Semiannual Report
30 June 2012
Your Global Investment Authority
PIMCO Funds: Global Investors
Series plc
An open-ended investment company with variable
capital and segregated liability between Funds
incorporated with limited liability under the
Companies Acts, 1963 to 2012 with registered
number 276928 and authorised by the Central
Bank of Ireland as an undertaking for collective
investment in transferable securities pursuant
to the European Communities (Undertakings for
Collective Investment in Transferable Securities)
Regulations, 1989, as amended and subject to the
European Communities (Undertakings for Collective
Investment in Transferable Securities) 2011.
PIMCO Funds: Global Investors Series plc Semiannual Report 30 June 2012
GENERAL CHARACTERISTICS
Fund Type:
UCITS IV
Number of Funds in issue in Company:
45 Funds
Classes of Shares in issue in Company:
Institutional Class
Institutional BRL (Hedged) Class
Institutional CAD (Hedged) Class
Institutional CAD (Unhedged) Class
Institutional CHF (Hedged) Class
Institutional CHF (Unhedged) Class
Institutional EUR (Hedged) Class
Institutional EUR (Partially Hedged) Class
Institutional EUR (Unhedged) Class
Institutional GBP (Hedged) Class
Institutional GBP (Unhedged) Class
Institutional ILS (Hedged) Class
Institutional NOK (Hedged) Class
Institutional NZD (Hedged) Class
Institutional SEK (Hedged) Class
Institutional SGD (Hedged) Class
Institutional USD (Hedged) Class
Institutional USD (Unhedged) Class
Investor Class
Investor CHF (Hedged) Class
Investor CHF (Unhedged) Class
Investor EUR (Hedged) Class
Investor EUR (Unhedged) Class
Investor GBP (Hedged) Class
Investor GBP (Unhedged) Class
Investor ILS (Hedged) Class
Investor NOK (Hedged) Class
Investor SEK (Hedged) Class
Investor USD (Hedged) Class
Investor USD (Unhedged) Class
Administrative Class
Administrative CHF (Hedged) Class
Administrative EUR (Hedged) Class
Administrative EUR (Unhedged) Class
Administrative GBP (Hedged) Class
Administrative GBP (Unhedged) Class
Administrative ILS (Hedged) Class
Administrative SEK (Hedged) Class
Administrative USD (Hedged) Class
Administrative USD (Unhedged) Class
Class H Institutional
Class H Institutional EUR (Hedged)
Class H Institutional USD (Unhedged)
Class H Institutional (GBP)
Class E
Class E CHF (Hedged)
Class E EUR (Hedged)
Class E EUR (Partially Hedged)
Class E EUR (Unhedged)
Class E GBP (Hedged)
Class E ILS (Hedged)
Class E SEK (Hedged)
Class E SGD (Hedged)
Class E USD (Hedged)
Class E USD (Unhedged)
Class G Retail
Class G Retail EUR (Hedged)
Class G Retail EUR (Partially Hedged)
Class G Retail EUR (Unhedged)
Class M Retail
Class M Retail HKD (Unhedged)
Class Z
Class Z EUR (Hedged)
Class Z GBP (Hedged)
Class Z USD (Unhedged)
Types of Shares:
Within each Class, the Company may issue either or both Income Shares
(Shares which distribute income) and Accumulation Shares (Shares which
accumulate income).
Net Assets (Amounts in thousands):
€81,639,656 (USD 103,604,805).
Minimum Holding:
The Administrative, Institutional, Investor, Class G and H Institutional Classes
require a minimum holding of USD500,000 or its equivalent in the relevant
Share Class currency in aggregate, with a minimum of USD100,000 or its
equivalent in the relevant Share Class currency per Fund. Class E, Class G Retail
and Class M Retail Shares require a minimum holding of USD5,000 or its
equivalent in the relevant Share Class currency in aggregate per Fund. Class Z
Shares require a minimum holding of USD20 million or its equivalent in the
relevant Share Class currency in aggregate per Fund. Pacific Investment
TM Registered
Management Company LLC, at its sole discretion, is authorised to waive the
minimum initial subscription, minimum additional subscription, and minimum
holding requirements as set forth in the current Prospectus.
Dealing Day:
In relation to a Fund such Business Day or Business Days as shall be specified in the
relevant Supplement for that Fund and determined by the Directors from time to
time and notified to Shareholders in advance provided that there shall be at least
one Dealing Day every fortnight.
Funds’ Functional Currency:
USD ($), except the UK Corporate Bond, UK Long Term Corporate Bond, UK Sterling
Inflation-Linked, UK Sterling Long Average Duration, UK Sterling Low Average
Duration and UK Total Return Bond Funds which are denominated in British
Pound Sterling (£), and the PIMCO EqS Pathfinder Europe™, EuriborPLUS, Euro
Bond, Euro Credit, Euro Income Bond, Euro Liquidity, Euro Long Average Duration,
Euro Low Duration, Euro Real Return and Euro Ultra-Long Duration which are
denominated in Euro (€).
Hong Kong Authorisation:
The following Funds are not authorised in Hong Kong, and are not available to
Hong Kong residents:
PIMCO Credit Absolute Return Fund
Diversified Income Duration Hedged Fund
PIMCO Dividend and Income Builder Fund
Emerging Markets Corporate Bond Fund
PIMCO Emerging Multi-Asset Fund
PIMCO EqS Dividend Fund
PIMCO EqS Emerging Markets Fund
PIMCO EqS Pathfinder FundTM
PIMCO EqS Pathfinder Europe FundTM
Euro Credit Fund
Euro Income Bond Fund
Euro Liquidity Fund
Euro Long Average Duration Fund
Euro Low Duration Fund
Euro Real Return Fund
Euro Ultra-Long Duration Fund
Global Advantage Fund
Global Advantage Real Return Fund
Global Bond Ex-US Fund
Global Multi-Asset Fund
Socially Responsible Emerging Markets Bond Fund
StocksPLUSTM Fund
UK Corporate Bond Fund
UK Long Term Corporate Bond Fund
UK Sterling Inflation-Linked Fund
UK Sterling Long Average Duration Fund
UK Sterling Low Average Duration Fund
UK Total Return Bond Fund
Unconstrained Bond Fund
US Government Money Market Fund
Singapore Authorisation
The following Funds are not recognised by the Monetary Authority of Singapore
under the Securities and Futures Act, Chapter 289 of Singapore, and hence are not
available to the retail public in Singapore:
PIMCO Credit Absolute Return Fund
Diversified Income Duration Hedged Fund
PIMCO Dividend and Income Builder Fund
Emerging Markets Corporate Bond Fund
PIMCO Emerging Multi-Asset Fund
PIMCO EqS Dividend Fund
PIMCO EqS Emerging Markets Fund
EuriborPLUS Fund
Euro Credit Fund
Euro Income Bond Fund
Euro Liquidity Fund
Euro Long Average Duration Fund
Euro Low Duration Fund
Euro Real Return Fund
Euro Ultra-Long Duration Fund
Global Advantage Fund
Global Advantage Real Return Fund
Global Bond Ex-US Fund
Global Multi-Asset Fund
Socially Responsible Emerging Markets Bond Fund
UK Corporate Bond Fund
UK Long Term Corporate Bond Fund
UK Sterling Inflation-Linked Fund
UK Sterling Long Average Duration Fund
UK Sterling Low Average Duration Fund
UK Total Return Bond Fund
Unconstrained Bond Fund
US Government Money Market Fund
Reuters Page:
PAFPPLC
trademark or trademark of Pacific Investment Management Company LLC in the United States and/or other countries.
Table of Contents
Page
Chairman’s Letter
Important Information About the Funds
Benchmark Descriptions
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Portfolio of Investments and Assets & Significant Changes in
Portfolio Composition
Notes to Financial Statements
Reference Information
Glossary
General Information
FUND
CommoditiesPLUSTM Strategy Fund
PIMCO Credit Absolute Return Fund
Diversified Income Fund
Diversified Income Duration Hedged Fund
PIMCO Dividend and Income Builder Fund
Emerging Asia Bond Fund
Emerging Local Bond Fund
Emerging Markets Bond Fund
Emerging Markets Corporate Bond Fund
Emerging Markets Currency Fund
PIMCO Emerging Multi-Asset Fund
PIMCO EqS Dividend Fund
PIMCO EqS Emerging Markets Fund
PIMCO EqS Pathfinder FundTM
PIMCO EqS Pathfinder Europe FundTM
EuriborPLUS Fund
Euro Bond Fund
Euro Credit Fund
Euro Income Bond Fund
Euro Liquidity Fund
Euro Long Average Duration Fund
Euro Low Duration Fund
Euro Real Return Fund
Euro Ultra-Long Duration Fund
Global Advantage Fund
Global Advantage Real Return Fund
Global Bond Fund
Global Bond Ex-US Fund
Global High Yield Bond Fund
Global Investment Grade Credit Fund
Global Multi-Asset Fund
Global Real Return Fund
High Yield Bond Fund
Low Average Duration Fund
Socially Responsible Emerging Markets Bond Fund
StocksPLUSTM Fund
Total Return Bond Fund
UK Corporate Bond Fund
UK Long Term Corporate Bond Fund
UK Sterling Inflation-Linked Fund
UK Sterling Long Average Duration Fund
UK Sterling Low Average Duration Fund
UK Total Return Bond Fund
Unconstrained Bond Fund
US Government Money Market Fund
2
3
49
54
70
94
101
489
512
514
515
Fund
Summary
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Portfolio of
Investments
and Assets
101
109
115
132
140
144
150
160
172
180
188
200
205
212
220
225
230
238
245
249
251
258
261
266
272
285
292
313
325
337
359
374
384
394
404
411
419
436
443
450
455
460
465
470
487
Chairman’s Letter
Dear Shareholder:
We are pleased to provide you with the Semiannual Report for the PIMCO Funds: Global Investors Series plc covering the six-month
reporting period ended 30 June 2012. On the following pages, please find specific details as to each Fund’s investment performance and
a discussion of those factors that affected performance.
Over the six-month reporting period, liquidity measures by the central banks led to a market rebound in the first quarter, but risk assets
came under renewed pressure in the second quarter as European political uncertainty intensified, sovereigns and financials were
downgraded, and weaker US economic data challenged the modest US cyclical recovery. Most major economies showed signs of growth
deceleration, and stubbornly high unemployment in Europe and the US also began to impact consumer sentiment and spending.
Investors were somewhat relieved by the result of the Greek election on 17 June in which the New Democracy party won sufficient
number of votes to be the largest party in the Greek Parliament, helping to form a pro-euro coalition government. However, this
improved investor sentiment was offset by rising yields on Spanish sovereign debt that reached new highs towards the latter part of the
period. This led the independent ratings agencies to downgrade Spain’s credit rating as well as a round of downgrades on Spanish
banks. In addition, concern over the solvency of Spanish banks forced the Spanish government to request Eurozone rescue loans for its
undercapitalised banks. Towards the very end of the period, investor sentiment regained some hope in reaction to the European Union
summit in late June that resulted in agreements on short-term stabilization measures whereby the European Stability Mechanism (a
pan-eurozone financial supervisor) would be able to invest capital directly into ailing banks, marking a step closer to a more integrated
fiscal union.
In our opinion, the problems in Europe should remain factors causing continued sovereign credit market downside and market volatility.
It highlights a number of issues facing many European countries, in which peripheral (and in some cases central) European economies
suffer from a loss of competitiveness, negative demographics, high unemployment, currency rigidity, and high sovereign debt levels.
As an update, in the financial markets over the six-month reporting period:
䡲 Risk aversion drove interest rates down across developed markets, including in the US and Germany where yields touched
historic lows. By contrast, sovereign yields in Spain and Italy rose towards prohibitive levels. Yields on US Treasury securities
reversed an upward trend in the first quarter of the reporting period and declined in the second quarter, ending the period
lower (with prices on these securities therefore higher), as investors looked to US Treasuries for their perceived safety and
quality due to increasing concern of a global economic slowdown and continued uncertainty in Europe.
䡲 The Bank of England held its key lending rate at 0.50% and initiated increased monetary stimulus to shore up the UK
economy. Outside of the reporting period in early July, the European Central Bank reduced its main policy rate to 0.75%
from 1.00%. The Federal Reserve (the “Fed”) kept the Federal Funds Rate anchored within a range of zero to 0.25% and
signaled willingness to ease further if weakness in the US economy persists. The Fed also responded to growing economic
strains by extending through the end of 2012 its renewed “Operation Twist” program, which extends the average maturity
of its holdings of securities.
䡲 Global inflation-linked bonds (ILBs) posted positive returns, as represented by the Barclays World Government InflationLinked Bond USD Hedged Index, which gained 2.73%. Diversified commodities posted negative returns, as measured by the
Dow Jones-UBS Commodity Index Total Return, which declined 3.70%.
䡲 Emerging market (“EM”) fixed income assets managed to post strong returns despite a volatile market environment. US
Dollar-denominated EM assets outperformed locally-denominated EM assets, benefiting from the rally in US Treasuries as
well as from spread compression during the “risk-on” period for investors. Overall, countries with lower credit quality
generally fared better than their investment grade counterparts. In the local space, amidst the months in which risk appetite
ebbed, EM currencies suffered. As such, EM currencies were the worst performers during the first half of the reporting
period, but nonetheless managed to post positive returns. Local EM debt posted positive returns and benefited from the rally
that drove down local yields and led to higher local currency values.
䡲 Global equity markets generally posted positive returns but were highly volatile throughout the reporting period as investors
oscillated between being “risk on” or “risk off” in response to a slowing global economy and on-going uncertainty in the
eurozone. Global equities, as represented by the MSCI World Index, returned 5.91% and emerging market equities, as
represented by the MSCI Emerging Markets Index, returned 3.93%. UK equities, as represented by the FTSE 100 Index,
returned 2.32%, and eurozone equities, as measured by the Dow Jones Euro STOXX 50® Total Return Index, returned
0.73%. US equities, as measured by the S&P 500 Index, returned 9.49%.
If you have questions regarding the PIMCO Funds: Global Investors Series plc, please contact the London office on
+44 (0)20 3640 1000 or, for fund-operation questions, the Administrator on +353 1 241 7100.
Thank you again for the trust you have placed in us. We value your trust and will continue to work diligently to meet your broad
investment needs.
Sincerely,
Joseph V. McDevitt
Chairman
29 August 2012
2
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Important Information About the Funds
This material is authorised for use only when preceded or accompanied by the current PIMCO Funds: Global Investors Series plc
Prospectus. Investors should consider the investment objectives, risks, charges and expenses of these Funds carefully before investing. This
and other information is contained in the Prospectus. Please read the Prospectus carefully before you invest or send money.
We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an
environment where interest rates may trend upward, rising rates will negatively impact the performance of most bond funds, and fixed-income
securities held by a fund are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of rising
interest rates, resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of
a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter
durations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period of
declining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.
The Funds may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the
following: real rate risk, derivative risk, small company risk, foreign security risk, high-yield security risk and specific sector investment risks. 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 and the risk that a fund could not close out a
position when it would be most advantageous to do so. Funds investing in derivatives could lose more than the principal amount invested in
these instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced
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. Smaller companies may be more volatile than larger companies and may entail more
risk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund.
Past performance is no guarantee of future results. On each individual fund summary page in this Report, the Total Return Investment
Performance table measures performance assuming that all dividend and capital gain distributions were reinvested. Investment return and
principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Returns do not reflect
the deduction of taxes that a shareholder would pay (i) on Fund distributions or (ii) the redemption of Fund shares. Current performance may
be lower or higher than the performance data quoted. All Fund returns are net of fees and expenses.
An investment in a Fund is not a deposit in a bank and is not guaranteed or insured by any government agency. The value of and income from
Shares in the Fund may go up or down and you may not get back the amount you have invested in the Funds.
PIMCO Funds: Global Investors Series plc is distributed by PIMCO Europe Ltd, 11 Baker Street, London W1U 3AH, England; PIMCO Asia Pte
Ltd, 501 Orchard Road #08-03, Wheelock Place, Singapore 23880 and PIMCO Australia Pty Ltd, Level 19, 363 George Street, Sydney, New
South Wales 2000 Australia; www.pimco.com.
SemiAnnual Report
30 June 2012
3
CommoditiesPLUS ™ Strategy Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 31-Aug-2006)
-1.12%
-0.45%
Investor Class Accumulation Shares (Inception 11-Aug-2011)
-1.36%
-12.90%
Class E Accumulation Shares (Inception 21-Sep-2007)
-1.50%
-2.73%
Class E Income Shares (Inception 31-Oct-2006)
-1.46%
-1.07%
Class Z Income Shares (Inception 18-Nov-2008)
-0.67%
9.46%
Dow Jones-UBS Commodity Index Total Return
-3.70%
-2.57%2
Institutional CAD (Unhedged) Class Accumulation Shares (Inception 09-Dec-2011)
-0.92%
-2.80%
Dow Jones-UBS Commodity Index Total Return (CAD Unhedged)
-3.51%
—
-1.57%
6.11%
Classes denominated in CAD
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 08-Jun-2010)
Class E EUR (Hedged) Accumulation Shares (Inception 07-Mar-2012)
Dow Jones-UBS Commodity Index Total Return (EUR Hedged)
—
-4.71%
-5.00%
—
Classes denominated in GBP
1
2
Institutional GBP (Hedged) Class Income Shares (Inception 17-May-2011)
-1.25%
Dow Jones-UBS Commodity Index Total Return (GBP Hedged)
-3.58%
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
4
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
-13.23%
—
» The CommoditiesPLUS™ Strategy Fund seeks
to achieve its investment objective by
investing under normal circumstances in
commodity index-linked derivative
instruments backed by a portfolio of actively
managed global Fixed Income Instruments
(as defined in the Prospectus).
» An overweight to Australian nominal
duration (or sensitivity to changes in nominal
interest rates) benefited performance as the
Australian nominal yield curve rallied over
the reporting period.
» Exposure to Brazilian nominal duration
benefited performance as the Brazilian
nominal yield curve rallied over the
reporting period.
» An underweight to US nominal duration in
the second quarter of 2012 detracted from
performance as the US nominal yield
curve rallied.
PIMCO Credit Absolute Return Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 14-Oct-2011)
3.33%
5.40%
3 Month USD LIBOR Index
0.26%
0.34%2
Institutional EUR (Hedged) Class Accumulation Shares (Inception 14-Oct-2011)
3.33%
5.40%
3 Month Euribor
0.54%
—
Institutional GBP (Hedged) Class Accumulation Shares (Inception 14-Oct-2011)
3.43%
5.60%
3 Month GBP LIBOR Index
0.50%
—
Classes denominated in EUR
Classes denominated in GBP
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The PIMCO Credit Absolute Return Fund
seeks to provide a positive total return across
a variety of market environments, consistent
with preservation of capital and prudent
investment management, by investing at
least 80% of its net assets in a diversified
portfolio of Fixed Income Instruments. The
Fund seeks a positive total return rather than
a return which is greater than a particular
benchmark and aims to generate absolute
returns irrespective of whether markets are
trending up or down.
» An overweight to US duration (or sensitivity
to changes in market interest rates) was
positive for performance as US rates trended
lower during the reporting period.
» An allocation to the banking sector was
positive for performance as the sector posted
positive absolute returns during the
reporting period.
» An allocation to the pipelines sector was
positive for performance as the sector posted
positive absolute returns during the
reporting period.
» Net short exposure to retailers detracted
from performance as the sector posted
positive absolute returns during the
reporting period.
» FX (or currency) positioning (i.e. short the
Australian dollar vs. the US Dollar) detracted
from performance as the Australian dollar
outperformed the US Dollar during the
reporting period.
Semiannual Report
30 June 2012
5
Diversified Income Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 30-Jun-2005)
7.68%
8.10%
Institutional Class Income Shares (Inception 08-Sep-2008)
7.65%
10.64%
Administrative Class Income Shares (Inception 21-Jul-2011)
7.30%
7.17%
Class H Institutional Accumulation Shares (Inception 08-Jun-2011)
7.55%
7.36%
Class E Accumulation Shares (Inception 11-Sep-2006)
7.16%
7.57%
Class E Income Shares (Inception 31-Jul-2006)
7.17%
7.73%
Class M Retail Income Shares (Inception 30-Nov-2010)
7.23%
7.60%
Class Z Accumulation Shares (Inception 21-Feb-2012)
—
4.10%
6.66%
7.31%2
Institutional CAD (Hedged) Class Accumulation Shares (Inception 09-Dec-2011)
8.01%
9.20%
1/3 each-Barclays Global Aggregate Credit Component, BofA Merrill Lynch Global High Yield
BB-B Rated Constrained, JPMorgan EMBI Global; All CAD Hdgd
6.88%
—
Institutional CHF (Hedged) Class Accumulation Shares (Inception 24-Jun-2011)
7.31%
7.08%
1/3 each-Barclays Global Aggregate Credit Component, BofA Merrill Lynch Global High Yield
BB-B Rated Constrained, JPMorgan EMBI Global; All CHF Hdgd
6.17%
—
Institutional EUR (Hedged) Class Accumulation Shares (Inception 14-Feb-2007)
7.55%
8.33%
Institutional EUR (Hedged) Class Income Shares (Inception 17-Oct-2007)
7.60%
9.01%
Investor EUR (Hedged) Class Accumulation Shares (Inception 05-Jul-2007)
7.33%
8.79%
1/3 each-Barclays Global Aggregate Credit Component, BofA Merrill Lynch Global High Yield
BB-B Rated Constrained, JPMorgan EMBI Global; All USD Hdgd
Classes denominated in CAD
Classes denominated in CHF
Classes denominated in EUR
Administrative EUR (Hedged) Class Accumulation Shares (Inception 20-Jul-2007)
7.30%
8.69%
Administrative EUR (Hedged) Class Income Shares (Inception 08-Aug-2011)
7.24%
8.26%
Class E EUR (Hedged) Accumulation Shares (Inception 03-Jul-2007)
7.12%
8.30%
Class E EUR (Hedged) Income Shares (Inception 16-Oct-2009)
7.01%
9.58%
—
2.40%
6.37%
—
7.71%
8.99%
Class G Retail EUR (Hedged) Income Shares (Inception 30-Mar-2012)
1/3 each-Barclays Global Aggregate Credit Component, BofA Merrill Lynch Global High Yield
BB-B Rated Constrained, JPMorgan EMBI Global; All EUR Hdgd
Classes denominated in GBP
Institutional GBP (Hedged) Class Accumulation Shares (Inception 16-May-2006)
Institutional GBP (Hedged) Class Income Shares (Inception 14-Feb-2006)
7.84%
8.68%
Administrative GBP (Hedged) Class Income Shares (Inception 21-Jul-2011)
7.41%
7.41%
1/3 each-Barclays Global Aggregate Credit Component, BofA Merrill Lynch Global High Yield
BB-B Rated Constrained, JPMorgan EMBI Global; All GBP Hdgd
6.59%
—
Institutional SEK (Hedged) Class Accumulation Shares (Inception 31-Mar-2006)
8.48%
8.29%
1/3 each-Barclays Global Aggregate Credit Component, BofA Merrill Lynch Global High Yield
BB-B Rated Constrained, JPMorgan EMBI Global; All SEK Hdgd
7.20%
—
Classes denominated in SEK
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
6
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
» The Diversified Income Fund seeks to achieve
its investment objective by investing under
normal circumstances at least two-thirds of
its total assets in a diversified portfolio of
Fixed Income Instruments (as defined in the
Prospectus) of varying maturities.
» An overweight to investment grade
corporate spread duration benefited
performance as spreads tightened over the
reporting period.
» A tactical allocation to Brazilian local rates
benefited performance as Brazilian local
rates fell over the reporting period.
» An overweight allocation to financial credits
added to relative performance as the
financial component of the Barclays Global
Aggregate Bond Index outperformed other
sectors during the reporting period.
» Tactical currency strategies designed to
benefit from a depreciation of the Australian
dollar detracted from performance as the
Australian dollar appreciated against the
US Dollar.
» An underweight to Venezuela detracted from
relative performance as the country’s debt
performed well over the reporting period.
» An underweight to Argentina benefited
relative performance as Argentine debt
performed poorly over the reporting period.
Diversified Income Duration Hedged Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 31-May-2011)
5.97%
4.34%
Class E Income Shares (Inception 31-May-2011)
5.62%
3.53%
Class Z Income Shares (Inception 31-May-2011)
6.29%
4.95%
Blend of the following three indices at constant .25 year duration: 1/3 each-Barclays Global
Aggregate Credit Component, BofA Merrill Lynch Global High Yield BB-B Rated
Constrained, JPMorgan EMBI Global; All USD Hdgd
4.64%
0.02%2
Institutional EUR (Hedged) Class Accumulation Shares (Inception 16-Aug-2011)
5.71%
7.40%
Class E EUR (Hedged) Accumulation Shares (Inception 11-Aug-2011)
5.27%
7.90%
Blend of the following three indices at constant .25 year duration: 1/3 each-Barclays Global
Aggregate Credit Component, BofA Merrill Lynch Global High Yield BB-B Rated
Constrained, JPMorgan EMBI Global; All EUR Hdgd
4.57%
—
6.00%
9.50%
Classes denominated in EUR
Classes denominated in GBP
Institutional GBP (Hedged) Class Accumulation Shares (Inception 23-Aug-2011)
Blend of the following three indices at constant .25 year duration: 1/3 each-Barclays Global
Aggregate Credit Component, BofA Merrill Lynch Global High Yield BB-B Rated
Constrained, JPMorgan EMBI Global; All GBP Hdgd
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
4.57%
—
» The Diversified Income Duration Hedged
Fund seeks to achieve its investment
objective by investing at least 80% of its net
assets in a diversified portfolio of variable
and floating-rate Fixed Income Instruments,
Fixed Income Instruments with a duration of
less than or equal to one year, and fixed rate
Fixed Income Instruments.
» An overweight to corporate spread duration
benefited performance as spreads tightened
over the reporting period.
» A tactical allocation to Brazilian local rates
benefited performance as Brazilian local
rates fell over the reporting period.
» An underweight allocation to financial
credits detracted from relative performance
as the financial component of the Barclays
Global Aggregate Bond Index outperformed
other sectors during the reporting period.
» Tactical currency strategies designed to
benefit from a depreciation of the Australian
dollar detracted from performance as the
Australian dollar appreciated against the
US Dollar.
» An underweight to Venezuela detracted from
relative performance as the country’s debt
performed well over the reporting period.
» An underweight to Argentina benefited
relative performance as Argentine debt
performed poorly over the reporting period.
Semiannual Report
30 June 2012
7
PIMCO Dividend and Income Builder Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Income Shares (Inception 14-Dec-2011)
Class E Income Shares (Inception 30-Apr-2012)
1
2
5.42%
7.74%
—
-0.62%
Class Z Income Shares (Inception 14-Dec-2011)
5.97%
8.31%
MSCI World Index
5.91%
10.03%2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The PIMCO Dividend and Income Builder
Fund has a primary investment objective to
provide current income that exceeds the
average yield on global stocks contained in
the MSCI World Index, and to provide a
growing stream of income per share over
time. The Fund’s secondary objective is to
provide long term capital appreciation. The
Fund typically invests at least 80% of its net
assets in a diversified portfolio of incomeproducing investments with at least 50% of
its net assets in Equity Securities and equityrelated securities. The Fund may also invest
in Fixed Income Instruments of varying
maturities and related financial derivative
instruments in such securities.
» The Fund’s weight in cash at the beginning
of the period was the largest single detractor
from relative performance. The Fund’s cash
weight has since been reduced.
» The Fund’s defensive equity positioning was
a drag on relative performance. Specifically,
the Fund’s underweight to the financials and
consumer discretionary sectors and
overweight to the consumer staples sector
detracted from relative performance.
» On the whole, equity security selection
slightly contributed to relative performance.
The largest single contributor was Bangkok
Expressway, a Thai toll road operator, which
over the period reported strong increases in
revenues and traffic volume.
» The largest single detractor was Tesco, a UK
food retailer, which issued a sales and profit
warning based on a disappointing 2011
holiday season in its home market. The team
exited the position in February.
» The Fund’s fixed income sleeve performed
positively, driven mainly by overweights to
investment grade, high yield, and emerging
markets credit securities, as these
sectors outperformed.
8
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Emerging Asia Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 03-Jun-2011)
6.11%
-4.20%
Institutional Class Income Shares (Inception 22-Jul-2011)
6.23%
-4.63%
Class E Income Shares (Inception 01-Jun-2010)
5.79%
9.86%
[90% JPMorgan Asia Credit Index (JACI) + 10% 1 month USD Libor] * [JPMorgan Emerging
Local Markets Index (ELMI+)] / [3 month USD Libor]
8.93%
10.49%2
Classes denominated in USD
Classes denominated in EUR
Institutional EUR (Unhedged) Class Accumulation Shares (Inception 01-Oct-2010)
8.63%
7.42%
Class E EUR (Unhedged) Accumulation Shares (Inception 03-Jun-2011)
8.15%
8.17%
11.46%
—
Class M Retail HKD (Unhedged) Income Shares (Inception 01-Mar-2011)
5.67%
0.24%
[90% JPMorgan Asia Credit Index (JACI) + 10% 1 month USD Libor] * [JPMorgan Emerging
Local Markets Index (ELMI+)] / [3 month USD Libor]. (HKD Unhedged)
8.81%
—
[90% JPMorgan Asia Credit Index (JACI) + 10% 1 month USD Libor] * [JPMorgan Emerging
Local Markets Index (ELMI+)] / [3 month USD Libor]. (Euro Unhedged)
Classes denominated in HKD
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The Emerging Asia Bond Fund seeks to
maximise total return, consistent with
prudent investment management. The Fund
invests in a combination of Fixed Income
Instruments (as defined in the Prospectus) of
issuers that are economically tied to Asia
ex-Japan countries with emerging securities
markets, related derivatives (as set out in the
Prospectus) on such securities and emerging
market currencies. Fixed Income Securities
purchased by the Fund will be rated at least
Caa by Moody’s or CCC by S&P (or if
unrated, determined by the Investment
Adviser to be of comparable quality).
» Emerging Asia bond returns boosted
absolute returns of the Portfolio. Emerging
Asia bonds returned 6.68% in the first half
of 2012 as measured by the JPMorgan Asia
Credit Index. Emerging market currencies
returned 3.03% in the first half of 2012 as
measured by the JPMorgan Emerging Local
Markets Index Plus.
» An overweight to the Philippines benefited
performance as credits from this country
outperformed the broader market.
» An underweight to China detracted from
performance as the credits from this country
outperformed the broader market.
» An overweight to the Mexican peso and the
Polish zloty benefited performance as these
currencies performed well.
» An underweight to the Hungarian forint and the
Argentinean peso detracted from performance
as these currencies underperformed.
Semiannual Report
30 June 2012
9
Emerging Local Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 11-Dec-2007)
6.70%
7.41%
Institutional Class Income Shares (Inception 18-Apr-2008)
6.61%
7.09%
Classes denominated in USD
Investor Class Accumulation Shares (Inception 18-Aug-2010)
6.39%
4.31%
Class E Accumulation Shares (Inception 19-Nov-2008)
6.11%
15.51%
Class E Income Shares (Inception 08-Jul-2010)
6.11%
5.87%
Class Z Income Shares (Inception 18-Nov-2008)
7.17%
17.28%
JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged)
6.99%
7.49%3
Institutional CAD (Unhedged) Class Accumulation Shares (Inception 09-Dec-2011)
6.82%
4.90%
JPMorgan Government Bond Index-Emerging Markets Global Diversified Index
(CAD Unhedged)
7.11%
—
Investor CHF (Unhedged) Class Accumulation Shares (Inception 02-Mar-2011)
7.79%
5.89%
JPMorgan Government Bond Index-Emerging Markets Global Diversified Index
(CHF Unhedged)
8.29%
—
Institutional EUR (Unhedged) Class Accumulation Shares (Inception 16-Apr-2010)2
9.16%
8.78%
Institutional EUR (Unhedged) Class Income Shares (Inception 23-Jun-2010)
9.10%
5.59%
Investor EUR (Unhedged) Class Accumulation Shares (Inception 02-Mar-2011)
9.00%
11.16%
Administrative EUR (Unhedged) Class Accumulation Shares (Inception 30-Sep-2010)
8.87%
6.53%
Class E EUR (Unhedged) Accumulation Shares (Inception 02-Jul-2009)
8.52%
13.26%
Class G Retail EUR (Unhedged) Income Shares (Inception 14-Dec-2010)
8.58%
6.77%
JPMorgan Government Bond Index-Emerging Markets Global Diversified Index
(EUR Unhedged)
9.44%
—
Classes denominated in CAD
Classes denominated in CHF
Classes denominated in EUR
Classes denominated in GBP
Institutional GBP (Unhedged) Class Accumulation Shares (Inception 27-Jun-2008)
5.70%
14.88%
Institutional GBP (Unhedged) Class Income Shares (Inception 14-Aug-2008)
5.67%
12.97%
JPMorgan Government Bond Index-Emerging Markets Global Diversified Index
(GBP Unhedged)
6.01%
—
Annualised performance for periods of at least one year, otherwise cumulative.
Institutional EUR (Unhedged) Class Accumulation Shares opened initially on 13 June 2008, closed on 21 April 2009 and
re-opened on 16 April 2010.
3 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
2
10
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
» The Emerging Local Bond Fund seeks to
maximise total return, consistent with
prudent investment management. The Fund
will normally invest at least 80% of its assets
in Fixed Income Instruments (as defined in
the Prospectus) denominated in currencies of
countries with emerging securities markets,
which may be represented by forwards or
derivatives such as options, futures
contracts, or swap agreements.
» An underweight to Hungary detracted from
relative performance as the Hungarian
sub-Index outperformed the Fund’s
benchmark for the reporting period.
» An underweight to Turkey detracted from
relative performance as the Turkish
sub-Index outperformed the Fund’s
benchmark for the reporting period.
» An overweight to Brazilian duration added to
relative performance as the Brazilian
sub-Index (local currency) outperformed the
Fund’s benchmark for the reporting period;
however, exposure to the Brazilian currency
detracted from relative performance as the
currency depreciated.
» An overweight to Mexico added to relative
performance as the Mexican sub-Index
outperformed the Fund’s benchmark for the
reporting period.
» An underweight to Malaysia added to
relative performance as the Malaysian
sub-Index underperformed the Fund’s
benchmark for the reporting period.
Emerging Markets Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 31-Jul-2001)
7.59%
12.54%
Institutional Class Income Shares (Inception 13-Dec-2001)
7.57%
11.41%
Investor Class Accumulation Shares (Inception 25-Apr-2002)
7.38%
10.40%
Investor Class Income Shares (Inception 18-Apr-2002)
7.37%
10.33%
Administrative Class Accumulation Shares (Inception 29-May-2003)
7.31%
8.71%
Class H Institutional Accumulation Shares (Inception 17-Oct-2002)
7.49%
12.38%
Classes denominated in USD
Class E Accumulation Shares (Inception 31-Mar-2006)
7.10%
7.50%
Class E Income Shares (Inception 28-Oct-2005)
7.17%
7.70%
Class M Retail Income Shares (Inception 30-Nov-2010)
7.18%
8.01%
Class Z Accumulation Shares (Inception 21-Feb-2012)
—
3.70%
Class Z Income Shares (Inception 18-Nov-2008)
7.98%
18.77%
JPMorgan Emerging Markets Bond Index (EMBI) Global
7.45%
10.90%2
Classes denominated in CHF
Institutional CHF (Hedged) Class Income Shares (Inception 16-Dec-2005)
7.16%
6.48%
JPMorgan EMBI Global (CHF Hedged)
6.79%
—
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 17-Dec-2002)
7.31%
10.75%
Institutional EUR (Hedged) Class Income Shares (Inception 20-Dec-2010)
7.38%
10.00%
Investor EUR (Hedged) Class Accumulation Shares (Inception 04-Aug-2009)
7.16%
11.61%
Class E EUR (Hedged) Accumulation Shares (Inception 31-Mar-2006)
6.82%
6.74%
JPMorgan EMBI Global (Euro Hedged)
6.97%
—
Classes denominated in GBP
Institutional GBP (Hedged) Class Accumulation Shares (Inception 05-Feb-2004)
7.49%
9.61%
Institutional GBP (Hedged) Class Income Shares (Inception 30-Dec-2005)
7.66%
8.23%
JPMorgan EMBI Global (GBP Hedged)
7.22%
—
Class E SGD (Hedged) Accumulation Shares (Inception 15-Feb-2007)
6.96%
5.87%
JPMorgan EMBI Global (SGD Hedged)
7.10%
—
Classes denominated in SGD
1
2
» The Emerging Markets Bond Fund seeks to
achieve its investment objective by investing
at least 80% of its assets in Fixed Income
Instruments (as defined in the Prospectus) of
issuers that economically are tied to
countries with emerging securities markets.
The Fund is actively managed to maximize
total return potential and minimize risk
relative to the benchmark.
» An underweight to Argentina added to
relative performance as the Argentinean
sub-Index underperformed the Fund’s
benchmark during the reporting period.
» An overweight to Russian quasi-sovereigns
and corporates positively contributed to
performance as the Russian corporate
sub-Index outperformed the sovereign
benchmark during the reporting period.
» An overweight to Brazil detracted from
relative performance as the Brazilian
sub-Index underperformed the Fund’s
benchmark during the reporting period;
however, tactical allocation to Brazilian local
rates positively contributed to performance.
» An underweight to Hungary detracted from
relative performance as the Hungarian
sub-Index outperformed the Fund’s
benchmark during the reporting period.
» An underweight to Turkey detracted from
relative performance as the Turkish
sub-Index outperformed the Fund’s
benchmark during the reporting period.
» An underweight to Venezuela detracted from
relative performance as the Venezuelan
sub-Index outperformed the Fund’s
benchmark during the reporting period.
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
Semiannual Report
30 June 2012
11
Emerging Markets Corporate Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 12-Nov-2009)
7.06%
8.16%
—
2.10%
Class Z Income Shares (Inception 03-Dec-2009)
7.61%
9.31%
JPMorgan Corporate Emerging Markets Bond Index Diversified (CEMBI)
7.81%
9.52%2
Class E CHF (Hedged) Accumulation Shares (Inception 25-May-2012)
—
1.80%
JPMorgan Corporate Emerging Markets Bond Diversified Index (CHF Hedged)
—
—
6.70%
7.81%
Class E EUR (Hedged) Accumulation Shares (Inception 02-Mar-2010)
6.27%
6.26%
JPMorgan Corporate Emerging Markets Bond Diversified Index (EUR Hedged)
7.47%
—
Class E Accumulation Shares (Inception 27-Feb-2012)
Classes denominated in CHF
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 19-Feb-2010)
Classes denominated in GBP
Institutional GBP (Hedged) Class Income Shares (Inception 16-Jun-2011)
6.97%
4.52%
JPMorgan Corporate Emerging Markets Bond Diversified Index (GBP Hedged)
7.70%
—
Annualised performance for periods of at least one year, otherwise cumulative.
2 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
» The Emerging Markets Corporate Bond Fund
(formerly named the Emerging Markets and
Infrastructure Bond Fund) seeks maximum
total return, consistent with preservation of
capital and prudent investment management,
by investing under normal circumstances at
least 80% of its assets in an actively
managed diversified portfolio consisting of
Fixed Income Instruments (as defined in the
Prospectus) that are economically tied to
emerging market countries including Fixed
Income Instruments that are issued by
corporate issuers that are economically tied
to emerging market countries.
» An overweight to Russia added to relative
performance as the Russian sub-Index
outperformed the Fund’s benchmark for the
reporting period.
» An overweight to Brazil detracted from
relative performance as the Brazilian
sub-Index underperformed the Fund’s
benchmark for the reporting period.
» An overweight to Peru added to relative
performance as the Peruvian sub-Index
outperformed the Fund’s benchmark for the
reporting period.
» An underweight to China detracted from
relative performance as the Chinese
sub-Index outperformed the Fund’s
benchmark for the reporting period.
» An underweight to Hong Kong added to
relative performance as the Hong Kong
sub-Index underperformed the Fund’s
benchmark for the reporting period.
» An underweight to the banking/financial
sector detracted from relative performance as
the sector outperformed the Fund’s
benchmark for the reporting period.
» An underweight to the telecom sector
detracted from relative performance as the
sector outperformed the Fund’s benchmark
for the reporting period.
12
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Emerging Markets Currency Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 29-Sep-2006)
3.45%
4.95%
Class E Accumulation Shares (Inception 19-Nov-2008)
3.06%
6.37%
Class E Income Shares (Inception 31-Oct-2006)
2.95%
3.70%
Class Z Income Shares (Inception 18-Nov-2010)
3.97%
-0.16%
JPMorgan Emerging Local Markets Index Plus (Unhedged)
3.03%
5.66%2
JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged)
3.03%
5.31%2
5.81%
6.46%
Class E EUR (Unhedged) Accumulation Shares (Inception 02-Jul-2009)
5.38%
6.69%
JPMorgan Emerging Local Markets Index Plus (EUR Unhedged)
4.90%
—
Classes denominated in EUR
Institutional EUR (Unhedged) Class Accumulation Shares (Inception 20-Jan-2010)2
Annualised performance for periods of at least one year, otherwise cumulative.
Institutional EUR (Unhedged) Class Accumulation Shares opened initially on 13 June 2008, closed on 21 April 2009 and
re-opened 20 January 2010.
3 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
2
» The Emerging Markets Currency Fund
(formerly named the Developing Local
Markets Fund) seeks maximum total return,
consistent with preservation of capital and
prudent investment management, by
investing under normal circumstances at
least 80% of its assets in currencies of, or
fixed-income instruments denominated in
currencies of, emerging markets. The
Investment Adviser has broad discretion to
identify countries that it considers to qualify
as emerging markets. The Investment
Adviser will select the Fund’s country and
currency composition based on its evaluation
of relative interest rates, inflation rates,
exchange rates, monetary and fiscal policies,
trade and current account balances, and
other specific factors the Investment Adviser
believes to be relevant. The Fund is likely to
concentrate its investments in Asia, Africa,
the Middle East, Latin America and the
emerging countries of Europe. The Fund may
invest in instruments whose return is based
on the return of an emerging market security
such as a derivative instrument, rather than
investing directly in emerging market
securities. The average portfolio duration of
this Fund varies based on the Investment
Adviser’s forecast for interest rates and,
under normal market conditions, is not
expected to exceed two years. The Fund may
invest all of its assets in high yield securities,
subject to a maximum of 15% of its assets in
securities rated lower than B by Moody’s or
S&P (or, if unrated, determined by the
Investment Adviser to be of
comparable quality).
» An overweight to Mexico added to relative
performance as the Mexican currency
sub-Index outperformed the Fund’s
benchmark for the reporting period.
» An overweight to Poland added to relative
performance as the Polish currency sub-Index
outperformed the Fund’s benchmark for the
reporting period.
» An overweight to Brazil detracted from
relative performance as the Brazilian
currency sub-Index underperformed the
Fund’s benchmark for the reporting period;
however, tactical allocation to Brazilian local
rates added to relative performance.
» An underweight to Hungary detracted from
relative performance as the Hungarian
currency sub-Index outperformed the Fund’s
benchmark for the reporting period.
Semiannual Report
30 June 2012
13
PIMCO Emerging Multi-Asset Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 10-Jun-2011)
0.58%
-12.18%
Class Z Income Shares (Inception 07-Jun-2011)
1.28%
-12.23%
50% MSCI Emerging Markets Index, 25% JPMorgan Emerging Markets Bond Index (EMBI)
Global, 25% JPMorgan Government Bond Index-Emerging Markets Global Diversified
Index (Unhedged)
5.74%
-5.67%2
Classes denominated in EUR
Institutional EUR (Partially Hedged) Class Accumulation Shares (Inception 07-Dec-2011)
2.29%
2.80%
Institutional EUR (Partially Hedged) Class Income Shares (Inception 07-Dec-2011)
2.27%
2.78%
Class E EUR (Partially Hedged) Accumulation Shares (Inception 07-Dec-2011)
1.59%
2.10%
Class G Retail EUR (Partially Hedged) Income Shares (Inception 30-Mar-2012)
—
-2.90%
50% MSCI Emerging Markets Index, 25% JPMorgan Emerging Markets Bond Index (EMBI)
Global, 25% JPMorgan Government Bond Index-Emerging Markets Global Diversified
Index (Unhedged) (EUR Hedged)
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
7.36%
—
» The PIMCO Emerging Multi-Asset Fund seeks
to achieve its investment objective by
investing under normal circumstances at
least 80% of its net assets in a diversified
portfolio of investments which are
economically tied to emerging market
countries. While, under normal
circumstances, at least 80% of the Fund’s
net assets will be economically tied to
emerging market countries, the Fund seeks
concurrent exposure to a broad spectrum of
non-emerging market related assets in order
to achieve its investment objective as
outlined in greater detail in the
Fund’s Prospectus.
» An asset allocation decision to underweight
external emerging market (EM) debt
detracted from relative performance as the
JPMorgan Emerging Markets Bond Index
(EMBI) Global outperformed the Fund’s
blended secondary benchmark (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).
» Security selection in EM equities detracted
from relative performance as they
underperformed the Fund’s primary
benchmark (the MSCI Emerging
Markets Index).
» An asset allocation decision to underweight
local EM debt detracted from relative
performance as the JPMorgan Government
Bond Index-Emerging Markets (GBI-EM)
Global Diversified Index outperformed the
Fund’s blended secondary benchmark over
the reporting period.
» An asset allocation decision to underweight
equities positively contributed to relative
performance as EM equities, as represented
by the MSCI Emerging Markets Index,
underperformed the Fund’s blended
secondary benchmark over the
reporting period.
» A tactical allocation to EM corporates
positively contributed to relative performance
as corporates outperformed the Fund’s
blended secondary benchmark.
14
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
PIMCO EqS Dividend Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Income Shares (Inception 14-Dec-2011)
Class E Income Shares (Inception 30-Apr-2012)
4.61%
7.43%
—
-1.57%
Class Z Income Shares (Inception 14-Dec-2011)
5.08%
8.02%
MSCI World Index
5.91%
10.03%2
Institutional EUR (Hedged) Class Income Shares (Inception 16-Dec-2011)
4.73%
7.13%
Class E EUR (Hedged) Income Shares (Inception 16-Dec-2011)
3.99%
6.27%
MSCI World (Euro Hedged) Index
5.68%
—
Classes denominated in EUR
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The PIMCO EqS Dividend Fund has a primary
investment objective to seek to provide
current income that exceeds the average yield
on global stocks contained in the MSCI World
Index. The Fund’s secondary objective is to
seek to provide long term capital appreciation.
» The Fund’s weight in cash at the beginning
of the period was the largest single detractor
from relative performance. The Fund’s cash
weight has since been reduced.
» The Fund’s defensive equity positioning
detracted from relative performance.
Specifically, the Fund’s underweight to the
financials and consumer discretionary sectors
and an overweight to the consumer staples
sector detracted from relative performance.
» Security selection contributed slightly to
performance. The largest single contributor
was Bangkok Expressway. The Thai
infrastructure construction company
outperformed after reporting increases in
average daily traffic volume. The company
also announced plans for a new toll road in
west Bangkok.
» The largest single detractor was Tesco, a UK
food retailer, which issued a sales and profit
warning based on a disappointing 2011
holiday season in its home market. The team
exited the position in February.
Semiannual Report
30 June 2012
15
PIMCO EqS Emerging Markets Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 22-Mar-2011)
0.51%
-16.40%
Class Z Income Shares (Inception 22-Mar-2011)
1.19%
-15.30%
MSCI Emerging Markets Index
3.93%
-10.43%2
Classes denominated in EUR
1
2
Institutional EUR (Unhedged) Class Accumulation Shares (Inception 22-Mar-2011)
2.89%
-8.66%
Class E EUR (Unhedged) Accumulation Shares (Inception 22-Mar-2011)
2.21%
-9.71%
MSCI Emerging Markets Index (EUR Unhedged)
3.00%
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
—
» The PIMCO EqS Emerging Markets Fund
invests under normal circumstances at least
80% of its net assets in an actively
managed, diversified portfolio of investments
that are economically tied to emerging
market countries. The Fund will invest
primarily in equity and equity-related
securities including common stock, preferred
stock, warrants, equity-related exchangetraded funds and securities (such as bonds,
P notes, depositary receipts or debentures)
which reference or which are convertible or
that the Investment Adviser expects to be
convertible into common or preferred stock.
» Stock selection within the materials and
telecommunication services sectors, which
underperformed, was the primary reason for
the Fund’s relative underperformance.
» Positive stock selection within the Energy
sector contributed to relative returns as the
Fund avoided many of the large, stateowned enterprises in the sector,
which underperformed.
» From a country perspective, stock selection in
Taiwan and an allocation to Kazakhstan, a
non-benchmark country that outperformed
the benchmark, contributed to
relative performance.
» Stock selection in South Africa, namely
metals and mining companies, as well as an
allocation to Israel, a non-benchmark
country, detracted from performance.
16
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
PIMCO EqS Pathfinder FundTM
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 20-May-2010)
3.89%
4.34%
Institutional Class Income Shares (Inception 20-May-2010)
3.89%
4.37%
Classes denominated in USD
Investor Class Accumulation Shares (Inception 08-Jul-2010)
3.71%
3.14%
Class E Accumulation Shares (Inception 28-May-2010)
3.30%
3.06%
Class E Income Shares (Inception 28-May-2010)
3.31%
3.04%
Class Z Income Shares (Inception 06-Sep-2011)
4.44%
6.49%
MSCI World Index
5.91%
9.73%2
Classes Denominated in EUR
1
2
Institutional EUR (Hedged) Class Accumulation Shares (Inception 26-Jul-2010)
3.80%
3.37%
Class E EUR (Hedged) Accumulation Shares (Inception 10-Nov-2010)
3.13%
-0.61%
MSCI World (Euro Hedged) Index
5.68%
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
—
» The PIMCO EqS Pathfinder Fund™ seeks to
achieve its investment objective primarily by
investing, under normal circumstances, in
Equity Securities (as defined in the
Prospectus), including common and preferred
stock, of issuers which the Investment
Adviser is of the view are undervalued and
that are economically tied to at least three
countries (one of which may be the United
States). 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.
» Stock selection in the consumer staples,
financials, and energy sectors were notable
contributors to returns as the holdings
overall within these sectors appreciated
during the reporting period.
» Holdings in Marine Harvest, Microsoft, and
Lorillard were notable contributors to
performance as these companies’ share
prices appreciated during the reporting
period.
» Holdings in KPN, Eutelsat Communications,
and Carrefour were moderate detractors
from returns as prices on these securities
declined during the reporting period.
» At the end of the reporting period, the Fund
held approximately 88% in equities we
believe are undervalued, approximately 1%
(on the long side only) in merger arbitrage
investments, approximately 7% in cash
equivalents, and held the balance of the
portfolio in currency and market risk hedges,
including approximately 4% in gold.
Semiannual Report
30 June 2012
17
PIMCO EqS Pathfinder Europe FundTM
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 20-May-2010)
4.21%
3.03%
Institutional Class Income Shares (Inception 28-May-2010)
4.04%
2.93%
Classes denominated in EUR
1
2
Class E Accumulation Shares (Inception 09-Jun-2010)
3.46%
2.21%
Class E Income Shares (Inception 09-Jun-2010)
3.60%
2.25%
MSCI Europe Index
4.75%
5.62%2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The PIMCO EqS Pathfinder Europe Fund™
seeks to achieve its investment objective
primarily by investing, under normal
circumstances, in Equity Securities (as
defined in the Prospectus), including
common and preferred stock, of issuers
which the Investment Adviser is of the view
are undervalued and that are economically
tied to European countries.
» Stock selection in the consumer staples,
financials, and technology sectors were
notable contributors to returns as the
holdings overall within these sectors
appreciated during the reporting period.
» Holdings in Marine Harvest, Gemalto, and
CSM were notable contributors to
performance as these companies share prices
appreciated during the reporting period.
» Holdings in KPN, Eutelsat Communications,
and Carrefour were moderate detractors
from returns as prices on these securities
declined during the reporting period.
» At the end of the reporting period, the Fund
held approximately 89% in equities we
believe are undervalued, approximately 1%
(on the long side only) in merger arbitrage
investments, approximately 4% in cash
equivalents, and held the balance of the
portfolio in currency and market risk hedges,
including approximately 6% in gold.
18
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
EuriborPLUS Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in EUR
Institutional Class Accumulation Shares (Inception 31-Jan-2006)
1.30%
2.51%
Investor Class Accumulation Shares (Inception 31-Mar-2006)
1.06%
2.17%
Class E Accumulation Shares (Inception 31-Mar-2006)
0.81%
1.75%
1 Month Euribor Rate Index
0.30%
2.22%2
Annualised performance for periods of at least one year, otherwise cumulative.
2 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
» The EuriborPLUS Fund seeks to achieve its
investment objective by investing at least
two-thirds of its assets in a diversified
portfolio of euro-denominated Fixed Income
Instruments (as defined in the Prospectus)
with varying maturities although the average
portfolio duration is not expected to exceed
one and a half years.
» Cash underperformed most issues further
along the maturity spectrum, and spreads
generally compressed against equivalentmaturity government issues.
» The decision to move exposure along the
yield curve, away from zero- or even
negative-yielding instruments, had a positive
impact on performance.
» An overweight to government-related bonds
as well as issues backed by dedicated
collateral, such as covered bonds and
securitised issues, contributed to performance.
» An emphasis on select names within the
financial sector contributed to performance.
Semiannual Report
30 June 2012
19
Euro Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 31-Dec-1998)
6.46%
4.51%
Institutional Class Income Shares (Inception 07-Jan-2003)
6.40%
4.24%
6.25%
4.44%
6.26%
4.39%
Classes denominated in EUR
Investor Class Accumulation Shares (Inception
08-May-2002)2
Investor Class Income Shares (Inception 29-Apr-2002)
Administrative Class Accumulation Shares (Inception 07-Jun-2001)
6.21%
4.27%
Class E Accumulation Shares (Inception 31-Mar-2006)
6.00%
2.77%
Class E Income Shares (Inception 10-Oct-2005)
6.05%
2.15%
Citigroup Euro Broad Investment-Grade Index
4.06%
4.55%2
Institutional CHF (Hedged) Class Accumulation Shares (Inception 30-Jun-2006)
6.20%
2.49%
Citigroup Euro Broad Investment-Grade (CHF Hedged) Index
3.88%
—
Classes denominated in CHF
Annualised performance for periods of at least one year, otherwise cumulative.
Investor Class Accumulation Shares opened initially on 18 January 2001, closed on 26 July 2001 and re-opened 8 May 2002.
3 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
2
» The Euro Bond Fund seeks to achieve its
investment objective by investing at least
two-thirds of its assets in a diversified
portfolio of euro-denominated Fixed Income
Instruments (as defined in the Prospectus) of
varying maturities.
» With the exception of the periphery of Europe,
most government yields declined. Corporate
spreads generally compressed against
equivalent-maturity government issues.
» Additional duration (or sensitivity to changes
in market interest rates) in the core of Europe,
as well as duration positioning in the US, had
a positive impact on performance as yields in
perceived safe haven countries declined.
» An overweight to government-related bonds
as well as issues backed by dedicated
collateral, such as covered bonds and
securitised issues, contributed to performance.
» An emphasis on select names within the
financial sector contributed to performance.
» An underweight exposure to the peripheral
of Europe, especially Italy, detracted from
performance as spreads over German bunds
compressed, with the most impact occurring
in January and February.
20
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Euro Credit Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in EUR
1
2
Institutional Class Accumulation Shares (Inception 31-Jan-2008)
6.26%
4.99%
Class E Accumulation Shares (Inception 25-May-2010)
5.82%
3.41%
Barclays Euro-Aggregate Credit Index
5.63%
5.03%2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The Euro Credit Fund seeks to maximise total
return, consistent with preservation of capital
and prudent investment management. The
Fund invests at least two-thirds of its assets
in a diversified portfolio of Eurodenominated Fixed Income Instruments (as
defined in the Prospectus) of varying
maturities, which may be represented by
direct or indirect holdings in credit-related
Fixed Income Securities or derivative
instruments such as options, futures swaps
or credit default swaps.
» An overweight to US and UK banks versus
an underweight to European banks benefited
performance as US and UK banks
outperformed European banks during the
reporting period.
» An underweight to the wireline sector
positively contributed to performance as the
sector lagged the broader credit market
during the reporting period.
» An overweight to the energy sector detracted
from returns as the sector underperformed
the broader credit market during the
reporting period.
» Tactical exposure to high yield credit added
to returns as lower quality credit
outperformed higher quality credit during the
reporting period.
Semiannual Report
30 June 2012
21
Euro Income Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 28-Feb-2011)
5.21%
3.80%
Institutional Class Income Shares (Inception 28-Feb-2011)
5.18%
3.75%
Classes denominated in EUR
Investor Class Income Shares (29-May-2012)
1
2
—
0.70%
Class E Accumulation Shares (Inception 28-Feb-2011)
4.74%
2.83%
Class E Income Shares (Inception 28-Feb-2011)
4.67%
2.81%
Barclays Euro Aggregate 1-10 Year Bond Index
3.99%
5.42%2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The Euro Income Bond Fund seeks to invest
at least two-thirds of its assets in a
diversified portfolio of Euro-denominated
bonds and other Fixed Income Instruments of
varying maturities. The Fund will seek to
maintain a high level of dividend income by
investing in a broad array of fixed income
sectors which in the Investment Adviser’s
view typically generate elevated levels
of income.
» An underweight to investment-grade
corporate issues detracted from performance
as spreads compressed and the sector
outperformed government bonds.
» The decision to hold additional duration (or
sensitivity to changes in market interest rates) in
countries perceived to be safe-haven countries
including the US had a positive impact on
performance, as yields in perceived safe haven
countries declined.
