due 02/03/2016

       300          320   
       

 

 

  

Total Ireland

             1,198   
       

 

 

  
ITALY 0.1%   
BANKING & FINANCE 0.1%   

Intesa Sanpaolo SpA

  

6.500% due 02/24/2021

       600          657   

3.125% due 01/15/2016

       100          102   
       

 

 

  
          759   
       

 

 

  
UTILITIES 0.0%   

Telecom Italia SpA

  

6.375% due 06/24/2019

   GBP     150          261   
       

 

 

  

Total Italy

           1,020   
       

 

 

  
        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  
JAPAN 0.1%   
UTILITIES 0.1%   

Tokyo Electric Power Co., Inc.

  

4.500% due 03/24/2014

   EUR     300      $     415   
       

 

 

  

Total Japan

           415   
       

 

 

  
LUXEMBOURG 0.2%   
BANKING & FINANCE 0.0%   

Fiat Finance & Trade S.A.

  

7.625% due 09/15/2014

       100          143   
       

 

 

  
INDUSTRIALS 0.1%   

INEOS Group Holdings S.A.

       

7.875% due 02/15/2016

       135          187   

Wind Acquisition Finance S.A.

  

7.250% due 02/15/2018

   $     400          423   

7.375% due 02/15/2018

   EUR     100          146   

11.750% due 07/15/2017

       100          147   
       

 

 

  
          903   
       

 

 

  
UTILITIES 0.1%   

Gazprom OAO Via Gaz Capital S.A.

  

9.250% due 04/23/2019

   $     200          247   
       

 

 

  

Total Luxembourg

           1,293   
       

 

 

  
MEXICO 0.0%   
INDUSTRIALS 0.0%   

America Movil S.A.B. de C.V.

        

8.460% due 12/18/2036

   MXN     1,000          72   

Corp. GEO S.A.B. de C.V.

        

8.875% due 03/27/2022 ^

   $     300          45   

9.250% due 06/30/2020 ^

       100          15   

Desarrolladora Homex S.A.B. de C.V.

  

7.500% due 09/28/2015 ^

       300          37   
       

 

 

  
          169   
       

 

 

  

Total Mexico

           169   
       

 

 

  
NETHERLANDS 0.2%   
BANKING & FINANCE 0.1%   

GMAC International Finance BV

      

7.500% due 04/21/2015

   EUR     100          148   

Rabobank Group

        

6.875% due 03/19/2020

       400          625   
       

 

 

  
          773   
       

 

 

  
INDUSTRIALS 0.0%   

Schaeffler Finance BV

        

7.750% due 02/15/2017

   $     100          114   

Schaeffler Holding Finance BV

      

6.875% due 08/15/2018

   EUR     100          148   

UPC Holding BV

        

9.875% due 04/15/2018

   $     100          107   
       

 

 

  
          369   
       

 

 

  
UTILITIES 0.1%   

Koninklijke KPN NV

        

6.125% due 09/14/2018 (b)

   EUR     300          435   
       

 

 

  

Total Netherlands

             1,577   
       

 

 

  
 

 

46   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  
NORWAY 0.0%   
BANKING & FINANCE 0.0%   

Eksportfinans ASA

        

1.600% due 03/20/2014

   JPY     10,000      $     94   

3.000% due 11/17/2014

   $     135          136   
       

 

 

  
          230   
       

 

 

  

Total Norway

           230   
       

 

 

  
SOUTH AFRICA 0.1%   
INDUSTRIALS 0.1%   

AngloGold Ashanti Holdings PLC

      

6.500% due 04/15/2040

       200          156   

Foodcorp Pty. Ltd.

        

8.750% due 03/01/2018

   EUR     179          271   
       

 

 

  
          427   
       

 

 

  

Total South Africa

           427   
       

 

 

  
SPAIN 0.1%   
BANKING & FINANCE 0.1%   

Bankia S.A.

        

0.422% due 01/25/2016

       400          530   

BBVA U.S. Senior S.A.U.

        

4.664% due 10/09/2015

   $     300          315   
       

 

 

  
          845   
       

 

 

  
INDUSTRIALS 0.0%   

Obrascon Huarte Lain S.A.

        

8.750% due 03/15/2018

   EUR     200          307   
       

 

 

  

Total Spain

             1,152   
       

 

 

  
UNITED KINGDOM 0.7%   
BANKING & FINANCE 0.4%   

Barclays Bank PLC

  

14.000% due 06/15/2019 (b)

   GBP     300          663   

Co-operative Group Holdings

  

6.875% due 07/08/2020

       200          342   

LBG Capital PLC

  

7.869% due 08/25/2020

       100          177   

15.000% due 12/21/2019

       300          722   

Mitchells & Butlers Finance PLC

  

0.975% due 12/15/2028

       176          264   

Royal Bank of Scotland PLC

  

6.934% due 04/09/2018

   EUR     200          313   

9.500% due 03/16/2022

   $     200          235   

Virgin Media Secured Finance PLC

  

5.500% due 01/15/2021

   GBP     200          334   
       

 

 

  
          3,050   
       

 

 

  
INDUSTRIALS 0.3%   

Algeco Scotsman Global Finance PLC

  

8.500% due 10/15/2018

   $     400          435   

DFS Furniture Holdings PLC

  

7.625% due 08/15/2018

   GBP     200          355   

Enterprise Inns PLC

  

6.875% due 02/15/2021

       200          333   

Marstons Issuer PLC

  

5.641% due 07/15/2035

       200          297   

Priory Group PLC

  

8.875% due 02/15/2019

       200          344   
        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  

Spirit Issuer PLC

  

6.582% due 12/28/2027

   $     200      $     344   
       

 

 

  
          2,108   
       

 

 

  
UTILITIES 0.0%   

SSE PLC

  

5.625% due 10/01/2017 (b)

       200          211   
       

 

 

  

Total United Kingdom

             5,369   
       

 

 

  
UNITED STATES 0.8%   
BANKING & FINANCE 0.3%   

American International Group, Inc.

  

6.765% due 11/15/2017

   GBP     100          192   

Cantor Fitzgerald LP

  

7.875% due 10/15/2019

   $     300          316   

Denali Borrower LLC

  

5.625% due 10/15/2020

       500          497   

International Lease Finance Corp.

  

7.125% due 09/01/2018

       325          378   

SLM Corp.

  

6.250% due 01/25/2016

       200          217   

8.450% due 06/15/2018

       200          234   

Springleaf Finance Corp.

  

5.400% due 12/01/2015

       500          521   

6.900% due 12/15/2017

       200          219   
       

 

 

  
          2,574   
       

 

 

  
INDUSTRIALS 0.4%   

Aleris International, Inc.

  

7.625% due 02/15/2018

       300          319   

Altria Group, Inc.

  

10.200% due 02/06/2039

       65          101   

Brocade Communications Systems, Inc.

  

6.875% due 01/15/2020

       400          431   

CONSOL Energy, Inc.

  

8.000% due 04/01/2017

       100          106   

CVS Pass-Through Trust

  

8.353% due 07/10/2031

       91          115   

Delta Air Lines Pass-Through Trust

  

4.750% due 11/07/2021

       93          99   

First Data Corp.

  

7.375% due 06/15/2019

       200          214   

HD Supply, Inc.

  

8.125% due 04/15/2019

       100          112   

Hexion U.S. Finance Corp.

  

8.875% due 02/01/2018

       300          313   

Midcontinent Express Pipeline LLC

  

6.700% due 09/15/2019

       500          488   

Newfield Exploration Co.

  

6.875% due 02/01/2020

       200          215   

Reynolds Group Issuer, Inc.

  

8.500% due 05/15/2018

       100          106   

Rockies Express Pipeline LLC

  

5.625% due 04/15/2020

       400          357   

6.850% due 07/15/2018

       100          98   

U.S. Airways Pass-Through Trust

  

5.900% due 04/01/2026

       96          105   

Vector Group Ltd.

  

7.750% due 02/15/2021

       300          319   

Warner Chilcott Co. LLC

  

7.750% due 09/15/2018

       100          109   
       

 

 

  
          3,607   
       

 

 

  
        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  
UTILITIES 0.1%   

MetroPCS Wireless, Inc.

  $     150      $     156   

6.250% due 04/01/2021

        

NGPL PipeCo LLC

  

9.625% due 06/01/2019

       200          196   

NRG Energy, Inc.

  

7.625% due 01/15/2018

       100          115   

Penn Virginia Corp.

  

8.500% due 05/01/2020

       300          324   
       

 

 

  
          791   
       

 

 

  

Total United States

           6,972   
       

 

 

  
VENEZUELA 0.1%   
INDUSTRIALS 0.1%   

Petroleos de Venezuela S.A.

  

8.500% due 11/02/2017

       600          501   
       

 

 

  

Total Venezuela

           501   
       

 

 

  
VIRGIN ISLANDS (BRITISH) 0.0%   
INDUSTRIALS 0.0%   

Gold Fields Orogen Holding BVI Ltd.

  

4.875% due 10/07/2020

       400          326   
       

 

 

  

Total Virgin Islands (British)

  

       326   
       

 

 

  

Total Corporate Bonds & Notes
(Cost $23,663)

     23,885   
       

 

 

  
        UNITS            
EQUITY-LINKED SECURITIES 1.4%   
SAUDI ARABIA 1.4%   
CONSUMER STAPLES 0.9%   

HSBC Bank PLC,

  

Etihad Etisalat Co. - Exp. 03/30/2015

       327,257          7,461   
       

 

 

  
INDUSTRIALS 0.5%   

Merrill Lynch International & Co.,

  

Saudi Airlines Catering Co. - Exp. 04/29/2015

       99,758          3,764   
       

 

 

  

Total Equity-Linked Securities
(Cost $10,419)

       11,225   
       

 

 

  
       

PRINCIPAL

AMOUNT
(000S)

            
MORTGAGE-BACKED SECURITIES 2.3%   
UNITED STATES 2.3%   

American Home Mortgage Assets Trust

  

6.250% due 06/25/2037

   $     209          133   

Banc of America Alternative Loan Trust

  

6.000% due 04/25/2036

       114          102   

6.000% due 06/25/2046

       139          110   

6.000% due 07/25/2046

       237          196   

Banc of America Funding Corp.

        

5.359% due 05/20/2036

       59          57   

6.000% due 08/25/2037 ^

       281          243   

Banc of America Mortgage Trust

  

5.616% due 11/20/2046

       38          33   

6.000% due 10/25/2036 ^

       68          60   

Bear Stearns Alt-A Trust

        

2.931% due 05/25/2036

       243          142   

5.088% due 09/25/2035

       166          134   
 

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   47

Table of Contents

Schedule of Investments PIMCO Dividend and Income Builder Fund (Cont.)

 

        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  

Bear Stearns Mortgage Funding Trust

  

7.000% due 08/25/2036

   $     323      $     259   

Chase Mortgage Finance Trust

  

2.704% due 09/25/2036

       124          104   

Citigroup Mortgage Loan Trust, Inc.

  

2.591% due 07/25/2046 ^

       31          24   

CitiMortgage Alternative Loan Trust

  

6.000% due 01/25/2037

       169          137   

Countrywide Alternative Loan Trust

  

6.000% due 03/25/2036

       65          52   

6.000% due 05/25/2036

       3,504            2,733   

6.000% due 05/25/2036 ^

       280          226   

6.000% due 06/25/2036

       313          244   

6.000% due 02/25/2037 ^

       263          197   

6.000% due 03/25/2037 ^

       83          67   

6.000% due 05/25/2037 ^

       26          20   

6.000% due 05/25/2037

       341          265   

6.000% due 06/25/2037 ^

       887          752   

6.250% due 12/25/2036 ^

       55          45   

6.500% due 12/25/2036

       2,440          1,913   

6.500% due 11/25/2037

       51          43   

Countrywide Home Loan Mortgage Pass-Through Trust

  

0.665% due 07/25/2037 ^

       63          47   

5.048% due 09/25/2037 ^

       160          142   

Credit Suisse First Boston Mortgage Securities Corp.

  

6.000% due 11/25/2035 ^

       31          21   

6.000% due 01/25/2036

       88          68   

Credit Suisse Mortgage Capital Certificates

  

4.839% due 12/29/2037

       281          158   

CSMC Mortgage-Backed Trust

        

5.000% due 03/25/2037

       8          7   

6.500% due 10/25/2021

       177          150   

6.750% due 08/25/2036 ^

       36          27   

Deutsche ALT-A Securities, Inc.

  

0.365% due 02/25/2047

       34          28   

First Horizon Alternative Mortgage Securities

  

2.220% due 06/25/2036

       886          687   

HarborView Mortgage Loan Trust

  

0.507% due 06/20/2035

       8          8   

5.329% due 06/19/2036 ^

       35          26   

HSI Asset Loan Obligation Trust

  

6.000% due 06/25/2037

       36          31   

IndyMac Mortgage Loan Trust

        

2.402% due 06/25/2037

       287          156   

4.596% due 05/25/2037

       198          140   

4.643% due 08/25/2035

       138          115   

4.643% due 08/25/2035^

       275          229   

JPMorgan Alternative Loan Trust

  

5.723% due 05/26/2037

       157          129   

JPMorgan Mortgage Trust

  

6.500% due 07/25/2036

       149          129   

Merrill Lynch Mortgage Investors Trust

  

2.480% due 02/25/2036

       19          18   

2.948% due 03/25/2036 ^

       28          19   

Morgan Stanley Mortgage Loan Trust

  

2.491% due 06/25/2037

       859          497   

6.000% due 10/25/2037 ^

       104          80   

RBSSP Resecuritization Trust

  

8.904% due 06/26/2037

       300          177   
        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  

Residential Accredit Loans, Inc. Trust

  

0.565% due 10/25/2045

   $     211      $     159   

5.500% due 03/25/2037

       1,079          823   

6.000% due 08/25/2036

       75          57   

6.000% due 08/25/2036 ^

       174          132   

6.250% due 03/25/2037 ^

       90          62   

Residential Funding Mortgage Securities, Inc. Trust

  

6.000% due 10/25/2036

       26          24   

Structured Adjustable Rate Mortgage Loan Trust

  

3.617% due 10/25/2036

       4,804          3,436   

Wells Fargo Alternative Loan Trust

  

2.681% due 07/25/2037

       3,216            2,632   

6.250% due 11/25/2037 ^

       473          429   
       

 

 

  

Total Mortgage-Backed Securities
(Cost $18,693)

       19,134   
       

 

 

  
MUNICIPAL BONDS & NOTES 0.1%   
MICHIGAN 0.0%   

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2006

   

7.309% due 06/01/2034

       95          74   
       

 

 

  

Total Michigan

           74   
       

 

 

  
VIRGINIA 0.0%   

Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007

   

6.706% due 06/01/2046

       390          264   
       

 

 

  
       

Total Virginia

           264   
       

 

 

  
WEST VIRGINIA 0.1%   

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007

   

7.467% due 06/01/2047

       380          296   
       

 

 

  

Total West Virginia

           296   
       

 

 

  

Total Municipal Bonds & Notes
(Cost $690)

     634   
       

 

 

  
        SHARES            
PREFERRED STOCKS 0.1%   
UNITED STATES 0.1%   
UTILITIES 0.1%   

Entergy Louisiana LLC

        

4.700% due 06/01/2063

       25,000          484   
       

 

 

  

Total Preferred Stocks (Cost $481)

     484   
       

 

 

  
REAL ESTATE INVESTMENT TRUSTS 2.2%   
UNITED STATES 2.2%   
FINANCIALS 2.2%   

Colony Financial, Inc.

       911,055          18,485   
       

 

 

  

Total Real Estate Investment Trusts
(Cost $19,198)

       18,485   
       

 

 

  
        PRINCIPAL
AMOUNT
(000S)		         MARKET
VALUE
(000S)		  
SOVEREIGN ISSUES 0.2%   
SPAIN 0.2%   

Autonomous Community of Catalonia

  

3.875% due 04/07/2015

   EUR     100      $     140   

4.750% due 06/04/2018

       300          425   

Autonomous Community of Madrid

  

5.750% due 02/01/2018

       100          153   

Autonomous Community of Valencia

  

3.250% due 07/06/2015

       50          70   

4.375% due 07/16/2015

       200          282   
       

 

 

  

Total Spain

           1,070   
       

 

 

  
VENEZUELA 0.0%   

Venezuela Government International Bond

  

7.650% due 04/21/2025

   $     100          68   

7.750% due 10/13/2019

       200          150   
       

 

 

  

Total Venezuela

           218   
       

 

 

  

Total Sovereign Issues (Cost $1,243)

  

       1,288   
       

 

 

  
SHORT-TERM INSTRUMENTS 0.5%   

REPURCHASE AGREEMENTS (c) 0.5%

  
          3,872   
       

 

 

  
Total Short-Term Instruments
(Cost $3,872)		     3,872   
       

 

 

  
Total Investments in Securities
(Cost $751,129)		       811,897   
       

 

 

  
        SHARES            
INVESTMENTS IN AFFILIATES 2.3%   
SHORT-TERM INSTRUMENTS 2.3%   
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3%    

PIMCO Short-Term Floating NAV Portfolio

       1,946,013          19,470   
       

 

 

  
Total Short-Term Instruments
(Cost $19,470)		           19,470   
       

 

 

  
       
Total Investments in Affiliates
(Cost $19,470)		           19,470   
Total Investments 100.3%
(Cost $770,599)		       $       831,367   

Financial Derivative Instruments (d)(e) 0.1%

(Cost or Premiums, net $0)

     961   
Other Assets and Liabilities, net (0.4%)     (3,038 ) 
       

 

 

  
Net Assets 100.0%      $     829,290   
       

 

 

  
 

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

 

* A zero balance may reflect actual amounts rounding to less than one thousand.
^ Security is in default.
(a) Security did not produce income within the last twelve months.
(b) Perpetual maturity, date shown represents next contractual call date.

 

48   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

 

(c)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate		   Settlement
Date		     Maturity
Date		     Principal
Amount		     Collateralized By   Collateral
Received,
at Value		     Repurchase
Agreements,
at Value		     Repurchase
Agreement
Proceeds
to be
Received (1)		  

BOS

   0.010%     12/31/2013        01/02/2014      $     2,100      U.S. Treasury Notes 0.375% due 01/15/2016   $     (2,146 )    $     2,100      $ 2,100   

SSB

   0.000%     12/31/2013        01/02/2014        1,772      Fannie Mae 2.200% due 10/17/2022     (1,810 )      1,772        1,772   
           

 

 

    

 

 

    

 

 

  

Total Repurchase Agreements

  

         $ (3,956 )    $ 3,872      $     3,872   
           

 

 

    

 

 

    

 

 

  

 

(1) 

Includes accrued interest.

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received) as of December 31, 2013:

 

Counterparty    Repurchase
Agreement
Proceeds
to be
Received		      Payable for
Reverse
Repurchase
Agreements		      Payable for
Sale-Buyback
Transactions		      Payable for
Short Sales		      Total
Borrowings and
Other Financing
Transactions		      Collateral
(Received)		     Net Exposure  (2)  

Global/Master Repurchase Agreement

                    

BOS

    $ 2,100       $ 0       $ 0       $ 0       $     2,100       $     (2,146 )    $     (46 ) 

SSB

      1,772         0         0         0         1,772         (1,810 )      (38 ) 
  

 

 

     

 

 

     

 

 

     

 

 

          

Total Borrowings and Other Financing Transactions

    $     3,872       $     0       $     0       $     0           
  

 

 

     

 

 

     

 

 

     

 

 

          

 

(2)

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

 

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

 

FUTURES CONTRACTS:

 

Description    Type    Expiration
Month		     # of
Contracts		     Unrealized
Appreciation/
(Depreciation)		     Variation Margin  
            Asset     Liability  

British pound currency March Futures

   

Short

      03/2014        505      $ (524 )    $ 0      $ (145 ) 

E-mini S&P 500 Index March Futures

   

Long

      03/2014        51        148        16        0   

Euro currency March Futures

   

Short

      03/2014        39        (1 )      7        0   

Mexican peso currency March Futures

   

Short

      03/2014        11        1        1        0   

Swiss franc currency March Futures

   

Short

      03/2014        75        18        19        0   
         

 

 

    

 

 

    

 

 

  

Total Futures Contracts

           $     (358 )    $     43      $     (145 ) 
         

 

 

    

 

 

    

 

 

  

 

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 December 31, 2013:

 

Cash of $1,340 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2013. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

 

    Financial Derivative Assets         Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset		    

Total

         Market Value     Variation Margin
Liability		    

Total

  
     Purchased
Options		     Futures     Swap
Agreements		           Written
Options		     Futures     Swap
Agreements		    

Total Exchange-Traded or Centrally Cleared

   $     0      $     43      $     0      $     43        $     0      $     (145 )    $     0      $     (145 ) 
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

  

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   49

Table of Contents

Schedule of Investments PIMCO Dividend and Income Builder Fund (Cont.)

 

 

(e)  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

      01/2014       $          375         THB        12,079      $ 0      $ (8 ) 
     01/2014         ZAR        64,385       $          6,281        154        0   
     02/2014         BRL        9,084           3,822        2        0   
     02/2014         EUR        11,512           15,889        52        0   
     04/2014         THB        12,079           373        7        0   
                

BRC

      02/2014         EUR        1,531           2,092        0        (14 ) 
     02/2014         NOK        25,627           4,215        0        (5 ) 
                

CBK

      01/2014       $          1,329         EUR        965        0        (1 ) 
     01/2014           31         HKD        243        0        0   
     02/2014         EUR        965       $          1,328        1        0   
     02/2014         NOK        6,226           1,009        0        (16 ) 
                

DUB

      01/2014         HKD        912           118        0        0   
     01/2014       $          4,910         TRY        10,141        0        (203 ) 
     01/2014         ZAR        146,429       $          14,354        419        0   
     04/2014         TRY        10,141           4,821        206        0   
                

FBF

      01/2014         BRL        30,808           13,102        44        0   
     01/2014         NOK        73,619           12,124        0        (14 ) 
     01/2014       $          13,141         BRL        30,808        0        (83 ) 
     02/2014         BRL        12,784       $          5,404        29        0   
                

GLM

      01/2014           8,611           3,721        71        0   
     01/2014         EUR        965           1,309        0        (19 ) 
     01/2014         NOK        25,627           4,196        0        (30 ) 
     01/2014       $          3,676         BRL        8,611        0        (26 ) 
                

HUS

      01/2014         THB        12,078       $          373        6        0   
                

JPM

      01/2014         TRY        10,141           4,969        262        0   
     01/2014       $          147         HKD        1,139        0        0   
     01/2014         ZAR        35,847       $          3,514        103        0   
                

MSC

      01/2014         BRL        49,402           21,044        105        0   
     01/2014       $          22,271         BRL        51,957        0        (248 ) 
     02/2014         BRL        61,678       $          26,186        252        0   
     04/2014         TRY        3,521           1,623        20        0   
                

UAG

      01/2014         BRL        7,384           3,147        17        0   
     01/2014       $          3,152         BRL        7,384        0        (21 ) 
     01/2014           11,960         NOK        73,619        178        0   
     02/2014         NOK        73,619       $          11,946        0        (177 ) 
              

 

 

    

 

 

  

Total Forward Foreign Currency Contracts

  

             $   1,928      $   (865 ) 
              

 

 

    

 

 

  

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) as of December 31, 2013:

 

     Financial Derivative Assets          Financial Derivative Liabilities                    
Counterparty    Forward
Foreign
Currency
Contracts		      Purchased
Options		      Swap
Agreements		      Total
Over the
Counter		           Forward
Foreign
Currency
Contracts		     Written
Options		      Swap
Agreements		      Total
Over the
Counter		     Net Market
Value of OTC
Derivatives		     Collateral
(Received)		     Net
Exposures  (1)		  

BOA

    $ 215       $ 0       $ 0       $ 215         $ (8 )    $ 0       $ 0       $ (8 )    $ 207      $ (870 )    $ (663 ) 

BRC

      0         0         0         0           (19 )      0         0         (19 )      (19 )      0        (19 ) 

CBK

      1         0         0         1           (17 )      0         0         (17 )      (16 )      0        (16 ) 

DUB

      625         0         0         625           (203 )      0         0         (203 )      422        (310 )      112   

FBF

      73         0         0         73           (97 )      0         0         (97 )      (24 )      (130 )      (154 ) 

GLM

      71         0         0         71           (75 )      0         0         (75 )      (4 )      0        (4 ) 

HUS

      6         0         0         6           0        0         0         0        6        (290 )      (284 ) 

JPM

      365         0         0         365           (0 )      0         0         0        365        (280 )      85   

MSC

      377         0         0         377           (248 )      0         0         (248 )      129        (3,425 )      (3,296 ) 

UAG

      195         0         0         195           (198 )      0         0         (198 )      (3 )      0        (3 ) 
  

 

 

     

 

 

     

 

 

     

 

 

       

 

 

    

 

 

     

 

 

     

 

 

        

Total Over the Counter

    $ 1,928       $ 0       $ 0       $ 1,928         $ (865 )    $ 0       $ 0       $ (865 )       
  

 

 

     

 

 

     

 

 

     

 

 

       

 

 

    

 

 

     

 

 

     

 

 

        

 

(1)

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

 

50   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

 

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

 

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk(1) exposure:

 

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2013:

 

    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       $     16      $ 27      $ 0      $ 43   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 1,928      $ 0      $ 1,928   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 16      $ 1,955      $ 0      $ 1,971   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Financial Derivative Instruments - Liabilities

              

Exchange-traded or centrally cleared

              

Futures

   $ 0       $ 0       $ 0      $ 145      $ 0      $ 145   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 865      $ 0      $ 865   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     0       $     0       $ 0      $     1,010      $     0      $     1,010   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2013:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts		      Credit
Contracts		      Equity
Contracts		     Foreign
Exchange
Contracts		     Interest
Rate Contracts		     Total  

Net Realized Gain on Financial Derivative Instruments

              

Exchange-traded or centrally cleared

              

Futures

   $ 0       $ 0       $ 239      $     (2,802 )    $     0      $     (2,563 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 433      $ 0      $ 433   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 239      $ (2,369 )    $ 0      $ (2,130 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

  

         

Exchange-traded or centrally cleared

              

Futures

   $ 0       $ 0       $ 148      $ (379 )    $ 0      $ (231 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 729      $ 0      $ 729   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     0       $     0       $     148      $ 350      $ 0      $ 498   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

 

FAIR VALUE MEASUREMENTS

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2013 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Investments in Securities, at Value

        

Asset-Backed Securities

        

United States

   $ 0      $ 12,879      $ 0      $ 12,879   

Common Stocks

        

Bermuda

        

Energy

     7,417        0        0        7,417   

Brazil

        

Financials

     11,358        0        0        11,358   

Industrials

     7,532        0        0        7,532   

Utilities

         21,604            2,626            0            24,230   

China

        

Industrials

     0        11,338        0        11,338   

Cyprus

        

Energy

     0        20,631        0        20,631   

France

        

Energy

     0        22,224        0        22,224   
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Financials

   $ 0      $ 9,956      $ 0      $ 9,956   

Hong Kong

        

Industrials

     0        3,818        0        3,818   

Italy

        

Industrials

     0        7,386        0        7,386   

Japan

        

Telecommunication Services

     0        25,217        0        25,217   

Netherlands

        

Energy

     0        11,282        0        11,282   

Financials

     0            15,771            0            15,771   

Panama

        

Industrials

         3,777        0        0        3,777   

South Africa

        

Consumer Discretionary

     0        7,552        0        7,552   

Health Care

     0        7,418        0        7,418   

Telecommunication Services

     0        15,222        0        15,222   
 

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   51

Table of Contents

Schedule of Investments PIMCO Dividend and Income Builder Fund (Cont.)