22
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Euro Liquidity Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 16-Dec-2008)
0.10%
0.56%
Institutional Class Income Shares (Inception 13-May-2008)
0.11%
1.05%
Classes denominated in EUR
1
2
Class E Accumulation Shares (Inception 01-Jul-2008)
0.00%
0.60%
Eonia® - Euro OverNight Index Average
0.12%
1.06%2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The Euro Liquidity Fund seeks maximum
current income consistent with the
preservation of capital and daily liquidity by
investing at least 95% of its assets in a
diversified portfolio of Euro-denominated
short-term debt securities that are in the
highest rating category for short-term
obligations. The Fund may invest up to 5%
of its assets in short-term debt securities that
are in the second highest rating category for
short-term obligations.
» Exposure to Pfandbriefe securities and
covered bonds added to performance as
these securities performed positively during
the reporting period.
» The decision to move exposure along the
yield curve, away from zero- or even
negative-yielding instruments,
benefited performance.
Semiannual Report
30 June 2012
23
Euro Long Average Duration Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in EUR
Institutional Class Accumulation Shares (Inception 21-Apr-2006)
7.35%
7.80%
Institutional Class Income Shares (Inception 03-Apr-2008)
7.33%
11.52%
Barclays Euro Government (Germany, France, Netherlands) over 15 years Index2
3.53%
5.90%3
Annualised performance for periods of at least one year, otherwise cumulative.
The blended performance reflects the performance of the Citigroup Euro Broad Investment-Grade (EuroBIG) Bond > 15
Years Index from 21 April 2006 through 31 March 2011, the Citigroup Euro Broad Investment-Grade (EuroBIG) Bond AAA
rated > 15 Years Index from 1 April 2011 through 31 January 2012, and the Barclays Euro Government (Germany, France,
Netherlands) over 15 years Index from 1 February 2012 forward.
3 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
2
» The Euro Long Average Duration Fund seeks
to achieve its investment objective by
investing at least two-thirds of its assets in a
diversified portfolio of euro-denominated
Fixed Income Instruments (as defined in
the Prospectus).
» An allocation to US interest rates contributed
to performance as US yields rallied at the
long end of the yield curve during the
reporting period.
» An overweight euro duration (or sensitivity to
changes in market interest rates) benefited
performance as swap rates fell across the
maturity of the yield curve.
» A broad exposure to the corporates sector
contributed to returns as spreads narrowed
over the reporting period.
» Long exposure to the Brazilian real detracted
from performance as the Brazilian real
depreciated versus the euro over the
reporting period.
» A bias to longer term UK government bonds
detracted from returns as yields fell more
significantly for medium term maturities over
the reporting period.
24
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Euro Low Duration Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in EUR
Institutional Class Accumulation Shares (Inception 05-Jul-2011)
1.28%
3.20%
PIMCO European Advantage Government 1-3 Year Bond Index
1.58%
3.89%2
Effective 31 January 2012 the Euro Low Average Duration Fund changed its name to the Euro Low Duration Fund. Please
see the Prospectus for additional information.
1 Annualised performance for periods of at least one year, otherwise cumulative.
2 Benchmark inception performance is calculated from the inception date of the oldest share class.
» The Euro Low Duration Fund (formerly
named the Euro Low Average Duration Fund)
seeks to achieve its investment objective by
investing at least two-thirds of its assets in a
diversified portfolio of EUR-denominated
Fixed Income Instruments of varying
maturities. The average portfolio duration of
the Fund will normally vary within one and a
half years (plus or minus) of the duration of
the PIMCO European Advantage
Government 1-3 Year Bond Index.
» Additional duration (or sensitivity to changes
in market interest rates) in the core of
Europe, as well as duration in the US, had a
positive impact on performance, as yields in
perceived safe haven countries declined.
» An overweight to government-related bonds
as well as issues backed by dedicated
collateral, such as covered bonds and
securitised issues, contributed
to performance.
» An underweight to the periphery of Europe
detracted from performance, particularly
early in the reporting period.
» An emphasis on select names within the
financial sector contributed to performance.
Semiannual Report
30 June 2012
25
Euro Real Return Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 31-Jan-2006)
4.57%
2.45%
Institutional Class Income Shares (Inception 03-Apr-2008)
4.37%
3.43%
4.09%
2.70%2
Classes denominated in EUR
Barclays Euro Government (AAA + AA) Inflation-Linked Bond
Index2
Annualised performance for periods of at least one year, otherwise cumulative.
The blended performance reflects the performance of the Barclays Euro Inflation-Linked Bond Index from 31 January 2006
through 31 January 2012, and the Barclays Euro Government (AAA + AA) Inflation-Linked Bond Index 1 February
2012 forward.
3 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
2
» The Euro Real Return Fund seeks to achieve
its investment objective by investing at least
two-thirds of its assets in a diversified
portfolio of euro-denominated inflationlinked Fixed Income Instruments (as defined
in the Prospectus) of varying maturities
issued by governments, their agencies or
instrumentalities and corporations.
» An overweight to Australian real duration
benefited performance as the Australian real
yield curve rallied over the reporting period.
» Exposure to Brazilian nominal duration
benefited performance as the Brazilian
nominal yield curve rallied over the
reporting period.
» An underweight to French domestic
CPI-Indexed linkers during March 2012
detracted from performance as the real yield
curve rallied.
26
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Euro Ultra-Long Duration Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in EUR
Institutional Class Accumulation Shares (Inception 29-Jan-2007)
1/3 each Barclays 25 Yr, 30 Yr, and 35 Yr Zero Coupon Nominal Swap Index (Euro Unhedged)
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
12.71%
15.40%
9.21%
15.79%2
» The Euro Ultra-Long Duration Fund seeks to
maximise total return, consistent with the
stated duration targets and prudent
investment management. The Fund invests
at least two-thirds of its assets in a
diversified portfolio of euro-denominated
Fixed Income Instruments (as defined in the
Prospectus). The average portfolio duration
of the Fund will vary between within two
years (plus or minus) of an equally weighted
blend of the Barclays 25 Yr, 30 Yr, and 35 Yr
Zero Coupon Nominal Swap Index
(Euro Unhedged).
» Exposure to long term European swap rates,
which fell significantly over the reporting
period, was a significant contributor to
absolute performance.
» Broad exposure to the corporates sector
contributed to returns as spreads narrowed
over the reporting period.
» Allocations to German government bonds
(bunds), which was increased over the
course of the reporting period, benefited
performance as German bund yields fell over
the reporting period.
» Short exposure to the Australian dollar
versus the euro detracted from returns as the
Australian dollar appreciated over the
reporting period.
Semiannual Report
30 June 2012
27
Global Advantage Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 09-Jun-2009)
2.94%
7.88%
Investor Class Accumulation Shares (Inception 18-Feb-2010)
2.80%
5.89%
Class E Accumulation Shares (Inception 10-Dec-2010)
2.48%
4.64%
Class E Income Shares (Inception 10-Dec-2010)
2.50%
4.62%
Class Z Income Shares (Inception 06-Sep-2011)
3.32%
0.35%
PIMCO Global Advantage Bond Index (GLADI) (London Close)
2.97%
7.23%2
Institutional CHF (Hedged) Class Income Shares (Inception 02-Aug-2011)
3.99%
8.02%
PIMCO Global Advantage Bond Index (GLADI) (CHF, Partially Hedged) (London Close)
3.87%
—
4.25%
5.94%
Class E EUR (Hedged) Accumulation Shares (Inception 06-May-2010)
3.65%
4.84%
PIMCO Global Advantage Bond Index (GLADI) (EUR, Partially Hedged) (London Close)
4.27%
—
Institutional NOK (Hedged) Class Accumulation Shares (Inception 05-Mar-2012)
—
2.69%
PIMCO Global Advantage Bond Index (GLADI) (NOK, Partially Hedged) (London Close)
—
—
Classes denominated in CHF
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 24-May-2010)
Classes denominated in NOK
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The Global Advantage Fund seeks to achieve
maximum long term return, consistent with
the preservation of capital and prudent
investment management, by investing 80%
of its assets in a diversified portfolio of Fixed
Income Instruments (as defined in the
Prospectus) that are economically tied to at
least three countries (one of which may be
the United States).
» An overweight to duration (or sensitivity to
changes in market interest rates) in Brazil
and Mexico contributed to relative
performance as yields fell in these countries
over the reporting period.
» An overweight to emerging market (EM)
external corporate bonds in Brazil, Mexico,
and Russia between January 2012 and
March 2012 contributed to relative
performance as spreads on these securities
tightened over US Treasuries during
that period.
» An overweight to the Mexican peso
contributed to relative performance as the
currency appreciated relative to the US Dollar
over the reporting period.
» An overweight to duration in the UK
contributed to relative performance as rates
in the UK fell between March 2012 and May
2012, which more than offset losses from an
overweight to duration early in the reporting
period as UK yields rose between January
2012 and March 2012.
» An underweight to the euro and to eurolinked currencies between March 2012 and
May 2012 contributed to relative
performance as these currencies appreciated
relative to the US Dollar over the
reporting period.
» An underweight to real duration (or
sensitivity to changes in real interest rates) in
Japan, France, and Italy detracted from
relative performance as real yields fell in
these countries over the reporting period.
» An overweight to EM external sovereign
bonds in Poland, Peru, and South Africa in
June 2012 as well as between January 2012
and March 2012 detracted from relative
performance as spreads on these securities
tightened over US Treasuries during the
reporting period.
28
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Global Advantage Real Return Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 29-Jul-2011)
Investor Class Accumulation Shares (Inception 11-Apr-2012)
PIMCO Global Advantage Inflation-Linked Bond Index (USD Unhedged)
4.18%
-0.40%
—
-0.10%
4.08%
-0.37%2
Classes denominated in CHF
Institutional CHF (Hedged) Class Accumulation Shares (Inception 27-Mar-2012)
—
2.70%
PIMCO Global Advantage Inflation-Linked Bond Index (CHF Partial Hedged)
—
—
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 29-Jul-2011)
5.60%
7.40%
Investor EUR (Hedged) Class Accumulation Shares (Inception 11-Apr-2012)
—
1.80%
PIMCO Global Advantage Inflation-Linked Bond Index (EUR Partial Hedged)
5.58%
—
—
0.60%
Investor GBP (Hedged) Class Income Shares (Inception 11-Apr-2012)
—
1.09%
PIMCO Global Advantage Inflation-Linked Bond Index (GBP Partial Hedged)
—
—
Classes denominated in GBP
Institutional GBP (Hedged) Class Income Shares (Inception 15-Feb-2012)
1
2
» The Global Advantage Real Return Fund
seeks to maximise real return, consistent
with preservation of real capital and prudent
investment management, by investing at
least 70% of its net assets in global,
developed and emerging market, local
currency inflation-indexed bonds.
» An overweight to Australian real duration
benefited performance as the Australian real
yield curve rallied over the reporting period.
» Exposure to Brazilian nominal duration
benefited performance as the Brazilian
nominal yield curve rallied over the
reporting period.
» An underweight to US real duration
detracted from performance as the US real
yield curve rallied over the reporting period.
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
Semiannual Report
30 June 2012
29
Global Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 12-Mar-1998)
4.55%
6.28%
Institutional Class Income Shares (Inception 18-Apr-2001)
4.55%
6.01%
Investor Class Accumulation Shares (Inception 01-Mar-1999)
4.39%
5.74%
Classes denominated in USD
Investor Class Income Shares (Inception 23-Jan-2001)
4.42%
5.63%
Administrative Class Accumulation Shares (Inception 14-Jun-2004)2
4.26%
5.66%
Class H Institutional Accumulation Shares (Inception 15-Oct-2002)
4.44%
5.73%
Class E Accumulation Shares (Inception 31-Mar-2006)
4.11%
5.47%
Class E Income Shares (Inception 28-Oct-2005)
4.12%
5.24%
Barclays Global Aggregate (USD Hedged) Index3
2.73%
5.61%4
Classes denominated in USD (Unhedged)
Institutional USD (Unhedged) Class Accumulation Shares (Inception 13-Dec-2002)
3.29%
7.05%
Institutional USD (Unhedged) Class Income Shares (Inception 23-Mar-2006)
3.28%
7.58%
Investor USD (Unhedged) Class Accumulation Shares (Inception 31-Mar-2005)
3.09%
5.76%
Class E USD (Unhedged) Accumulation Shares (Inception 19-May-2010)
2.86%
8.44%
Class E USD (Unhedged) Income Shares (Inception 19-May-2010)
2.82%
8.38%
Class Z USD (Unhedged) Income Shares (Inception 18-Nov-2008)
3.57%
13.94%
Barclays Global Aggregate (USD Unhedged) Index
1.50%
—
Classes denominated in CHF
Institutional CHF (Hedged) Class Accumulation Shares (Inception 08-May-2003)
4.32%
3.85%
Institutional CHF (Hedged) Class Income Shares (Inception 10-Apr-2003)
4.34%
3.93%
Investor CHF (Hedged) Class Accumulation Shares (Inception 28-Jun-2011)
4.21%
8.85%
Barclays Global Aggregate (CHF Hedged) Index
2.54%
—
Institutional EUR (Hedged) Class Accumulation Shares (Inception 04-Apr-2003)
4.52%
5.40%
Institutional EUR (Hedged) Class Income Shares (Inception 12-Apr-2005)
4.53%
5.60%
Investor EUR (Hedged) Class Accumulation Shares (Inception 02-Feb-2005)
4.34%
5.17%
Class E EUR (Hedged) Accumulation Shares (Inception 31-Mar-2006)
4.02%
5.34%
Barclays Global Aggregate (Euro Hedged) Index
2.71%
—
Institutional GBP (Hedged) Class Accumulation Shares (Inception 16-Apr-2003)
4.69%
6.56%
Institutional GBP (Hedged) Class Income Shares (Inception 01-Jun-2004)
4.67%
6.87%
Investor GBP (Hedged) Class Accumulation Shares (Inception 14-Apr-2005)
4.54%
6.10%
Administrative GBP (Hedged) Class Income Shares (Inception 02-Feb-2007)
4.40%
6.88%
Class E GBP (Hedged) Income Shares (Inception 23-Nov-2009)
4.25%
7.84%
Barclays Global Aggregate (GBP Hedged) Index
2.89%
—
Institutional ILS (Hedged) Class Accumulation Shares (Inception 13-May-2010)
4.75%
8.55%
Barclays Global Aggregate (ILS Hedged) Index
3.60%
—
Classes denominated in EUR
Classes denominated in GBP
Classes denominated in ILS
Classes denominated in NOK
Institutional NOK (Hedged) Class Accumulation Shares (Inception 30-Jun-2005)
5.33%
6.55%
Investor NOK (Hedged) Class Accumulation Shares (Inception 26-Jul-2006)
5.14%
7.55%
Barclays Global Aggregate (NOK Hedged) Index
3.49%
—
Institutional NZD (Hedged) Class Income Shares (Inception 01-Nov-2004)
5.87%
9.33%
Barclays Global Aggregate (NZD Hedged) Index
4.07%
—
Institutional SEK (Hedged) Class Accumulation Shares (Inception 08-Nov-2004)
5.43%
5.80%
Barclays Global Aggregate (SEK Hedged) Index
3.63%
—
Institutional SGD (Hedged) Class Accumulation Shares (Inception 07-Aug-2009)
4.47%
9.72%
Barclays Global Aggregate (SGD Hedged) Index
2.74%
—
Classes denominated in NZD
Classes denominated in SEK
Classes denominated in SGD
Annualised performance for periods of at least one year, otherwise cumulative.
Administrative Class Accumulation Shares opened initially on 19 April 2002, closed on 17 July 2002 and re-opened on
14 June 2004.
3 The blended performance reflects the performance of the JPMorgan Global Index (Hedged) from 1 April 1998 through 30 November
2000, after which time the performance reflects the Barclays Global Aggregate (USD Hedged) Index.
4 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
2
30
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
» The Global Bond Fund seeks to achieve its
investment objective by investing at least
two-thirds of its assets in a diversified
portfolio of Fixed Income Instruments (as
defined in the Prospectus) denominated in
major world currencies.
» Positions in high-quality financial names,
particularly in the US and the UK,
contributed to relative performance as
spreads on these securities narrowed over US
Treasuries and UK Gilts, respectively, during
the reporting period.
» Positions in high-quality non-Agency
mortgage-backed securities (MBS),
commercial mortgage-backed securities, and
asset-backed securities contributed to
relative performance as spreads on these
securities narrowed over US Treasuries
during the reporting period.
» An overweight to duration (or sensitivity to
changes in market interest rates) in Mexico
at the front-end of the yield curve
contributed to relative performance as
front-end government yields fell over the
reporting period.
» Overweight positions in high coupon Agency
MBS contributed to relative performance as
these securities outperformed the broader
market during the reporting period.
» Positions in European Agencies contributed
to relative performance as spreads on these
securities tightened over German bunds
during the reporting period.
» Positions in European covered bonds and
Pfandbriefe securities contributed to relative
performance as these securities appreciated
in price over the reporting period.
» An overweight to duration in the US and the
UK early in the reporting period detracted
from relative performance as ten-year
government yields rose between January
2012 and March 2012; an underweight to
duration in the US and the UK later in the
reporting period also detracted from relative
performance as ten-year government yields
fell between April 2012 and June 2012.
Global Bond Ex-US Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 31-Mar-2003)
4.55%
5.26%
Institutional Class Income Shares (Inception 09-Nov-2005)
4.58%
5.79%
Investor Class Accumulation Shares (Inception 28-Feb-2006)
4.39%
5.35%
Administrative Class Accumulation Shares (Inception 14-Sep-2004)
4.32%
5.28%
Class E Income Shares (Inception 30-Apr-2008)
4.05%
5.85%
Citigroup World Government Bond Ex-US Index (USD Hedged)
2.41%
4.17%2
4.59%
6.13%
Institutional EUR (Hedged) Class Income Shares (Inception 08-Apr-2008)
4.60%
7.19%
Citigroup World Government Bond Ex-US Index (Euro Hedged)
2.41%
—
Classes denominated in USD
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 04-Apr-2006)
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The Global Bond Ex-US Fund seeks to
achieve its investment objective by investing
at least 70% of its assets in a diversified
portfolio of Fixed Income Instruments (as
defined in the Prospectus) of issuers, having
their registered office or predominant
operations outside the US, representing at
least three non-US countries.
» Positions in high-quality financial names,
particularly in the US and the UK,
contributed to relative performance as
spreads on these securities narrowed over US
Treasuries and UK Gilts, respectively, during
the reporting period.
» Positions in high-quality non-Agency
mortgage-backed securities (MBS),
commercial mortgage-backed securities, and
asset-backed securities contributed to
relative performance as spreads on these
securities narrowed over US Treasuries
during the reporting period.
» An overweight to duration (or sensitivity to
changes in market interest rates) in Mexico
at the front-end of the yield curve
contributed to relative performance as
front-end government yields fell over the
reporting period.
» Overweight positions in high coupon Agency
MBS contributed to relative performance as
these securities outperformed the broader
market during the reporting period.
» Positions in European Agencies contributed
to relative performance as spreads on these
securities tightened over German bunds
during the reporting period.
» Positions in European covered bonds and
Pfandbriefe securities contributed to relative
performance as these securities appreciated
in price over the reporting period.
» An overweight to duration in the US and the
UK early in the reporting period detracted
from relative performance as ten-year
government yields rose between January
2012 and March 2012; an underweight to
duration in the US and the UK later in the
reporting period also detracted from relative
performance as ten-year government yields
fell between April 2012 and June 2012.
Semiannual Report
30 June 2012
31
Global High Yield Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 30-Jun-2005)
7.44%
7.52%
Institutional Class Income Shares (Inception 30-Dec-2005)
7.41%
7.67%
Administrative Class Accumulation Shares (Inception 27-Jun-2008)
7.17%
8.45%
Class H Institutional Accumulation Shares (Inception 29-Aug-2008)
7.27%
9.40%
Classes denominated in USD
Class E Accumulation Shares (Inception 11-Sep-2006)
6.92%
6.66%
Class E Income Shares (Inception 31-Jul-2006)
6.91%
6.83%
Class M Retail Income Shares (Inception 30-Nov-2010)
7.00%
7.11%
BofA Merrill Lynch Global High Yield, BB-B Rated, Constrained Index
7.77%
7.67%2
Institutional CHF (Hedged) Class Accumulation Shares (Inception 16-Feb-2010)
7.01%
9.36%
BofA Merrill Lynch Global High Yield, BB-B Rated, Constrained (CHF Hedged) Index
7.22%
—
7.24%
7.79%
Classes denominated in CHF
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 02-May-2008)
Institutional EUR (Hedged) Class Income Shares (Inception 30-Dec-2005)
7.28%
7.22%
Investor EUR (Hedged) Class Accumulation Shares (Inception 05-Jan-2011)
7.00%
6.31%
Administrative EUR (Hedged) Class Income Shares (Inception 04-Aug-2010)
6.96%
7.99%
Class E EUR (Hedged) Accumulation Shares (Inception 31-Mar-2006)
6.76%
6.11%
Class G Retail EUR (Hedged) Income Shares (Inception 30-Mar-2012)
BofA Merrill Lynch Global High Yield, BB-B Rated, Constrained (Euro Hedged) Index
—
1.00%
7.43%
—
—
2.30%
7.37%
7.90%
Classes denominated in GBP
Institutional GBP (Hedged) Class Accumulation Shares (Inception 25-May-2012)
Institutional GBP (Hedged) Class Income Shares (Inception 30-Dec-2005)
Administrative GBP (Hedged) Class Income Shares (Inception 21-Jul-2010)
7.10%
8.70%
Class E GBP (Hedged) Income Shares (Inception 15-Jun-2009)
6.95%
13.72%
BofA Merrill Lynch Global High Yield, BB-B Rated, Constrained (GBP Hedged) Index
7.67%
—
Institutional NOK (Hedged) Class Accumulation Shares (Inception 22-Feb-2007)
7.99%
8.17%
BofA Merrill Lynch Global High Yield, BB-B Rated, Constrained (NOK Hedged) Index
8.15%
—
Classes denominated in NOK
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
32
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
» The Global High Yield Bond Fund seeks to
achieve its investment objective by investing
at least two-thirds of its assets in a
diversified portfolio of high-yield Fixed
Income Instruments (as defined in the
Prospectus) that are denominated in major
world currencies and are rated lower than
Baa by Moody’s or BBB by S&P. The Fund
may invest up to 20% of its total net assets
in high yield Fixed Income Instruments that
are rated Caa or lower by Moody’s or CCC or
lower by S&P (or, if unrated, determined by
the Investment Adviser to be of a
comparable quality).
» An underweight to the energy sector added
to returns as the sector underperformed the
broader high yield bond market due to
declining energy prices.
» Security selection in the automotive sector
added to returns as a benchmark issuer was
upgraded to investment grade by the
independent ratings agencies Moody’s and
Fitch, which positively impacted the price of
this security.
» Security selection in financials added to
returns as select bank holdings outperformed
the broader high yield bond market and
benefited from central bank
liquidity programs.
» An overweight to European high yield
securities added to returns as these securities
outperformed the US high yield bond market
over the reporting period.
» Security selection in the energy sector
detracted from returns, particularly as
integrated energy companies from emerging
markets in the benchmark outperformed the
broader high yield bond market during the
reporting period.
» An underweight to financials detracted from
returns as the banking sector outperformed
the broader high yield bond market during
the reporting period.
Global Investment Grade Credit Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
8.13%
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 18-Apr-2008)2
6.63%
Institutional Class Income Shares (Inception 23-Jul-2003)
6.66%
6.49%
Investor Class Accumulation Shares (Inception 15-Feb-2005)
6.44%
5.92%
Investor Class Income Shares (Inception 22-Jan-2009)
6.44%
11.37%
Administrative Class Accumulation Shares (Inception 21-Jan-2009)
6.35%
11.16%
Administrative Class Income Shares (Inception 21-Jan-2009)
6.35%
11.18%
Class H Institutional Accumulation Shares (Inception 29-Aug-2008)
6.53%
8.91%
Class E Accumulation Shares (Inception 10-Dec-2008)
6.21%
11.37%
Class E Income Shares (Inception 30-Apr-2008)
6.14%
7.00%
Class Z Income Shares (Inception 18-Nov-2008)
6.92%
12.52%
Barclays Global Aggregate Credit Index (USD Hedged)
4.71%
5.03%3
Classes denominated in CHF
Institutional CHF (Hedged) Class Accumulation Shares (Inception 10-Dec-2009)
6.40%
7.52%
Investor CHF (Hedged) Class Accumulation Shares (Inception 10-May-2011)
6.21%
5.33%
Investor CHF (Hedged) Class Income Shares (Inception 22-Jan-2009)
6.18%
10.69%
Class E CHF (Hedged) Accumulation Shares (Inception 06-Mar-2012)
—
2.20%
4.44%
—
Institutional EUR (Hedged) Class Accumulation Shares (Inception 15-Sep-2003)
6.53%
6.25%
Institutional EUR (Hedged) Class Income Shares (Inception 15-Sep-2008)
6.55%
9.77%
Investor EUR (Hedged) Class Accumulation Shares (Inception 08-May-2006)
6.37%
6.64%
Investor EUR (Hedged) Class Income Shares (Inception 22-Jan-2009)
6.32%
11.61%
Barclays Global Aggregate Credit Index (CHF Hedged)
Classes denominated in EUR
Administrative EUR (Hedged) Class Accumulation Shares (Inception 17-Feb-2009)
6.27%
11.08%
Administrative EUR (Hedged) Class Income Shares (Inception 17-Feb-2009)
6.24%
11.07%
Class E EUR (Hedged) Accumulation Shares (Inception 31-Mar-2006)
6.06%
5.85%
Class E EUR (Hedged) Income Shares (Inception 09-Sep-2010)
6.03%
5.86%
Class G Retail EUR (Hedged) Income Shares (Inception 30-Mar-2012)
—
2.50%
4.63%
—
Institutional GBP (Hedged) Class Accumulation Shares (Inception 02-Sep-2005)
6.73%
6.68%
Institutional GBP (Hedged) Class Income Shares (Inception 11-Jul-2008)
6.69%
9.39%
Investor GBP (Hedged) Class Income Shares (Inception 22-Jan-2009)
6.57%
11.55%
Barclays Global Aggregate Credit Index (EUR Hedged)
» The Global Investment Grade Credit Fund
seeks to achieve its investment objective by
investing at least two-thirds of its assets in a
diversified portfolio of investment-grade
corporate Fixed Income Instruments (as
defined in the Prospectus) of issuers, having
their registered office or predominant
operations in at least three countries, one of
which may be the US.
» An overweight to US and UK banks versus
an underweight to European banks benefited
performance as US and UK banks
outperformed European banks during the
reporting period.
» An overweight to the energy sector detracted
from returns as the sector underperformed
the broader credit market during the
reporting period.
» An overweight to the media cable sector
negatively contributed to performance as the
sector lagged the broader credit market
during the reporting period.
» Tactical exposure to high yield credit added
to returns as lower quality credit
outperformed higher quality credit during the
reporting period.
Classes denominated in GBP
Administrative GBP (Hedged) Class Income Shares (Inception 30-Jan-2009)
6.52%
11.32%
Class E GBP (Hedged) Income Shares (Inception 31-Mar-2009)
6.27%
11.73%
Barclays Global Aggregate Credit Index (GBP Hedged)
4.82%
—
Institutional ILS (Hedged) Class Accumulation Shares (Inception 13-May-2010)
6.80%
8.67%
Barclays Global Aggregate Credit Index (ILS Hedged)
5.57%
—
Institutional NOK (Hedged) Class Accumulation Shares (Inception 18-Jan-2012)
—
5.98%
Barclays Global Aggregate Credit Index (NOK Hedged)
—
—
Institutional NZD (Hedged) Class Income Shares (Inception 22-Jul-2011)
8.06%
9.18%
Barclays Global Aggregate Credit Index (NZD Hedged)
5.94%
—
Institutional SEK (Hedged) Class Accumulation Shares (Inception 04-Dec-2009)
7.50%
9.44%
Barclays Global Aggregate Credit Index (SEK Hedged)
5.55%
—
Institutional SGD (Hedged) Class Accumulation Shares (Inception 31-Jan-2011)
6.44%
7.47%
Barclays Global Aggregate Credit Index (SGD Hedged)
4.66%
—
Classes denominated in ILS
Classes denominated in NOK
Classes denominated in NZD
Classes denominated in SEK
Classes denominated in SGD
Annualised performance for periods of at least one year, otherwise cumulative.
Institutional Class Accumulation Shares opened initially on 2 January 2004, closed on 15 March 2004 and re-opened on
18 April 2008.
3 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
2
Semiannual Report
30 June 2012
33
Global Multi-Asset Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 15-Apr-2009)
2.80%
10.01%
Institutional Class Income Shares (Inception 19-Mar-2010)
2.83%
4.69%
Investor Class Accumulation Shares (Inception 24-Sep-2010)
2.66%
2.41%
Investor Class Income Shares (Inception 24-Sep-2010)
2.61%
2.36%
Class E Accumulation Shares (Inception 22-Jun-2009)
2.19%
7.81%
Class E Income Shares (Inception 28-Jan-2011)
2.15%
-0.63%
Class Z Income Shares (Inception 27-Jan-2010)
3.30%
6.59%
60% MSCI World Index/40% USD Hedged Barclays Global Aggregate Index
4.84%
11.20%2
Institutional CAD (Hedged) Class Accumulation Shares (Inception 09-Dec-2011)
2.85%
1.20%
60% MSCI World Index/40% USD Hedged Barclays Global Aggregate Index; All CAD Hedged
4.85%
—
Classes denominated in USD
Classes denominated in CAD
Classes denominated in CHF
Institutional CHF (Hedged) Class Accumulation Shares (Inception 24-Jun-2011)
1.89%
-3.15%
Class E CHF (Hedged) Accumulation Shares (Inception 23-Nov-2011)
1.39%
2.00%
—
—
Institutional EUR (Hedged) Class Accumulation Shares (Inception 15-Apr-2009)
2.31%
9.30%
Institutional EUR (Hedged) Class Income Shares (Inception 26-Jul-2010)
2.27%
4.52%
Investor EUR (Hedged) Class Accumulation Shares (Inception 10-Jul-2009)
2.09%
8.10%
Class E EUR (Hedged) Accumulation Shares (Inception 22-Jun-2009)
1.66%
7.13%
Class E EUR (Hedged) Income Shares (Inception 24-Jun-2011)
1.74%
-3.59%
Class G Retail EUR (Hedged) Class Income Shares (Inception 14-Sep-2011)
1.75%
-1.41%
60% MSCI World Index/40% USD Hedged Barclays Global Aggregate Index; All EUR Hedged
4.22%
—
Institutional GBP (Hedged) Class Income Shares (Inception 07-Apr-2010)
2.51%
3.72%
Class E GBP (Hedged) Income Shares (Inception 23-Sep-2009)
1.98%
3.93%
60% MSCI World Index/40% USD Hedged Barclays Global Aggregate Index; All GBP Hedged
4.56%
—
60% MSCI World Index/40% USD Hedged Barclays Global Aggregate Index; All CHF Hedged
Classes denominated in EUR
Classes denominated in GBP
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
34
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
» The Global Multi-Asset Fund seeks to
maximise total return, consistent with
preservation of capital and prudent
investment management, by taking exposure
to a wide range of asset classes, including
equities, fixed income, commodities and
property (as described in the Prospectus).
» An allocation to emerging market equities
was positive for returns as emerging market
equities rose in value for the
reporting period.
» An allocation to developed market equities
was positive for absolute returns as
developed market equities increased in value
for the reporting period.
» An allocation to gold was positive for returns
as gold posted positive returns for the
reporting period.
» An allocation to emerging market bonds was
positive for returns as emerging market
bonds increased in value for the
reporting period.
» An allocation to developed market bonds
was positive for returns as developed market
bonds increased in value for the
reporting period.
» Exposure to oil in the second quarter of the
reporting period detracted from returns as
the price of oil decreased in value over
that period.
Global Real Return Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 30-Sep-2003)
3.95%
6.32%
Institutional Class Income Shares (Inception 30-Dec-2005)
3.94%
6.10%
Investor Class Accumulation Shares (Inception 04-Mar-2004)
3.82%
5.67%
Investor Class Income Shares (Inception 24-Feb-2009)
3.81%
10.84%
Administrative Class Accumulation Shares (Inception 17-Dec-2004)
3.72%
5.47%
Class H Institutional Accumulation Shares (Inception 21-May-2004)
3.82%
6.24%
Classes denominated in USD
Class E Accumulation Shares (Inception 31-Mar-2006)
3.47%
5.66%
Class E Income Shares (Inception 28-Oct-2005)
3.44%
5.22%
Class Z Accumulation Shares (Inception 21-Feb-2012)
—
3.20%
Class Z Income Shares (Inception 18-Nov-2008)
4.16%
11.16%
Barclays World Government Inflation-Linked Bond USD Hedged Index
2.73%
6.01%2
Classes denominated in CHF
Institutional CHF (Hedged) Class Accumulation Shares (Inception 16-May-2008)
3.75%
6.01%
Investor CHF (Hedged) Class Income Shares (Inception 24-Feb-2009)
3.62%
10.23%
Barclays World Government Inflation-Linked Bond CHF Hedged Index
2.63%
—
3.93%
6.01%
» The Global Real Return Fund seeks to
achieve its investment objective by investing
at least two-thirds of its assets in a
diversified portfolio of inflation-indexed Fixed
Income Instruments (as defined in the
Prospectus) of varying maturities issued by
governments, their agencies, or
instrumentalities and corporations.
» An overweight to Australian real duration
benefited performance as the Australian real
yield curve rallied over the reporting period.
» Exposure to Brazilian nominal duration
benefited performance as the Brazilian
nominal yield curve rallied over the
reporting period.
» An underweight to US real duration
detracted from performance as the US real
yield curve rallied over the reporting period.
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 30-Sep-2003)
Institutional EUR (Hedged) Class Income Shares (Inception 30-Dec-2005)
3.99%
5.79%
Investor EUR (Hedged) Class Accumulation Shares (Inception 07-Apr-2004)
3.78%
5.56%
Investor EUR (Hedged) Class Income Shares (Inception 24-Feb-2009)
3.81%
11.01%
Class E EUR (Hedged) Accumulation Shares (Inception 31-Mar-2006)
3.49%
5.44%
Barclays World Government Inflation-Linked Bond Euro Hedged Index
2.81%
—
4.18%
7.21%
Classes denominated in GBP
Institutional GBP (Hedged) Class Accumulation Shares (Inception 05-Feb-2004)
Institutional GBP (Hedged) Class Income Shares (Inception 27-Apr-2005)
4.24%
6.60%
Investor GBP (Hedged) Class Accumulation Shares(Inception 02-Feb-2007)
3.94%
7.65%
Investor GBP (Hedged) Class Income Shares (Inception 24-Feb-2009)
4.04%
11.08%
Class E GBP (Hedged) Income Shares (Inception 15-Jun-2009)
3.75%
9.66%
Barclays World Government Inflation-Linked Bond GBP Hedged Index
2.96%
—
Institutional SGD (Hedged) Class Accumulation Shares (Inception 29-Feb-2008)
3.92%
5.69%
Barclays World Government Inflation-Linked Bond SGD Hedged Index
2.77%
—
Classes denominated in SGD
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
Semiannual Report
30 June 2012
35
High Yield Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 28-May-1998)
6.84%
6.18%
Institutional Class Income Shares (Inception 23-Jan-2001)
6.84%
6.96%
Investor Class Accumulation Shares (Inception 18-Mar-1999)
6.63%
5.87%
Investor Class Income Shares (Inception 14-Jan-1999)
6.76%
5.82%
Classes denominated in USD
Class H Institutional Accumulation Shares (Inception 15-Oct-2002)
6.75%
8.92%
Class E Accumulation Shares (Inception 31-Mar-2006)
6.33%
5.24%
Class E Income Shares (Inception 31-Jul-2006)
6.34%
5.53%
—
5.07%
6.42%
6.33%2
Institutional CAD (Hedged) Class Accumulation Shares (Inception 09-Dec-2011)
7.11%
8.40%
BofA Merrill Lynch US High Yield, BB-B Rated, Constrained (CAD Hedged) Index
6.45%
—
Institutional EUR (Hedged) Class Accumulation Shares (Inception 10-Apr-2003)
6.60%
7.02%
Institutional EUR (Hedged) Class Income Shares (Inception 30-Dec-2005)
6.62%
5.86%
Investor EUR (Hedged) Class Accumulation Shares (Inception 12-Feb-2003)
6.44%
7.26%
Class E EUR (Hedged) Accumulation Shares (Inception 31-Mar-2006)
6.14%
4.84%
BofA Merrill Lynch US High Yield, BB-B Rated, Constrained (Euro Hedged) Index
6.15%
—
Institutional GBP (Hedged) Class Accumulation Shares (Inception 30-Sep-2003)
6.78%
7.57%
BofA Merrill Lynch US High Yield, BB-B Rated, Constrained (GBP Hedged) Index
6.38%
—
Class M Retail Income Shares (Inception 11-Jan-2012)
BofA Merrill Lynch US High Yield, BB-B Rated, Constrained Index
Classes denominated in CAD
Classes denominated in EUR
Classes denominated in GBP
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The High Yield Bond Fund seeks to achieve
its investment objective by investing at least
two-thirds of its assets in a diversified
portfolio of high-yield Fixed Income
Instruments (as defined in the Prospectus)
that are rated lower than Baa by Moody’s or
lower than BBB by S&P. The Fund may invest
up to 20% of its total net assets in high yield
Fixed Income Instruments that are rated Caa
or lower by Moody’s or CCC or lower by S&P
(or, if unrated, determined by the Investment
Adviser to be of comparable quality).
» An underweight to the energy sector added
to returns as the sector underperformed the
broader high yield bond market due to
declining energy prices.
» Security selection in the automotive sector
added to returns as a benchmark issuer was
upgraded to investment grade by the
independent ratings agencies Moody’s and
Fitch, which positively impacted the price of
this security.
» Security selection in financials added to
returns as select bank holdings outperformed
the broader high yield bond market and
benefited from central bank
liquidity programs.
» An overweight to European high yield
securities added to returns as these securities
outperformed the US high yield bond market
over the reporting period.
» Security selection in the energy sector
detracted from returns, particularly exposure
in the exploration and production sector, as
certain credits were affected by depressed
natural gas prices and outsized
new issuance.
» An underweight to financials detracted from
returns as the banking sector outperformed
the broader high yield bond market during
the reporting period.
36
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Low Average Duration Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 05-Dec-2002)
2.91%
3.69%
Institutional Class Income Shares (Inception 05-Dec-2002)
2.89%
3.68%
Investor Class Accumulation Shares (Inception 13-May-2004)
2.76%
3.69%
Investor Class Income Shares (Inception 03-Jul-2003)
2.73%
3.27%
Administrative Class Accumulation Shares (Inception 08-Sep-2004)
2.64%
3.49%
Class H Institutional Accumulation Shares (Inception 04-Nov-2009)
2.85%
3.05%
Classes denominated in USD
Class E Accumulation Shares (Inception 21-Sep-2007)
2.39%
3.44%
Class E Income Shares (Inception 28-Oct-2005)
2.47%
3.58%
Class Z Income Shares (Inception 27-Jan-2010)
3.09%
3.36%
BofA Merrill Lynch 1-3 Year US Treasury Index
0.11%
2.89%2
Classes denominated in EUR
Institutional EUR (Hedged) Class Accumulation Shares (Inception 30-Jan-2012)
—
1.30%
Institutional EUR (Hedged) Class Income Shares (Inception 30-Dec-2005)
2.84%
4.21%
Class E EUR (Hedged) Accumulation Shares (Inception 24-Jul-2009)
2.38%
3.08%
BofA Merrill Lynch 1-3 Year US Treasury Index (Euro Hedged)
0.04%
—
Institutional GBP (Hedged) Class Income Shares (Inception 01-Mar-2010)
3.07%
3.07%
Investor GBP (Hedged) Class Accumulation Shares (Inception 24-Jun-2011)
2.81%
2.26%
BofA Merrill Lynch 1-3 Year US Treasury Index (GBP Hedged)
0.24%
—
Institutional ILS (Hedged) Class Accumulation Shares (Inception 13-May-2010)
3.14%
3.81%
BofA Merrill Lynch 1-3 Year US Treasury Index (ILS Hedged)
0.91%
—
Classes denominated in GBP
Classes denominated in ILS
1
2
» The Low Average Duration Fund seeks to
achieve its investment objective by investing,
under normal circumstances, at least twothirds of its total assets in a diversified
portfolio of Fixed Income Instruments (as
defined in the Prospectus) of varying
maturities.
» Holdings of Agency mortgage pass-through
securities added to returns as these highquality assets outperformed like-duration US
Treasuries during the reporting period.
» Allocations of investment-grade corporate
securities added to returns as these securities
outperformed like-duration US Treasuries
during the reporting period.
» Exposure to the high yield sector added to
returns as high yield securities outpaced likeduration US Treasuries during the
reporting period.
» Currency strategies designed to benefit from
a depreciation of the euro during the first
half of the reporting period detracted from
performance as the euro appreciated versus
the US Dollar.
» Exposure to emerging market securities
added to returns as the sector outperformed
like-duration US Treasuries during the
reporting period.
» An overweight to US duration (or sensitivity
to changes in market interest rates) added to
returns as the five-year US Treasury yield fell
during the reporting period.
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
Semiannual Report
30 June 2012
37
Socially Responsible Emerging Markets Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 16-Apr-2010)
7.07%
9.07%
JPMorgan Emerging Markets Bond Index (EMBI) Global adjusted for Socially Responsible
Investment (SRI) filter
6.75%
9.72%2
Investor EUR (Hedged) Class Accumulation Shares (Inception 20-May-2011)
6.61%
8.59%
JPMorgan Emerging Markets Bond Index (EMBI) Global adjusted for Socially Responsible
Investment (SRI) filter (EUR Hedged)
6.36%
—
Classes denominated in USD
Classes denominated in EUR
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The Socially Responsible Emerging Markets
Bond Fund seeks to maximise total return,
consistent with the preservation of capital
and prudent investment management, by
investing at least 80% of its assets in an
actively managed diversified portfolio of
Fixed Income Instruments (as defined in the
Prospectus) of issuers that are economically
tied to countries with emerging securities
markets. Exposure to such issuers may be
achieved through direct investment in Fixed
Income Securities or through the use of
financial derivative instruments (as defined in
the Prospectus). The Fund is a diverse
portfolio consisting primarily of fixed income
securities from issuers in, or economically
tied to, emerging or developing countries,
excluding issuers that do not meet SRI
criteria. The Fund is actively managed to
maximize total return potential and minimize
risk relative to the benchmark.
» An underweight to Argentina added to
relative performance as the Argentinean
sub-Index underperformed the Fund’s
benchmark during the reporting period.
» An overweight to Russia, including quasisovereigns and corporates, added to relative
performance as the Russian sub-Index
outperformed the Fund’s benchmark during
the reporting period.
» An overweight to Brazil detracted from
relative performance as the Brazilian
sub-Index underperformed the Fund’s
benchmark during the reporting period;
however, tactical allocation to Brazilian local
rates positively contributed to performance.
» An underweight to Hungary detracted from
relative performance as the Hungarian
sub-Index outperformed the Fund’s
benchmark during the reporting period.
» An underweight to Turkey detracted from
relative performance as the Turkish
sub-Index outperformed the Fund’s
benchmark during the reporting period.
38
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
StocksPLUSTM Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Accumulation Shares (Inception 31-Dec-1998)
11.97%
2.59%
Institutional Class Income Shares (Inception 22-Nov-2001)
11.95%
3.75%
Investor Class Accumulation Shares (Inception 07-Jan-1999)
11.75%
2.01%
Class E Accumulation Shares (Inception 11-Sep-2006)
11.45%
2.24%
Class Z Income Shares (Inception 18-Nov-2008)
12.24%
19.45%
S&P 500 Index
9.49%
2.61%2
11.22%
2.03%
9.43%
—
Classes denominated in EUR
Institutional EUR (Hedged) Class Income Shares (Inception 30-Dec-2005)
S&P 500 (Euro Hedged) Index
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The StocksPLUS™ Fund seeks to exceed the
total return performance of the S&P 500
Index by employing a proprietary portfolio
management strategy, which combines an
actively managed portfolio of Fixed Income
Securities (as defined in the Prospectus) with
an exposure to the S&P 500 Index. The Fund
may invest without limit in equity securities
and securities that are convertible into
equity securities.
» The Fund’s exposure to US equity markets
through equity Index derivatives enhanced
absolute returns as the S&P 500 returned
9.49% over the reporting period.
» Within the fixed income portfolio backing the
equity derivatives, a positive duration (or
sensitivity to changes in market interest
rates) detracted from returns as US Treasury
yields rose at the front of the yield curve.
» Holdings of investment grade corporate
bonds added to performance as these
securities outperformed US Treasuries on a
duration-adjusted basis.
» Exposure to fixed-rate Agency mortgagebacked securities helped performance as
these holdings outperformed US Treasuries
on a duration-adjusted basis.
Semiannual Report
30 June 2012
39
Total Return Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 31-Jan-1998)
5.65%
6.69%
Institutional Class Income Shares (Inception 25-Apr-2000)
5.59%
7.06%
Investor Class Accumulation Shares (Inception 28-Jan-1999)
5.44%
6.13%
Investor Class Income Shares (Inception 23-Oct-2000)
5.48%
6.40%
Administrative Class Accumulation Shares (Inception 16-May-2003)
5.38%
5.36%
Class H Institutional Accumulation Shares (Inception 15-Oct-2002)
5.51%
6.20%
Classes denominated in USD
Class E Accumulation Shares (Inception 31-Mar-2006)
5.17%
6.51%
Class E Income Shares (Inception 10-Oct-2005)
5.17%
5.99%
Class Z Income Shares (Inception 18-Nov-2008)
5.82%
9.28%
Barclays US Aggregate Index
2.37%
5.99%2
5.34%
4.52%
Investor CHF (Hedged) Class Accumulation Shares (Inception 24-Jun-2011)
5.25%
4.23%
Barclays US Aggregate (CHF Hedged) Index
2.18%
—
Institutional EUR (Hedged) Class Accumulation Shares (Inception 30-Dec-2003)
5.61%
5.93%
Institutional EUR (Hedged) Class Income Shares (Inception 30-Dec-2005)
5.60%
6.75%
Investor EUR (Hedged) Class Accumulation Shares (Inception 30-Dec-2004)
5.36%
5.69%
Administrative EUR (Hedged) Class Accumulation Shares (Inception 14-Oct-2009)
5.23%
5.83%
Class E EUR (Hedged) Accumulation Shares (Inception 31-Mar-2006)
5.12%
6.26%
—
1.86%
—
2.20%
2.35%
—
Classes denominated in CHF
Institutional CHF (Hedged) Class Accumulation Shares (Inception 24-Jun-2011)
Classes denominated in EUR (Hedged)
Class E EUR (Hedged) Income Shares (Inception 07-Mar-2012)
Class G Retail EUR (Hedged) Income Shares (Inception 30-Mar-2012)
Barclays US Aggregate (Euro Hedged) Index
Classes denominated in EUR (Unhedged)
Institutional EUR (Unhedged) Class Accumulation Shares (Inception 13-Jun-2002)
8.05%
3.20%
Barclays US Aggregate Index (Euro Unhedged) Index
4.72%
—
Institutional GBP (Hedged) Class Accumulation Shares (Inception 26-Mar-2010)
5.72%
6.17%
Institutional GBP (Hedged) Class Income Shares (Inception 30-Dec-2005)
5.79%
7.51%
Investor GBP (Hedged) Class Accumulation Shares (Inception 24-Jun-2011)
5.61%
5.31%
Barclays US Aggregate (GBP Hedged) Index
2.52%
—
Institutional ILS (Hedged) Class Accumulation Shares (Inception 13-May-2010)
5.89%
6.82%
Barclays US Aggregate (ILS Hedged) Index
3.25%
—
Institutional SGD (Hedged) Class Accumulation Shares (Inception 11-Jan-2011)
5.55%
5.66%
Class E SGD (Hedged) Accumulation Shares (Inception 15-Feb-2007)
5.12%
5.87%
Barclays US Aggregate (SGD Hedged) Index
2.36%
—
Classes denominated in GBP
Classes denominated in ILS
Classes denominated in SGD
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
40
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
» The Total Return Bond Fund seeks to achieve
its investment objective by investing under
normal circumstances at least two-thirds of
its total assets in a diversified portfolio of
Fixed Income Instruments (as defined in the
Prospectus) of varying maturities.
» An average overweight to US duration (or
sensitivity to changes in market interest rates),
with a focus on the intermediate portion of
the yield curve during the first half of the fiscal
year, added to returns as the ten-year US
Treasury yield fell over this period.
» An underweight to longer maturities,
partially implemented via long-dated interest
rate swaps, detracted from returns as the
two- to thirty-year portion of the yield curve
flattened amid a fall in thirty-year yields.
» An overweight to Agency mortgage-backed
securities in the first half of the fiscal year
added to returns as the sector outperformed
like-duration US Treasuries during
this period.
» Within the investment grade corporate
sector, a focus on bonds of financial
companies added to returns as financials
outperformed the overall investment grade
corporate market.
» Modest exposure to taxable municipal
bonds, including Build America Bonds
(BABs), added to performance as these
securities outperformed like-duration
US Treasuries.
» Duration exposure to local debt in Brazil and
Mexico, partially implemented via interest
rate swaps, added to performance as the
interest rates fell in these countries over the
reporting period.
UK Corporate Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in GBP
1
2
Institutional Class Accumulation Shares (Inception 28-Sep-2007)
7.19%
6.88%
BofA Merrill Lynch Sterling Non-Gilts Index
5.00%
6.32%2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The UK Corporate Bond Fund seeks to
maximise total return, consistent with
prudent investment management. The Fund
will invest at least two-thirds of its assets in
a diversified portfolio of GBP-denominated
Fixed Income Instruments (as defined in the
Prospectus) of varying maturities, which may
be represented by direct holdings in Fixed
Income Securities or derivative instruments
including but not limited to options, futures,
swaps or credit default swaps.
» An overweight to the banking sector
benefited performance as the sector
outperformed the broader credit market
during the reporting period.
» An underweight to the wirelines and wireless
sector positively contributed to performance
as the sector lagged the broader credit
market during the reporting period.
» An overweight to the energy sector detracted
from returns as the sector underperformed
the broader credit market during the
reporting period.
» Tactical exposure to high yield credit added
to returns as lower quality credit
outperformed higher quality credit during the
reporting period.
Semiannual Report
30 June 2012
41
UK Long Term Corporate Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in GBP
1
2
Institutional Class Accumulation Shares (Inception 30-Jun-2005)
6.87%
5.58%
Institutional Class Income Shares (Inception 14-Aug-2008)
6.87%
10.73%
Markit iBoxx Sterling Non-Gilts 10+ Index
5.04%
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
4.88%2
» The UK Long Term Corporate Bond Fund
seeks to maximise total return, consistent
with preservation of capital and prudent
investment management. The Fund invests
at least two-thirds of its assets in a
diversified portfolio of investment grade
GBP-denominated Fixed Income Instruments
(as defined in the Prospectus) of
varying maturities.
» An overweight to the banking sector
benefited performance as the sector
outperformed the broader credit market
during the reporting period.
» An overweight to the utilities sector
detracted from returns as the sector
underperformed the broader credit market
during the reporting period.
» An overweight to UK interest rate duration
(or sensitivity to changes in market interest
rates) benefited performance as UK Gilt
yields fell during the reporting period.
» Tactical exposure to high yield credit added
to returns as lower quality credit
outperformed higher quality credit during the
reporting period.
42
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
UK Sterling Inflation-Linked Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in GBP
1
2
Institutional Class Accumulation Shares (Inception 20-Aug-2003)
0.33%
7.06%
Institutional Class Income Shares (Inception 06-Apr-2004)
0.28%
6.98%
Class H Institutional Accumulation Shares (Inception 29-Aug-2008)
0.22%
6.34%
Class E Income Shares (Inception 28-Oct-2005)
-0.16%
5.68%
FTSE Actuaries Government Securities UK Index Linked Gilts > 5 Years
-1.20%
8.03%2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The UK Sterling Inflation-Linked Fund seeks
to meet its investment objective by investing
at least two-thirds of its assets in a
diversified portfolio of inflation-linked Fixed
Income Instruments (as defined in the
Prospectus) of varying maturities issued by
governments, their agencies or
instrumentalities and corporations.
» An overweight to US Treasury InflationProtected Securities (TIPS) benefited
performance in the second quarter of the
reporting period as the US real yield curve
rallied between April 2012 and June 2012.
» An underweight to UK real duration in June
2012 benefited performance as the whole
UK linker yield curve sold off.
» An overweight to sterling credit benefited
performance as corporate securities in the UK
outperformed the Fund’s benchmark Index.
Semiannual Report
30 June 2012
43
UK Sterling Long Average Duration Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 22-Sep-2004)
3.68%
7.87%
Institutional Class Income Shares (Inception 21-Nov-2005)
3.66%
7.20%
Class H Institutional Accumulation Shares (Inception 29-Aug-2008)
3.57%
11.52%
FTSE Actuaries Government Securities UK Gilts All Stocks > 15 Years
2.00%
Classes denominated in GBP
Annualised performance for periods of at least one year, otherwise cumulative.
2 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
7.82%2
» The UK Sterling Long Average Duration Fund
seeks to maximise total return, consistent
with preservation of capital and prudent
investment management. The Fund invests
at least two-thirds of its assets in a
diversified portfolio of global Fixed Income
Instruments (as defined in the Prospectus) of
varying maturities.
» An allocation to US interest rates contributed
to performance as US yields rallied at the
long end of the yield curve during the
reporting period.
» Exposure to European interest rates
contributed modestly to performance as
German bund yields fell during the
reporting period.
» A broad exposure to the corporates sector
contributed to returns as spreads narrowed
over the reporting period.
» A bias towards longer term UK government
bonds detracted from returns as UK yields fell
more significantly for medium-term maturities.
» A long US Dollar position versus the British
Pound Sterling (GBP) detracted from returns
as the US Dollar depreciated over the
reporting period.
44
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
UK Sterling Low Average Duration Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 01-Sep-2006)
3.20%
5.36%
Institutional Class Income Shares (Inception 13-Sep-2011)
3.20%
3.45%
BofA Merrill Lynch UK Gilt 1-5 Year Index
0.75%
5.47%2
Classes denominated in GBP
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The UK Sterling Low Average Duration Fund
seeks to achieve its investment objective by
investing at least two-thirds of its assets in a
diversified portfolio of GBP-denominated
Fixed Income Instruments (as defined in
the Prospectus).
» An overweight to the banking sector
contributed strongly to performance as
spreads on financials tightened during the
reporting period.
» Exposure to US interest rate risk added to
performance as yields fell in the US during
the reporting period.
» An overweight to duration (or sensitivity to
changes in market interest rates) in the UK
from January 2012 through March 2012
detracted from performance as UK Gilt yields
increased over this period.
» Currency positions in US Dollar detracted
from performance. An overweight position
from January 2012 through May 2012,
during which the US Dollar weakened versus
the British Pound Sterling (GBP), was greater
than the overweight from May 2012 through
June 2012 when the US Dollar strengthened
versus the GBP.
Semiannual Report
30 June 2012
45
UK Total Return Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in GBP
1
2
Institutional Class Accumulation Shares (Inception 05-Jun-2009)
4.78%
9.93%
Class E Income Shares (Inception 04-Aug-2009)
4.32%
8.87%
BofA Merrill Lynch Sterling Broad Market Index
2.89%
10.17%2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
» The UK Total Return Bond Fund seeks to
maximise total return, consistent with the
preservation of capital and prudent
investment management, by investing at
least two-thirds of its assets in a diversified
portfolio of GBP-denominated Fixed Income
Instruments (as defined in the Prospectus) of
varying maturities.
» An overweight to the banking sector
benefited performance as spreads on
financials tightened during the
reporting period.
» An overweight to the five- to seven-year
portion of the US yield curve benefited
performance as yields within these maturities
declined over the reporting period despite a
mid-period rise in yields.
» An overweight to the US Dollar detracted
from performance as the US Dollar
depreciated during the reporting period.
» A dynamic approach to the UK yield curve,
with an initial overweight to the back-end of
the yield curve being reversed before
returning to an overweight position,
benefited performance as the UK yield curve
rose and then fell over the reporting period.
46
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Unconstrained Bond Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Institutional Class Accumulation Shares (Inception 15-Dec-2008)
5.15%
4.89%
Institutional Class Income Shares (Inception 22-Feb-2010)
5.14%
4.16%
Investor Class Accumulation Shares (Inception 24-Sep-2010)
4.95%
2.14%
Investor Class Income Shares (Inception 24-Sep-2010)
4.93%
2.09%
Classes denominated in USD
» The Unconstrained Bond Fund is an absolute
return-oriented, investment-grade bond and
high-yield strategy that is not tethered to
benchmark-specific guidelines or significant
sector constraints. The Fund utilises PIMCO’s
global secular forecast and an integrated
investment process across multiple sectors
with a duration that may range from -3 to
+8 years.
Administrative Class Accumulation Shares (Inception 21-Jan-2010)
4.84%
3.46%
Class E Accumulation Shares (Inception 11-May-2010)
4.66%
2.58%
Class E Income Shares (Inception 11-May-2010)
4.56%
2.61%
Class Z Income Shares (Inception 25-May-2010)
5.67%
4.71%
Class Z Accumulation Shares (Inception 18-Nov-2011)
5.60%
5.60%
1 Month USD LIBOR Index
0.13%
0.30%2
4.84%
2.14%
Class E CHF (Hedged) Accumulation Shares (Inception 18-Apr-2011)
4.40%
1.75%
1 Month CHF LIBOR Index
0.07%
—
» Long duration exposure in the US was
positive for returns as US Treasury yields fell
during the reporting period.
Institutional EUR (Hedged) Class Accumulation Shares (Inception 21-May-2009)
5.03%
5.78%
Institutional EUR (Hedged) Class Income Shares (Inception 23-Dec-2009)
5.03%
4.60%
Investor EUR (Hedged) Class Accumulation Shares (Inception 31-Jan-2011)
4.79%
3.52%
» Gains from US duration positioning were
partially offset by hedges (such as a short US
duration position) as US swap rates fell
during the reporting period.
Administrative EUR (Hedged) Class Accumulation Shares (Inception 21-Jan-2010)
4.81%
3.75%
Class G EUR (Hedged) Income Shares (Inception 14-Dec-2010)
4.58%
3.50%
Class E EUR (Hedged) Accumulation Shares (Inception 20-Nov-2009)
4.61%
3.12%
1 Month Euribor Rate Index
0.30%
—
5.28%
4.45%
Classes denominated in CHF
Institutional CHF (Hedged) Class Accumulation Shares (Inception 08-Sep-2010)
Classes denominated in EUR
» Long exposure to debt from financial
companies benefited performance as spreads
narrowed during the reporting period.
» Long duration exposure (or sensitivity to
changes in market interest rates) in Brazil
added to returns as Brazilian sovereign rates
declined during the reporting period.
» Long duration exposure in Australia added to
returns as Australian sovereign rates
declined during the reporting period.
» Short exposure to the Australian dollar early
in the reporting detracted from returns as the
Australian dollar appreciated versus the US
Dollar during that period.
Classes denominated in GBP
Institutional GBP (Hedged) Class Accumulation Shares (Inception 15-Dec-2009)
Institutional GBP (Hedged) Class Income Shares (Inception 27-Feb-2012)
—
3.52%
5.06%
4.44%
Class E GBP (Hedged) Accumulation Shares (Inception 18-Mar-2010)
4.78%
3.17%
1 Month GBP LIBOR Index
0.36%
—
Institutional NOK (Hedged) Class Accumulation Shares (Inception 11-Apr-2011)
5.89%
4.90%
1 Month NIBOR Rate Index
1.07%
—
Administrative SEK (Hedged) Class Accumulation Shares (Inception 18-Nov-2011)
5.51%
5.55%
1 Month SEK LIBOR Index
1.04%
—
Investor GBP (Hedged) Class Income Shares (Inception 26-Jul-2011)
Classes denominated in NOK
Classes denominated in SEK
1
2
Annualised performance for periods of at least one year, otherwise cumulative.
Benchmark inception performance is calculated from the inception date of the oldest share class.
Semiannual Report
30 June 2012
47
US Government Money Market Fund
Total Return Net of Fees and Expenses for the Period Ended 30 June 20121
Portfolio Insights
6 Months
Class
Inception
Classes denominated in USD
Institutional Class Income Shares (Inception 31-Jan-1998)
0.02%
2.59%
Class Z Income Shares (Inception 27-Jan-2010)
0.10%
0.19%
Citigroup 3-Month Treasury Bill Index
0.03%
2.62%
Lipper Money Market Fund Index
0.01%
2.51%2
Annualised performance for periods of at least one year, otherwise cumulative.
2 Benchmark inception performance is calculated from the inception date of the oldest share class.
1
» The US Government Money Market Fund
(formerly named the US Dollar Liquidity
Fund) seeks to achieve its investment
objective by investing at least 95% of its
total assets in a diversified portfolio of
money market securities that are awarded
one of the two highest short-term credit
ratings for short-term obligations.
» The Fund focused its investments in high
quality, short maturity assets and ended the
period with a high average quality.
» The Fund’s weighted average maturity was
maintained over the reporting period to help
reduce interest rate risk.
» The Fund’s exposure to high quality Agency
securities benefited performance as they
provided a yield advantage over US
Treasury Bills.
» The Fund is maintaining a large allocation to
high quality repurchase agreements in order
to maintain a high degree of liquidity and
minimize interest rate risk in the short end of
the yield curve.
48
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Benchmark Descriptions
Legal Benchmark Name
Index Description
[90% JPMorgan Asia Credit Index
(JACI) + 10% 1 month USD Libor] *
[JPMorgan Emerging Local Markets
Index (ELMI+)] / [3 month USD Libor]
90% JPMorgan Asia Credit Index (JACI). The JPMorgan Asia Credit Index (JACI) measures the performance of
Asia ex Japan USD denominated bond market. Index provides a benchmark for investment opportunities in fixed
and floating rate US Dollar-denominated bonds issued by Asia sovereigns, quasi-sovereigns, banks, and
corporates plus 10% 1 month USD Libor. The benchmark is then hedged to JPMorgan Emerging Local Markets
Index (ELMI+) which tracks total return for local currency denominated money market instruments in the
emerging markets, divided by the 3 month USD Libor.
1 Month Euribor Rate Index
Euribor (Euro Interbank Offered Rate) is the benchmark rate of the large euro money market. It is sponsored by
the European Banking Federation, which represents 2,800 banks in the fifteen Member States of the European
Union and the EMU division of ACI, the financial Markets Association. A representative sample of prime banks
will provide daily quotes — for thirteen maturities from one week to one year — at which interbank term
deposits denominated in euro are being offered within the euro zone between prime banks. The average rate is
calculated after elimination of the highest/lowest quotations (15% each side). Euribor is quoted for spot value
(T+2) and on an actual/360 day-count convention, and are displayed from 4 January 1999 to three decimals. It
will be disseminated at 11:00 a.m., Brussels time.
1 Month USD LIBOR Index
1 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.
1/3 each Barclays 25 Yr, 30 Yr, and
35 Yr Zero Coupon Nominal Swap
Index (Euro Unhedged)
1/3 each Barclays 25 Yr, 30 Yr, and 35 Yr Zero Coupon Nominal Swap Index (Euro Unhedged) is an unmanaged
Index comprised of zero coupon bonds priced off the swap curve. The replicating portfolio consists of a cash
investment at LIBOR combined with a zero coupon swap, in which periodic LIBOR payments are exchanged for a
single fixed cash flow at maturity. At inception time, the size of the cash investment is chosen to offset the
floating leg of the zero coupon swap and is equal to the present value of the fixed payment at a zero coupon
swap rate of the appropriate maturity. It is not possible to invest directly in an unmanaged Index.
1/3 each-Barclays Global Aggregate
Credit Component, BofA Merrill Lynch
Global High Yield BB-B Rated
Constrained, JPMorgan EMBI Global;
All USD Hdgd
1/3 each-Barclays Global Aggregate Credit Component, BofA Merrill Lynch Global High Yield BB-B Rated
Constrained, JPMorgan EMBI Global; All USD Hdgd: The benchmark is an equally weighted blend of the
following three indices: Barclays Global Aggregate Credit Component Hedged USD, BofA Merrill Lynch Global
High Yield BB-B Rated Constrained Index, JPMorgan EMBI Global. The Barclays Global Aggregate Index Credit
Component Hedged USD provides a broad-based measure of the global investment-grade fixed income markets.
The Index does not reflect deduction for fees, expenses or taxes. The BofA Merrill Lynch Global High Yield BB-B
Rated Constrained Index tracks the performance of below investment grade bonds of corporate issuers
domiciled in countries having an investment grade foreign currency long term debt rating (based on a composite
of Moody’s, S&P, and Fitch). The Index includes bonds denominated in US Dollars, Canadian dollars, sterling,
euro (or euro legacy currency), but excludes all multi-currency denominated bonds. Bonds must be rated below
investment grade but at least B3 based on a composite of Moody’s, S&P, and Fitch. Qualifying bonds are
capitalisation-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does
not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is
adjusted on a pro-rata basis. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are
increased on a pro-rata basis. The Index is re-balanced on the last calendar day of the month. Prior to 25
September 2009, the BofA Merrill Lynch Indices were known as the Merrill Lynch Indices. JPMorgan EMBI
Global tracks total returns for US dollar denominated debt instruments issued by emerging market sovereign and
quasi-sovereign entities. Brady bonds, loans, Eurobonds and local market instruments. This Index only tracks the
particular region or country. It is not possible to invest directly in an unmanaged Index.
3 Month Euribor
3 Month Euribor (Euro Interbank Offered Rate) is a daily reference rate based on the interest rates at which
banks offer to lend unsecured funds to other banks in the euro wholesale (or “interbank”) money market. It is
not possible to invest directly in an unmanaged Index.
3 Month GBP LIBOR Index
3 Month GBP LIBOR Index. LIBOR (London Interbank Offered Rate) 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.
3 Month USD LIBOR Index
3 Month USD LIBOR Index. LIBOR (London Interbank Offered Rate) 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.
50% MSCI Emerging Markets Index,
25% JPMorgan Emerging Markets
Bond Index (EMBI) Global, 25%
JPMorgan Government Bond IndexEmerging Markets Global Diversified
Index (Unhedged)
The benchmark is a blend of 50% MSCI Emerging Markets Index, 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 capitalisation Index that is designed to measure
equity market performance of emerging markets. As of 27 May 2010 the MSCI Emerging Markets Index
consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic,
Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South
Africa, Taiwan, Thailand, and Turkey. JPMorgan Emerging Markets Bond Index (EMBI) Global tracks total
returns for US Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign
entities: Brady bonds, loans, Eurobonds and local market instruments. It is not possible to invest directly in an
unmanaged Index. 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.
Semiannual Report
30 June 2012
49
Benchmark Descriptions (Cont.)
Legal Benchmark Name
Index Description
1 Month NIBOR Index
1 Month NIBOR (Norwegian Interbank Offered Rate) Index is an average interest rate, determined by Norges
Bank, that is derived from the rate on a similar loan in the US dollar market plus the interest rate differential
between Norwegian kroner and US dollars from the forward exchange market. It is not possible to invest directly
in an unmanaged index.
60% MSCI World Index/40% USD
Hedged Barclays Global
Aggregate Index
The benchmark is a blend of 60% MSCI World Index and 40% USD Hedged Barclays Global Aggregate Index.
The MSCI World Index is a free float-adjusted market capitalisation weighted Index that is designed to measure
the equity market performance of developed markets. As of 27 May 2010 the MSCI World Index consisted of
the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal,
Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The Index represents the
unhedged performance of the constituent stocks, in US Dollars. It is not possible to invest directly in an
unmanaged Index. Barclays Global Aggregate Index provides a broad-based measure of the global investmentgrade fixed income markets. The three major components of this Index are the US 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. Prior to 1 November 2008, this Index was published by Lehman Brothers.
Barclays Euro-Aggregate Credit Index
The Barclays Euro-Aggregate Credit Index is the Credit component of the Barclays Euro-Aggregate Index. The
Barclays Euro-Aggregate Index consists of bonds issued in the euro or the legacy currencies of the 12 sovereign
countries participating in the European Monetary Union (EMU). All issues must be investment grade rated, fixedrate securities with at least one year remaining to maturity. The Euro-Aggregate Index excludes convertible
securities, floating rate notes, perpetual notes, warrants, linked bonds, and structured products. German
Schuldscheine (quasi-loan securities) are also excluded because of their trading restrictions and unlisted status,
which results in illiquidity. The country of issue is not an Index criterion, and securities of issuers from outside
the Eurozone are included if they meet the Index criteria. It is not possible to invest directly in an
unmanaged Index.
Barclays Euro Aggregate 1-10 Year
Bond Index
The Barclays Euro Aggregate 1-10 Year Bond Index represents the Euro Aggregate 1-10 Year component of the
Barclays Pan-European Aggregate Index. The Barclays Euro-Aggregate Index consists of bonds issued in the euro
or the legacy currencies of the 16 sovereign countries participating in the European Monetary Union (EMU). All
issues must be investment grade rated, fixed-rate securities with at least one year remaining to maturity. The
Euro-Aggregate Index excludes convertible securities, floating rate notes, perpetual notes, warrants, linked
bonds, and structured products. German Schuldscheine (quasi-loan securities) are also excluded because of their
trading restrictions and unlisted status, which results in illiquidity. The country of issue is not an Index criterion,
and securities of issuers from outside the Eurozone are included if they meet the Index criteria. It is not possible
to invest directly in an unmanaged Index.
Barclays Global Aggregate (USD
Hedged) Index
Barclays Global Aggregate (USD Hedged) Index provides a broad-based measure of the global investment-grade
fixed income markets. The three major components of this Index are the US 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.
Barclays Global Aggregate Credit
Index (USD Hedged)
Barclays Global Aggregate Credit Index (USD Hedged) is an unmanaged Index that provides a broad- based
measure of the global investment-grade fixed income markets. The three major components of this Index are the
US Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. This Index excludes
Government and Securitized Securities. The Index also includes Eurodollar and Euro-Yen corporate bonds,
Canadian securities, and USD investment grade 144A securities. It is not possible to invest directly in an
unmanaged Index.
Barclays World Government InflationLinked Bond USD Hedged Index
Barclays World Government Inflation-Linked Bond USD Hedged Index that measures the performance of the
major government inflation-linked bond markets. The Index includes inflation-linked debt issued by the
following countries: Australia, Canada, France, Sweden, UK, & the United States. It is not possible to invest
directly in an unmanaged Index.
Barclays US Aggregate Index
Barclays US Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The
Index covers the US investment grade fixed rate bond market, with Index components for government and
corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are
subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to
invest directly in an unmanaged Index.
Barclays Euro Government (AAA + AA)
Inflation-Linked Bond Index
Barclays Euro Government (AAA + AA) Inflation-Linked Bond Index has been designed as a benchmark for the
growing Eurozone inflation-linked bond markets. The Euro Inflation-Linked Bond Index currently includes
government bonds from France, Italy and Greece and nongovernment bonds issued by CADES, RESFER and
ISPA. It is not possible to invest directly in an unmanaged Index.
50
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Legal Benchmark Name
Index Description
Barclays Euro Government (Germany,
France, Netherlands) over
15 years Index
Barclays Euro Government (Germany, France, Netherlands) over 15 years Index represents the Germany, France
and Netherlands Government exposure with maturity over 15 years component of the Barclays Euro-Aggregate
Index consists of bonds issued in the euro or the legacy currencies of the 16 sovereign countries participating in
the European Monetary Union (EMU). All issues must be investment grade rated, fixed-rate securities with at
least one year remaining to maturity. The Euro-Aggregate Index excludes convertible securities, floating rate
notes, perpetual notes, warrants, linked bonds, and structured products. German Schuldscheine (quasi-loan
securities) are also excluded because of their trading restrictions and unlisted status, which results in illiquidity.
The country of issue is not an Index criterion, and securities of issuers from outside the Eurozone are included if
they meet the Index criteria.
Blend of the following three indices at
constant .25 year duration: 1/3 eachBarclays Global Aggregate Credit
Component, BofA Merrill Lynch Global
High Yield BB-B Rated Constrained,
JPMorgan EMBI Global; All USD Hdgd
Blend of the following three indices at constant .25 year duration: 1/3 each-Barclays Global Aggregate Credit
Component, BofA Merrill Lynch Global High Yield BB-B Rated Constrained, JPMorgan EMBI Global; All USD
Hdgd: The benchmark is an equally weighted blend of the following three indices at constant 0.25 year
duration: Barclays Global Aggregate Credit Index, BofA Merrill Lynch Global High Yield, BB-B Rated Constrained
Index, JPMorgan EMBI Global; all USD hedged. The Barclays Global Aggregate Credit Index provides a broadbased measure of the global investment-grade fixed income markets. The Index does not reflect deduction for
fees, expenses or taxes. The BofA Merrill Lynch Global High Yield, BB-B Rated Constrained Index tracks the
performance of below investment grade bonds of corporate issuers domiciled in countries having an investment
grade foreign currency long term debt rating (based on a composite of Moody’s, S&P, and Fitch). The Index
includes bonds denominated in US Dollars, Canadian dollars, sterling, euro (or euro legacy currency), but
excludes all multi-currency denominated bonds. Bonds must be rated below investment grade but at least B3
based on a composite of Moody’s, S&P, and Fitch. Qualifying bonds are capitalization-weighted provided the
total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed
the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly,
the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. The
Index is re-balanced on the last calendar day of the month. JPMorgan EMBI Global tracks total returns for US
Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities. Brady
bonds, loans, Eurobonds and local market instruments. This Index only tracks the particular region or country.
Prior to 25 September 2009, the BofA Merrill Lynch Indices were known as the Merrill Lynch Indices.
BofA Merrill Lynch 1-3 Year US
Treasury Index
The BofA Merrill Lynch 1-3 Year US Treasury Index is an unmanaged Index comprised of US Treasury securities,
other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a
remaining term to final maturity of at least one year and less than three years. It is not possible to invest directly
in an unmanaged Index.
BofA Merrill Lynch Global High Yield,
BB-B Rated, Constrained Index
BofA Merrill Lynch Global High Yield BB-B Rated Constrained Index tracks the performance of below investment
grade bonds of corporate issuers domiciled in countries having an investment grade foreign currency long term
debt rating (based on a composite of Moody’s, S&P, and Fitch). The Index includes bonds denominated in US
dollars, Canadian dollars, sterling, euro (or euro legacy currency), but excludes all multicurrency denominated
bonds. Bonds must be rated below investment grade but at least B3 based on a composite of Moody’s, S&P,
and Fitch. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer
(defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the
face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face value of bonds of all other
issuers that fall below the 2% cap are increased on a pro-rata basis. It is not possible to invest directly in an
unmanaged Index. Prior to September 25th, 2009, the BofA Merrill Lynch Indices were known as the Merrill
Lynch Indices.
BofA Merrill Lynch Sterling Broad
Market Index
BofA Merrill Lynch Sterling Broad Market Index tracks the performance of GBP denominated investment grade
debt publicly issued in the eurobond or UK domestic market, including Gilts, quasi-government, corporate,
securitized and collateralized securities. Qualifying securities must have an investment grade rating (based on an
average of Moody’s, S&P and Fitch) and an investment grade rated country of risk (based on an average of
Moody’s, S&P and Fitch foreign currency long term sovereign debt ratings). It is not possible to invest directly in
an unmanaged Index.
BofA Merrill Lynch Sterling
Non-Gilts Index
BofA Merrill Lynch Sterling Non-Gilts Index tracks the performance of sterling-denominated investment grade
public debt of Corporate, quasi-Government and non-UK sovereign issuers. It is not possible to invest directly in
an unmanaged Index.
BofA Merrill Lynch US High Yield, BB-B BofA Merrill Lynch US High Yield, BB-B Rated, Constrained Index tracks the performance of BB-B Rated US
Rated, Constrained Index
Dollar-denominated corporate bonds publicly issued in the US domestic market. Qualifying bonds are
capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does
not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is
adjusted on a pro-rata basis. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are
increased on a pro-rata basis. It is not possible to invest directly in an unmanaged Index.
Semiannual Report
30 June 2012
51
Benchmark Descriptions (Cont.)
Legal Benchmark Name
Index Description
BofA Merrill Lynch UK Gilt
1-5 Year Index
BofA Merrill Lynch UK Gilt 1-5 Year Index tracks the performance of all outstanding UK Gilts having less than a
five year remaining term to maturity and a minimum amount oustanding of GBP 500 million. The Index is rebalanced monthly — bonds are “purchased” into the Index basket on the first re-balancing day following the
day they fall below one year to maturity. Securities in the UK Gilt 1-5 Year Index are priced daily as of the
London close based on bid-side valuations provided by the BofA Merrill Lynch trading desks and external
sources. It is not possible to invest directly in an unmanaged Index.
Citigroup 3-Month Treasury Bill Index
Citigroup 3-Month Treasury Bill Index is an unmanaged Index representing monthly return equivalents of yield
averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in an unmanaged Index.
Citigroup Euro Broad InvestmentGrade Index
Citigroup Euro Broad Investment-Grade Index is an Index of the Euro-based investment-grade fixed-income
market that are accessible to institutional investors (in Euro terms). It is not possible to invest directly in an
unmanaged Index.
Citigroup World Government Bond
Ex-US Index (USD Hedged)
Citigroup World Government Bond Ex-US Index (USD Hedged) includes the 18 government bond markets of
Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, the
Netherlands, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and excludes the United States. It is
not possible to invest directly in an unmanaged Index.
Dow Jones-UBS Commodity Index
Total Return
Dow Jones-UBS Commodity Index Total Return is an unmanaged Index composed of futures contracts on 19
physical commodities. The Index is designed to be a highly liquid and diversified benchmark for commodities as
an asset class. It is not possible to invest directly in an unmanaged Index.
Eonia® - Euro OverNight
Index Average
Eonia® - Euro OverNight Index Average is the effective overnight reference rate for the euro. It is computed as a
weighted average of all overnight unsecured lending transactions undertaken in the interbank market, initiated
within the euro area by the contributing banks.
FTSE Actuaries Government Securities
UK Gilts All Stocks > 15 Years
FTSE Actuaries Government Securities UK Gilts All Stocks > 15 Years Index is an unmanaged Index of UK fixed
income government obligations and includes all sterling UK government securities quoted on the London Stock
Exchange, other than Index-linked stocks. It is not possible to invest directly in an unmanaged Index.
FTSE Actuaries Government Securities
UK Index Linked Gilts > 5 Years
FTSE Actuaries Government Securities UK Index Linked Gilts > 5 Years is an unmanaged Index for British
Government Securities and includes both UK Gilts and Index Linked Stocks over a range of sectors. It is not
possible to invest directly in an unmanaged Index.
JPMorgan Corporate Emerging
Markets Bond Index
Diversified (CEMBI)
The JPMorgan Corporate Emerging Markets Bond Index Diversified (CEMBI) is a uniquely weighted version of
the CEMBI Index. It limits the weights of those Index countries with larger corporate debt stocks by only
including a specified portion of these countries’ eligible current face amounts of debt outstanding. The CEMBI
Diversified results in well-distributed, more balanced weightings for countries included in the Index. The
countries covered in the CEMBI Diversified are identical to those covered by the CEMBI. It is not possible to
invest directly in an unmanaged Index.
JPMorgan Emerging Local Markets
Index Plus (Unhedged)
JPMorgan Emerging Local Markets Index Plus (Unhedged) tracks total returns for local-currency-denominated
money market instruments in 22 emerging markets countries with at least US$10 billion of external trade. It is
not possible to invest directly in an unmanaged Index.
JPMorgan Emerging Local Markets
Index Plus +Bid (Unhedged)
JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged) tracks total returns for local-currencydenominated money market instruments in 22 emerging markets countries with at least US$10 billion of
external trade. It is not possible to invest directly in an unmanaged Index. For periods prior to May 2010, the
JPMorgan Emerging Local Markets Index Plus +Bid (Unhedged) contains back-tested Index data which recalculates the Index return using bid-side FX Spot, Forwards, and LIBOR rates.
JPMorgan Emerging Markets Bond
Index (EMBI) Global
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 and
Eurobonds. It is not possible to invest directly in an unmanaged Index.
JPMorgan Emerging Markets Bond
Index (EMBI) Global adjusted for
Socially Responsible Investment
(SRI) filter
JPMorgan Emerging Markets Bond Index (EMBI) Global adjusted for Socially Responsible Investment (SRI) filer
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 — excluding issuers
not permitted by SRI Advisor. It is not possible to invest directly in an unmanaged Index.
JPMorgan Government Bond IndexEmerging Markets Global Diversified
Index (Unhedged)
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.
Lipper Money Market Fund Index
Lipper Money Market Fund Index is an average of the 30 largest equal weighted Money Market Funds as
compiled by Lipper, Inc. It does not reflect deductions for fees, expenses or taxes. It is not possible to invest
directly in an unmanaged Index.
52
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Legal Benchmark Name
Index Description
Markit iBoxx Sterling Non-Gilts
10+ Index
Markit iBoxx Sterling Non-Gilts 10+ Index is made up of investment grade Sterling-denominated bonds,
excluding Sterling-denominate bonds issued by the British government. All bonds in the iBoxx Index family must
be rated investment grade by at least one of the following rating agencies; Standard & Poor’s, Moody’s or Fitch.
It is not possible to invest directly in an unmanaged Index.
MSCI Emerging Markets Index
The MSCI Emerging Markets Index is a free float-adjusted market capitalization Index that is designed to
measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the
following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary,
India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan,
Thailand, and Turkey. It is not possible to invest directly in an unmanaged Index.
MSCI Europe Index
The MSCI Europe Index is a free float-adjusted market capitalization weighted Index that is designed to measure
the equity market performance of the developed markets in Europe. Since June 2007, the MSCI Europe Index
consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France,
Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United
Kingdom. The Index represents the unhedged performance of the constituent stocks in Euros. It is not possible
to invest directly in an unmanaged Index.
MSCI World Index
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 the following 24
developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany,
Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain,
Sweden, Switzerland, the United Kingdom, and the United States. It is not possible to invest directly in an
unmanaged Index.
PIMCO European Advantage
Government 1-3 Year Bond Index
PIMCO European Advantage Government (EurADI Government) 1-3 Year Bond Index is a new GDP-weighted
benchmark that tracks investment-grade, euro-denominated government bond securities in the Eurozone with a
remaining term to final maturity of at least one year and less than three years. Launched in July 2010, EurADI
Government is the Eurozone component of the PIMCO Global Advantage Government Bond Index (GLADI
Government) and designed to offer investors an improved benchmark for European sovereign bond “beta”. By
avoiding the bias of market capitalization-weighted Indexes to overweight highly indebted countries, the
European Advantage Government Bond Index provides a building block for portfolios with the potential for
higher risk-adjusted returns. It is not possible to invest directly in an unmanaged Index.
PIMCO Global Advantage Bond Index
(GLADI) (London Close)
The PIMCO Global Advantage Bond Index (GLADI) (London Close) is a diversified global Index that covers a
wide spectrum of global fixed income opportunities and sectors, from developed to emerging markets, nominal
to real asset, and cash to derivative instruments. Unlike traditional indices, which are frequently comprised of
bonds weighted according to their market capitalization, GLADI uses GDP-weighting which puts an emphasis on
faster-growing areas of the world and thus makes the Index forward-looking in nature. It is not possible to
invest directly in an unmanaged Index.
PIMCO Global Advantage InflationLinked Bond Index (USD Unhedged)
PIMCO Global Advantage Inflation-Linked Bond Index (USD Unhedged). The PIMCO GLADI ILB represents the
global bond market for inflation-linked government debt encompassing both developed and emerging markets.
The Index adheres to the principals of the PIMCO Global Advantage Indices when applicable to the global
inflation-linked bond market.
S&P 500 Index
S&P 500 Index is an unmanaged market Index generally considered representative of the stock market as a
whole. The Index focuses on the large-cap segment of the US equities market. It is not possible to invest directly
in an unmanaged Index.
Semiannual Report
30 June 2012
53
Statements of Assets and Liabilities
CommoditiesPLUSTM
Strategy Fund
(Amounts in thousands)
Current Assets:
Financial Assets at fair value through profit or loss:
Transferable Securities
Deposits with credit institutions
Financial derivative instruments
Cash
Deposits with counterparty
Income receivable
Receivables for investments sold
Receivables for Fund shares sold
Receivables for financial derivatives margin
Receivables from management company
Unrealised appreciation on hedging activities
Other assets
As at
30-Jun-2012
$
PIMCO Credit Absolute
Return Fund
As at
31-Dec-2011
As at
30-Jun-2012
$
14,046
99
119
153
0
110
831
28
0
28
291
31
As at
31-Dec-2011
298,056 $
0
13,885
341
1,325
1,274
152,716
284
2,321
1
3,652
0
271,848
0
8,116
593
8,455
1,768
148,226
296
104
1
845
0
$
6,100
0
60
117
3
42
1,500
0
0
8
36
52
Total Current Assets
473,855
440,252
15,736
7,918
Current Liabilities:
Financial Liabilities at fair value through profit or loss:
Financial derivative instruments
Fair value of securities sold short
Payable for investments purchased
Payable for Fund shares redeemed
Payable for management fee
Payable for reverse repurchase agreements
Expenses payable
Bank overdraft
Dividend payable
Payable for financial derivatives margin
Deposits from counterparty
Unrealised depreciation on hedging activities
Other liabilities
(4,858)
(4,266)
(148,647)
(213)
(242)
0
0
0
(1)
0
(11,360)
(2,518)
0
(6,170)
(25,328)
(130,232)
(1,491)
(262)
0
(12)
0
(11)
0
(4,825)
(4,065)
0
(126)
0
(1,138)
0
(34)
0
(60)
0
0
0
0
(219)
0
(79)
0
(1,550)
0
(8)
0
(60)
0
0
(1)
0
(116)
0
Total Current Liabilities excluding Net Assets
Attributable to Redeemable Participating Shareholders
(172,105)
(172,396)
(1,577)
(1,814)
Net Assets Attributable to Redeemable
Participating Shareholders (for financial statement purposes)
$
301,750 $
267,856
$
14,159
$
6,104
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0 $
0
$
0
$
0
Adjustment to Payable for Fund shares redeemed*
$
0 $
0
$
0
$
0
Net Assets Attributable to Redeemable
Participating Shareholders (for shareholder dealing purposes)
$
301,750 $
267,856
$
14,159
$
6,104
A zero balance may reflect actual amounts rounding to less than one thousand
*
54
Net Assets Attributable to Redeemable Participating Shareholders (for financial statement purposes) has been adjusted to reflect material redemptions which occurred before
the close of dealing deadline at year end
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Diversified
Income Fund
As at
30-Jun-2012
$
Diversified Income Duration
Hedged Fund
As at
31-Dec-2011
6,175,063
732
64,682
25,090
48,147
74,694
189,341
72,501
0
0
103,085
0
$
As at
30-Jun-2012
3,679,958
698
72,449
21,807
51,543
52,221
79,346
23,809
0
0
18,916
24
$
PIMCO Dividend and Income
Builder Fund
As at
31-Dec-2011
113,929
1,529
2,660
612
3,065
1,141
6,413
0
1,323
14
2,185
1
$
76,939
1,529
3,538
1,114
1,057
802
10,217
0
0
17
571
0
Emerging Asia
Bond Fund
As at
30-Jun-2012
As at
31-Dec-2011
$
$
5,532
0
29
67
9
40
0
0
2
22
0
28
4,780
0
0
337
0
28
133
0
0
2
0
48
As at
30-Jun-2012
$
As at
31-Dec-2011
403,145
0
6,958
10,406
14,299
5,546
8,809
26
273
5
0
0
$
731,261
0
4,889
1,013
22,024
10,432
6,590
168
159
36
0
1
6,753,335
4,000,771
132,872
95,784
5,729
5,328
449,467
776,573
(76,285)
0
(251,326)
(22,711)
(5,985)
(8,260)
(604)
0
(16,823)
(4,186)
(25,080)
(70,309)
(89)
(37,917)
0
(134,790)
(5,277)
(3,543)
(12,160)
(677)
0
(12,628)
(13,425)
(18,570)
(71,143)
(8)
(2,374)
0
(7,350)
0
(128)
0
(59)
0
(1)
0
(1,540)
(2,001)
0
(877)
0
(10,300)
0
(118)
0
(60)
0
(1)
(192)
(2,670)
(2,328)
0
(45)
0
0
0
(22)
0
(50)
0
0
0
0
0
0
(4)
0
(143)
0
(2)
0
(50)
0
0
0
0
0
0
(16,327)
0
(16,728)
(1,893)
(523)
(8,763)
(59)
0
(1,703)
0
(800)
0
0
(39,055)
0
(1,911)
(7,352)
(954)
(8,615)
(60)
0
(1,395)
0
(390)
0
0
(481,658)
(310,138)
(13,453)
(16,546)
(117)
(199)
(46,796)
(59,732)
$
6,271,677
$
3,690,633
$
119,419
$
79,238
$
5,612
$
5,129
$
402,671
$
716,841
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
6,271,677
$
3,690,633
$
119,419
$
79,238
$
5,612
$
5,129
$
402,671
$
716,841
See Accompanying Notes
Semiannual Report
30 June 2012
55
Statements of Assets and Liabilities (Cont.)
Emerging Local
Bond Fund
(Amounts in thousands)
Current Assets:
Financial Assets at fair value through profit or loss:
Transferable Securities
Deposits with credit institutions
Financial derivative instruments
Cash
Deposits with counterparty
Income receivable
Receivables for investments sold
Receivables for Fund shares sold
Receivables for financial derivatives margin
Receivables from management company
Unrealised appreciation on hedging activities
Other assets
As at
30-Jun-2012
$
Total Current Assets
Current Liabilities:
Financial Liabilities at fair value through profit or loss:
Financial derivative instruments
Fair value of securities sold short
Payable for investments purchased
Payable for Fund shares redeemed
Payable for management fee
Payable for reverse repurchase agreements
Expenses payable
Bank overdraft
Dividend payable
Payable for financial derivatives margin
Deposits from counterparty
Unrealised depreciation on hedging activities
Other liabilities
Total Current Liabilities excluding Net Assets
Attributable to Redeemable Participating Shareholders
Emerging Markets
Bond Fund
As at
31-Dec-2011
4,694,028
89,342
130,811
63,063
7,099
73,864
76,240
4,648
2,064
0
0
0
$
As at
30-Jun-2012
3,990,999
32,893
79,967
67,281
37,114
46,362
180,684
2,987
1,198
0
0
0
$
As at
31-Dec-2011
5,380,044
16,894
98,478
35,131
36,352
76,922
24,577
23,804
0
0
89,730
55
$
4,031,005
0
66,870
13,918
70,469
60,703
70,188
17,494
0
0
15,373
0
5,141,159
4,439,485
5,781,987
4,346,020
(64,760)
0
(83,452)
(34,347)
(4,439)
0
(10,527)
0
(4,109)
0
(69,415)
0
(22)
(84,214)
(21,494)
(166,269)
(13,723)
(3,802)
0
(11,287)
0
(2,191)
0
(53,750)
0
(1)
(52,868)
(1,075)
(64,242)
(64,768)
(4,617)
(54,579)
(33)
0
(10,187)
(902)
(61,600)
(59,120)
0
(55,454)
(21,494)
(63,906)
(8,190)
(3,643)
(19,464)
0
0
(6,998)
(507)
(14,425)
(79,238)
0
(271,071)
(356,731)
(373,991)
(273,319)
Net Assets Attributable to Redeemable
Participating Shareholders (for financial statement purposes)
$
4,870,088
$
4,082,754
$
5,407,996
$
4,072,701
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0
$
0
Adjustment to Payable for Fund shares redeemed*
$
0
$
0
$
0
$
0
Net Assets Attributable to Redeemable
Participating Shareholders (for shareholder dealing purposes)
$
4,870,088
$
4,082,754
$
5,407,996
$
4,072,701
A zero balance may reflect actual amounts rounding to less than one thousand
*
56
Net Assets Attributable to Redeemable Participating Shareholders (for financial statement purposes) has been adjusted to reflect material redemptions which occurred before
the close of dealing deadline at year end
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Emerging Markets
Corporate Bond Fund
As at
30-Jun-2012
$
Emerging Markets
Currency Fund
As at
31-Dec-2011
995,543
0
3,595
5,283
5,965
15,347
3,957
2,685
0
0
20,807
0
$
As at
30-Jun-2012
547,704
0
4,033
3,074
10,211
9,257
2,629
1,163
192
0
3,238
0
$
PIMCO Emerging
Multi-Asset Fund
As at
31-Dec-2011
863,430
20,500
13,646
27,222
16,270
7,783
107,061
658
0
0
0
0
$
As at
30-Jun-2012
789,816
6,100
10,837
23,519
28,630
7,661
107,264
2,063
0
0
0
0
$
PIMCO EqS
Dividend Fund
As at
31-Dec-2011
423,562
904
11,895
3,999
6,009
4,155
35,419
87
0
7
316
0
$
As at
30-Jun-2012
373,698
0
16,913
5,544
3,974
2,157
63,808
590
0
17
59
0
$
As at
31-Dec-2011
123,100
0
803
1,129
0
676
0
40
0
4
1,902
51
$
65,053
0
7
633
0
3
17,729
0
0
2
48
91
1,053,182
581,501
1,056,570
975,890
486,353
466,760
127,705
83,566
(2,284)
0
(13,268)
(37)
(1,161)
(1,736)
(50)
0
(163)
(160)
(3,480)
(13,957)
(2)
(3,084)
0
(3,962)
(77)
(695)
(7,038)
(50)
0
(85)
0
(1,770)
(16,695)
0
(20,456)
0
(108,533)
(74)
(938)
0
0
0
(8)
0
(1,205)
0
(10)
(35,768)
0
(108,596)
(3,140)
(863)
0
(12)
0
(14)
0
(2,130)
0
0
(12,875)
0
(35,262)
(121)
(126)
0
(157)
0
(368)
(393)
(2,070)
(372)
(1)
(14,896)
0
(51,999)
0
(52)
0
(191)
0
(1)
(49)
(2,895)
(201)
0
(1,235)
0
0
0
(129)
0
(50)
0
(112)
0
(120)
(1,564)
0
(61)
0
(27,637)
0
(26)
0
(50)
0
0
0
0
(355)
0
(36,298)
(33,456)
(131,224)
(150,523)
(51,745)
(70,284)
(3,210)
(28,129)
$
1,016,884
$
548,045
$
925,346
$
825,367
$
434,608
$
396,476
$
124,495
$
55,437
$
0
$
3,200
$
0
$
0
$
3,559
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
1,016,884
$
551,245
$
925,346
$
825,367
$
438,167
$
396,476
$
124,495
$
55,437
See Accompanying Notes
Semiannual Report
30 June 2012
57
Statements of Assets and Liabilities (Cont.)
PIMCO EqS Emerging
Markets Fund
(Amounts in thousands)
Current Assets:
Financial Assets at fair value through profit or loss:
Transferable Securities
Financial derivative instruments
Cash
Deposits with counterparty
Income receivable
Receivables for investments sold
Receivables for Fund shares sold
Receivables for financial derivatives margin
Receivables from management company
Unrealised appreciation on hedging activities
Other assets
As at
30-Jun-2012
$
Total Current Assets
PIMCO EqS Pathfinder
Fund™
As at
31-Dec-2011
342,226
4,746
1,343
1,795
2,711
921
0
0
5
0
0
$
As at
30-Jun-2012
264,060
6,577
1,869
930
192
5,880
558
0
13
0
0
$
As at
31-Dec-2011
480,022
5,486
2,713
2,225
325
2,583
172
0
0
7,949
0
$
427,594
7,351
7,410
5,755
295
1,949
1,011
0
0
4,195
0
353,747
280,079
501,475
455,560
Current Liabilities:
Financial Liabilities at fair value through profit or loss:
Financial derivative instruments
Fair value of securities sold short
Payable for investments purchased
Payable for Fund shares redeemed
Payable for management fee
Payable for reverse repurchase agreements
Expenses payable
Bank overdraft
Dividend payable
Payable for financial derivatives margin
Deposits from counterparty
Unrealised depreciation on hedging activities
Other liabilities
(6,972)
0
(863)
0
(407)
0
(70)
0
0
0
(1,493)
0
0
(7,400)
0
(7,273)
0
(321)
0
(70)
0
0
0
(953)
0
0
(4,291)
0
(1,167)
(154)
(625)
0
(66)
0
0
0
(585)
(8,551)
0
(2,848)
0
(2,222)
(324)
(897)
0
(66)
0
0
0
(2,510)
(13,972)
0
Total Current Liabilities excluding Net Assets
Attributable to Redeemable Participating Shareholders
(9,805)
(16,017)
(15,439)
(22,839)
Net Assets Attributable to Redeemable
Participating Shareholders (for financial statement purposes)
$
343,942
$
264,062
$
486,036
$
432,721
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0
$
0
Adjustment to Payable for Fund shares redeemed*
$
0
$
0
$
0
$
0
Net Assets Attributable to Redeemable
Participating Shareholders (for shareholder dealing purposes)
$
343,942
$
264,062
$
486,036
$
432,721
A zero balance may reflect actual amounts rounding to less than one thousand
*
58
Net Assets Attributable to Redeemable Participating Shareholders (for financial statement purposes) has been adjusted to reflect material redemptions which occurred before
the close of dealing deadline at year end
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
PIMCO EqS Pathfinder
Europe Fund™
As at
30-Jun-2012
€
32,546
249
456
52
13
517
17
0
0
0
0
EuriborPLUS
Fund
As at
31-Dec-2011
€
36,422
715
418
301
13
2,800
47
0
235
0
0
As at
30-Jun-2012
€
Euro Bond
Fund
As at
31-Dec-2011
267,168
551
753
417
3,696
5,272
658
0
0
0
0
€
As at
30-Jun-2012
298,664
3,003
703
118
4,765
1,420
311
0
0
0
0
€
Euro Credit
Fund
As at
31-Dec-2011
1,045,202
11,857
3,603
26,752
13,202
155,907
915
3,364
0
16
0
€
As at
30-Jun-2012
1,011,694
22,871
5,829
18,725
14,330
289,141
772
0
0
0
189
€
As at
31-Dec-2011
300,491
1,549
1,272
129
4,173
39,420
62
1,483
0
0
0
€
296,801
4,037
964
1,829
5,982
9,259
393
0
0
0
0
33,850
40,951
278,515
308,984
1,260,818
1,363,551
348,579
319,265
(265)
0
(521)
(41)
(71)
0
(49)
0
0
0
(21)
0
0
(699)
0
(2,708)
(249)
0
0
(49)
0
0
0
(213)
0
0
(880)
0
(4,738)
(4,362)
(139)
0
(5)
0
0
(115)
(130)
0
0
(1,827)
0
(1,000)
(986)
(180)
0
(27)
0
0
(285)
(1,333)
0
0
(28,285)
0
(160,046)
(1,213)
(440)
0
(45)
0
(105)
0
(6,690)
(22)
0
(34,407)
(5,261)
(355,191)
(736)
(430)
(3,332)
(159)
0
(119)
(3,791)
(4,761)
0
(484)
(3,811)
0
(32,040)
(14,655)
(174)
(981)
1
0
0
0
(1,145)
0
0
(6,393)
0
(1,216)
(3,867)
(194)
(2,383)
(5)
0
0
(498)
(784)
0
(2,705)
(968)
(3,918)
(10,369)
(5,638)
(196,846)
(408,671)
(52,805)
(18,045)
€
32,882
€
37,033
€
268,146
€
303,346
€
1,063,972
€
954,880
€
295,774
€
301,220
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
32,882
€
37,033
€
268,146
€
303,346
€
1,063,972
€
954,880
€
295,774
€
301,220
See Accompanying Notes
Semiannual Report
30 June 2012
59
Statements of Assets and Liabilities (Cont.)
Euro Income
Bond Fund
(Amounts in thousands)
Current Assets:
Financial Assets at fair value through profit or loss:
Transferable Securities
Financial derivative instruments
Cash
Deposits with counterparty
Income receivable
Receivables for investments sold
Receivables for Fund shares sold
Receivables for financial derivatives margin
Receivables from management company
Unrealised appreciation on hedging activities
Other assets
As at
30-Jun-2012
€
58,727
108
482
260
894
4,089
645
0
10
0
0
Euro Liquidity
Fund
As at
31-Dec-2011
€
29,018
28
239
21
618
1,066
960
0
12
0
0
As at
30-Jun-2012
€
As at
31-Dec-2011
75,612
0
473
0
743
23,700
1,557
0
0
0
0
€
200,510
0
477
0
2,548
71,500
15,902
0
0
0
0
Total Current Assets
65,215
31,962
102,085
290,937
Current Liabilities:
Financial Liabilities at fair value through profit or loss:
Financial derivative instruments
Payable for investments purchased
Payable for Fund shares redeemed
Payable for management fee
Payable for reverse repurchase agreements
Expenses payable
Bank overdraft
Dividend payable
Payable for financial derivatives margin
Deposits from counterparty
Unrealised depreciation on hedging activities
Other liabilities
(182)
(4,987)
(5)
(72)
0
(60)
0
(176)
0
0
0
0
(117)
(1,168)
(1)
(10)
0
(60)
0
(79)
0
0
0
0
0
(22,985)
(2)
(22)
0
0
0
0
0
0
0
0
0
(68,400)
(2,351)
(50)
0
(12)
0
(3)
0
0
0
0
Total Current Liabilities excluding Net Assets
Attributable to Redeemable Participating Shareholders
(5,482)
(1,435)
(23,009)
(70,816)
Net Assets Attributable to Redeemable
Participating Shareholders (for financial statement purposes)
€
59,733
€
30,527
€
79,076
€
220,121
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
€
0
€
0
€
0
€
0
Adjustment to Payable for Fund shares redeemed*
€
0
€
0
€
0
€
0
Net Assets Attributable to Redeemable
Participating Shareholders (for shareholder dealing purposes)
€
59,733
€
30,527
€
79,076
€
220,121
A zero balance may reflect actual amounts rounding to less than one thousand
*
60
Net Assets Attributable to Redeemable Participating Shareholders (for financial statement purposes) has been adjusted to reflect material redemptions which occurred before
the close of dealing deadline at year end
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Euro Long Average
Duration Fund
As at
30-Jun-2012
€
Euro Low
Duration Fund
As at
31-Dec-2011
508,130
9,608
6,401
1,388
5,735
266,655
0
11,679
0
0
7
€
468,121
22,841
7,153
7,069
6,773
141,946
0
0
0
0
0
Euro Real
Return Fund
As at
30-Jun-2012
As at
31-Dec-2011
€
€
3,787
21
101
0
48
240
0
0
16
0
0
3,865
26
21
12
53
0
0
0
16
0
0
As at
30-Jun-2012
€
Euro Ultra-Long
Duration Fund
As at
31-Dec-2011
209,799
1,038
780
465
1,616
9,210
0
604
0
0
0
€
As at
30-Jun-2012
241,831
4,432
1,203
3,725
2,450
1,588
0
198
0
0
0
€
As at
31-Dec-2011
€
105,481
10,926
913
134
1,033
70,393
0
1,007
0
0
0
94,557
16,109
664
454
932
68,592
29
187
0
0
0
809,603
653,903
4,213
3,993
223,512
255,427
189,887
181,524
(23,737)
(266,084)
(12)
(207)
0
0
0
0
0
(5,315)
0
0
(16,824)
(145,021)
0
(192)
0
(20)
0
0
(8,166)
(5,056)
0
0
(22)
(161)
0
(12)
0
(50)
0
0
0
0
0
0
(18)
0
0
(2)
0
(50)
0
0
(6)
0
0
0
(915)
(28,242)
(1)
(85)
0
0
0
0
0
(60)
0
0
(4,904)
(52,023)
0
(86)
0
(7)
0
0
0
(3,530)
0
(1)
(1,730)
(72,603)
(44)
(38)
0
0
0
0
0
(15,160)
0
0
(1,399)
(69,851)
0
(34)
(1,025)
(6)
0
0
0
(16,347)
0
0
(295,355)
(175,279)
(245)
(76)
(29,303)
(60,551)
(89,575)
(88,662)
€
514,248
€
478,624
€
3,968
€
3,917
€
194,209
€
194,876
€
100,312
€
92,862
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
514,248
€
478,624
€
3,968
€
3,917
€
194,209
€
194,876
€
100,312
€
92,862
See Accompanying Notes
Semiannual Report
30 June 2012
61
Statements of Assets and Liabilities (Cont.)
FX Strategies
Fund(1)
(Amounts in thousands)
Current Assets:
Financial Assets at fair value through profit or loss:
Transferable Securities
Deposits with credit institutions
Financial derivative instruments
Cash
Deposits with counterparty
Income receivable
Receivables for investments sold
Receivables for Fund shares sold
Receivables for financial derivatives margin
Receivables from management company
Unrealised appreciation on hedging activities
Other assets
As at
30-Jun-2012
€
0
0
0
7
0
0
0
0
0
0
0
0
Global Advantage
Fund
As at
31-Dec-2011
€
As at
30-Jun-2012
49,594
0
4,935
501
50
348
5,750
68
27
0
0
0
$
As at
31-Dec-2011
774,998
2,690
13,586
2,685
5,671
3,831
99,385
1,801
0
0
12,006
0
$
452,245
3,259
7,390
2,764
7,201
3,624
21,340
2,667
0
0
2,332
1
Total Current Assets
7
61,273
916,653
502,823
Current Liabilities:
Financial Liabilities at fair value through profit or loss:
Financial derivative instruments
Fair value of securities sold short
Payable for investments purchased
Payable for Fund shares redeemed
Payable for management fee
Payable for reverse repurchase agreements
Expenses payable
Bank overdraft
Dividend payable
Payable for financial derivatives margin
Deposits from counterparty
Unrealised depreciation on hedging activities
Other liabilities
0
0
0
0
(7)
0
0
0
0
0
0
0
0
(3,772)
0
(5,700)
0
(26)
0
(5)
0
0
0
(740)
0
0
(9,683)
0
(110,713)
(121)
(692)
0
(7)
0
(53)
(1,229)
(4,205)
(9,471)
(11)
(8,341)
0
(24,716)
(38)
(446)
0
0
0
(1)
(1,746)
(2,345)
(6,953)
0
Total Current Liabilities excluding Net Assets
Attributable to Redeemable Participating Shareholders
(7)
(10,243)
(136,185)
(44,586)
Net Assets Attributable to Redeemable
Participating Shareholders (for financial statement purposes)
€
0
€
51,030
$
780,468
$
458,237
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
€
0
€
0
$
0
$
0
Adjustment to Payable for Fund shares redeemed*
€
0
€
0
$
0
$
0
Net Assets Attributable to Redeemable
Participating Shareholders (for shareholder dealing purposes)
€
0
€
51,030
$
780,468
$
458,237
A zero balance may reflect actual amounts rounding to less than one thousand
*
Net Assets Attributable to Redeemable Participating Shareholders (for financial statement purposes) has been adjusted to reflect material redemptions which occurred before
the close of dealing deadline at year end
(1)
The FX Strategies Fund terminated on 22 March 2012.
62
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Global Advantage
Real Return Fund
As at
30-Jun-2012
$
Global Bond
Fund
As at
31-Dec-2011
267,465
0
2,621
3,482
543
824
20,439
2,619
159
24
3,285
0
$
As at
30-Jun-2012
153,592
0
1,082
1,338
814
655
0
0
0
26
722
3
$
Global Bond Ex-US
Fund
As at
31-Dec-2011
10,112,755
53,289
116,844
13,272
64,566
74,757
2,345,242
24,206
4,595
0
123,254
78
$
As at
30-Jun-2012
7,904,865
34,882
173,345
44,045
66,256
60,423
152,165
27,541
0
0
32,398
5
$
Global High Yield
Bond Fund
As at
31-Dec-2011
865,368
3,775
15,750
3,040
8,874
7,979
178,359
1,231
2,627
0
1,112
16
$
As at
30-Jun-2012
764,190
2,798
22,931
4,829
4,718
7,696
13,958
589
0
0
244
0
$
As at
31-Dec-2011
4,316,666
0
17,551
2,222
20,929
75,047
87,737
79,999
0
0
53,909
0
$
2,805,690
0
28,647
2,512
27,510
55,177
30,644
15,361
0
0
13,121
0
301,461
158,232
12,932,858
8,495,925
1,088,131
821,953
4,654,060
2,978,662
(2,481)
0
(43,647)
0
(156)
(19,225)
(70)
0
(1)
0
(1,860)
(2,731)
0
(1,546)
0
(21,231)
0
(90)
0
(71)
0
0
(22)
(725)
(2,544)
0
(185,431)
(1,092)
(4,928,832)
(23,779)
(3,689)
(118,378)
(307)
0
(2,434)
0
(76,180)
(68,559)
0
(126,849)
(1,089)
(1,756,862)
(7,210)
(3,042)
(2,505)
(577)
0
(1,002)
(25,685)
(41,955)
(75,708)
(10)
(22,787)
0
(404,658)
(1,054)
(313)
0
(81)
0
(227)
0
(9,267)
(742)
0
(13,448)
0
(180,894)
(543)
(315)
0
(146)
0
(154)
(647)
(13,427)
(1,273)
(3)
(25,508)
0
(128,760)
(4,318)
(2,804)
(3,777)
(316)
0
(19,371)
(1,512)
(4,150)
(39,792)
(211)
(5,875)
0
(17,270)
(20,060)
(1,898)
(4,186)
(229)
0
(11,760)
(587)
(13,845)
(47,058)
(6)
(70,171)
(26,229)
(5,408,681)
(2,042,494)
(439,129)
(210,850)
(230,519)
(122,774)
$
231,290
$
132,003
$
7,524,177
$
6,453,431
$
649,002
$
611,103
$
4,423,541
$
2,855,888
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
231,290
$
132,003
$
7,524,177
$
6,453,431
$
649,002
$
611,103
$
4,423,541
$
2,855,888
See Accompanying Notes
Semiannual Report
30 June 2012
63
Statements of Assets and Liabilities (Cont.)
Global Investment Grade
Credit Fund
(Amounts in thousands)
Current Assets:
Financial Assets at fair value through profit or loss:
Transferable Securities
Deposits with credit institutions
Financial derivative instruments
Cash
Deposits with counterparty
Income receivable
Receivables for investments sold
Receivables for Fund shares sold
Receivables for financial derivatives margin
Receivables from management company
Unrealised appreciation on hedging activities
Other assets
As at
30-Jun-2012
$
Global Multi-Asset
Fund
As at
31-Dec-2011
18,700,251
113,863
215,422
35,313
133,589
177,857
862,245
111,934
0
0
261,160
75
$
As at
30-Jun-2012
12,985,598
90,720
149,459
33,601
278,013
157,933
756,653
50,807
0
0
63,665
24
$
As at
31-Dec-2011
3,461,406
1,355
86,787
7,905
40,587
19,815
153,915
1,655
0
0
48,786
13
$
3,361,432
1,109
111,727
15,737
52,478
24,196
77,256
7,352
0
0
15,589
20
Total Current Assets
20,611,709
14,566,473
3,822,224
3,666,896
Current Liabilities:
Financial Liabilities at fair value through profit or loss:
Financial derivative instruments
Fair value of securities sold short
Payable for investments purchased
Payable for Fund shares redeemed
Payable for management fee
Payable for reverse repurchase agreements
Expenses payable
Bank overdraft
Dividend payable
Payable for financial derivatives margin
Deposits from counterparty
Unrealised depreciation on hedging activities
Other liabilities
(198,750)
0
(2,121,789)
(15,131)
(9,939)
(13,133)
(1,506)
0
(31,433)
(63,566)
(61,662)
(174,144)
(481)
(191,157)
(223,006)
(928,236)
(19,843)
(6,968)
(12,008)
(1,000)
0
(30,971)
(34,550)
(7,952)
(246,082)
(5)
(54,554)
0
(266,770)
(5,095)
(3,648)
0
0
0
(411)
(8,272)
(33,616)
(34,893)
0
(50,853)
0
(104,968)
(3,914)
(3,612)
0
0
0
(2,384)
(5,896)
(32,395)
(65,855)
0
Total Current Liabilities excluding Net Assets
Attributable to Redeemable Participating Shareholders
(2,691,534)
(1,701,778)
(407,259)
(269,877)
Net Assets Attributable to Redeemable
Participating Shareholders (for financial statement purposes)
$
17,920,175
$
12,864,695
$
3,414,965
$
3,397,019
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0
$
0
Adjustment to Payable for Fund shares redeemed*
$
0
$
0
$
0
$
0
Net Assets Attributable to Redeemable
Participating Shareholders (for shareholder dealing purposes)
$
17,920,175
$
12,864,695
$
3,414,965
$
3,397,019
A zero balance may reflect actual amounts rounding to less than one thousand
*
64
Net Assets Attributable to Redeemable Participating Shareholders (for financial statement purposes) has been adjusted to reflect material redemptions which occurred before
the close of dealing deadline at year end
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Global Real
Return Fund
As at
30-Jun-2012
$
High Yield
Bond Fund
As at
31-Dec-2011
5,579,983
0
50,212
1,742
19,860
26,628
412,098
14,846
3,776
0
91,691
0
$
As at
30-Jun-2012
4,735,286
0
75,717
6,753
43,970
24,323
103,207
22,021
0
0
15,502
6
$
Low Average
Duration Fund
As at
31-Dec-2011
1,800,672
0
6,632
0
3,192
29,051
89,953
25,372
0
0
11,667
0
$
As at
30-Jun-2012
1,554,568
0
7,676
1,771
11,018
27,434
35,292
9,627
0
0
2,217
1
$
Socially Responsible Emerging
Markets Bond Fund
As at
31-Dec-2011
4,560,595
22,930
10,979
1,039
0
9,319
429,146
6,361
0
0
21,518
3
$
As at
30-Jun-2012
3,440,858
18,164
27,380
1,532
24
15,474
562,553
12,057
998
0
6,275
0
$
As at
31-Dec-2011
182,795
2,964
2,754
931
2
2,934
1
3
69
0
522
0
$
166,145
0
3,180
994
17
2,446
158
4
0
0
110
0
6,200,836
5,026,785
1,966,539
1,649,604
5,061,890
4,085,315
192,975
173,054
(65,672)
0
(513,188)
(11,740)
(3,336)
(725,450)
(380)
0
(5,244)
0
(27,615)
(60,628)
(7)
(43,678)
0
(706,727)
(4,629)
(2,650)
(512,850)
(371)
0
(2,843)
(7,825)
(6,825)
(83,237)
(8)
(3,750)
0
(88,001)
(7,735)
(1,066)
0
(422)
(442)
(4,398)
(1,977)
(1,360)
(8,020)
0
(3,542)
0
(36,118)
(96,717)
(1,059)
(3,027)
(364)
0
(2,627)
(774)
(2,375)
(10,560)
(2)
(15,371)
(428)
(1,872,565)
(4,184)
(1,824)
0
(106)
0
(1,965)
0
(12,080)
(16,200)
0
(25,391)
(149,326)
(1,134,330)
(2,948)
(1,968)
0
(158)
0
(1,366)
0
(7,900)
(28,742)
(2)
(738)
0
(1,400)
(37)
(149)
0
(119)
0
0
0
(2,170)
(350)
0
(1,770)
0
0
(63)
(127)
0
(92)
0
0
(1)
(1,720)
(585)
0
(1,413,260)
(1,371,643)
(117,171)
(157,165)
(1,924,723)
(1,352,131)
(4,963)
(4,358)
$
4,787,576
$
3,655,142
$
1,849,368
$
1,492,439
$
3,137,167
$
2,733,184
$
188,012
$
168,696
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
95,942
$
0
$
0
$
0
$
0
$
4,787,576
$
3,655,142
$
1,849,368
$
1,588,381
$
3,137,167
$
2,733,184
$
188,012
$
168,696
See Accompanying Notes
Semiannual Report
30 June 2012
65
Statements of Assets and Liabilities (Cont.)