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Spain

        

Utilities

   $ 0      $ 24,285      $ 0      $ 24,285   

Switzerland

        

Health Care

     0        26,386        0        26,386   

Taiwan

        

Information Technology

     0        11,564        0        11,564   

Thailand

        

Industrials

     0        1,713        0        1,713   

Turkey

        

Industrials

     0        8,015        0        8,015   

United Kingdom

        

Consumer Discretionary

     0        9,072        0        9,072   

Consumer Staples

     0        18,827        0        18,827   

Financials

     0            62,815        0        62,815   

United States

        

Consumer Discretionary

         84,465            0            0        84,465   

Consumer Staples

     18,605        0        0        18,605   

Energy

     19,268        0        0        19,268   

Financials

     90,340        0        0        90,340   

Health Care

     31,402        0        0        31,402   

Information Technology

     86,199        0        0            86,199   

Materials

     14,926        0        0        14,926   

Corporate Bonds & Notes

        

Austria

        

Industrials

     0        34        0        34   

Brazil

        

Banking & Finance

     0        419        0        419   

Utilities

     0        430        0        430   

Cayman Islands

        

Utilities

     0        185        0        185   

France

        

Banking & Finance

     0        1,031        0        1,031   

Industrials

     0        322        0        322   

Germany

        

Industrials

     0        434        0        434   

Guernsey, Channel Islands

        

Banking & Finance

     0        0        381        381   

Ireland

        

Industrials

     0        878        0        878   

Utilities

     0        320        0        320   

Italy

        

Banking & Finance

     0        759        0        759   

Utilities

     0        261        0        261   

Japan

        

Utilities

     0        415        0        415   

Luxembourg

        

Banking & Finance

     0        143        0        143   

Industrials

     0        903        0        903   

Utilities

     0        247        0        247   

Mexico

        

Industrials

     0        169        0        169   

Netherlands

        

Banking & Finance

     0        773        0        773   

Industrials

     0        369        0        369   

Utilities

     0        435        0        435   

Norway

        

Banking & Finance

     0        230        0        230   

South Africa

        

Industrials

     0        427        0        427   
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Spain

        

Banking & Finance

   $ 0      $ 845      $ 0      $ 845   

Industrials

     0        307        0        307   

United Kingdom

        

Banking & Finance

     0        3,050        0        3,050   

Industrials

     0        2,108        0        2,108   

Utilities

     0        211        0        211   

United States

        

Banking & Finance

     0        2,574        0        2,574   

Industrials

     0        3,403        204        3,607   

Utilities

     0        791        0        791   

Venezuela

        

Industrials

     0        501        0        501   

Virgin Islands (British)

        

Industrials

     0        326        0        326   

Equity-Linked Securities

        

Saudi Arabia

        

Consumer Staples

     0        7,461        0        7,461   

Industrials

     0        3,764        0        3,764   

Mortgage-Backed Securities

        

United States

     0        19,134        0        19,134   

Municipal Bonds & Notes

        

Michigan

     0        74        0        74   

Virginia

     0        264        0        264   

West Virginia

     0        296        0        296   

Preferred Stocks

        

United States

        

Utilities

     484        0        0        484   

Real Estate Investment Trusts

        

United States

        

Financials

     18,485        0        0        18,485   

Sovereign Issues

        

Spain

     0        1,070        0        1,070   

Venezuela

     0        218        0        218   

Short-Term Instruments

        

Repurchase Agreements

     0        3,872        0        3,872   
  $ 415,862      $ 395,450      $ 585      $ 811,897   

Investments in Affiliates, at Value

        

Short-Term Instruments

        

Central Funds Used for Cash Management Purposes

   $ 19,470      $ 0      $ 0      $ 19,470   

Total Investments

   $ 435,332      $ 395,450      $ 585      $ 831,367   

Financial Derivative Instruments - Assets

  

      

Exchange-traded or centrally cleared

     43        0        0        43   

Over the counter

     0        1,928        0        1,928   
  $ 43      $ 1,928      $ 0      $ 1,971   

Financial Derivative Instruments - Liabilities

  

      

Exchange-traded or centrally cleared

     (145 )      0        0        (145 ) 

Over the counter

     0        (865 )      0        (865 ) 
  $ (145 )    $ (865 )    $ 0      $ (1,010 ) 

Totals

   $     435,230      $     396,513      $     585      $     832,328   
 

 

There were no transfers between Level 1 and 2 during the period ended December 31, 2013.

 

52   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

December 31, 2013 (Unaudited)

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2013:

 

Category and Subcategory   Beginning
Balance
at 06/30/2013		     Net
Purchases		     Net
Sales		     Accrued
Discounts/
(Premiums)		     Realized
Gain/(Loss)		     Net Change in
Unrealized
Appreciation/
(Depreciation) (1)		     Transfers into
Level 3		     Transfers out
of Level 3		     Ending
Balance
at 12/31/2013		     Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
12/31/2013 (1)		  

Investments in Securities, at Value

  

                  

Corporate Bonds & Notes

                    

Guernsey, Channel Islands

                    

Banking & Finance

   $ 0      $ 388      $ (12 )    $ 0      $ 0      $ 5      $ 0      $ 0      $ 381      $ 5   

United States

                    

Industrials

     206        0        (8 )      0        0        6        0        0        204        6   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Totals

   $     206      $     388      $     (20 )    $     0      $     0      $     11      $     0      $     0      $     585      $     11   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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

 

Category and Subcategory   Ending
Balance
at 12/31/2013		      Valuation
Technique		      Unobservable
Inputs		      Input Value(s)
(% Unless
Noted
Otherwise)		  

Investments in Securities, at Value

           

Corporate Bonds & Notes

           

Guernsey, Channel Islands

           

Banking & Finance

   $ 381         Third Party Vendor         Broker Quote         101.50   

United States

           

Industrials

     204         Third Party Vendor         Broker Quote         107.00-109.00   
 

 

 

           

Total

   $     585            
 

 

 

           

 

(1) 

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2013 may be due to an investment no longer held or categorized as level 3 at period end.

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   53

Table of Contents

Schedule of Investments PIMCO EqS® Dividend Fund

 

        SHARES         MARKET
VALUE
(000S)		  
INVESTMENTS IN SECURITIES 98.7%   
COMMON STOCKS 94.7%   
BERMUDA 1.0%   
ENERGY 1.0%   

Golar LNG Partners LP

       194,593      $     5,886   
       

 

 

  

Total Bermuda

           5,886   
       

 

 

  
BRAZIL 5.6%   
FINANCIALS 1.5%   

BB Seguridade Participacoes S.A.

       898,465          9,330   
       

 

 

  
INDUSTRIALS 1.0%   

Arteris S.A.

       707,900          5,716   
       

 

 

  
UTILITIES 3.1%   

Cia de Saneamento Basico do Estado de Sao Paulo SP - ADR

       1,468,553          16,653   

Light S.A.

       226,200          2,128   
       

 

 

  
          18,781   
       

 

 

  

Total Brazil

             33,827   
       

 

 

  
CHINA 1.5%   
INDUSTRIALS 1.5%   

Guangshen Railway Co. Ltd. ‘H’

       6,096,000          2,845   

Zhejiang Expressway Co. Ltd. ‘H’

       6,322,000          6,002   
       

 

 

  

Total China

           8,847   
       

 

 

  
CYPRUS 2.8%   
ENERGY 2.8%   

ProSafe SE

       2,222,820          17,197   
       

 

 

  

Total Cyprus

           17,197   
       

 

 

  
FRANCE 4.3%   
ENERGY 3.0%   

Total S.A.

       294,455          18,073   
       

 

 

  
FINANCIALS 1.3%   

CNP Assurances

       394,758          8,095   
       

 

 

  

Total France

           26,168   
       

 

 

  
HONG KONG 0.5%   
INDUSTRIALS 0.5%   

Yuexiu Transport Infrastructure Ltd.

       5,618,000          2,967   
       

 

 

  

Total Hong Kong

           2,967   
       

 

 

  
ITALY 1.0%   
INDUSTRIALS 1.0%   

Societa Iniziative Autostradali e Servizi SpA

       586,891          5,838   
       

 

 

  

Total Italy

           5,838   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
JAPAN 3.3%   
TELECOMMUNICATION SERVICES 3.3%   

Nippon Telegraph & Telephone Corp.

       373,800      $     20,133   
       

 

 

  

Total Japan

           20,133   
       

 

 

  
NETHERLANDS 2.6%   
ENERGY 0.6%   

Royal Dutch Shell PLC ‘A’

       101,750          3,646   
       

 

 

  
FINANCIALS 2.0%   

Aegon NV

       1,311,101          12,425   
       

 

 

  

Total Netherlands

           16,071   
       

 

 

  
PANAMA 0.5%   
INDUSTRIALS 0.5%   

Copa Holdings S.A. ‘A’

       18,263          2,924   
       

 

 

  

Total Panama

           2,924   
       

 

 

  
SOUTH AFRICA 4.0%   
CONSUMER DISCRETIONARY 0.9%   

Imperial Holdings Ltd.

       290,276          5,613   
       

 

 

  
HEALTH CARE 0.9%   

Life Healthcare Group Holdings Ltd.

       1,434,281          5,729   
       

 

 

  
TELECOMMUNICATION SERVICES 2.2%   

MTN Group Ltd.

       636,079          13,174   
       

 

 

  

Total South Africa

           24,516   
       

 

 

  
SPAIN 3.0%   
UTILITIES 3.0%   

Enagas S.A.

       708,223          18,500   
       

 

 

  

Total Spain

             18,500   
       

 

 

  
SWITZERLAND 3.8%   
HEALTH CARE 3.8%   

Roche Holding AG

       83,469          23,382   
       

 

 

  

Total Switzerland

           23,382   
       

 

 

  
TAIWAN 1.4%   
INFORMATION TECHNOLOGY 1.4%   

Radiant Opto-Electronics Corp.

       2,349,360          8,618   
       

 

 

  

Total Taiwan

           8,618   
       

 

 

  
THAILAND 0.3%   
INDUSTRIALS 0.3%   

Bangkok Expressway PCL

       1,649,400          1,687   
       

 

 

  

Total Thailand

           1,687   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
TURKEY 0.9%   
INDUSTRIALS 0.9%   

TAV Havalimanlari Holding A/S

       769,152      $     5,538   
       

 

 

  

Total Turkey

           5,538   
       

 

 

  
UNITED KINGDOM 12.8%   
CONSUMER DISCRETIONARY 1.1%   

Marks & Spencer Group PLC

       961,283          6,903   
       

 

 

  
CONSUMER STAPLES 2.7%   

Imperial Tobacco Group PLC

       424,834            16,470   
       

 

 

  
FINANCIALS 9.0%   

HSBC Holdings PLC

       2,388,349          26,210   

Intermediate Capital Group PLC

       1,185,257          8,264   

Standard Chartered PLC

       890,149          20,106   
       

 

 

  
          54,580   
       

 

 

  

Total United Kingdom

             77,953   
       

 

 

  
UNITED STATES 45.4%   
CONSUMER DISCRETIONARY 10.9%   

AMC Entertainment Holdings, Inc. ‘A’ (a)

       175,085          3,598   

Coach, Inc.

       206,614          11,597   

Foot Locker, Inc.

       290,244          12,028   

General Motors Co. (a)

       349,181          14,271   

Kohl’s Corp.

       233,313          13,240   

Staples, Inc.

       741,094          11,776   
       

 

 

  
          66,510   
       

 

 

  
CONSUMER STAPLES 2.4%   

Walgreen Co.

       253,520          14,562   
       

 

 

  
ENERGY 2.5%   

Marathon Petroleum Corp.

       163,413          14,990   
       

 

 

  
FINANCIALS 11.6%   

Apollo Investment Corp.

       668,751          5,671   

Blackstone Group LP

       190,817          6,011   

JPMorgan Chase & Co.

       306,833          17,944   

KeyCorp

       1,091,922          14,653   

Prudential Financial, Inc.

       144,353          13,312   

Solar Capital Ltd.

       443,942          10,011   

Solar Senior Capital Ltd.

       168,167          3,064   
       

 

 

  
          70,666   
       

 

 

  
HEALTH CARE 4.5%   

Medtronic, Inc.

       214,888          12,333   

Merck & Co., Inc.

       297,009          14,865   
       

 

 

  
          27,198   
       

 

 

  
INFORMATION TECHNOLOGY 11.6%   

Cisco Systems, Inc.

       1,102,353          24,748   

Microsoft Corp.

       357,000          13,362   
 

 

54   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

        SHARES         MARKET
VALUE
(000S)		  

Qualcomm, Inc.

       274,399      $     20,374   

Western Digital Corp.

       140,608          11,797   
       

 

 

  
          70,281   
       

 

 

  
MATERIALS 1.9%   

Tronox Ltd. ‘A’

       513,157          11,839   
       

 

 

  

Total United States

           276,046   
       

 

 

  
Total Common Stocks (Cost $504,952)            576,098   
       

 

 

  
        UNITS            
EQUITY-LINKED SECURITIES 1.4%   
SAUDI ARABIA 1.4%   
CONSUMER STAPLES 0.9%   

HSBC Bank PLC, Etihad Etisalat Co. - Exp. 03/30/2015

       252,593          5,759   
       

 

 

  
INDUSTRIALS 0.5%   

Merrill Lynch International & Co., Saudi Airlines Catering Co. - Exp. 04/29/2015

       72,168          2,723   
       

 

 

  

Total Equity-Linked Securities
(Cost $7,206)

     8,482   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
REAL ESTATE INVESTMENT TRUSTS 2.4%   
UNITED STATES 2.4%   
FINANCIALS 2.4%   

Colony Financial, Inc.

       706,287      $     14,331   
       

 

 

  

Total Real Estate Investment Trusts
(Cost $15,671)

     14,331   
       

 

 

  
        PRINCIPAL
AMOUNT
(000S)		            
SHORT-TERM INSTRUMENTS 0.2%   

REPURCHASE AGREEMENTS (b) 0.2%

  

          1,458   
       

 

 

  
Total Short-Term Instruments
(Cost $1,458)		     1,458   
       

 

 

  
       
Total Investments in Securities
(Cost $529,287)		       600,369   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
INVESTMENTS IN AFFILIATES 0.7%   
SHORT-TERM INSTRUMENTS 0.7%   
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.7%    

PIMCO Short-Term Floating NAV Portfolio

       428,813      $     4,290   
       

 

 

  
Total Short-Term Instruments
(Cost $4,290)		     4,290   
       

 

 

  
       
Total Investments in Affiliates
(Cost $4,290)		     4,290   
       
Total Investments 99.4%
(Cost $533,577)		       $     604,659   

Financial Derivative Instruments (c)(d) 0.1%

(Cost or Premiums, net $0)

     865   
Other Assets and Liabilities, net 0.5%     2,806   
       

 

 

  
Net Assets 100.0%       $       608,330   
       

 

 

  
 

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

 

* A zero balance may reflect actual amounts rounding to less than one thousand.
(a) Security did not produce income within the last twelve months.

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

 

(b)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate		   Settlement
Date		     Maturity
Date		     Principal
Amount		     Collateralized By   Collateral
Received,
at Value		     Repurchase
Agreements,
at Value		     Repurchase
Agreement
Proceeds
to be
Received (1)		  

BOS

   0.010%     12/31/2013        01/02/2014      $ 900      U.S. Treasury Notes 0.375% due 01/15/2016   $ (920 )    $ 900      $ 900   

SSB

   0.000%     12/31/2013        01/02/2014            558      Freddie Mac 2.080% due 10/17/2022     (571 )      558        558   
           

 

 

    

 

 

    

 

 

  

Total Repurchase Agreements

  

         $     (1,491 )    $     1,458      $     1,458   
           

 

 

    

 

 

    

 

 

  

 

(1) 

Includes accrued interest.

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of December 31, 2013:

 

Counterparty   Repurchase
Agreement
Proceeds
to be
Received		      Payable for
Reverse
Repurchase
Agreements		      Payable for
Sale-Buyback
Transactions		      Payable for
Short Sales		      Total
Borrowings and
Other Financing
Transactions		      Collateral
(Received)		      Net Exposure  (2)  

Global/Master Repurchase Agreement

                    

BOS

   $ 900       $ 0       $ 0       $ 0       $     900       $     (920 )     $     (20 ) 

SSB

     558         0         0         0         558         (570 )       (12 ) 
 

 

 

     

 

 

     

 

 

     

 

 

           

Total Borrowings and Other Financing Transactions

   $     1,458       $     0       $     0       $     0            
 

 

 

     

 

 

     

 

 

     

 

 

           

 

(2) 

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

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   55

Table of Contents

Schedule of Investments PIMCO EqS® Dividend Fund (Cont.)

 

 

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

 

FUTURES CONTRACTS:

 

Description    Type    Expiration
Month		     # of
Contracts		     Unrealized
Appreciation/
(Depreciation)		     Variation Margin  
            Asset     Liability  

British pound currency March Futures

   

Short

      03/2014        393      $ (434 )    $ 0      $ (113 ) 

Swiss franc currency March Futures

   

Short

      03/2014        75        18        19        0   
         

 

 

    

 

 

    

 

 

  

Total Futures Contracts

           $     (416 )    $     19      $     (113 ) 
         

 

 

    

 

 

    

 

 

  

 

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 December 31, 2013:

 

Cash of $751 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2013. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

 

    Financial Derivative Assets         Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset		     Total         Market Value     Variation Margin
Liability		     Total  
     Purchased
Options		     Futures     Swap
Agreements		           Written
Options		     Futures     Swap
Agreements		    

Total Exchange-Traded or Centrally Cleared

   $     0      $     19      $     0      $     19        $     0      $     (113 )    $     0      $     (113 ) 
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

  

 

(d)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

 

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Counterparty    Settlement
Month		      Currency to
be Delivered		      Currency to
be Received		     Unrealized Appreciation/
(Depreciation)		  
           Asset     Liability  

BOA

      01/2014         EUR        42       $          57      $ 0      $ (1 ) 
     01/2014         ZAR        626           60        0        0   
     02/2014         BRL        701           295        0        0   
     02/2014         EUR        5,579           7,700        25        0   
                

BRC

      02/2014           3,411           4,662        0        (31 ) 
     02/2014       $          4,647         NOK        28,255        6        0   
                

CBK

      01/2014         HKD        273       $          35        0        0   
     01/2014       $          2,055         EUR        1,493        0        (1 ) 
     02/2014         EUR        1,493       $          2,055        2        0   
     02/2014         NOK        5,819           943        0        (15 ) 
                

DUB

      01/2014         HKD        1,646           212        0        0   
     01/2014       $          5,906         TRY        12,198        0        (244 ) 
     01/2014         ZAR        207,781       $          20,368        594        0   
     04/2014         TRY        12,198           5,799        247        0   
                

FBF

      01/2014         BRL        29,321           12,469        42        0   
     01/2014         NOK        113,568           18,703        0        (21 ) 
     01/2014         THB        21,432           654        2        0   
     01/2014       $          12,508         BRL        29,321        0        (80 ) 
     02/2014         BRL        13,023       $          5,505        30        0   
                

GLM

      01/2014         EUR        1,451           1,968        0        (28 ) 
     01/2014       $          4,627         NOK        28,255        32        0   
                

JPM

      01/2014         HKD        149       $          19        0        0   
     01/2014         TRY        12,198           5,977        315        0   
     01/2014       $          212         HKD        1,646        0        0   
                

MSC

      01/2014         BRL        44,476       $          18,944        92        0   
     01/2014       $          19,740         BRL        46,051        0        (221 ) 
     02/2014         BRL        52,010       $          22,094        226        0   
                

UAG

      01/2014           13,800           5,880        31        0   
     01/2014       $          5,891         BRL        13,800        0        (42 ) 
     01/2014           18,450         NOK        113,568        274        0   
     01/2014           667         THB        21,432        0        (15 ) 
     02/2014         NOK        113,568       $          18,429        0        (273 ) 
     04/2014         THB        21,432           662        13        0   
              

 

 

    

 

 

  

Total Forward Foreign Currency Contracts

  

             $   1,931      $   (972 ) 
              

 

 

    

 

 

  

 

56   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) as of December 31, 2013:

 

    Financial Derivative Assets          Financial Derivative Liabilities                    
Counterparty   Forward
Foreign
Currency
Contracts		      Purchased
Options		      Swap
Agreements		      Total
Over the
Counter		           Forward
Foreign
Currency
Contracts		     Written
Options		      Swap
Agreements		      Total
Over the
Counter		     Net Market
Value of OTC
Derivatives		     Collateral
(Received)/
Pledged		     Net
Exposure  (1)		  

BOA

   $ 25       $ 0       $ 0       $ 25         $ (1 )    $ 0       $ 0       $ (1 )    $ 24      $ 0      $ 24   

BRC

     6         0         0         6           (31 )      0         0         (31 )      (25 )      0        (25 ) 

CBK

     2         0         0         2           (16 )      0         0         (16 )      (14 )      0        (14 ) 

DUB

     841         0         0         841           (244 )      0         0         (244 )      597        (440 )      157   

FBF

     74         0         0         74           (101 )      0         0         (101 )      (27 )      (80 )      (107 ) 

GLM

     32         0         0         32           (28 )      0         0         (28 )      4        0        4   

JPM

     315         0         0         315           0        0         0         0        315        (270 )      45   

MSC

     318         0         0         318           (221 )      0         0         (221 )      97        (995 )      (898 ) 

UAG

     318         0         0         318           (330 )      0         0         (330 )      (12 )      0        (12 ) 
 

 

 

     

 

 

     

 

 

     

 

 

       

 

 

    

 

 

     

 

 

     

 

 

        

Total Over the Counter

   $ 1,931       $ 0       $ 0       $ 1,931         $ (972 )    $ 0       $ 0       $ (972 )       
 

 

 

     

 

 

     

 

 

     

 

 

       

 

 

    

 

 

     

 

 

     

 

 

        

 

(1) 

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

 

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

 

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk (1) exposure:

 

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2013:

 

    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      $ 19      $ 0      $ 19   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 1,931      $ 0      $ 1,931   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 0      $ 1,950      $ 0      $ 1,950   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Financial Derivative Instruments - Liabilities

              

Exchange-traded or centrally cleared

              

Futures

   $ 0       $ 0       $ 0      $ 113      $ 0      $ 113   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 972      $ 0      $ 972   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     0       $     0       $     0      $     1,085      $     0      $     1,085   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2013:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts		      Credit
Contracts		      Equity
Contracts		     Foreign
Exchange
Contracts		     Interest
Rate Contracts		     Total  

Net Realized (Loss) on Financial Derivative Instruments

              

Exchange-traded or centrally cleared

              

Futures

   $ 0       $ 0       $ 0      $ (2,944 )    $ 0      $ (2,944 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ (50 )    $ 0      $ (50 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 0      $     (2,994 )    $     0      $     (2,994 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

  

         

Exchange-traded or centrally cleared

              

Futures

   $ 0       $ 0       $ 0      $ (633 )    $ 0      $ (633 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 791      $ 0      $ 791   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     0       $     0       $     0      $ 158      $ 0      $ 158   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   57

Table of Contents

Schedule of Investments PIMCO EqS® Dividend Fund (Cont.)

 

December 31, 2013 (Unaudited)

 

 

FAIR VALUE MEASUREMENTS

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2013 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Investments in Securities, at Value

        

Common Stocks

        

Bermuda

        

Energy

   $ 5,886      $ 0      $ 0      $ 5,886   

Brazil

        

Financials

     9,330        0        0        9,330   

Industrials

     5,716        0        0        5,716   

Utilities

         16,653        2,128        0        18,781   

China

        

Industrials

     0        8,847        0        8,847   

Cyprus

        

Energy

     0        17,197        0        17,197   

France

        

Energy

     0        18,073        0        18,073   

Financials

     0        8,095        0        8,095   

Hong Kong

        

Industrials

     0        2,967        0        2,967   

Italy

        

Industrials

     0        5,838        0        5,838   

Japan

        

Telecommunication Services

     0        20,133        0        20,133   

Netherlands

        

Energy

     0        3,646        0        3,646   

Financials

     0            12,425            0            12,425   

Panama

        

Industrials

     2,924        0        0        2,924   

South Africa

        

Consumer Discretionary

     0        5,613        0        5,613   

Health Care

     0        5,729        0        5,729   

Telecommunication Services

     0        13,174        0        13,174   

Spain

        

Utilities

     0        18,500        0        18,500   

Switzerland

        

Health Care

     0        23,382        0        23,382   

Taiwan

        

Information Technology

     0        8,618        0        8,618   

Thailand

        

Industrials

     1,687        0        0        1,687   

Turkey

        

Industrials

     0        5,538        0        5,538   

United Kingdom

        

Consumer Discretionary

     0        6,903        0        6,903   

Consumer Staples

     0        16,470        0        16,470   
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Financials

   $ 0      $ 54,580      $ 0      $ 54,580   

United States

        

Consumer Discretionary

     66,510        0        0        66,510   

Consumer Staples

     14,562        0        0        14,562   

Energy

     14,990        0        0        14,990   

Financials

     70,666        0        0        70,666   

Health Care

     27,198        0        0        27,198   

Information Technology

     70,281        0        0        70,281   

Materials

     11,839        0        0        11,839   

Equity-Linked Securities

        

Saudi Arabia

        

Consumer Staples

     0        5,759        0        5,759   

Industrials

     0        2,723        0        2,723   

Real Estate Investment Trusts

        

United States

        

Financials

     14,331        0        0        14,331   

Short-Term Instruments

        

Repurchase Agreements

     0        1,458        0        1,458   
  $ 332,573      $ 267,796      $ 0      $ 600,369   

Investments in Affiliates, at Value

        

Short-Term Instruments

        

Central Funds Used for Cash
Management Purposes

   $ 4,290      $ 0      $ 0      $ 4,290   

Total Investments

   $ 336,863      $ 267,796      $ 0      $ 604,659   

Financial Derivative Instruments - Assets

  

      

Exchange-traded or centrally cleared

     19        0        0        19   

Over the counter

     0        1,931        0        1,931   
  $ 19      $ 1,931      $ 0      $ 1,950   

Financial Derivative Instruments - Liabilities

  

      

Exchange-traded or centrally cleared

     (113 )      0        0        (113 ) 

Over the counter

     0        (972 )      0        (972 ) 
  $ (113 )    $ (972 )    $ 0      $ (1,085 ) 

Totals

   $     336,769      $     268,755      $     0      $     605,524   
 

 

There were no transfers between Level 1 and 2 during the period ended December 31, 2013.

 

58   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

Schedule of Investments PIMCO EqS® Emerging Markets Fund

 

December 31, 2013 (Unaudited)

 

        SHARES         MARKET
VALUE
(000S)		  
INVESTMENTS IN SECURITIES 87.3%   
COMMON STOCKS 79.2%   
AUSTRALIA 1.6%   
MATERIALS 1.6%   

Iluka Resources Ltd.

       893,418      $     6,923   
       

 

 

  

Total Australia

           6,923   
       

 

 

  
BERMUDA 1.1%   
ENERGY 1.1%   

Seadrill Ltd.

       115,528          4,735   
       

 

 

  

Total Bermuda

           4,735   
       

 

 

  
BRAZIL 9.0%   
CONSUMER DISCRETIONARY 1.2%   

Anhanguera Educacional Participacoes S.A.

       550,800          3,479   

Via Varejo S.A. (a)

       176,398          1,880   
       

 

 

  
          5,359   
       

 

 

  
CONSUMER STAPLES 1.9%   

AMBEV S.A. ADR

       1,108,149          8,145   
       

 

 

  
FINANCIALS 4.1%   

BB Seguridade Participacoes S.A.

       608,727          6,321   

CETIP S.A. - Mercados Organizados

       302,700          3,105   

Itau Unibanco Holding S.A. SP - ADR

       629,895          8,548   
       

 

 

  
          17,974   
       

 

 

  
UTILITIES 1.8%   

Cia de Saneamento Basico do Estado de Sao Paulo SP - ADR

       691,730          7,800   
       

 

 

  

Total Brazil

             39,278   
       

 

 

  
CAMBODIA 1.8%   
CONSUMER DISCRETIONARY 1.8%   

NagaCorp Ltd.

       7,558,000          8,003   
       

 

 

  

Total Cambodia

           8,003   
       

 

 

  
CANADA 0.2%   
MATERIALS 0.2%   

Turquoise Hill Resources Ltd. (a)

       301,029          994   
       

 

 

  

Total Canada

           994   
       

 

 

  
CHINA 8.5%   
CONSUMER STAPLES 1.1%   

Shenguan Holdings Group Ltd.

       10,710,000          4,785   
       

 

 

  
ENERGY 2.3%   

China Shenhua Energy Co. Ltd. ‘H’

       3,235,500            10,260   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
FINANCIALS 2.3%   

Industrial & Commercial Bank of China Ltd. ‘H’

       14,503,000      $     9,835   
       

 

 

  
INDUSTRIALS 1.4%   

First Tractor Co. Ltd. ‘H’

       3,688,000          2,886   

Shanghai Electric Group Co. Ltd. ‘H’

       8,512,000          3,081   
       

 

 

  
          5,967   
       

 

 

  
INFORMATION TECHNOLOGY 0.7%   

Baidu, Inc. SP - ADR (a)

       16,543          2,943   
       

 

 

  
MATERIALS 0.7%   

China Shanshui Cement Group Ltd.

       7,285,000          3,139   
       

 

 

  

Total China

           36,929   
       

 

 

  
COLOMBIA 0.5%   
ENERGY 0.5%   

Ecopetrol S.A. SP - ADR

       57,204          2,200   
       

 

 

  

Total Colombia

           2,200   
       

 

 

  
CYPRUS 2.3%   
INDUSTRIALS 2.3%   

Global Ports Investment PLC SP - GDR

       269,128          3,763   

Globaltrans Investment PLC SP - GDR

       382,725          6,085   
       

 

 

  

Total Cyprus

           9,848   
       

 

 

  
DENMARK 1.8%   
CONSUMER STAPLES 1.8%   

Carlsberg A/S ‘B’

       69,432          7,683   
       

 

 

  

Total Denmark

           7,683   
       

 

 

  
FINLAND 1.1%   
MATERIALS 1.1%   

Kemira OYJ

       282,904          4,736   
       

 

 

  

Total Finland

           4,736   
       

 

 

  
HONG KONG 5.7%   
CONSUMER DISCRETIONARY 1.0%   

Melco Crown Entertainment Ltd. - ADR (a)

       113,415          4,448   
       

 

 

  
FINANCIALS 4.5%   

AIA Group Ltd.

       1,981,784          9,975   

China Overseas Land & Investment Ltd.

       2,500,000          7,057   

Glorious Property Holdings Ltd.

     11,934,000          2,577   
       

 

 

  
          19,609   
       

 

 

  
INFORMATION TECHNOLOGY 0.2%   

China High Precision Automation Group Ltd.

       8,446,000          665   
       

 

 

  

Total Hong Kong

             24,722   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
INDIA 5.8%   
CONSUMER DISCRETIONARY 2.8%   

Bajaj Auto Ltd.

       108,611      $     3,349   

Tata Motors Ltd.

       1,109,746          6,789   

Tata Motors Ltd. SP - ADR

       11,011          339   

Zee Entertainment Enterprises Ltd.

       383,786          1,719   
       

 

 

  
          12,196   
       

 

 

  
FINANCIALS 3.0%   

Axis Bank Ltd.

       201,874          4,258   

Housing Development Finance Corp.

       500,894          6,477   

Yes Bank Ltd.

       375,831          2,261   
       

 

 

  
          12,996   
       

 

 

  

Total India

             25,192   
       

 

 

  
INDONESIA 1.4%   
CONSUMER DISCRETIONARY 1.4%   

Matahari Department Store Tbk PT (a)

       6,890,000          6,235   
       

 

 

  

Total Indonesia

           6,235   
       

 

 

  
ISRAEL 2.0%   
MATERIALS 2.0%   

Israel Chemicals Ltd.

       1,037,580          8,655   
       

 

 

  

Total Israel

           8,655   
       

 

 

  
ITALY 2.0%   
CONSUMER DISCRETIONARY 2.0%   

Prada SpA

       989,200          8,804   
       

 

 

  

Total Italy

           8,804   
       

 

 

  
JAPAN 3.7%   
CONSUMER DISCRETIONARY 1.2%   

Toyota Motor Corp.

       87,700          5,348   
       

 

 

  
INDUSTRIALS 2.5%   

Mitsubishi Electric Corp.

       570,000          7,167   

NSK Ltd.

       276,000          3,440   
       

 

 

  
          10,607   
       

 

 

  

Total Japan

           15,955   
       

 

 

  
KAZAKHSTAN 0.0%   
TELECOMMUNICATION SERVICES 0.0%   

KCell JSC - GDR

       7,409          127   
       

 

 

  

Total Kazakhstan

           127   
       

 

 

  
MACAU 1.0%   
CONSUMER DISCRETIONARY 1.0%   

Wynn Macau Ltd.

       986,000          4,488   
       

 

 

  

Total Macau

           4,488   
       

 

 

  
 

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   59

Table of Contents

Schedule of Investments PIMCO EqS® Emerging Markets Fund (Cont.)

 

        SHARES         MARKET
VALUE
(000S)		  
MEXICO 1.9%   
FINANCIALS 1.9%   

Bolsa Mexicana de Valores S.A.B. de C.V.

       3,621,700      $     8,305   
       

 

 

  

Total Mexico

           8,305   
       

 

 

  
NORWAY 1.4%   
CONSUMER STAPLES 1.4%   

Marine Harvest ASA

       5,011,401          6,113   
       

 

 

  

Total Norway

           6,113   
       

 

 

  
PERU 3.3%   
FINANCIALS 2.2%   

Credicorp Ltd.

       71,484          9,488   
       

 

 

  
MATERIALS 1.1%   

Cementos Pacasmayo S.A.A. - ADR

       404,836          4,761   
       

 

 

  

Total Peru

           14,249   
       

 

 

  
PHILIPPINES 0.9%   
UTILITIES 0.9%   

First Gen Corp.

       13,555,000          3,999   
       

 

 

  

Total Philippines

           3,999   
       

 

 

  
RUSSIA 2.6%   
TELECOMMUNICATION SERVICES 2.6%   

MegaFon OAO - GDR

       332,176          11,128   
       

 

 

  

Total Russia

           11,128   
       

 

 

  
SOUTH AFRICA 2.0%   
CONSUMER STAPLES 1.1%   

Tongaat Hulett Ltd.

       436,770          4,734   
       

 

 

  
TELECOMMUNICATION SERVICES 0.9%   

Vodacom Group Ltd.

       298,439          3,784   
       

 

 

  

Total South Africa

           8,518   
       

 

 

  
SOUTH KOREA 9.3%   
CONSUMER DISCRETIONARY 3.0%   

Kia Motors Corp.

       246,073          13,104   
       

 

 

  
INFORMATION TECHNOLOGY 4.5%   

Samsung Electronics Co. Ltd.

       15,247          19,867   
       

 

 

  
MATERIALS 1.8%   

POSCO Processing & Service Co. Ltd.

       24,820          7,723   
       

 

 

  

Total South Korea

           40,694   
       

 

 

  
TAIWAN 3.0%   
INFORMATION TECHNOLOGY 3.0%   

Chicony Electronics Co. Ltd.

       1,735,725          4,370   

MediaTek, Inc.

       592,000          8,824   
       

 

 

  

Total Taiwan

             13,194   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
THAILAND 0.7%   
FINANCIALS 0.7%   

Kasikornbank PCL

       601,700      $     2,876   
       

 

 

  

Total Thailand

           2,876   
       

 

 

  
TURKEY 0.7%   
CONSUMER STAPLES 0.7%   

Ulker Biskuvi Sanayi A/S

       426,969          3,020   
       

 

 

  

Total Turkey

           3,020   
       

 

 

  
UNITED KINGDOM 3.9%   
CONSUMER STAPLES 1.5%   

British American Tobacco PLC

       122,587          6,580   
       

 

 

  
ENERGY 1.4%   

Afren PLC (a)

       2,162,052          6,064   
       

 

 

  
FINANCIALS 1.0%   

Standard Chartered PLC

       190,644          4,306   
       

 

 

  

Total United Kingdom

           16,950   
       

 

 

  

Total Common Stocks (Cost $337,791)

       344,553   
       

 

 

  
        UNITS            
EQUITY-LINKED SECURITIES 3.0%   
CHINA 2.0%   
FINANCIALS 2.0%   

JPMorgan Chase & Co., Chinese Exchange Basket - Exp. 01/08/2014

       117,549          8,968   
       

 

 

  

Total China

         8,968   
       

 

 

  
NIGERIA 1.0%   
CONSUMER STAPLES 1.0%   

HSBC Bank PLC

        

Guinness Nigeria PLC - Exp. 12/09/2014

       562,117          827   

Nigerian Breweries PLC - Exp. 12/09/2014

       3,066,979          3,208   

Merrill Lynch International & Co.

  

Guinness Nigeria PLC - Exp. 11/10/2014

       10,178          15   

Nigerian Breweries PLC - Exp. 11/10/2014

       251,197          263   
       

 

 

  

Total Nigeria

           4,313   
       

 

 

  

Total Equity-Linked Securities
(Cost $14,648)

     13,281   
       

 

 

  
        SHARES            
EXCHANGE-TRADED FUNDS 1.4%   
LUXEMBOURG 1.4%   

db x-trackers - CSI300
Index ETF

       8,424,300          6,105   
       

 

 

  

Total Exchange-Traded Funds
(Cost $6,235)

     6,105   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
PREFERRED STOCKS 3.0%   
BRAZIL 1.8%   
CONSUMER STAPLES 1.8%   

Cia Brasileira de Distribuicao Grupo Pao de Acucar

       176,642      $     7,863   
       

 

 

  

Total Brazil

         7,863   
       

 

 

  
SOUTH KOREA 1.2%   
INFORMATION TECHNOLOGY 1.2%   

Samsung Electronics Co. Ltd.

       5,248          5,047   
       

 

 

  

Total South Korea

         5,047   
       

 

 

  

Total Preferred Stocks (Cost $11,691)

  

         12,910   
       

 

 

  
RIGHTS 0.1%   
CANADA 0.1%   
MATERIALS 0.1%   

Turquoise Hill Resources Ltd. - Exp. 01/07/2014

       301,029          289   
       

 

 

  

Total Rights (Cost $684)

         289   
       

 

 

  
        PRINCIPAL
AMOUNT
(000S)		            
SHORT-TERM INSTRUMENTS 0.6%   
REPURCHASE AGREEMENTS (c) 0.0%   
          117   
       

 

 

  
U.S. TREASURY BILLS 0.6%   

0.104% due 01/02/2014 - 12/11/2014 (b)(f)

   $     2,414          2,412   
       

 

 

  

Total Short-Term Instruments
(Cost $2,529)

     2,529   
       

 

 

  
       

Total Investments in Securities
(Cost $373,578)

     379,667   
       

 

 

  
        SHARES            
INVESTMENTS IN AFFILIATES 12.2%   
SHORT-TERM INSTRUMENTS 12.2%   
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.2%    

PIMCO Short-Term
Floating NAV Portfolio

     5,322,702          53,254   
       

 

 

  
Total Short-Term Instruments
(Cost $53,261)		     53,254   
       

 

 

  
       
Total Investments in Affiliates
(Cost $53,261)		           53,254   
       
Total Investments 99.5%
(Cost $426,839)		       $     432,921   

Financial Derivative
Instruments (d)(e) 0.4%

(Cost or Premiums, net $(25))

     1,949   
Other Assets and Liabilities, net 0.1%     378   
       

 

 

  
Net Assets 100.0%      $       435,248   
       

 

 

  
 

 

60   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

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

 

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

 

(a) Security did not produce income within the last twelve months.

 

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

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

 

(c)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate		   Settlement
Date		     Maturity
Date		     Principal
Amount		     Collateralized By   Collateral
Received,
at Value		     Repurchase
Agreements,
at Value		     Repurchase
Agreement
Proceeds
to be
Received (1)		  

SSB

   0.000%     12/31/2013        01/02/2014      $     117      Freddie Mac 2.080% due 10/17/2022   $ (122 )    $ 117      $ 117   
           

 

 

    

 

 

    

 

 

  

Total Repurchase Agreements

  

         $     (122 )    $     117      $     117   
           

 

 

    

 

 

    

 

 

  

 

(1) 

Includes accrued interest.

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of December 31, 2013:

 

Counterparty   Repurchase
Agreement
Proceeds
to be
Received		     Payable for
Reverse
Repurchase
Agreements		     Payable  for
Sale-Buyback
Transactions		     Payable for
Short Sales		     Total
Borrowings and
Other Financing
Transactions		     Collateral
(Received)/Pledged		     Net Exposure  (2)  

Global/Master Repurchase Agreement

              

SSB

   $ 117      $ 0      $ 0      $ 0      $     117      $     (122 )    $     (5 ) 

Prime Brokerage Agreement

              

FOB

     0        0        0        0        0        3        3   
 

 

 

        

Total Borrowings and Other Financing Transactions

   $     117      $     0      $     0      $     0         
 

 

 

        

 

(2) 

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

 

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

 

FUTURES CONTRACTS:

 

Description

   

Type

   

Expiration
Month

     

# of
Contracts

    

Unrealized
Appreciation/
(Depreciation)

     Variation Margin  
             Asset     Liability  

Hang Seng China Enterprises Index January Futures

   

Long

      01/2014         11      $ (6 )    $ 5      $ (7 ) 

MSCI Taiwan Stock Index January Futures

   

Long

      01/2014         153        101        0        0   
          

 

 

    

 

 

    

 

 

  

Total Futures Contracts

            $     95      $     5      $     (7 ) 
          

 

 

    

 

 

    

 

 

  

 

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 December 31, 2013:

 

Cash of $242 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2013. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

 

    Financial Derivative Assets         Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset		    

Total

         Market Value     Variation Margin
Liability		    

Total

  
     Purchased
Options		     Futures     Swap
Agreements		           Written
Options		     Futures     Swap
Agreements		    

Total Exchange-Traded or Centrally Cleared

   $     0      $     5      $     0      $     5        $     0      $      (7)    $     0      $      (7) 
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

  

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   61

Table of Contents

Schedule of Investments PIMCO EqS® Emerging Markets Fund (Cont.)

 

 

(e)  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

      01/2014         HKD        207,480       $          26,761      $ 4      $ 0   
     01/2014         INR        288,256           4,608        0        (41 ) 
     01/2014         MYR        55,445           17,267            351        0   
     01/2014         TWD        1,091,712           36,895        278        0   
     01/2014       $          9,534         AUD        10,758        69        0   
     01/2014           2,317         HKD        17,958        0        (1 ) 
     01/2014           8,410         TWD        245,488        0        (176 ) 
     01/2014         ZAR        14,500       $          1,439        59        0   
     02/2014         AUD        10,758           9,516        0        (69 ) 
     02/2014         DKK        4,806           887        0        0   
     02/2014       $          1,507         DKK        8,225        11        0   
     04/2014         PEN        12,793       $          4,535        19        0   
     04/2014       $          26,764         HKD        207,480        0        (5 ) 
     04/2014           4,503         INR        288,257        51        0   
     04/2014           17,186         MYR        55,445        0        (361 ) 
     04/2014           37,745         TWD        1,110,848        0            (404 ) 
                

BPS

      01/2014         COP        5,088,914       $          2,639        3        (1 ) 
     01/2014       $          2,902         COP        5,543,594        0        (30 ) 
     01/2014           6,585         HKD        51,049        0        (2 ) 
     01/2014           940         ZAR        9,744        0        (13 ) 
     02/2014         EUR        451       $          622        1        0   
     02/2014         GBP        10,290           16,554        0        (481 ) 
     02/2014         NOK        70,625           11,569        0        (57 ) 
     02/2014       $          3,071         EUR        2,238        8        0   
     03/2014           2,464         COP        4,767,672        0        (3 ) 
     03/2014           7,527         MXN        98,637        0        (11 ) 
                

BRC

      01/2014         AUD        10,758       $          9,825        221        0   
     01/2014         HKD        2,705           349        0        0   
     01/2014         INR        56,979           900        0        (19 ) 
     01/2014         KRW        5,066,233           4,749        0        (56 ) 
     01/2014         PHP        45,186           1,036        16        0   
     01/2014         PLN        1,030           336        0        (4 ) 
     01/2014         RUB        32,647           1,007        16        0   
     01/2014       $          41         HKD        319        0        0   
     01/2014           7,794         PLN        24,345        251        0   
     01/2014           3,345         RUB        108,315        0        (57 ) 
     01/2014           337         TWD        9,971        0        (2 ) 
     01/2014           1,199         ZAR        12,288        0        (29 ) 
     02/2014         JPY        1,595,238       $          15,952        801        0   
     03/2014         GBP        999           1,628        0        (26 ) 
     04/2014         HKD        52,050           6,714        1        0   
     04/2014       $          644         INR        41,142        6        0   
     04/2014           3,218         KRW        3,429,744        25        0   
     04/2014           423         THB        13,885        0        (3 ) 
                

CBK

      01/2014         PLN        786       $          258        0        (2 ) 
     01/2014         TWD        140,892           4,816        90        0   
     01/2014       $          19,070         HKD        147,850        0        (3 ) 
     01/2014           3,242         RUB        104,473        0        (71 ) 
     02/2014         JPY        118,339       $          1,152        28        0   
     02/2014       $          1,396         JPY        145,100        0        (17 ) 
     03/2014           645         GBP        395        9        0   
                

DUB

      01/2014         BRL        5,910       $          2,532        27        0   
     01/2014         TRY        612           298        14        0   
     01/2014       $          2,523         BRL        5,910        0        (18 ) 
     01/2014           1,294         CZK        24,764        0        (47 ) 
     01/2014           2,063         KRW        2,198,539        22        0   
     01/2014           1,980         RUB        66,152        28        0   
     01/2014           96         THB        2,997        0        (5 ) 
     01/2014           862         TRY        1,780        0        (36 ) 
     01/2014           24,127         ZAR        245,802        0        (735 ) 
     02/2014           874         EUR        636        1        0   
     02/2014           732         NOK        4,525        13        0   
     03/2014         ILS        30,355       $          8,607        0        (126 ) 
     04/2014         TRY        1,780           846        36        0   
     04/2014       $          1,645         TRY        3,519        0        (43 ) 
                

 

62   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

Counterparty

   

Settlement
Month

     

Currency to
be Delivered

     

Currency to
be Received

     Unrealized Appreciation/
(Depreciation)		  
           Asset     Liability  

FBF

      01/2014         BRL        837       $          357      $ 3      $ 0   
     01/2014         INR        190,381           3,082        25        (14 ) 
     01/2014         KRW        5,847,914           5,394        0        (152 ) 
     01/2014         MYR        2,102           657        16        0   
     01/2014         RUB        30,577           926        0        (2 ) 
     01/2014         THB        9,781           310        13        0   
     01/2014       $          371         BRL        837        0        (16 ) 
     01/2014           5,885         INR        381,258        265        0   
     01/2014           909         MYR        2,907        0        (22 ) 
     01/2014         ZAR        11,146       $          1,072        11        0   
     04/2014         INR        61,627           967        0        (6 ) 
     04/2014         MYR        1,868           570        3        0   
     04/2014         PEN        19,225           6,781        1        (6 ) 
     04/2014         TWD        50,541           1,715        16        0   
                

GLM

      01/2014         BRL        1,421           607        4        0   
     01/2014         COP        454,680           240        5        0   
     01/2014       $          599         BRL        1,421        3        0   
     01/2014           3,136         RUB        102,304        0        (30 ) 
     01/2014         ZAR        7,328       $          723        26        0   
     02/2014         JPY        41,395           398        5        0   
     04/2014       $          6,819         CLP        3,676,081            107        0   
                

HUS

      01/2014         DKK        44,860       $          8,146        0        (127 ) 
     01/2014         RUB        170,286           5,198        29        0   
     01/2014         TRY        846           415        22        0   
     01/2014       $          2,616         HKD        20,280        0        (1 ) 
     01/2014           1,946         INR        123,513        46        0   
     01/2014           1,186         KRW        1,263,683        12        0   
     01/2014           42,636         TWD        1,259,671        0            (386 ) 
     02/2014         EUR        10,775       $          14,857        35        0   
     04/2014         HKD        2,322           300        0        0   
                

JPM

      01/2014         IDR        20,909,028           1,794        82        0   
     01/2014         KRW        194,412           182        0        (2 ) 
     01/2014         MYR        2,282           720        24        0   
     01/2014         RUB        185,277           5,639        27        (13 ) 
     01/2014         TRY        322           158        8        0   
     01/2014         TWD        60,097           2,056        40        0   
     01/2014       $          2,272         CNY        13,936        24        0   
     01/2014           491         INR        30,847        7        0   
     01/2014           4,408         KRW        4,742,928        90        0   
     01/2014           209         MYR        673        0        (4 ) 
     01/2014           25,594         RUB        843,243        16        (12 ) 
     01/2014           450         ZAR        4,530        0        (19 ) 
     01/2014         ZAR        10,274       $          1,036        58        0   
     03/2014         IDR        332,280           27        1        0   
     04/2014         RUB        852,816           25,495        2        (30 ) 
     04/2014         THB        7,899           242        3        0   
     04/2014       $          322         RUB        10,734        0        (1 ) 
     04/2014           1,715         TWD        50,970        0        (2 ) 
                

MSC

      01/2014         BRL        6,436       $          2,739        11        0   
     01/2014         HKD        29,131           3,757        1        0   
     01/2014       $          2,755         BRL        6,436        0        (27 ) 
     01/2014           240         HKD        1,861        0        0   
     01/2014           6,434         RUB        208,037        0        (119 ) 
     02/2014         BRL        6,436       $          2,733        28        0   
     02/2014       $          445         BRL        1,054        0        (2 ) 
     03/2014         MXN        10,270       $          786        3        0   
     03/2014       $          6,813         MXN        89,996        45        0   
     04/2014         HKD        22,596       $          2,915        1        0   
     04/2014         PEN        5,117           1,814        8        0   
                

RBC

      01/2014       $          1,907         RUB        62,750        0        (2 ) 
     01/2014           620         TWD        18,296        0        (6 ) 
     04/2014         CLP        123,839       $          231        0        (2 ) 
     04/2014         KRW        2,523,395           2,380        0        (6 ) 
     04/2014       $          857         PEN        2,413        0        (5 ) 
                

SCX

      01/2014         KRW        11,488,257       $          10,822        0        (73 ) 
     01/2014       $          3,797         THB        124,402        0        (14 ) 
     02/2014         IDR        332,281       $          28        1        0   
     04/2014       $          10,768         KRW        11,488,257        95        0   
                

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   63

Table of Contents

Schedule of Investments PIMCO EqS® Emerging Markets Fund (Cont.)

 

Counterparty

   

Settlement
Month

     

Currency to
be Delivered

     

Currency to
be Received

     Unrealized Appreciation/
(Depreciation)		  
           Asset     Liability  

UAG

      01/2014         CNY        117,019       $          18,972      $ 0      $ (304 ) 
     01/2014         IDR        996,842           90        9        0   
     01/2014         KRW        18,996,844           17,692        0        (324 ) 
     01/2014         PHP        8,247           192        6        0   
     01/2014         RUB        1,009,072           30,580        0        (52 ) 
     01/2014         THB        117,618           3,658        81        0   
     01/2014         TWD        240,726           8,171        97        0   
     01/2014       $          16,871         CNY        103,082        109        0   
     01/2014           1,238         IDR        14,512,112        0        (49 ) 
     01/2014           30,481         KRW        33,388,511        1,184        0   
     01/2014           16,856         MYR        56,250        305        0   
     01/2014           1,208         PHP        53,433        0        (2 ) 
     02/2014         BRL        7,294       $          3,106        39        0   
     02/2014         IDR        996,841           90        9        0   
     04/2014         CNY        103,083           16,863        0        (4 ) 
     04/2014         PHP        53,433           1,210        0        (2 ) 
     04/2014       $          10,769         KRW        11,488,256        93        0   
     04/2014           3,634         THB        117,618        0        (72 ) 
              

 

 

    

 

 

  

Total Forward Foreign Currency Contracts

  

     $     5,613      $     (4,864 ) 
              

 

 

    

 

 

  

 

AS OF DECEMBER 31, 2013, THERE WERE NO OPEN WRITTEN OPTIONS. TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2013:

 

     # of
Contracts		     

Notional
Amount in HKD

        Premiums  

Balance at 06/30/2013

     0       HKD     110,062         $     (108 ) 

Sales

     475,546         0           (524 ) 

Closing Buys

     (6,533 )       0           179   

Expirations

     (469,013 )       (110,062 )         453   

Exercised

     0         0           0   
 

 

 

     

 

 

       

 

 

  

Balance at 12/31/2013

     0       HKD 0         $ 0   
 

 

 

     

 

 

       

 

 

  

 

SWAP AGREEMENTS:

 

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

 

Counterparty

  

Index/Tranches

  

Fixed Deal
(Pay) Rate

    

Maturity
Date

    

Notional
Amount (2)

    

Premiums
(Received)

    

Unrealized
(Depreciation)

     Swap Agreements, at Value (3)  
              Asset     Liability  
BPS   CDX.IG-9 10-Year Index 15-30%     (1.000% )      12/20/2017      $     3,100      $     (25 )    $     (66 )    $     0      $     (91 ) 
         

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

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

(2) 

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

(3) 

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

 

TOTAL RETURN SWAPS ON INDICES

 

Counterparty

  

Pay/Receive (4)

   Underlying Reference   # of
Units		     Financing
Rate		   Maturity
Date		     Notional
Amount		     Unrealized
Appreciation		     Swap Agreements, at Value  
                Asset     Liability  
JPM  

Receive

   KOSPI 200 Index     44,136,399      0.000%     03/13/2014        KRW        11,610,845      $     101      $     101      $     0   
               

 

 

    

 

 

    

 

 

  

 

64   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

 

TOTAL RETURN SWAPS ON SECURITIES

 

Counterparty   Pay/Receive  (4)   Underlying
Reference		   # of
Shares		     Financing Rate   Maturity
Date		     Notional
Amount		            Unrealized
Appreciation/
(Depreciation)		     Swap Agreements, at Value  
                  Asset     Liability  
BOA  

Receive

   Alrosa AO     1,287,800     

1-Month USD-LIBOR plus a specified spread

     10/28/2014      $ 1,277        $ 120      $ 120      $ 0   
 

Receive

   NovaTek OAO     591,382     

1-Month USD-LIBOR plus a specified spread

     10/28/2014        7,199          (27 )      0        (27 ) 
DUB  

Receive

   Petroleo Brasileiro S.A.     722,200     

1-Month USD-LIBOR plus a specified spread

     04/29/2014        5,011          (106 )      0        (106 ) 
 

Receive

   KCell JSC     20,609     

3-Month USD-LIBOR plus a specified spread

     08/26/2014        355          (54 )      0        (54 ) 
 

Receive

   Magnitogorsk Iron & Steel Works     1,175,495     

3-Month USD-LIBOR plus a specified spread

     08/26/2014        3,415          115        115        0   
ULO  

Receive

   Bashneft OAO     420     

1-Month USD-LIBOR plus a specified spread

     09/23/2014        18          828        828        0   
 

Receive

   Alrosa AO     3,916,338     

1-Month USD-LIBOR plus a specified spread

     10/02/2014        3,883          364        364        0   
 

Receive

   Bashneft OAO     100,850     

1-Month USD-LIBOR plus a specified spread

     12/18/2014            6,176          (48 )      0        (48 ) 
               

 

 

    

 

 

    

 

 

  
                $ 1,192      $ 1,427      $ (235 ) 
               

 

 

    

 

 

    

 

 

  

Total Swap Agreements

           $     (25 )    $     1,227      $     1,528      $     (326 ) 
             

 

 

    

 

 

    

 

 

    

 

 

  

 

(4) 

Receive represents that the Fund receives monthly payments for any positive monthly return on the underlying reference. The Fund makes payments for any negative monthly return on such underlying reference. Pay represents that the Fund receives monthly payments for any negative monthly return on the underlying reference. The Fund makes payments for any positive monthly return on such underlying reference.