StocksPLUSTM Fund
(Amounts in thousands)
Current Assets:
Financial Assets at fair value through profit or loss:
Transferable Securities
Deposits with credit institutions
Financial derivative instruments
Cash
Deposits with counterparty
Income receivable
Receivables for investments sold
Receivables for Fund shares sold
Receivables for financial derivatives margin
Receivables from management company
Unrealised appreciation on hedging activities
Other assets
As at
30-Jun-2012
$
Total Return Bond Fund
As at
31-Dec-2011
293,822
892
9,975
224
377
462
36,044
52
0
0
2,993
14
$
As at
30-Jun-2012
235,521
300
3,691
777
5,347
609
47,551
253
0
287
0
658
$
As at
31-Dec-2011
35,873,575 $
137,361
83,682
26,928
1,705
164,729
6,483,945
142,386
129,687
0
282,067
0
29,819,679
87,946
295,437
38,748
7,304
183,776
1,602,405
83,873
40,753
0
64,118
0
Total Current Assets
344,855
294,994
43,326,065
32,224,039
Current Liabilities:
Financial Liabilities at fair value through profit or loss:
Financial derivative instruments
Fair value of securities sold short
Payable for investments purchased
Payable for Fund shares redeemed
Payable for management fee
Payable for reverse repurchase agreements
Expenses payable
Bank overdraft
Dividend payable
Payable for financial derivatives margin
Deposits from counterparty
Unrealised depreciation on hedging activities
Other liabilities
(968)
0
(96,703)
(335)
(84)
0
(7)
0
(326)
(4,105)
(185)
(2,070)
0
(1,136)
(14,847)
(66,148)
(2)
0
0
(1)
0
(342)
(1,306)
(160)
(3)
(3,154)
(286,167)
(203,154)
(16,315,697)
(151,505)
(19,626)
(75,886)
(2,346)
0
(10,426)
0
(65,540)
(184,813)
(181)
(290,740)
(367,538)
(8,614,653)
(72,280)
(16,177)
(992,979)
(3,980)
0
(9,639)
0
(101,954)
(300,978)
(9)
(104,783)
(87,099)
(17,315,341)
(10,770,927)
Total Current Liabilities excluding Net Assets
Attributable to Redeemable Participating Shareholders
Net Assets Attributable to Redeemable
Participating Shareholders (for financial statement purposes)
$
240,072
$
207,895
$
26,010,724 $
21,453,112
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0 $
0
Adjustment to Payable for Fund shares redeemed*
$
0
$
0
$
0 $
0
Net Assets Attributable to Redeemable
Participating Shareholders (for shareholder dealing purposes)
$
240,072
$
207,895
$
26,010,724 $
21,453,112
A zero balance may reflect actual amounts rounding to less than one thousand
*
66
Net Assets Attributable to Redeemable Participating Shareholders (for financial statement purposes) has been adjusted to reflect material redemptions which occurred before
the close of dealing deadline at year end
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
UK Long Term Corporate
Bond Fund
UK Corporate Bond Fund
As at
30-Jun-2012
£
As at
31-Dec-2011
433,028
0
2,924
1,581
1,004
7,953
4,120
0
0
0
0
28
£
As at
30-Jun-2012
404,621
0
5,862
1,554
2,347
8,284
6,405
0
509
0
0
21
£
UK Sterling Inflation-Linked
Fund
As at
31-Dec-2011
1,094,339
0
11,127
4,119
4,045
20,502
43,546
618
0
0
0
11
£
As at
30-Jun-2012
984,577
0
16,915
2,855
5,602
19,784
15,089
1,171
711
0
0
0
£
UK Sterling Long Average
Duration Fund
As at
31-Dec-2011
140,152
0
458
706
579
559
30,383
2,564
592
0
0
1
£
As at
30-Jun-2012
162,601
0
2,517
277
523
915
18,284
40
183
0
0
0
£
As at
31-Dec-2011
297,398
0
808
1,007
348
1,892
29,946
30
465
0
0
4
£
324,577
0
6,082
1,072
1,197
3,371
43,707
3
86
0
0
0
450,638
429,603
1,178,307
1,046,704
175,994
185,340
331,898
380,095
(3,665)
0
(3,058)
0
(241)
(690)
(1)
0
0
(25)
(1,789)
0
0
(4,650)
0
(6,091)
0
(223)
(419)
0
0
0
0
(3,266)
0
0
(7,912)
0
(44,634)
(200)
(446)
0
(1)
0
(4,912)
(4,876)
(4,104)
0
(6)
(12,032)
0
(10,119)
(323)
(342)
(1,749)
(28)
0
(4,532)
0
(9,598)
0
0
(1,310)
0
(60,853)
(2)
(47)
0
0
0
(179)
0
(680)
0
(12)
(1,080)
0
(62,229)
0
(55)
(1,737)
(12)
0
(263)
0
(3,161)
0
0
(2,618)
0
(96,434)
(11)
(91)
0
0
0
(43)
0
(973)
0
0
(2,535)
0
(116,996)
(110)
(99)
(507)
(41)
0
(67)
0
(5,607)
0
(1)
(9,469)
(14,649)
(67,091)
(38,723)
(63,083)
(68,537)
(100,170)
(125,963)
£
441,169
£
414,954
£
1,111,216
£
1,007,981
£
112,911
£
116,803
£
231,728
£
254,132
£
0
£
0
£
5,605
£
0
£
661
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
441,169
£
414,954
£
1,116,821
£
1,007,981
£
113,572
£
116,803
£
231,728
£
254,132
See Accompanying Notes
Semiannual Report
30 June 2012
67
Statements of Assets and Liabilities (Cont.)
UK Sterling Low Average
Duration Fund
(Amounts in thousands)
Current Assets:
Financial Assets at fair value through profit or loss:
Transferable Securities
Deposits with credit institutions
Financial derivative instruments
Cash
Deposits with counterparty
Income receivable
Receivables for investments sold
Receivables for Fund shares sold
Receivables for financial derivatives margin
Receivables from management company
Unrealised appreciation on hedging activities
Other assets
As at
30-Jun-2012
£
75,828
0
586
477
190
683
6,356
50
183
0
0
0
UK Total Return Bond Fund
As at
31-Dec-2011
£
81,694
0
2,002
389
570
1,012
11,200
18
0
0
0
0
As at
30-Jun-2012
£
11,358
0
121
120
52
100
1,012
9
0
0
0
0
As at
31-Dec-2011
£
12,574
0
278
117
84
189
2,896
0
0
0
0
1
Total Current Assets
84,353
96,885
12,772
16,139
Current Liabilities:
Financial Liabilities at fair value through profit or loss:
Financial derivative instruments
Fair value of securities sold short
Payable for investments purchased
Payable for Fund shares redeemed
Payable for management fee
Payable for reverse repurchase agreements
Expenses payable
Bank overdraft
Dividend payable
Payable for financial derivatives margin
Deposits from counterparty
Unrealised depreciation on hedging activities
Other liabilities
(891)
0
(6,369)
(18)
(26)
0
(34)
0
0
0
(295)
0
0
(1,441)
0
(16,370)
0
(28)
0
(45)
0
0
(96)
(765)
0
0
(94)
0
(813)
(17)
(8)
0
0
0
(9)
(9)
0
0
0
(125)
0
(3,144)
0
(8)
0
0
0
(11)
(9)
0
0
0
Total Current Liabilities excluding Net Assets
Attributable to Redeemable Participating Shareholders
(7,633)
(18,745)
(950)
(3,297)
Net Assets Attributable to Redeemable
Participating Shareholders (for financial statement purposes)
£
76,720
£
78,140
£
11,822
£
12,842
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
£
0
£
0
£
0
£
0
Adjustment to Payable for Fund shares redeemed*
£
0
£
0
£
0
£
0
Net Assets Attributable to Redeemable
Participating Shareholders (for shareholder dealing purposes)
£
76,720
£
78,140
£
11,822
£
12,842
A zero balance may reflect actual amounts rounding to less than one thousand
*
Net Assets Attributable to Redeemable Participating Shareholders (for financial statement purposes) has been adjusted to reflect material redemptions which occurred before
the close of dealing deadline at year end
** Company Total has been adjusted to account for cross investment by Global Multi-Asset Fund into Emerging Local Bond Fund, Emerging Markets Bond Fund, Emerging
Markets Corporate Bond Fund, Emerging Markets Currency Fund, PIMCO EqS Dividend Fund, PIMCO EqS Emerging Markets Fund, Global Bond Fund, Global Investment
Grade Credit Fund, PIMCO Global Real Return Fund, StocksPLUS™ Fund, Total Return Bond Fund and Unconstrained Bond Fund.
68
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
US Government Money
Market Fund
Unconstrained Bond Fund
As at
30-Jun-2012
$
As at
31-Dec-2011
7,259,741
20,687
32,767
15,518
31,497
46,951
19,255,793
27,822
28,774
0
119,056
637
$
As at
30-Jun-2012
8,074,991
38,759
198,185
6,324
135,671
59,180
1,810,327
8,807
0
0
30,864
0
$
Company Total
As at
31-Dec-2011
59,312
0
0
204
0
51
48,800
16
0
0
0
30
$
As at
30-Jun-2012
240,987
0
0
508
0
173
179,591
2
0
0
0
9
$
As at
31-Dec-2011
119,747,436**
489,806
1,094,056
322,962
521,265
982,513**
32,023,126
555,257
200,632
143
1,262,963
1,109
$
97,549,862**
319,157
1,542,309
343,787
938,484
909,228**
7,010,771
317,007
46,285
718
290,438
1,224
26,839,243
10,363,108
108,413
421,270
157,201,268
109,269,270
0
(1,263,456)
(18,943,621)
(12,908)
(6,444)
(1,553)
(575)
0
(1,308)
0
(108,255)
(79,115)
(93)
(183,627)
(836,940)
(3,145,910)
(25,808)
(5,858)
(126,217)
(357)
0
(821)
(645)
(66,180)
(137,003)
(23)
0
0
(48,600)
0
(297)
0
0
0
(3)
0
0
0
0
0
0
(179,588)
0
(268)
0
(4)
0
(11)
0
0
0
0
(1,239,403)
(1,473,471)
(47,701,478)
(388,455)
(76,398)
(1,033,067)
(18,347)
(442)
(107,951)**
(94,149)
(635,386)
(840,167)
(1,136)
(1,361,095)
(1,667,891)
(18,874,149)
(304,934)
(62,400)
(1,716,655)
(20,710)
0
(86,735)**
(110,567)
(481,985)
(1,194,694)
(7,374)
(20,417,328)
(4,529,389)
(48,900)
(179,871)
(53,609,850)
(25,889,189)
$
6,421,915
$
5,833,719
$
59,513
$
241,399
$
103,591,418
$
83,380,081
$
0
$
0
$
0
$
0
$
13,387
$
3,200
$
0
$
0
$
0
$
0
$
0
$
95,942
$
6,421,915
$
5,833,719
$
59,513
$
241,399
$
103,604,805
$
83,479,223
See Accompanying Notes
Semiannual Report
30 June 2012
69
Statements of Operations
CommoditiesPLUS™
Strategy Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with
credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable
securities and deposits with credit institutions
Net change in unrealised appreciation/(depreciation) on financial
derivative instruments
Net change in unrealised appreciation/(depreciation) on
foreign currency
Total Investment Income/(Loss)
PIMCO Credit Absolute
Return Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
3,047
3
0
7,515
10
2
3,000
5
2
Period Ended
30-Jun-2012
$
127
0
0
Period from
14-Oct-2011 to
31-Dec-2011
$
25
0
0
791
(17,848)
(5,949)
(291)
(52,211)
(2,776)
203
(12,312)
5,757
61
20
(478)
1
28
(121)
3,854
(3,698)
1,564
140
45
6,793
(42)
(2,264)
4
10
3,151
(6,158)
(2,870)
(54,361)
1,315
(2,730)
147
21
(75)
(87)
Operating Expenses
Management fee
Service fee
Trail fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(1,445)
0
0
0
(1,445)
0
(1,445)
(3,498)
0
0
0
(3,498)
0
(3,498)
(1,670)
0
0
0
(1,670)
0
(1,670)
(49)
0
0
(20)
(69)
20
(49)
(10)
0
0
(10)
(20)
10
(10)
Net Investment Income/(Loss)
(7,603)
(57,859)
(4,400)
(28)
(97)
(2)
(34)
144
108
(11)
(39)
(73)
(123)
(7)
(7)
244
230
0
0
30
30
0
0
2
2
Profit/(Loss) for the Period before Tax
(7,495)
(57,982)
(4,170)
2
(95)
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
0
(7,495)
9
(57,973)
(25)
(4,195)
0
2
0
(95)
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0
$
0
$
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
$
(7,495)
$
(57,973)
$
(4,195)
$
2
$
(95)
A zero balance may reflect actual amounts rounding to less than one thousand
70
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Diversified Income
Fund
Period Ended
30-Jun-2012
$
113,640
49
39
Year Ended
31-Dec-2011
$
167,051
50
128
Diversified Income Duration
Hedged Fund
Period Ended
30-Jun-2011
$
72,689
16
100
Period Ended
30-Jun-2012
$
1,735
2
0
Period from
31-May-2011 to
31-Dec-2011
$
888
0
7
Period from
31-May-2011 to
30-Jun-2011
$
0
0
0
13,115
38,857
(109,762)
30,880
28,166
(10,476)
13,543
6,089
120,877
218
2,638
(3,240)
0
786
(4,884)
0
6
(1)
172,008
(113,098)
47,878
1,553
(17)
3
7,167
8,928
(4,340)
(1,159)
203
(6)
37,008
272,121
(53,925)
57,704
(32,143)
224,709
1,325
3,072
(1,556)
(4,573)
(2)
0
(28,168)
(79)
(64)
(4)
(28,315)
0
(28,315)
(35,408)
(120)
(36)
(2)
(35,566)
0
(35,566)
(14,766)
(58)
(14)
0
(14,838)
0
(14,838)
(559)
0
0
0
(559)
0
(559)
(320)
0
0
(60)
(380)
58
(322)
(1)
0
0
(7)
(8)
7
(1)
243,806
22,138
209,871
2,513
(4,895)
(1)
0
(39,264)
17,733
(21,531)
0
(63,443)
18,401
(45,042)
(10)
(30,851)
6,467
(24,394)
(2)
(2)
330
326
(6)
(2)
3
(5)
0
0
0
0
222,275
(22,904)
185,477
2,839
(4,900)
(1)
(131)
222,144
(450)
(23,354)
(545)
184,932
0
2,839
0
(4,900)
0
(1)
$
0
$
0
$
222,144
$
(23,354)
See Accompanying Notes
$
0
$
0
$
0
$
0
$ 184,932
$
2,839
$
(4,900)
$
(1)
Semiannual Report
30 June 2012
71
Statements of Operations (Cont.)
PIMCO Dividend and Income
Builder Fund
(Amounts in thousands)
Period Ended
30-Jun-2012
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with
credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable
securities and deposits with credit institutions
Net change in unrealised appreciation/(depreciation) on financial
derivative instruments
Net change in unrealised appreciation/(depreciation) on
foreign currency
Total Investment Income/(Loss)
$
151
0
0
Period from
14-Dec-2011 to
31-Dec-2011
$
Emerging Asia
Bond Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
5
0
0
$ 10,290
8
0
112
3
23
8
0
(6)
(4,826)
(284)
(10,547)
(4,916)
(311)
(45,468)
1,366
4
111
46
108
21,494
(17,846)
(2,778)
(2)
0
376
(530)
59
(9)
324
(4)
111
24,436
40,947
(33,449)
(84,605)
1,529
2,518
Operating Expenses
Management fee
Service fee
Trail fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(22)
0
0
(20)
(42)
20
(22)
(2)
0
0
(2)
(4)
2
(2)
(3,664)
0
0
0
(3,664)
0
(3,664)
(6,418)
0
0
0
(6,418)
0
(6,418)
(739)
0
0
0
(739)
0
(739)
Net Investment Income/(Loss)
302
109
37,283
(91,023)
1,779
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
0
(105)
5
(100)
0
0
0
0
0
(9,091)
3,407
(5,684)
0
(17,840)
87,051
69,211
0
(3,701)
20,737
17,036
Profit/(Loss) for the Period before Tax
202
109
31,599
(21,812)
18,815
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
(19)
183
0
109
0
31,599
23
(21,789)
(478)
18,337
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
$
183
$
109
A zero balance may reflect actual amounts rounding to less than one thousand.
72
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
$
17,906
9
0
2,226
1
0
0
$
0
$
0
$ 31,599
$
(21,789)
$
18,337
Emerging Local
Bond Fund
Period Ended
30-Jun-2012
$
121,052
65
3
Year Ended
31-Dec-2011
$
188,508
122
0
Emerging Markets
Bond Fund
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
$
$
85,386
79
0
126,314
26
0
Year Ended
31-Dec-2011
$
213,851
30
49
Period Ended
30-Jun-2011
$
102,082
11
49
(46,979)
27,897
6,641
10,552
2,265
(9,434)
26,250
2,089
8,809
23,205
16,845
(157,920)
34,370
28,217
59,681
28,981
12,913
212,718
114,123
(249,468)
48,858
129,840
(38,241)
39,435
33,791
45,756
920
45,576
1,440
(1,556)
29,894
286,487
(54,162)
(65,861)
19,404
191,795
85,002
268,888
(106,845)
192,552
(20,770)
373,863
(24,747)
(553)
(9)
(2)
(25,311)
0
(25,311)
(36,022)
(695)
(97)
(4)
(36,818)
0
(36,818)
(15,275)
(212)
(50)
(2)
(15,539)
0
(15,539)
(23,562)
(426)
(132)
(143)
(24,263)
0
(24,263)
(38,520)
(283)
(199)
(9)
(39,011)
0
(39,011)
(17,908)
(202)
(93)
(6)
(18,209)
0
(18,209)
261,176
(102,679)
176,256
244,625
153,541
355,654
(65)
(17,099)
326
(16,838)
(30)
(19,459)
26,770
7,281
0
(6,904)
5,586
(1,318)
0
(21,200)
7,423
(13,777)
0
(35,717)
12,536
(23,181)
(39)
(17,160)
3,256
(13,943)
244,338
(95,398)
174,938
230,848
130,360
341,711
(2,515)
241,823
(17,273)
(112,671)
(2,449)
172,489
0
230,848
1,654
132,014
984
342,695
$
0
$
0
$
0
$
0
$
0
$
0
$
241,823
$
(112,671)
$
172,489
$
230,848
$
132,014
$
342,695
See Accompanying Notes
Semiannual Report
30 June 2012
73
Statements of Operations (Cont.)
Emerging Markets Corporate
Bond Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with
credit institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
18,058
4
0
700
4,846
(37,817)
31,362
4
18
(832)
(628)
(7,096)
15,447
0
0
6,686
89
27,081
29,936
552
20,773
37,052
(25,589)
1,179
(10,641)
(12,223)
(4,633)
632
10,235
55,537
Operating Expenses
Management fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(5,207)
0
(5,207)
0
(5,207)
(8,405)
(1)
(8,406)
0
(8,406)
(3,959)
(1)
(3,960)
0
(3,960)
Net Investment Income/(Loss)
31,845
(20,629)
51,577
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
0
(3,194)
4,084
890
0
(1,433)
2,037
604
0
(639)
1,577
938
Profit/(Loss) for the Period before Tax
32,735
(20,025)
52,515
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
(1)
32,734
207
(19,818)
25
52,540
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
(3,200)
$
3,200
$
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
$
29,534
$
(16,618)
$
52,540
A zero balance may reflect actual amounts rounding to less than one thousand.
74
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Emerging Markets
Currency Fund
PIMCO Emerging
Multi-Asset Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
10,987
7
0
(3,646)
686
(4,041)
25,801
16
0
(14,628)
(2,899)
(13,539)
12,007
4
0
464
(713)
19,993
Period Ended
30-Jun-2012
$
7,823
3
0
(4,255)
(5,892)
(2,018)
Period from
07-Jun-2011 to
31-Dec-2011
$
6,230
3
1
(23,950)
(2,954)
(4,970)
PIMCO EqS
Dividend Fund
Period from
07-Jun-2011 to
30-Jun-2011
$
1,416
0
0
(397)
(2,572)
(437)
Period Ended
30-Jun-2012
$
2,455
1
0
659
0
(1,366)
Period from
14-Dec-2011 to
31-Dec-2011
$
6
0
0
(3)
0
(22)
7,931
(121)
18,923
30,726
(18,772)
1,908
(31,460)
(53,573)
7,842
912
23,130
63,639
5,952
3,569
1,852
7,034
(28,813)
(79)
(5,106)
(59,638)
(4,086)
436
347
(5,293)
(273)
0
258
1,734
576
0
(345)
212
(5,185)
(1)
(5,186)
0
(5,186)
(12,985)
(1)
(12,986)
0
(12,986)
(6,615)
0
(6,615)
0
(6,615)
(609)
(1)
(610)
0
(610)
(179)
(70)
(249)
59
(190)
(2)
(8)
(10)
6
(4)
(573)
2
(571)
1
(570)
(26)
(2)
(28)
2
(26)
25,540
(66,559)
57,024
6,424
(59,828)
(5,297)
1,164
186
(6)
(1,019)
293
(732)
(30)
(1,759)
(2,376)
(4,165)
(16)
(532)
727
179
(5)
(6,542)
73
(6,474)
(3)
(4,983)
24
(4,962)
0
0
1
1
(4)
(1,537)
367
(1,174)
0
0
1
1
24,808
(70,724)
57,203
(50)
(64,790)
(5,296)
(10)
187
(5)
24,803
15
(70,709)
(68)
57,135
(331)
(381)
(311)
(65,101)
(73)
(5,369)
(407)
(417)
(2)
185
$
0
$
0
$
0
$
(3,559)
$
0
$
0
$
0
$
0
$
24,803
$
(70,709)
$
57,135
$
(3,940)
$
(65,101)
$
(5,369)
$
(417)
$
185
See Accompanying Notes
Semiannual Report
30 June 2012
75
Statements of Operations (Cont.)
PIMCO EqS Emerging
Markets Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with
credit institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
$
6,413
3
0
(3,196)
(3,890)
(817)
Period from
22-Mar-2011 to
31-Dec-2011
$
4,364
3
0
(39,723)
(7,964)
(1,283)
Period from
22-Mar-2011 to
30-Jun-2011
$
2,239
1
0
(1,914)
(1,751)
(233)
(706)
65
(297)
(2,425)
(31,084)
99
(2,625)
(78,213)
(10,285)
1,183
753
(10,007)
Operating Expenses
Management fee
Service fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(2,085)
0
(2)
(2,087)
0
(2,087)
(3,195)
0
(70)
(3,265)
60
(3,205)
(918)
0
(25)
(943)
22
(921)
Net Investment Income/(Loss)
(4,512)
(81,418)
(10,928)
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
(1)
(1,217)
117
(1,101)
(3)
(422)
310
(115)
0
(184)
346
162
Profit/(Loss) for the Period before Tax
(5,613)
(81,533)
(10,766)
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
(585)
(6,198)
(421)
(81,954)
(243)
(11,009)
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
$
(6,198)
$
(81,954)
$
(11,009)
A zero balance may reflect actual amounts rounding to less than one thousand.
76
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
PIMCO EqS Pathfinder
Fund™
PIMCO EqS Pathfinder
Europe Fund™
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
8,690
2
0
725
(2,887)
(12,957)
19,736
9
3
(55,372)
1,438
(855)
12,659
5
0
3,590
642
19,556
Period Ended
30-Jun-2012
€
781
0
0
188
(403)
(41)
EuriborPLUS
Fund
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
€
€
3,508
8
0
4,066
442
1,383
2,922
2
0
12,283
79
531
Period Ended
30-Jun-2012
€
2,569
0
20
965
535
(1,374)
Year Ended
31-Dec-2011
€
Period Ended
30-Jun-2011
9,110
5
0
(1,736)
(3,513)
(744)
€
4,686
2
0
(185)
658
2,079
9,417
1,385
6,599
10,974
(34,932)
(1,476)
(7,630)
(79,079)
22,469
(1,262)
13,610
71,269
974
199
75
1,773
(12,378)
(150)
143
(2,978)
(11,810)
(99)
1,077
4,985
1,945
(655)
280
4,285
(765)
1,075
(555)
2,877
(1,883)
159
723
6,239
(3,431)
(3)
0
(3,434)
0
(3,434)
(10,644)
(19)
(14)
(10,677)
0
(10,677)
(5,198)
(11)
(14)
(5,223)
0
(5,223)
(367)
0
0
(367)
0
(367)
(2,014)
0
0
(2,014)
0
(2,014)
(1,474)
0
0
(1,474)
0
(1,474)
(902)
(36)
0
(938)
0
(938)
(2,416)
(73)
(1)
(2,490)
0
(2,490)
(1,214)
(38)
0
(1,252)
0
(1,252)
7,540
(89,756)
66,046
1,406
(4,992)
3,511
3,347
387
4,987
(2)
0
132
130
(20)
(64)
(1,755)
(1,839)
(8)
0
470
462
0
0
(28)
(28)
(3)
(41)
(674)
(718)
(1)
0
(37)
(38)
(12)
0
(88)
(100)
(14)
0
(1,599)
(1,613)
(14)
0
69
55
7,670
(91,595)
66,508
1,378
(5,710)
3,473
3,247
(1,226)
5,042
(1,285)
6,385
(2,966)
(94,561)
(2,285)
64,223
(85)
1,293
(479)
(6,189)
(500)
2,973
0
3,247
196
(1,030)
140
5,182
$
0
$
0
$
0
€
0
€
0
€
0
€
0
€
0
€
0
$
6,385
$
(94,561)
$
64,223
€
1,293
€
(6,189)
€
2,973
€
3,247
€
(1,030)
€
5,182
See Accompanying Notes
Semiannual Report
30 June 2012
77
Statements of Operations (Cont.)
Euro Bond
Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with
credit institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
€
€
€
18,226
8
91
27,564
14,387
(18,526)
39,312
23
0
1,092
(202)
(1,183)
19,050
8
0
(5,806)
(3,303)
15,931
14,069
(3,683)
11,959
64,095
(1,379)
10,312
(13,761)
34,214
(11,852)
6,338
5,267
25,633
Operating Expenses
Management fee
Service fee
Trail fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(2,581)
(428)
(27)
(1)
(3,037)
0
(3,037)
(5,047)
(727)
(67)
(123)
(5,964)
0
(5,964)
(2,470)
(330)
(36)
(1)
(2,837)
0
(2,837)
Net Investment Income/(Loss)
61,058
28,250
22,796
(14)
(385)
499
100
(121)
(1,294)
433
(982)
(18)
(744)
(281)
(1,043)
Profit/(Loss) for the Period before Tax
61,158
27,268
21,753
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
0
61,158
123
27,391
(345)
21,408
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
€
0
€
0
€
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
€
61,158
€
27,391
€
21,408
A zero balance may reflect actual amounts rounding to less than one thousand.
78
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Euro Credit
Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
€
€
4,856
1
0
4,328
3,336
(3,049)
11,236
5
5
(2,915)
(1,892)
(800)
Euro Income Bond
Fund
Period Ended
30-Jun-2011
€
5,513
2
0
(1,793)
396
1,694
Period Ended
30-Jun-2012
€
952
0
1
812
15
(511)
Period from
28-Feb-2011 to
31-Dec-2011
€
413
1
0
(57)
(50)
(67)
Euro Liquidity
Fund
Period from
28-Feb-2011 to
30-Jun-2011
€
46
0
0
13
0
(2)
Period Ended
30-Jun-2012
€
380
1
0
22
0
0
Year Ended
31-Dec-2011
€
908
3
0
8
0
0
Period Ended
30-Jun-2011
€
148
1
0
1
0
0
10,498
(1,445)
929
19,454
(3,168)
228
(1,274)
1,425
93
(153)
1,472
7,224
836
8
(30)
2,083
(16)
(11)
(63)
150
(11)
0
3
49
0
0
0
403
0
0
0
919
0
0
0
150
(982)
0
0
0
(982)
0
(982)
(1,748)
0
0
0
(1,748)
0
(1,748)
(826)
0
0
(1)
(827)
0
(827)
(296)
0
0
0
(296)
0
(296)
(104)
0
0
(60)
(164)
59
(105)
(7)
0
0
(24)
(31)
24
(7)
(247)
0
0
0
(247)
0
(247)
(327)
0
0
0
(327)
0
(327)
(69)
0
0
0
(69)
0
(69)
18,472
(323)
6,397
1,787
45
42
156
592
81
(2)
0
(142)
(144)
(2)
0
466
464
(1)
0
498
497
0
(855)
246
(609)
0
(323)
(125)
(448)
0
(17)
10
(7)
(3)
(4)
0
(7)
(1)
(73)
0
(74)
0
(38)
0
(38)
18,328
141
6,894
1,178
(403)
35
149
518
43
0
18,328
31
172
(27)
6,867
0
1,178
0
(403)
0
35
0
149
0
518
0
43
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
0
€
18,328
€
172
€
6,867
€
1,178
€
(403)
€
35
€
149
€
518
€
43
See Accompanying Notes
Semiannual Report
30 June 2012
79
Statements of Operations (Cont.)
Euro Long Average
Duration Fund
(Amounts in thousands)
Euro Low
Duration Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
€
€
€
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with
credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable
securities and deposits with credit institutions
Net change in unrealised appreciation/(depreciation) on financial
derivative instruments
Net change in unrealised appreciation/(depreciation) on
foreign currency
Total Investment Income/(Loss)
8,856
6
16
21,123
17
9
10,491
5
10
Period Ended
30-Jun-2012
€
23
0
0
Period from
05-Jul-2011 to
31-Dec-2011
€
32
0
0
24,699
30,619
(7,481)
(24,030)
47,756
(743)
(30,986)
4,640
5,610
19
12
(16)
8
21
0
(4,873)
34,058
13,017
21
8
(24,807)
12,928
(270)
6
10
9,319
36,354
(4,911)
86,207
3,070
5,587
(5)
60
(2)
77
Operating Expenses
Management fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(1,146)
0
(1,146)
0
(1,146)
(2,358)
(1)
(2,359)
0
(2,359)
(1,103)
0
(1,103)
0
(1,103)
(9)
0
(9)
0
(9)
(8)
(50)
(58)
50
(8)
Net Investment Income/(Loss)
35,208
83,848
4,484
51
69
(15)
(136)
(44)
(195)
(22)
(227)
(3,177)
(3,426)
(2)
(80)
541
459
0
0
0
0
0
0
0
0
Profit/(Loss) for the Period before Tax
35,013
80,422
4,943
51
69
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
0
35,013
13
80,435
(63)
4,880
0
51
0
69
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
€
0
€
0
€
0
€
0
€
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
€
35,013
€
80,435
€
4,880
€
51
€
69
A zero balance may reflect actual amounts rounding to less than one thousand.
80
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Euro Real Return
Fund
Period Ended
30-Jun-2012
€
4,268
4
7
Year Ended
31-Dec-2011
€
8,057
7
0
Euro Ultra-Long Duration
Fund
Period Ended
30-Jun-2011
€
4,551
2
0
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
€
€
€
794
2
0
2,072
(5)
0
1,177
2
0
4,779
(1,513)
(1,203)
(8,740)
(2,731)
(1,212)
(1,631)
303
546
475
3,406
(366)
(397)
20,108
1,240
(659)
4,479
1,482
585
1,991
2,681
1,777
(942)
(1,088)
1,195
(640)
(315)
3,341
(2,394)
(15,461)
827
8,949
(887)
(4,155)
248
6,385
967
10,396
(318)
19,364
151
(9,917)
(444)
0
(444)
0
(444)
(828)
0
(828)
0
(828)
(384)
0
(384)
0
(384)
(215)
0
(215)
0
(215)
(442)
0
(442)
0
(442)
(257)
0
(257)
0
(257)
8,505
(4,983)
6,001
10,181
18,922
(10,174)
(6)
(1)
0
(7)
(5)
(26)
622
591
0
(20)
283
263
(21)
0
(13)
(34)
(18)
0
(333)
(351)
(7)
0
(315)
(322)
8,498
(4,392)
6,264
10,147
18,571
(10,496)
0
8,498
(6)
(4,398)
(35)
6,229
0
10,147
3
18,574
0
(10,496)
€
0
€
0
€
0
€
0
€
0
€
0
€
8,498
€
(4,398)
€
6,229
€
10,147
€
18,574
€
(10,496)
See Accompanying Notes
Semiannual Report
30 June 2012
81
Statements of Operations (Cont.)
FX Strategies
Fund(1)
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with
credit institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
€
124
0
0
136
(78)
2,298
Year Ended
31-Dec-2011
€
766
3
0
46
(595)
(2,151)
Period Ended
30-Jun-2011
€
393
2
0
22
(275)
46
(302)
358
(1,525)
1,011
37
(462)
1,056
(1,300)
(346)
(298)
(141)
(597)
Operating Expenses
Management fee
Service fee
Trail fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(85)
0
0
0
(85)
0
(85)
(380)
0
0
0
(380)
0
(380)
(205)
0
0
0
(205)
0
(205)
Net Investment Income/(Loss)
926
(1,680)
(802)
0
0
0
0
(2)
0
(33)
(35)
(1)
0
(8)
(9)
Profit/(Loss) for the Period before Tax
926
(1,715)
(811)
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
0
926
0
(1,715)
0
(811)
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
€
0
€
0
€
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
€
926
€
(1,715)
€
(811)
A zero balance may reflect actual amounts rounding to less than one thousand.
(1)
82
The FX Strategies Fund terminated on 22 March 2012.
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Global Advantage
Fund
Global Advantage Real
Return Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
6,399
5
0
(1,164)
5,701
(21,812)
9,310
6
0
3,101
3,032
(18,032)
3,911
2
0
944
933
7,892
Period Ended
30-Jun-2012
$
2,007
2
0
2,405
401
(4,319)
Global Bond
Fund
Period from
29-Jul-2011 to
31-Dec-2011
$
Period Ended
30-Jun-2012
1,202
1
0
(48)
427
(3,329)
$ 124,848
54
245
1,092
52,158
(22,231)
Year Ended
31-Dec-2011
$
Period Ended
30-Jun-2011
215,131
174
35
157,304
113,997
133,716
$ 100,950
87
35
104,270
(1,418)
74,483
8,638
3,745
9,023
10,535
(2,110)
3,292
(8,635)
(10,036)
4,780
(837)
4,290
21,915
1,194
599
2,128
4,417
(5,331)
161
(2,448)
(9,365)
138,400
4,044
(268)
298,342
(134,101)
22,934
(72,366)
436,824
132,246
(12,424)
(51,575)
346,654
(3,542)
(19)
0
(6)
(3,567)
0
(3,567)
(4,190)
(33)
0
0
(4,223)
0
(4,223)
(1,653)
(15)
0
0
(1,668)
0
(1,668)
(634)
0
0
(2)
(636)
0
(636)
(358)
0
0
(70)
(428)
67
(361)
(19,771)
(936)
(123)
(4)
(20,834)
0
(20,834)
(32,626)
(1,337)
(234)
(5)
(34,202)
0
(34,202)
(15,391)
(575)
(111)
(1)
(16,078)
0
(16,078)
6,968
(14,259)
20,247
3,781
(9,726)
277,508
402,622
330,576
(3)
(686)
589
(4)
(653)
541
(2)
0
(125)
(6)
(1)
40
(4)
0
0
(51)
(12,685)
4,083
(84)
(18,549)
5,279
(56)
(9,331)
1,171
(100)
(116)
(127)
33
(4)
(8,653)
(13,354)
(8,216)
6,868
0
6,868
(14,375)
0
(14,375)
20,120
0
20,120
3,814
0
3,814
(9,730)
0
(9,730)
268,855
0
268,855
389,268
134
389,402
322,360
(173)
322,187
$
0
$
0
$
0
$
0
$
0
$
6,868
$
(14,375)
$
20,120
$
3,814
$
(9,730)
See Accompanying Notes
$
0
$
0
$ 268,855
$
389,402
Semiannual Report
$
0
$ 322,187
30 June 2012
83
Statements of Operations (Cont.)
Global Bond
Ex-US Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with
credit institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
10,888
8
49
1,875
2,964
14,203
19,205
24
0
15,340
3,314
2,533
8,994
13
0
11,406
826
(23,264)
11,437
(805)
(11,914)
28,705
(19,555)
3,596
11,636
36,093
9,839
(858)
3,762
10,718
Operating Expenses
Management fee
Service fee
Trail fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(1,721)
(7)
(52)
(2)
(1,782)
0
(1,782)
(2,891)
(16)
(102)
(1)
(3,010)
0
(3,010)
(1,313)
(8)
(52)
0
(1,373)
0
(1,373)
Net Investment Income/(Loss)
26,923
33,083
9,345
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
(7)
(1,617)
1
(1,623)
(11)
(2,667)
902
(1,776)
(3)
(1,091)
899
(195)
Profit/(Loss) for the Period before Tax
25,300
31,307
9,150
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
0
25,300
9
31,316
(8)
9,142
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
$
25,300
$
31,316
$
9,142
A zero balance may reflect actual amounts rounding to less than one thousand.
84
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Global High Yield
Bond Fund
Global Investment Grade
Credit Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
$
$
$
$
124,435
11
0
3,737
2,890
(31,532)
208,522
20
33
33,097
1,066
(10,760)
100,598
7
50
13,142
8,489
65,326
289,723
102
28
48,475
80,511
(379,343)
Year Ended
31-Dec-2011
$
515,889
284
432
212,340
138,434
90,222
Global Multi-Asset
Fund
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
$
$
242,079
113
117
97,976
33,390
498,468
45,092
21
0
31,827
(48,640)
(97,194)
Year Ended
31-Dec-2011
$
82,648
74
10
11,038
(49,407)
19,007
Period Ended
30-Jun-2011
$
34,743
13
6
15,263
56,595
124,970
106,161
4,614
12,775
223,091
(196,105)
(10,711)
(21,704)
3,458
32,813
(3,925)
(13,187)
203,313
429,216
146,632
222,502
837,846
(316,620)
(47,168)
(329,445)
264,368
128,884
(41,445)
(141,004)
818,578
41,293
31,177
64,050
67,626
(138,545)
(69,931)
(55,882)
(200,988)
21,033
(7,959)
(8,116)
236,548
(14,434)
(14)
(565)
(7)
(15,020)
0
(15,020)
(22,711)
(23)
(999)
(3)
(23,736)
0
(23,736)
(11,271)
(10)
(460)
(2)
(11,743)
0
(11,743)
(50,932)
(3,716)
(1,164)
(144)
(55,956)
0
(55,956)
(70,416)
(5,929)
(1,529)
(15)
(77,889)
0
(77,889)
(32,119)
(2,883)
(704)
(5)
(35,711)
0
(35,711)
(21,857)
(77)
0
(38)
(21,972)
0
(21,972)
(37,952)
(74)
0
(15)
(38,041)
0
(38,041)
(15,570)
(18)
0
(13)
(15,601)
0
(15,601)
208,071
(20,278)
191,570
781,890
186,479
782,867
45,654
(239,029)
220,947
0
(46,846)
12,409
(34,437)
0
(59,353)
(13,308)
(72,661)
(3)
(26,674)
10,444
(16,233)
0
(78,216)
32,404
(45,812)
(91)
(150,168)
68,593
(81,666)
(89)
(73,019)
11,401
(61,707)
(43)
(10,871)
5,385
(5,529)
(72)
(38,455)
85,816
47,289
(40)
(21,375)
27,344
5,929
173,634
(92,939)
175,337
736,078
104,813
721,160
40,125
(191,740)
226,876
0
173,634
133
(92,806)
(127)
175,210
(95)
735,983
823
105,636
(952)
720,208
(1,246)
38,879
(1,845)
(193,585)
(824)
226,052
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
0
$
173,634
$
(92,806)
$
175,210
$
735,983
$
105,636
$
720,208
$
38,879
$
(193,585)
$
226,052
See Accompanying Notes
Semiannual Report
30 June 2012
85
Statements of Operations (Cont.)
Global Real
Return Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with credit
institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
70,506
26
27
81,028
12,642
(118,456)
106,216
59
21
144,744
16,472
35,307
58,502
25
15
51,084
1,814
78,190
5,786
(7,353)
61,353
105,559
4,727
8,444
(80,177)
235,813
97,021
3,842
(17,604)
272,889
Operating Expenses
Management fee
Service fee
Trail fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(17,327)
(771)
(475)
(3)
(18,576)
0
(18,576)
(25,891)
(916)
(805)
(3)
(27,615)
0
(27,615)
(10,759)
(329)
(365)
(2)
(11,455)
0
(11,455)
Net Investment Income/(Loss)
86,983
208,198
261,434
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
(512)
(8,160)
3,853
(4,819)
(324)
(12,089)
13,023
610
(36)
(6,783)
6,584
(235)
Profit/(Loss) for the Period before Tax
82,164
208,808
261,199
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
5
82,169
113
208,921
(22)
261,177
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
$
82,169
$
208,921
$
261,177
A zero balance may reflect actual amounts rounding to less than one thousand.
86
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
High Yield
Bond Fund
Period Ended
30-Jun-2012
$
54,387
3
12
(3,804)
1,459
(14,224)
Year Ended
31-Dec-2011
$
145,307
9
0
66,621
8,053
20,227
Low Average
Duration Fund
Socially Responsible Emerging
Markets Bond Fund
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
$
84,187
5
0
45,103
15,431
28,063
32,602
40
0
(17,050)
17,546
(15,962)
64,980
15
33
6,729
(3,625)
16,073
31,135
9
1
(11,214)
(4,066)
82,969
Period Ended
30-Jun-2012
$
4,537
1
0
105
547
(1,097)
Year Ended
31-Dec-2011
$
8,409
1
2
(349)
1,315
(521)
Period Ended
30-Jun-2011
$
4,085
0
2
135
394
(702)
54,907
2,905
6,893
102,538
(129,264)
(14,280)
(19,428)
77,245
(7,103)
(12,525)
(8,343)
144,818
41,379
(4,521)
19,873
73,907
(46,498)
11,937
(41,621)
8,023
23,249
16,794
(33,860)
105,017
6,500
1,007
991
12,591
1,907
219
(508)
10,475
3,171
60
169
7,314
(6,087)
(623)
0
(2)
(6,712)
0
(6,712)
(13,819)
(879)
0
(36)
(14,734)
0
(14,734)
(7,941)
(414)
0
(35)
(8,390)
0
(8,390)
(9,860)
(175)
(300)
(20)
(10,355)
0
(10,355)
(21,286)
(498)
(613)
(6)
(22,403)
0
(22,403)
(10,601)
(292)
(309)
(4)
(11,206)
0
(11,206)
(822)
(32)
0
0
(854)
0
(854)
(1,421)
(31)
0
(1)
(1,453)
0
(1,453)
(669)
(3)
0
0
(672)
0
(672)
95,826
62,511
136,428
63,552
(14,380)
93,811
11,737
9,022
6,642
0
(9,132)
2,043
(7,089)
(13)
(16,769)
(28,601)
(45,383)
(9)
(9,127)
(5,915)
(15,051)
(10)
(7,310)
1,687
(5,633)
(18)
(12,646)
(1,422)
(14,086)
(16)
(5,521)
(2,002)
(7,539)
0
0
27
27
(2)
0
(68)
(70)
(1)
0
27
26
88,737
17,128
121,377
57,919
(28,466)
86,272
11,764
8,952
6,668
0
88,737
201
17,329
60
121,437
(9)
57,910
(29)
(28,495)
(218)
86,054
0
11,764
2
8,954
(25)
6,643
$
0
$
0
$
0
$
0
$
0
$
0
$
88,737
$
17,329
$
121,437
$
57,910
$
(28,495)
$
86,054
See Accompanying Notes
$
0
$
0
$
0
$ 11,764
$
8,954
$
6,643
Semiannual Report
30 June 2012
87
Statements of Operations (Cont.)
StocksPLUSTM
Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with
credit institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
$
$
2,116
2
3
(1,517)
12,451
(4,725)
4,630
2
6
(3,155)
9,164
2,467
2,232
1
6
(866)
14,278
11,170
4,248
7,342
2,543
22,463
(4,436)
(6,272)
(4,927)
(2,521)
2,734
2,259
(1,248)
30,566
(467)
(1)
0
0
(468)
0
(468)
(1,135)
(2)
0
(1)
(1,138)
0
(1,138)
(599)
(1)
0
0
(600)
0
(600)
Net Investment Income/(Loss)
21,995
(3,659)
29,966
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
(1)
(1,468)
1
(1,468)
(3)
(3,363)
(7)
(3,373)
(2)
(1,604)
37
(1,569)
Profit/(Loss) for the Period before Tax
20,527
(7,032)
28,397
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
0
20,527
0
(7,032)
(6)
28,391
Operating Expenses
Management fee
Service fee
Trail fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
$
0
$
0
$
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
$
20,527
$
(7,032)
$
28,391
A zero balance may reflect actual amounts rounding to less than one thousand.
88
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Total Return
Bond Fund
Period Ended
30-Jun-2012
$
328,354
116
3
420,696
(241,030)
(234,009)
Year Ended
31-Dec-2011
$
642,629
138
6
427,485
(273,465)
(5,092)
UK Corporate
Bond Fund
Period Ended
30-Jun-2011
$
307,464
96
3
(87,843)
23,686
687,274
UK Long Term Corporate
Bond Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
£
£
£
£
£
£
10,608
0
5
1,000
2,198
2,710
21,616
8
0
5,464
(1,934)
227
10,719
3
0
2,323
443
828
26,026
1
33
12,125
8,904
2,607
45,502
8
0
17,072
(3,763)
311
22,744
6
0
7,146
(4,648)
1,431
705,248
(56,374)
172,912
1,095,916
(126,153)
25,915
(396,936)
294,527
443,380
68,002
(188,133)
1,253,929
15,470
16
(1,576)
30,431
(1,166)
1,154
110
25,479
2,610
725
(2,235)
15,416
33,450
(1,693)
(2,238)
79,215
11,256
11,648
(127)
81,907
(8,940)
4,447
(2,207)
19,979
(102,096)
(5,879)
(2,829)
(200)
(111,004)
0
(111,004)
(183,115)
(10,911)
(5,090)
(32)
(199,148)
0
(199,148)
(87,305)
(5,314)
(2,404)
(16)
(95,039)
0
(95,039)
(988)
0
0
0
(988)
0
(988)
(1,871)
0
0
(1)
(1,872)
0
(1,872)
(922)
0
0
0
(922)
0
(922)
(2,431)
0
0
(1)
(2,432)
0
(2,432)
(3,813)
0
0
(19)
(3,832)
0
(3,832)
(1,867)
0
0
(1)
(1,868)
0
(1,868)
984,912
95,379
1,158,890
29,443
23,607
14,494
76,783
78,075
18,111
0
(30,957)
19,105
(11,852)
(658)
(60,700)
11,566
(49,792)
(181)
(27,943)
6,674
(21,450)
(4)
0
(31)
(35)
(4)
0
(57)
(61)
(2)
0
(62)
(64)
(5)
(9,575)
119
(9,461)
(4)
(13,090)
1,063
(12,031)
0
(5,699)
(613)
(6,312)
973,060
45,587
1,137,440
29,408
23,546
14,430
67,322
66,044
11,799
(171)
972,889
(39)
45,548
(3,685)
1,133,755
0
29,408
15
23,561
(62)
14,368
0
67,322
18
66,062
(83)
11,716
$
0
$
0
$
0
£
0
£
(2,276)
£
(169)
£
(5,605)
£
(5,171)
£
(1,045)
$
972,889
$
45,548
$
1,133,755
£
29,408
£
21,285
£
14,199
£
61,717
£
60,891
£
10,671
See Accompanying Notes
Semiannual Report
30 June 2012
89
Statements of Operations (Cont.)
UK Sterling Inflation-Linked
Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with
credit institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
£
1,775
0
0
5,390
(1,165)
782
Year Ended
31-Dec-2011
£
3,855
(1)
0
19,360
(4,268)
(119)
Period Ended
30-Jun-2011
£
2,128
1
0
1,932
307
(58)
(5,985)
664
(418)
1,043
4,536
(974)
239
22,628
2,588
(813)
(414)
5,671
Operating Expenses
Management fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(292)
0
(292)
0
(292)
(552)
0
(552)
0
(552)
(260)
0
(260)
0
(260)
Net Investment Income/(Loss)
751
22,076
5,411
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
(4)
(237)
(25)
(266)
(5)
(868)
(348)
(1,221)
(4)
(437)
72
(369)
Profit/(Loss) for the Period before Tax
485
20,855
5,042
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
0
485
0
20,855
(12)
5,030
Adjustment to Revalue Assets on Bid Basis to Dealing NAV
£
(661)
£
0
£
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
£
(176)
£ 20,855
£
5,030
A zero balance may reflect actual amounts rounding to less than one thousand.
90
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
UK Sterling Long Average
Duration Fund
Period Ended
30-Jun-2012
£
3,706
2
43
7,292
(1,279)
2,068
Year Ended
31-Dec-2011
£
8,656
3
0
27,673
(1,757)
365
UK Sterling Low Average
Duration Fund
Period Ended
30-Jun-2011
£
4,103
2
0
(882)
307
304
Period Ended
30-Jun-2012
£
748
0
11
447
(636)
705
Year Ended
31-Dec-2011
£
2,347
7
0
2,473
1,020
242
UK Total Return
Bond Fund
Period Ended
30-Jun-2011
£
1,296
2
0
(5)
6
239
Period Ended
30-Jun-2012
£
205
0
0
109
(23)
56
Year Ended
31-Dec-2011
£
627
1
1
995
(88)
(43)
Period Ended
30-Jun-2011
£
367
0
0
(58)
(38)
(31)
(4,694)
1,599
(1,094)
7,643
16,431
(1,241)
467
50,597
1,307
1,644
(983)
5,802
418
946
(269)
2,370
(1,773)
(553)
51
3,814
1,420
1,456
(940)
3,474
146
111
(30)
574
(43)
20
28
1,498
298
171
(108)
601
(520)
0
(520)
0
(520)
(1,023)
0
(1,023)
0
(1,023)
(465)
0
(465)
0
(465)
(165)
0
(165)
0
(165)
(462)
0
(462)
0
(462)
(269)
0
(269)
0
(269)
(46)
0
(46)
0
(46)
(104)
0
(104)
0
(104)
(56)
0
(56)
0
(56)
7,123
49,574
5,337
2,205
3,352
3,205
528
1,394
545
(8)
(1,405)
(52)
(1,465)
(3)
(4,120)
5
(4,118)
(1)
(2,006)
(45)
(2,052)
(4)
(65)
(16)
(85)
(6)
(32)
(530)
(568)
(6)
0
73
67
0
(37)
(10)
(47)
0
(98)
(175)
(273)
0
(44)
8
(36)
5,658
45,456
3,285
2,120
2,784
3,272
481
1,121
509
0
5,658
0
45,456
(23)
3,262
0
2,120
0
2,784
(26)
3,246
0
481
1
1,122
(3)
506
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
0
£
5,658
£
45,456
£
3,262
£
2,120
£
2,784
£
3,246
£
481
£
1,122
£
506
See Accompanying Notes
Semiannual Report
30 June 2012
91
Statements of Operations (Cont.)
Unconstrained
Bond Fund
(Amounts in thousands)
Income
Interest and dividend income
Bank interest
Other income
Net realised gain/(loss) on transferable securities and deposits with credit institutions
Net realised gain/(loss) on financial derivative instruments
Net realised gain/(loss) on foreign currency
Net change in unrealised appreciation/(depreciation) on transferable securities and deposits with
credit institutions
Net change in unrealised appreciation/(depreciation) on financial derivative instruments
Net change in unrealised appreciation/(depreciation) on foreign currency
Total Investment Income/(Loss)
Period Ended
30-Jun-2012
$
104,689
45
0
76,845
(55,845)
(155,744)
Year Ended
31-Dec-2011
$
193,619
148
683
46,286
(173,284)
139,209
Period Ended
30-Jun-2011
$
79,380
49
236
(61,918)
(50,971)
302,718
147,619
19,783
120,074
257,466
(101,296)
(71,168)
(176,523)
(142,326)
125,027
(987)
(35,902)
357,632
Operating Expenses
Management fee
Service fee
Trail fee
Other expenses
Total Expenses
Reimbursement by Investment Advisers
Net Operating Expenses
(31,714)
(136)
(1,023)
(31)
(32,904)
0
(32,904)
(70,172)
(251)
(1,618)
(170)
(72,211)
0
(72,211)
(31,504)
(84)
(700)
(3)
(32,291)
0
(32,291)
Net Investment Income/(Loss)
224,562
(214,537)
325,341
(216)
(6,670)
4,035
(2,851)
(133)
(7,902)
(2,570)
(10,605)
(90)
(3,711)
2,809
(992)
Profit/(Loss) for the Period before Tax
221,711
(225,142)
324,349
Withholding taxes on dividends and other investment income
Profit/(Loss) for the Period after Tax
0
221,711
29
(225,113)
(98)
324,251
Finance Costs
Interest expense
Distributions to redeemable participating shareholders
Net Equalisation (Credits) and Charges
Total Finance Costs
Adjustment to Revalue Assets on Bid Basis
to Dealing NAV
$
0
$
0
$
0
Increase/(Decrease) in Assets Attributable to
Redeemable Participating Shareholders
$
221,711
$
(225,113)
$
324,251
A zero balance may reflect actual amounts rounding to less than one thousand.
*
92
Company Total has been adjusted to account for cross investment by Global Multi-Asset Fund into Emerging Local Bond Fund, Emerging Markets Bond Fund, Emerging
Markets Corporate Bond Fund, Emerging Markets Currency Fund, PIMCO EqS Dividend Fund, PIMCO EqS Emerging Markets Fund, Global Bond Fund, Global Investment
Grade Credit Fund, PIMCO Global Real Return Fund, StocksPLUSTM Fund, Total Return Bond Fund and Unconstrained Bond Fund.
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
US Government Money
Market Fund
Period Ended
30-Jun-2012
$
109
0
21
14
0
0
Year Ended
31-Dec-2011
$
205
0
235
21
0
0
Company Total
Period Ended
30-Jun-2011
$
24
0
11
3
0
0
Period Ended
30-Jun-2012
$
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
1,735,552* $
642
750
745,850
(17,354)
(1,451,886)
3,135,875* $
1,346
1,725
1,126,918
(145,541)
375,409
1,503,783*
602
658
231,364
107,593
2,395,404
0
0
0
144
0
0
0
461
0
0
0
38
2,311,611*
220,318
932,703
4,478,186
(1,670,666)*
(40,221)
(1,537,042)
1,247,803
1,133,778*
3,091
(467,804)
4,908,469
(113)
0
0
0
(113)
0
(113)
(359)
0
0
0
(359)
0
(359)
(28)
0
0
0
(28)
0
(28)
(397,127)
(14,049)
(6,771)
(653)
(418,600)
41
(418,559)
(678,398)
(23,130)
(11,415)
(962)
(713,905)
410
(713,495)
(311,313)
(10,946)
(5,313)
(183)
(327,755)
69
(327,686)
31
102
10
4,059,627
534,308
4,580,783
0
(31)
0
(31)
(2)
(100)
0
(102)
(2)
(8)
0
(10)
0
0
0
3,862,740
281,068
4,418,333
0
0
0
0
0
0
(6,905)
3,855,835
(20,095)
260,972
(12,739)
4,405,594
(1,070)
(316,477)*
120,660
(196,887)
(1,820)
(527,879)*
276,459
(253,240)
(693)
(260,667)*
98,910
(162,450)
$
0
$
0
$
0
$
(16,642)
$
(8,740)
$
(1,964)
$
0
$
0
$
0
$
3,839,193
$
252,233
$
4,403,630
See Accompanying Notes
Semiannual Report
30 June 2012
93
Statements of Changes in Net Assets
CommoditiesPLUSTM
Strategy Fund
PIMCO Credit Absolute
Return Fund
(Amounts in thousands)
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Net Assets at the Beginning of the Period
$ 267,856
$ 198,878
$ 198,878
$ 6,104
83,694
412,971
312,252
9,129
6,199
31
13
0
0
0
(42,336)
(286,033)
(103,994)
(1,076)
0
0
0
0
0
0
(7,495)
(57,973)
(4,195)
2
(95)
$ 301,750
$ 267,856
$ 402,941
$ 14,159
$ 6,104
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
Emerging Asia
Bond Fund
Net Assets at the Beginning of the Period
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
$
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$ 716,841
$
14,950
$ 14,950
$ 4,082,754
$ 2,825,387
$ 2,825,387
12,763
1,042,960
442,275
1,596,151
3,068,497
1,317,793
39
119
97
8,625
10,038
3,934
(358,571)
(319,399)
(19,672)
(1,059,265)
(1,708,497)
(930,923)
0
0
0
0
0
0
31,599
(21,789)
18,337
241,823
(112,671)
172,489
716,841
$ 455,987
$ 4,870,088
$ 4,082,754
$ 3,388,680
$ 402,671
Period Ended
30-Jun-2012
Proceeds from shares issued and offsets
0
Emerging Local
Bond Fund
$
PIMCO Emerging
Multi-Asset Fund
Net Assets at the Beginning of the Period
Period from
14-Oct-2011 to
31-Dec-2011
$ 396,476
Period from
07-Jun-2011 to
31-Dec-2011
$
0
PIMCO EqS
Dividend Fund
Period from
07-Jun-2011 to
30-Jun-2011
$
Period Ended
30-Jun-2012
0
$ 55,437
Period from
14-Dec-2011 to
31-Dec-2011
$
0
44,002
474,640
404,933
68,160
58,255
Proceeds from reinvestment of distributions
6,063
4,983
0
1,423
0
Payments on shares redeemed
(4,434)
(18,046)
0
(108)
(3,003)
0
0
0
0
0
(3,940)
(65,101)
(5,369)
(417)
185
$ 438,167
$ 396,476
$ 399,564
$ 124,495
$ 55,437
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
A zero balance may reflect actual amounts rounding to less than one thousand.
94
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Diversified
Income Fund
Diversified Income
Duration Hedged Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
$ 3,690,633
$ 2,089,268
$ 2,089,268
$ 79,238
3,083,000
2,798,653
1,468,219
40,097
7,268
12,610
6,497
(731,368)
(1,186,544)
0
Period from
31-May-2011 to
31-Dec-2011
0
Period from
31-May-2011 to
30-Jun-2011
$
Period Ended
30-Jun-2012
Period from
14-Dec-2011 to
31-Dec-2011
0
$ 5,129
84,137
3,000
205
5,020
0
1
0
105
0
(374,642)
(2,755)
0
0
(10)
0
0
0
0
0
0
0
0
222,144
(23,354)
184,932
2,839
(4,900)
(1)
183
109
$ 6,271,677
$ 3,690,633
$ 3,374,274
$ 119,419
$ 79,238
$ 2,999
$ 5,612
$ 5,129
Emerging Markets
Bond Fund
$
PIMCO Dividend and
Income Builder Fund
Emerging Markets
Corporate Bond Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$ 4,072,701
$ 3,472,855
$ 3,472,855
2,511,786
3,086,073
3,611
$
0
Emerging Markets
Currency Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$
551,245
$ 477,060
$ 477,060
$ 825,367
$ 734,260
$
1,513,753
532,963
275,619
199,681
169,742
994,312
785,473
5,401
2,753
2,892
1,254
639
1,002
1,669
506
(1,410,950)
(2,623,642)
(1,380,594)
(99,750)
(186,070)
(144,103)
(95,568)
(834,165)
(255,954)
0
0
0
0
0
0
0
0
0
230,848
132,014
342,695
29,534
(16,618)
52,540
24,803
(70,709)
57,135
$ 5,407,996
$ 4,072,701
$ 3,951,462
$ 1,016,884
$ 551,245
$ 585,817
$ 925,346
$ 825,367
$ 1,321,420
PIMCO EqS Emerging
Markets Fund
Period Ended
30-Jun-2012
$ 264,062
Period from
22-Mar-2011 to
31-Dec-2011
$
0
PIMCO EqS Pathfinder
FundTM
Period from
22-Mar-2011 to
30-Jun-2011
$
734,260
PIMCO EqS Pathfinder
Europe FundTM
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
0
$ 432,721
$ 228,146
$ 228,146
€ 37,033
€ 265,717
€ 265,717
180,025
418,898
320,576
137,956
876,469
699,199
4,106
34,824
28,487
1,217
422
185
0
64
0
0
41
0
(95,164)
(73,304)
(2,876)
(91,026)
(577,397)
(53,519)
(9,550)
(257,360)
(184,956)
0
0
0
0
0
0
0
0
0
(6,198)
(81,954)
(11,009)
6,385
(94,561)
64,223
1,293
(6,189)
2,973
$ 343,942
$ 264,062
$ 306,876
$ 486,036
$ 432,721
$ 938,049
€ 32,882
37,033
€ 112,221
See Accompanying Notes
€
Semiannual Report
30 June 2012
95
Statements of Changes in Net Assets (Cont.)
EuriborPLUS
Fund
Euro Bond
Fund
(Amounts in thousands)
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Net Assets at the Beginning of the Period
€ 303,346
€ 485,328
€ 485,328
€
954,880
€ 960,415
€ 960,415
109,290
338,601
190,774
251,934
344,353
132,677
0
0
0
187
486
210
(147,737)
(519,553)
(295,098)
(204,187)
(377,765)
(221,660)
0
0
0
0
0
0
3,247
(1,030)
5,182
61,158
27,391
21,408
€ 268,146
€ 303,346
€ 386,186
€ 1,063,972
€ 954,880
€ 893,050
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
Euro Long Average
Duration Fund
Net Assets at the Beginning of the Period
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
Euro Low
Duration Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
€ 478,624
€ 472,543
€ 472,543
€ 3,917
22,673
138,012
85,412
0
3,848
136
227
80
0
0
(22,198)
(212,593)
(45,327)
0
0
0
0
0
0
0
35,013
80,435
4,880
51
69
€ 514,248
€ 478,624
€ 517,588
€ 3,968
€ 3,917
Global Advantage
Fund
Net Assets at the Beginning of the Period
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
€
0
Global Advantage Real
Return Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
$ 458,237
$ 228,597
$ 228,597
$ 132,003
347,653
303,255
95,886
105,905
142,902
633
652
0
0
0
(32,923)
(59,892)
(25,523)
(10,432)
(1,169)
0
0
0
0
0
6,868
(14,375)
20,120
3,814
(9,730)
$ 780,468
$ 458,237
$ 319,080
$ 231,290
$ 132,003
A zero balance may reflect actual amounts rounding to less than one thousand.
96
Period from
05-Jul-2011 to
31-Dec-2011
Period from
29-Jul-2011 to
31-Dec-2011
$
0
Euro Credit
Fund
Euro Income
Bond Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
€ 301,220
€ 263,624
€ 263,624
€ 30,527
119,995
185,093
94,218
33,992
0
0
0
(143,769)
(147,669)
0
Period from
28-Feb-2011 to
31-Dec-2011
Euro Liquidity
Fund
Period from
28-Feb-2011 to
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
0
€ 220,121
€
33,474
4,074
54
42
(44,746)
(6,018)
0
0
18,328
172
€ 295,774
€ 301,220
45,744
€ 45,744
64,763
403,444
65,378
15
7
74
33
(2,586)
0
(205,964)
(229,659)
(81,121)
0
0
0
0
0
0
6,867
1,178
(403)
35
149
518
43
€ 319,963
€ 59,733
€ 30,527
€ 4,124
79,076
€ 220,121
€ 30,077
Euro Real
Return Fund
€
0
€
Period Ended
30-Jun-2011
€
Euro Ultra-Long
Duration Fund
FX Strategies
Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
€ 194,876
€ 150,446
€ 150,446
€ 92,862
€ 124,188
€ 124,188
€ 51,030
€ 63,638
€ 63,638
5,802
80,908
40,153
7,422
36,425
8,790
363
15,291
11,320
1
26
20
0
0
0
0
0
0
(14,968)
(32,106)
(3,757)
(10,119)
(86,325)
(53,838)
(52,319)
(26,184)
(16,232)
0
0
0
0
0
0
0
0
0
8,498
(4,398)
6,229
10,147
18,574
(10,496)
926
(1,715)
(811)
€ 194,209
€ 194,876
€ 193,091
€ 100,312
€ 92,862
€ 68,644
0
€ 51,030
€ 57,915
Global Bond
Fund
€
Global Bond
Ex-US Fund
Global High Yield
Bond Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$ 6,453,431
$ 5,528,462
$ 5,528,462
$ 611,103
$ 492,046
$ 492,046
$ 2,855,888
$ 2,242,852
$ 2,242,852
2,235,700
2,330,391
1,157,167
69,898
220,154
85,713
2,393,823
3,896,385
2,426,590
8,266
12,933
6,279
1,222
1,994
759
9,515
19,871
10,002
(1,442,075)
(1,807,757)
(840,392)
(58,521)
(134,407)
(39,140)
(1,009,319)
(3,210,414)
(1,369,521)
0
0
0
0
0
0
0
0
0
268,855
389,402
322,187
25,300
31,316
9,142
173,634
(92,806)
175,210
$ 7,524,177
$ 6,453,431
$ 6,173,703
$ 649,002
$ 611,103
$ 548,520
$ 4,423,541
$ 2,855,888
$ 3,485,133
See Accompanying Notes
Semiannual Report
30 June 2012
97
Statements of Changes in Net Assets (Cont.)
Global Investment
Grade Credit Fund
(Amounts in thousands)
Net Assets at the Beginning of the Period
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$ 12,864,695
$ 9,707,266
$ 9,707,266
$ 3,397,019
$ 2,114,491
$ 2,114,491
6,195,186
6,516,548
3,033,174
480,339
2,100,435
1,389,703
15,029
29,036
14,370
7,591
25,885
14,658
(1,890,718)
(3,493,791)
(1,888,943)
(508,863)
(650,207)
(156,566)
0
0
0
0
0
0
735,983
105,636
720,208
38,879
(193,585)
226,052
$ 17,920,175
$ 12,864,695
$ 11,586,075
$ 3,414,965
$ 3,397,019
$ 3,588,338
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
Global Multi-Asset
Fund
Socially Responsible Emerging
Markets Bond Fund
Net Assets at the Beginning of the Period
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
StocksPLUSTM
Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$ 168,696
$ 139,011
$ 139,011
$ 207,895
$ 253,008
$ 253,008
10,526
28,654
18,057
115,018
116,328
66,488
0
0
0
815
1,566
768
(2,974)
(7,923)
(68)
(104,183)
(155,975)
(73,107)
0
0
0
0
0
0
11,764
8,954
6,643
20,527
(7,032)
28,391
$ 188,012
$ 168,696
$ 163,643
$ 240,072
$ 207,895
$ 275,548
UK Sterling
Inflation-Linked Fund
Net Assets at the Beginning of the Period
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Notional exchange rate adjustment
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
Closing Value at the End of the Period
98
PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
UK Sterling Long Average
Duration Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
£ 116,803
£ 99,845
£ 99,845
£ 254,132
£ 197,571
£ 197,571
22,683
38,063
21,836
12,312
50,009
11,632
27
57
22
1,316
3,858
1,867
(25,765)
(42,017)
(11,826)
(41,690)
(42,762)
(9,284)
0
0
0
0
0
0
(176)
20,855
5,030
5,658
45,456
3,262
£ 113,572
£ 116,803
£ 114,907
£ 231,728
£ 254,132
£ 205,048
Global Real
Return Fund
High Yield
Bond Fund
Low Average
Duration Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$ 3,655,142
$ 2,137,860
$ 2,137,860
$ 1,588,381
$ 2,601,664
$ 2,601,664
$ 2,733,184
$ 3,118,433
$ 3,118,433
1,597,090
2,545,846
1,383,089
1,109,876
1,679,911
892,646
824,975
2,026,321
991,115
2,171
2,602
1,418
917
4,768
3,389
3,235
6,750
2,645
(548,996)
(1,240,087)
(464,111)
(938,543)
(2,715,291)
(1,394,465)
(482,137)
(2,389,825)
(1,271,436)
0
0
0
0
0
0
0
0
0
82,169
208,921
261,177
88,737
17,329
121,437
57,910
(28,495)
86,054
$ 4,787,576
$ 3,655,142
$ 3,319,433
$ 1,849,368
$ 1,588,381
$ 2,224,671
$ 3,137,167
$ 2,733,184
$ 2,926,811
Total Return
Bond Fund
UK Corporate
Bond Fund
UK Long Term
Corporate Bond Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
$ 21,453,112
$ 21,068,067
$ 21,068,067
£ 414,954
£ 391,678
£ 391,678
£ 1,007,981
£
847,219
£ 847,219
7,848,670
10,715,456
5,012,042
468
11,507
11,300
75,731
209,633
34,705
12,301
25,954
11,489
0
0
0
38
101
38
(4,276,248)
(10,401,913)
(5,709,305)
(3,661)
(9,516)
(9,437)
(28,646)
(109,863)
(96,292)
0
0
0
0
0
0
0
0
0
972,889
45,548
1,133,755
29,408
21,285
14,199
61,717
60,891
10,671
$ 26,010,724
$ 21,453,112
$ 21,516,048
£ 441,169
£ 414,954
£ 407,740
£ 1,116,821
£ 1,007,981
£ 796,341
UK Sterling Low Average
Duration Fund
UK Total Return
Bond Fund
Unconstrained
Bond Fund
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
£ 78,140
£ 115,786
£ 115,786
£ 12,842
£ 18,420
£ 18,420
$ 5,833,719
$ 3,411,157
$ 3,411,157
20,878
61,769
43,332
391
3,020
1,761
1,979,583
5,786,167
3,571,624
65
32
0
21
57
29
2,389
3,877
1,694
(24,483)
(102,231)
(35,418)
(1,913)
(9,777)
(992)
(1,615,487)
(3,142,369)
(1,055,775)
0
0
0
0
0
0
0
0
0
2,120
2,784
3,246
481
1,122
506
221,711
(225,113)
324,251
78,140
£ 126,946
£ 11,822
£ 12,842
£ 19,724
$ 6,421,915
$ 5,833,719
$ 6,252,951
£ 76,720
£
See Accompanying Notes
Semiannual Report
30 June 2012
99
Statements of Changes in Net Assets (Cont.)
US Government
Money Market Fund
(Amounts in thousands)
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Net Assets at the Beginning of the Period
$ 241,399
$
Company Total
Period Ended
30-Jun-2011
Period Ended
30-Jun-2012
Year Ended
31-Dec-2011
Period Ended
30-Jun-2011
46,861
$ 46,861
$ 83,479,223
$ 69,601,407
$ 69,601,407
64,118
829,286
9,264
14
61
7
99,187
180,351
85,755
(246,018)
(634,809)
(24,267)
(18,418,621)
(41,061,864)
(19,234,595)
Notional exchange rate adjustment
0
0
0
964,586
(133,145)
361,438
Increase/(Decrease) in net assets attributable to
redeemable participating shareholders
0
0
0
3,839,193
252,233
4,403,630
59,513
$ 241,399
$ 31,865
$ 103,604,805
$ 83,479,223
$ 83,056,566
Proceeds from shares issued and offsets
Proceeds from reinvestment of distributions
Payments on shares redeemed
Closing Value at the End of the Period
$
33,641,237*
54,640,241*
27,838,931*
A zero balance may reflect actual amounts rounding to less than one thousand.
*
Company Total has been adjusted to account for cross investment by Global Multi-Asset Fund into Emerging Local Bond Fund, Emerging Markets Bond Fund, Emerging
Markets Corporate Bond Fund, Emerging Markets Currency Fund, PIMCO EqS Dividend Fund, PIMCO EqS Emerging Markets Fund, Global Bond Fund, Global Investment
Grade Credit Fund, PIMCO Global Real Return Fund, StocksPLUSTM Fund, Total Return Bond Fund and Unconstrained Bond Fund.
100 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Portfolio of Investments and Assets CommoditiesPLUS™ Strategy Fund
PAR
(000S)
DESCRIPTION
FAIR % OF
VALUE
NET
(000S) ASSETS
FAIR % OF
VALUE
NET
(000S) ASSETS
NORWAY
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
3.200% due 04/03/2017
$ 1,600 $ 1,620 0.54
Eksportfinans ASA
Qtel International Finance Ltd.
5.000% due 10/19/2025
$
500 $
536 0.18
BRAZIL
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2013
10.000% due 01/01/2014
10.000% due 01/01/2017
BRL
101
275
3,564
51
140
1,813
2,004
0.02
0.04
0.60
0.66
0.661% due 04/05/2013
1.600% due 03/20/2014
1.875% due 04/02/2013
2.000% due 09/15/2015
3.000% due 11/17/2014
5.500% due 05/25/2016
300
JPY 1,000
$ 200
200
100
200
291
12
196
179
95
197
0.10
0.00
0.06
0.06
0.03
0.07
0.597% due 03/04/2013
1,500
1,500 0.50
4,090 1.36
2.000% due 02/04/2013
$
500
505 0.17
CAD
100
100 0.03
$ 2,500
2,644 0.88
3,249 1.08
Glacier Credit Card Trust
Kinder Morgan Finance Co. ULC
5.700% due 01/05/2016
4.000% due 01/20/2015
5.250% due 01/20/2020
1,800
300
1,901 0.63
347 0.11
800
900 0.30
3,148 1.04
SOUTH KOREA
Export-Import Bank of Korea
CAYMAN ISLANDS
5.125% due 06/29/2020
AMMC CDO
0.703% due 08/08/2017
626
609 0.20
185
183 0.06
Atrium CDO Corp.
0.896% due 06/27/2015
200
5.750% due 04/16/2014
7.125% due 04/16/2019
300
310 0.10
SWEDEN
600
643 0.21
Nordea Bank AB
290
283 0.10
2,028 0.67
IPIC GMTN Ltd.
5.000% due 11/15/2020
Landmark CDO Ltd.
0.767% due 06/01/2017
224 0.07
Republic of Korea
500
1,000
Hutchison Whampoa International Ltd.
6.500% due 02/13/2013
0.845% due 11/25/2034
0.375% due 05/25/2037 (b)
2,827 0.94
2,958 0.98
1.367% due 01/14/2014
539 0.18
1,266 0.42
2,029 0.67
1,400
1,401 0.46
6.250% due 05/19/2021
200
0.295% due 08/25/2036
252 0.08
15
15 0.00
88
66 0.02
64
48 0.02
Amortizing Residential Collateral Trust
0.595% due 06/25/2034
984 0.33
AUD 1,800
2,093 0.69
3,077 1.02
3.667% due 02/11/2014
3.868% due 06/20/2014
6.750% due 12/01/2014
8.300% due 02/12/2015
Doric Nimrod Air Finance Alpha Ltd. 2012-1 Class A
Pass-Through Trust
5.125% due 11/30/2024 (a)
$
200
200 0.07
3.750% due 11/30/2013
8.000% due 05/22/2038
8.175% due 05/15/2058
0.295% due 11/25/2036
0.695% due 12/25/2033
22
2,420
22 0.01
2,020 0.67
Carrington Mortgage Loan Trust
16
96
13 0.00
95 0.03
243
31
235 0.08
20 0.01
Citigroup Mortgage Loan Trust, Inc.
0.305% due 05/25/2037
0.305% due 07/25/2045
Asset-Backed European Securitisation Transaction Srl
€
1.279% due 09/21/2020
191
243 0.08
0.295% due 07/25/2037
0.325% due 10/25/2047
0.725% due 12/25/2031
6.940% due 11/15/2014
Volkswagen Car Lease
0.315% due 08/25/2037
235
299 0.10
150
154 0.05
241
72 0.02
573
571 0.19
7.125% due 10/15/2020
MXN
600
63 0.02
3
4
1 0.00
4 0.00
20
17 0.00
Netherlands Government Bond
0.295% due 10/25/2036
0.295% due 12/25/2036
JPMorgan Mortgage Acquisition Corp.
NETHERLANDS
0.305% due 03/25/2047
€ 5,500
3,167 1.05
400
500
428 0.14
540 0.18
5.125% due 10/01/2013
2,200
2,305 0.76
1,700
1,768 0.59
200
201 0.07
Citigroup Capital XXI
5.787% due 10/15/2040
0.295% due 07/25/2036
8.300% due 12/21/2057
300
400
400
700
1,100
287
398
403
783
1,360
0.09
0.13
0.13
0.26
0.45
Continental Airlines, Inc.
100
103 0.03
300
315 0.10
DR Horton, Inc.
El Paso Pipeline Partners Operating Co. LLC
6.500% due 04/01/2020
100
117 0.04
1,400
100
400
1,406 0.47
111 0.04
456 0.15
Ford Motor Credit Co. LLC
7.500% due 08/01/2012
8.000% due 06/01/2014
8.700% due 10/01/2014
Fresenius Medical Care US Finance, Inc.
6.875% due 07/15/2017
Goldman Sachs Group, Inc.
1.070% due 01/30/2017
3.700% due 08/01/2015
5.150% due 01/15/2014
6.250% due 09/01/2017
€
$
1,100
1,228 0.41
500
300
100
1,700
564
303
104
1,850
0.19
0.10
0.03
0.61
HSBC Finance Corp.
300
325 0.11
2,000
2,277 0.75
900
300
200
909 0.30
324 0.11
222 0.07
100
117 0.04
100
100
23 0.01
40 0.01
Humana, Inc.
International Lease Finance Corp.
5.550% due 09/05/2012
6.750% due 09/01/2016
7.125% due 09/01/2018
6.300% due 04/23/2019
Lehman Brothers Holdings, Inc. (b)
248
261 0.09
Morgan Stanley ABS Capital I
See Accompanying Notes
3,100
JPMorgan Chase & Co.
Mid-State Trust
7,983 2.65
1,114 0.37
246 0.08
109 0.04
Cadbury Schweppes U.S. Finance LLC
6.450% due 06/01/2016
HSI Asset Securitization Corp. Trust
Mexico Government International Bond
1,100
200
100
0.83
0.10
0.07
0.18
Aviation Capital Group Corp.
6.676% due 01/15/2021
Fremont Home Loan Trust
0.355% due 02/25/2036
MEXICO
4.000% due 07/15/2018
23 0.01
19 0.01
53 0.02
First NLC Trust
1.059% due 06/21/2016
10.000% due 12/05/2024
23
19
96
Denver Arena Trust
LUXEMBOURG
€
$
6.125% due 01/15/2014
Bear Stearns Asset-Backed Securities Trust
Countrywide Asset-Backed Certificates
ITALY
2,494
299
212
546
American International Group, Inc.
6.750% due 09/15/2015
0.295% due 12/25/2036
0.345% due 05/25/2036
GUERNSEY
2,500
300
200
500
Ally Financial, Inc.
5.250% due 04/01/2014
ACE Securities Corp.
Hella KGaA Hueck & Co.
700
498 0.16
1,381 0.46
1,879 0.62
CIT Group, Inc.
Asset-Backed Funding Certificates
€
500
1,406
5.650% due 05/01/2018
6.000% due 09/01/2017
Abu Dhabi Government International Bond
0.945% due 10/25/2031
KFW
115 0.04
4,280 1.42
Bank of America Corp.
UNITED ARAB EMIRATES
GERMANY
7.250% due 10/20/2014
115
CORPORATE BONDS & NOTES
0.746% due 11/05/2014
1.919% due 01/13/2014
2.467% due 08/13/2013
6.125% due 05/15/2018
8.500% due 05/22/2019
$ 2,500
13 0.00
BANK LOAN OBLIGATIONS
ASSET-BACKED SECURITIES
5.750% due 04/07/2021
292 0.10
25
0.546% due 04/26/2021
Citigroup, Inc.
131 0.04
377
SLM Student Loan Trust
UNITED STATES
100
5 0.00
Securitized Asset-Backed Receivables LLC Trust
BNP Paribas Home Loan SFH
€
5
Renaissance Home Equity Loan Trust
6.750% due 04/08/2019
Pernod-Ricard S.A.
90 0.03
54 0.02
0.315% due 01/25/2047
FRANCE
4.750% due 05/28/2013
115 $
66
Morgan Stanley Mortgage Loan Trust
2.495% due 11/17/2013
2.745% due 05/02/2016
Qatari Diar Finance QSC
5.000% due 07/21/2020
FAIR % OF
VALUE
NET
(000S) ASSETS
HCA, Inc.
Qatar Government International Bond
Canadian Imperial Bank of Commerce
$
Kommunalbanken A/S
QATAR
CANADA
PAR
(000S)
DESCRIPTION
0.305% due 05/25/2037
0.355% due 10/25/2036
DNB Bank ASA
BERMUDA
5.027% due 02/20/2013
PAR
(000S)
DESCRIPTION
30 June 2012 (Unaudited)
8
5.625% due 01/24/2013
7.875% due 05/08/2018
£
2 0.00
Semiannual Report
30 June 2012 101
Portfolio of Investments and Assets CommoditiesPLUS™ Strategy Fund (Cont.)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Lennar Corp.
5.600% due 05/31/2015
$ 2,100 $ 2,216 0.73
5.450% due 02/05/2013
204 0.07
200
700
199 0.07
757 0.25
2,000
2,110 0.70
3,300
3,280 1.09
GSR Mortgage Loan Trust
1,000
1,024 0.34
2.558% due 06/25/2034
2.651% due 09/25/2035
500
591 0.20
Stone Street Trust
8.000% due 02/01/2016
1,200
1,142 0.38
38,977 12.92
MORTGAGE-BACKED SECURITIES
13
12 0.00
26
25 0.01
351
229 0.08
135
35
126 0.04
34 0.01
371
234 0.08
196
179 0.06
Greenpoint Mortgage Funding Trust
0.463% due 05/19/2035
0.435% due 05/25/2046
0.455% due 10/25/2046
0.847% due 02/25/2047
1.067% due 11/25/2046
JPMorgan Chase Commercial Mortgage Securities Corp.
5.161% due 10/12/2037
0.682% due 12/15/2030
38
51
61
59
20
24
27
25
0.01
0.01
0.01
0.01
American Home Mortgage Investment Trust
2.237% due 09/25/2045
2.569% due 10/25/2034
1.145% due 10/25/2033
247 0.08
43 0.01
296
302 0.10
1,497
700
1,419 0.47
781 0.26
5.979% due 08/12/2045
Banc of America Merrill Lynch Commercial
Mortgage, Inc.
333 0.11
Banc of America Mortgage Securities, Inc.
35
26 0.01
1,780
1,622 0.54
BCAP LLC Trust
Bear Stearns Adjustable Rate Mortgage Trust
592
280
519
94
57
76
580
228
413
87
38
76
0.19
0.08
0.14
0.03
0.01
0.02
130
33
45
108 0.04
21 0.01
27 0.01
40
30 0.01
Bear Stearns Alternative-A Trust
2.568% due 10/25/2033
2.715% due 11/25/2035 (b)
5.543% due 08/25/2036 (b)
Chase Mortgage Finance Corp.
2.934% due 03/25/2037
Citigroup Commercial Mortgage Trust
5.251% due 04/15/2040
49
50 0.02
36
358
372
36 0.01
335 0.11
345 0.11
910 0.30
2.742% due 10/25/2035
350
241 0.08
0.425% due 06/25/2046
99
34 0.01
414
366 0.12
41
43 0.01
1,423
1,209 0.40
39
460
36 0.01
441 0.15
Regal Trust IV
RFMSI Trust
RiverView HECM Trust
0.305% due 07/25/2047
0.593% due 10/19/2026
2.632% due 04/20/2035
Structured Asset Mortgage Investments, Inc.
0.455% due 04/25/2036
0.455% due 05/25/2046
0.475% due 05/25/2045
0.823% due 07/19/2034
0.903% due 10/19/2034
0.943% due 03/19/2034
32
23
22
18
61
63
18
11
13
17
54
57
0.01
0.00
0.00
0.01
0.02
0.02
Structured Asset Securities Corp.
2.445% due 07/25/2032
34
32 0.01
Wachovia Bank Commercial Mortgage Trust
0.322% due 06/15/2020
0.332% due 09/15/2021
2,792
1,034
2,601 0.86
1,002 0.33
WaMu Mortgage Pass-Through Certificates
0.505% due 11/25/2045
0.555% due 01/25/2045
0.565% due 08/25/2045
0.578% due 10/25/2044
1.158% due 08/25/2046
1.547% due 06/25/2042
664
97
1,334
1,171
44
8
529
81
1,097
921
28
7
0.18
0.03
0.36
0.31
0.01
0.00
Wells Fargo Mortgage-Backed Securities Trust
Citigroup Mortgage Loan Trust, Inc.
1.990% due 09/25/2035
2.230% due 09/25/2035
2.600% due 05/25/2035
800
Sequoia Mortgage Trust
300
2.570% due 03/25/2035
2.729% due 01/25/2035
2.822% due 09/25/2034
2.956% due 02/25/2034
3.123% due 05/25/2047
3.174% due 11/25/2034
8 0.00
Nomura Asset Acceptance Corp.
6.500% due 03/25/2032
Banc of America Large Loan, Inc.
3.000% due 02/25/2036
9
Morgan Stanley Reremic Trust
2.640% due 09/29/2031
Banc of America Funding Corp.
5.414% due 09/10/2047
61 0.02
RALI Trust
307
47
5.459% due 09/20/2034
60
Mellon Residential Funding Corp.
American Home Mortgage Assets LLC
Countrywide Alternative Loan Trust
62
61
1,535
53
338
43
113
41
25
49
33
33
786
20
196
26
61
24
14
32
0.01
0.01
0.26
0.01
0.06
0.01
0.02
0.01
0.00
0.01
Countrywide Home Loan Mortgage Pass-Through Trust
0.475% due 05/25/2035
0.535% due 04/25/2035
0.565% due 03/25/2035
0.625% due 09/25/2034
2.902% due 08/25/2034
2.910% due 06/25/2033
176 0.06
Impac CMB Trust
Wachovia Corp.
0.435% due 09/25/2046
0.439% due 12/20/2046
0.454% due 05/20/2046
0.454% due 07/20/2046
0.455% due 05/25/2035
0.455% due 07/25/2046
0.525% due 02/25/2037
0.574% due 11/20/2035
1.147% due 12/25/2035
2.900% due 02/25/2037 (b)
213
Harborview Mortgage Loan Trust
Tennessee Gas Pipeline Co. LLC
5.250% due 04/26/2037
33 0.01
820 0.27
GMAC Mortgage Corp. Loan Trust
0.465% due 06/25/2045
SSIF Nevada LP
1.992% due 11/15/2015
5.900% due 12/24/2049
0.592% due 11/15/2031
3.345% due 06/25/2034
Packaging Corp. of America
0.837% due 10/15/2016
50 $
822
First Republic Mortgage Loan Trust
4.100% due 01/26/2015
7.300% due 05/13/2019
5.902% due 12/15/2015
2.658% due 08/25/2035
200
Morgan Stanley
1.167% due 04/14/2014
$
First Horizon Asset Securities, Inc.
Merrill Lynch & Co., Inc.
5.750% due 08/01/2013
5.533% due 09/25/2047 (b)
7.500% due 06/25/2035
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
384
369
412
8
659
514
252
229
259
5
513
497
0.08
0.08
0.09
0.00
0.17
0.16
102 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
2.601% due 12/25/2034
2.616% due 03/25/2035
2.623% due 12/25/2034
6.000% due 07/25/2037
555
394
46
607
548
366
47
587
23,456
0.18
0.12
0.02
0.19
7.77
MUNICIPAL BONDS & NOTES
California, Build America General Obligation Bonds,
Series 2009
7.500% due 04/01/2034
100
125 0.04
Irvine, California, Irvine Ranch Water District Joint
Powers Agency Revenue Bonds, Series 2010
2.605% due 03/15/2014
800
829 0.27
500
621 0.21
South Carolina Student Loan Corp. Education Revenue
Bonds, Series 2010
0.000% due 01/25/2021
453
PAR
(000S)
FAIR % OF
VALUE
NET
(000S) ASSETS
REPURCHASE AGREEMENTS
Barclays Capital, Inc.
0.140% due 07/03/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Inflation Protected Securities
1.875% due 07/15/2013
valued at $15,716. Repurchase
proceeds are $15,400.)
$ 15,400 $ 15,400 5.10
0.160% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Inflation Protected Securities
1.875% due 07/15/2013
valued at $2,246. Collateralised
by US Treasury Bonds 2.000%
due 08/15/2039 valued at
$2,240. Repurchase proceeds
are $4,400.)
4,400
4,400 1.46
BNP Paribas Bank
0.280% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Fannie Mae
3.500% due 01/06/2042
valued at $29,893. Repurchase
proceeds are $29,001.)
29,000
29,000 9.61
5,500
5,500 1.82
5,500
5,500 1.82
20,700
20,700 6.86
5,800
5,800 1.92
2,700
2,700 0.90
29,000
29,000 9.61
800
800 0.27
Citigroup, Inc.
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Federal Home
Loan Bank 0.350% due
11/22/2013 valued at
$5,615. Repurchase proceeds
are $5,500.)
0.220% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 0.250% due 03/31/2014
valued at $5,618. Repurchase
proceeds are $5,500.)
Credit Suisse First Boston
0.180% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 0.375% due 06/30/2013
valued at $21,146. Repurchase
proceeds are $20,700.)
Goldman Sachs & Co.
0.190% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Fannie Mae
3.500% due 07/01/2042
valued at $5,973. Repurchase
proceeds are $5,800.)
0.200% due 07/16/2012
(Dated 06/29/2012.
Collateralised by Federal Home
Loan Mortgage Corp. 3.500%
due 03/01/2042 valued at
$2,771. Repurchase proceeds
are $2,700.)
JPMorgan Chase & Co.
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 0.375% due 03/15/2015
valued at $5,723. Collateralised
by US Treasury Notes 0.250%
due 04/30/2014 valued at
$5,723. Collateralised by US
Treasury Notes 1.500% due
07/31/2016 valued at
$18,166. Repurchase proceeds
are $29,000.)
Merrill Lynch & Co., Inc.
Sacramento, California, Build America General
Obligation Bonds, Series 2009
7.300% due 10/01/2039
DESCRIPTION
451 0.15
2,026 0.67
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 0.250% due 04/30/2014
valued at $816. Repurchase
proceeds are $800.)
30 June 2012 (Unaudited)
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 2.000% due
02/15/2022 valued at
$29,811. Repurchase
proceeds are $29,000.)
$ 29,000 $ 29,000 9.61
Morgan Stanley
0.200% due 07/02/2012 (Dated
06/29/2012. Collateralised by
US Treasury Notes 4.250%
due 11/15/2040 valued at
$5,590. Collateralised by US
Treasury Bonds 6.125% due
11/15/2027 valued at $5,599.
Repurchase proceeds
are $11,000.)
0.210% due 07/02/2012 (Dated
06/29/2012. Collateralised by
Federal Home Loan Bank
0.180% due 02/28/2013
valued at $5,616. Repurchase
proceeds are $5,500.)
PAR
(000S)
DESCRIPTION
0.745% due 07/25/2034
0.815% due 09/25/2036
4.000% due 11/01/2040 12/01/2040
4.500% due 12/01/2040 03/01/2041
6.000% due 02/25/2044
6.500% due 06/25/2028
$
24 $
140
FAIR % OF
VALUE
NET
(000S) ASSETS
24 0.01
141 0.05
1,653
1,762 0.58
685
22
42
738 0.25
25 0.01
47 0.02
50
7
50
43
548
12
46
7
50
44
554
13
Freddie Mac
11,000
11,000 3.65
0.525% due 09/25/2031
0.692% due 12/15/2031
0.742% due 04/15/2028
0.850% due 03/15/2024
0.892% due 03/15/2032
2.367% due 01/01/2034
5.000% due 01/15/2035 08/01/2035
6.000% due 04/15/2036
0.02
0.00
0.02
0.02
0.18
0.00
5,500 1.82
164,300 54.45
0.494% due 02/20/2035
0.734% due 02/20/2038
0.789% due 03/20/2060
6.000% due 12/16/2029
258
223
94
393
5.902% due 02/10/2018
145
Fannie Mae
0.445% due 10/27/2037
0.725% due 11/25/2040
1,500
2,747
Treasury Inflation Protected Securities (c)
0.125% due 01/15/2022 (d)
0.625% due 07/15/2021
1.125% due 01/15/2021
1.250% due 07/15/2020 (d)
1.750% due 01/15/2028
2.000% due 01/15/2026
2.375% due 01/15/2025 01/15/2027
2.500% due 01/15/2029
$ 7,929 $
204
1,893
2,004
659
348
480
857
258
224
94
442
0.09
0.07
0.03
0.15
161 0.05
11,183 3.71
8,397
227
2,181
2,330
827
445
2.78
0.08
0.72
0.77
0.27
0.15
636
1,192
0.21
0.40
US Treasury Bills
0.135% due 09/06/2012 (d)
2,160
2,272 0.75
34 0.01
Small Business Administration
US GOVERNMENT AGENCIES
US TREASURY OBLIGATIONS
2,160 0.72
18,395 6.10
264,496 87.66
Total United States
2,007
29
Ginnie Mae
5,500
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
SHARES
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (e)
1
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
0
0.00
$ 298,056 98.78
1,492 0.49
2,755 0.91
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Receive
Pay
Receive
Pay
Pay
Pay
Receive
3-Month Canadian Bank Bill
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
6-Month Australian Bank Bill
Fixed
Rate
Maturity
Date
Notional
Amount
3.000%
0.500%
4.000%
2.500%
2.750%
2.750%
4.000%
06/15/2022
06/20/2013
09/21/2021
06/20/2022
06/20/2032
06/20/2042
03/15/2023
CAD 13,200
$ 31,300
18,500
2,000
33,400
1,700
AUD 1,800
Maturity
Date
Notional
Amount(3)
06/20/2016
06/20/2017
$ 5,760
800
Unrealised
Appreciation/
(Depreciation)
$
(9)
(10)
422
(138)
(1,913)
(91)
2
$ (1,737)
% of
Net Assets
0.00
0.00
0.14
(0.05)
(0.63)
(0.03)
0.00
(0.58)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(1)
Fixed Deal
Receive Rate
Index/Tranches
Dow Jones CDX N.A. HY16 Index
Dow Jones CDX N.A. IG18 Index
5.000%
1.000%
Unrealised
(Depreciation)
$
(248)
(8)
(256)
(0.08)
0.00
(0.08)
$ (1,993)
(0.66)
$
Total Centrally Cleared Financial Derivative Instruments
% of
Net Assets
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
FBF
GLM
RYL
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Receive
Receive
Receive
Expiration
Date
Notional
Amount
Cost
Fair
Value
% of
Net Assets
$ 17
44
86
$ 147
0.01
0.01
0.03
0.05
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
Put - OTC 25-Year Interest Rate Swap
Put - OTC 25-Year Interest Rate Swap
See Accompanying Notes
3.273%
3.750%
3.750%
09/24/2012 $ 5,800 $ 298
01/14/2013
2,500
94
01/14/2013
4,900
207
$ 599
Semiannual Report
30 June 2012 103
Portfolio of Investments and Assets CommoditiesPLUS™ Strategy Fund (Cont.)
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
FBF
GSC
RYL
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Pay
Pay
Pay
Expiration
Date
Notional
Amount
Premiums
Fair
Value
% of
Net Assets
INTEREST RATE SWAPTIONS
Put - OTC 10-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
2.850%
3.750%
3.750%
09/24/2012 $ 13,500
01/14/2013
9,400
01/14/2013
18,500
$ (300)
(117)
(254)
$ (671)
$
(5)
(50)
(98)
$ (153)
0.00
(0.02)
(0.03)
(0.05)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - BUY PROTECTION(1)
Reference Entity
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Notional
Amount(3)
Fair
Value
Upfront
Premiums
Paid/(Received)
Autozone, Inc.
Credit Agricole S.A.
Credit Agricole S.A.
DR Horton, Inc.
DR Horton, Inc.
International Lease Finance Corp.
Kinder Morgan Finance Co. ULC
Lennar Corp.
Limited Brands, Inc.
Packaging Corp. of America
UBS AG
UBS AG
Viacom, Inc.
Wells Fargo & Co.
(1.000%)
(1.000%)
(1.000%)
(3.210%)
(1.000%)
(5.000%)
(1.000%)
(5.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.340%)
(0.255%)
$ 2,400
€ 900
500
$ 300
2,700
900
2,500
2,100
800
2,000
2,300
500
500
1,200
$ (43)
90
50
(13)
(2)
(8)
150
(186)
56
(18)
101
22
(12)
54
$ 241
$ (28)
88
50
(13)
150
73
76
(166)
42
(25)
12
4
0
86
$ 349
06/20/2016
12/20/2016
12/20/2016
03/20/2014
09/20/2014
09/20/2012
03/20/2016
06/20/2015
09/20/2017
09/20/2013
12/20/2017
12/20/2017
06/20/2016
12/20/2016
BOA
CBK
GST
BOA
DUB
BRC
DUB
BPS
DUB
BOA
DUB
GST
DUB
BOA
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
$ (15)
2
0
0
(152)
(81)
74
(20)
14
7
89
18
(12)
(32)
$ (108)
(0.01)
0.03
0.02
(0.01)
0.00
0.00
0.05
(0.06)
0.02
(0.01)
0.03
0.01
0.00
0.02
0.09
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(2)
Reference Entity
Australia Government Bond
BP Capital Markets America, Inc.
Japan Government International Bond
Japan Government International Bond
Republic of Korea
Royal Bank of Scotland PLC
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
5.000%
1.000%
1.000%
1.000%
1.650%
03/20/2016
06/20/2015
03/20/2016
03/20/2015
03/20/2016
03/20/2013
DUB
GST
BOA
GST
BRC
BRC
Notional
Amount(3)
Fair
Value
$
$ 2
12
1
3
4
0
$ 22
100
100
100
200
1,000
€ 100
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$ 2
(3)
1
1
2
0
$ 3
$ 0
15
0
2
3
0
$ 20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(1)
Index/Tranches
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Notional
Amount(3)
Dow Jones iTraxx Europe Series 15 Index
Dow Jones iTraxx Europe Series 17 Crossover
Dow Jones iTraxx Europe Series 17 Crossover
Dow Jones iTraxx Europe Series 17 Crossover
(1.000%)
(5.000%)
(5.000%)
(5.000%)
€ 3,200
4,300
6,500
4,400
06/20/2016
06/20/2017
06/20/2017
06/20/2017
MYC
BOA
CBK
FBF
Fair
Value
$
441
323
488
259
$ 1,511
Upfront
Premiums
Unrealised
% of
Paid/(Received) (Depreciation) Net Assets
$
624
369
597
410
$ 2,000
$ (183)
(46)
(109)
(151)
$ (489)
0.15
0.11
0.16
0.09
0.51
(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)
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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(3)
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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
Pay
6-Month Australian Bank Bill
6-Month Australian Bank Bill
6-Month Australian Bank Bill
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
104 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Fixed
Rate
Maturity Date
5.750%
4.750%
4.750%
10.135%
9.010%
9.930%
9.980%
12/15/2021
06/15/2022
06/15/2022
01/02/2015
01/02/2015
01/02/2015
01/02/2015
Counterparty
DUB
CBK
JPM
HUS
BRC
GLM
JPM
Notional
Amount
AUD
6,900
16,700
7,400
BRL 21,100
25,900
800
1,900
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation
% of
Net Assets
$ 1,033
1,116
494
363
155
12
30
$ 3,203
$ (69)
(9)
(22)
31
45
0
0
$ (24)
$ 1,102
1,125
516
332
110
12
30
$ 3,227
0.34
0.37
0.16
0.12
0.05
0.01
0.01
1.06
30 June 2012 (Unaudited)
TOTAL RETURN SWAPS ON COMMODITIES
Pay/Receive
Reference
Entity
Reference Entity
Receive
Receive
Receive
Receive
Receive
Receive
Maturity
Date
(Pay)/Receive Fixed Price Per Unit
Dow Jones - UBS Commodity Index
Total Return Index
Dow Jones - UBS Commodity Index
Total Return Index
Dow Jones - UBS Commodity Index
Total Return Index
Dow Jones - UBS Commodity Index
Total Return Index
Dow Jones - UBS Commodity Index
Total Return Index
Dow Jones - UBS Commodity Index
Total Return Index
3-Month US Treasury Bills rate
plus a specified spread
3-Month US Treasury Bills rate
plus a specified spread
3-Month US Treasury Bills rate
plus a specified spread
3-Month US Treasury Bills rate
plus a specified spread
3-Month US Treasury Bills rate
plus a specified spread
3-Month US Treasury Bills rate
plus a specified spread
# of
Counterparty Units
Upfront
Fair
Premiums
Unrealised
% of
Value Paid/(Received) Appreciation Net Assets
07/27/2012 DUB
75,540 $ 1,968
$ 0
$ 1,968
0.65
07/27/2012 GLM
24,570
640
0
640
0.21
07/27/2012 UAG
24,770
645
0
645
0.21
07/27/2012 BOA
49,900
1,291
0
1,291
0.43
07/27/2012 MYC
82,930
2,161
0
2,161
0.72
07/27/2012 SOG
36,330
905
$ 7,610
0
$ 0
905
$ 7,610
0.30
2.52
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Buy
AUD
BRL
CAD
CNY
€
£
IDR
INR
JPY
KRW
MXN
MYR
PHP
SGD
TWD
Principal Amount
Covered by
Contract
349
8,104
3,865
7,303
7,042
1,807
18,572
3,967
4,706
7
4,824
2,488
7,680
7,116
24,334
10,021
3,959
2,103
3,959
10,021
7,354
925
925
1,850
2
1,850
17,787,687
287,677
17,500,010
287,677
436
436
436
219,398
3,212,558
3,212,558
3,212,558
756
45
45
45
927
7,047
93
Total OTC Financial Derivative Instruments
See Accompanying Notes
Counterparty
JPM
WST
BRC
BRC
JPM
RBC
UAG
DUB
CBK
DUB
DUB
DUB
RYL
DUB
JPM
BPS
FBF
GST
HUS
BPS
CBK
GST
HUS
UAG
BRC
UAG
HUS
MSC
UAG
MSC
HUS
JPM
HUS
BPS
BRC
UAG
BRC
JPM
JPM
UAG
UAG
CBK
UAG
BRC
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
08/2012
09/2012
09/2012
09/2012
09/2012
02/2013
08/2013
08/2013
01/2015
06/2015
09/2015
04/2016
04/2016
07/2012
07/2012
07/2012
07/2012
08/2012
09/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
07/2012
01/2013
07/2012
07/2012
10/2012
09/2012
07/2012
07/2012
09/2012
08/2012
07/2012
07/2012
10/2012
10/2012
08/2012
11/2012
$ 10
0
75
0
0
18
0
0
22
0
0
0
0
0
0
211
0
0
0
0
0
9
8
15
0
0
0
0
0
0
0
0
0
52
0
0
23
2
0
0
0
0
0
0
$ 445
Unrealised
(Depreciation)
$
0
(407)
0
(10)
(7)
0
(117)
(7)
0
0
(63)
(22)
(35)
(128)
(434)
0
(50)
(8)
(37)
(211)
(161)
0
0
0
0
(15)
(75)
0
(5)
0
0
(2)
0
0
(22)
(47)
0
0
0
0
0
(1)
(142)
0
$ (2,006)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$
10
(407)
75
(10)
(7)
18
(117)
(7)
22
0
(63)
(22)
(35)
(128)
(434)
211
(50)
(8)
(37)
(211)
(161)
9
8
15
0
(15)
(75)
0
(5)
0
0
(2)
0
52
(22)
(47)
23
2
0
0
0
(1)
(142)
0
$ (1,561)
0.00
(0.14)
0.02
0.00
0.00
0.01
(0.04)
0.00
0.01
0.00
(0.02)
(0.01)
(0.01)
(0.04)
(0.14)
0.07
(0.02)
0.00
(0.01)
(0.07)
(0.05)
0.00
0.00
0.00
0.00
(0.01)
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.02
(0.01)
(0.02)
0.01
0.00
0.00
0.00
0.00
0.00
(0.05)
0.00
(0.52)
$ 11,020
3.66
Semiannual Report
30 June 2012 105
Portfolio of Investments and Assets CommoditiesPLUS™ Strategy Fund (Cont.)
SECURITIES SOLD SHORT
FAIR
VALUE
(000S)
PAR
(000S)
DESCRIPTION
% OF
NET
ASSETS
US GOVERNMENT AGENCIES
Fannie Mae (g)
4.000% due 07/01/2042
4.500% due 08/01/2042
$ (3,000)
(1,000)
$
(3,194)
(1,072)
(4,266)
(1.06)
(0.35)
(1.41)
Total Securities Sold Short
$
(4,266)
(1.41)
Total Investments
$ 302,817
100.37
OVERNIGHT TIME DEPOSITS
ANZ National Bank
4.840% due 06/29/2012
AUD
80
NZD
$
82
0.02
13
10
0.00
$
113
113
0.04
CAD
64
63
0.02
€
51
65
$
333
$ (1,400)
$ 301,750
0.02
0.10
(0.47)
100.00
Brown Brothers Harriman & Co.
1.500% due 06/29/2012
DBS Bank Ltd.
0.030% due 06/29/2012
Deutsche Bank AG
0.234% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) When-issued security.
(b) Security is in default.
(c) Principal amount of security is adjusted for inflation.
(d) Securities with an aggregate market value of $2,763 and cash of $15 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(e) The CommoditiesPLUSTM Strategy Fund is investing in shares of an affiliated fund.
(f) Cash of $1,310 has been pledged as collateral for OTC swap, swaption and foreign currency contracts as governed by ISDA Master Agreements as at 30 June 2012.
(g) Securities sold short as at 30 June 2012 are covered by long portfolio investments in transferable securities and money market instruments.
(h) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 200
0
0
$ 200
$ 295,025
9,027
(4,266)
$ 299,787
$ 2,831
0
0
$ 2,831
$ 298,056
9,027
(4,266)
$ 302,817
Transferable Securities
Financial Derivative Instruments4
Short Sales
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 3,084
$ 0
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ (125)
$ 4
$ 7
$ (45)
$ (94)
$ 2,831
$ (48)
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
106 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
As at 30 June 2012, the Institutional EUR (Hedged) Class and Class E EUR (Hedged) had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
€
Principal Amount
Covered by
Contract
21,979
27,330
358
22,163
16,696
42
22,163
12,838
400
20,081
15,197
15,454
14,032
716
5,312
21,153
19,830
22,163
22,163
14,032
21,153
Counterparty
BPS
BPS
BRC
BRC
CBK
DUB
DUB
FBF
FBF
GST
HUS
JPM
JPM
RYL
UAG
UAG
BPS
BRC
DUB
JPM
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
Unrealised
(Depreciation)
$
340
0
11
0
256
1
0
156
0
75
143
230
0
0
130
0
417
599
544
330
413
$ 3,645
$
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
(29)
(561)
0
(600)
0
0
(544)
0
(6)
0
0
(14)
(330)
(10)
0
(414)
0
0
0
0
0
$ (2,508)
$
311
(561)
11
(600)
256
1
(544)
156
(6)
75
143
216
(330)
(10)
130
(414)
417
599
544
330
413
$ 1,137
0.10
(0.19)
0.00
(0.20)
0.08
0.00
(0.18)
0.05
0.00
0.02
0.05
0.08
(0.11)
0.00
0.04
(0.14)
0.14
0.20
0.18
0.11
0.14
0.37
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ 0
(1)
(3)
0
(2)
(1)
(1)
0
(1)
0
0
(1)
3
2
1
1
$ (3)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
As at 30 June 2012, the Institutional GBP (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Buy
£
Principal Amount
Covered by
Contract
114
47
155
70
156
69
97
107
155
5
198
137
155
156
155
137
Counterparty
BOA
BPS
BRC
DUB
DUB
GST
HUS
JPM
JPM
RYL
UAG
UAG
BRC
DUB
JPM
UAG
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
$ 0
0
0
0
0
0
0
0
0
0
0
0
3
2
1
1
$ 7
$
0
(1)
(3)
0
(2)
(1)
(1)
0
(1)
0
0
(1)
0
0
0
0
$ (10)
(i) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GSC
GST
HUS
JPM
MSC
MYC
RBC
RYL
SOG
UAG
WST
(1)
Total Market Value
of OTC Derivatives
$ 1,595
32
228
1,810
3,077
371
695
(50)
162
401
309
0
2,602
18
(57)
905
463
(407)
Collateral
(Received)/Pledged
$
(330)
280
(270)
(1,750)
(1,230)
(570)
410
0
(70)
(260)
0
(70)
(950)
0
30
0
320
270
Net
Exposures(1)
$ 1,265
312
(42)
60
1,847
(199)
1,105
(50)
92
141
309
(70)
1,652
18
(27)
905
783
(137)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 107
Significant Changes in Portfolio Composition CommoditiesPLUS™ Strategy Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
75,700
$ 75,202
20,400
20,387
US Treasury Bills
14,121
14,120
US Treasury Bills
13,100
13,095
US Treasury Bills
13,000
12,990
United Kingdom Gilt
23,900
23,990
21,000
20,998
20,700
20,699
18,240
18,237
13,100
13,098
13,000
12,997
£
6,400
11,359
$
9,000
8,999
CAD 8,800
8,726
$
8,800
8,470
8,000
8,000
7,167
7,637
CAD 7,200
7,129
$
6,735
7,100
£
3,500
6,942
$
5,500
5,842
5,418
5,708
4,510
4,713
4,100
4,100
2.000% due 11/15/2021
0.040% due 05/17/2012
0.061% due 05/03/2012
US Treasury Bills
£
6,400
11,314
Treasury Inflation-Protected Securities
0.139% due 06/09/2012
US Treasury Bills
$
10,110
10,412
US Treasury Bills
0.053% due 08/23/2012
US Treasury Bills
0.121% due 08/16/2012
9,000
8,995
US Treasury Notes
0.143% due 09/13/2012
United Kingdom Gilt
2.000% due 11/15/2021
8,900
8,960
Canada Government Bond
3.750% due 09/07/2021
US Treasury Bills
CAD 8,800
8,905
US Treasury Bills
0.121% due 08/16/2012
Canada Government Bond
$
8,000
8,000
Canada Government Bond
1.500% due 01/08/2015
RR Donnelley & Sons Co.
CAD 7,200
7,233
US Treasury Bills
0.105% due 09/08/2012
33,820
US Treasury Bills
0.143% due 09/13/2012
1.500% due 01/03/2017
33,821
0.065% due 04/19/2012
US Treasury Bills
0.053% due 08/23/2012
0.038% due 04/26/2012
$ 75,181
$
US Treasury Notes
0.065% due 04/19/2012
1.500% due 01/08/2015
2.000% due 02/15/2022
US Treasury Bills
0.139% due 06/09/2012
0.125% due 01/15/2022 (a)
75,700
US Treasury Notes
$
US Treasury Bills
3.750% due 09/07/2021
PROCEEDS
(000S)
SALES THROUGH 30 JUNE 2012
US Treasury Notes
2.000% due 02/15/2022
PAR
(000S)
DESCRIPTION
6.125% due 01/15/2017
US Treasury Bills
$
4,100
4,098
Treasury Inflation-Protected Securities
1.250% due 07/15/2020 (a)
Fannie Mae
3,318
3,828
US Treasury Bills
0.180% due 05/30/2013
3,526
3,520
3,400
3,398
3,000
2,998
2,772
2,956
(a) Principal amount of security is adjusted for inflation.
6.750% due 06/01/2013
Fannie Mae
2,800
2,799
US Treasury Bills
0.139% due 11/10/2012
4.750% due 12/07/2030
Rexam PLC
US Treasury Bills
0.053% due 06/28/2012
4.000% due 02/01/2041
United Kingdom Gilt
Fannie Mae
4.500% due 01/05/2029
1.500% due 01/03/2017
Fannie Mae
US Treasury Bills
0.120% due 08/30/2012
4.500% due 09/01/2041
Canada Government Bond
US Treasury Bills
0.101% due 10/18/2012
0.038% due 04/26/2012
4.000% due 07/01/2040
Masco Corp.
2,800
2,798
6.125% due 10/03/2016
US Treasury Bills
0.105% due 09/08/2012
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there
have been less than that amount of transactions, all such transactions have
been disclosed.
Overnight investments of uninvested Fund cash which usually mature the
next business day have been excluded from the Significant Changes in
Portfolio Composition.
108 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Portfolio of Investments and Assets PIMCO Credit Absolute Return Fund
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
DESCRIPTION
PAR
(000S)
FAIR
% OF
VALUE
NET
(000S) ASSETS
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
UNITED STATES
Kraft Foods Group, Inc.
BANK LOAN OBLIGATIONS
2.250% due 06/05/2017
Merrill Lynch & Co., Inc.
AUSTRALIA
AWAS Aviation Capital Ltd.
3.250% due 06/25/2018
6.000% due 04/01/2017
$
25 $ 25 0.18
4.500% due 01/13/2019
4.625% due 02/13/2017
150
148 1.04
5.875% due 06/06/2022
50
52 0.37
200 1.41
BRITISH VIRGIN ISLANDS
100
112 0.79
6.875% due 10/01/2017
60
64 0.45
40
40 0.29
104 0.74
Valeant Pharmaceuticals International
4.750% due 02/13/2019
10.250% due 05/15/2018
140
159 1.12
Mylan, Inc.
99
99 0.70
NGPL PipeCo LLC
60
60 0.42
Peabody Energy Corp.
80
78 0.55
Penn Virginia Resource Partners LP
70 0.50
PHH Corp.
100
94 0.66
Pioneer Natural Resources Co.
70
70 0.50
710 5.02
Plains All American Pipeline LP
70
Thomas Reuters, Inc.
6.750% due 06/06/2019
CORPORATE BONDS & NOTES
97
101 0.71
American Airlines 2011-2 Class A Pass-Through Trust
8.625% due 10/15/2021
8.250% due 08/15/2018
Nokia OYJ
5.375% due 05/15/2019
20
16 0.11
63
66 0.47
125
151 1.07
75
80 0.56
50
54 0.38
Bank of America Corp.
5.625% due 07/01/2020
Calpine Construction Finance Co. LP
IRELAND
8.000% due 06/01/2016
AK Transneft OJSC Via TransCapitalInvest Ltd.
5.670% due 03/05/2014
100
CIT Group, Inc.
106 0.75
5.250% due 04/01/2014
25
26 0.18
Citigroup, Inc.
JAPAN
5.000% due 09/15/2014
25
26 0.18
CMS Energy Corp.
€
50
63 0.45
5.050% due 03/15/2022
70
73 0.51
Concho Resources, Inc.
LUXEMBOURG
6.500% due 01/15/2022
8.625% due 10/01/2017
Gazprom OAO Via Gaz Capital S.A.
$ 175
100
195 1.38
125 0.88
5.499% due 07/07/2015
20
25
21 0.15
28 0.20
Continental Airlines 2010-1 Class A Pass-Through Trust
4.750% due 01/12/2021
98
103 0.73
Continental Airlines 2012-1 Class B Pass-Through Trust
Sberbank of Russia Via SB Capital S.A.
100
105 0.74
425 3.00
NETHERLANDS
6.250% due 04/11/2020
10
10 0.07
30
34 0.24
40
44 0.31
Continental Resources, Inc.
7.125% due 04/01/2021
CSC Holdings LLC
8.500% due 04/15/2014
€
20
50
29 0.20
75 0.53
LyondellBasell Industries NV
$ 200
211 1.49
NXP Funding LLC
4.500% due 03/04/2017
5.500% due 03/04/2017
€
100
50
98 0.69
50 0.36
50
69 0.49
532 3.76
Delta Air Lines 2011-1 Class A Pass-Through Trust
5.300% due 04/15/2019
93
99 0.70
DPL, Inc.