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2013:

 

(f) Securities with an aggregate market value of $2,282 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2013.

 

    Financial Derivative Assets         Financial Derivative Liabilities                    
Counterparty   Forward
Foreign
Currency
Contracts		      Purchased
Options		      Swap
Agreements		      Total
Over the
Counter		          Forward
Foreign
Currency
Contracts		     Written
Options		      Swap
Agreements		     Total
Over the
Counter		     Net Market
Value of OTC
Derivatives		     Collateral
(Received)/
Pledged		     Net
Exposures  (5)		  

BOA

   $ 842       $ 0       $ 120       $ 962        $ (1,057 )    $ 0       $ (27 )    $ (1,084 )    $ (122 )    $ 260      $ 138   

BPS

     12         0         0         12          (598 )      0         (91 )      (689 )      (677 )      611        (66 ) 

BRC

     1,337         0         0         1,337          (196 )      0         0        (196 )      1,141        (1,180 )      (39 ) 

CBK

     127         0         0         127          (93 )      0         0        (93 )      34        0        34   

DUB

     141         0         115         256          (1,010 )      0         (160 )      (1,170 )      (914 )      900        (14 ) 

FBF

     353         0         0         353          (218 )      0         0        (218 )      135        0        135   

GLM

     150         0         0         150          (30 )      0         0        (30 )      120        0        120   

HUS

     144         0         0         144          (514 )      0         0        (514 )      (370 )      350        (20 ) 

JPM

     382         0         101         483          (83 )      0         0        (83 )      400        (356 )      44   

MSC

     97         0         0         97          (148 )      0         0        (148 )      (51 )      (289 )      (340 ) 

RBC

     0         0         0         0          (21 )      0         0        (21 )      (21 )      0        (21 ) 

SCX

     96         0         0         96          (87 )      0         0        (87 )      9        0        9   

UAG

     1,932         0         0         1,932          (809 )      0         0        (809 )      1,123        (1,740 )      (617 ) 

ULO

     0         0         1,192         1,192          0        0         (48 )      (48 )      1,144        0        1,144   
 

 

 

     

 

 

     

 

 

     

 

 

      

 

 

    

 

 

     

 

 

    

 

 

        

Total Over the Counter

   $ 5,613       $ 0       $ 1,528       $ 7,141        $ (4,864 )    $ 0       $ (326 )    $ (5,190 )       
 

 

 

     

 

 

     

 

 

     

 

 

      

 

 

    

 

 

     

 

 

    

 

 

        

 

(5) 

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

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   65

Table of Contents

Schedule of Investments PIMCO EqS® Emerging Markets Fund (Cont.)

 

 

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

 

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk (1) exposure:

 

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2013:

 

    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       $ 5      $ 0      $ 0      $ 5   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 5,613      $ 0      $ 5,613   

Swap Agreements

     0         0         1,528        0        0        1,528   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 1,528      $ 5,613      $ 0      $ 7,141   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $     1,533      $ 5,613      $ 0      $ 7,146   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Financial Derivative Instruments - Liabilities

              

Exchange-traded or centrally cleared

              

Futures

   $ 0       $ 0       $ 7      $ 0      $ 0      $ 7   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 4,864      $ 0      $ 4,864   

Swap Agreements

     0         91         235        0        0        326   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 91       $ 235      $ 4,864      $ 0      $ 5,190   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     0       $     91       $ 242      $     4,864      $     0      $     5,197   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2013:

 

    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       $ (242 )    $ 0      $ 0      $ (242 ) 

Written Options

     0         0         2        0        0        2   

Futures

     0         0         (744 )      0        0        (744 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ (984 )    $ 0      $ 0      $ (984 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ (7,028 )    $ 0      $ (7,028 ) 

Purchased Options

     0         0         (209 )      0        0        (209 ) 

Written Options

     0         0         591        0        0        591   

Swap Agreements

     0         (16 )       3,007        0        0        2,991   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ (16 )     $ 3,389      $     (7,028 )    $ 0      $     (3,655 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ (16 )     $ 2,405      $ (7,028 )    $ 0      $ (4,639 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

  

    

Exchange-traded or centrally cleared

              

Futures

   $ 0       $ 0       $ 95      $ 0      $ 0      $ 95   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 4,918      $ 0      $ 4,918   

Written Options

     0         0         0        0        423        423   

Swap Agreements

     0         (24 )       3,618        0        0        3,594   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ (24 )     $ 3,618      $ 4,918      $ 423      $ 8,935   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     0       $     (24 )     $     3,713      $ 4,918      $     423      $ 9,030   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) 

See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

 

66   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

 

FAIR VALUE MEASUREMENTS

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2013 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Investments in Securities, at Value

        

Common Stocks

        

Australia

        

Materials

   $ 0      $ 6,923      $ 0      $ 6,923   

Bermuda

        

Energy

     0        4,735        0        4,735   

Brazil

        

Consumer Discretionary

     5,359        0        0        5,359   

Consumer Staples

     8,145        0        0        8,145   

Financials

         17,974        0        0        17,974   

Utilities

     3,656            4,144        0        7,800   

Cambodia

        

Consumer Discretionary

     0        8,003        0        8,003   

Canada

        

Materials

     994        0        0        994   

China

        

Consumer Staples

     0        4,785        0        4,785   

Energy

     0        10,260        0        10,260   

Financials

     0        9,835        0        9,835   

Industrials

     0        5,967        0        5,967   

Information Technology

     2,943        0        0        2,943   

Materials

     0        3,139        0        3,139   

Colombia

        

Energy

     2,200        0        0        2,200   

Cyprus

        

Industrials

     9,848        0        0        9,848   

Denmark

        

Consumer Staples

     0        7,683        0        7,683   

Finland

        

Materials

     0        4,736        0        4,736   

Hong Kong

        

Consumer Discretionary

     4,448        0        0        4,448   

Financials

     0        19,609        0            19,609   

Information Technology

     0        0            665        665   

India

        

Consumer Discretionary

     339        11,857        0        12,196   

Financials

     0        12,996        0        12,996   

Indonesia

        

Consumer Discretionary

     0        6,235        0        6,235   

Israel

        

Materials

     0        8,655        0        8,655   

Italy

        

Consumer Discretionary

     0        8,804        0        8,804   

Japan

        

Consumer Discretionary

     0        5,348        0        5,348   

Industrials

     0        10,607        0        10,607   

Kazakhstan

        

Telecommunication Services

     0        127        0        127   

Macau

        

Consumer Discretionary

     0        4,488        0        4,488   

Mexico

        

Financials

     8,305        0        0        8,305   

Norway

        

Consumer Staples

     0        6,113        0        6,113   

Peru

        

Financials

     9,488        0        0        9,488   

Materials

     4,761        0        0        4,761   

Philippines

        

Utilities

     0        3,999        0        3,999   
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Russia

        

Telecommunication Services

   $ 11,128      $ 0      $ 0      $ 11,128   

South Africa

        

Consumer Staples

     4,734        0        0        4,734   

Telecommunication Services

     3,784        0        0        3,784   

South Korea

        

Consumer Discretionary

     0        13,104        0        13,104   

Information Technology

     0          19,867          0          19,867   

Materials

     0        7,723        0        7,723   

Taiwan

        

Information Technology

     0        13,194        0        13,194   

Thailand

        

Financials

     0        2,876        0        2,876   

Turkey

        

Consumer Staples

     0        3,020        0        3,020   

United Kingdom

        

Consumer Staples

     0        6,580        0        6,580   

Energy

     0        6,064        0        6,064   

Financials

     0        4,306        0        4,306   

Equity-Linked Securities

        

China

        

Financials

     0        8,968        0        8,968   

Nigeria

        

Consumer Staples

     0        4,313        0        4,313   

Exchange-Traded Funds

        

Luxembourg

     6,105        0        0        6,105   

Preferred Stocks

        

Brazil

        

Consumer Staples

     0        7,863        0        7,863   

South Korea

        

Information Technology

     0        5,047        0        5,047   

Rights

        

Canada

        

Materials

     289        0        0        289   

Short-Term Instruments

        

Repurchase Agreements

     0        117        0        117   

U.S. Treasury Bills

     0        2,412        0        2,412   
  $ 104,500      $ 274,502      $ 665      $ 379,667   

Investments in Affiliates, at Value

        

Short-Term Instruments

        

Central Funds Used for Cash Management Purposes

   $ 53,254      $ 0      $ 0      $ 53,254   

Total Investments

   $ 157,754      $ 274,502      $ 665      $ 432,921   

Financial Derivative Instruments - Assets

  

      

Exchange-traded or centrally cleared

     5        0        0        5   

Over the counter

     0        7,141        0        7,141   
  $ 5      $ 7,141      $ 0      $ 7,146   

Financial Derivative Instruments - Liabilities

  

      

Exchange-traded or centrally cleared

     (7 )      0        0        (7 ) 

Over the counter

     0        (5,190 )      0        (5,190 ) 
  $ (7 )    $ (5,190 )    $ 0      $ (5,197 ) 

Totals

   $     157,752      $     276,453      $     665      $     434,870   
 

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   67

Table of Contents

Schedule of Investments PIMCO EqS® Emerging Markets Fund (Cont.)

 

December 31, 2013 (Unaudited)

 

 

There were assets and liabilities valued at $11,814 transferred from Level 2 to Level 1 and assets and liabilities valued at $7,862 transferred from Level 1 to Level 2 during the period ended December 31, 2013.

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2013:

 

Category and Subcategory   Beginning
Balance
at 06/30/2013		     Net
Purchases		     Net
Sales		     Accrued
Discounts/
(Premiums)		     Realized
Gain/(Loss)		     Net Change in
Unrealized
Appreciation/
(Depreciation) (1)		     Transfers into
Level 3		     Transfers out
of Level 3		     Ending
Balance
at 12/31/2013		     Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
12/31/2013 (1)		  

Investments in Securities, at Value

  

                  

Common Stocks

                    

Hong Kong

  $     930      $     0      $     0      $     0      $     0      $     (265 )    $     0      $     0      $     665      $     (266 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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

 

Category and Subcategory   Ending
Balance
at 12/31/2013		      Valuation
Technique		      Unobservable
Inputs		    Input Value(s)
(% Unless
Noted
Otherwise)		  

Investments in Securities, at Value

  

         

Common Stocks

           

Hong Kong

           

Information Technology

   $     665         Other Valuation Techniques  (2)          —   
 

 

 

           

 

(1) 

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2013 may be due to an investment no longer held or categorized as level 3 at period end.

(2) 

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

 

68   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

Schedule of Investments PIMCO EqS® Long/Short Fund

 

December 31, 2013 (Unaudited)

 

        SHARES         MARKET
VALUE
(000S)		  
INVESTMENTS IN SECURITIES 86.5%   
COMMON STOCKS 82.5%   
CANADA 2.1%   
INDUSTRIALS 2.1%   

Air Canada ‘A’ (a)

       2,100,000      $     14,649   

Air Canada ‘B’ (a)

       1,000,000          6,976   
       

 

 

  

Total Canada

           21,625   
       

 

 

  
CHINA 2.1%   
INFORMATION TECHNOLOGY 2.1%   

Baidu, Inc. SP - ADR (a)

       120,000          21,346   
       

 

 

  

Total China

           21,346   
       

 

 

  
GERMANY 2.6%   
MATERIALS 2.6%   

HeidelbergCement AG

       347,000          26,349   
       

 

 

  

Total Germany

             26,349   
       

 

 

  
GREECE 0.3%   
INDUSTRIALS 0.3%   

Paragon Shipping, Inc. ‘A’ (a)

       163,075          1,200   

Safe Bulkers, Inc.

       123,810          1,288   
       

 

 

  

Total Greece

           2,488   
       

 

 

  
NETHERLANDS 3.3%   
INFORMATION TECHNOLOGY 3.3%   

NXP Semiconductor NV (a)

       720,000          33,070   
       

 

 

  

Total Netherlands

           33,070   
       

 

 

  
UNITED STATES 72.1%   
CONSUMER DISCRETIONARY 16.7%   

Biglari Holdings, Inc. (a)

       14,267          7,228   

Comcast Corp. ‘A’

       1,080,000          56,122   

General Motors Co. (a)

       1,100,000          44,957   

Lowe’s Cos., Inc.

       1,230,000          60,947   
       

 

 

  
            169,254   
       

 

 

  
CONSUMER STAPLES 4.2%   

Constellation Brands, Inc. ‘A’ (a)

     75,000          5,278   

Walgreen Co.

       650,000          37,336   
       

 

 

  
          42,614   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
ENERGY 3.1%   

Devon Energy Corp.

       510,000      $     31,554   
       

 

 

  
FINANCIALS 22.0%   

BB&T Corp.

       300,000          11,196   

Citigroup, Inc.

       980,000          51,068   

Genworth Financial, Inc. ‘A’ (a)(d)

       4,750,000          73,767   

JPMorgan Chase & Co.

       200,000          11,696   

Unum Group

       1,000,000          35,080   

Walter Investment Management Corp. (a)(d)

       1,112,900          39,352   
       

 

 

  
          222,159   
       

 

 

  
HEALTH CARE 9.5%   

CareFusion Corp. (a)

       350,000          13,937   

Catamaran Corp. (a)

       290,000          13,769   

DaVita HealthCare Partners, Inc. (a)

       608,000          38,529   

Perrigo Co. PLC

       197,000          30,232   
       

 

 

  
          96,467   
       

 

 

  
INDUSTRIALS 5.8%   

American Airlines Group, Inc. (a)

       520,000          13,130   

Baltic Trading Ltd.

       300,000          1,932   

Iron Mountain, Inc.

       880,000          26,708   

Spirit Airlines, Inc. (a)

       370,000          16,802   
       

 

 

  
          58,572   
       

 

 

  
INFORMATION TECHNOLOGY 10.8%   

Apple, Inc.

       80,000          44,889   

DST Systems, Inc. (d)

       630,000          57,166   

eBay, Inc. (a)

       120,000          6,587   
       

 

 

  
          108,642   
       

 

 

  

Total United States

           729,262   
       

 

 

  

Total Common Stocks (Cost $769,106)

       834,140   
       

 

 

  
REAL ESTATE INVESTMENT TRUSTS 3.8%   
UNITED STATES 3.8%   
FINANCIALS 3.8%   

American Realty Capital Properties, Inc. (d)

       3,000,000          38,580   
       

 

 

  

Total Real Estate Investment Trusts
(Cost $38,312)

     38,580   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
WARRANTS 0.0%   
UNITED STATES 0.0%   
FINANCIALS 0.0%   

Citigroup, Inc. - Exp. 01/04/2019

       10,000      $     6   
       

 

 

  

Total Warrants (Cost $7)

  

       6   
       

 

 

  
       

PRINCIPAL

AMOUNT
(000S)

            
SHORT-TERM INSTRUMENTS 0.2%   
REPURCHASE AGREEMENTS (b) 0.2%  
    2,085   
       

 

 

  
U.S. TREASURY BILLS 0.0%   

0.108% due 11/13/2014 (g)

     $ 270          270   
       

 

 

  
Total Short-Term Instruments
(Cost $2,355)		     2,355   
       

 

 

  
       
Total Investments in Securities
(Cost $809,780)		     875,081   
       

 

 

  
        SHARES            
INVESTMENTS IN AFFILIATES 14.9%   
SHORT-TERM INSTRUMENTS 14.9%   
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 14.9%    

PIMCO Short-Term
Floating NAV Portfolio

     15,057,241          150,648   
       

 

 

  
Total Short-Term Instruments
(Cost $150,654)		     150,648   
       

 

 

  
       
Total Investments in Affiliates
(Cost $150,654)		     150,648   
       

Total Investments 101.4%
(Cost $960,434)

   

   $     1,025,729   

Securities Sold Short (c) (13.5%)

(Proceeds $134,202)

     (136,766 ) 

Financial Derivative
  Instruments (e)(f) 0.0%

(Cost or Premiums, net $882)

     (109 ) 
Other Assets and Liabilities, net 12.1%     122,806   
       

 

 

  
Net Assets 100.0%       $       1,011,660   
       

 

 

  
 

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

 

* A zero balance may reflect actual amounts rounding to less than one thousand.
(a) Security did not produce income within the last twelve months.

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   69

Table of Contents

Schedule of Investments PIMCO EqS® Long/Short Fund (Cont.)

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

 

(b)  REPURCHASE AGREEMENTS:

 

Counterparty   Lending
Rate		   Settlement
Date		     Maturity
Date		     Principal
Amount		     Collateralized By   Collateral
Received,
at Value		     Repurchase
Agreements,
at Value		     Repurchase
Agreement
Proceeds
to be
Received (1)		  

SSB

   0.000%     12/31/2013        01/02/2014      $     2,085      Fannie Mae 2.200% due 10/17/2022   $ (2,131 )    $ 2,085      $ 2,085   
           

 

 

    

 

 

    

 

 

  

Total Repurchase Agreements

  

         $     (2,131 )    $     2,085      $     2,085   
           

 

 

    

 

 

    

 

 

  

 

(1) 

Includes accrued interest.

 

(c)  SHORT SALES:

 

Description   Shares        Proceeds      Payable for
Short Sales (2)		  

Common Stocks

          

Argentina

          

Information Technology

          

MercadoLibre, Inc.

     23,000         $ (2,523 )     $ (2,482 ) 

Canada

          

Industrials

          

Ritchie Bros Auctioneers, Inc.

     300,000           (5,811 )       (6,879 ) 

Switzerland

          

Energy

          

Transocean Ltd.

     290,000           (13,963 )       (14,331 ) 

United States

          

Consumer Discretionary

          

Buckle, Inc.

     50,000           (2,495 )       (2,628 ) 

Cablevision Systems Corp. ‘A’

     100,000           (1,647 )       (1,793 ) 

Regis Corp.

     235,000           (3,432 )       (3,410 ) 

Weight Watchers International, Inc.

     62,300           (2,000 )       (2,052 ) 

Energy

          

Atwood Oceanics, Inc.

     400,000           (20,648 )       (21,356 ) 

Diamond Offshore Drilling, Inc.

     440,000           (25,031 )       (25,045 ) 

National Oilwell Varco, Inc.

     30,000           (2,324 )       (2,386 ) 

Health Care

          

Laboratory Corp. of America Holdings

     90,000           (8,062 )       (8,223 ) 

Quest Diagnostics, Inc.

     120,000           (6,314 )       (6,425 ) 

Industrials

          

ADT Corp.

     40,000           (1,652 )       (1,619 ) 

Joy Global, Inc.

     70,000           (3,694 )       (4,094 ) 

Information Technology

          

RealPage, Inc.

     370,000           (8,610 )       (8,651 ) 

Telecommunication Services

          

CenturyLink, Inc.

     35,000           (1,123 )       (1,115 ) 

Real Estate Investment Trusts

          

United States

          

Financials

          

National Retail Properties, Inc.

     500,000           (15,864 )       (15,165 ) 

Post Properties, Inc.

     200,000           (9,009 )       (9,112 ) 
      

 

 

  

Total Short Sales

        $     (134,202 )     $     (136,766 ) 
      

 

 

  

 

(2)

Market value includes $69 of dividends payable for short sales.

 

70   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of December 31, 2013:

 

(d) Securities with an aggregate market value of $139,880 and cash of $122,161 have been pledged as collateral as of December 31, 2013 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

 

Counterparty   Repurchase
Agreement
Proceeds
to be
Received		     Payable for
Reverse
Repurchase
Agreements		     Payable  for
Sale-Buyback
Transactions		     Payable for
Short Sales		     Total
Borrowings and
Other Financing
Transactions		      Collateral
(Received)/Pledged		      Net Exposure  (3)  

Global/Master Repurchase Agreement

                

SSB

   $ 2,085      $ 0      $ 0      $ 0      $ 2,085       $     (2,131 )     $ (46 ) 

FOB

     0        0        0        (16,587 )      (16,587 )       30,837         14,250   

GSC

     0        0        0        (53,608 )      (53,608 )       88,829         35,221   

MRJ

     0        0        0        0        0         1         1   

UBS

     0        0        0            (66,571 )          (66,571 )       142,374         75,803   
 

 

 

    

 

 

    

 

 

    

 

 

          

Total Borrowings and Other Financing Transactions

   $     2,085      $     0      $     0      $     (136,766 )         
 

 

 

    

 

 

    

 

 

    

 

 

          

 

(3)

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

 

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

 

PURCHASED OPTIONS:

 

OPTIONS ON SECURITIES

 

Description    Strike
Price		    Expiration
Date		      # of
Contracts		     Cost     Market
Value		  

Call - CBOE Iron Mountain, Inc.

    $    32.500      01/18/2014         3,500      $ 460      $ 285   

Put - CBOE Valero Energy Corp.

          40.000      01/18/2014         11,953        473        51   
          

 

 

    

 

 

  

Total Purchased Options

            $     933      $     336   
          

 

 

    

 

 

  

 

WRITTEN OPTIONS:

 

OPTIONS ON SECURITIES

 

Description    Strike
Price		    Expiration
Date		      # of
Contracts		     Premiums
(Received)		     Market
Value		  

Call - CBOE Iron Mountain, Inc.

    $    40.000      01/18/2014         3,500      $ (51 )    $ (11 ) 
          

 

 

    

 

 

  

Total Written Options

            $     (51 )    $     (11 ) 
          

 

 

    

 

 

  

 

FUTURES CONTRACTS:

 

Description

   

Type

   

Expiration
Month

   

# of
Contracts

    

Unrealized
Appreciation/
(Depreciation)

     Variation Margin  
            Asset     Liability  

Brent Crude February Futures

   

Short

      01/2014        160      $ (317 )    $ 66      $ 0   

E-mini S&P 500 Index March Futures

   

Long

      03/2014        1,220        (90 )      14        (104 ) 

WTI Crude January Futures

   

Long

      01/2014        160        70        0        (139 ) 
         

 

 

    

 

 

    

 

 

  

Total Futures Contracts

           $     (337 )    $     80      $     (243 ) 
         

 

 

    

 

 

    

 

 

  

 

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 December 31, 2013:

 

Cash of $350 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2013. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

 

    Financial Derivative Assets         Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset		     Total         Market Value     Variation Margin
Liability		     Total  
     Purchased
Options		     Futures     Swap
Agreements		           Written
Options		     Futures     Swap
Agreements		    

Total Exchange-Traded or Centrally Cleared

   $     336      $     80      $     0      $     416        $     (11)      $     (243)      $     0      $     (254)   
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

  

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   71

Table of Contents

Schedule of Investments PIMCO EqS® Long/Short Fund (Cont.)

 

 

(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  

BOA

      01/2014         EUR        11,488       $          15,549      $ 0      $ (255 ) 
     02/2014         CAD        5,687           5,343        0        (6 ) 
                

BPS

      02/2014           14,048           13,198        9        (25 ) 
                

CBK

      01/2014           11,471           10,852        53        0   
     01/2014       $          19,290         EUR        14,012        0        (14 ) 
     02/2014         CAD        1,548       $          1,460        4        0   
     02/2014         EUR        14,012           19,290        14        0   
                

DUB

      02/2014           1,921           2,641        0        (2 ) 
                

HUS

      01/2014           1,102           1,511        0        (5 ) 
                

RBC

      02/2014           2,428           3,342        2        0   
                

UAG

      02/2014         CAD        1,112           1,041        0        (5 ) 
     02/2014         EUR        1,215           1,674        2        0   
                

WST

      01/2014           1,422           1,913        0        (43 ) 
              

 

 

    

 

 

  

Total Forward Foreign Currency Contracts

  

        $     84      $     (355 ) 
              

 

 

    

 

 

  

 

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2013:

 

     # of
Contracts		        Premiums  

Balance at 06/30/2013

     0         $ 0   

Sales

     211,530               (5,214 ) 

Closing Buys

     (199,600 )         3,900   

Expirations

     (6,430 )         1,085   

Exercised

     (2,000 )         178   
 

 

 

       

 

 

  

Balance at 12/31/2013

     3,500         $ (51 ) 
 

 

 

       

 

 

  

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2013:

 

(g) Securities with an aggregate market value of $270 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2013.

 

     Financial Derivative Assets          Financial Derivative Liabilities                    
Counterparty    Forward
Foreign
Currency
Contracts		      Purchased
Options		      Swap
Agreements		      Total
Over the
Counter		           Forward
Foreign
Currency
Contracts		     Written
Options		      Swap
Agreements		      Total
Over the
Counter		     Net Market
Value of OTC
Derivatives		     Collateral
(Received)/
Pledged		     Net
Exposure  (1)		  

BOA

    $ 0       $ 0       $ 0       $ 0         $ (261 )    $ 0       $ 0       $ (261 )    $ (261 )    $ 270      $ 9   

BPS

      9         0         0         9           (25 )      0         0         (25 )      (16 )      0        (16 ) 

CBK

      71         0         0         71           (14 )      0         0         (14 )      57        0        57   

DUB

      0         0         0         0           (2 )      0         0         (2 )      (2 )      0        (2 ) 

HUS

      0         0         0         0           (5 )      0         0         (5 )      (5 )      0        (5 ) 

MSC

      0         0         0         0           0        0         0         0        0        (290 )      (290 ) 

RBC

    $ 2       $ 0       $ 0       $ 2         $ 0      $ 0       $ 0       $ 0      $ 2      $ 0      $ 2   

UAG

      2         0         0         2           (5 )      0         0         (5 )      (3 )      0        (3 ) 

WST

      0         0         0         0           (43 )      0         0         (43 )      (43 )      0        (43 ) 
  

 

 

     

 

 

     

 

 

     

 

 

       

 

 

    

 

 

     

 

 

     

 

 

        

Total Over the Counter

    $ 84       $ 0       $ 0       $ 84         $ (355 )    $ 0       $ 0       $ (355 )       
  

 

 

     

 

 

     

 

 

     

 

 

       

 

 

    

 

 

     

 

 

     

 

 

        

 

(1)

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

 

72   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

 

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

 

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk (1) exposure:

 

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2013:

 

    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       $ 336      $ 0      $ 0      $ 336   

Futures

     66         0         14        0        0        80   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 66       $ 0       $ 350      $ 0      $ 0      $ 416   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 84      $ 0      $ 84   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 66       $ 0       $ 350      $ 84      $ 0      $ 500   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Financial Derivative Instruments - Liabilities

              

Exchange-traded or centrally cleared

              

Written Options

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

Futures

     139         0         104        0        0        243   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 139       $ 0       $ 115      $ 0      $ 0      $ 254   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 355      $ 0      $ 355   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     139       $     0       $     115      $     355      $     0      $     609   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2013:

 

    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       $ (1,614 )    $ 0      $ 0      $ (1,614 ) 

Written Options

     0         0         3,424        0        0        3,424   

Futures

     (79 )       0         (1,167 )      0        0        (1,246 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ (79 )     $ 0       $ 643      $ 0      $ 0      $ 564   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ (596 )    $ 0      $ (596 ) 

Purchased Options

     0         0         6        0        0        6   

Written Options

     0         0         12        0        0        12   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 18      $ (596 )    $ 0      $ (578 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ (79 )     $ 0       $ 661      $ (596 )    $ 0      $ (14 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

  

         

Exchange-traded or centrally cleared

              

Purchased Options

   $ 0       $ 0       $ (2,794 )    $ 0      $ 0      $ (2,794 ) 

Written Options

     0         0         41        0        0        41   

Futures

     (247 )       0         (90 )      0        0        (337 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ (247 )     $ 0       $ (2,843 )    $ 0      $ 0      $ (3,090 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ (472 )    $ 0      $ (472 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     (247 )     $     0       $     (2,843 )    $     (472 )    $     0      $     (3,562 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   73

Table of Contents

Schedule of Investments PIMCO EqS® Long/Short Fund (Cont.)