6.500% due 10/15/2016
50
54 0.38
Energy Future Intermediate Holding Co. LLC
9.750% due 10/15/2019
10.000% due 12/01/2020
90
165
93 0.66
180 1.27
3.875% due 07/15/2022
5.450% due 07/15/2020
70
125
71 0.50
140 0.99
50
56 0.39
150
163 1.15
25
120
27 0.19
134 0.95
70
76 0.54
25
27 0.19
Ford Motor Credit Co. LLC
Goldman Sachs Group, Inc.
HSBC Holdings PLC
6.150% due 04/01/2018
$
90
100 0.71
50
50 0.35
95
139 0.98
289 2.04
Ineos Finance PLC
7.500% due 05/01/2020
LBG Capital No.2 PLC
140 0.99
25
28 0.20
100
50
98 0.69
52 0.37
7.875% due 07/15/2020
100
113 0.80
7.119% due 12/15/2017
170
171 1.21
6.000% due 11/15/2018
25
25 0.18
8.250% due 04/15/2018
50
51 0.36
7.125% due 03/01/2013
80
82 0.58
6.650% due 03/15/2017
6.875% due 05/01/2018
65
100
76 0.54
118 0.83
3.650% due 06/01/2022
8.750% due 05/01/2019
30
90
31 0.22
119 0.84
50
53 0.37
60
62 0.44
25
25 0.18
25
100
27 0.19
104 0.73
100
98 0.69
30
31 0.22
70
71 0.50
25
28 0.20
100
107 0.75
100
120 0.85
25
25 0.18
20
21 0.15
Polypore International, Inc.
7.500% due 11/15/2017
Puget Energy, Inc.
5.625% due 07/15/2022
Regions Financial Corp.
4.875% due 04/26/2013
Reynolds Group Issuer, Inc.
7.875% due 08/15/2019
9.875% due 08/15/2019
Rockies Express Pipeline LLC
6.850% due 07/15/2018
Rock-Tenn Co.
4.900% due 03/01/2022
SandRidge Energy, Inc.
8.125% due 10/15/2022
SLM Corp.
8.450% due 06/15/2018
Southern Natural Gas Co.
4.400% due 06/15/2021
Southwestern Energy Co.
7.500% due 02/01/2018
Terex Corp.
6.500% due 04/01/2020
Univision Communications, Inc.
6.875% due 05/15/2019
Valeant Pharmaceuticals International
6.500% due 07/15/2016
6.750% due 10/01/2017
110
50
115 0.81
52 0.37
75
75 0.53
90
107 0.75
140
141 1.00
4,375 30.90
140
133 0.94
700
700 4.94
Western Gas Partners LP
4.000% due 07/01/2022
Weyerhaeuser Co.
8.500% due 01/15/2025
Wynn Las Vegas LLC
5.375% due 03/15/2022
HCA, Inc.
6.500% due 02/15/2020
7.875% due 02/15/2020
8.125% due 04/15/2019
Ipalco Enterprises, Inc.
7.250% due 04/01/2016
MORTGAGE-BACKED SECURITIES
Banc of America Large Loan, Inc.
1.992% due 11/15/2015
REPURCHASE AGREEMENTS
HD Supply, Inc.
£
125
Florida Gas Transmission Co. LLC
7.000% due 04/15/2015
UNITED KINGDOM
See Accompanying Notes
49 0.35
American International Group, Inc.
FINLAND
9.334% due 02/07/2020
5.000% due 11/18/2013
5.250% due 01/31/2021
MCE Finance Ltd.
4.875% due 01/14/2022
50
American Airlines 2011-1 Class A Pass-Through Trust
CAYMAN ISLANDS
8.000% due 05/15/2018
5.500% due 01/26/2020
6.625% due 04/01/2018
Residential Capital LLC
5.500% due 05/10/2017
Harvest Operations Corp.
Ziggo Bond Co. BV
50 0.35
Freedom Group, Inc.
5.500% due 04/19/2019
10.375% due 05/15/2014
50
Springleaf Financial Funding Co.
CANADA
5.000% due 04/15/2019
1.995% due 03/29/2016
4.750% due 04/19/2019
7.500% due 07/18/2016
8.500% due 10/31/2019
9.500% due 12/15/2018
4.000% due 01/31/2019
72 0.51
Morgan Stanley
Goodyear Tire & Rubber Co.
TNK-BP Finance S.A.
HeidelbergCement Finance BV
40 0.28
CSC Holdings LLC
Brasil Foods S.A.
6.510% due 03/07/2022
9.250% due 04/23/2019
40
Crown Castle Operating Co.
Banco Santander Brasil S.A.
4.500% due 03/24/2014
5.250% due 05/17/2019
6.875% due 04/25/2018
70 $
MGM Resorts International
Colfax Corp.
BRAZIL
Tokyo Electric Power Co., Inc.
$ 100 $ 100 0.71
Bausch & Lomb, Inc.
FMG Resources August 2006 Pty Ltd.
$
FAIR
% OF
VALUE
NET
(000S) ASSETS
Credit Suisse First Boston
0.180% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 2.375% due 10/31/2014
valued at $718. Repurchase
proceeds are $700.)
Semiannual Report
30 June 2012 109
Portfolio of Investments and Assets PIMCO Credit Absolute Return Fund (Cont.)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
US GOVERNMENT AGENCIES
Freddie Mac
0.160% due 12/10/2012 01/22/2013
$
4,800 $
Total United States
4,797 33.88
4,797 33.88
10,715 75.68
SHARES
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (a)
129,958
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
1,300 9.18
$ 14,046 99.21
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
DUB
3-Month USD-LIBOR
Receive
Expiration Notional
Date
Amount Cost
Fair
Value
% of
Net Assets
04/14/2014 $ 120 $ 6
$ 3
0.03
Fair
Value
% of
Net Assets
$ (2)
(14)
(2)
$ (18)
(0.02)
(0.10)
(0.02)
(0.14)
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
3.875%
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
DUB
MYC
MYC
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Pay
Receive
Pay
Expiration
Date
Notional
Amount Premiums
INTEREST RATE SWAPTIONS
Put - OTC 5-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
2.850%
1.700%
1.700%
04/14/2014 $ 500
03/18/2013
500
03/18/2013
500
$ (6)
(7)
(8)
$ (21)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - BUY PROTECTION(1)
Reference Entity
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Arrow Electronics, Inc.
Commerzbank AG
COX Communications, Inc.
Credit Agricole S.A.
Daimler Finance N.A. LLC
Diamond Offshore Drilling, Inc.
Erste Group Bank AG
Intesa Sanpaolo SpA
Macy’s Retail Holdings, Inc.
Motorola Solutions Inc.
New York Times Co.
News America, Inc.
Nexen, Inc.
Wyndham Worldwide Corp.
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(3.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
03/20/2017
12/20/2016
12/20/2016
12/20/2016
12/20/2016
06/20/2017
12/20/2016
03/20/2017
12/20/2016
12/20/2016
12/20/2016
06/20/2017
06/20/2017
12/20/2016
Notional
Amount(3)
Fair
Value
$ 60
€ 40
$ 50
€ 40
$ 100
150
€ 60
50
$ 40
50
25
150
125
40
$ 2
3
(1)
4
1
(2)
4
4
0
0
2
(1)
8
0
$ 24
MYC
GST
UAG
GST
CBK
BOA
GST
BOA
DUB
BOA
FBF
DUB
BOA
GST
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$ 2
3
(1)
4
3
(2)
7
1
0
0
3
(1)
7
2
$ 28
$ 0
0
0
0
(2)
0
(3)
3
0
0
(1)
0
1
(2)
$ (4)
0.01
0.02
(0.01)
0.03
0.01
(0.01)
0.03
0.03
0.00
0.00
0.01
(0.01)
0.06
0.00
0.17
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(2)
Reference Entity
Ally Financial, Inc.
Anadarko Petroleum Corp.
ArcelorMittal
Australia Government Bond
Brazil Government International Bond
China Government International Bond
Exelon Corp.
Fiat Finance & Trade S.A.
Ford Motor Credit Co. LLC
Forest Oil Corp.
Japan Government International Bond
Lafarge S.A.
110 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Fixed Deal
Receive Rate Maturity Date Counterparty
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
5.000%
5.000%
1.000%
1.000%
12/20/2012
06/20/2017
03/20/2017
12/20/2016
12/20/2016
12/20/2016
12/20/2016
03/20/2014
12/20/2012
03/20/2017
12/20/2016
03/20/2017
DUB
BRC
GST
MYC
HUS
MYC
FBF
DUB
DUB
GST
MYC
CBK
Notional
Amount(3)
Fair
Value
$
$ 2
(4)
(4)
2
(2)
0
0
(1)
2
(7)
1
(3)
€
$
€
$
€
100
80
20
100
100
100
100
50
100
80
100
20
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$ (1)
(3)
(5)
1
(3)
(2)
(4)
0
3
(3)
(1)
(4)
$ 3
(1)
1
1
1
2
4
(1)
(1)
(4)
2
1
0.01
(0.03)
(0.03)
0.01
(0.01)
0.00
0.00
(0.01)
0.02
(0.05)
0.01
(0.02)
30 June 2012 (Unaudited)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
MetLife, Inc.
Mexico Government International Bond
MGM Resorts International
MGM Resorts International
MGM Resorts International
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
Republic of Germany
Republic of Korea
RR Donnelley & Sons Co.
Tokyo Electric Power Co., Inc.
UPC Holding BV
1.000%
1.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
0.250%
1.000%
5.000%
1.000%
5.000%
09/20/2017
12/20/2016
06/20/2014
12/20/2013
03/20/2014
06/20/2015
03/20/2017
03/20/2014
12/20/2016
06/20/2017
06/20/2017
12/20/2016
03/20/2013
12/20/2012
09/20/2017
Notional
Amount(3)
GST
HUS
DUB
GST
GST
CBK
CBK
GST
GST
GST
BOA
MYC
GST
CBK
BRC
100
100
80
50
60
20
30
40
40
80
150
100
60
JPY 1,600
€ 100
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
$
$ (9)
(1)
2
1
2
1
(1)
2
0
(2)
(5)
0
2
0
(8)
$ (30)
Notional
Amount(3)
Fair
Value
$ 4,815
100
$ (27)
(1)
$ (28)
$ (9)
(2)
1
0
2
0
(2)
1
(1)
(4)
(5)
(2)
1
(3)
(7)
$ (52)
$ 0
1
1
1
0
1
1
1
1
2
0
2
1
3
(1)
$ 22
(0.06)
(0.01)
0.01
0.01
0.02
0.01
(0.01)
0.01
0.00
(0.01)
(0.03)
0.00
0.01
0.00
(0.06)
(0.21)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
Fixed Deal
Receive Rate
Index/Tranches
Dow Jones CDX.N.A. IG18 Index
Dow Jones CDX.N.A. IG18 Index
1.000%
1.000%
Maturity
Date
Counterparty
06/20/2017 BOA
06/20/2017 GST
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$ (7)
(1)
$ (8)
$ (20)
0
$ (20)
(0.19)
(0.01)
(0.20)
(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)
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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(3)
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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Receive
Receive
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
3-Month USD-LIBOR
3-Month USD-LIBOR
6-Month Australian Bank Bill
BRL-CDI-Compounded
BRL-CDI-Compounded
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
Fixed
Rate
Maturity Date
1.750%
2.750%
4.250%
10.530%
9.930%
5.600%
5.600%
5.600%
5.600%
5.500%
5.500%
5.500%
5.500%
12/19/2022
06/20/2042
03/15/2023
01/02/2014
01/02/2015
09/06/2016
09/06/2016
09/06/2016
09/06/2016
09/13/2017
09/13/2017
09/13/2017
09/13/2017
Notional
Amount
Counterparty
MYC
FBF
CBK
HUS
GLM
BRC
GLM
HUS
JPM
BOA
BRC
GLM
UAG
$
300
300
AUD 100
BRL 1,900
400
MXN 5,800
1,500
400
1,300
800
1,200
600
100
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ 4
(16)
2
32
6
8
2
1
2
1
1
0
0
$ 43
$ 4
24
1
(5)
0
2
0
0
0
0
0
0
0
$ 26
$ 0
(40)
1
37
6
6
2
1
2
1
1
0
0
$ 17
0.03
(0.11)
0.01
0.23
0.04
0.06
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.31
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
AUD
BRL
CAD
CNY
€
See Accompanying Notes
Principal Amount
Covered by
Contract
107
29
19
38
17
16
60
44
19
959
881
67
37
120
67
Counterparty
FBF
BRC
BRC
FBF
HUS
UAG
UAG
BRC
DUB
BRC
JPM
BRC
DUB
DUB
FBF
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
10/2012
10/2012
02/2013
02/2013
07/2012
07/2012
07/2012
07/2012
$ 0
0
0
0
0
0
0
0
0
0
0
3
1
4
3
$ (5)
0
0
0
0
0
0
0
0
(2)
0
0
0
0
0
$ (5)
0
0
0
0
0
0
0
0
(2)
0
3
1
4
3
(0.04)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.02
0.01
0.03
0.02
Semiannual Report
30 June 2012 111
Portfolio of Investments and Assets PIMCO Credit Absolute Return Fund (Cont.)
Type
Currency
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
€
Principal Amount
Covered by
Contract
1
6
52
88
1,619
141
1,478
141
11,520
11,520
11,520
235
55
56
55
37
£
INR
KRW
MXN
NOK
SGD
Counterparty
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
09/2012
07/2012
07/2012
07/2012
10/2012
07/2012
07/2012
09/2012
08/2012
07/2012
07/2012
07/2012
08/2012
$ 0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
$ 12
HUS
MSC
UAG
BPS
DUB
HUS
JPM
HUS
BRC
UAG
BRC
JPM
BPS
HUS
UAG
UAG
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ 0
0
(1)
(2)
1
0
(2)
0
0
0
0
0
0
0
0
(1)
$ (1)
0.00
0.00
(0.01)
(0.01)
0.01
0.00
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
$
0
0
(1)
(2)
0
0
(2)
0
0
0
0
0
0
0
0
(1)
$ (13)
$
Total OTC Financial Derivative Instruments
(7)
(0.05)
FAIR
VALUE
(000S)
% OF
NET
ASSETS
$
99
0.70
Total Certificates of Deposit
$
99
0.70
Total Investments
$ 14,138
99.86
PAR
(000S)
DESCRIPTION
CERTIFICATES OF DEPOSIT
Banco do Brasil S.A.
1.970% due 06/28/2013
$
100
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.010% due 06/29/2012
0.040% due 06/29/2012
0.234% due 06/29/2012
0.650% due 06/29/2012
JPY
€
CAD
NOK
9
1
1
1
$
149
$
0
1
1
0
0.00
0.01
0.00
0.00
149
$
151
$ (130)
$ 14,159
1.05
1.06
(0.92)
100.00
Sumitomo Mitsui Banking Corp.
0.030% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) The PIMCO Credit Absolute Return Fund is investing in shares of an affiliated fund.
(b) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 1,300
0
0
$ 1,300
$ 12,367
99
(7)
$ 12,459
$ 379
0
0
$ 379
$ 14,046
99
(7)
$ 14,138
Transferable Securities
Deposits with Credit Institutions
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 295
$ 78
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on Investments
held at 30-Jun-20126
$ (12)
$ 0
$ 0
$ 18
$ 0
$ 379
$ 18
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
112 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
As at 30 June 2012, the Institutional EUR (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Buy
€
Principal Amount
Covered by
Contract
1,738
1,401
14
1,698
1,338
27
1,579
814
1,383
195
1,047
1,073
1,000
1,507
1,401
1,579
22
1,579
1,000
1,507
Counterparty
BPS
BPS
BRC
BRC
CBK
CBK
DUB
FBF
GST
GST
HUS
JPM
JPM
UAG
BPS
BRC
CBK
DUB
JPM
UAG
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
$ 28
0
0
0
22
0
0
10
5
0
10
16
0
0
29
43
1
39
24
29
$ 256
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
(2)
(29)
0
(47)
0
(1)
(39)
0
0
(4)
0
(1)
(24)
(29)
0
0
0
0
0
0
$ (176)
$ 26
(29)
0
(47)
22
(1)
(39)
10
5
(4)
10
15
(24)
(29)
29
43
1
39
24
29
$ 80
0.19
(0.21)
0.00
(0.33)
0.16
(0.01)
(0.28)
0.08
0.04
(0.03)
0.07
0.10
(0.17)
(0.21)
0.20
0.30
0.01
0.28
0.17
0.20
0.56
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
Unrealised
(Depreciation)
$
As at 30 June 2012, the Institutional GBP (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
£
Principal Amount
Covered by
Contract
498
3
749
306
750
26
305
429
470
749
867
656
749
750
749
656
Counterparty
BOA
BPS
BRC
DUB
DUB
FBF
GST
HUS
JPM
JPM
UAG
UAG
BRC
DUB
JPM
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
$
0
0
0
0
0
0
0
0
1
0
1
0
14
9
5
5
$ 35
$
0
0
(14)
(1)
(9)
0
(3)
(4)
0
(5)
(2)
(5)
0
0
0
0
$ (43)
$
0
0
(14)
(1)
(9)
0
(3)
(4)
1
(5)
(1)
(5)
14
9
5
5
$ (8)
0.00
0.00
(0.10)
(0.01)
(0.06)
0.00
(0.02)
(0.03)
0.01
(0.04)
0.00
(0.04)
0.10
0.06
0.04
0.04
(0.05)
(c) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GST
HUS
JPM
MSC
MYC
UAG
(1)
Total Market Value
of OTC Derivatives
Collateral
(Received)/Pledged
Net
Exposures(1)
$ (21)
24
(6)
22
10
(6)
8
(7)
36
16
0
(7)
(4)
$ 0
0
0
0
0
0
0
0
0
0
0
0
0
$ (21)
24
(6)
22
10
(6)
8
(7)
36
16
0
(7)
(4)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 113
Significant Changes in Portfolio Composition PIMCO Credit Absolute Return Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
PROCEEDS
(000S)
$ 2,500
$ 2,500
1,600
1,600
1,400
1,400
1,030
1,051
300
300
SALES THROUGH 30 JUNE 2012
Freddie Mac
0.000% due 01/22/2013
PAR
(000S)
DESCRIPTION
US Treasury Bills
$
3,800
$ 3,796
US Treasury Bills
0.121% due 08/16/2012
US Treasury Bills
0.121% due 08/16/2012
2,500
2,499
US Treasury Bills
0.139% due 06/09/2012
US Treasury Bills
0.139% due 06/09/2012
1,600
1,599
149,947
PIMCO US Dollar Short-Term Floating NAV Fund (a)
0.065% due 04/19/2012
US Treasury Notes
SHARES
1,500
PAR
(000S)
2.000% due 02/15/2022
US Treasury Bills
0.061% due 05/03/2012
SHARES
US Treasury Notes
2.000% due 02/15/2022
$
1,030
1,032
19,989
PIMCO US Dollar Short-Term Floating NAV Fund (a)
Freddie Mac
0.000% due 01/03/2013
500
500
400
400
Freddie Mac
0.000% due 12/17/2012
US Treasury Bills
Wynn Las Vegas LLC
5.375% due 03/15/2022
252
247
230
216
200
204
175
191
165
181
140
158
125
149
150
148
125
141
115
137
142
132
110
70
91
100
89
75
80
75
77
75
75
70
71
50
67
€
50
66
$
55
66
9.000% due 02/01/2019
0.883% due 10/15/2015
6.500% due 02/15/2020
5.625% due 07/01/2024
4.950% due 05/01/2022
3.125% due 11/15/2041
9.700% due 11/10/2018
Chesapeake Energy Corp.
120
132
Plains All American Pipeline LP
8.750% due 01/05/2019
100
7.250% due 10/20/2017
Altria Group, Inc.
HCA, Inc.
7.875% due 02/15/2020
112
US Treasury Bonds
Banc of America Large Loan, Inc.
2.028% due 11/15/2015
112
5.375% due 03/15/2022
Liberty Mutual Group, Inc.
Southwestern Energy Co.
7.500% due 02/01/2018
112
Newfield Exploration Co.
Florida Gas Transmission Co. LLC
5.450% due 07/15/2020
100
7.500% due 07/18/2016
HCA, Inc.
Banco Santander Brasil S.A.
4.625% due 02/13/2017
135
Morgan Stanley
American International Group, Inc.
8.250% due 08/15/2018
120
3.750% due 08/15/2041
Kinder Morgan Energy Partners LP
MCE Finance Ltd.
10.250% due 05/15/2018
200
GTL Trade Finance, Inc.
Energy Future Intermediate Holding Co. LLC
10.000% due 12/01/2020
200
Wynn Las Vegas LLC
Gazprom OAO Via Gaz Capital S.A.
6.510% due 03/07/2022
$
TNK-BP Finance S.A.
LyondellBasell Industries NV
5.000% due 04/15/2019
0.040% due 05/17/2012
US Treasury Bonds
NGPL PipeCo LLC
7.119% due 12/15/2017
200
PAR
(000S)
6.250% due 01/15/2017
Southwestern Energy Co.
90
116
7.500% due 02/01/2018
(a) The PIMCO Credit Absolute Return Fund is investing in shares of an
affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have
been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next
business day have been excluded from the Significant Changes in
Portfolio Composition.
114 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Portfolio of Investments and Assets Diversified Income Fund
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
FAIR
% OF
VALUE
NET
(000S) ASSETS
Braskem Finance Ltd.
$ 11,900 $ 11,989 0.19
14,000
14,455 0.24
1,000
1,098 0.01
4.625% due 09/23/2020
5.000% due 04/07/2018
$ 10,300 $ 10,265 0.17
800
837 0.01
Australia Government Bond (a)
AUD 6,900
39,000
9,773 0.16
77,109 1.23
FMG Resources August 2006 Pty Ltd.
6.000% due 04/01/2017
8.250% due 11/01/2019
$ 11,300
8,900
11,385 0.18
9,478 0.15
2,900
3,041 0.05
800
822 0.01
4,600
4,584 0.07
Goodman Funding Pty Ltd.
6.375% due 11/12/2020
Hanson Australia Funding Ltd.
5.250% due 03/15/2013
Macquarie Group Ltd.
6.250% due 01/14/2021
New South Wales Treasury Corp.
2.750% due 11/20/2025 (a) AUD 6,500
8,384 0.13
Newcrest Finance Pty Ltd.
4.450% due 11/15/2021
$ 6,200
6,374 0.10
Telstra Corp. Ltd.
4.800% due 10/12/2021
5,500
6,161 0.10
148,213 2.36
10.125% due 05/15/2027
650
1,113 0.02
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2017
10.000% due 01/01/2021
BRL 17,038
2,307
8,668 0.14
1,148 0.02
Centrais Eletricas Brasileiras S.A.
6.875% due 07/30/2019
7.750% due 11/30/2015
$ 29,200
400
34,129 0.54
468 0.01
10.000% due 01/15/2015
OGX Austria GmbH
8.375% due 04/01/2022
8.500% due 06/01/2018
9,200
14,500
7,958 0.12
12,978 0.21
20,936 0.33
BAHRAIN
BRITISH VIRGIN ISLANDS
Bahrain Government International Bond
Gerdau Trade, Inc.
5.500% due 03/31/2020
1,900
1,902 0.03
BELGIUM
GTL Trade Finance, Inc.
KBC Bank NV
TNK-BP Finance S.A.
8.000% due 05/29/2049
12,297 0.19
2,704 0.04
1,600
33,000
3,500
19,600
500
1,660
35,731
3,932
23,938
626
0.03
0.57
0.06
0.38
0.01
11,600
4,800
400
2,400
3,850
11,871
5,345
457
2,816
4,952
237,725
0.19
0.09
0.01
0.04
0.08
3.79
500
446 0.01
BERMUDA
Noble Group Ltd.
4.875% due 08/05/2015
6.625% due 08/05/2020
6.750% due 01/29/2020
$ 6,100
2,000
9,400
6,161 0.10
1,930 0.03
9,118 0.15
Qtel International Finance Ltd.
3.375% due 10/14/2016
4.750% due 02/16/2021
5.000% due 10/19/2025
200
21,700
2,000
208 0.00
23,165 0.37
2,145 0.03
400
522 0.01
43,249 0.69
Weatherford International Ltd.
9.625% due 03/01/2019
1,250
€ 2,400
1,328 0.02
3,163 0.05
Banco Nacional de Desenvolvimento Economico
e Social
4.125% due 09/15/2017
2.568% due 03/18/2014
4.250% due 01/14/2016
4.500% due 04/06/2015
4.500% due 12/01/2019
4.500% due 12/01/2020
$ 4,000
9,700
300
3,852 0.06
9,627 0.16
302 0.00
Teck Resources Ltd.
See Accompanying Notes
3,900
4,387 0.07
10.250% due 05/15/2016
10.750% due 05/15/2019
8,800
9,042 0.15
4.250% due 03/28/2019
400
11,800
700
3,700
7,750
13,200
422
12,878
790
3,848
8,651
15,163
70,211
0.01
0.21
0.01
0.06
0.14
0.24
1.12
107 0.00
0.000% due 02/13/2019
0.716% due 11/10/2019
1,762 0.03
4,000
3,794 0.06
Hillmark Funding
0.717% due 05/21/2021
Hutchison Whampoa Finance CI Ltd.
7.450% due 08/01/2017
4,100
5,010 0.08
Hutchison Whampoa International Ltd.
5.750% due 09/11/2019
7.625% due 04/09/2019
4.875% due 05/14/2016
5.000% due 11/15/2020
9,050
2,800
10,280 0.16
3,473 0.06
€ 11,800
$ 31,650
16,347 0.26
33,945 0.55
Odebrecht Drilling Norbe VIII/IX Ltd.
6.350% due 06/30/2021
25,186
26,508 0.42
Peru Enhanced Pass-Through Finance Ltd.
0.000% due 05/31/2018
1,549
1,373 0.02
342
325 0.01
7.369% due 06/30/2022
17
22 0.00
900
968 0.02
£
800
1,518 0.02
$
200
188 0.00
£
100
204 0.00
$
900
9,600
900 0.01
10,344 0.16
€ 3,200
4,010 0.06
900
1,205 0.02
$ 3,025
3,176 0.05
1,900
1,947 0.03
500
528 0.01
297
295 0.00
141,013 2.25
£
8.750% due 02/01/2020
$
10.231% due 07/29/2049
0.696% due 04/17/2021
8.280% due 10/28/2022
Transocean, Inc.
1.500% due 12/15/2037
4.950% due 11/15/2015
UPCB Finance II Ltd.
6.375% due 07/01/2020
UPCB Finance Ltd.
7.625% due 01/15/2020
UPCB Finance V Ltd.
7.250% due 11/15/2021
500
534 0.01
100
106 0.00
985
7,695
968 0.02
8,330 0.13
CAD 62,800
4,400
6,400
63,434 1.01
4,761 0.08
7,022 0.11
31,000
58,700
34,556 0.55
65,474 1.04
$ 4,900
550
5,474 0.09
662 0.01
Sinopec Group Overseas Development 2012 Ltd.
1,500
1,487 0.02
COLOMBIA
UPCB Finance VI Ltd.
6.875% due 01/15/2022
Usiminas Commercial Ltd.
7.250% due 01/18/2018
Whitney CLO Ltd.
0.757% due 03/01/2017
CHILE
Celulosa Arauco y Constitucion S.A.
Valeant Pharmaceuticals International
100
1,793
Cumberland Clo Ltd.
Trafford Centre Finance Ltd.
Telesat Canada
BM&FBovespa S.A.
5.500% due 07/16/2020
11,930 0.19
Province of Quebec
3,306 0.05
Banco Votorantim S.A.
5.250% due 02/11/2016
3.150% due 06/02/2022
4.000% due 06/02/2021
4.200% due 06/02/2020
951 0.02
956 0.02
SMFG Preferred Capital GBP 2 Ltd.
Novelis, Inc.
2,500
Banco Santander Brasil S.A.
2,664 0.04
Kinder Morgan Finance Co. ULC
Province of Ontario
1,000
1,000
Stone Tower CLO Ltd.
6.875% due 10/01/2017
Banco do Brasil S.A.
0.726% due 05/10/2021
0.727% due 03/01/2021
1,128 0.02
Sable International Finance Ltd.
Harvest Operations Corp.
4.000% due 03/10/2017
8.750% due 12/15/2020
4.500% due 01/22/2015
4.500% due 01/20/2016
$ 12,500
9,478 0.15
CANADA
BRAZIL
1,100
3.468% due 12/20/2012
€ 2,000
6.250% due 02/02/2015
6.625% due 03/20/2017
7.250% due 02/02/2020
7.500% due 03/13/2013
7.500% due 07/18/2016
7.875% due 03/13/2018
5.700% due 01/05/2016
5.500% due 11/18/2020
Petroleum Export V Ltd.
9,100
7.250% due 10/20/2017
€
163 0.00
Punch Taverns Finance B Ltd.
5.750% due 01/30/2021
4.875% due 10/07/2020
164
1.466% due 08/01/2016
12,200
2,600
Gold Fields Orogen Holding BVI Ltd.
5,805 0.09
5,533 0.09
16,597 0.27
Columbus International, Inc.
5,400
5,700
Armstrong Loan Funding Ltd.
15,250
Global Switch Holdings Ltd.
11.500% due 11/20/2014
4,160 0.07
Commercial Industrial Finance Corp.
BARBADOS
5.500% due 04/18/2018
1.097% due 11/25/2020
IPIC GMTN Ltd.
4.375% due 01/11/2022
5.625% due 09/15/2019
6.250% due 01/23/2017
6.875% due 11/10/2039
8.250% due 01/17/2034
4,000
ARES CLO Ltd.
7,993 0.13
Petrobras International Finance Co.
3.875% due 01/27/2016
5.375% due 01/27/2021
6.125% due 10/06/2016
7.875% due 03/15/2019
8.375% due 12/10/2018
9.500% due 11/12/2020
7,300
Fibria Overseas Finance Ltd.
6.750% due 03/03/2021
7.500% due 05/04/2020
AES Andres Dominicana Ltd.
3,011 0.04
CSN Resources S.A.
6.500% due 07/21/2020
$ 17,000 $ 17,526 0.28
212,807 3.39
2,600
CSN Islands XI Corp.
6.875% due 09/21/2019
3.600% due 01/15/2017
Banco Continental S.A. Via Continental Senior Trustees
Cayman Ltd.
CSN Islands IX Corp.
Vale Overseas Ltd.
AUSTRIA
FAIR
% OF
VALUE
NET
(000S) ASSETS
CAYMAN ISLANDS
Brazil Government International Bond
Asciano Finance Ltd.
PAR
(000S)
DESCRIPTION
Xstrata Finance Canada Ltd.
5.375% due 05/02/2022
5.750% due 04/15/2021
7.000% due 05/07/2020
AUSTRALIA
3.000% due 09/20/2025
4.000% due 08/20/2020
PAR
(000S)
DESCRIPTION
30 June 2012 (Unaudited)
2,500
2,473 0.04
7.250% due 07/29/2019
1,100
1,301 0.02
CHINA
3.900% due 05/17/2022
12,000
12,539 0.20
Colombia Government International Bond
8.125% due 05/21/2024
Semiannual Report
1,500
2,188 0.03
30 June 2012 115
Portfolio of Investments and Assets Diversified Income Fund (Cont.)
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
Ecopetrol S.A.
7.625% due 07/23/2019
5,993 0.09
4,829 0.08
10,822 0.17
Banque PSA Finance S.A.
9.250% due 10/29/2049
$ 17,100
9,700
€
500
16,640 0.26
9,536 0.15
550 0.01
Caisse Centrale du Credit Immobilier de France S.A.
3.593% due 08/09/2013
4,100
5,060 0.08
Cie Generale de Geophysique - Veritas
7.750% due 05/15/2017
CNP Assurances
6.875% due 09/30/2041
$
625
647 0.01
€ 7,000
6,378 0.10
1,200
1,652 0.03
$ 5,650
3,835
5,494 0.09
3,822 0.06
Crown European Holdings S.A.
7.125% due 08/15/2018
RCI Banque S.A.
2.339% due 04/11/2014
4.600% due 04/12/2016
Rhodia S.A.
6.875% due 09/15/2020
Societe Generale S.A.
7.756% due 05/29/2049
11,170
12,343 0.20
€ 2,500
2,491 0.04
$ 13,000
12,746 0.20
77,359 1.23
Vivendi S.A.
3.450% due 01/12/2018
6.250% due 02/08/2018
€ 1,100
1,470 0.02
2,900
3,487 0.06
4.875% due 05/05/2021
850
5.875% due 03/13/2020
950
6.875% due 03/09/2017
1,400
8.500% due 10/12/2035
500
9.500% due 07/15/2031 IDR 42,000,000
10.000% due 02/15/2028 42,000,000
10.500% due 08/15/2030 21,000,000
930
1,100
1,634
736
5,675
5,819
3,059
0.01
0.02
0.03
0.01
0.09
0.09
0.05
12,595
3,952
3,294
3,267
53,708
0.20
0.07
0.05
0.05
0.86
Majapahit Holding BV
$
11,000
3,300
2,700
2,700
IRELAND
200
260 0.00
5.670% due 03/05/2014
7.700% due 08/07/2013
20,790
26,846 0.43
16,507 0.26
5,400 0.09
53,970 0.86
HONG KONG
30,800
31,921 0.51
Sinochem Overseas Capital Co. Ltd.
6,900
6,977 0.11
38,898 0.62
210 0.01
6,360
6,258 0.10
5.862% due 04/29/2049
11,332 0.18
$
14,646
15,232 0.24
1.777% due 07/15/2020 €
1,874
2,262 0.04
469
550 0.01
£
667
990 0.01
0.840% due 05/15/2019 €
1,533
1,668 0.03
4,740
5,669 0.09
1,308
1,559 0.02
Fiat Finance & Trade S.A.
6,200
6,924 0.11
7.625% due 09/15/2014
9.000% due 07/30/2012
7,000
7,316 0.12
AWAS Aviation Capital Ltd.
0.994% due 01/27/2018
600
781 0.01
4,685
7,051 0.11
15,999 0.26
JORDAN
Jordan Government International Bond
$ 1,900
KazMunayGas National Co.
6.375% due 04/09/2021
7.000% due 05/05/2020
8.375% due 07/02/2013
9.125% due 07/02/2018
11.750% due 01/23/2015
17,500
3,100
2,400
6,000
8,300
Nara Cable Funding Ltd.
8.875% due 12/01/2018
Bank of India
17,300
18,926 0.30
18,000
26,050
18,877 0.30
27,872 0.44
RZD Capital Ltd.
5.700% due 04/05/2022
5.739% due 04/03/2017
7.750% due 11/15/2019 €
6.124% due 11/15/2014
429
449 0.01
43,214 0.69
1,200
1,327 0.02
8,500
8,059 0.13
€ 7,700
900
10,126 0.16
1,146 0.02
700
15,900
2,200
697 0.01
16,292 0.26
2,181 0.03
ISRAEL
3,200
3,294 0.05
ITALY
10,500
9,885 0.16
Intesa Sanpaolo SpA
ICICI Bank Ltd.
Indian Oil Corp. Ltd.
Reliance Holdings USA, Inc.
116 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
12,200
16,682 0.27
$
20,800
20,790 0.33
4,000
4,000
2,400
6.500% due 02/24/2021
ArcelorMittal
4.950% due 05/23/2016
6.212% due 11/22/2016
6.510% due 03/07/2022
9.250% due 04/23/2019
$
500
1,200
1,750
33,750
520
1,308
1,949
42,265
0.01
0.02
0.03
0.67
Gazprom OAO Via Gazprom International S.A.
7.201% due 02/01/2020
1.587% due 03/29/2017
271
298 0.00
929
1,160 0.02
14,600
$ 4,950
16,166 0.26
4,566 0.07
12,375
12,336 0.20
800
875 0.01
€ 2,239
2,726 0.04
5,325
7,247 0.12
1,937
2,237 0.04
€
7.875% due 02/15/2016
8.500% due 02/15/2016
Intelsat Corp.
4,149
4,204
2,606
196,044
0.07
0.07
0.04
3.13
5.250% due 04/02/2018
Matterhorn Mobile S.A.
6.750% due 05/15/2019
Moselle CLO S.A.
1.018% due 01/06/2020
CHF
OXEA Finance & Cy S.C.A.
9.625% due 07/15/2017
Israel Electric Corp. Ltd.
7.250% due 01/15/2019
ALROSA Finance S.A.
INEOS Group Holdings S.A.
Vnesheconombank Via VEB Finance PLC
604 0.01
LUXEMBOURG
Harvest CLO S.A.
Vimpel Communications Via VIP Finance Ireland
Ltd. OJSC
600
0.31
0.05
0.04
0.12
0.16
Gazprom OAO Via Gaz Capital S.A.
$
6.604% due 02/03/2021
6.493% due 02/02/2016
19,337
3,534
2,528
7,448
9,918
Tengizchevroil Finance Co. SARL
5.500% due 03/01/2021
1.034% due 10/12/2023
1,840 0.03
KAZAKHSTAN
8.875% due 11/17/2014
2.015% due 04/11/2021
5.375% due 02/13/2017
6.800% due 11/22/2025
6.902% due 07/09/2020
INDIA
4.500% due 10/19/2020
200
HSBC Bank Capital Funding Sterling LP
9,438
Avoca CLO I BV
Smurfit Kappa Acquisitions
CNOOC Finance 2012 Ltd.
4.750% due 01/22/2015
6.461% due 11/29/2049
3.875% due 11/12/2015
Doric Nimrod Air Finance Alpha Ltd. 2012-1 Class A
Pass-Through Trust
1,500 0.02
1,699 0.03
HBOS Capital Funding LP
14,727 0.23
4,171 0.07
7.375% due 10/15/2017
9.250% due 10/15/2020
Novatek OAO via Novatek Finance Ltd.
4.750% due 11/25/2016
5.500% due 03/25/2015
5.750% due 11/16/2020
£ 1,000
6.059% due 03/29/2049
11,000
3,250
Ardagh Packaging Finance PLC
5.326% due 02/03/2016
1,500
0.00
0.00
0.00
0.36
0.36
Bank of Scotland Capital Funding LP
2,232 0.04
1.754% due 01/17/2023 €
Novatek Finance Ltd.
4.750% due 09/30/2015
5.225% due 02/15/2023
1,893
Aquilae CLO PLC
Mercator CLO PLC
12,100
$ 5,000
12
120
84
22,244
22,460
BAA Funding Ltd.
3,491 0.06
3,815 0.06
GUERNSEY
4.500% due 11/12/2020
JPY 1,000
10,000
7,000
€ 17,550
JERSEY, CHANNEL ISLANDS
3,300
3,600
Magi Funding I PLC
Unitymedia Hessen GmbH & Co. KG
3.875% due 05/02/2022
1.094% due 04/25/2013
1.500% due 05/30/2014
1.850% due 07/28/2014
4.500% due 03/24/2014
1.243% due 07/25/2016
AK Transneft OJSC Via TransCapitalInvest Ltd.
1.263% due 07/28/2016
284 0.01
1,160 0.02
Real Estate Capital PLC
European Loan Conduit
Kinove German Bondco GmbH
5.125% due 11/30/2024 (c)
235 $
Epic Opera PLC
9.000% due 10/15/2015
8.125% due 12/01/2017
8.125% due 12/01/2017
€
0.823% due 12/12/2028
Tokyo Electric Power Co., Inc.
11,647 0.19
DECO Series
Hapag-Lloyd AG
10.000% due 06/15/2018
3,561 0.06
36,514 0.58
Cougar CLO PLC
Grohe Holding GmbH
4.662% due 09/15/2017
11,500
1.433% due 09/15/2021
GERMANY
Franz Haniel & Cie GmbH
3,500 $
Indonesia Government International Bond
7.000% due 10/17/2016
FAIR
% OF
VALUE
NET
(000S) ASSETS
JAPAN
4.125% due 04/27/2017
7.250% due 06/28/2017
7.750% due 01/20/2020
7.875% due 06/29/2037
8.000% due 08/07/2019
PAR
(000S)
DESCRIPTION
Locat Securitisation Vehicle 2 Srl
$
Bank Negara Indonesia Persero Tbk PT
7,600
€ 4,000
FRANCE
BPCE S.A.
4.500% due 07/27/2015
INDONESIA
Nokia OYJ
2.361% due 04/04/2014
4.375% due 04/04/2016
FAIR
% OF
VALUE
NET
(000S) ASSETS
State Bank of India
$ 5,210 $ 6,590 0.11
8,778 0.14
FINLAND
5.375% due 05/15/2019
5.500% due 02/04/2014 (b)
PAR
(000S)
DESCRIPTION
3,600
3,685 0.06
Penta CLO S.A.
1.166% due 06/04/2024
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
1,000
876 0.01
6.299% due 05/15/2017
7.125% due 01/14/2014
7.750% due 05/29/2018
9.000% due 06/11/2014
$ 1,790
11,200
200
7,100
1,897
11,848
227
7,829
0.03
0.19
0.00
0.12
30 June 2012 (Unaudited)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Sberbank of Russia Via SB Capital S.A.
EMF-NL
4.950% due 02/07/2017
5.180% due 06/28/2019
5.400% due 03/24/2017
5.499% due 07/07/2015
5.717% due 06/16/2021
6.125% due 02/07/2022
1.553% due 04/17/2041
$
400 $
408 0.01
24,800
24,559 0.39
11,550
12,026 0.19
5,000
5,250 0.08
1,000
1,022 0.02
2,700
2,824 0.05
Severstal OAO Via Steel Capital S.A.
6.700% due 10/25/2017
17,600
17,848 0.28
6,100
5,368 0.09
Telecom Italia Capital S.A.
7.721% due 06/04/2038
Telenet Finance III Luxembourg S.C.A.
€
6.625% due 02/15/2021
9,300
11,743 0.19
Telenet Finance Luxembourg S.C.A.
6.375% due 11/15/2020
500
633 0.01
2,350
1,100
2,389 0.04
1,156 0.02
6,500
9,000
5,720 0.09
9,880 0.16
236,938 3.78
VTB Bank OJSC Via VTB Capital S.A.
6.609% due 10/31/2012
6.875% due 05/29/2018
$
Wind Acquisition Finance S.A.
7.250% due 02/15/2018
7.375% due 02/15/2018
€
100 $
Eurocredit CDO BV
1.658% due 02/22/2020
$ 14,800
€
1,473 0.02
3.500% due 07/21/2015
5.000% due 07/21/2020
1,236 0.02
505 0.01
Ras Laffan Liquefied Natural Gas Co. Ltd. II
$ 1,100
450
3,722 0.06
3,438
4,215 0.07
500
885 0.01
3,241
5,167 0.08
Heineken NV
£
ING Bank NV
3.875% due 12/23/2016
1.368% due 09/20/2022
1.443% due 10/15/2019
€ 1,400
1,661
Nakilat, Inc.
Leopard CLO BV
MEXICO
MXN
4.500% due 03/10/2016
2,852
223
376
1,174
0.05
0.00
0.01
0.02
$
6,500
6,565 0.11
3,600
3,780 0.06
Corp. GEO SAB de C.V.
9.250% due 06/30/2020
Desarrolladora Homex SAB de C.V.
7.500% due 09/28/2015
9.500% due 12/11/2019
2,600
450
2,645 0.04
473 0.01
3.507% due 10/15/2013
9.750% due 08/01/2018
OI European Group BV
6.750% due 09/15/2020
Schaeffler Finance BV
7.750% due 02/15/2017
7.750% due 02/15/2017
8.500% due 02/15/2019
0 0.00
239
28 0.00
Mexico Government International Bond
6.000% due 06/18/2015
7.250% due 12/15/2016
8.300% due 08/15/2031
722,100
12,400
$
850
55,784 0.89
1,013 0.02
1,322 0.02
Pemex Project Funding Master Trust
5.750% due 03/01/2018
5,800
6,583 0.11
800
11,400
1,400
866 0.01
13,366 0.21
1,785 0.03
12,000
18,000
14,079 0.22
1,467 0.02
Petroleos Mexicanos
4.875% due 01/24/2022
6.500% due 06/02/2041
8.000% due 05/03/2019
Telefonos de Mexico SAB de C.V.
MXN
Urbi Desarrollos Urbanos SAB de C.V.
9.500% due 01/21/2020
$
700
8.375% due 08/15/2020
9.875% due 04/15/2018
738 0.01
115,119 1.84
3.925% due 07/28/2020
Ziggo Bond Co. BV
8.000% due 05/15/2018
€
5,999
8,222 0.13
4,800
6,701 0.11
Conti-Gummi Finance BV
8.500% due 07/15/2015
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
6.875% due 03/19/2020
11.000% due 12/29/2049
$
21,750
6,600
207 0.00
17,952 0.29
7.750% due 09/15/2018
Deutsche Telekom International Finance BV
3.125% due 04/11/2016
8.750% due 06/15/2030
See Accompanying Notes
200
12,900
37,900
10,000
37,136 0.59
10,523 0.17
Gazprom OAO Via Gaz Capital S.A.
5.092% due 11/29/2015
8.146% due 04/11/2018
2,600
9,055
$ 23,900
24,564 0.39
€ 4,600
$ 1,025
9,525
6,108 0.10
1,074 0.02
10,216 0.16
4.500% due 04/04/2022
7.500% due 03/31/2030
15,600
29,121
2,749 0.05
10,827 0.17
16,382 0.26
35,035 0.56
1,800
1,866 0.03
155,777 2.48
9,400
9,676 0.15
9,000
9,330 0.15
SOUTH AFRICA
400
400 0.01
€ 21,550
$ 1,000
28,442 0.45
1,100 0.02
9,775
10,210 0.16
€ 2,100
2,905 0.05
210,946 3.36
AngloGold Ashanti Holdings PLC
5.375% due 04/15/2020
FirstRand Bank Ltd.
4.375% due 06/09/2016
South Africa Government International Bond
5.500% due 03/09/2020
950
8.000% due 12/21/2018 ZAR 490,500
8.250% due 09/15/2017
133,200
13.500% due 09/15/2015
624,900
1,099
63,515
17,478
92,783
193,881
0.02
1.01
0.28
1.48
3.09
1,450
1,000
700
5,100
14,650
2,200
1,538
1,037
745
5,428
16,412
2,414
0.02
0.02
0.01
0.09
0.26
0.03
15,000
2,900
6,900
15,144 0.24
3,051 0.05
7,510 0.12
300
1,600
320 0.01
1,750 0.03
15,200
15,563 0.25
1,100
1,176 0.02
400
412 0.01
500
531 0.01
SOUTH KOREA
Export-Import Bank of Korea
3.750% due 10/20/2016
4.000% due 01/29/2021
4.125% due 09/09/2015
4.375% due 09/15/2021
5.125% due 06/29/2020
5.875% due 01/14/2015
$
Hyundai Capital Services, Inc.
$ 1,800
1,100
3,340
600
CHF
200
$
800
1,000
2,400
1,749
1,078
2,991
534
194
758
984
2,333
10,621
0.03
0.02
0.05
0.01
0.00
0.01
0.01
0.04
0.17
3.500% due 09/13/2017
4.375% due 07/27/2016
6.000% due 05/05/2015
Korea Development Bank
3.875% due 05/04/2017
8.000% due 01/23/2014
Korea Electric Power Corp.
3.000% due 10/05/2015
Korea Exchange Bank
4.875% due 01/14/2016
Korea Finance Corp.
3.250% due 09/20/2016
700
702 0.01
Korea Housing Finance Corp.
4.125% due 12/15/2015
Korea Hydro & Nuclear Power Co. Ltd.
Peru Government International Bond
PUERTO RICO
4.125% due 12/21/2012
7.750% due 11/03/2020
9,297 0.15
PERU
26,995 0.43
8,337 0.13
41,259 0.65
€ 6,895
PANAMA
9.875% due 02/06/2015
33,000
ALROSA Finance S.A.
5.450% due 11/22/2017
Eksportfinans ASA
6.750% due 02/01/2016
8.700% due 08/07/2018
94 0.00
343 0.01
AES El Salvador Trust
NETHERLANDS
9,531 0.15
15,450 0.24
70,537 1.13
AK Transneft OJSC Via TransCapitalInvest Ltd.
75
300
NORWAY
0.661% due 04/05/2013
1.875% due 04/02/2013
2.000% due 09/15/2015
2.375% due 05/25/2016
2.875% due 11/16/2016
3.000% due 11/17/2014
5.500% due 05/25/2016
5.500% due 06/26/2017
92 0.00
RUSSIA
Vnesheconombank Via VEB Finance PLC
Waha Aerospace BV
Hipotecaria Su Casita S.A. de C.V.
7.500% due 06/29/2018 (d) MXN
UPC Holding BV
8,300
12,850
902 0.01
SABIC Capital I BV
3.000% due 11/02/2015
6.332% due 09/30/2027
6.750% due 09/30/2019
737
$
3,049 0.05
18,226 0.30
84
Russia Government International Bond
NXP BV
4.250% due 05/23/2013
28,925
PAR
(000S)
5.500% due 07/19/2018
10,400 0.17
Scotland International Finance No. 2 BV
SHARES
Hipotecaria Su Casita S.A.
de C.V.
Brenntag Finance BV
486
652
5.298% due 09/30/2020
608 0.01
795 0.01
1.091% due 10/20/2018
2,500
200
300
15,000
BBVA Bancomer S.A.
5.500% due 11/15/2019
8.750% due 01/31/2016
€
1,699 0.03
2,060 0.03
Leveraged Finance Europe Capital III BV
America Movil SAB de C.V.
5.000% due 03/30/2020
5.750% due 01/15/2015
6.375% due 03/01/2035
8.460% due 12/18/2036
1.268% due 04/07/2019
1.283% due 04/21/2020
$ 10,000
2,900
16,200
Ras Laffan Liquefied Natural Gas Co. Ltd. III
€ 2,800
0.922% due 06/15/2020
Jubilee CDO BV
400 $
422 0.01
14,100
16,328 0.26
3,600
4,599 0.08
2,300
2,840 0.04
1,302
Harbourmaster CLO Ltd.
7.250% due 03/10/2015
$
1,172 0.02
GMAC International Finance BV
7.500% due 04/21/2015
4.000% due 01/20/2015
5.250% due 01/20/2020
6.400% due 01/20/2040
6.550% due 04/09/2019
953
Gazprom OAO Via White Nights Finance BV
10.500% due 03/08/2014
10.500% due 03/25/2014
Qatar Government International Bond
Qatari Diar Finance QSC
1.503% due 10/17/2040
3.750% due 03/15/2022
13,863 0.22
12,840 0.20
Eurosail PLC
Koninklijke Philips Electronics NV
$ 12,350
100 0.00
Enel Finance International NV
6.800% due 09/15/2037
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
QATAR
€
MARSHALL ISLANDS
6.067% due 12/31/2033
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
4,500
5,479 0.09
3.125% due 09/16/2015
6.250% due 06/17/2014
1,000
2,900
1,024 0.01
3,127 0.05
100
108 0.00
77,290 1.23
Republic of Korea
4.875% due 09/22/2014
Warner Chilcott Co. LLC
14,690
15,829 0.25
Semiannual Report
30 June 2012 117
Portfolio of Investments and Assets Diversified Income Fund (Cont.)
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
SPAIN
Obrascon Huarte Lain S.A.
8.750% due 03/15/2018
8.500% due 12/29/2049
11.040% due 03/19/2020
€
12,600 $ 15,430 0.25
TURKEY
Turkiye Garanti Bankasi AS
2.966% due 04/20/2016
$
1,800
1,670 0.03
UNITED ARAB EMIRATES
Abu Dhabi Government International Bond
6.750% due 04/08/2019
5.500% due 12/15/2021
5.888% due 06/15/2019
2,655 0.04
8,437 0.13
Citigroup Mortgage Loan Trust, Inc.
3,700
2,950
100
5,406 0.09
4,392 0.07
190 0.00
Countrywide Asset-Backed Certificates
9.334% due 02/07/2020
11.250% due 09/14/2023
15.000% due 12/21/2019
Lloyds TSB Bank PLC
5.280% due 04/19/2016
5.800% due 01/13/2020
6.375% due 01/21/2021
12.000% due 12/16/2012
2,517 0.04
Marstons Issuer PLC
13,700
12,246
15,328 0.24
13,455 0.22
Mondi Finance PLC
CAD 14,200
$ 19,200
1,200
3,100
5.641% due 07/15/2035
5.750% due 04/03/2017
£
14,000
20,556
1,362
3,248
0.22
0.33
0.02
0.05
100
113 0.00
€ 2,050
2,897 0.05
National Westminster Bank PLC
DP World Ltd.
6.850% due 07/02/2037
500
494 0.01
31,794 0.51
6.500% due 09/07/2021
7.875% due 09/09/2015
£ 5,200
100
6,969 0.11
160 0.00
Nationwide Building Society
2.166% due 05/17/2060
4,700
4,714 0.08
BAA SH PLC
7.125% due 03/01/2017
£
550
858 0.01
BAE Systems PLC
3.500% due 10/11/2016
$
5,000
5,165 0.08
£
700
300
790 0.01
466 0.01
Bank of Scotland PLC
7.281% due 05/29/2049
9.375% due 05/15/2021
SHARES
Barclays Bank PLC
4.750% due 03/29/2049
6.000% due 06/29/2049
100,000
4,550,000
68 0.00
4,353 0.07
PAR
(000S)
BP Capital Markets PLC
3.245% due 05/06/2022
4.750% due 03/10/2019
$
19,400
180
20,129 0.32
204 0.00
300
8,800
580 0.01
13,269 0.21
British Telecommunications PLC
8.500% due 12/07/2016
9.625% due 12/15/2030
£
$
Broadgate Financing PLC
4.999% due 10/05/2031
£
200
331 0.01
79
151 0.00
1,494
2,008 0.03
2,100
400
2,569 0.04
455 0.01
Canary Wharf Finance II PLC
6.800% due 04/22/2030
Eclipse Ltd.
1.183% due 01/25/2020
Enterprise Inns PLC
6.500% due 12/06/2018
6.875% due 02/15/2021
FCE Bank PLC
5.125% due 11/16/2015
7,300
12,051 0.19
100
200
100 0.00
294 0.01
Greene King Finance PLC
1.781% due 03/15/2036
5.106% due 03/15/2034
HBOS PLC
6.750% due 05/21/2018
$
600
567 0.01
£
13,000
400
13,573 0.22
592 0.01
$
100
112 0.00
€
$
6,800
1,400
1,500
7,800
HSBC Holdings PLC
5.100% due 04/05/2021
Ineos Finance PLC
7.250% due 02/15/2019
7.500% due 05/01/2020
8.375% due 02/15/2019
9.000% due 05/15/2015
8,586
1,418
1,556
8,268
0.14
0.02
0.03
0.13
6.125% due 01/21/2025
LBG Capital No.1 PLC
7.375% due 03/12/2020
7.588% due 05/12/2020
7.625% due 10/14/2020
7.869% due 08/25/2020
7.875% due 11/01/2020
£
€
£
€
£
$
1,500
100
2,100
100
3,300
1,500
0.355% due 11/25/2036
2,353
2.034% due 03/30/2015 (j) CAD 2,600
4.375% due 03/16/2016
$
300
4.625% due 09/22/2021
€
400
4.875% due 08/25/2014
$ 18,900
5.375% due 09/30/2019
€
500
5.500% due 03/23/2020
6,200
6.625% due 09/17/2018
£
700
6.875% due 05/17/2025
500
6.934% due 04/09/2018
€ 18,740
7.500% due 04/29/2024
£
900
9.500% due 03/16/2022
$ 1,172
2,118
308
368
19,442
682
8,527
1,225
857
22,043
1,622
1,227
0.03
0.01
0.01
0.31
0.01
0.14
0.02
0.01
0.35
0.03
0.02
0.977% due 08/28/2017 (j)
1.018% due 10/10/2017
6.984% due 08/29/2049
0.355% due 12/25/2036
921
0.325% due 03/25/2037
2,297 0.04
279 0.01
54
53 0.00
235
98 0.00
159
288
9 0.00
24 0.00
23
10 0.00
9
2,589
7 0.00
2,070 0.03
Lehman ABS Mortgage Loan Trust
Lehman XS Trust
0.475% due 06/25/2046 (d)
0.485% due 09/25/2046
0.575% due 01/25/2046
Morgan Stanley ABS Capital I
0.345% due 09/25/2036
1.100% due 03/25/2034
Morgan Stanley Dean Witter Capital I
1.595% due 02/25/2033
1,450
1,179 0.02
Morgan Stanley Mortgage Loan Trust
5.750% due 11/25/2036
361
185 0.00
1,540
1,262 0.02
1,156
745 0.01
1,100
830
8,300
1,061 0.02
856 0.01
8,517 0.14
RAAC Series
1.445% due 09/25/2047
RASC Trust
€ 1,900
1,300
£
200
1,870 0.03
1,241 0.02
212 0.00
Sherwood Castle Funding PLC
0.872% due 03/15/2016
7,074 0.11
Long Beach Mortgage Loan Trust
Royal Bank of Scotland PLC
1.070% due 07/25/2034
SLM Student Loan Trust
2.492% due 06/16/2042
3.200% due 05/16/2044
3.480% due 10/15/2030
€
500
620 0.01
£
300
100
1,700
320 0.01
114 0.00
2,173 0.04
0.305% due 11/25/2036
0.325% due 06/25/2037
$ 1,200
1,213 0.02
BANK LOAN OBLIGATIONS
Soundview Home Equity Loan Trust
Spirit Issuer PLC
3.597% due 12/28/2031
5.472% due 12/28/2028
6.582% due 12/28/2018
TESCO PLC
2.000% due 12/05/2014
5.659% due 06/30/2027
£
600
696 0.01
$
228
255 0.00
2,200
£ 17,200
2,403 0.04
29,068 0.46
297,530 4.74
3.374% due 03/25/2015
3.500% due 09/06/2016
6,428 0.10
5,402
5,337 0.09
5,731
5,694 0.09
15,810
15,947 0.25
11,641
11,612 0.18
6,647
467
6,562 0.10
460 0.01
2,361
2,340 0.04
4,150
4,150 0.07
954
954 0.02
3,754
3,611 0.06
Chrysler Group LLC
6.000% due 05/24/2017
4.250% due 01/14/2018
ASSET-BACKED SECURITIES
Community Health Systems, Inc.