 

December 31, 2013 (Unaudited)

 

 

FAIR VALUE MEASUREMENTS

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2013 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Investments in Securities, at Value

        

Common Stocks

        

Canada

        

Industrials

   $ 21,625      $ 0      $ 0      $ 21,625   

China

        

Information Technology

     21,346        0        0        21,346   

Germany

        

Materials

     0        26,349        0        26,349   

Greece

        

Industrials

     2,488        0        0        2,488   

Netherlands

        

Information Technology

     33,070        0        0        33,070   

United States

        

Consumer Discretionary

     169,254        0        0        169,254   

Consumer Staples

     42,614        0        0        42,614   

Energy

     31,554        0        0        31,554   

Financials

     222,159        0        0        222,159   

Health Care

     96,467        0        0        96,467   

Industrials

     58,572        0        0        58,572   

Information Technology

     108,642        0        0        108,642   

Real Estate Investment Trusts

        

United States

        

Financials

     38,580        0        0        38,580   

Warrants

        

United States

        

Financials

     6        0        0        6   

Short-Term Instruments

        

Repurchase Agreements

     0        2,085        0        2,085   

U.S. Treasury Bills

     0        270        0        270   
  $ 846,377      $ 28,704      $ 0      $ 875,081   

Investments in Affiliates, at Value

        

Short-Term Instruments

        

Central Funds Used for Cash Management Purposes

   $ 150,648      $ 0      $ 0      $ 150,648   

Total Investments

   $     997,025      $     28,704      $     0      $     1,025,729   
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Short Sales, at Value - Liabilities

        

Common Stocks

        

Argentina

        

Information Technology

   $ (2,482 )    $ 0      $ 0      $ (2,482 ) 

Canada

        

Industrials

     (6,879 )      0        0        (6,879 ) 

Switzerland

        

Energy

     (14,331 )      0        0        (14,331 ) 

United States

        

Consumer Discretionary

     (9,883 )      0        0        (9,883 ) 

Energy

     (48,787 )      0        0        (48,787 ) 

Health Care

     (14,648 )      0        0        (14,648 ) 

Industrials

     (5,713 )      0        0        (5,713 ) 

Information Technology

     (8,651 )      0        0        (8,651 ) 

Telecommunication Services

     (1,115 )      0        0        (1,115 ) 

Real Estate Investment Trusts

        

United States

        

  Financials

     (24,277 )      0        0        (24,277 ) 
  $     (136,766 )    $ 0      $ 0      $ (136,766 ) 

Financial Derivative Instruments - Assets

  

    

Exchange-traded or centrally cleared

     80        336        0        416   

Over the counter

     0        84        0        84   
  $ 80      $ 420      $ 0      $ 500   

Financial Derivative Instruments - Liabilities

  

    

Exchange-traded or centrally cleared

     (243 )      (11 )      0        (254 ) 

Over the counter

     0        (355 )      0        (355 ) 
  $ (243 )    $ (366 )    $ 0      $ (609 ) 

Totals

   $ 860,096      $     28,758      $     0      $ 888,854   
 

 

There were no transfers between Level 1 and 2 during the period ended December 31, 2013.

 

74   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

Consolidated Schedule of Investments PIMCO Emerging Multi-Asset Fund

 

December 31, 2013 (Unaudited)

 

        SHARES         MARKET
VALUE
(000S)		  
INVESTMENTS IN AFFILIATES 98.4%   
MUTUAL FUNDS (a) 98.2%   
UNITED STATES 98.2%   

PIMCO Emerging Local Bond Fund

       1,503,303      $     14,026   

PIMCO Emerging Markets Bond Fund

       611,508          6,543   

PIMCO Emerging Markets Corporate Bond Fund

       332,323          3,752   

PIMCO EqS® Emerging Markets Fund

       3,214,229          28,285   
       

 

 

  
Total Mutual Funds (Cost $55,720)       52,606   
       

 

 

  
       
        SHARES         MARKET
VALUE
(000S)		  
SHORT-TERM INSTRUMENTS 0.2%   
       

 

 

  
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2%    

PIMCO Short-Term
Floating NAV Portfolio

       10,153      $     102   
       

 

 

  
Total Short-Term Instruments
(Cost $102)		     102   
       

 

 

  
       
Total Investments in Affiliates
(Cost $55,822)		     52,708   
       
Total Investments 98.4%
(Cost $55,822)		       $     52,708   
       

Financial Derivative
Instruments (b)(c) 0.2%

(Cost or Premiums, net $79)

     113   
       
Other Assets and Liabilities, net 1.4%     754   
       

 

 

  
Net Assets 100.0%       $       53,575   
       

 

 

  
 

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

 

* A zero balance may reflect actual amounts rounding to less than one thousand.
(a) Institutional Class Shares of each Fund.
(b) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

 

PURCHASED OPTIONS:

 

OPTIONS ON EXCHANGE-TRADED FUNDS

 

Description    Strike
Price		    Expiration
Date		      # of
Contracts		     Cost     Market
Value		  

Put - CBOE iShares MSCI Emerging Markets Index Fund

    $    36.000      06/21/2014         1,093      $ 133      $ 75   
          

 

 

    

 

 

  

Total Purchased Options

            $     133      $     75   
          

 

 

    

 

 

  

 

WRITTEN OPTIONS:

 

OPTIONS ON EXCHANGE-TRADED FUNDS

 

Description    Strike
Price		    Expiration
Date		      # of
Contracts		     Premiums
(Received)		     Market
Value		  

Put - CBOE iShares MSCI Emerging Markets Index Fund

    $    31.000      06/21/2014         1,093      $ (48 )    $ (26 ) 
          

 

 

    

 

 

  

Total Written Options

            $     (48 )    $     (26 ) 
          

 

 

    

 

 

  

 

FUTURES CONTRACTS:

 

Description    Type    Expiration
Month		     # of
Contracts		     Unrealized
Appreciation		     Variation Margin  
            Asset     Liability  

E-mini S&P 500 Index March Futures

   

Long

      03/2014        6      $ 4      $ 2      $ 0   
         

 

 

    

 

 

    

 

 

  

Total Futures Contracts

           $     4      $     2      $     0   
         

 

 

    

 

 

    

 

 

  

 

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2013:

 

Cash of $2 has been pledged as collateral as of December 31, 2013 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

 

Cash of $30 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2013. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   75

Table of Contents

Consolidated Schedule of Investments PIMCO Emerging Multi-Asset Fund (Cont.)

 

 

    Financial Derivative Assets         Financial Derivative Liabilities  
    Market Value     Variation Margin
Asset		     Total         Market Value     Variation Margin
Liability		     Total  
     Purchased
Options		     Futures     Swap
Agreements		           Written
Options		     Futures     Swap
Agreements		    

Total Exchange-Traded or Centrally Cleared

   $     75      $     2      $     0      $     77        $      (26)    $     0      $     0      $     (26)   
 

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

    

 

 

    

 

 

  

 

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

 

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Counterparty    Settlement
Month		     

Currency to
be Delivered

     

Currency to
be Received

     Unrealized Appreciation/
(Depreciation)		  
           Asset     Liability  

BOA

      01/2014         HKD        933       $          120      $ 0      $ 0   
     01/2014         MYR        564           176        4        0   
     01/2014       $          144         INR        8,980        1        0   
     04/2014         INR        8,980       $          140        0        (2 ) 
     04/2014         PEN        520           184        1        0   
     04/2014       $          120         HKD        933        0        0   
     04/2014           175         MYR        564        0        (4 ) 
                

BPS

      01/2014         COP        628,222       $          329        3        0   
     01/2014       $          326         COP        628,222        0        0   
     03/2014         COP        628,222       $          325        0        0   
     03/2014       $          434         MXN        5,681        0        (1 ) 
                

BRC

      01/2014         BRL        338       $          153        10        0   
     01/2014         CZK        14,451           757        29        0   
     01/2014         TWD        14,024           481        11        0   
     01/2014       $          144         BRL        338        0        (1 ) 
     01/2014         ZAR        2,548       $          245        2        0   
     03/2014       $          241         MXN        3,138        0        (2 ) 
                

CBK

      01/2014         HUF        149,344       $          676        0        (14 ) 
     01/2014       $          311         INR        20,189        14        0   
     03/2014         EUR        79       $          109        0        0   
                

DUB

      01/2014         PHP        1,393           31        0        0   
     01/2014       $          70         HKD        543        0        0   
     01/2014         ZAR        688       $          70        5        0   
     03/2014         ILS        240           68        0        (1 ) 
     04/2014         HKD        3,117           402        0        0   
     04/2014       $          31         PHP        1,393        0        0   
                

FBF

      01/2014         BRL        1,174       $          501        4        0   
     01/2014         IDR        1,368,711           117        5        0   
     01/2014       $          500         BRL        1,174        0        (2 ) 
                

GLM

      01/2014           397         ZAR        3,906        0        (25 ) 
     04/2014         CLP        38,048       $          71        0        (1 ) 
                

JPM

      01/2014         IDR        608,316           51        1        0   
     01/2014         INR        29,169           460        0        (10 ) 
     01/2014         KRW        279,126           261        0        (4 ) 
     01/2014         RUB        13,078           398        1        0   
     01/2014         TRY        220           108        6        0   
     01/2014         TWD        26,645           910        16        0   
     01/2014       $          3         KRW        2,942        0        0   
     01/2014           32         PHP        1,393        0        0   
     01/2014           53         PLN        166        2        0   
     01/2014           549         RUB        17,961        0        (4 ) 
     03/2014         IDR        608,317       $          50        1        0   
     04/2014         RUB        7,734           231        0        0   
                

RBC

      01/2014         BRL        836           360        6        0   
     01/2014       $          357         BRL        836        0        (3 ) 
     02/2014           357           836        0        (6 ) 
                

SCX

      01/2014         CNY        437       $          71        0        (1 ) 
     01/2014         THB        3,757           115        0        0   
     01/2014       $          50         HKD        390        0        0   
     01/2014           169         MYR        564        3        0   
     02/2014         IDR        608,316       $          51        1        0   
                

UAG

      01/2014           456,237           41        4        0   
     01/2014         RUB        4,883           148        0        0   
     01/2014       $          71         CNY        437        1        0   
     01/2014           262         KRW            276,184            0            0   

 

76   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

Counterparty    Settlement
Month		     

Currency to
be Delivered

     

Currency to
be Received

     Unrealized Appreciation/
(Depreciation)		  
           Asset     Liability  
     01/2014       $          117         THB        3,757        0        (3 ) 
     01/2014           1,374         TWD        40,668        0        (10 ) 
     02/2014         IDR        456,238       $          41        4        0   
     04/2014         CNY        437           71        0        0   
     04/2014         KRW        276,184           261        0        0   
     04/2014         THB        3,757           116        2        0   
     04/2014         TWD        40,668           1,382        15        0   
              

 

 

    

 

 

  

Total Forward Foreign Currency Contracts

  

   $     152      $     (94 ) 
              

 

 

    

 

 

  

 

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2013:

 

     # of
Contracts		        Premiums  

Balance at 06/30/2013

     2,273         $     (277 ) 

Sales

     1,093           (48 ) 

Closing Buys

         (2,273 )         277   

Expirations

     0           0   

Exercised

     0           0   
 

 

 

       

 

 

  

Balance at 12/31/2013

     1,093         $ (48 ) 
 

 

 

       

 

 

  

 

SWAP AGREEMENTS:

 

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

 

Counterparty   Reference Entity   Fixed Deal
Receive Rate		     Maturity
Date		     Implied
Credit Spread at
December 31, 2013 (2)		     Notional
Amount (3)		    

Premiums
Paid/(Received)

     Unrealized
Appreciation		     Swap Agreements, at Value  
                Asset     Liability  
BOA  

South Africa Government International Bond

     1.000%        09/20/2014        0.610%        $600      $ 0      $ 2      $ 2      $ 0   
                 
CBK  

Rosneft Oil Co. via Rosneft International Finance Ltd.

     1.000%        06/20/2014        0.990%        600        (3 )      3        0        0   
 

Turkey Government International Bond

     1.000%        09/20/2014        1.216%        600        (1 )      0        0        (1 ) 
                 
DUB  

Gazprom OAO Via Gaz Capital S.A.

     1.000%        06/20/2014        0.742%        1,900        2        1        3        0   
                 
FBF  

Russia Government International Bond

     1.000%        09/20/2015        0.852%        600        0        2        2        0   
                 
RYL  

China Government International Bond

     1.000%        12/20/2016        0.391%        100        (4 )      6        2        0   
           

 

 

    

 

 

    

 

 

    

 

 

  
            $     (6 )    $     14      $     9      $     (1 ) 
           

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

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

(2)

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

(3)

The maximum potential amount the Fund 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.

 

TOTAL RETURN SWAPS ON INDICES

 

Counterparty

  

Pay/Receive (4)

  

Underlying Reference

  

# of
Units

    

Financing
Rate

  

Maturity
Date

    

Notional
Amount

         

Unrealized
Appreciation

     Swap Agreements, at Value  
                  Asset     Liability  
BOA  

Receive

   KOSPI 200 Index     2,000,000      0.000%     03/13/2014        KRW        524,466        $     6      $     6      $     0   
                 

 

 

    

 

 

    

 

 

  

 

TOTAL RETURN SWAPS ON EXCHANGE-TRADED FUNDS

 

Counterparty

  

Pay/Receive (4)

  

Underlying Reference

  

# of
Shares

    

Financing Rate

  

Maturity
Date

    

Notional
Amount

         

Unrealized
Appreciation/
(Depreciation)

     Swap Agreements, at Value  
                  Asset     Liability  
BPS  

Receive

  

iShares MSCI Emerging

Markets Index Fund

     22,735      3-Month USD-LIBOR

less a specified spread

     08/15/2014      $              960        $ (10 )    $ 0      $ (10 ) 
           

 

 

    

 

 

    

 

  

 

 

    

 

 

    

 

 

  

Total Swap Agreements

     $          (6 )      $     10      $     15      $     (11 ) 
           

 

 

    

 

 

    

 

  

 

 

    

 

 

    

 

 

  

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   77

Table of Contents

Consolidated Schedule of Investments PIMCO Emerging Multi-Asset Fund (Cont.)

 

 

(4)

Receive represents that the Fund receives monthly payments for any positive monthly return on the underlying reference. The Fund makes payments for any negative monthly return on such underlying reference. Pay represents that the Fund receives monthly payments for any negative monthly return on the underlying reference. The Fund makes payments for any positive monthly return on such underlying reference.

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2013:

 

    Financial Derivative Assets         

Financial Derivative Liabilities

                    
Counterparty   Forward
Foreign
Currency
Contracts		     Purchased
Options		     Swap
Agreements		     Total
Over the
Counter		           Forward
Foreign
Currency
Contracts		     Written
Options		     Swap
Agreements		     Total
Over the
Counter		     Net Market
Value of OTC
Derivatives		     Collateral
(Received)/
Pledged		     Net
Exposure  (5)		  

BOA

   $ 6      $ 0      $ 8      $ 14         $ (6 )    $ 0      $ 0      $ (6 )    $ 8      $ 0      $ 8   

BPS

     3        0        0        3           (1 )      0        (10 )      (11 )      (8 )      0        (8 ) 

BRC

     52        0        0        52           (3 )      0        0        (3 )      49        0        49   

CBK

     14        0        0        14           (14 )      0        (1 )      (15 )      (1 )      0        (1 ) 

DUB

     5        0        3        8           (1 )      0        0        (1 )      7        0        7   

FBF

     9        0        2        11           (2 )      0        0        (2 )      9        0        9   

GLM

     0        0        0        0           (26 )      0        0        (26 )      (26 )      0        (26 ) 

JPM

     27        0        0        27           (18 )      0        0        (18 )      9        0        9   

RBC

     6        0        0        6           (9 )      0        0        (9 )      (3 )      0        (3 ) 

RYL

     0        0        2        2           0        0        0        0        2        0        2   

SCX

     4        0        0        4           (1 )      0        0        (1 )      3        0        3   

UAG

     26        0        0        26           (13 )      0        0        (13 )      13        0        13   
 

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

 

 

    

 

 

    

 

 

        

Total Over the Counter

   $ 152      $ 0      $ 15      $ 167         $ (94 )    $ 0      $ (11 )    $ (105 )       
 

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

 

 

    

 

 

    

 

 

        

 

(5)

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

 

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

 

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk(1) exposure:

 

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of December 31, 2013:

 

       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         $ 75         $ 0         $ 0         $ 75   

Futures

        0           0           2           0           0           2   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
     $     0         $     0         $     77         $ 0         $     0         $ 77   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Over the counter

                              

Forward Foreign Currency Contracts

      $ 0         $ 0         $ 0         $     152         $ 0         $     152   

Swap Agreements

        0           9           6           0           0           15   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
     $ 0         $ 9         $ 6         $ 152         $ 0         $ 167   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
     $ 0         $ 9         $ 83         $ 152         $ 0         $ 244   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Financial Derivative Instruments - Liabilities

                              

Exchange-traded or centrally cleared

                              

Written Options

      $ 0         $ 0         $ 26         $ 0         $ 0         $ 26   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Over the counter

                              

Forward Foreign Currency Contracts

      $ 0         $ 0         $ 0         $ 94         $ 0         $ 94   

Swap Agreements

        0           1           10           0           0           11   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
     $ 0         $ 1         $ 10         $ 94         $ 0         $ 105   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  
     $ 0         $ 1         $ 36         $ 94         $ 0         $ 131   
    

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

78   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

 

The Effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the Period Ended December 31, 2013:

 

    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       $ (513 )    $ 0      $ 0      $ (513 ) 

Written Options

     0         0         264        0        0        264   

Futures

     0         0         (2 )      0        0        (2 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ (251 )    $ 0      $ 0      $ (251 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ (166 )    $ 0      $ (166 ) 

Swap Agreements

     0         9         29        0        0        38   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 9       $ 29      $ (166 )    $ 0      $ (128 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 9       $     (222 )    $     (166 )    $ 0      $     (379 ) 
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

  

Exchange-traded or centrally cleared

              

Purchased Options

   $ 0       $ 0       $ 130      $ 0      $ 0      $ 130   

Written Options

     0         0         (118 )      0        0        (118 ) 

Futures

     0         0         4        0        0        4   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 16      $ 0      $ 0      $ 16   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 157      $ 0      $ 157   

Swap Agreements

     0         9         (4 )      0        0        5   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 9       $ (4 )    $ 157      $ 0      $ 162   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     0       $     9       $ 12      $ 157      $     0      $ 178   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

FAIR VALUE MEASUREMENTS

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2013 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Investments in Affiliates, at Value

        

Mutual Funds

        

United States

   $ 52,606      $ 0      $ 0      $ 52,606   

Short-Term Instruments

        

Central Funds Used for Cash Management Purposes

     102        0        0        102   

Total Investments

   $     52,708      $     0      $     0      $     52,708   

Financial Derivative Instruments - Assets

        

Exchange-traded or centrally cleared

     2        75        0        77   

Over the counter

     0            167        0        167   
  $ 2      $ 242      $ 0      $ 244   
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Financial Derivative Instruments - Liabilities

  

      

Exchange-traded or centrally cleared

   $ 0      $ (26 )    $ 0      $ (26 ) 

Over the counter

     0        (105 )      0        (105 ) 
  $ 0      $     (131 )    $ 0      $ (131 ) 

Totals

   $     52,710      $ 111      $     0      $     52,821   
 

 

There were no transfers between Level 1 and 2 during the period ended December 31, 2013.

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   79

Table of Contents

Consolidated Schedule of Investments PIMCO EqS Pathfinder Fund®

 

        SHARES         MARKET
VALUE
(000S)		  
INVESTMENTS IN SECURITIES 95.6%   
COMMON STOCKS 93.4%   
BELGIUM 1.4%   
INDUSTRIALS 1.4%   

bpost S.A.

       1,991,264      $     39,003   
       

 

 

  

Total Belgium

             39,003   
       

 

 

  
BERMUDA 3.4%   
ENERGY 3.4%   

North Atlantic Drilling Ltd.

       3,240,558          30,721   

Seadrill Ltd.

       1,602,717          65,686   
       

 

 

  

Total Bermuda

           96,407   
       

 

 

  
BRAZIL 0.7%   
FINANCIALS 0.7%   

Itau Unibanco Holding S.A. SP - ADR

       1,466,517          19,901   
       

 

 

  

Total Brazil

           19,901   
       

 

 

  
CANADA 0.8%   
ENERGY 0.6%   

Cameco Corp.

       853,980          17,737   
       

 

 

  
MATERIALS 0.2%   

Silver Wheaton Corp.

       342,559          6,916   
       

 

 

  

Total Canada

           24,653   
       

 

 

  
DENMARK 2.1%   
CONSUMER STAPLES 2.1%   

Carlsberg A/S ‘B’

       553,543          61,252   
       

 

 

  

Total Denmark

           61,252   
       

 

 

  
FAROE ISLANDS 0.6%   
CONSUMER STAPLES 0.4%   

Bakkafrost P/F

       732,908          11,513   
       

 

 

  
FINANCIALS 0.2%   

BankNordik P/F

       236,546          5,560   
       

 

 

  

Total Faeroe Islands

           17,073   
       

 

 

  
FRANCE 9.7%   
CONSUMER DISCRETIONARY 2.4%   

Eutelsat Communications S.A.

       1,353,490          42,232   

JCDecaux S.A.

       630,636          26,035   
       

 

 

  
          68,267   
       

 

 

  
CONSUMER STAPLES 5.3%   

Carrefour S.A.

       1,765,838          70,092   

Danone

       1,115,822          80,497   
       

 

 

  
          150,589   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
ENERGY 0.9%   

Bourbon S.A.

       426,363      $     11,737   

Total S.A.

       249,909          15,339   
       

 

 

  
          27,076   
       

 

 

  
UTILITIES 1.1%   

Suez Environnement Co.

       1,771,625          31,771   
       

 

 

  

Total France

             277,703   
       

 

 

  
GERMANY 2.4%   
HEALTH CARE 2.1%   

Rhoen Klinikum AG

       2,033,102          59,449   
       

 

 

  
INDUSTRIALS 0.1%   

Kloeckner & Co. SE

       326,294          4,477   
       

 

 

  
UTILITIES 0.2%   

E.ON SE

       280,492          5,186   
       

 

 

  

Total Germany

           69,112   
       

 

 

  
HONG KONG 4.2%   
CONSUMER DISCRETIONARY 0.5%   

Television Broadcasts Ltd.

       2,276,400          15,204   
       

 

 

  
FINANCIALS 3.4%   

AIA Group Ltd.

       15,866,100          79,862   

First Pacific Co. Ltd.

       15,112,500          17,231   
       

 

 

  
          97,093   
       

 

 

  
INDUSTRIALS 0.3%   

Jardine Matheson
Holdings Ltd.

       79,300          4,154   

Jardine Strategic
Holdings Ltd.

       96,500          3,092   
       

 

 

  
          7,246   
       

 

 

  

Total Hong Kong

           119,543   
       

 

 

  
JAPAN 4.7%   
CONSUMER DISCRETIONARY 0.7%   

Nissan Motor Co. Ltd.

       1,179,000          9,880   

Toyota Motor Corp.

       180,200          10,988   
       

 

 

  
          20,868   
       

 

 

  
CONSUMER STAPLES 0.4%   

Kao Corp.

       389,700          12,268   
       

 

 

  
INDUSTRIALS 2.3%   

FANUC Corp.

       291,500          53,415   

Komatsu Ltd.

       529,600          10,873   
       

 

 

  
          64,288   
       

 

 

  
INFORMATION TECHNOLOGY 1.3%   

Nintendo Co. Ltd.

       270,442          36,200   
       

 

 

  

Total Japan

           133,624   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
NETHERLANDS 5.4%   
CONSUMER STAPLES 1.6%   

Corbion NV

       2,137,906      $     45,343   
       

 

 

  
ENERGY 0.8%   

Royal Dutch Shell PLC ‘A’

       635,326          22,769   
       

 

 

  
FINANCIALS 2.3%   

ING Groep NV -
Dutch Certificate (a)

       4,615,818          64,476   
       

 

 

  
INFORMATION TECHNOLOGY 0.7%   

Gemalto NV

       191,108          21,035   
       

 

 

  

Total Netherlands

             153,623   
       

 

 

  
NORWAY 3.5%   
CONSUMER STAPLES 2.8%   

Marine Harvest ASA

       64,550,970          78,741   
       

 

 

  
ENERGY 0.7%   

BW LPG Ltd. (a)

       2,199,525          20,942   
       

 

 

  

Total Norway

           99,683   
       

 

 

  
SINGAPORE 1.0%   
FINANCIALS 0.1%   

Great Eastern Holdings Ltd.

       85,220          1,205   
       

 

 

  
INDUSTRIALS 0.9%   

ComfortDelGro Corp. Ltd.

       3,450,000          5,516   

Keppel Corp. Ltd.

       2,375,300          21,099   
       

 

 

  
          26,615   
       

 

 

  

Total Singapore

           27,820   
       

 

 

  
SOUTH AFRICA 0.2%   
MATERIALS 0.2%   

AngloGold Ashanti Ltd.
SP - ADR

     606,930          7,113   
       

 

 

  

Total South Africa

           7,113   
       

 

 

  
SOUTH KOREA 0.2%   
CONSUMER DISCRETIONARY 0.2%   

GS Home Shopping, Inc.

       19,542          5,687   
       

 

 

  

Total South Korea

           5,687   
       

 

 

  
SWEDEN 1.3%   
INDUSTRIALS 1.3%   

Loomis AB ‘B’

       1,555,412          36,883   
       

 

 

  

Total Sweden

           36,883   
       

 

 

  
SWITZERLAND 6.0%   
CONSUMER STAPLES 1.5%   

Nestle S.A.

       592,511          43,425   
       

 

 

  
FINANCIALS 0.8%   

Swiss Re AG

       249,878          23,036   
       

 

 

  
 

 

80   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

        SHARES         MARKET
VALUE
(000S)		  
HEALTH CARE 1.4%   

Roche Holding AG

       142,258      $     39,850   
       

 

 

  
INFORMATION TECHNOLOGY 1.5%   

Logitech International S.A.

       3,064,335          42,081   
       

 

 

  
MATERIALS 0.8%   

Sika AG

       6,240          22,236   
       

 

 

  

Total Switzerland

           170,628   
       

 

 

  
UNITED KINGDOM 12.2%   
CONSUMER STAPLES 8.4%   

British American Tobacco PLC

       1,610,612          86,448   

Imperial Tobacco Group PLC

       2,312,762          89,662   

Reckitt Benckiser Group PLC

       788,914          62,668   
       

 

 

  
          238,778   
       

 

 

  
ENERGY 2.7%   

BP PLC

       6,630,637          53,735   

Ensco PLC ‘A’

       402,299          23,004   
       

 

 

  
          76,739   
       

 

 

  
FINANCIALS 1.1%   

Barclays PLC

       3,408,311          15,412   

Prudential PLC

       721,364          16,118   
       

 

 

  
          31,530   
       

 

 

  

Total United Kingdom

  

         347,047   
       

 

 

  
UNITED STATES 33.6%   
CONSUMER STAPLES 6.3%   

Altria Group, Inc.

       1,111,768          42,681   

Lorillard, Inc.

       1,269,354          64,331   

Philip Morris
International, Inc.

       315,485          27,488   

Reynolds American, Inc.

       549,972          27,493   

Wal-Mart Stores, Inc.

       220,552          17,355   
       

 

 

  
          179,348   
       

 

 

  
ENERGY 2.6%   

Halliburton Co.

       424,991          21,568   

National Oilwell Varco, Inc.

       377,284          30,005   

Phillips 66

       213,739          16,486   

Rentech, Inc. (a)

       2,910,142          5,093   
       

 

 

  
          73,152   
       

 

 

  
FINANCIALS 8.9%   

Alleghany Corp. (a)

       70,250          28,097   

Berkshire Hathaway, Inc. ‘B’ (a)

       607,993          72,084   
        SHARES         MARKET
VALUE
(000S)		  

Genworth Financial, Inc. ‘A’ (a)(d)

       3,030,714      $     47,067   

PHH Corp. (a)

       581,722          14,165   

SLM Corp.

       1,507,850          39,626   

ViewPoint Financial
Group, Inc.

       1,133,161          31,105   

White Mountains Insurance Group Ltd.

       33,870          20,427   
       

 

 

  
          252,571   
       

 

 

  
       
HEALTH CARE 2.2%   

Life Technologies Corp. (a)

       169,245          12,829   

Merck & Co., Inc.

       365,621          18,299   

Perrigo Co. PLC

       61,618          9,456   

Pfizer, Inc.

       772,120          23,650   
       

 

 

  
          64,234   
       

 

 

  
INDUSTRIALS 5.1%   

3M Co.

       447,065          62,701   

Brink’s Co.

       351,569          12,003   

Deere & Co.

       441,862          40,355   

General Dynamics Corp.

       314,650          30,065   
       

 

 

  
          145,124   
       

 

 

  
INFORMATION TECHNOLOGY 8.5%   

Apple, Inc.

       29,616          16,618   

Intel Corp. (d)

       3,149,013          81,748   

International Business Machines Corp.

       238,596          44,753   

Microsoft Corp.

       2,246,889          84,101   

Oracle Corp.

       409,663          15,674   
       

 

 

  
          242,894   
       

 

 

  

Total United States

           957,323   
       

 

 

  

Total Common Stocks (Cost $2,242,546)

       2,664,078   
       

 

 

  
PREFERRED STOCKS 0.2%   
BRAZIL 0.2%   
FINANCIALS 0.2%   

Itau Unibanco Holding S.A.

       346,280          4,615   
       

 

 

  

Total Preferred Stocks (Cost $4,350)

     4,615   
       

 

 

  
REAL ESTATE INVESTMENT TRUSTS 1.4%   
SINGAPORE 0.0%   
FINANCIALS 0.0%   

Keppel REIT

       478,884          450   
       

 

 

  

Total Singapore

           450   
       

 

 

  
        SHARES         MARKET
VALUE
(000S)		  
UNITED STATES 1.4%   
FINANCIALS 1.4%   

American Capital
Agency Corp.

       1,176,896      $     22,702   

NorthStar Realty
Finance Corp.

       1,262,235          16,977   
       

 

 

  

Total United States

           39,679   
       

 

 

  

Total Real Estate Investment Trusts
(Cost $43,272)

   

       40,129   
       

 

 

  
RIGHTS 0.0%   
FRANCE 0.0%   
HEALTH CARE 0.0%   

Sanofi - Exp. 12/31/2020

       2,604,991          886   
       

 

 

  

Total Rights (Cost $5,401)

     886   
       

 

 

  
        PRINCIPAL
AMOUNT
(000S)		            
SHORT-TERM INSTRUMENTS 0.6%   
REPURCHASE AGREEMENTS (c) 0.0%   
          1,191   
       

 

 

  
U.S. TREASURY BILLS 0.6%   

0.118% due 01/23/2014 - 12/11/2014 (b)(f)

   $     16,757          16,742   
       

 

 

  
Total Short-Term Instruments
(Cost $17,931)		     17,933   
       

 

 

  
       
Total Investments in Securities
(Cost $2,313,500)		     2,727,641   
       

 

 

  
        SHARES            
INVESTMENTS IN AFFILIATES 5.4%   
SHORT-TERM INSTRUMENTS 5.4%   
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4%    

PIMCO Short-Term Floating NAV Portfolio

       15,213,095          152,207   
       

 

 

  
Total Short-Term Instruments
(Cost $152,227)		     152,207   
       

 

 

  
       
Total Investments in Affiliates
(Cost $152,227)		     152,207   
       
Total Investments 101.0%
(Cost $2,465,727)		       $       2,879,848   

Financial Derivative
Instruments (e)(f) (0.3%)

(Cost or Premiums, net $0)

     (9,773 ) 

Other Assets and Liabilities, net (0.7%)

     (18,305 ) 
       

 

 

  

Net Assets 100.0%

       $     2,851,770   
       

 

 

  
 

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

 

* A zero balance may reflect actual amounts rounding to less than one thousand.
(a) Security did not produce income within the last twelve months.
(b) Coupon represents a weighted average yield to maturity.

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   81

Table of Contents

Consolidated Schedule of Investments PIMCO EqS Pathfinder Fund® (Cont.)

 

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

 

(c)  REPURCHASE AGREEMENTS:

 

(d) Securities with an aggregate market value of $103 have been pledged as collateral as of December 31, 2013 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

 

Counterparty   Lending
Rate		   Settlement
Date		     Maturity
Date		     Principal
Amount		     Collateralized By   Collateral
Received,
at Value		     Repurchase
Agreements,
at Value		     Repurchase
Agreement
Proceeds
to be
Received (1)		  

SSB

   0.000%     12/31/2013        01/02/2014      $     1,191      Fannie Mae 2.200% due 10/17/2022   $ (1,219 )    $ 1,191      $ 1,191   
           

 

 

    

 

 

    

 

 

  

Total Repurchase Agreements

  

         $     (1,219 )    $     1,191      $     1,191   
           

 

 

    

 

 

    

 

 

  

 

(1) 

Includes accrued interest.

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of December 31, 2013:

 

Counterparty    Repurchase
Agreement
Proceeds
to be
Received		     Payable for
Reverse
Repurchase
Agreements		     Payable for
Sale-Buyback
Transactions		     Payable for
Short Sales		     Total
Borrowings and
Other Financing
Transactions		      Collateral
(Received)/Pledged		     Net Exposure  (2)  

Global/Master Repurchase Agreement

                

SSB

    $ 1,191      $ 0      $ 0      $ 0      $     1,191       $     (1,219 )    $     (28 ) 

Prime Brokerage Agreement

                

FOB

      0        0        0        0        0         101        101   

GSC

      0        0        0        0        0         2        2   
  

 

 

    

 

 

    

 

 

    

 

 

         

Total Borrowings and Other Financing Transactions

    $     1,191      $     0      $     0      $     0          
  

 

 

    

 

 

    

 

 

    

 

 

         

 

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. The Fund and Subsidiary are recognized as two separate legal entities. As such, exposure cannot be netted. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

 

(e)  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

      01/2014         AUD        99,987       $          88,616      $ 0      $ (645 ) 
     01/2014         CAD        41,898           39,357        0        (86 ) 
     01/2014         CHF        5,317           5,965        5        0   
     01/2014         JPY        12,554,222           121,632            2,419        0   
     01/2014         NOK        966,103           159,063        0        (220 ) 
     01/2014       $          71,364         HKD        553,296        0        (9 ) 
     02/2014           88,445         AUD        99,987        647        0   
     02/2014           39,326         CAD        41,898        86        0   
     02/2014           121,649         JPY            12,554,222        0            (2,422 ) 
     02/2014           571         NOK        3,520        9        0   
     04/2014         HKD        553,295       $          71,374        13        0   
                

BPS

      01/2014         NOK        169,215           27,683        0        (214 ) 
     01/2014       $          164,227         EUR        119,438        84        0   
     01/2014           10,719         GBP        6,556        137        0   
     01/2014           1,011         HKD        7,840        0        0   
     02/2014         EUR        119,438       $          164,224        0        (85 ) 
     02/2014         GBP        219           357        0        (6 ) 
                

BRC

      01/2014         HKD        42,606           5,496        1        0   
     01/2014       $          3,934         EUR        2,903        60        0   
     01/2014           121,826         JPY        12,203,522        0        (5,944 ) 
     01/2014           60,336         NOK        368,369        398        0   
     02/2014         AUD        6,507       $          5,788        0        (9 ) 
     02/2014         NOK        368,369           60,266        0        (396 ) 
     02/2014         SGD        2,319           1,852        15        0   
     04/2014         HKD        23,668           3,052        0        0   
                

 

82   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

Counterparty    Settlement
Month		      Currency to
be Delivered		      Currency to
be Received		     Unrealized Appreciation/
(Depreciation)		  
           Asset     Liability  

CBK

      01/2014         CAD        41,898       $          39,345      $ 0      $ (98 ) 
     01/2014         DKK        290,599           52,993        0        (596 ) 
     01/2014         GBP        3,826           6,270        0        (66 ) 
     01/2014         HKD        343,918           44,356        4        0   
     01/2014       $          91,250         AUD        99,987        0        (1,989 ) 
     01/2014           118,907         CAD        125,694        0        (579 ) 
     01/2014           17,120         DKK        92,866        6        0   
     01/2014           1,134         EUR        836        15        0   
     01/2014           2,878         HKD        22,310        0        (1 ) 
     01/2014           909         SEK        5,930        13        0   
     02/2014         DKK        92,866       $          17,123        0        (6 ) 
     02/2014         SGD        338           268        0        0   
     02/2014       $          39,313         CAD        41,898        99        0   
     04/2014         HKD        5,556       $          717        0        0   
                

DUB

      01/2014         SEK        33,098           5,045        0        (101 ) 
     01/2014       $          85,853         GBP        52,411        938        0   
     01/2014         ZAR        69,593       $          7,115        492        0   
     02/2014         GBP        52,411           85,834        0        (938 ) 
     02/2014         JPY        714,200           6,867        84        0   
     02/2014         SEK        5,955           928        3        0   
     02/2014       $          2,900         GBP        1,771        32        0   
     02/2014           377         NOK        2,310        4        0   
     03/2014         ILS        3,101       $          879        0        (13 ) 
                

FBF

      01/2014         BRL        62,937           26,866        190        0   
     01/2014         EUR        139,570           188,764        0            (3,242 ) 
     01/2014         GBP        55,141           89,298        0        (2,013 ) 
     01/2014         HKD        124,204           16,021        3        0   
     01/2014       $          26,816         BRL        62,937        0        (139 ) 
     01/2014           57,444         CHF        51,422            200        0   
     02/2014         BRL        62,937       $          26,606        144        0   
     02/2014         CHF        51,422           57,460        0        (198 ) 
     02/2014         EUR        866           1,192        0        0   
     02/2014         SGD        461           367        2        0   
                

GLM

      01/2014         HKD        39,410           5,083        1        0   
     01/2014       $          5,277         HKD        40,911        0        (1 ) 
     01/2014           60,025         NOK        368,369        709        0   
     02/2014         NOK        368,368       $          59,955        0        (706 ) 
     04/2014         HKD        632           82        0        0   
                

HUS

      01/2014           23,542           3,037        1        0   
     01/2014         NOK        26,105           4,267        0        (37 ) 
     01/2014       $          11,190         EUR        8,188        74        0   
     01/2014           598         HKD        4,634        0        0   
     01/2014           3,440         JPY        350,700        0        (110 ) 
     02/2014           468         NOK        2,855        2        0   
     04/2014         HKD        4,634       $          598        0        0   
                

JPM

      01/2014           25,085           3,236        1        0   
     01/2014         PLN        2,574           827        0        (23 ) 
     01/2014       $          17,120         DKK        92,866        5        0   
     02/2014         DKK        92,866       $          17,124        0        (6 ) 
     02/2014         NOK        3,520           570        0        (10 ) 
     02/2014       $          1,904         NOK        11,775        35        0   
                

MSC

      01/2014         BRL        62,937       $          26,686        10        0   
     01/2014         HKD        30,227           3,899        1        0   
     01/2014       $          26,866         BRL        62,937        0        (190 ) 
     02/2014         SGD        3,026       $          2,417        19        0   
                

RBC

      01/2014         CAD        41,898           39,357        0        (85 ) 
     01/2014       $          2,187         DKK        12,000        26        0   
     02/2014           39,326         CAD        41,898        86        0   
     02/2014           1,964         EUR        1,427        0        (1 ) 
     03/2014           6,237         ILS        21,823        41        0   
                

RYL

      01/2014         CHF        49,869       $          54,871        0        (1,033 ) 
     01/2014       $          4,174         CHF        3,764        46        0   
     01/2014           11,161         EUR        8,205        127        0   
     01/2014           5,126         NOK        31,730        105        0   
                

UAG

      01/2014         KRW        4,966,240       $          4,503        0        (207 ) 
     01/2014         NOK        82,548           13,434        0        (176 ) 
     01/2014       $          17,120         DKK        92,867        6        0   
     01/2014           4,712         KRW        4,966,241        0        (2 ) 
     01/2014           60,460         NOK        372,128        894        0   

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   83

Table of Contents

Consolidated Schedule of Investments PIMCO EqS Pathfinder Fund® (Cont.)

 

Counterparty    Settlement
Month		      Currency to
be Delivered		      Currency to
be Received		     Unrealized Appreciation/
(Depreciation)		  
           Asset     Liability  
     01/2014       $          3,251         SEK        21,213      $ 47      $ 0   
     02/2014         DKK        92,867       $          17,123        0        (7 ) 
     02/2014         NOK        368,367           59,775        0        (886 ) 
     02/2014         SGD        7,797           6,258        79        0   
     04/2014         KRW        4,966,241           4,689        0        (7 ) 
              

 

 

    

 

 

  

Total Forward Foreign Currency Contracts

  

   $     8,418      $     (23,502 ) 
              

 

 

    

 

 

  

 

AS OF DECEMBER 31, 2013, THERE WERE NO OPEN WRITTEN OPTIONS. TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2013:

 

     # of
Contracts		        Premiums  

Balance at 06/30/2013

     13,266         $ (258 ) 

Sales

     1,995           (88 ) 

Closing Buys

     (2,888 )         91   

Expirations

     (12,373 )             255   

Exercised

     0           0   
 

 

 

       

 

 

  

Balance at 12/31/2013

     0         $ 0   
 

 

 

       

 

 

  

 

SWAP AGREEMENTS:

 

TOTAL RETURN SWAPS ON SECURITIES

 

Counterparty   Pay/Receive(1)   Underlying Reference   # of
Shares		     Financing Rate   Maturity
Date		     Notional
Amount		          Unrealized
Appreciation/
(Depreciation)		     Swap Agreements, at Value  
                  Asset      Liability  
BOA  

Receive

   Hiscox Ltd.     4,889,761     

1-Month USD-LIBOR plus a specified spread

     09/05/2014        GBP        32,835        $ 1,967      $ 1,967       $ 0   
 

Receive

   Lancashire Holdings Ltd.     4,571,257     

1-Month USD-LIBOR plus a specified spread

     09/05/2014          35,336          2,920        2,920         0   
 

Pay

   Rentech Nitrogen Partners LP     40,539     

1-Month USD-LIBOR plus a specified spread

     08/15/2014        $        705          (9 )      0         (9 ) 
                      
DUB  

Receive

   GrainCorp Ltd.     102,109     

1-Month AUD-BBR-BBSW plus a specified spread

     08/29/2014        AUD        832          399        399         0   
 

Receive

   Cermaq ASA     1,560,943     

3-Month NOK-NIBOR plus a specified spread

     09/22/2014        NOK            171,704          (536 )      0         (536 ) 
                      
JPM  

Receive

   Veolia Environnement S.A.     939,465     

1-Month USD-EURIBOR plus a specified spread

     05/07/2014        EUR        10,738          570        570         0   
                 

 

 

    

 

 

     

 

 

  
                  $ 5,311      $ 5,856       $ (545 ) 
                 

 

 

    

 

 

     

 

 

  

Total Swap Agreements

 

             $     5,311      $     5,856       $     (545 ) 
                 

 

 

    

 

 

     

 

 

  

 

(1)

Receive represents that the Fund receives monthly payments for any positive monthly return on the underlying reference. The Fund makes payments for any negative monthly return on such underlying reference. Pay represents that the Fund receives monthly payments for any negative monthly return on the underlying reference. The Fund makes payments for any positive monthly return on such underlying reference.

 

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2013:

 

(f) Securities with an aggregate market value of $16,342 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2013.

 

    Financial Derivative Assets          Financial Derivative Liabilities                     
Counterparty  

Forward

Foreign
Currency
Contracts

      Purchased
Options		      Swap
Agreements		      Total
Over the
Counter		          

Forward

Foreign
Currency
Contracts

     Written
Options		      Swap
Agreements		     Total
Over the
Counter		      Net Market
Value of OTC
Derivatives		    

Collateral
(Received)/

Pledged

     Net
Exposure  (2)		  

BOA

   $ 3,179       $ 0       $ 4,887       $ 8,066         $ (3,382 )    $ 0       $ (9 )    $ (3,391 )     $ 4,675      $ (4,560 )    $ 115   

BPS

     221         0         0         221           (305 )      0         0        (305 )       (84 )      0        (84 ) 

BRC

     474         0         0         474           (6,349 )      0         0        (6,349 )       (5,875 )      5,468        (407 ) 

CBK

     137         0         0         137           (3,335 )      0         0        (3,335 )       (3,198 )      4,045        847   

DUB

     1,553         0         399         1,952           (1,052 )      0         (536 )      (1,588 )       364        (640 )      (276 ) 

FBF

     539         0         0         539           (5,592 )      0         0        (5,592 )       (5,053 )      5,681        628   

GLM

     710         0         0         710           (707 )      0         0        (707 )       3        0        3   

HUS

     77         0         0         77           (147 )      0         0        (147 )       (70 )      0        (70 ) 

JPM

     41         0         570         611           (39 )      0         0        (39 )       572        (400 )      172   

MSC

     30         0         0         30           (190 )      0         0        (190 )       (160 )      (1,515 )      (1,675 ) 

 

84   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

 

December 31, 2013 (Unaudited)

 

    Financial Derivative Assets          Financial Derivative Liabilities                     
Counterparty  

Forward

Foreign
Currency
Contracts

      Purchased
Options		      Swap
Agreements		      Total
Over the
Counter		          

Forward

Foreign
Currency
Contracts

     Written
Options		      Swap
Agreements		     Total
Over the
Counter		     Net Market
Value of OTC
Derivatives		    

Collateral
(Received)/

Pledged

      Net
Exposure  (2)		  

RBC

   $ 153       $ 0       $ 0       $ 153         $ (86 )    $ 0       $ 0      $ (86 )    $ 67      $ 0       $ 67   

RYL

     278         0         0         278           (1,033 )      0         0        (1,033 )      (755 )      1,011         256   

UAG

     1,026         0         0         1,026           (1,285 )      0         0        (1,285 )      (259 )      137         (122 ) 
 

 

 

     

 

 

     

 

 

     

 

 

       

 

 

    

 

 

     

 

 

    

 

 

         

Total Over the Counter

   $ 8,418       $ 0       $ 5,856       $ 14,274         $ (23,502 )    $ 0       $ (545 )    $ (24,047 )        
 

 

 

     

 

 

     

 

 

     

 

 

       

 

 

    

 

 

     

 

 

    

 

 

         

 

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default . Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. The Fund and Subsidiary are recognized as two separate legal entities. As such, exposure cannot be netted. See note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting agreements.

 

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

 

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk (1) exposure:

 

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of December 31, 2013:

 

    Derivatives not accounted for as hedging instruments  
     Commodity
Contracts		      Credit
Contracts		      Equity
Contracts		     Foreign
Exchange
Contracts		     Interest
Rate Contracts		     Total  

Financial Derivative Instruments - Assets

              

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $ 8,418      $ 0      $ 8,418   

Swap Agreements

     0         0         5,856        0        0        5,856   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 5,856      $ 8,418      $ 0      $ 14,274   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $     0       $     0       $     5,856      $ 8,418      $ 0      $ 14,274   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Financial Derivative Instruments - Liabilities

              

Over the counter

              

Forward Foreign Currency Contracts

   $ 0       $ 0       $ 0      $     23,502      $     0      $     23,502   

Swap Agreements

     0         0         545        0        0        545   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 545      $ 23,502      $ 0      $ 24,047   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
  $ 0       $ 0       $ 545      $ 23,502      $ 0      $ 24,047   
 

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

The Effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the Period Ended December 31, 2013:

 

    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         $ (256 )     $ 0       $ 0         $ (256 ) 

Written Options

     0           0           346         0         0           346   
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  
  $ 0         $ 0         $ 90       $ 0       $ 0         $ 90   
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  

Over the counter

                       

Forward Foreign Currency Contracts

   $ 0         $ 0         $ 0       $ (12,090 )     $ 0         $ (12,090 ) 

Swap Agreements

     0           0           7,797         0         0           7,797   
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  
  $ 0         $ 0         $ 7,797       $ (12,090 )     $ 0         $ (4,293 ) 
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  
  $ 0         $ 0         $ 7,887       $ (12,090 )     $ 0         $ (4,203 ) 
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments

  

Exchange-traded or centrally cleared

                       

Purchased Options

   $ 0         $ 0         $ (730 )     $ 0       $ 0         $ (730 ) 

Written Options

     0           0           (205 )       0         0           (205 ) 
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  
  $ 0         $ 0         $ (935 )     $ 0       $ 0         $ (935 ) 
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  

Over the counter

                       

Forward Foreign Currency Contracts

   $ 0         $ 0         $ 0       $ (17,216 )     $ 0         $ (17,216 ) 

Swap Agreements

     0           0           6,929         0         0           6,929   
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  
  $ 0         $ 0         $ 6,929       $ (17,216 )     $ 0         $ (10,287 ) 
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  
  $     0         $     0         $     5,994       $     (17,216 )     $     0         $     (11,222 ) 
 

 

 

       

 

 

       

 

 

     

 

 

     

 

 

       

 

 

  

 

(1) 

See Note 7, Principal Risks, in the Notes to Financial Statements on risks of the Fund.

 

See Accompanying Notes   SEMIANNUAL REPORT   DECEMBER 31, 2013   85

Table of Contents

Consolidated Schedule of Investments PIMCO EqS Pathfinder Fund® (Cont.)

 

December 31, 2013 (Unaudited)

 

 

FAIR VALUE MEASUREMENTS

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2013 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Investments in Securities, at Value

        

Common Stocks

        

Belgium

        

Industrials

   $ 0      $ 39,003      $ 0      $ 39,003   

Bermuda

        

Energy

         30,721        65,686        0        96,407   

Brazil

        

Financials

     19,901        0        0        19,901   

Canada

        

Energy

     17,737        0        0        17,737   

Materials

     6,916        0        0        6,916   

Denmark

        

Consumer Staples

     0        61,252        0        61,252   

Faroe Islands

        

Consumer Staples

     0        11,513        0        11,513   

Financials

     0        5,560        0        5,560   

France

        

Consumer Discretionary

     0        68,267        0        68,267   

Consumer Staples

     0            150,589            0            150,589   

Energy

     0        27,076        0        27,076   

Utilities

     0        31,771        0        31,771   

Germany

        

Health Care

     59,449        0        0        59,449   

Industrials

     0        4,477        0        4,477   

Utilities

     0        5,186        0        5,186   

Hong Kong

        

Consumer Discretionary

     0        15,204        0        15,204   

Financials

     0        97,093        0        97,093   

Industrials

     0        7,246        0        7,246   

Japan

        

Consumer Discretionary

     0        20,868        0        20,868   

Consumer Staples

     0        12,268        0        12,268   

Industrials

     0        64,288        0        64,288   

Information Technology

     0        36,200        0        36,200   

Netherlands

        

Consumer Staples

     0        45,343        0        45,343   

Energy

     0        22,769        0        22,769   

Financials

     0        64,476        0        64,476   

Information Technology

     21,035        0        0        21,035   

Norway

        

Consumer Staples

     0        78,741        0        78,741   

Energy

     20,942        0        0        20,942   

Singapore

        

Financials

     0        1,205        0        1,205   

Industrials

     0        26,615        0        26,615   

South Africa

        

Materials

     7,113        0        0        7,113   

South Korea

        

Consumer Discretionary

     5,687        0        0        5,687   

Sweden

        

Industrials

     0        36,883        0        36,883   
Category and Subcategory   Level 1     Level 2     Level 3     Fair
Value at
12/31/2013		  

Switzerland

        

Consumer Staples

   $ 0      $ 43,425      $ 0      $ 43,425   

Financials

     0        23,036        0        23,036   

Health Care

     0        39,850        0        39,850   

Information Technology

     42,081        0        0        42,081   

Materials

     0        22,236        0        22,236   

United Kingdom

        

Consumer Staples

     0        238,778        0        238,778   

Energy

     23,004        53,735        0        76,739   

Financials

     0        31,530        0        31,530   

United States

        

Consumer Staples

     179,348        0        0        179,348   

Energy

     73,152        0        0        73,152   

Financials

     252,571        0        0        252,571   

Health Care

     64,234        0        0        64,234   

Industrials

     145,124        0        0        145,124   

Information Technology

     242,894        0        0        242,894   

Preferred Stocks

        

Brazil

        

Financials

     0        4,615        0        4,615   

Real Estate Investment Trusts

        

Singapore

        

Financials

     0        450        0        450   

United States

        

Financials

     39,679        0        0        39,679   

Rights

        

France

        

Health Care

     886        0        0        886   

Short-Term Instruments

        

Repurchase Agreements

     0        1,191        0        1,191   

U.S. Treasury Bills

     0        16,742        0        16,742   
  $ 1,252,474      $ 1,475,167      $ 0      $ 2,727,641   

Investments in Affiliates, at Value

  

Short-Term Instruments

        

Central Funds Used for Cash Management Purposes

   $ 152,207      $ 0      $ 0      $ 152,207   

Total Investments

   $ 1,404,681      $ 1,475,167      $ 0      $ 2,879,848   

Financial Derivative Instruments - Assets

  

      

Over the counter

   $ 0      $ 14,274      $ 0      $ 14,274   

Financial Derivative Instruments - Liabilities

  

      

Over the counter

   $ 0      $ (24,047 )    $ 0      $ (24,047 ) 

Totals

   $     1,404,681      $     1,465,394      $     0      $     2,870,075   
 

 

There were assets and liabilities valued at $60,691 transferred from Level 1 to Level 2 during the period ended December 31, 2013.