Aircraft Certificate Owner Trust 2003
$
963
9,300
963 0.02
9,108 0.15
Ameriquest Mortgage Securities, Inc.
0.445% due 08/25/2035
6,419
CommScope, Inc.
UNITED STATES
6.455% due 09/20/2022
7.001% due 09/20/2022
4.250% due 05/27/2018
Charter Communications Operating LLC
Virgin Media Secured Finance PLC
6.500% due 01/15/2018
7.000% due 01/15/2018
15 0.00
85 0.00
66,719 1.07
Biomet, Inc.
Virgin Media Finance PLC
9.500% due 08/15/2016
55
102
AES Corp.
Unique Pub Finance Co. PLC
242
233 0.00
121
98 0.00
Bayview Financial Asset Trust
Bear Stearns Asset-Backed Securities Trust
106
2,841
104
4,475
1,373
0.325% due 10/25/2036
0.335% due 06/25/2047
0.445% due 12/25/2036
0.565% due 08/25/2036
0.795% due 10/25/2034
1.245% due 10/25/2037
118 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
7,017
0.335% due 06/25/2037
Santander UK PLC
0.03
0.08
0.02
0.02
0.02
0.01
0.03
0.01
0.02
0.01
0.01
First Franklin Mortgage Loan Asset-Backed Certificates
0.03
0.05
0.02
0.01
2,679 0.04
0.00
0.05
0.00
0.07
0.02
1.395% due 09/25/2040
2,009
3,150
1,014
891
5.000% due 10/01/2014
6.400% due 10/21/2019
6.990% due 10/29/2049
7.648% due 09/30/2031
1,811
5,024
1,175
1,414
1,377
597
2,125
705
1,395
666
729
Educational Services of America, Inc.
$ 2,000
2,950
1,300
1,100
€ 1,000
£
133
Royal Bank of Scotland Group PLC
0.845% due 12/25/2039
John Lewis PLC
1,911
6,038
1,280
1,545
1,432
1,700
2,482
1,000
1,453
726
1,600
1,065 0.02
205 0.00
1.262% due 12/15/2050
1.551% due 12/15/2050
HSBC Bank PLC
4.125% due 08/12/2020
5.375% due 11/04/2030
0.375% due 06/25/2047
0.395% due 04/25/2046
0.425% due 09/25/2036
0.495% due 04/25/2036
0.505% due 05/25/2036
0.535% due 07/25/2036
0.545% due 08/25/2035
0.595% due 05/25/2036
4.740% due 10/25/2035
5.668% due 09/25/2046 (d)
5.884% due 07/25/2036
JPMorgan Mortgage Acquisition Corp.
$ 5,000
FAIR
% OF
VALUE
NET
(000S) ASSETS
$ 1,150 $ 1,088 0.02
1,600
540 0.01
5,402 0.09
Newgate Funding PLC
Arkle Master Issuer PLC
0.395% due 10/25/2036
0.455% due 12/25/2036
HSI Asset Securitization Corp. Trust
6.250% due 02/25/2020
UNITED KINGDOM
PAR
(000S)
DESCRIPTION
$ 2,850 $
£ 5,300
LBG Capital No.2 PLC
2,000
Dolphin Energy Ltd.
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
35
296
1,800
8,530
1,906
591
32
287
1,207
8,053
1,891
375
0.00
0.01
0.02
0.13
0.03
0.01
2.577% due 07/25/2014
3.967% due 01/25/2017
CSC Holdings LLC
1.995% due 03/29/2016
Delphia Corp.
3.500% due 03/17/2017
Dole Food Co., Inc.
5.023% due 07/08/2018
First Data Corp.
2.995% due 09/24/2014
HCA, Inc.
1.495% due 11/17/2012
2.495% due 11/17/2013
3.495% due 05/01/2018
3.711% due 03/31/2017
3,621
6,346
10,000
2,100
3,617
6,322
9,730
2,045
0.06
0.10
0.15
0.03
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
HD Supply, Inc.
0.000% due 10/12/2017
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
Amgen, Inc.
$ 5,500 $
5,527 0.09
Hertz Corp.
3.750% due 03/11/2018
3,950
3,910 0.06
3.625% due 05/15/2022
5.150% due 11/15/2041
5.375% due 05/15/2043
CRH America, Inc.
$ 15,200 $ 15,750 0.25
900
943 0.02
18,400 19,981 0.32
Anadarko Petroleum Corp.
Iasis Healthcare LLC
5.000% due 05/03/2018
1,975
1,945 0.03
4.750% due 04/12/2016
5.950% due 09/15/2016
1,515
1,721 0.03
625
623 0.01
500
564 0.01
1,900
2,009 0.03
5,335
5,809 0.09
700
500
4,300
100
2,000
1,700
2,495
500
2,700
1,500
30
706
516
4,452
162
2,141
1,816
2,696
550
4,703
1,614
35
2,100
2,369 0.04
500
41,650
527 0.01
49,852 0.80
2,700
3,400
2,882 0.05
3,714 0.06
ARAMARK Corp.
International Lease Finance Corp.
1,300
1,308 0.02
3.966% due 02/01/2015
7.000% due 05/04/2018
3,731
3,765 0.06
6.950% due 11/01/2018
Audatex North America, Inc.
MetroPCS Wireless, Inc.
4.000% due 03/17/2018
3,950
3,869 0.06
6.750% due 06/15/2018
BAE Systems Holdings, Inc.
NGPL PipeCo LLC
6.750% due 05/17/2018
5,000
4,925 0.08
5.200% due 08/15/2015
Bank of America Corp.
Residential Capital LLC
0.000% due 11/18/2013
3,500
3,511 0.06
5,891
5,937 0.09
Reynolds Group Holdings, Inc.
6.500% due 08/09/2018
Springleaf Financial Funding Co.
5.500% due 05/10/2017
31,100
29,367 0.47
SunGard Data Systems, Inc.
3.745% due 02/28/2014
2,499
2,493 0.04
TWCC Holding Corp.
4.250% due 02/11/2017
5
5 0.00
151,371 2.41
3.750% due 07/12/2016
4.500% due 04/01/2015
5.250% due 12/01/2015
5.500% due 12/04/2019
5.650% due 05/01/2018
5.750% due 12/01/2017
6.000% due 09/01/2017
6.500% due 08/01/2016
7.000% due 07/31/2028
7.375% due 05/15/2014
7.625% due 06/01/2019
£
$
£
$
0.01
0.01
0.07
0.00
0.03
0.03
0.04
0.01
0.08
0.03
0.00
Baptist Health South Florida, Inc.
4.590% due 08/15/2021
CORPORATE BONDS & NOTES
Bear Stearns Cos., LLC
Advanced Micro Devices, Inc.
7.750% due 08/01/2020
450
497 0.01
16,825
200
19,223 0.31
230 0.00
157
159 0.00
2,800
3,169 0.05
1,175
1,199 0.02
AES Corp.
8.000% due 10/15/2017
8.000% due 06/01/2020
Air 2 US
8.027% due 10/01/2019
Alcoa, Inc.
6.750% due 07/15/2018
Aleris International, Inc.
7.625% due 02/15/2018
Ally Financial, Inc.
2.667% due 12/01/2014
3.667% due 02/11/2014
3.868% due 06/20/2014
4.500% due 02/11/2014
6.750% due 12/01/2014
6.875% due 08/28/2012
7.500% due 12/31/2013
8.300% due 02/12/2015
500
10,100
7,400
4,200
21,100
400
800
6,000
474
10,077
7,367
4,268
22,295
403
850
6,555
0.01
0.16
0.12
0.07
0.35
0.01
0.01
0.10
5,300
4,500
700
24,600
7,373
6,235
1,116
40,141
0.12
0.10
0.02
0.64
Altria Group, Inc.
9.250% due 08/06/2019
9.700% due 11/10/2018
9.950% due 11/10/2038
10.200% due 02/06/2039
Berry Plastics Corp.
8.250% due 11/15/2015
9.750% due 01/15/2021
11.625% due 10/15/2017
6.625% due 01/15/2018
6.875% due 01/15/2020
1,289 0.02
8.625% due 10/15/2021
4,367
4,586 0.07
American Airlines Pass-Through Trust 2009-1A
10.375% due 07/02/2019
5,120
5,478 0.09
American International Group, Inc.
3.650% due 01/15/2014
4.250% due 05/15/2013
5.000% due 06/26/2017
5.000% due 04/26/2023
5.050% due 10/01/2015
5.450% due 05/18/2017
5.600% due 10/18/2016
5.850% due 01/16/2018
6.250% due 05/01/2036
6.765% due 11/15/2017
8.000% due 05/22/2038
8.250% due 08/15/2018
8.625% due 05/22/2038
€
£
$
£
€
$
£
4,800
800
100
1,300
1,200
100
2,300
10,525
1,300
16,000
200
13,700
550
4,905
817
130
1,909
1,275
109
2,503
11,663
1,509
27,392
246
16,579
875
0.08
0.01
0.00
0.03
0.02
0.00
0.04
0.19
0.02
0.44
0.00
0.26
0.01
See Accompanying Notes
8,529 0.14
20,620
20,633 0.33
2,601
2,777 0.04
200
188 0.00
CEDC Finance Corp. International, Inc.
9.125% due 12/01/2016
400
255 0.00
14,100
14,664 0.23
100
131 0.00
$ 2,125
2,136 0.03
CIT Group, Inc.
5.250% due 04/01/2014
Citigroup Capital XVIII
£
1,208
1,964
776
629
5,401
0.02
0.03
0.01
0.01
0.09
£
$
€
£
$
700
902 0.01
28,800
30,024 0.48
Continental Airlines 2009-1 Pass-Through Trust
1,062
1,216 0.02
Continental Airlines 2009-2 Class A Pass-Through Trust
1,533
1,728 0.03
Continental Airlines 2010-1 Class A Pass-Through Trust
4.750% due 01/12/2021
5,100
5,342 0.09
Continental Airlines 2010-1 Class B Pass-Through Trust
6.000% due 01/12/2019
$ 7,700
6,000
8,600
8,149 0.13
6,171 0.10
10,101 0.16
7.125% due 04/01/2021
864
866 0.01
600
672 0.01
950
1,009 0.02
Covanta Holding Corp.
6.375% due 10/01/2022
3,287
1,348
248
11,872
171
360
2,288
2,392
3,646
1,481
273
13,202
194
428
2,850
3,138
0.06
0.02
0.00
0.21
0.00
0.01
0.05
0.05
Delta Air Lines 2002-1 Class G-1 Pass-Through Trust
6.718% due 01/02/2023
650
707 0.01
Delta Air Lines 2009-1 Class A Pass-Through Trust
7.750% due 12/17/2019
903
1,025 0.02
Delta Air Lines 2010-2 Class A Pass-Through Trust
4.950% due 05/23/2019 (b)
9,076
9,643 0.15
Delta Air Lines 2012-1 Class A Pass-Through Trust
4.750% due 05/07/2020 (c)
700
711 0.01
3,000
1,400
3,199 0.05
1,545 0.02
700
5,375
9,300
754 0.01
5,926 0.09
10,370 0.17
7,800
8,232 0.13
320
2,200
365 0.01
2,423 0.04
Digital Realty Trust LP
5.250% due 03/15/2021
5.875% due 02/01/2020
6.625% due 10/01/2014
7.125% due 02/01/2016
7.750% due 05/31/2015
Ecolab, Inc.
3.000% due 12/08/2016
10.000% due 12/01/2020
3.625% due 09/15/2015
7.375% due 06/15/2019
2.750% due 05/15/2015
3.875% due 01/15/2015
4.250% due 02/03/2017
5.625% due 09/15/2015
6.625% due 08/15/2017
7.000% due 04/15/2015
7.500% due 08/01/2012
8.000% due 12/15/2016
8.700% due 10/01/2014
8,400
9,177 0.15
1,600
1,646 0.03
5,350
5,484 0.09
16,950
14,400
5,600
3,700
2,500
17,700
4,750
300
9,150
17,099
14,838
5,876
4,031
2,847
19,716
4,769
356
10,440
0.27
0.24
0.09
0.06
0.05
0.31
0.08
0.01
0.17
Frontier Communications Corp.
700
746 0.01
3,300
3,426 0.05
4,800
4,863 0.08
1,500
1,656 0.03
9,500
10,640 0.17
Gap, Inc.
5.950% due 04/12/2021
1,140
1,300
700
500
2,800
Consol Energy, Inc.
7.250% due 11/10/2019
5.773% due 01/10/2033
5.789% due 01/10/2026
5.880% due 01/10/2028
5.926% due 01/10/2034
6.036% due 12/10/2028
6.943% due 01/10/2030
7.507% due 01/10/2032
8.353% due 07/10/2031
6.625% due 03/15/2015
Comcast Corp.
9.000% due 07/08/2016
2,140 0.03
3,258 0.05
1,160 0.02
Ford Motor Credit Co. LLC
6.024% due 03/29/2049
8.000% due 04/01/2017
2,000
2,890
1,000
First Data Corp.
CBA Capital Trust II
6.950% due 08/15/2037
6.750% due 11/15/2021
7.875% due 02/15/2018
8.625% due 02/15/2019
Energy Future Intermediate Holding Co. LLC
Continental Resources, Inc.
American Tower Corp.
4.500% due 01/15/2018
4.700% due 03/15/2022
7.250% due 05/15/2019
8,500
7.750% due 09/01/2013
5.500% due 10/15/2014
5.875% due 07/01/2024
6.125% due 11/21/2017
6.393% due 03/06/2023
7.375% due 09/01/2039
5,067 0.08
684 0.01
6,199 0.10
Case New Holland, Inc.
Citigroup, Inc.
1,302
4,370
CSC Holdings LLC
Entergy Corp.
7.875% due 10/15/2019
7.000% due 01/31/2018
6.113% due 01/15/2020
7.000% due 06/15/2017
8.250% due 02/15/2016
Cantor Fitzgerald LP
8.300% due 12/21/2057
American Airlines 2011-2 Class A Pass-Through Trust
650
5,700
3.200% due 06/15/2017
American Airlines 2011-1 Class B Pass-Through Trust
614 0.01
2,536 0.04
Bunge Ltd. Finance Corp.
Citigroup Capital XXI
1,309 0.02
2,340
Brocade Communications Systems, Inc.
6.829% due 06/28/2067
1,262
560 $
El Paso LLC
Biomet, Inc.
5.250% due 01/31/2021
$
Crown Castle Towers LLC
DISH DBS Corp.
4.650% due 07/02/2018
7.250% due 02/01/2018
American Airlines 2011-1 Class A Pass-Through Trust
6.000% due 09/30/2016
CVS Pass-Through Trust
Associates Corp. of North America
Kinetic Concepts, Inc.
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
GATX Corp.
4.750% due 06/15/2022
Georgia-Pacific LLC
8.250% due 05/01/2016
Gerdau Holdings, Inc.
7.000% due 01/20/2020
Goldman Sachs Group, Inc.
3.700% due 08/01/2015
5.250% due 07/27/2021
5.750% due 01/24/2022
5.950% due 01/18/2018
6.000% due 05/01/2014
6.150% due 04/01/2018
6.250% due 09/01/2017
6.750% due 10/01/2037
7.250% due 04/10/2028
7.500% due 02/15/2019
500
29,100
3,200
10,000
340
28,305
300
3,025
£ 1,400
$ 1,350
505
29,613
3,384
10,716
359
30,722
327
2,974
2,456
1,542
0.01
0.47
0.05
0.17
0.01
0.49
0.01
0.05
0.04
0.02
6,900
150
600
844
7,495
159
660
920
0.12
0.00
0.01
0.01
HCA, Inc.
6.500% due 02/15/2020
7.190% due 11/15/2015
9.000% due 12/15/2014
9.875% due 02/15/2017
Semiannual Report
30 June 2012 119
Portfolio of Investments and Assets Diversified Income Fund (Cont.)
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
Health Care REIT, Inc.
4.700% due 09/15/2017
$ 1,800 $ 1,907 0.03
Health Management Associates, Inc.
6.125% due 04/15/2016
1,600
SLM Corp.
7.150% due 10/01/2019
0.766% due 01/27/2014
0.992% due 06/17/2013
3.125% due 09/17/2012
5.000% due 10/01/2013
5.000% due 04/15/2015
5.375% due 05/15/2014
6.250% due 01/25/2016
1,704 0.03
11,400
11,928 0.19
Hexion US Finance Corp.
2,500
24,300
2,575 0.04
24,908 0.40
200
2,630
219 0.00
2,846 0.05
200
189 0.00
400
415 0.01
Hospitality Properties Trust
7.625% due 01/15/2018
5.911% due 11/30/2035
3.750% due 04/06/2016
9.000% due 06/15/2019
5.250% due 01/10/2013
5.875% due 05/01/2013
6.500% due 09/01/2014
6.625% due 11/15/2013
6.750% due 09/01/2016
800
1,000
8,200
2,400
2,600
€ 1,200
$ 2,195
2,800
800
500
818
1,028
8,692
2,490
2,808
1,409
2,277
2,947
846
575
0.01
0.02
0.14
0.04
0.04
0.02
0.04
0.05
0.01
0.01
0.798% due 06/13/2016
1,900
1,771 0.03
330 0.01
223 0.00
5,000
6,243 0.10
€ 18,000
24,079 0.38
Penske Truck Leasing Co. LP
6.950% due 08/17/2036
1,600
1,608 0.03
600
641 0.01
7,300
7,629 0.12
6.000% due 01/15/2018
8.125% due 09/15/2015
1,500
1,588 0.03
Merrill Lynch & Co., Inc.
8.500% due 06/15/2019
16,400
4,000
26,950
100
£ 6,800
$
450
17,859
4,310
30,192
112
11,992
515
0.28
0.07
0.48
0.00
0.19
0.01
MGM Resorts International
8.625% due 02/01/2019
10.375% due 05/15/2014
13.000% due 11/15/2013
2,250
2,500
400
2,419 0.04
2,831 0.05
458 0.01
11,000
11,395 0.18
900
886 0.01
Midcontinent Express Pipeline LLC
6.700% due 09/15/2019
Monumental Global Funding III
Morgan Stanley
1,000
€
300
$ 2,490
€ 1,400
$ 3,700
600
850
3,700
10,300
27,400
22,100
872
363
2,487
1,759
3,667
617
881
3,827
10,643
28,683
23,906
0.01
0.01
0.04
0.03
0.06
0.01
0.01
0.06
0.17
0.46
0.38
Mylan, Inc.
2,500
400
1,000
2,644 0.04
442 0.01
1,126 0.02
1,300
4,800
1,391 0.02
5,106 0.08
10,500
10,674 0.17
25,450
2,200
1,500
25,577 0.41
2,112 0.03
1,612 0.03
NGPL PipeCo LLC
13,461
12,923 0.21
120 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
7.336% due 07/02/2019
10.400% due 11/01/2016
394
390 0.01
3,895
4,445 0.07
UAL 2009-2A Pass-Through Trust
9.750% due 01/15/2017
3,886
4,421 0.07
4,027 0.06
US Airways 2012-1 Class A Pass-Through Trust
300
307 0.01
930
2,500
200
931 0.02
2,812 0.04
202 0.00
7.125% due 10/22/2023
1,279
5.900% due 10/01/2024
900
6.500% due 07/15/2016
6.875% due 12/01/2018
7.000% due 10/01/2020
9,502 0.15
8,154 0.13
406 0.01
Vanguard Health Holding Co. II LLC
8.000% due 02/01/2018
1,000
1,027 0.02
10,600
10,694 0.17
3,700
4,835 0.08
400
238 0.00
Wal-Mart Stores, Inc.
10,800
10,989 0.18
Wells Operating Partnership II LP
7,600
6,400
10,750
26,500
7,500
1,350
1,775
7,999
6,768
11,691
26,102
7,162
1,353
1,844
Weyerhaeuser Co.
33,300
5,300
30,469 0.49
5,220 0.08
2,900
2,983 0.05
1,850
2,021 0.03
0.13
0.11
0.19
0.42
0.11
0.02
0.03
921 0.01
9,050
7,850
400
507 0.01
500
1,356 0.02
Valeant Pharmaceuticals International
Ventas Realty LP
4.250% due 03/01/2022
5.625% due 04/15/2041
5.875% due 04/01/2018
7.375% due 10/01/2019
7.950% due 03/15/2025
8.500% due 01/15/2025
3,500
3,643 0.06
4,500
7,900
1,900
5,326 0.09
8,817 0.14
2,252 0.04
1,200
1,052
1,314 0.02
1,114 0.02
4,830
5,289 0.08
1,474,287 23.51
Windstream Corp.
7.875% due 11/01/2017
8.125% due 08/01/2013
WMG Acquisition Corp.
Sally Holdings LLC
9.500% due 06/15/2016
MORTGAGE-BACKED SECURITIES
7 WTC Depositor LLC Trust
SandRidge Energy, Inc.
4.082% due 03/13/2031
200
204 0.00
765
752 0.01
Adjustable Rate Mortgage Trust
9,790
3,800
2,000
800
9,717
3,843
2,095
880
0.16
0.06
0.03
0.01
6,470
7,114 0.11
SBA Tower Trust
500
550 0.01
750
814 0.01
750
0 0.00
16,800
17,062 0.27
Sealed Air Corp.
Selectica, Inc.
SL Green Realty Corp.
5.000% due 08/15/2018
Noranda Aluminum Acquisition Corp.
1,832 0.03
3,900
Rock-Tenn Co.
8.750% due 11/15/2015
1,595
1,164 0.02
Rockies Express Pipeline LLC
7.875% due 06/15/2017
6.850% due 04/01/2016
1,031
Reynolds Group Issuer, Inc.
9.250% due 06/15/2019
5,913 0.09
US Airways 2011-1 Class A Pass-Through Trust
Scientific Games International, Inc.
Newfield Exploration Co.
5,400
Tyson Foods, Inc.
UAL 2009-1 Pass-Through Trust
Regions Financial Corp.
5.101% due 04/17/2017
4,425 0.07
204 0.00
4.709% due 12/29/2049
7.500% due 03/15/2021
8.125% due 10/15/2022
8.750% due 01/15/2020
9.875% due 05/15/2016
3,960
200
RBS Capital Trust I
6.875% due 11/15/2019
1,062 0.02
UAL 2007-1 Pass-Through Trust
8.000% due 12/01/2018
4.450% due 03/01/2019
8.000% due 03/01/2018
1,000
13,256 0.21
Rain CII Carbon LLC
5.625% due 04/15/2020
6.850% due 07/15/2018
9.000% due 10/01/2018
760 0.01
10,250
5.125% due 07/02/2022 (c)
7.125% due 04/15/2019
7.750% due 10/15/2016
7.875% due 08/15/2019
8.500% due 05/15/2018
8.500% due 02/15/2021
9.000% due 04/15/2019
9.875% due 08/15/2019
8.000% due 03/15/2018
736
1,020 0.02
4.000% due 01/15/2018
4.875% due 04/26/2013
4.710% due 06/30/2017
925
ProLogis LP
3.718% due 06/15/2013
6.500% due 06/01/2017
7.500% due 06/15/2023
10,525 0.17
185 0.00
200
Qwest Corp.
Meritor, Inc.
10,000
TW Telecom Holdings, Inc.
QVC, Inc.
Kinder Morgan Finance Co. LLC
9.125% due 03/01/2017
Tomkins LLC
Pride International, Inc.
5.000% due 11/03/2015
1,300 0.02
Sprint Nextel Corp.
124 0.00
8.125% due 02/01/2020
5.625% due 07/15/2022
1,300
4.875% due 07/15/2012
100
Prestige Brands, Inc.
Puget Energy, Inc.
8,700 0.14
STHI Holding Corp.
8.500% due 04/15/2016
5.320% due 09/15/2016
7,665
8,230 0.13
Pittsburgh Glass Works LLC
0.02
0.08
0.03
0.04
0.00
0.04
0.63
Springleaf Finance Corp.
8,000
7.500% due 01/15/2020
Kilroy Realty LP
9.500% due 06/15/2018
6,558 0.10
Pioneer Natural Resources Co.
1,195
4,702
2,034
2,329
101
2,701
39,773
Spectrum Brands, Inc.
$ 6,500
Phillips 66
2.997% due 09/30/2015
$ 1,250 $
€ 3,800
1,600
$ 2,250
100
2,600
37,700
SteelRiver Transmission Co. LLC
PSEG Power LLC
JPMorgan Chase Capital XVIII
4.730% due 05/15/2015 (e)
300
200
Prudential Covered Trust 2012-1
JPMorgan Chase Bank N.A.
7.119% due 12/15/2017
7.768% due 12/15/2037
9.625% due 06/01/2019
5,438 0.09
Pemex Project Funding Master Trust
2.950% due 05/01/2017
International Lease Finance Corp.
6.875% due 02/01/2020
7.125% due 05/15/2018
4,264 0.07
5,000
8.250% due 03/01/2017
8.500% due 03/01/2020
3.750% due 05/11/2017
Hyundai Capital America
6.000% due 11/15/2018
7.625% due 07/15/2017
7.875% due 07/15/2020
4,100
5.420% due 01/29/2020
5.500% due 02/24/2025
HSBC Finance Capital Trust IX
0.916% due 10/18/2016
1.115% due 05/02/2014
2.967% due 05/14/2013
5.375% due 08/10/2020
5.625% due 09/23/2019
5.950% due 12/28/2017
6.000% due 05/13/2014
6.000% due 04/28/2015
6.250% due 08/28/2017
6.625% due 04/01/2018
7.300% due 05/13/2019
889 0.01
Owens Corning
6.700% due 01/15/2018
7.875% due 08/15/2014
0.667% due 01/15/2014
869 $
Oshkosh Corp.
6.625% due 04/15/2020
8.875% due 02/01/2018
6.400% due 08/28/2017
6.500% due 07/15/2018
6.875% due 04/25/2018
6.875% due 11/15/2018
7.750% due 04/30/2018
7.750% due 05/14/2038
$
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Northwest Airlines 2000-1 Class G Pass-Through Trust
OMX Timber Finance Investments I LLC
3.300% due 12/09/2016
1.164% due 10/12/2015
3.450% due 03/01/2016
4.250% due 10/15/2020
4.350% due 08/15/2021
6.000% due 01/15/2018
FAIR
% OF
VALUE
NET
(000S) ASSETS
NRG Energy, Inc.
Hewlett-Packard Co.
JPMorgan Chase & Co.
PAR
(000S)
DESCRIPTION
2.691% due 01/25/2035
American General Mortgage Loan Trust
5.150% due 03/25/2058
969
991 0.02
American Home Mortgage Investment Trust
2.237% due 09/25/2045
115
92 0.00
Banc of America Funding Corp.
0.290% due 07/25/2037
0.474% due 06/20/2047
0.745% due 06/26/2035
2.794% due 09/20/2035
1,399
4,400
1,924
1,037
951
3,469
1,679
700
0.02
0.06
0.03
0.01
Banc of America Merrill Lynch Commercial
Mortgage, Inc.
5.492% due 02/10/2051
5.916% due 02/10/2051
220
600
252 0.00
694 0.01
30 June 2012 (Unaudited)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Banc of America Mortgage Securities, Inc.
2.938% due 01/25/2035
3.000% due 02/25/2036
$
540 $
27
472 0.01
19 0.00
1,095
22
285
1,056
338
1,074
18
189
1,029
206
0.02
0.00
0.00
0.02
0.00
Bear Stearns Alternative-A Trust
2.879% due 09/25/2035
355
4.187% due 08/25/2035
5.477% due 06/25/2037
$
244 0.00
FAIR
% OF
VALUE
NET
(000S) ASSETS
600 $ 560 0.01
1,986 1,730 0.03
542
0.592% due 06/15/2022
936
927 0.01
579
344 0.01
Chase Mortgage Finance Corp.
2.934% due 03/25/2037
79
61 0.00
Citigroup Mortgage Loan Trust, Inc.
2.674% due 07/25/2046 (d)
2.866% due 02/25/2034
2.893% due 03/25/2034
5.019% due 09/25/2037 (d)
5.975% due 09/25/2037
80
629
27
594
2,355
49
576
25
377
1,558
0.00
0.01
0.00
0.01
0.03
429
899
383
166
162
639
1,648
1,269
212
487
143
96
92
528
1,571
1,282
0.00
0.01
0.00
0.00
0.00
0.01
0.03
0.02
Countrywide Alternative Loan Trust
0.424% due 02/20/2047
0.439% due 12/20/2046
0.454% due 07/20/2046
0.574% due 11/20/2035
1.147% due 12/25/2035
5.250% due 06/25/2035
5.750% due 01/25/2035
6.500% due 08/25/2032
Countrywide Home Loan Mortgage Pass-Through Trust
2.666% due 04/20/2035
5.533% due 09/25/2047 (d)
6.000% due 05/25/2036
6.250% due 09/25/2036
146
38
705
3,067
142
25
560
2,275
0.00
0.00
0.01
0.04
Credit Suisse First Boston Mortgage Securities Corp.
2.459% due 06/25/2033
6.000% due 01/25/2036
141
1,450
134 0.00
1,078 0.02
7.046% due 12/01/2044
1,717 0.03
441 0.01
Buckeye, Ohio, Tobacco Settlement Financing Authority
Revenue Bonds, Series 2007
1,903 0.03
5.875% due 06/01/2047
6.000% due 06/01/2042
6.500% due 06/01/2047
1,700
400
Merrill Lynch Mortgage Investors, Inc.
5.869% due 06/15/2039
196
196 0.00
FHLMC Structured Pass Through Securities
1.353% due 02/25/2045
155
150 0.00
279
178 0.00
32
4,414
32 0.00
4,176 0.07
Greenpoint Mortgage Funding Trust
0.325% due 10/25/2046 (d)
0.325% due 01/25/2047 (d)
0.445% due 10/25/2046 (d)
0.515% due 04/25/2036
4
4
541
402
4
4
135
56
0.00
0.00
0.00
0.00
Greenwich Capital Commercial Funding Corp.
5.444% due 03/10/2039
100
111 0.00
GSR Mortgage Loan Trust
2.626% due 11/25/2035
2.655% due 09/25/2035
2.705% due 01/25/2036
5.750% due 03/25/2036
5.750% due 01/25/2037
6.000% due 02/25/2036
6.500% due 09/25/2036
1,814
2,014
134
438
967
1,929
1,056
1,612
1,944
106
380
906
1,681
898
0.03
0.03
0.00
0.01
0.01
0.03
0.01
Harborview Mortgage Loan Trust
0.433% due 01/19/2038
3.093% due 07/19/2035
5.304% due 08/19/2036 (d)
209
739
33
126 0.00
609 0.01
24 0.00
2,586
30
1,422
1,315 0.02
20 0.00
1,241 0.02
Indymac Index Mortgage Loan Trust
0.445% due 06/25/2047
0.485% due 07/25/2035
2.716% due 10/25/2034
JPMorgan Chase Commercial Mortgage Securities Corp.
5.298% due 05/15/2047
5.440% due 06/12/2047
404
210
413 0.01
238 0.00
263
244 0.00
JPMorgan Mortgage Trust
3.088% due 07/25/2035
See Accompanying Notes
87
62 0.00
724
667 0.01
1,400
400
1,475 0.02
455 0.01
MLCC Mortgage Investors, Inc.
1.986% due 10/25/2035
Morgan Stanley Capital I, Inc.
5.439% due 02/12/2044
6.076% due 06/11/2049
Morgan Stanley Mortgage Loan Trust
2.455% due 06/25/2036
6.000% due 10/25/2037 (d)
30
810
25 0.00
526 0.01
1,000
1,138 0.02
307
232 0.00
478
571
931
451 0.01
521 0.01
901 0.01
429
771
357 0.01
614 0.01
29
21 0.00
Morgan Stanley Reremic Trust
5.979% due 08/15/2045
RALI Trust
3.295% due 02/25/2035
RBSSP Resecuritization Trust
0.525% due 05/26/2037
0.565% due 03/26/2037
0.745% due 03/26/2036
Residential Asset Securitization Trust
5.500% due 09/25/2035
5.500% due 12/25/2035
Sequoia Mortgage Trust
2.636% due 01/20/2047
Structured Adjustable Rate Mortgage Loan Trust
0.565% due 10/25/2035
2.729% due 09/25/2035
5.174% due 11/25/2035 (d)
6.000% due 10/25/2037 (d)
1,725
1,160
300
288
1,045
909
201
134
0.02
0.01
0.00
0.00
0.545% due 08/25/2036
0.903% due 10/19/2034
0.943% due 03/19/2034
800
189
31
157 0.00
168 0.00
28 0.00
2.712% due 06/25/2033
164
153 0.00
Wachovia Bank Commercial Mortgage Trust
First Horizon Asset Securities, Inc.
5.000% due 10/25/2020
5.448% due 09/25/2035
5.235% due 04/25/2037
Structured Asset Securities Corp.
First Horizon Alternative Mortgage Securities
6.250% due 08/25/2037
2,191
Structured Asset Mortgage Investments, Inc.
Credit Suisse Mortgage Capital Certificates
Alameda County, California, Joint Powers Authority
Lease Revenue Bonds, Series 2010
5.656% due 02/12/2039
5.700% due 09/12/2049
Merrill Lynch Mortgage-Backed Securities Trust
2.846% due 01/26/2036
952 $
959 0.02
1,457
1,198 0.02
81,926 1.31
Merrill Lynch Countrywide Commercial Mortgage Trust
5.127% due 10/12/2042
5.854% due 06/11/2040
Bear Stearns Structured Products, Inc.
$
MUNICIPAL BONDS & NOTES
0.495% due 08/25/2036
1,034 0.02
1,001 0.02
5.500% due 12/25/2035
6.019% due 11/25/2037 (d)
FAIR
% OF
VALUE
NET
(000S) ASSETS
482 0.01
Lehman Brothers Floating Rate Commercial
Mortgage Trust
Bear Stearns Commercial Mortgage Securities
1,034
965
PAR
(000S)
DESCRIPTION
JPMorgan Reremic
0.745% due 06/26/2036
Bear Stearns Adjustable Rate Mortgage Trust
2.570% due 03/25/2035
2.729% due 01/25/2035
3.123% due 05/25/2047
4.743% due 07/25/2034
5.469% due 02/25/2036
PAR
(000S)
DESCRIPTION
0.322% due 06/15/2020
0.332% due 09/15/2021
5.572% due 10/15/2048
1,168
1,068
400
1,088 0.02
1,035 0.02
445 0.01
918
741 0.01
Wachovia Mortgage Loan Trust LLC
5.790% due 03/20/2037
WaMu Mortgage Pass-Through Certificates
0.465% due 07/25/2046 (d)
0.535% due 10/25/2045
0.565% due 08/25/2045
0.847% due 02/25/2047
0.968% due 12/25/2046
1.347% due 11/25/2042
2.160% due 01/25/2037
2.339% due 12/25/2036
2.451% due 10/25/2035
2.452% due 04/25/2037
2.472% due 03/25/2036
2.506% due 09/25/2036
2.640% due 10/25/2046
2.655% due 12/25/2036
2.713% due 02/25/2037
3.909% due 07/25/2037 (d)
4.997% due 05/25/2037
205
214
915
245
261
24
70
44
245
47
941
60
96
144
412
2,461
93
22
172
753
148
188
21
47
30
234
31
708
43
72
99
302
1,556
64
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.02
0.00
Wells Fargo Mortgage-Backed Securities Trust
2.615% due 04/25/2036
2.619% due 07/25/2036 (d)
2.623% due 05/25/2036 (d)
2.629% due 07/25/2036
2.659% due 04/25/2036
2.661% due 10/25/2035
2.688% due 04/25/2035
2,347
3,928
1,730
149
3,414
1,034
492
1,860
2,963
1,324
111
2,834
936
458
0.03
0.05
0.02
0.00
0.05
0.02
0.01
2,200
7,025
1,300
3,700
2,771 0.04
5,397 0.09
1,025 0.02
3,126 0.05
California, Build America General Obligation Bonds,
Series 2010
7.625% due 03/01/2040
7.700% due 11/01/2030
7.950% due 03/01/2036
200
1,400
8,200
259 0.00
1,652 0.03
9,711 0.15
California, General Obligation Bonds, (AMBAC Insured),
Series 2007
4.500% due 08/01/2028
300
311 0.00
California, General Obligation Bonds, Series 2009
7.500% due 04/01/2034
100
125 0.00
California, Metropolitan Water District of Southern
California Revenue Bonds, Series 2010
6.947% due 07/01/2040
1,000
1,206 0.02
California, Regents of the University of California
Limited Project Revenue Bonds, Series 2010
5.946% due 05/15/2045
6.296% due 05/15/2050
6.398% due 05/15/2031
6.548% due 05/15/2048
600
400
500
3,300
744
475
612
4,330
0.01
0.01
0.01
0.07
Chicago, Illinois, O’Hare International Airport Revenue
Bonds, (FGIC Insured), Series 2005
5.000% due 01/01/2033
300
317 0.00
Chicago, Illinois, Water Revenue Bonds, Series 2010
6.642% due 11/01/2029
6.742% due 11/01/2040
150
200
190 0.00
269 0.00
Chino Valley, California, Unified School District General
Obligation Bonds, Series 2006
0.000% due 08/01/2023
100
61 0.00
Clovis, California, Unified School District General
Obligation Bonds, Series 2002
0.000% due 08/01/2020
100
76 0.00
Golden State, California, Tobacco Securitization Corp.
Revenue Bonds, Series 2007
0.000% due 06/01/2037
5.000% due 06/01/2033
5.125% due 06/01/2047
5.750% due 06/01/2047
1,600
100
100
970
1,200
76
73
782
0.02
0.00
0.00
0.01
Indianapolis, Indiana, State Finance Authority Revenue
Bonds, Series 2009
6.596% due 02/01/2039
1,400
1,863 0.03
Irvine, California, Ranch Water District Revenue Bonds,
Series 2010
6.622% due 05/01/2040
500
700 0.01
Long Beach, California, Unified School District General
Obligation Bonds, Series 2011
5.914% due 08/01/2025
500
626 0.01
Los Angeles, California, Department of Airports
Revenue Bonds, Series 2009
6.582% due 05/15/2039
2,000
2,554 0.04
Los Angeles, California, Los Angeles County
Metropolitan Transportation Authority Sales Tax
Revenue Bonds, Series 2010
5.735% due 06/01/2039
1,800
2,241 0.04
Los Angeles, California, Los Angeles County Public
Works Financing Authority Lease Revenue Bonds,
Series 2010
7.488% due 08/01/2033
7.618% due 08/01/2040
800
1,500
985 0.02
1,885 0.03
Los Angeles, California, Unified School District General
Obligation Bonds, Series 2010
6.758% due 07/01/2034
1,000
1,296 0.02
Los Angeles, California, Waste Water Systems Revenue
Bonds, Series 2010
5.713% due 06/01/2039
5.813% due 06/01/2040
Semiannual Report
1,000
1,000
1,223 0.02
1,208 0.02
30 June 2012 121
Portfolio of Investments and Assets Diversified Income Fund (Cont.)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
DESCRIPTION
PAR
(000S)
FAIR
% OF
VALUE
NET
(000S) ASSETS
Los Angeles, California, Water & Power Revenue Bonds,
Series 2010
Sacramento, California, Build America General
Obligation Bonds, Series 2009
6.574% due 07/01/2045
7.300% due 10/01/2039
7.550% due 04/01/2039
$
570 $
822 0.01
Los Angeles, California, Water System Revenue Bonds,
Series 2010
6.603% due 07/01/2050
9,000
12,977 0.21
6.202% due 07/01/2031
500
571 0.01
6.568% due 07/01/2037
600
785 0.01
2,236 0.04
2,831 0.05
5,145 0.08
San Diego, California, County Regional Airport
Authority Revenue Bonds, Series 2010
6.628% due 07/01/2040
Nashville & Davidson, Tennessee, Water & Sewer
Revenue Bonds, Series 2010
4,000
900
989 0.02
San Diego, California, Redevelopment Agency Tax
Allocation Bonds, Series 2010
New Jersey State Transportation Trust Fund Authority
Revenue Bonds, Series 2009
7.625% due 09/01/2030
7.750% due 09/01/2040
6.875% due 12/15/2039
San Diego, California, Tobacco Securitization Authority
Revenue Bonds, Series 2006
1,000
1,149 0.02
New Jersey, Tobacco Settlement Financing Corp.
Revenue Bonds, Series 2007
5.000% due 06/01/2029
100
5.000% due 06/01/2037
92 0.00
New York State Urban Development Corp. Income Tax
Revenue Bonds, Series 2009
5.770% due 03/15/2039
2,900
3,523 0.06
New York, New York Build America General Obligation
Bonds, Series 2010
5.698% due 03/01/2027
6.646% due 12/01/2031
1,600
700
1,969 0.03
829 0.01
5.871% due 11/15/2039
1,000
7.043% due 04/01/2050
4.848% due 09/15/2027
0.140% due 07/03/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 1.875% due
07/15/2013 valued at
$12,756. Repurchase
proceeds are $12,500.)
0.180% due 07/16/2012
(Dated 06/29/2012.
Collateralised by Ginnie Mae
6.000% due 07/20/2040
valued at $49,310.
Repurchase proceeds are
$50,001.)
350
443 0.01
New York, New York, Metropolitan Transportation
Authority Revenue Bonds, Series C-1 2010
550
711 0.01
New York, New York, Municipal Water Finance
Authority Revenue Bonds, Series 2010
600
500
786 0.01
581 0.01
New York, New York, Port Authority of New York &
New Jersey Revenue Bonds, Series 2010
9,900
12,010 0.19
New York, New York, Port Authority of New York &
New Jersey Revenue Bonds, Series 2011
4.926% due 10/01/2051
3,200
3,609 0.06
New York, New York, Transitional Finance Authority
Revenue Bonds, Series 2010
5.508% due 08/01/2037
5.572% due 11/01/2038
5.808% due 08/01/2030
300
150
540
364 0.01
183 0.00
622 0.01
New York, Triborough Bridge & Tunnel Authority
Revenue Bonds, Series 2010
5.550% due 11/15/2040
1,400
1,655 0.03
Northern, Alaska, Tobacco Securitization Corp. Revenue
Bonds, Series 2006
5.000% due 06/01/2046
200
151 0.00
Oakland, California, Bay Area Toll Authority Toll Bridge
Revenue Bonds, Series 2010
6.793% due 04/01/2030
6.907% due 10/01/2050
6.918% due 04/01/2040
100
4,600
200
126 0.00
6,476 0.10
274 0.00
Ohio, American Municipal Power Revenue Bonds,
Series 2010
5.939% due 02/15/2047
6.270% due 02/15/2050
7.834% due 02/15/2041
8.084% due 02/15/2050
400
800
1,180
7,700
482
921
1,637
11,057
0.01
0.01
0.03
0.18
Orange County, California, Local Transportation
Authority Sales Tax Revenue Bonds, Series 2010
6.908% due 02/15/2041
1,700
2,345 0.04
Riverside, California, Electric Revenue Bonds,
Series 2010
7.605% due 10/01/2040
2,200
3,058 0.05
Riverside, California, Riverside Community College
District General Obligation Bonds, Series 2010
6.971% due 08/01/2035
7.021% due 08/01/2040
200
300
3,963 0.06
700
792 0.01
17,175
12,950 0.21
151,320 2.41
1,157 0.02
6.089% due 11/15/2040
5.647% due 11/01/2040
2,800
West Virginia, Tobacco Settlement Finance Authority
Revenue Bonds, Series 2007
REPURCHASE AGREEMENTS
5.882% due 06/15/2044
6.282% due 06/15/2042
469 0.01
Tennessee, State School Authority General Obligation
Bond, Series 2010
New York, New York, Metropolitan Transportation
Authority Revenue Bonds, Series 2010
6.687% due 11/15/2040
600
533 0.01
105 0.00
San Francisco, California, Bay Area Toll Bridge Authority
Revenue Bonds, Series 2010
7.467% due 06/01/2047
New York, New York, Metropolitan Transportation
Authority Revenue Bonds, Series 2009
500
100
229 0.00
344 0.01
122 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Barclays Capital, Inc.
12,500
50,000
12,500 0.20
50,000 0.80
50,000
50,000 0.79
15,000
15,000 0.24
Citigroup, Inc.
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 0.250% due
03/31/2014 valued at
$5,618. Repurchase
proceeds are $5,500.)
0.220% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Federal
Home Loan Bank 0.350%
due 11/22/2013 valued at
$5,615. Repurchase
proceeds are $5,500.)
FAIR
% OF
VALUE
NET
(000S) ASSETS
0.190% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Fannie
Mae 4.500% due
08/01/2041 valued at
$5,834. Repurchase
proceeds are $5,800.)
$ 5,800 $ 5,800 0.09
0.190% due 07/13/2012
(Dated 06/29/2012.
Collateralised by Federal
Home Mortgage Corp.
4.000% due 09/01/2026
valued at $50,609.
Repurchase proceeds are
$50,001.)
50,000
50,000 0.80
0.200% due 07/11/2012
(Dated 06/29/2012.
Collateralised by Fannie
Mae 3.500% due
09/01/2025 valued at
$119,989. Collateralised by
Fannie Mae 4.000% due
09/01/2024 valued at
$74,306. Repurchase
proceeds are $203,103.)
203,100 203,100 3.24
JPMorgan Chase & Co.
0.200% due 07/10/2012
(Dated 06/29/2012.
Collateralised by Federal
Home Mortgage Corp.
4.000% due 12/01/2041
valued at $51,422.
Repurchase proceeds are
$50,001.)
50,000
50,000 0.80
22,300
22,300 0.35
43,400
43,400 0.69
33,200
33,200 0.53
11,000
11,000 0.17
5,500
5,500 0.09
562,800 8.97
Merrill Lynch & Co., Inc.
BNP Paribas Bank
0.200% due 07/30/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Bonds 5.250% due
02/15/2029 valued at
$50,990. Repurchase
proceeds are $50,001.)
0.280% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Fannie Mae
4.000% due 06/01/2042
valued at $15,555.
Repurchase proceeds are
$15,000.)
PAR
(000S)
Goldman Sachs & Co.
San Antonio, Texas, Electric & Gas Revenue Bonds,
Series 2010
5.718% due 02/01/2041
Massachusetts, Port Authority Special Facilities
Revenue Bonds, Series 2011
$ 1,800 $
2,200
DESCRIPTION
5,500
5,500
5,500 0.09
5,500 0.09
0.190% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 1.250%
due 03/15/2014 valued at
$22,832. Repurchase
proceeds are $22,300.)
0.190% due 07/05/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 1.000%
due 08/31/2016 valued at
$44,400. Repurchase
proceeds are $43,401.)
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 2.000%
due 02/15/2022 valued at
$17,065. Collateralised by
US Treasury Notes 0.875%
due 02/28/2017 valued at
$16,997. Repurchase
proceeds are $33,201.)
Morgan Stanley
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 4.250%
due 11/15/2040 valued at
$5,590. Collateralised by
US Treasury Bonds 6.125%
due 11/15/2027 valued at
$5,599. Repurchase
proceeds are $11,000.)
0.210% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Federal
Home Loan Bank 0.180%
due 02/28/2013 valued at
$5,616. Repurchase
proceeds are $5,500.)
30 June 2012 (Unaudited)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
US GOVERNMENT AGENCIES
US Treasury Bonds
Fannie Mae
3.125% due 11/15/2041 $ 39,900 $
3.750% due 08/15/2041
10,900
4.375% due 02/15/2038
36,200
6.375% due 08/15/2027 (b)
56,700
0.150% due 10/25/2012
0.165% due 12/19/2012
1.353% due 07/01/2044
4.000% due 06/01/2042 07/01/2042
5.000% due 03/01/2037
9,011 0.14
3,398 0.06
50 0.00
52,000
11
55,307 0.88
12 0.00
0.250% due 12/15/2014 (f)(g)
1.375% due 02/28/2019
FAIR
% OF
VALUE
NET
(000S) ASSETS
12,500
9,700
12,498 0.20
9,694 0.16
Total United States
42,899
13,146
48,038
87,336
0.68
0.21
0.77
1.39
204,803
61,786
458,566
3,156,981
3.27
0.98
7.31
50.34
7.750% due 10/13/2019 $
8.250% due 10/13/2024
9.375% due 01/13/2034
800 $
12,700
1,600
618 0.01
9,239 0.14
1,240 0.02
56,066 0.89
US Treasury Notes
205,300
60,500
Federal Home Loan Bank
Freddie Mac
0.130% due 11/01/2012
0.156% due 12/10/2012
0.161% due 12/17/2012
PAR
(000S)
DESCRIPTION
Venezuela Government International Bond
$ 9,013 $
3,400
49
0.110% due 09/17/2012
0.165% due 12/19/2012
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
32,800
37,800
49,481
32,789
37,780
49,453
209,992
0.52
0.60
0.79
3.35
US TREASURY OBLIGATIONS
US Treasury Bills
0.164% due 04/04/2013 05/30/2013
559
VENEZUELA
Petroleos de Venezuela S.A.
4.900% due 10/28/2014
5.000% due 10/28/2015
5.250% due 04/12/2017
5.375% due 04/12/2027
5.500% due 04/12/2037
8.500% due 11/02/2017
600
800
6,900
27,800
35,375
3,400
517
633
4,968
15,916
20,164
2,771
0.01
0.01
0.08
0.25
0.32
0.05
SHARES
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (h)
4,648,907
46,512
0.74
Total Transferable Securities &
Money Market Instruments - Official
Stock Exchange/Regulated Market $ 6,175,063 98.46
558 0.01
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
# of
Contracts
90-Day Eurodollar June Futures
Long
06/2015
1,556
Total Financial Derivative Instruments Dealt in on a Regulated Market
Unrealised
Appreciation
% of
Net Assets
$ 1,857
0.03
$ 1,857
0.03
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Pay
3-Month USD-LIBOR
3-Month USD-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
1.500%
2.250%
06/20/2017
06/20/2022
$ 34,600
70,000
Total Centrally Cleared Financial Derivative Instruments
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ (273)
2,549
$ 2,276
(0.01)
0.04
0.03
$ 2,276
0.03
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
WRITTEN OPTIONS
Description
Counterparty
Buy/Sell
Protection
Exercise
Rate
Expiration
Date
BNP
CBK
Buy
Buy
1.700% 12/19/2012
1.700% 12/19/2012
Notional
Amount
Premiums
Fair
Value
% of
Net Assets
CREDIT DEFAULT SWAPTIONS
Put - OTC Dow Jones CDX N.A. IG16 index
Put - OTC Dow Jones CDX N.A. IG16 index
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
CBK
CBK
DUB
DUB
DUB
DUB
GLM
GLM
MYC
MYC
MYC
MYC
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Receive
Pay
Receive
Receive
Pay
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Expiration
Date
$
10,700 $ (65) $ (39)
117,900
(731)
(427)
$ (796) $ (466)
Notional
Amount
0.00
(0.01)
(0.01)
Fair
Value
% of
Net Assets
(562)
(70)
(645)
(3,593)
(255)
(446)
(31)
(1)
(342)
(4)
(167)
(9)
$ (6,125)
(0.01)
0.00
(0.01)
(0.06)
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
(0.09)
Premiums
INTEREST RATE SWAPTIONS
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
See Accompanying Notes
1.700%
1.700%
1.400%
1.700%
1.400%
1.700%
0.795%
0.795%
1.056%
1.056%
0.915%
0.915%
03/18/2013 $ 20,200 $ (238)
03/18/2013
20,200
(380)
03/18/2013
40,500
(238)
03/18/2013 129,100
(1,545)
03/18/2013
40,500
(1,091)
03/18/2013 129,100
(2,416)
10/11/2012
11,000
0
10/11/2012
11,000
0
10/11/2012
35,700
0
10/11/2012
35,700
0
11/14/2012
24,500
0
11/14/2012
24,500
0
$ (5,908)
Semiannual Report
$
30 June 2012 123
Portfolio of Investments and Assets Diversified Income Fund (Cont.)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - BUY PROTECTION(1)
Reference Entity
Fixed Deal
(Pay) Rate
BBVA Senior Finance SAU
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
(3.000%)
(3.000%)
(3.000%)
Maturity Date Counterparty
06/20/2014
03/20/2021
03/20/2021
CBK
BRC
GST
Notional
Amount(3)
Fair
Value
$ 1,500
400
600
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$ 26
46
69
$ 141
$ 17
46
78
$ 141
$ 9
0
(9)
$ 0
0.00
0.00
0.00
0.00
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(2)
Reference Entity
Fixed Deal
Receive Rate Maturity Date Counterparty
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
AES Corp.
Alcoa, Inc.
Alcoa, Inc.
Alcoa, Inc.
Alcoa, Inc.
Alcoa, Inc.
Alcoa, Inc.
Ally Financial, Inc.
Ally Financial, Inc.
America Movil SAB de C.V.
American International Group, Inc.
American International Group, Inc.
ArcelorMittal
ArcelorMittal
ArcelorMittal
ArcelorMittal
AT&T, Inc.
AT&T, Inc.
BP Capital Markets America, Inc.
BP Capital Markets America, Inc.
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Caterpillar, Inc.
Caterpillar, Inc.
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
E.On International Finance BV
Egypt Government International Bond
Exelon Generation Co. LLC
Ford Motor Credit Co. LLC
Gazprom OAO Via Gazprom International S.A.
Georgia-Pacific LLC
HCA, Inc.
HCA, Inc.
HCA, Inc.
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
124 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
1.000%
1.000%
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
5.000%
1.000%
5.000%
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
1.000%
1.000%
5.000%
5.000%
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
03/20/2016
03/20/2016
09/20/2016
06/20/2021
03/20/2021
03/20/2018
06/20/2018
09/20/2020
06/20/2018
03/20/2013
03/20/2017
12/20/2012
09/20/2012
09/20/2014
06/20/2016
09/20/2016
06/20/2016
06/20/2017
09/20/2017
09/20/2017
06/20/2015
09/20/2015
03/20/2015
12/20/2020
09/20/2021
03/20/2016
06/20/2017
09/20/2021
06/20/2016
09/20/2021
06/20/2017
09/20/2021
09/20/2016
12/20/2012
03/20/2017
06/20/2017
09/20/2021
06/20/2017
06/20/2017
09/20/2016
09/20/2015
09/20/2015
09/20/2016
09/20/2015
09/20/2016
12/20/2016
12/20/2016
09/20/2016
09/20/2015
09/20/2015
09/20/2016
09/20/2015
03/20/2017
03/20/2016
06/20/2017
06/20/2017
12/20/2012
12/20/2020
12/20/2016
03/20/2017
06/20/2017
06/20/2022
06/20/2017
06/20/2017
12/20/2016
06/20/2017
06/20/2022
06/20/2017
06/20/2022
06/20/2017
CBK
HUS
GST
BPS
CBK
GST
GST
HUS
UAG
CBK
DUB
HUS
UAG
UAG
BRC
BRC
BRC
GST
CBK
DUB
GST
GST
BRC
BRC
BRC
CBK
CBK
CBK
DUB
DUB
GST
GST
HUS
MYC
MYC
MYC
RYL
GST
UAG
BOA
BPS
BRC
BRC
CBK
CBK
CBK
DUB
FBF
HUS
MYC
MYC
RYL
BPS
DUB
GST
DUB
MYC
GST
GST
GST
GST
BPS
BRC
CBK
DUB
DUB
DUB
FBF
GST
HUS
Notional
Amount(3)
$
€
$
€
$
€
$
1,000
1,200
4,400
7,000
1,000
200
4,200
100
4,700
9,600
7,000
16,600
500
200
1,700
4,300
700
3,900
1,300
14,900
3,000
200
10,000
2,000
29,600
1,000
900
5,500
4,200
16,700
850
3,800
17,600
16,500
2,100
1,600
3,000
35,700
1,300
5,000
800
1,700
5,000
400
4,000
1,800
2,000
1,000
500
1,100
4,400
2,200
7,100
1,000
20,000
12,400
14,600
2,600
8,700
9,000
1,100
12,000
20,000
2,700
9,000
15,000
10,000
15,000
15,000
22,500
Fair
Value
$
(2)
(2)
336
(1,423)
(199)
(26)
(583)
(19)
(652)
253
339
54
6
16
(285)
(775)
(93)
(852)
5
56
12
26
(23)
(123)
(2,037)
(9)
(21)
(378)
(49)
(1,149)
(20)
(261)
(243)
42
(42)
(37)
(206)
(265)
(10)
11
7
14
11
3
9
(2)
(2)
2
4
9
10
18
23
(162)
(1,363)
1,423
13
(182)
252
206
19
(1,413)
(801)
(108)
(258)
(600)
(1,178)
(600)
(1,767)
(901)
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$
(1)
(9)
177
(657)
(105)
(11)
(268)
(20)
(300)
72
(437)
64
(60)
(28)
(132)
(452)
(37)
(862)
1
31
12
3
(120)
(69)
(1,283)
(4)
(10)
(236)
(14)
(739)
(21)
(167)
(517)
98
(37)
(52)
(125)
(222)
(9)
26
8
16
26
3
21
(87)
(101)
5
5
9
22
20
62
(117)
(1,407)
1,592
(169)
(246)
(261)
168
(20)
(1,524)
(1,007)
(115)
(459)
(735)
(1,361)
(807)
(1,979)
(1,256)
$
(1)
7
159
(766)
(94)
(15)
(315)
1
(352)
181
776
(10)
66
44
(153)
(323)
(56)
10
4
25
0
23
97
(54)
(754)
(5)
(11)
(142)
(35)
(410)
1
(94)
274
(56)
(5)
15
(81)
(43)
(1)
(15)
(1)
(2)
(15)
0
(12)
85
99
(3)
(1)
0
(12)
(2)
(39)
(45)
44
(169)
182
64
513
38
39
111
206
7
201
135
183
207
212
355
0.00
0.00
0.00
(0.02)
0.00
0.00
(0.01)
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
(0.03)
0.00
0.00
(0.01)
0.00
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.02
0.00
0.00
0.00
0.00
0.00
(0.02)
(0.01)
0.00
0.00
(0.01)
(0.02)
(0.01)
(0.03)
(0.02)
30 June 2012 (Unaudited)
Reference Entity
Indonesia Government International Bond
Indonesia Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
New York, General Obligations Bonds, Series 2005
Nokia OYJ
Nokia OYJ
Nokia OYJ
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
NRG Energy, Inc.