 

86   PIMCO EQUITY SERIES        See Accompanying Notes   

Table of Contents

Notes to Financial Statements

 

December 31, 2013 (Unaudited)

 

1. ORGANIZATION

 

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on December 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Class P, Administrative Class, Class D, Class A, Class C and Class R shares of the six funds (each a “Fund” and collectively the “Funds”) offered by the Trust.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

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

 

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain/loss on investments on the Statements of Operations. Income or short-term capital gain distributions received from underlying funds are recorded as dividend income. Long-term capital gain distributions received from underlying funds 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 reasonably assured.

 

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

 

(c) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of relative net assets. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees.

 

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, of each Fund, except the PIMCO Dividend and Income Builder Fund and PIMCO EqS® Dividend Fund, are declared and distributed to shareholders annually. Dividends from net investment income, if any, of the PIMCO Dividend and Income Builder Fund and PIMCO EqS® Dividend Fund are declared daily and

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   87

Table of Contents

Notes to Financial Statements (Cont.)

 

distributed to shareholders quarterly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

 

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of paydowns on mortgage-backed securities, swaps, foreign currency transactions and investments in passive foreign investment companies. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

 

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

 

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

 

(f) New Accounting Pronouncements  In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to enhance disclosures about financial

instruments and derivative instruments that are subject to offsetting (“netting”) on the Statements of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. The ASU is effective prospectively during interim or annual periods beginning on or after January 1, 2013. The financial statements have been modified to provide enhanced quantitative and qualitative disclosures surrounding counterparty exposure and master netting arrangements. See the Notes to Schedule of Investments and the Principal Risks Note in the Notes to Financial Statements for additional details.

 

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

 

(a) Investment Valuation Policies  The Net Asset Value (“NAV”) of a Fund’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open (each a “Business Day”). Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

 

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

 

Where market quotes are readily available, fair market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Where market quotes are not readily available, portfolio securities and other financial derivative instruments are valued at fair value, as determined in good faith by the Board, its Valuation Committee, or Adviser pursuant to instructions from the Board or its Valuation Committee. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask

 

 

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information, or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or financial derivative instruments. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser, Pacific Investment Management Company LLC (“PIMCO”), the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or financial derivative instruments and for determining whether the value of the applicable securities or financial derivative instruments should be re-evaluated in light of such significant events.

 

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

 

For instances in which daily market quotes are not readily available, investments may be valued, pursuant to guidelines established by the Board, with reference to other securities or indices. In the event that the security or asset cannot be valued pursuant to the established guidelines, the value of the security or other financial derivative instrument will be determined in good faith by the Valuation Committee of the Board, generally based upon recommendations provided by PIMCO. These methods may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot guarantee that values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund 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 Funds may differ from the value that would be realized if the securities were sold.

 

(b) Fair Value Hierarchy  U.S. GAAP defines fair market value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities,

that segregates fair value measurements into levels (Level 1, 2, and 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

 

n   

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

 

n   

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

 

n   

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

 

Assets or liabilities categorized as Level 1 or 2 as of period end have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments. Transfers from Level 1 to Level 2 are a result of a change, in the normal course of business, from the use of an exchange traded price or a trade price on the initial purchase date (Level 1) to valuation methods used by third-party pricing services including valuation adjustments 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 close of the NYSE (Level 2). Transfers from Level 2 to Level 1 are a result of exchange traded products for which quoted prices from an active market were not available (Level 2) and have become available (Level 1). In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers in and out of Level 3, if any, are disclosed in the Notes to Schedule of Investments for each respective Fund.

 

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The end of period timing recognition is used for the transfers between Levels of the Fund’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

 

 

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U.S. GAAP, a fair value hierarchy, Level 3 reconciliation, and details of significant unobservable inputs, if any, have been included in the Notes to Schedule of Investments for each respective Fund.

 

(c) Valuation Techniques and the Fair Value Hierarchy Level 1 and Level 2 trading assets and trading liabilities, at fair market value  The valuation methods (or “techniques”) and significant inputs used in determining the fair market values of portfolio securities or financial derivative instruments categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

 

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued by pricing service providers that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

 

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Common stocks, exchange-traded funds, exchange-traded notes and financial derivative instruments, such as futures contracts or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

 

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing service providers. As a result, the NAV of a Fund’s shares may be

affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using pricing service providers that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

 

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

 

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end management investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are observable will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy.

 

Short-term investments having a maturity of 60 days or less and repurchase agreements are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

 

Equity exchange-traded options and over-the-counter financial derivative instruments, such as foreign currency contracts, options contracts, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued by independent pricing service providers. Depending on the product and the terms of the transaction, financial derivative instruments can be valued by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are

 

 

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observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

 

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, securities will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy. The valuation techniques and significant inputs used in determining the fair values of portfolio assets and liabilities categorized as Level 3 of the fair value hierarchy are as follows:

 

If third party evaluated vendor pricing is neither available nor deemed to be indicative of fair value, the Adviser may elect to obtain indicative market quotations (“broker quotes”) directly from the broker-dealer or passed through from a third party vendor. In the event that the source of fair value is from a single sourced broker quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.

 

4. SECURITIES AND OTHER INVESTMENTS

 

(a) Investments in Securities

Equity-Linked Securities  A Fund may purchase equity-linked securities, also known as participation notes, equity swaps, and zero strike calls and warrants. Equity-linked securities are primarily used by a Fund as an alternative means to more efficiently and effectively access what is generally an emerging securities market. A Fund deposits cash with its custodian (or broker, if legally permitted) in an amount near or equal to the selling price of the underlying security in exchange for an

equity-linked security. Upon sale, a Fund receives cash from the broker or custodian equal to the value of the underlying security. Aside from market risk of the underlying securities, there is a risk of default by the counterparty to the transaction. In the event of insolvency of the counterparty, a Fund might be unable to obtain its expected benefit. In addition, while a Fund will seek to enter into such transactions only with parties that are capable of entering into closing transactions with the Fund, there can be no assurance that the Fund will be able to close out such a transaction with the counterparty or obtain an offsetting position with any counterparty, at any time prior to the end of the term of the underlying agreement. This may impair a Fund’s ability to enter into other transactions at a time when doing so might be advantageous.

 

Exchange-Traded Funds  The Funds may invest in exchange-traded funds (“ETFs”), which typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations.

 

Mortgage-Related and Other Asset-Backed Securities  Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, asset-backed securities and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-related and other asset-backed securities are interests in pools of loans or other receivables. 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. Asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations,

 

 

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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.

 

Collateralized Mortgage Obligations  (“CMOs”) are debt obligations of a legal entity that are collateralized by mortgages 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. Commercial Mortgage-Backed Securities (“CMBS”) include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. CMOs and CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

 

U.S. Government Agencies or Government-Sponsored Enterprises Certain Funds may invest in securities of U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); 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, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

 

 

(b) Investments in Affiliates

The PIMCO Emerging Multi-Asset Fund may invest assets in Institutional Class shares of the Underlying PIMCO Funds. The Underlying PIMCO Funds are considered to be affiliated with the PIMCO Emerging Multi-Asset Fund. The table below shows the transactions in and earnings from investments in these affiliated Funds for the period ended December 31, 2013 (amounts in thousands):

 

PIMCO Emerging Multi-Asset Fund

 

Underlying PIMCO Funds       Market Value
06/30/2013		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain/(Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Market Value
12/31/2013		     Dividend
Income		     Net Capital
Gain
Distributions		  

PIMCO Emerging Local Bond Fund

     $ 17,104      $ 1,737      $ (4,078 )    $ (346 )    $ (391 )    $ 14,026      $ 383      $ 0   

PIMCO Emerging Markets Bond Fund

       10,024        1,125        (4,269 )      (87 )      (250 )      6,543        482        0   

PIMCO Emerging Markets Corporate Bond Fund

       2,241        2,554        (1,001 )      (66 )      24        3,752        129        0   

PIMCO EqS® Emerging Markets Fund

       32,271        2,744        (8,698 )      (523 )      2,491        28,285        0        0   

PIMCO Short-Term Floating NAV Portfolio

       1,723        5,401        (7,022 )      0        0        102        1        0   

Totals

     $   63,363      $   13,561      $   (25,068 )    $   (1,022 )    $   1,874      $   52,708      $   995      $   0   

 

Each Fund may invest in the PIMCO Short-Term Floating NAV Portfolio and 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 series of the PIMCO Funds, PIMCO ETF Trust, PIMCO Variable Insurance Trust, PIMCO Equity Series VIT, and other series of registered investment companies advised by PIMCO, in connection with their cash management activities. The main investments of the Central Funds are money market instruments and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory or Supervisory and Administrative Fees to PIMCO. The Central Funds are considered to be affiliated with the Funds. The table below shows the Fund’s transactions in and earnings from investments in the Central Funds for the period ended December 31, 2013 (amounts in thousands):

 

Investments in PIMCO Short-Term Floating NAV Portfolio

 

Fund Name       Market Value
06/30/2013		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain/(Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Market Value
12/31/2013		     Dividend
Income		     Net Capital
Gain
Distributions		  

PIMCO Dividend and Income Builder Fund

     $ 28,734      $ 217,737      $ (227,000 )    $ 1      $ (2 )    $ 19,470      $ 36      $ 0   

PIMCO EqS® Dividend Fund

       19,574        163,917        (179,200 )      (1 )      0        4,290        17        0   

PIMCO EqS® Emerging Markets Fund

       9,903        224,758        (181,400 )      0        (7 )      53,254        57        0   

PIMCO EqS® Long/Short Fund

         136,702        883,880        (869,900 )        (27 )      (7 )      150,648        180        0   

PIMCO EqS Pathfinder Fund®

       52,498          1,025,799          (926,100 )      29          (19 )        152,207          200          0   

 

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

 

The following disclosures contain information on a Fund’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 Fund. The location and fair value amounts of these instruments are described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions, please see Note 7, Principal Risks.

 

(a) Repurchase Agreements  Each Fund may engage in repurchase agreements. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset 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 Fund may pay a fee for receipt of collateral, which may result in interest expense to the Fund.

 

(b) Short Sales  Certain Funds may enter into short sales transactions. Short sales are transactions in which a Fund sells a security that it may not own. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (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 Fund engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund 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 the Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

6. FINANCIAL DERIVATIVE INSTRUMENTS

 

The following disclosures contain information on how and why the Funds use financial derivative instruments, the credit-risk-related contingent features in certain financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the realized and changes in unrealized gains and losses on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of realized and changes in unrealized gains and losses on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

 

(a) Forward Foreign Currency Contracts  Certain Funds may enter into forward foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as a part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. In connection with these contracts, cash or securities may be identified as collateral in accordance with the terms of the respective contracts.

 

(b) Futures Contracts  Certain Funds may enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund 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 Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select

 

 

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sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

 

(c) Options Contracts  Certain Funds may write call and put options on securities and financial derivative instruments they own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

 

Certain Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included on the Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed.

Options on Securities  Certain Funds may write or purchase options on securities. An option uses a specified security as the underlying instrument for the option contract. A Fund may write or purchase options to enhance returns for a Fund or to hedge an existing position or future investment.

 

Options on Exchange-Traded Funds  Certain Funds may write or purchase options on exchange-traded funds (“ETF Option”). An ETF Option uses a specified exchange-traded fund as the underlying instrument for the option contract. A Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.

 

(d) Swap Agreements  Certain Funds may invest in swap agreements. Swap agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered exchange (“centrally cleared swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

 

Swaps are marked to market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Changes in market value, if any, are reflected as a component of net changes in unrealized appreciation/(depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities. OTC swap payments received or made at the beginning of the measurement period are reflected as such 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). These upfront premiums are recorded as realized gains or losses on the Statements of Operations upon

 

 

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termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations.

 

Entering into these agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

 

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

 

Credit Default Swap Agreements  Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund 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 Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

 

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

notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

 

Credit default swap agreements on corporate 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). A Fund may use credit default swaps on corporate or sovereign issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

 

Credit default swap agreements on asset-backed securities 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. Unlike credit default swaps on corporate or sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation, as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

 

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities

 

 

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in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

 

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

The maximum potential amount of future payments (undiscounted) that a Fund 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 for which a Fund 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 Fund for the same referenced entity or entities.

Total Return Swap Agreements  Certain Funds may enter into total return swap agreements to gain or mitigate exposure to the underlying reference. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference 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 reference asset, which may include an underlying equity, index, or bond, 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 less a financing rate, if any. As a receiver, a Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

 

7. PRINCIPAL RISKS

 

In the normal course of business the Funds (or Underlying PIMCO Funds and/or Acquired Funds in the case of the mutual funds that pursue their investment objective by investing in other mutual funds (“PIMCO Fund of Funds”)) trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Funds may be subject to, please see the Important Information About the Funds.

 

Investments in Mutual Funds  To the extent that Certain Funds invest substantially all of their respective assets in certain series of PIMCO Funds and certain series of PIMCO Equity Series, each an affiliated investment company also managed by PIMCO, (“Underlying PIMCO Funds”). The risks associated with investing in these Funds will be closely related to the risks associated with the securities and other investments held by the Underlying PIMCO Funds or Acquired Funds. The ability of the Funds to achieve their respective investment objectives may depend upon the ability of the Underlying PIMCO Funds or Acquired Funds to achieve their respective investment objectives. There can be no assurance that the investment objective of any Underlying PIMCO Fund or Acquired Fund will be achieved. The net asset value of each Fund will fluctuate in response to changes in the respective net asset values of the Underlying PIMCO Funds or Acquired Funds in which it invests. The extent to which the investment performance and risks associated with the Funds correlate to those of a particular Underlying PIMCO Fund will depend upon the extent to

 

 

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which the assets of the Funds are allocated from time to time for investment in the Underlying PIMCO Funds or Acquired Funds, which will vary.

 

Investing in Underlying PIMCO Funds or Acquired Funds involves certain additional expenses and tax results that would not be present in a direct investment in the Underlying PIMCO Funds or Acquired Funds.

 

The investment performance depends upon how its assets are allocated and reallocated according to each Fund’s asset allocation targets and ranges. A principal risk of investing in each Fund is that the Funds’ asset allocation sub-adviser will make less than optimal or poor asset allocation decisions. The asset allocation sub-adviser attempts to identify investment allocations for the Underlying PIMCO Funds or Acquired Funds that will provide consistent, quality performance for the Funds, but there is no guarantee that such allocation techniques will produce the desired results.

 

In the normal course of business the Underlying PIMCO Funds or Acquired Funds trade financial instruments, and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk), or failure or inability of the other party to a transaction to perform (credit and counterparty risk).

 

Market Risks  A Fund’s (or Underlying PIMCO Fund’s and/or Acquired Fund’s in the case of the PIMCO Fund of Funds) investments in financial derivatives and other financial instruments expose the Fund to various risks such as, but not limited to, equity, interest rate, foreign currency and commodity risks.

 

The market values of equities, such as common stocks and preferred securities or equity related investments such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

 

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of the PIMCO Fund of Funds) is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money if these changes are not anticipated by Fund management. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful

primarily as a measure of the sensitivity of a fixed income’s market price to interest rate (i.e. yield) movements. As mentioned earlier in this report, the U.S. is currently experiencing historically low interest rates. This combined with recent economic recovery and the Federal Reserve Board’s tapering of its quantitative easing program could potentially increase the probability of an upward interest rate environment in the near future. Further, while U.S. bond markets have steadily grown over the past three decades, dealer “market making” ability has remained relatively stagnant. Given the importance of intermediary “market making” in creating a robust and active market, the fixed income securities are currently facing increased volatility and liquidity risks. All of these factors, collectively and/or individually, could cause the Fund to lose value. If the Fund lost enough value, the Fund could face increased redemptions by shareholders, which could further impair the performance of the Fund.

 

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

 

Credit and Counterparty Risks  A Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of a PIMCO Fund of Funds) will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of a PIMCO Fund of Funds) minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. A Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of a PIMCO Fund of Funds) could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

 

 

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Similar to credit risk, a Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of a PIMCO Fund of Funds) may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of the PIMCO Fund of Funds) has unsettled or open transactions will default. Financial assets, which potentially expose a Fund to counterparty risk, consist principally of cash due from counterparties and investments. PIMCO, as the investment adviser, minimizes counterparty risks to the Funds by performing extensive reviews of each counterparty and obtaining approval from the PIMCO Counterparty Risk Committee prior to entering into transactions with a third party. Furthermore, to the extent that unpaid amounts owed to a Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of a PIMCO Fund of Funds) exceed a predetermined threshold agreed to with the counterparty, such counterparty shall advance collateral to the Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of the PIMCO Fund of Funds) in the form of cash or cash equivalents equal in value to the unpaid amount owed to the Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of the PIMCO Fund of Funds). A Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of a PIMCO Fund of Funds) may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to a Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of a PIMCO Fund of Funds) subsequently decreases, the Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of the PIMCO Fund of Funds) would be required to return to the counterparty all or a portion of the collateral previously advanced to the Fund (or Underlying PIMCO Fund and/or Acquired Fund in the case of the PIMCO Fund of Funds).

 

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

 

Master Netting Arrangements   A Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund 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 agreement with a counterparty.

 

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other forms of AAA rated paper or sovereign securities may be used. Securities and cash pledged as collateral are reflected as assets in the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits due from Counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability in the Statement of Assets and Liabilities as Deposits due to Counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’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 Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

 

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities, delayed-delivery or sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

 

Customer Account Agreements and related addendums govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency which is

 

 

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segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator. In the US, counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives. The market value or accumulated unrealized appreciation or depreciation, initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedule of Investments.

 

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedule of Investments.

 

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional

counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

 

8. BASIS FOR CONSOLIDATION FOR THE PIMCO EMERGING MULTI-ASSET FUND AND PIMCO EqS PATHFINDER FUND® (“Consolidated Funds”)

 

PIMCO Cayman Commodity Fund V and VI (each a “Commodity Subsidiary”), Cayman Islands exempted companies, were incorporated as wholly owned subsidiaries acting as investment vehicles for the Consolidated Funds in order to effect certain investments for the Consolidated Funds consistent with each Consolidated Fund’s investment objectives and policies as specified in their respective prospectus and statement of additional information. Each Consolidated Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Consolidated Fund and its respective Commodity Subsidiary. The consolidated financial statements include the accounts of the Consolidated Funds and their respective Commodity Subsidiaries. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Consolidated Funds and their respective Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that each Consolidated Fund will remain the sole shareholder and retain all rights. Under the Articles of Association of each Commodity Subsidiary, shares issued by each Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of each of the Commodity Subsidiaries and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of each of the Commodity Subsidiaries. See the table below for details regarding the structure, incorporation and relationship of each Commodity Subsidiary to its respective Consolidated Fund (amounts in thousands).

 

 

        PIMCO Emerging Multi
Asset Fund		     PIMCO EqS Pathfinder
Fund®		  
        PIMCO Cayman Commodity
Fund V Ltd.		     PIMCO Cayman
Commodity Fund VI Ltd.		  

Date of Incorporation

       06/06/2011        06/06/2011   

Subscription Agreement

       07/01/2011        06/20/2011   

Fund Net Assets

     $ 53,575      $ 2,851,770   

Subsidiary % of Fund Net Assets

       0.0%        0.0%   

Subsidiary Financial Statement Information

                  

Total assets

     $ 10      $ 10   

Total liabilities

       0        0   

Net assets

       10        10   

Total income

       0        0   

Net investment income (loss)

       0        (90 ) 

Net realized gain (loss)

       0        (13,202 ) 

Net change in unrealized appreciation (depreciation)

       0        16,466   

Increase (decrease) in net assets resulting from operations

       0        3,174   

 

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9. FEES AND EXPENSES

 

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”) and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the “Investment Advisory Fee”). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table below.

 

(b) Supervisory and Administrative Fee  PIMCO serves as administrator (the “Administrator”) and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class’s average daily net assets (the “Supervisory and Administrative Fee”). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

 

The Investment Advisory and Supervisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

 

         Investment Advisory Fee          Supervisory and Administrative Fee  
Fund Name        All Classes          Institutional
Class		      Class P      Administrative
Class		      Class D      A, C and R
Classes 		 

PIMCO Dividend and Income Builder Fund

        0.69%           0.30%         0.40%        N/A         0.40%        0.40%    

PIMCO EqS® Dividend Fund

        0.69%           0.30%         0.40%        N/A         0.40%        0.40%    

PIMCO EqS® Emerging Markets Fund

        1.00%           0.45%         0.55%        0.45%         0.55%        0.55%    

PIMCO EqS® Long/Short Fund

        1.04%           0.45%         0.55%        N/A         0.55%        0.55%    

PIMCO Emerging Multi-Asset Fund

        0.90%          0.45%         0.55%        0.45%         0.55%        0.55%    

PIMCO EqS Pathfinder Fund®

        0.75%           0.30%         0.40%        N/A         0.40%        0.40%    

 

(c) Distribution and Servicing Fees  PIMCO Investments LLC (“PI”), a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of the Trust’s shares.

 

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

 

The Trust has adopted a Distribution and Servicing Plan with respect to the Class D shares of each Fund pursuant to Rule 12b-1 under the Act (the “Class D Plan”). Under the terms of the Class D Plan, a Fund is permitted to compensate the Distributor out of the assets attributable to the Class D shares of the Fund, in an amount up to 0.25% on an annual basis of the average daily net assets of the Fund’s Class D shares for providing, or procuring through financial intermediaries, distribution, shareholder services, and/or maintenance of shareholder accounts with respect to Class D shareholders of the Fund, some of which may be deemed to be primarily intended to result in the sale of Class D shares.

 

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1

under the Act (the “Administrative Class Plan”). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

 

The Trust paid distribution and servicing fees at effective rates as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

 

        Distribution Fee     Servicing Fee  

Administrative Class

       —          0.25%   

Class D

       —          0.25%   

Class A

       —          0.25%   

Class C

       0.75%        0.25%   

Class R

       0.25%        0.25%   

 

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C Class shares. For the period ended December 31, 2013, the Distributor received $276,443 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

 

(d) Fund Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive

 

 

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officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expense; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expense, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

 

Each unaffiliated Trustee receives an annual retainer of $60,000, plus $4,750 for each Board of Trustees meeting attended in person, $375 ($750 in the case of the audit committee chair with respect to audit committee meetings) for each committee meeting attended and $750 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $7,500 and each other committee chair receives an additional annual retainer of $750.

 

These expenses are allocated on a pro-rata basis to each Fund of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

 

(e) Expense Limitation  PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fees in each Fund’s first fiscal year, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee Fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049% (calculated as a percentage of each Fund’s average daily net assets attributable to each class).

 

PIMCO has contractually agreed to waive a portion of the Investment Advisory Fee as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets).

Fund Name       Fee Waiver     Date  

PIMCO Dividend and Income Builder Fund

       0.16%        10/31/2014   

PIMCO EqS® Dividend Fund

       0.16%        10/31/2014   

PIMCO EqS® Emerging Markets Fund

       0.20%        10/31/2014   

PIMCO EqS® Long/Short Fund(1)

       0.09%        10/31/2013   

PIMCO EqS Pathfinder Fund®

       0.16%        10/31/2014   

 

(1) 

The 0.09% advisory fee waiver expired on 10/31/13.

 

Under the Fee Limitation Agreement, PIMCO is entitled to reimbursement by each Fund of any portion of the Supervisory and Administrative Fee and/or Investment Advisory Fee waived, reduced or reimbursed pursuant to the Fee Limitation Agreement (the “Reimbursement Amount”) during the previous three years, provided that such amount paid to PIMCO will not: 1) together with any

recoupment of organizational expenses and pro rata Trustees’ fees pursuant to the Expense Limitation Agreement, exceed the Expense Limit; 2) exceed the total Reimbursement Amount; or 3) include any amounts previously reimbursed to PIMCO. The Fee Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

 

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Fund’s annualized total portfolio operating expenses plus the amount reimbursed does not exceed the operating expense limitation. The recoverable amounts to PIMCO at , were as follows (amounts in thousands):

 

Fund Name       Recoverable
Amounts		  

PIMCO Dividend and Income Builder Fund

     $     127   

PIMCO EqS® Dividend Fund

       174   

PIMCO EqS® Emerging Markets Fund

       186   

PIMCO EqS® Long/Short Fund

       264   

PIMCO Emerging Multi-Asset Fund

       143   

PIMCO EqS Pathfinder Fund®

       292   

 

(f) Acquired Fund Fees and Expenses  The Underlying PIMCO Fund expenses for the PIMCO Emerging Multi-Asset Fund are based upon an allocation of the PIMCO Emerging Multi-Asset Fund’s assets among the Underlying PIMCO Funds and upon the total annual operating expenses of the Institutional Class shares of these Underlying PIMCO Funds. Underlying PIMCO Fund expenses will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of the PIMCO Emerging Multi-Asset Fund’s assets.

 

PIMCO has contractually agreed, through October 31, 2014, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO

 

 

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Emerging Multi-Asset Fund in an amount equal to the expenses attributable to Investment Advisory and Supervisory and Administrative Fees of Underlying PIMCO Funds indirectly incurred by the Fund in connection with the Fund’s investments in Underlying PIMCO Funds, to the extent the Investment Advisory Fee and Supervisory and Administrative Fees taken together are greater than or equal to the Investment Advisory Fees and Supervisory and Administrative Fees of the Underlying PIMCO Funds. This agreement renews annually for a full year unless terminated by PIMCO upon at least 30 days’ notice prior to the end of the contract term. The waivers are reflected in the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2013, the amount was $328,838.

 

Each Commodity Subsidiary has entered into a separate contract with PIMCO for the management of each Commodity Subsidiary’s portfolio pursuant to which the Commodity Subsidiary pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Investment Advisory Fee and Supervisory and Administrative Fees it receives from each Commodity Subsidiary in an amount equal to the management fee and administrative services fee, respectively, paid to PIMCO by each Commodity Subsidiary. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO’s contract with each Commodity Subsidiary is in place. The waiver is reflected in the Consolidated Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. During the period ended December 31, 2013, the Fund below waived the following fees (amounts in thousands):

 

Fund Name       Waived Fees  

PIMCO EqS Pathfinder Fund®

     $     90   

PIMCO Emerging Multi-Asset Fund

       0 * 

 

* Amount is less than $500

 

10. RELATED PARTY TRANSACTIONS

 

The Adviser, Administrator, and Distributor are related parties. Fees payable to these parties are disclosed in Note 9 and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

 

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees

and/or common officers complies with Rule 17a-7 of the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended December 31, 2013, the Funds below engaged in purchases and sales of securities pursuant to Rule 17a-7 of the Act (amounts in thousands):

 

Fund Name       Purchases     Sales  

PIMCO EqS® Dividend Fund

     $ 179      $ 5,917   

PIMCO EqS® Long/Short Fund

       2,899        0   

PIMCO EqS Pathfinder Fund®

           1,526            14,723   

 

11. GUARANTEES AND INDEMNIFICATIONS

 

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

 

12. PURCHASES AND SALES OF SECURITIES

 

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

 

 

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Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2013 were as follows (amounts in thousands):

 

        U.S. Government/Agency     All Other  
Fund Name       Purchases     Sales     Purchases     Sales  

PIMCO Dividend and Income Builder Fund

     $     431      $     319      $ 580,463      $ 184,863   

PIMCO EqS® Dividend Fund

       0        0        294,107        344,459   

PIMCO EqS® Emerging Markets Fund

       0        4        129,517        267,870   

PIMCO EqS® Long/Short Fund

       0        0            2,774,578            2,278,996   

PIMCO Emerging Multi-Asset Fund

       0        0        8,613        18,651   

PIMCO EqS Pathfinder Fund®

       500        500        1,096,246        501,779   

 

13. SHARES OF BENEFICIAL INTEREST

 

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

 

        PIMCO Dividend and Income Builder Fund     PIMCO EqS® Dividend Fund (1)     PIMCO EqS® Emerging Markets Fund (2)  
        Six Months Ended
12/31/2013		     Year Ended
06/30/2013		     Six Months Ended
12/31/2013		     Year Ended
06/30/2013		     Six Months Ended
12/31/2013		     Year Ended
06/30/2013		  
        Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount  

Receipts for shares sold

                          

Institutional Class

       2,299      $ 27,659        6,368      $ 72,769        2,604      $ 31,775        33,254      $ 387,790        9,149      $ 76,339        7,691      $ 66,152   

Class P

       4,019        48,657        7,038        81,313        377        4,638        179        2,067        268        2,384        943        8,577   

Administrative Class

       0        0        0        0        0        0        0        0        0        2        2        13   

Class D

       1,038        12,594        2,941        33,217        264        3,239        689        7,851        248        2,081        814        7,357   

Class A

       14,761        178,336        9,803        113,906        2,961        36,414        2,489        29,225        320        2,747        413        3,589   

Class C

         17,393          209,494        7,557        87,841        2,765        33,844        1,538        18,044        109        935        119        1,036   

Class R

       14        170        2        23        (1 )      0        8        90        0        0        0        0   

Issued as reinvestment of distributions

                          

Institutional Class

       99        1,218        131        1,511        3,048        36,460        1,442        16,798        0        0        668        5,839   

Class P

       57        702        63        728        23        275        3        32        0        0        0        2   

Administrative Class

       0        0        0        0        0        0        0        0        0        0        0        0   

Class D

       33        406        54        626        55        652        14        158        0        0        1        10   

Class A

       208        2,573        129        1,493        306        3,655        31        365        0        0        4        32   

Class C

       129        1,605        49        571        197        2,337        14        164        0        0        1        6   

Class R

       0        4        1        8        1        7        0        1        0        0        0        0   

Cost of shares redeemed

                          

Institutional Class

       (1,496 )      (17,963 )        (1,602 )        (18,277 )        (14,192 )        (173,814 )        (16,018 )        (191,791 )        (21,550 )        (183,044 )        (12,854 )        (112,211 ) 

Class P

       (863 )      (10,435 )      (504 )      (5,836 )      (180 )      (2,189 )      (68 )      (799 )      (484 )      (3,973 )      (27 )      (241 ) 

Administrative Class

       0        0        0        0        0        0        0        0        0        (3 )      (1 )      (6 ) 

Class D

       (371 )      (4,483 )      (1,216 )      (14,121 )      (67 )      (827 )      (165 )      (1,857 )      (245 )      (2,104 )      (806 )      (7,300 ) 

Class A

       (2,862 )      (34,306 )      (1,074 )      (12,458 )      (766 )      (9,464 )      (426 )      (5,015 )      (128 )      (1,103 )      (201 )      (1,683 ) 

Class C

       (1,939 )      (23,378 )      (873 )      (9,963 )      (1,035 )      (12,393 )      (479 )      (5,645 )      (59 )      (488 )      (37 )      (310 ) 

Class R

       (1 )      (17 )      (24 )      (264 )      0        0        0        0        0        0        0        0   

Net increase (decrease) resulting from Fund share transactions

       32,518      $ 392,836        28,843      $ 333,087        (3,640 )    $ (45,391 )      22,505      $ 257,478        (12,372 )    $ (106,227 )      (3,270 )    $ (29,138 ) 
                         

 

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        PIMCO EqS® Long/Short Fund (3)     PIMCO Emerging Multi-Asset Fund     PIMCO EqS Pathfinder Fund® (4)  
        Six Months Ended
12/31/2013		     Year Ended
06/30/2013		     Six Months Ended
12/31/2013		     Year Ended
06/30/2013		     Six Months Ended
12/31/2013		     Year Ended
06/30/2013		  
        Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount  
Receipts for
shares sold		                          
Institutional Class       12,440      $ 150,267        9,876      $ 99,250        318      $ 2,808        2,839      $ 26,656        74,152      $ 870,845        7,010      $ 73,964   
Class P       8,589          103,520        1,663          17,754        67        588        201        1,874        1,361        15,700        2,524        26,912   
Administrative Class       0        0        0        0        11        101        245        2,296        0        0        0        0   
Class D       5,525        64,810        1,219        13,332        138          1,193        579          5,376        314        3,581        1,048        11,044   
Class A       16,117        190,568        2,511        27,131        280        2,429        657        6,039        1,454          16,880        1,519          16,076   
Class C       9,157        107,790        917        9,771        102        879        332        3,041        1,465        16,697        601        6,376   
Class R       0        0        0        0        0        0        5        43        1        3        0        3   
Issued as
reinvestment
of distributions		                          
Institutional Class       2,198        26,087        110        1,029        54        469        82        758        7,387        86,726        5,607        57,868   
Class P       449        5,314        1        9        4        33        5        47        205        2,400        127        1,307   
Administrative Class       0        0        0        0        4        31        0        2        0        0        0        0   
Class D       261        3,080        0        2        10        89        9        84        50        587        62        631   
Class A       779        9,185        2        15        20        175        35        325        189        2,209        143        1,472   
Class C       452        5,275        0        2        6        53        11        101        116        1,324        81        820   
Class R       0        0        0        0        0        0        0        1        0        1        0        0   
Issued in
reorganization
Cost of
shares redeemed		                          
Institutional Class       (2,555 )      (30,450 )      (2,145 )      (21,301 )       (1,370 )      (12,015 )      (2,169 )        (19,712 )      (18,645 )        (218,830 )      (47,263 )      (503,207 ) 
Class P       (558 )      (6,689 )      (251 )      (2,460 )      (76 )      (663 )      (205 )      (1,899 )      (661 )      (7,688 )      (3,603 )      (37,955 ) 
Administrative Class       0        0        0        0        (35 )      (297 )      (8 )      (77 )      0        0        0        0   
Class D       (1,450 )      (16,617 )      (107 )      (1,098 )      (153 )      (1,341 )      (492 )      (4,437 )      (457 )      (5,192 )      (1,296 )      (13,691 ) 
Class A       (1,292 )      (15,403 )      (398 )      (4,244 )      (408 )      (3,562 )      (418 )      (3,811 )      (726 )      (8,449 )      (3,052 )      (32,290 ) 
Class C       (414 )      (4,813 )      (54 )      (588 )      (167 )      (1,430 )      (188 )      (1,702 )      (475 )      (5,377 )      (2,031 )      (21,199 ) 
Class R       0        0        0        0        0        0        (2 )      (20 )      0        0        0        0   
Net increase
(decrease) resulting
from Fund
share transactions		       49,698      $ 591,924        13,344      $   138,604        (1,195 )    $   (10,460 )      1,518      $ 14,985        65,730      $ 771,417        (38,523 )    $   (411,869 ) 
                         

 

(1) 

As of December 31, 2013, two shareholders each owned 10% or more of the total Fund’s outstanding shares comprising 47% of the Fund, and each of the two shareholders are related parties of the Fund.*

(2) 

As of December 31, 2013, three shareholders each owned 10% or more of the total Fund’s outstanding shares comprising 74% of the Fund, and each of the three shareholders are related parties of the Fund.*

(3) 

As of December 31, 2013, two shareholders each owned 10% or more of the total Fund’s outstanding shares comprising 29% of the Fund, and each of the two shareholders are related parties of the Fund.*

(4) 

As of December 31, 2013, two shareholders each owned 10% or more of the total Fund’s outstanding shares comprising 76% of the Fund, and each of the two shareholders are related parties of the Fund.*

* Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

 

14. REGULATORY AND LITIGATION MATTERS

 

The Trust is not engaged in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened by or against it.

 

15. FEDERAL INCOME TAX MATTERS

 

Each Fund 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.

 

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December 31, 2013 (Unaudited)

 

 

In accordance with provisions set forth under U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of , the Funds 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 Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the fiscal years ending in 2010-2012, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

 

The Consolidated Funds may gain exposure to the commodities markets primarily through index-linked notes, and may invest in other commodity-linked derivative investments, including commodity swap agreements, options, futures contracts, options on futures contracts and foreign funds investing in similar commodity-lined derivatives.

 

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund must derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. The IRS has also issued private letter rulings in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. The IRS has also

issued private rulings in which the IRS specifically concluded that income derived from investment in a subsidiary, which invests primarily in commodity-linked swaps, will also be qualifying income. Based on the reasoning in such rulings, each Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through any investments in its Subsidiary.

 

It should be noted, however, that the IRS currently has suspended the issuance of such rulings pending further review. There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and a Fund’s investments in its Subsidiary may otherwise be adversely affected by future legislation, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Fund’s taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its Prospectus.

 

If, during a taxable year, the Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for income tax purposes. Note that the loss from the Subsidiary’s taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as income for Federal income tax purposes.

 

 

As of December 31, 2013 the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

 

Fund Name        Federal Tax
Cost		      Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation/
(Depreciation) (1)		  

PIMCO Dividend and Income Builder Fund

      $ 772,263       $ 67,127       $ (8,023 )     $ 59,104   

PIMCO EqS® Dividend Fund

        535,604         74,727         (5,672 )       69,055   

PIMCO EqS® Emerging Markets Fund

        431,025         31,495         (29,599 )       1,896   

PIMCO EqS® Long/Short Fund

        965,464         65,425         (5,160 )       60,265   

PIMCO Emerging Multi-Asset Fund

        57,114         0         (4,406 )       (4,406 ) 

PIMCO EqS Pathfinder Fund®

            2,469,176             479,014             (68,342 )           410,672   

 

(1) 

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

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   105

Table of Contents

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

 

(Unaudited)

 

Counterparty Abbreviations:                
BOA  

Bank of America N.A.

   FOB  

Credit Suisse Securities (USA) LLC

   SCX  

Standard Chartered Bank

BOS  

Banc of America Securities LLC

   GLM  

Goldman Sachs Bank USA

   SSB  

State Street Bank and Trust Co.

BPS  

BNP Paribas S.A.

   HUS  

HSBC Bank USA N.A.

   UAG  

UBS AG Stamford

BRC  

Barclays Bank PLC

   JPM  

JPMorgan Chase Bank N.A.

   UBS  

UBS Securities LLC

CBK  

Citibank N.A.

   MSC  

Morgan Stanley & Co., Inc.

   ULO  

UBS AG London

DUB  

Deutsche Bank AG

   RBC  

Royal Bank of Canada

   WST  

Westpac Banking Corp.

FBF  

Credit Suisse International

   RYL  

Royal Bank of Scotland Group PLC

    
Currency Abbreviations:                
AUD  

Australian Dollar

   HKD  

Hong Kong Dollar

   PHP  

Philippine Peso

BRL  

Brazilian Real

   HUF  

Hungarian Forint

   PLN  

Polish Zloty

CAD  

Canadian Dollar

   IDR  

Indonesian Rupiah

   RUB  

Russian Ruble

CHF  

Swiss Franc

   ILS  

Israeli Shekel

   SEK  

Swedish Krona

CLP  

Chilean Peso

   INR  

Indian Rupee

   SGD  

Singapore Dollar

CNY  

Chinese Renminbi

   JPY  

Japanese Yen

   THB  

Thai Baht

COP  

Colombian Peso

   KRW  

South Korean Won

   TRY  

Turkish New Lira

CZK  

Czech Koruna

   MXN  

Mexican Peso

   TWD  

Taiwanese Dollar

DKK  

Danish Krone

   MYR  

Malaysian Ringgit

   USD (or $)  

United States Dollar

EUR  

Euro

   NOK  

Norwegian Krone

   ZAR  

South African Rand

GBP  

British Pound

   PEN  

Peruvian New Sol

    
Exchange Abbreviations:                
CBOE  

Chicago Board Options Exchange

        
Index Abbreviations:                
CDX.IG  

Credit Derivatives Index - Investment Grade

   KOSPI  

Korea Composite Stock Price Index

    
Other Abbreviations:                
ADR  

American Depositary Receipt

   GDR  

Global Depositary Receipt

   REIT  

Real Estate Investment Trust

ALT  

Alternate Loan Trust

   JSC  

Joint Stock Company

   SP - ADR  

Sponsored American Depositary Receipt

BBR  

Bank Bill Rate

   LIBOR  

London Interbank Offered Rate

   SP - GDR  

Sponsored Global Depositary Receipt

BBSW  

Bank Bill Swap Reference Rate

   MSCI  

Morgan Stanley Capital International

   WTI  

West Texas Intermediate

EURIBOR  

Euro Interbank Offered Rate

   NIBOR  

Norway Interbank Offered Rate

    

 

106   PIMCO EQUITY SERIES     

Table of Contents

Approval of Renewal of the Investment Advisory Contract and Second Amended and Restated Supervision and Administration Agreement

 

(Unaudited)

 

On August 14, 2013, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including all of the independent Trustees, approved the Investment Advisory Contract and Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) with Pacific Investment Management Company LLC (“PIMCO”), on behalf of the Trust’s series (the “Funds”), for an additional one-year term through August 31, 2014.

 

The information, material factors and conclusions that formed the basis for the Board’s approvals are described below.

 

1. INFORMATION RECEIVED

 

(a) Materials Reviewed:  During the course of each year, the Trustees receive a wide variety of materials relating to the services provided by PIMCO. At each of its quarterly meetings, the Board reviews the Funds’ investment performance and a significant amount of information relating to Fund operations, including the Funds’ compliance program, shareholder services, valuation, custody, distribution, and other information relating to the nature, extent and quality of services provided by PIMCO to the Trust. In considering whether to approve the renewal of the Agreements, the Board also reviewed supplementary information, including, but not limited to, comparative industry data with regard to investment performance, advisory and supervisory and administrative fees and expenses, financial information regarding PIMCO, information about the personnel providing investment management services and supervisory and administrative services to the Funds and, as available, information about the fees charged and services provided by PIMCO to other clients with similar investment mandates as the Funds. The Board also reviewed material provided by counsel to the Trust and the independent Trustees, which included, among other things, a memorandum outlining legal duties of the Board in considering the continuation of the Agreements.

 

(b) Review Process:  In connection with the approval of the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO in response to a request from counsel to the Trust and the independent Trustees. The Board also requested and received assistance and advice regarding applicable legal standards from counsel to the Trust and the independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Lipper, Inc. (“Lipper”), an independent provider of investment company performance and fee and expense data. The Board also heard oral presentations on matters related to the Agreements and met both as a full Board and as the independent Trustees, without management present, at the August 14, 2013 meeting. The independent Trustees also met with counsel to the Trust and independent Trustees on August 5, 2013 to discuss the materials presented.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. This summary describes the most important, but not all, of the factors considered by the Board.

 

2. NATURE, EXTENT AND QUALITY OF SERVICES

 

(a) PIMCO, its Personnel, and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address the recent growth in PIMCO’s assets under management. The Board also considered that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board noted that PIMCO has hired many seasoned equity professionals at senior levels and continues to invest in its global infrastructure. The Board considered PIMCO’s commitment to investing in information technology supporting investment management and compliance, as well as PIMCO’s continuing efforts to attract and retain qualified personnel, including personnel with relevant equities experience, and to maintain and enhance its resources and systems. The Board considered PIMCO’s policies, procedures and systems to assure compliance with applicable laws and regulations and its commitment to these programs; its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders; and its attention to matters that may involve conflicts of interest between the Funds’ investments and those of other accounts.

 

The Trustees considered the steps that PIMCO has taken in recent years with respect to active management of counterparty risk, such as implementing procedures requiring daily collateral adjustments and frequent communication between credit analysts and the counterparty risk committee. The Trustees considered that, over the last several years, PIMCO has continued to strengthen the process it uses to assess the financial stability of broker-dealers with which the Funds do business, to manage collateral and to protect portfolios from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only the counterparties that meet its stringent and monitored criteria. The Trustees also considered that

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   107

Table of Contents

Approval of Renewal of the Investment Advisory Contract and Second Amended and Restated Supervision and Administration Agreement (Cont.)

 

PIMCO’s collateral management team utilized the counterparty risk system to analyze portfolio level exposure and any applicable collateral being exchanged with counterparties.

 

The Trustees also considered new services and service enhancements that PIMCO has implemented since the Agreements were renewed in 2012, including, but not limited to, undertaking significant technology and outsourcing initiatives, expanding the quality management system for processes/activities, implementing a new relationship management model with key intermediaries, enhancing the Funds’ recordkeeping system to comply with Internal Revenue Service cost basis reporting requirements, transitioning to a proprietary platform for shareholder cash flow reporting, continuing to refine the “Pricing Portal” to streamline and automate certain pricing functions, continuing to migrate shareholder confirmation and statement creation and mailing to Broadridge Investor Connection Solutions, Inc., streamlining processes to enable earlier daily net asset value delivery to major intermediary clients and to enhance transparency in the pricing process, working with PricewaterhouseCoopers LLP to analyze the impact of the Foreign Account Tax Compliance Act, and engaging in extensive preparation and testing of business continuity capabilities to respond quickly in the event of a crisis.

 

Additionally, the Trustees considered the recent decline in assets for some of the Funds and the reasons for the decline. Ultimately, the Board concluded that the nature, extent and quality of services provided by PIMCO under the Agreements are likely to continue to benefit the Funds and their shareholders.

 

(b) Other Services:  The Board considered PIMCO’s policies, procedures and systems to assure compliance with applicable laws and regulations and its commitment to these programs; its efforts to keep the Trustees informed about matters relevant to each Fund and its shareholders; and its attention to matters that may involve conflicts of interest with the Trust. The Board also considered the nature, extent, quality and cost of supervisory and administrative services provided by PIMCO to the Funds under the Agreements.

 

The Board considered the terms of Trust’s Supervision and Administration Agreement, under which each Fund pays for the supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board noted that the scope and complexity of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO’s provision of these services and its supervision

of the Trust’s third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives in the market.

 

Ultimately, the Board concluded that the nature, extent and quality of the services provided by PIMCO has benefited and will likely continue to benefit the Funds and their shareholders.

 

3. INVESTMENT PERFORMANCE

 

The Board received and examined information from PIMCO concerning the Funds’ performance, as available, for the one-, two-, three-, five-, and ten-year and since inception periods ended May 31, 2013 and other performance data, as available, for the periods ended June 30, 2013 (the “PIMCO Report”) and from Lipper concerning the Funds’ performance, as available, for the periods ended May 31, 2013 (the “Lipper Report”). The Board noted that, with the exception of the PIMCO Pathfinder Fund® and the PIMCO EqS® Long/Short Fund, long-term performance information was not available due to each Fund’s relatively recent commencement of operations. The Board considered each Fund’s investment performance relative to its peer group and benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and the Lipper Report, which were provided in advance of the August 14, 2013 meeting.

 

The Board noted that, according to Lipper, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over the one year period ended May 31, 2013. The Board considered the reasons for these Funds’ underperformance in comparison to their peer groups or benchmark indexes, or both.

 

The Board ultimately determined within the context of all of its considerations in connection with the Agreements, that PIMCO’s performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the continuation of the Agreements.

 

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

 

PIMCO reported to the Board that, in proposing fees for the Funds, it considers a number of factors, including the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to the Funds’ investors.

 

The Board reviewed the advisory fee, supervisory and administrative fee and total expenses of the Funds (each as a percentage of average net

 

 

108   PIMCO EQUITY SERIES     

Table of Contents

(Unaudited)

 

assets) and compared such amounts with the average and median fees and expenses of other similar funds. With respect to advisory fees, the Board reviewed data from Lipper that compared the average and median advisory fees of other funds in an “Expense Group” of comparable funds, as well as the universe of other similar funds. The Board compared each Fund’s total expenses to other funds in the Expense Group provided by Lipper and found each Fund’s total expenses to be reasonable. The Board noted that PIMCO had contractually agreed, through October 31, 2013, to reduce its advisory fee by 0.16%, 0.16%, 0.20%, 0.09% and 0.16% of the average daily net assets of the PIMCO Dividend and Income Builder, PIMCO EqS® Dividend, PIMCO EqS® Emerging Markets, PIMCO EqS® Long Short and PIMCO EqS Pathfinder® Funds, respectively.

 

The Board also reviewed data comparing the Funds’ advisory fees to the standard fee rate PIMCO charges to separate accounts and other investment companies with a similar investment strategy and noted that three of the four Funds that have comparable separate account strategies have adviser fees that are lower than the fee charged to the separate account. In cases where the advisory fees for certain separate account clients were lower than those charged to the PIMCO EqS Pathfinder Fund®, the Trustees noted that the differences in fees were attributable to various factors, including differences in the services provided by PIMCO to the Funds, the size of the assets under management with PIMCO, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements that justify different levels of fees. At the time that the Board considered the Agreements, PIMCO did not manage any separate accounts with investment strategies similar to those of the PIMCO Emerging Multi-Asset Fund and PIMCO EqS® Long/Short Fund.

 

The Board considered each Fund’s supervisory and administrative fees, comparing them to similar funds in the report supplied by Lipper. The Board considered that PIMCO has provided a broad array of fund supervisory and administrative functions. The Board considered the Trust’s unified fee structure, under which each Fund pays for the supervisory and administrative services it requires for one set fee, and in return, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board considered that many other funds pay for these services separately, and thus it is difficult to directly compare each Fund’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board considered that the unified supervisory and administrative fee leads to fund fees that are fixed, rather than variable. The Board concluded that the Funds’ supervisory and administrative fees were

reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall fund expenses which is beneficial to the Funds and their shareholders. The Board further noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels, in effect, setting the fees as if a Fund was already at scale.

 

The Trustees also considered the advisory fees charged to the PIMCO Emerging Multi-Asset Fund, which operates as a fund of funds (the “Fund of Funds”), and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying series in which the Fund of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying series. The Board also considered the various fee waiver agreements in place for the Fund of Funds.

 

Based on the information presented by PIMCO and Lipper, members of the Board then determined, in the exercise of their business judgment, that the level of the advisory and supervisory and administrative fees charged by PIMCO, as well as the total expenses of the Funds, are reasonable and renewal of the Agreements would likely benefit the Funds and their shareholders.

 

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

 

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole and considered that PIMCO continues to invest in the equity asset management platform and does not expect to derive any profit from the Funds during their current fiscal year. The Board noted that it had also received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements.

 

With respect to potential economies of scale, the Board found that because the unified fee protects shareholders against unanticipated increases in expense ratios due to redemptions, declines in asset values, or increases in the costs of services provided or procured by PIMCO, economies of scale are implicitly recognized in the level of the unified fee (which, together with the advisory fee, serves as a proxy for each Fund’s overall expense ratio). The Board noted that PIMCO may share the benefits of economies of scale with the Funds and their shareholders in a number of ways, including through fee reductions or

 

 

  SEMIANNUAL REPORT   DECEMBER 31, 2013   109

Table of Contents

Approval of Renewal of the Investment Advisory Contract and Second Amended and Restated Supervision and Administration Agreement (Cont.)

 

(Unaudited)

 

waivers, the pricing of the Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. The Trustees also considered that the unified fee has provided inherent economies of scale by maintaining fixed fees even if the Funds’ operating costs rise.

 

The Board concluded that the Funds’ cost structures were reasonable and that the unified fee structure inherently involves the sharing of economies of scale between PIMCO and the Funds, to the benefit of Fund shareholders.

 

6. ANCILLARY BENEFITS

 

The Board considered other benefits received by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust, including possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Funds. The Board also considered that affiliates of PIMCO provide distribution and shareholder services to the Funds and their shareholders, for which the affiliates of PIMCO may be compensated

under the unified supervisory and administrative fee, or through distribution fees paid pursuant to the Funds’ Rule 12b-1 plans. The Board reviewed PIMCO’s soft dollar policies and procedures, noting that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

 

7. CONCLUSIONS

 

Based on its review, including its consideration of each of the factors referred to above, the Board concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO supported the renewal of the Agreements. The Board concluded that the Agreements continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

 

 

110   PIMCO EQUITY SERIES     

Table of Contents

General Information

 

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 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

Kansas City, MO 64105

 

Transfer Agent

Boston Financial Data Services

Institutional Class, Class P, Administrative Class, Class D

330 W. 9th Street, 5th Floor

Kansas City, MO 64105

 

Boston Financial Data Services

Class A, Class C, Class R

P.O. Box 55060

Boston, MA 02205-5060

 

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

 

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street

Kansas City, MO 64106

 

This report is submitted for the general information of the shareholders of the PIMCO Equity Series.

Table of Contents

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To get future shareholder reports online and to eliminate mailings, go to: pimco.com/edelivery

 

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PES4001SAR_123113

Table of Contents

Item 2.

   

Code of Ethics.

  

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

Item 3.

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

Item 4.

    Principal Accountant Fees and Services.
     The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5.

    Audit Committee of Listed Registrants.
  

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

Item 6.

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

Table of Contents

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 Purchases.
   Not applicable.

Item 10.

    Submission of Matters to a Vote of Security Holders.
   Not applicable.

Item 11.

    Controls and Procedures.
   (a)    The principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“1940 Act”)) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
   (b)    There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

    Exhibits.   
  

(a)(1)

    Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.
  

(a)(2)

    Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  

(b)

    Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Table of Contents

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 Equity Series
By:  

/s/    PETER G. STRELOW        

  Peter G. Strelow
  President, Principal Executive Officer
  Date: February 28, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/S/    PETER G. STRELOW        

  Peter G. Strelow
  President, Principal Executive Officer
  Date: February 28, 2014
By:  

/s/    TRENT W. WALKER        

  Trent W. Walker
  Treasurer, Principal Financial Officer
  Date: February 27, 2014
 EX-99.CERT 2 d660105dex99cert.htm CERTIFICATION Certification

Exhibit 99.CERT

Certification Under Rule 30a-2(a)

CERTIFICATION

I, Peter G. Strelow, certify that:

 

  1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  

February 28, 2014

Signature:  

/s/ Peter G. Strelow

Title:  

President, Principal Executive Officer

 

J-1

Exhibit 99.CERT

Certification Under Rule 30a-2(a)

CERTIFICATION

I, Trent W. Walker, certify that:

 

  1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  

February 27, 2014

Signature:  

/s/ Trent W. Walker

Title:  

Treasurer, Principal Financial Officer

 

J-2

EX-99.906CERT 3 d660105dex99906cert.htm 906 CERTIFICATION 906 Certification

Exhibit 99.906CERT

Certification Under Rule 30a-2(b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the “Report”), the undersigned officers of PIMCO Equity Series (the “Registrant”) each certify that to his knowledge:

 

  1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

By:  

/s/ Peter G. Strelow

     By:  

/s/ Trent W. Walker

Name:  

Peter G. Strelow

     Name:  

Trent W. Walker

Title:  

President, Principal Executive Officer

     Title:  

Treasurer, Principal Financial Officer

Date:  

February 28, 2014

     Date:  

February 27, 2014

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.

 

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