Pacific Gas & Electric Co.
Panama Government International Bond
Pemex Project Funding Master Trust
Peru Government International Bond
Petrobras International Finance Co.
Petrobras International Finance Co.
Petrobras International Finance Co.
Philippines Government International Bond
Philippines Government International Bond
Philippines Government International Bond
Philippines Government International Bond
Philippines Government International Bond
Philippines Government International Bond
Philippines Government International Bond
Philippines Government International Bond
Philippines Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
SLM Corp.
SLM Corp.
SLM Corp.
South Africa Government International Bond
South Africa Government International Bond
Sprint Nextel Corp.
Sprint Nextel Corp.
Sprint Nextel Corp.
SunGard Data Systems, Inc.
SunGard Data Systems, Inc.
SunGard Data Systems, Inc.
TNK-BP Finance S.A.
Tokyo Electric Power Co., Inc.
Tokyo Electric Power Co., Inc.
Tokyo Electric Power Co., Inc.
Tokyo Electric Power Co., Inc.
UPC Holding BV
UPC Holding BV
Venezuela Government International Bond
Venezuela Government International Bond
Volkswagen International Finance NV
Volkswagen International Finance NV
See Accompanying Notes
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.950%
1.000%
1.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.770%
2.500%
1.000%
2.910%
2.440%
2.260%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.870%
2.000%
5.000%
5.000%
5.000%
1.000%
1.000%
5.000%
5.000%
1.000%
5.000%
5.000%
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
5.000%
5.000%
5.000%
1.000%
1.000%
06/20/2017
06/20/2022
06/20/2017
12/20/2020
03/20/2016
09/20/2016
03/20/2021
06/20/2017
03/20/2016
03/20/2021
03/20/2015
12/20/2020
03/20/2014
03/20/2014
06/20/2014
06/20/2016
06/20/2016
06/20/2016
06/20/2015
06/20/2016
03/20/2017
06/20/2017
09/20/2016
06/20/2015
06/20/2016
09/20/2016
03/20/2015
12/20/2012
03/20/2015
09/20/2012
12/20/2012
09/20/2015
09/20/2015
09/20/2015
06/20/2017
12/20/2017
09/20/2017
06/20/2017
09/20/2018
09/20/2017
03/20/2013
03/20/2016
06/20/2016
06/20/2016
03/20/2016
06/20/2017
06/20/2017
12/20/2012
06/20/2017
10/20/2012
10/20/2012
03/20/2016
06/20/2017
03/20/2016
06/20/2017
06/20/2017
03/20/2017
03/20/2017
09/20/2017
09/20/2014
09/20/2014
09/20/2014
12/20/2012
09/20/2012
12/20/2012
06/20/2013
09/20/2013
03/20/2019
12/20/2016
06/20/2017
06/20/2017
09/20/2017
09/20/2017
UAG
UAG
BPS
BRC
CBK
CBK
CBK
GST
HUS
HUS
UAG
MYC
BOA
BRC
HUS
BOA
BRC
CBK
FBF
GST
GST
GST
MYC
UAG
UAG
FBF
BOA
HUS
BOA
DUB
MYC
MYC
BPS
CBK
CBK
CBK
DUB
HUS
JPM
MYC
UAG
HUS
HUS
MYC
RYL
BRC
CBK
DUB
GST
FBF
MYC
BOA
CBK
GST
CBK
GST
GST
UAG
UAG
BRC
CBK
FBF
HUS
CBK
CBK
CBK
CBK
GST
MYC
BPS
CBK
DUB
GST
Notional
Amount(3)
$ 20,000
13,000
900
300
3,100
15,300
29,700
2,450
1,600
27,100
3,000
5,000
€ 10,000
1,600
7,900
$ 9,600
2,400
4,600
100
6,000
1,100
11,600
100
200
700
16,500
3,000
18,100
3,000
4,300
1,700
1,300
6,700
15,900
1,750
1,300
500
1,600
3,000
100
1,900
1,000
1,000
1,000
1,000
2,150
2,300
800
4,100
300
800
2,100
3,800
3,400
1,400
3,800
3,700
5,100
4,900
100
300
500
14,100
JPY 11,800
119,000
8,000
13,000
€ 3,800
4,000
$ 1,400
3,800
€ 9,000
13,300
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
$
(801)
(1,531)
(14)
(15)
(11)
(113)
(1,510)
(38)
(6)
(1,378)
7
174
(1,319)
(211)
(602)
64
16
31
3
40
(20)
(306)
0
6
5
(66)
2
53
(10)
4
3
(19)
22
52
(43)
9
23
(40)
198
4
29
(1)
(2)
(2)
(1)
(125)
(134)
2
(239)
2
6
85
110
138
(39)
(105)
(227)
(313)
(1,190)
5
16
26
(12)
(1)
(16)
(2)
(4)
(504)
(209)
(201)
(545)
(283)
(418)
$ (27,433)
$ (1,052)
(1,617)
(8)
(10)
(23)
(449)
(1,325)
(64)
(15)
(1,161)
(50)
0
(285)
(46)
75
302
81
195
(2)
124
(83)
(1,073)
(1)
(4)
13
(222)
(51)
70
(38)
(53)
(9)
(45)
(152)
(356)
(55)
0
0
(73)
0
0
0
(1)
(7)
(7)
(1)
(141)
(105)
(11)
(315)
0
0
0
(46)
12
(38)
(158)
(453)
(633)
(741)
(10)
(34)
(57)
(441)
(15)
(250)
(20)
(28)
(456)
(367)
(150)
(552)
(317)
(469)
$ (29,487)
$
251
86
(6)
(5)
12
336
(185)
26
9
(217)
57
174
(1,034)
(165)
(677)
(238)
(65)
(164)
5
(84)
63
767
1
10
(8)
156
53
(17)
28
57
12
26
174
408
12
9
23
33
198
4
29
0
5
5
0
16
(29)
13
76
2
6
85
156
126
(1)
53
226
320
(449)
15
50
83
429
14
234
18
24
(48)
158
(51)
7
34
51
$ 2,054
Semiannual Report
(0.01)
(0.03)
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
(0.02)
0.00
0.00
(0.02)
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
(0.01)
(0.01)
(0.01)
(0.44)
30 June 2012 125
Portfolio of Investments and Assets Diversified Income Fund (Cont.)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
Fixed Deal
Receive Rate Maturity Date Counterparty
Index/Tranches
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. HY9 Index
Markit MCDX N.A. 18 Index
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
3.750%
1.000%
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
12/20/2012
06/20/2017
Notional
Amount(3)
BPS
BRC
CBK
DUB
GST
HUS
MYC
UAG
BOA
CBK
$
Upfront
Premiums
Paid/(Received)
Fair
Value
6,200
143,000
25,000
50,000
10,000
23,700
22,800
10,000
10,127
24,800
$
612
14,118
2,468
4,936
987
2,340
2,251
987
138
(769)
$ 28,068
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ (191)
1,746
456
991
143
28
288
132
1,219
306
$ 5,118
0.01
0.22
0.04
0.08
0.01
0.04
0.04
0.02
0.00
(0.01)
0.45
$
803
12,372
2,012
3,945
844
2,312
1,963
855
(1,081)
(1,075)
$ 22,950
(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)
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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(3)
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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
6-Month Australian Bank Bill
6-Month Australian Bank Bill
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
Fixed
Rate
Maturity Date
3.500%
3.500%
10.770%
10.780%
10.870%
12.395%
12.550%
9.980%
10.135%
9.310%
5.800%
5.800%
5.600%
5.500%
5.500%
5.500%
03/15/2018
03/15/2018
01/02/2014
01/02/2014
01/02/2014
01/02/2014
01/02/2014
01/02/2014
01/02/2015
01/02/2015
06/08/2016
06/08/2016
09/06/2016
09/13/2017
09/13/2017
09/13/2017
Counterparty
CBK
DUB
UAG
BPS
JPM
UAG
BPS
GLM
HUS
JPM
BRC
HUS
BRC
BRC
GLM
MYC
Notional
Amount
AUD
83,200
94,700
BRL
79,200
85,200
79,000
60,800
55,900
99,100
188,800
309,500
MXN 150,100
150,500
1,135,700
372,000
432,000
245,000
Fair
Value
Upfront
Premiums
Paid/(Received)
$
(815)
(928)
1,517
1,645
1,586
2,026
1,930
1,338
3,250
2,768
298
298
1,592
260
302
172
$ 17,239
$
36
42
28
0
49
45
122
254
23
2,015
18
10
14
(40)
(87)
(40)
$ 2,489
Unrealised
Appreciation/
(Depreciation)
$
(851)
(970)
1,489
1,645
1,537
1,981
1,808
1,084
3,227
753
280
288
1,578
300
389
212
$ 14,750
% of
Net Assets
(0.01)
(0.01)
0.02
0.03
0.02
0.03
0.03
0.02
0.05
0.04
0.00
0.01
0.03
0.00
0.01
0.00
0.27
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Sell
Sell
AUD
BRL
CAD
CNY
€
Principal Amount
Covered by
Contract
134
181,217
31,621
68,331
193,368
76,000
80,500
115,583
117,690
29,444
212,867
25,456
99,100
494,841
22,000
46,000
101,000
16,000
17,000
22,821
11,411
37
5,446
11,552
13,913
Counterparty
JPM
WST
HUS
MSC
BRC
BPS
BRC
CBK
GST
HUS
JPM
MSC
UAG
UAG
DUB
GST
HUS
RYL
UAG
BPS
BPS
CBK
CBK
JPM
RYL
126 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Settlement
Month
07/2012
07/2012
08/2012
08/2012
09/2012
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
08/2013
08/2013
08/2013
08/2013
08/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
4
0
619
710
0
143
0
0
0
69
0
59
0
687
0
0
216
0
0
480
55
1
0
70
0
Unrealised
(Depreciation)
$
0
(9,106)
0
0
(1,220)
0
(221)
(401)
(463)
0
(629)
0
(277)
0
(85)
(215)
0
(51)
(60)
0
0
0
(143)
(3)
(324)
Net Unrealised
Appreciation/
(Depreciation)
$
4
(9,106)
619
710
(1,220)
143
(221)
(401)
(463)
69
(629)
59
(277)
687
(85)
(215)
216
(51)
(60)
480
55
1
(143)
67
(324)
% of
Net Assets
0.00
(0.15)
0.01
0.01
(0.02)
0.00
0.00
(0.01)
0.00
0.00
(0.01)
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
(0.01)
30 June 2012 (Unaudited)
Type
Currency
Sell
Sell
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
€
£
IDR
INR
JPY
KRW
MXN
MYR
PHP
SGD
THB
ZAR
Principal Amount
Covered by
Contract
22,821
2,314
6,097
429,765
1,364
6,433
235
85
142
1,429
6,121
2,753
1,147
25,165
25
25,166
69,754
296
19,719
3,021
69,661
44,855
6,293,211
110,577,789
116,871,000
5,663,900
110,577,789
11,252
1,240,575
1,229,323
11,252
90,558
338,559
338,559
338,559
511,390
48,114
4,309
523,233
201
201
201
22,303
859
65,413
561,850
94,194
258,529
516,660
Counterparty
BPS
BPS
BRC
CBK
DUB
FBF
FBF
HUS
JPM
MSC
RBC
RYL
UAG
BOA
CBK
DUB
JPM
RYL
UAG
BRC
JPM
BRC
JPM
MSC
UAG
HUS
MSC
HUS
JPM
UAG
HUS
BPS
BRC
UAG
BRC
BRC
HUS
JPM
UAG
JPM
UAG
UAG
CBK
UAG
HUS
DUB
GST
JPM
UAG
Settlement
Month
08/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
09/2012
07/2012
07/2012
07/2012
01/2013
01/2013
07/2012
07/2012
07/2012
10/2012
09/2012
07/2012
07/2012
09/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
10/2012
10/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
0
0
0
0
26
94
0
0
3
0
64
0
0
0
0
44
479
2
69
0
0
0
0
80
0
3
0
4
2,056
0
0
0
0
0
2
0
0
11
1,470
2
1
0
19
17
0
0
443
0
0
$ 8,002
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
$
(480)
(29)
(167)
(9,589)
0
0
(5)
(2)
0
(14)
0
(24)
(14)
(11)
0
0
0
0
0
(59)
(480)
(515)
(11)
0
(36)
0
(90)
0
0
(4,545)
(5)
(21)
(2)
(5)
0
(1,109)
(79)
0
0
0
0
(1)
0
0
(61)
(1,264)
0
(684)
(2,662)
$ (35,162)
% of
Net Assets
$
(480)
(29)
(167)
(9,589)
26
94
(5)
(2)
3
(14)
64
(24)
(14)
(11)
0
44
479
2
69
(59)
(480)
(515)
(11)
80
(36)
3
(90)
4
2,056
(4,545)
(5)
(21)
(2)
(5)
2
(1,109)
(79)
11
1,470
2
1
(1)
19
17
(61)
(1,264)
443
(684)
(2,662)
$ (27,160)
$
Total OTC Financial Derivative Instruments
(0.01)
0.00
0.00
(0.15)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
(0.01)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.03
(0.07)
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.01
(0.01)
(0.04)
(0.43)
(15,736)
(0.25)
FAIR
VALUE
(000S)
% OF
NET
ASSETS
$
732
0.01
Total Certificates of Deposit
$
732
0.01
Total Investments
$ 6,164,192
98.28
PAR
(000S)
DESCRIPTION
CERTIFICATES OF DEPOSIT
Intesa Sanpaolo SpA
2.375% due 12/21/2012
$
750
OVERNIGHT TIME DEPOSITS
ANZ National Bank
4.840% due 06/29/2012
AUD
57
CHF
JPY
CAD
NOK
$
58
0.00
3
405
1
1
3
5
1
0
0.00
0.00
0.00
0.00
£ 11,576
18,157
0.29
301
381
0.01
ZAR 31,094
3,802
0.06
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.010% due 06/29/2012
0.234% due 06/29/2012
0.650% due 06/29/2012
Citibank N.A.
0.087% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
€
JPMorgan Chase & Co.
4.700% due 06/29/2012
See Accompanying Notes
Semiannual Report
30 June 2012 127
Portfolio of Investments and Assets Diversified Income Fund (Cont.)
FAIR
VALUE
(000S)
% OF
NET
ASSETS
$
1,068
$
23,475
$
84,010
$ 6,271,677
0.02
0.38
1.34
100.00
PAR
(000S)
DESCRIPTION
Sumitomo Mitsui Banking Corp.
0.030% due 06/29/2012
$ 1,068
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Principal amount of security is adjusted for inflation.
(b) Collateral with a segregated market value of $8,621,000.31, has been pledged against the reverse repurchase agreements.
(c) When-issued security.
(d) Security is in default.
(e) Payment in-kind bond security.
(f) Securities with an aggregate market value of $812 have been segregated with the Custodian to cover margin requirements for the open futures contracts as at
30 June 2012.
(g) Securities with an aggregate market value of $3,650 and cash of $7 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(h) The Diversified Income Fund is investing in shares of an affiliated fund.
(i) Cash of $47,310 has been pledged as collateral for OTC swap, swaption and foreign currency contracts as governed by ISDA Master Agreements as at 30 June 2012.
(j) Restricted Securities
Issuer Description
Coupon
Royal Bank of Scotland PLC
Santander UK PLC
2.034%
0.977%
Maturity
Date
Acquisition
Date
03/30/2015
08/28/2017
07/14/2011
03/31/2011
Cost
Fair
Value
$ 2,379
2,513
$ 4,892
$ 2,118
1,870
$ 3,988
% of
Net Assets
0.03
0.03
0.06%
(k) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 48,012
0
1,857
$ 49,869
$ 6,052,841
732
(13,460)
$ 6,040,113
$ 74,210
0
0
$ 74,210
$ 6,175,063
732
(11,603)
$ 6,164,192
Transferable Securities
Deposits with Credit Institutions
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 59,949
$ 21,647
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ (3,436)
$ (105)
$ (135)
$ 3,307
$ (7,017)
$ 74,210
$ 3,130
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
128 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
As at 30 June 2012, the Institutional CAD (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
CAD
Principal Amount
Covered by
Contract
1
359
358
358
358
359
359
359
358
359
Counterparty
BPS
BRC
CBK
JPM
RBC
RBC
RYL
BRC
JPM
RBC
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
$
$
0
0
4
0
4
0
4
2
5
3
22
Unrealised
(Depreciation)
$
$
0
(2)
0
(5)
0
(3)
0
0
0
0
(10)
Net Unrealised
Appreciation/
(Depreciation)
$
$
0
(2)
4
(5)
4
(3)
4
2
5
3
12
% of
Net Assets
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
As at 30 June 2012, the Institutional CHF (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
CHF
Principal Amount
Covered by
Contract
2
1,455
1,862
1,473
1,245
16
248
1,146
1,862
1,862
1,862
Counterparty
BPS
BRC
BRC
CBK
DUB
RBC
RYL
UAG
UAG
BRC
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
Unrealised
Appreciation
$
$
0
0
0
18
12
0
2
23
0
36
39
130
Unrealised
(Depreciation)
$
$
0
(2)
(36)
0
0
0
0
0
(39)
0
0
(77)
Net Unrealised
Appreciation/
(Depreciation)
$
$
0
(2)
(36)
18
12
0
2
23
(39)
36
39
53
% of
Net Assets
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
As at 30 June 2012, the Institutional EUR (Hedged) Class, Investor EUR (Hedged) Class, Administrative EUR (Hedged) Class, Class E EUR (Hedged) and Class G Retail EUR
(Hedged) had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
€
Principal Amount
Covered by
Contract
499,897
508,146
46,649
555,279
413,857
4,858
8,501
555,280
244,068
457,344
343,653
350,530
351,547
4,444
26,605
120,121
529,953
496,646
555,279
4,858
555,280
351,547
529,953
Counterparty
BPS
BPS
BRC
BRC
CBK
CBK
DUB
DUB
FBF
GST
HUS
JPM
JPM
RBC
RYL
UAG
UAG
BPS
BRC
CBK
DUB
JPM
UAG
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
$ 7,695
0
732
0
6,528
0
178
0
3,081
1,824
3,231
5,195
0
99
615
2,930
0
10,442
15,013
133
13,618
8,268
10,347
$ 89,929
Unrealised
(Depreciation)
$
Net Unrealised
Appreciation/
(Depreciation)
$
% of
Net Assets
(674)
(10,675)
(10)
(15,020)
0
(133)
0
(13,632)
0
0
0
(318)
(8,279)
0
0
0
(10,361)
0
0
0
0
0
0
$ (59,102)
7,021
(10,675)
722
(15,020)
6,528
(133)
178
(13,632)
3,081
1,824
3,231
4,877
(8,279)
99
615
2,930
(10,361)
10,442
15,013
133
13,618
8,268
10,347
$ 30,827
0.11
(0.17)
0.00
(0.24)
0.09
0.00
0.00
(0.22)
0.05
0.03
0.05
0.08
(0.13)
0.00
0.01
0.05
(0.16)
0.17
0.24
0.00
0.22
0.13
0.17
0.48
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
As at 30 June 2012, the Institutional GBP (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Buy
£
See Accompanying Notes
Principal Amount
Covered by
Contract
131,559
2,743
1,244
126,650
11,619
11,222
80,843
Counterparty
BOA
BPS
BRC
BRC
CBK
CBK
DUB
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
59
0
5
0
204
0
0
$
0
(81)
(1)
(2,289)
0
(218)
(143)
$
59
(81)
4
(2,289)
204
(218)
(143)
Semiannual Report
0.00
0.00
0.00
(0.04)
0.00
0.00
0.00
30 June 2012 129
Portfolio of Investments and Assets Diversified Income Fund (Cont.)
Type
Currency
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
£
Principal Amount
Covered by
Contract
137,145
88
1,524
79,379
111,690
124,299
193,424
684
60
433
228,824
171,201
125,129
11,127
137,141
193,424
171,201
Settlement
Month
Counterparty
DUB
FBF
FBF
GST
HUS
JPM
JPM
RBC
RYL
RYL
UAG
UAG
BRC
CBK
DUB
JPM
UAG
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ (1,570)
0
(2)
(768)
(924)
0
(1,317)
(18)
0
(15)
(554)
(1,361)
0
0
0
0
0
$ (9,261)
$ (1,570)
0
(2)
(768)
(924)
242
(1,317)
(18)
0
(15)
(328)
(1,361)
2,261
217
1,572
1,323
1,365
$ (1,787)
(0.02)
0.00
0.00
(0.01)
(0.01)
0.00
(0.02)
0.00
0.00
0.00
(0.01)
(0.02)
0.04
0.00
0.03
0.02
0.02
(0.02)
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$
0
0
0
0
0
242
0
0
0
0
226
0
2,261
217
1,572
1,323
1,365
$ 7,474
As at 30 June 2012, the Institutional SEK (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
SEK
Principal Amount
Covered by
Contract
183,405
179
182,212
180,205
180,712
180,205
180,712
180,205
180,205
180,205
Settlement
Month
Counterparty
BPS
CBK
FBF
FBF
GST
MSC
UAG
BPS
FBF
MSC
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
$
0
0
1,280
0
1,231
0
1,186
605
602
626
$ 5,530
$
(626)
0
0
(604)
0
(629)
0
0
0
0
$ (1,859)
$
(626)
0
1,280
(604)
1,231
(629)
1,186
605
602
626
$ 3,671
(0.01)
0.00
0.02
(0.01)
0.02
(0.01)
0.02
0.01
0.01
0.01
0.06
(l) Reverse Repurchase Agreements
The following is a summary of the reverse repurchase agreements as at 30 June 2012:
Counterparty
Coupon
Rate
FBF
DUB
(1.100%)
(0.750%)
Maturity
Date
Principal
Amount
06/25/2014
12/16/2013
€ (3,920)
$ (3,300)
Payable for
Reverse Repurchase
Agreements
% of
Net Assets
$ (4,975)
$ (3,300)
$ (8,275)
(0.08)
(0.05)
(0.13)
(m) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GST
HUS
JPM
MSC
MYC
RBC
RYL
UAG
WST
(1)
Total Market Value
of OTC Derivatives
$
(981)
7,983
9,270
(6,158)
(4,009)
3,813
1,608
(3,039)
5,864
10,484
742
1,853
149
20
(1,453)
(9,106)
Collateral
(Received)/Pledged
Net
Exposures(1)
$ 2,260
3,350
(9,600)
7,460
2,970
2,440
7,590
5,380
3,540
(2,310)
0
(1,720)
0
0
6,570
5,750
$ 1,279
11,333
(330)
1,302
(1,039)
6,253
9,198
2,341
9,404
8,174
742
133
149
20
5,177
(3,356)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
130 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Diversified Income Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
700,800
$ 693,976
629,400
622,544
US Treasury Notes
205,300
204,784
US Treasury Bonds
93,000
137,800
South Africa Government International Bond
629,400
626,350
89,800
89,758
61,800
61,790
36,300
55,888
£
28,400
51,830
$
43,100
43,460
40,800
40,795
38,760
38,757
25,900
34,514
26,576
28,087
2.000% due 02/15/2022
0.053% due 08/23/2012
0.053% due 06/28/2012
US Treasury Bonds
ZAR 624,900
89,816
US Treasury Bills
6.375% due 08/15/2027
United Kingdom Gilt
$
89,800
89,742
US Treasury Bonds
3.750% due 09/07/2021
US Treasury Bonds
4.375% due 02/15/2038
62,100
77,305
Australia Government Bond
3.125% due 11/15/2041
US Treasury Bills
AUD 39,000
76,089
Province of Quebec
0.040% due 05/17/2012
US Treasury Bills
CAD 58,700
65,032
Province of Ontario
0.061% due 05/03/2012
US Treasury Bonds
3.150% due 06/02/2022
62,800
62,991
Freddie Mac
0.000% due 12/17/2012
$ 638,243
US Treasury Bills
6.375% due 08/15/2027
4.500% due 12/01/2020
640,300
$
US Treasury Bills
0.250% due 12/15/2014
4.000% due 08/20/2020
1.375% due 02/28/2019
US Treasury Notes
2.000% due 02/15/2022
0.053% due 08/23/2012
PROCEEDS
(000S)
US Treasury Notes
$
US Treasury Notes
13.500% due 09/15/2015
PAR
(000S)
DESCRIPTION
SALES THROUGH 30 JUNE 2012
US Treasury Notes
1.375% due 02/28/2019
30 June 2012 (Unaudited)
4.375% due 02/15/2038
Fannie Mae
$
49,481
49,442
4.000% due 12/01/2039
South Africa Government International Bond
8.000% due 12/21/2018
SHARES
ZAR 345,900
44,250
$
41,100
40,976
37,800
37,772
37,900
36,742
32,800
32,785
30,800
31,425
29,800
29,794
29,100
28,727
26,576
27,931
US Treasury Bonds
3.125% due 11/15/2041
PIMCO US Dollar Short-Term Floating NAV
Fund (a)
2,488,507
Freddie Mac
0.000% due 12/10/2012
ALROSA Finance S.A.
4.125% due 12/21/2012
Freddie Mac
0.000% due 11/01/12
CNOOC Finance 2012 Ltd.
3.875% due 05/02/22
US Treasury Bills
0.053% due 06/28/2012
Goldman Sachs Group, Inc.
5.250% due 07/27/2021
Fannie Mae
4.000% due 12/01/2039
24,900
PAR
(000S)
Canada Housing Trust No. 1
3.800% due 06/15/2021
Intesa Sanpaolo SpA
4.375% due 08/16/2016
CAD
21,500
23,892
€
17,000
23,346
$
23,118
23,118
22,700
22,699
20,200
20,197
19,400
19,397
18,076
18,076
16,300
16,300
CIT Group, Inc.
7.000% due 05/01/2016
US Treasury Bills
0.030% due 05/10/2012
US Treasury Bills
0.048% due 06/14/2012
US Treasury Bills
0.033% due 06/21/2012
US Treasury Bills
0.065% due 04/19/2012
California, University of California Revenue
Bonds, Series 2011
0.000% due 07/01/41
(a) The Diversified Income Fund is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1%
of total cost of purchases, and sales exceeding 1% of total proceeds. At a
minimum the twenty largest purchases and twenty largest sales must be shown.
Should there have been less than that amount of transactions, all such transactions
have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the
next business day have been excluded from the Significant Changes in
Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 131
Portfolio of Investments and Assets Diversified Income Duration Hedged Fund
PAR
(000S)
DESCRIPTION
FAIR % OF
VALUE
NET
(000S) ASSETS
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
QNB Finance Ltd.
AUSTRALIA
5.250% due 03/15/2013
3.125% due 11/16/2015
400 $
411 0.34
700
719 0.60
200
210 0.18
3,131 2.62
$
200 $
199 0.17
7.250% due 11/15/2021
Australia Government Bond (a)
AUD
200
700
283 0.24
1,384 1.16
FMG Resources August 2006 Pty Ltd.
6.000% due 04/01/2017
$
504 0.42
Newcrest Finance Pty Ltd.
4.450% due 11/15/2021
CHINA
100
103 0.08
2,473 2.07
3.900% due 05/17/2022
AUSTRIA
200
209 0.18
FINLAND
€
100
100
79 0.07
121 0.10
200 0.17
OGX Austria GmbH
8.375% due 04/01/2022
8.500% due 06/01/2018
200
300
173 0.15
268 0.22
441 0.37
310
310 0.26
600
641 0.54
951 0.80
$ 1,000
4.750% due 02/16/2021
973 0.81
500
490 0.41
100
100 0.08
6.875% due 09/15/2020
200
300
300 0.25
2.568% due 03/18/2014
500
482 0.40
221 0.19
300
6.250% due 02/08/2018
Braskem Finance Ltd.
5.375% due 05/02/2022
5.750% due 04/15/2021
300
300
302 0.25
310 0.26
800
936 0.79
294 0.25
2,078 1.74
€
7.750% due 11/30/2015
500
5.375% due 01/27/2021
1,200
1,299 1.09
4.662% due 09/15/2017
4.375% due 01/11/2022
400
409 0.34
4,582 3.84
600
625 0.52
800
832 0.70
1,457 1.22
TNK-BP Finance S.A.
7.500% due 03/13/2013
Kinder Morgan Finance Co. ULC
5.700% due 01/05/2016
300
317 0.27
495
487 0.41
CAD 1,300
1,313 1.10
1,300
1,450 1.21
Novelis, Inc.
4.000% due 02/28/2017
Province of Ontario
Province of Quebec
4.500% due 12/01/2020
Valeant Pharmaceuticals International
$
500
494 0.41
Xstrata Finance Canada Ltd.
3.600% due 01/15/2017
300
310 0.26
4,371 3.66
7.625% due 04/09/2019
400
496 0.42
600
622 0.52
300
291 0.24
1,295 1.08
132 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
111 0.09
$
496
495 0.41
600
612 0.51
300
304 0.26
156
155 0.13
€
300
329 0.28
3,600 3.01
$
100
112 0.09
400
501 0.42
1,000
900
1,084 0.91
1,147 0.96
300
352 0.29
3,084 2.58
6.375% due 03/01/2035
Petroleos Mexicanos
5.500% due 11/15/2019
NETHERLANDS
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
€
700
6.750% due 03/10/2014
8.750% due 06/15/2030
900
965 0.81
500
610 0.51
1,575 1.32
Majapahit Holding BV
GMAC International Finance BV
7.500% due 04/21/2015
€
300
417 0.35
€
300
399 0.33
54
66 0.06
110
110 0.09
500
514 0.43
€
100
133 0.11
2,508 2.10
$
100
100
95 0.08
97 0.08
192 0.16
500
563 0.47
0.922% due 06/15/2020
NXP BV
$
SABIC Capital I BV
AK Transneft OJSC Via TransCapitalInvest Ltd.
7.700% due 08/07/2013
$
Harbourmaster CLO Ltd.
3.217% due 10/15/2013
IRELAND
200
212 0.18
100
134 0.11
79
94 0.08
400
437 0.37
300
700
315 0.26
749 0.63
1,941 1.63
3.000% due 11/02/2015
Schaeffler Finance BV
7.750% due 02/15/2017
Mercator CLO PLC
1.034% due 10/12/2023
Novatek Finance Ltd.
6.604% due 02/03/2021
$
RZD Capital Ltd.
5.700% due 04/05/2022
5.739% due 04/03/2017
869 0.73
Deutsche Telekom International Finance BV
Indonesia Government International Bond
NORWAY
Eksportfinans ASA
3.000% due 11/17/2014
5.500% due 06/26/2017
QATAR
Qatari Diar Finance QSC
5.000% due 07/21/2020
Israel Electric Corp. Ltd.
7.250% due 01/15/2019
1,250
100
Telefonos de Mexico SAB de C.V.
$
ISRAEL
IPIC GMTN Ltd.
3.125% due 11/15/2015
7.375% due 02/15/2018
581 0.49
835 0.70
CAYMAN ISLANDS
Hutchison Whampoa International Ltd.
€
4.250% due 03/15/2018
450
INDONESIA
7.375% due 10/15/2017
936 0.78
6.700% due 10/25/2017
MEXICO
INDIA
Ardagh Packaging Finance PLC
900
4.950% due 02/07/2017
120 0.10
CNOOC Finance 2012 Ltd.
7.875% due 06/29/2037
CANADA
0.000% due 02/13/2019
5.250% due 04/02/2018
6.875% due 03/19/2020
5.750% due 01/30/2021
$
4.875% due 03/15/2015
8.000% due 05/03/2019
2.217% due 02/24/2014
Gerdau Trade, Inc.
3.150% due 06/02/2022
4.950% due 05/23/2016
100
ICICI Bank Ltd.
BRITISH VIRGIN ISLANDS
658 0.55
America Movil SAB de C.V.
10.000% due 06/15/2018
3.875% due 05/02/2022
500
€
Gazprom OAO Via Gaz Capital S.A.
6.067% due 12/31/2033
Grohe Holding GmbH
HONG KONG
Vale Overseas Ltd.
773 0.65
Nakilat, Inc.
544 0.46
Petrobras International Finance Co.
7.625% due 09/15/2014
134 0.11
CSN Resources S.A.
6.500% due 07/21/2020
Fiat Finance & Trade S.A.
100
Kinove German Bondco GmbH
Centrais Eletricas Brasileiras S.A.
700
6.375% due 04/09/2021
MARSHALL ISLANDS
GERMANY
Franz Haniel & Cie GmbH
291 0.24
KazMunayGas National Co.
Wind Acquisition Finance S.A.
3.450% due 01/12/2018
Banco Santander Brasil S.A.
300
WC Luxco SARL
Rhodia S.A.
Banco Bradesco S.A.
2.566% due 05/16/2014
$
Severstal OAO Via Steel Capital S.A.
RCI Banque S.A.
Vivendi S.A.
BRAZIL
127 0.10
Sberbank of Russia Via SB Capital S.A.
4.600% due 04/12/2016
Qtel International Finance Ltd.
100 $
Intelsat Corp.
1.369% due 01/10/2014
5.023% due 07/08/2018
3.875% due 11/12/2015
7.875% due 02/15/2016
Banque PSA Finance S.A.
BNP Paribas S.A.
Dole Food Co., Inc.
€
Jordan Government International Bond
INEOS Group Holdings S.A.
FRANCE
2.361% due 04/04/2014
BERMUDA
4.500% due 03/24/2014
LUXEMBOURG
Nokia OYJ
5.375% due 05/15/2019
5.500% due 02/04/2014
Tokyo Electric Power Co., Inc.
KAZAKHSTAN
Sinopec Group Overseas Development 2012 Ltd.
500
FAIR % OF
VALUE
NET
(000S) ASSETS
JORDAN
UPCB Finance V Ltd.
4.625% due 09/23/2020
PAR
(000S)
DESCRIPTION
JAPAN
$
Transocean, Inc.
Asciano Finance Ltd.
3.000% due 09/20/2025
4.000% due 08/20/2020
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
200
205 0.17
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
FAIR % OF
VALUE
NET
(000S) ASSETS
Ras Laffan Liquefied Natural Gas Co. Ltd. III
6.332% due 09/30/2027
$
500 $
PAR
(000S)
DESCRIPTION
Merrill Lynch Mortgage Investors, Inc.
574 0.48
1,137 0.95
0.445% due 08/25/2036
$
500 $
4.125% due 12/21/2012
900
882 0.74
962
600
717 0.60
307
314 0.26
Gazprom OAO Via Gazstream S.A.
5.625% due 07/22/2013
Russia Government International Bond
4.500% due 04/04/2022
400
420 0.35
2,333 1.95
3.200% due 05/16/2044
3.480% due 10/15/2030
151
200
ZAR 10,700
3,000
11,400
1,385
394
1,693
3,472
1.16
0.33
1.42
2.91
$
700
766 0.64
Hyundai Capital Services, Inc.
6.000% due 05/05/2015
600
653 0.55
500
510 0.43
200
205 0.17
2,134 1.79
Korea Midland Power Co. Ltd.
5.375% due 02/11/2013
Republic of Korea
4.250% due 06/01/2013
Obrascon Huarte Lain S.A.
8.750% due 03/15/2018
367 0.31
Dolphin Energy Ltd.
5.500% due 12/15/2021
$
600
671 0.56
3.750% due 06/17/2013
5.250% due 11/07/2013
800
300
823 0.69
318 0.27
British Telecommunications PLC
9.625% due 12/15/2030
200
302 0.25
5.100% due 04/05/2021
300
€
$
200
100
400
336 0.28
253 0.21
101 0.08
424 0.36
Lloyds TSB Bank PLC
2.816% due 01/24/2014
4.875% due 01/21/2016
5.800% due 01/13/2020
200
700
700
201 0.17
735 0.62
749 0.63
Royal Bank of Scotland PLC
500
700
500
503 0.42
718 0.60
514 0.43
Virgin Media Secured Finance PLC
£
700
1,183 0.99
Vodafone Group PLC
$
500
531 0.44
7,691 6.44
2.577% due 07/25/2014
1.995% due 03/29/2016
384
379 0.32
GATX Corp.
495
491 0.41
Goldman Sachs Group, Inc.
4.500% due 10/20/2016
495
497 0.42
173
173 0.14
500
487 0.41
491
495 0.41
600
567 0.47
333
334 0.28
495
495 0.41
113
113 0.09
226
226 0.19
5,747 4.81
HCA, Inc.
3.711% due 03/31/2017
Reynolds Group Holdings, Inc.
6.500% due 08/09/2018
Springleaf Financial Funding Co.
5.500% due 05/10/2017
Tomkins LLC
4.250% due 09/29/2016
Transdigm, Inc.
Warner Chilcott Corp.
428
153
400
557 0.47
300
317 0.27
200
205 0.17
400
400
100
900
4.750% due 06/15/2022
404
412
105
1,002
0.34
0.35
0.09
0.84
100
101 0.08
300
100
1,000
305 0.26
106 0.09
1,057 0.89
85
500
87 0.07
524 0.44
1,300
1,315 1.10
500
513 0.43
200
227 0.19
1,000
1,037 0.87
1,000
1,053 0.88
£
1,000
600
1,047 0.88
1,058 0.89
$
100
108 0.09
200
500
800
200 0.17
518 0.43
865 0.72
100
111 0.09
600
645 0.54
200
208 0.17
100
102 0.09
100
101 0.08
200
203 0.17
100
103 0.09
800
801 0.67
900
887 0.74
700
100
640 0.54
99 0.08
100
103 0.09
100
300
99 0.08
303 0.25
100
100
300
124 0.10
104 0.09
316 0.26
5.250% due 07/27/2021
5.750% due 01/24/2022
6.000% due 05/01/2014
HCA, Inc.
6.250% due 02/15/2013
6.750% due 07/15/2013
Hewlett-Packard Co.
2.018% due 09/19/2014
Hexion US Finance Corp.
8.875% due 02/01/2018
Huntsman International LLC
8.625% due 03/15/2021
JPMorgan Chase & Co.
3.450% due 03/01/2016
Kraft Foods, Inc.
5.250% due 10/01/2013
Merrill Lynch & Co., Inc.
5.450% due 07/15/2014
7.750% due 04/30/2018
MGM Resorts International
100
1,000
100 0.08
1,057 0.89
700
970 0.81
2.967% due 05/14/2013
6.000% due 05/13/2014
7.300% due 05/13/2019
7.625% due 07/15/2017
American Airlines 2011-2 Class A Pass-Through Trust
NGPL PipeCo LLC
8.625% due 10/15/2021
9.625% due 06/01/2019
291
306 0.26
NRG Energy, Inc.
£
800
500
817 0.68
856 0.72
$
600
635 0.53
300
400
311 0.26
434 0.36
American Tower Corp.
7.625% due 01/15/2018
Oncor Electric Delivery Co. LLC
4.100% due 06/01/2022
Amgen, Inc.
3.625% due 05/15/2022
5.375% due 05/15/2043
5.375% due 06/15/2014
7.250% due 02/01/2018
200
209 0.18
800
958 0.80
Bunge Ltd. Finance Corp.
3.200% due 06/15/2017
200
201 0.17
Cantor Fitzgerald LP
7.875% due 10/15/2019
400
400 0.34
400
25
394 0.33
26 0.02
Citigroup, Inc.
1.391% due 04/01/2014
5.500% due 04/11/2013
Penske Truck Leasing Co. LP
3.750% due 05/11/2017
Bank of America Corp.
Prudential Covered Trust 2012-1
2.997% due 09/30/2015
Puget Energy, Inc.
5.625% due 07/15/2022
Qwest Corp.
3.718% due 06/15/2013
Reynolds Group Issuer, Inc.
8.500% due 05/15/2018
Rockies Express Pipeline LLC
5.625% due 04/15/2020
6.850% due 07/15/2018
Rock-Tenn Co.
4.450% due 03/01/2019
SandRidge Energy, Inc.
940
996 0.83
600
625 0.52
SLM Corp.
198
270
220 0.18
321 0.27
0.992% due 06/17/2013
5.375% due 05/15/2014
6.250% due 01/25/2016
CVS Pass-Through Trust
5.926% due 01/10/2034
6.943% due 01/10/2030
500
Mylan, Inc.
9.700% due 11/10/2018
4.500% due 01/15/2018
317 0.27
Morgan Stanley
Altria Group, Inc.
8.000% due 04/01/2017
323 0.27
127 0.11
180 0.15
2.750% due 05/15/2015
3.875% due 01/15/2015
4.250% due 02/03/2017
7.000% due 04/15/2015
8.625% due 02/01/2019
CORPORATE BONDS & NOTES
Consol Energy, Inc.
Countrywide Asset-Backed Certificates
7.375% due 06/15/2019
496 0.42
DaVita, Inc.
5.650% due 12/15/2013
ASSET-BACKED SECURITIES
7.250% due 10/15/2021
497
CSC Holdings LLC
4.250% due 05/15/2013
6.765% due 11/15/2017
300
DPL, Inc.
498 0.42
Cleveland Electric Illuminating Co.
UNITED STATES
7.000% due 10/01/2013
500
CommScope, Inc.
Bear Stearns Cos., LLC
2.887% due 08/23/2013
4.375% due 03/16/2016
4.875% due 08/25/2014
See Accompanying Notes
0.000% due 05/17/2019
American International Group, Inc.
HSBC Holdings PLC
203 0.17
Ford Motor Credit Co. LLC
3.868% due 06/20/2014
6.750% due 12/01/2014
BP Capital Markets PLC
0.395% due 01/25/2037
0.395% due 04/25/2046
0.545% due 06/25/2036
496 0.42
Ally Financial, Inc.
UNITED KINGDOM
4.150% due 06/10/2014
495
Bausch & Lomb, Inc.
4.250% due 03/15/2018
UNITED ARAB EMIRATES
7.000% due 01/15/2018
4.250% due 05/27/2018
4.250% due 03/15/2018
300
200
First Data Corp.
Warner Chilcott Co. LLC
€
4.750% due 05/07/2020 (b)
3.000% due 12/08/2016
AES Corp.
4.000% due 02/14/2017
SPAIN
7.250% due 02/15/2019
7.500% due 05/01/2020
9.000% due 05/15/2015
BANK LOAN OBLIGATIONS
5.038% due 07/08/2018
Export-Import Bank of Korea
8.125% due 01/21/2014
156 0.13
205 0.17
2,234 1.87
Dole Food Co., Inc.
SOUTH KOREA
Ineos Finance PLC
789 0.66
Community Health Systems, Inc.
South Africa Government International Bond
$ 1,000 $ 1,006 0.84
Ecolab, Inc.
4.250% due 01/14/2018
SOUTH AFRICA
1.668% due 09/13/2013
DISH DBS Corp.
Gazprom OAO Via Gaz Capital S.A.
8.146% due 04/11/2018
FAIR % OF
VALUE
NET
(000S) ASSETS
Delta Air Lines 2012-1 Class A Pass-Through Trust
SLM Student Loan Trust
ALROSA Finance S.A.
PAR
(000S)
DESCRIPTION
Daimler Finance N.A. LLC
454 0.38
RAAC Series
1.445% due 09/25/2047
RUSSIA
8.000% due 12/21/2018
8.250% due 09/15/2017
13.500% due 09/15/2015
FAIR % OF
VALUE
NET
(000S) ASSETS
7.500% due 03/15/2021
8.125% due 10/15/2022
Semiannual Report
€
$
30 June 2012 133
Portfolio of Investments and Assets Diversified Income Duration Hedged Fund (Cont.)
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
$
MUNICIPAL BONDS & NOTES
Merrill Lynch & Co., Inc.
527 0.44
New York, New York, Port Authority of New York &
New Jersey Revenue Bonds, Series 2011
200
227 0.19
4.926% due 10/01/2051
102 0.09
West Virginia, Tobacco Settlement Finance Authority
Revenue Bonds, Series 2007
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Bonds 0.250% due
04/30/2014 valued at $511.
Repurchase proceeds
are $500.)
$
Spectrum Brands, Inc.
9.500% due 06/15/2018
US Airways 2012-1 Class A Pass-Through Trust
5.900% due 10/01/2024
100
200
208 0.17
800
847 0.71
Windstream Corp.
8.125% due 08/01/2013
113 0.09
280
211 0.18
324 0.27
REPURCHASE AGREEMENTS
1,400
1,447 1.21
32,792 27.46
MORTGAGE-BACKED SECURITIES
7 WTC Depositor LLC Trust
4.082% due 03/13/2031
300
306 0.25
Banc of America Funding Corp.
0.745% due 06/26/2035
231
201 0.17
189
179 0.15
First Horizon Asset Securities, Inc.
5.448% due 09/25/2035
Thornburg Mortgage Securities Trust
1.495% due 06/25/2037
152
127 0.11
813 0.68
500 $
500 0.42
6,200 5.19
US GOVERNMENT AGENCIES
Barclays Capital, Inc.
WM Wrigley Jr. Co.
3.700% due 06/30/2014
100 $
7.467% due 06/01/2047
Valeant Pharmaceuticals International
6.875% due 12/01/2018
$
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
500 $
Southeast Supply Header LLC
4.850% due 08/15/2014
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
0.160% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Bonds 4.500% due 08/15/2039
valued at $2,240. Repurchase
proceeds are $2,200.)
Federal Home Loan Bank
0.158% due 12/05/2012
5,400
0.160% due 12/10/2012 01/22/2013
2,200
6,000
2,200 1.84
Total United States
JPMorgan Chase & Co.
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 3.125% due 08/31/2013
valued at $3,578. Repurchase
proceeds are $3,500.)
5,397
4.52
Freddie Mac
5,996 5.02
11,393 9.54
59,503 49.82
VENEZUELA
Petroleos de Venezuela S.A.
5.375% due 04/12/2027
3,500
3,500 2.93
1,000
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
572
0.48
$ 113,929 95.39
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
Index/Tranches
Fixed Deal
Receive Rate
Maturity
Date
5.000%
1.000%
12/20/2016
06/20/2017
Dow Jones CDX N.A. HY17 Index
Dow Jones CDX N.A. IG18 Index
Notional
Amount(2)
$
13,728
11,800
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ 136
(114)
$ 22
0.11
(0.10)
0.01
Unrealised
(Depreciation)
% of
Net Assets
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
6-Month EURIBOR
6-Month GBP-LIBOR
Fixed
Rate
Maturity
Date
0.750%
1.000%
1.500%
2.000%
2.250%
2.750%
2.000%
2.000%
06/20/2014
06/20/2015
06/20/2017
06/20/2019
06/20/2022
06/20/2042
09/19/2019
09/19/2017
Notional
Amount
$
12,600
18,600
10,200
6,900
8,300
2,500
€ 1,400
£ 1,600
Total Centrally Cleared Financial Derivative Instruments
$
(23)
(79)
(210)
(330)
(230)
(80)
(36)
(86)
$ (1,074)
(0.02)
(0.07)
(0.17)
(0.28)
(0.19)
(0.07)
(0.03)
(0.07)
(0.90)
$ (1,052)
(0.89)
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
WRITTEN OPTIONS
Description
Counterparty
Buy/Sell
Protection
Exercise
Rate
CBK
Buy
1.700%
Expiration
Date
Notional
Amount
Premiums
Fair
% of
Value Net Assets
CREDIT DEFAULT SWAPTIONS
Put - OTC Dow Jones CDX N.A. IG18 Index
134 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
12/19/2012 $
2,300
$ (14)
$ (14)
$ (8)
$ (8)
(0.01)
(0.01)
30 June 2012 (Unaudited)
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
CBK
CBK
DUB
DUB
DUB
DUB
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Receive
Pay
Receive
Receive
Pay
Pay
Expiration
Date
Notional
Amount Premiums
Fair
Value
% of
Net Assets
INTEREST RATE SWAPTIONS
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
1.700%
1.700%
1.400%
1.700%
1.400%
1.700%
03/18/2013 $
500 $ (6) $ (14)
03/18/2013
500
(9)
(2)
03/18/2013
1,100
(6)
(17)
03/18/2013
2,600
(30)
(73)
03/18/2013
1,100
(30)
(7)
03/18/2013
2,600
(51)
(8)
$ (132) $ (121)
(0.01)
0.00
(0.01)
(0.06)
(0.01)
0.00
(0.09)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Reference Entity
ArcelorMittal
AT&T, Inc.
BP Capital Markets America, Inc.
Brazil Government International Bond
Brazil Government International Bond
Caterpillar, Inc.
China Government International Bond
E.ON International Finance BV
Exelon Generation Co. LLC
Ford Motor Credit Co. LLC
Mexico Government International Bond
Mexico Government International Bond
Nokia OYJ
Nokia OYJ
Nokia OYJ
NRG Energy, Inc.
Philippines Government International Bond
Qatar Government International Bond
Russia Government International Bond
SLM Corp.
SLM Corp.
Sprint Nextel Corp.
UPC Holding BV
UPC Holding BV
Volkswagen International Finance NV
Fixed Deal
Receive Rate
Maturity
Date
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
1.000%
1.000%
1.000%
5.000%
5.000%
5.000%
1.000%
1.000%
1.000%
5.000%
5.000%
5.000%
5.000%
5.000%
1.000%
06/20/2017
09/20/2017
12/20/2013
06/20/2017
03/20/2017
06/20/2017
06/20/2017
03/20/2017
06/20/2017
06/20/2017
03/20/2017
06/20/2017
03/20/2014
06/20/2015
06/20/2014
03/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
03/20/2017
03/20/2017
12/20/2016
06/20/2017
09/20/2017
Counterparty
GST
DUB
DUB
BRC
HUS
GST
CBK
BPS
GST
DUB
HUS
MYC
BRC
CBK
HUS
UAG
DUB
CBK
MYC
CBK
GST
UAG
MYC
MYC
CBK
Notional
Amount(2)
€
$
€
$
€
$
€
400
300
200
600
2,600
700
800
100
400
200
3,000
600
200
100
100
600
800
600
1,000
100
600
600
400
700
400
Fair
Value
$ (87)
1
1
(14)
(52)
(5)
(6)
0
(27)
23
(38)
(9)
(26)
(14)
(8)
(11)
(20)
(7)
(58)
3
19
(37)
(21)
(52)
(13)
$ (458)
Upfront
Unrealised
Premiums
Appreciation/
Paid/(Received) (Depreciation)
$ (88)
0
2
(5)
(50)
(4)
(3)
0
(28)
26
(52)
(3)
(5)
(2)
1
(38)
(16)
(5)
(31)
(1)
(7)
(45)
(37)
(44)
(15)
$ (450)
$
1
1
(1)
(9)
(2)
(1)
(3)
0
1
(3)
14
(6)
(21)
(12)
(9)
27
(4)
(2)
(27)
4
26
8
16
(8)
2
$ (8)
% of
Net Assets
(0.07)
0.00
0.00
(0.01)
(0.04)
0.00
(0.01)
0.00
(0.02)
0.02
(0.03)
(0.01)
(0.02)
(0.01)
(0.01)
(0.01)
(0.02)
(0.01)
(0.05)
0.00
0.02
(0.03)
(0.02)
(0.04)
(0.01)
(0.38)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
Index/Tranches
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Markit MCDX N.A. 18 Index
Fixed Deal
Receive Rate
Maturity
Date
5.000%
5.000%
5.000%
1.000%
06/20/2017
06/20/2017
06/20/2017
06/20/2017
Counterparty
Notional
Amount(2)
BPS
BRC
HUS
CBK
$ 2,900
5,900
9,900
500
Fair Value
$
286
583
977
(15)
$ 1,831
Upfront
Premiums
Paid/(Received)
$
375
769
1,060
(21)
$ 2,183
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
$ (89)
(186)
(83)
6
$ (352)
0.24
0.49
0.82
(0.02)
1.53
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
6-Month Australian Bank Bill
6-Month Australian Bank Bill
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
IBMEXID
IBMEXID
IBMEXID
See Accompanying Notes
Fixed
Rate
Maturity Date
3.500%
3.500%
10.380%
10.770%
10.780%
10.870%
10.115%
9.310%
5.500%
5.500%
5.500%
03/15/2018
03/15/2018
01/02/2014
01/02/2014
01/02/2014
01/02/2014
01/02/2015
01/02/2015
09/13/2017
09/13/2017
09/13/2017
Counterparty
CBK
DUB
UAG
UAG
BPS
JPM
BRC
JPM
GLM
HUS
MYC
Notional
Amount
AUD
1,700
1,700
BRL
800
5,600
200
5,700
11,100
8,300
MXN 10,000
41,000
10,000
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ (16)
(17)
13
107
4
115
189
74
7
29
7
$ 512
$ 1
1
1
2
0
4
16
54
(2)
(7)
(2)
$ 68
$ (17)
(18)
12
105
4
111
173
20
9
36
9
$ 444
(0.01)
(0.02)
0.01
0.09
0.00
0.10
0.16
0.06
0.01
0.02
0.01
0.43
Semiannual Report
30 June 2012 135
Portfolio of Investments and Assets Diversified Income Duration Hedged Fund (Cont.)
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Sell
Sell
Sell
Sell
AUD
BRL
CAD
CNY
€
£
MXN
ZAR
Principal Amount
Covered by
Contract
3,462
75
846
2,814
5,000
9,992
1,246
4,982
11,219
48
5,375
121
277
2,008
14
5,496
11,492
11,858
2,552
4,716
9,425
Counterparty
WST
MSC
UAG
UAG
BPS
BRC
CBK
GST
UAG
BPS
CBK
RBC
RYL
BPS
RYL
JPM
UAG
DUB
GST
JPM
UAG
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
07/2012
08/2012
08/2012
09/2012
02/2013
02/2013
02/2013
02/2013
02/2013
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
$ 0
0
16
0
9
0
0
0
16
0
0
1
0
0
0
0
32
0
12
0
0
$ 86
$ (174)
0
0
(18)
0
(19)
(5)
(20)
0
(1)
(120)
0
(2)
(44)
0
(13)
0
(27)
0
(12)
(49)
$ (504)
$ (174)
0
16
(18)
9
(19)
(5)
(20)
16
(1)
(120)
1
(2)
(44)
0
(13)
32
(27)
12
(12)
(49)
$ (418)
(0.14)
0.00
0.01
(0.01)
0.01
(0.02)
0.00
(0.02)
0.01
0.00
(0.10)
0.00
0.00
(0.04)
0.00
(0.01)
0.03
(0.03)
0.01
(0.01)
(0.04)
(0.35)
$
Total OTC Financial Derivative Instruments
1,338
1.13
FAIR
VALUE
(000S)
% OF
NET
ASSETS
$
1,529
1.28
Total Certificates of Deposit
$
1,529
1.28
Total Investments
$ 115,744
96.91
PAR
(000S)
DESCRIPTION
CERTIFICATES OF DEPOSIT
Banco do Brasil S.A.
2.256% due 02/15/2013
$ 1,530
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.040% due 06/29/2012
0.234% due 06/29/2012
4.840% due 06/29/2012
€
CAD
AUD
12
1
4
£
$
15
1
4
0.01
0.00
0.01
29
45
0.04
ZAR
688
85
0.08
$
451
451
$
601
$ 3,074
$ 119,419
0.38
0.52
2.57
100.00
Citibank N.A.
0.087% due 06/29/2012
JPMorgan Chase & Co.
4.700% due 06/29/2012
Sumitomo Mitsui Banking Corp.
0.030% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Principal amount of security is adjusted for inflation.
(b) When-issued security.
(c) Cash of $870 has been pledged as collateral for OTC swap, swaption and foreign currency contracts as governed by ISDA Master Agreements as at 30 June 2012.
(d) Cash of $1,934 has been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(e) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Transferable Securities
Deposits with Credit Institutions
Financial Derivative Instruments4
Totals
136 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 0
0
0
$ 0
$ 113,521
1,529
286
$ 115,336
$ 408
0
0
$ 408
$ 113,929
1,529
286
$ 115,744
30 June 2012 (Unaudited)
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 306
$ 100
Transferable Securities
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ (9)
$ 0
$ 0
$ 11
$ 0
$ 408
$ 11
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
As at 30 June 2012, the Class E EUR (Hedged) and Institutional EUR (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
€
Principal Amount
Covered by
Contract
24,605
15,622
19,355
19,356
12,681
24,605
12,303
506
19,355
14,422
19,355
19,356
19,355
Counterparty
BPS
BPS
BRC
DUB
FBF
GST
HUS
RYL
UAG
BPS
BRC
DUB
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
(118)
(327)
(524)
(475)
0
0
0
(7)
(378)
0
0
0
0
$ (1,829)
$ (118)
(327)
(524)
(475)
161
92
116
(7)
(378)
303
523
475
378
$ 219
(0.10)
(0.27)
(0.44)
(0.40)
0.14
0.08
0.10
(0.01)
(0.32)
0.25
0.44
0.40
0.32
0.19
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
Unrealised
(Depreciation)
$
0
0
0
0
161
92
116
0
0
303
523
475
378
$ 2,048
$
As at 30 June 2012, the Institutional GBP (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
£
Principal Amount
Covered by
Contract
2,052
207
2,985
1,261
2,986
1,239
1,743
1,939
2,985
3,571
2,642
2,985
2,986
2,985
2,642
Counterparty
BOA
BPS
BRC
DUB
DUB
GST
HUS
JPM
JPM
UAG
UAG
BRC
DUB
JPM
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
$
$
1
0
0
0
0
0
0
4
0
3
0
54
34
20
21
137
$
$
0
(6)
(54)
(2)
(34)
(12)
(14)
0
(20)
(9)
(21)
0
0
0
0
(172)
$
1
(6)
(54)
(2)
(34)
(12)
(14)
4
(20)
(6)
(21)
54
34
20
21
$ (35)
0.00
(0.01)
(0.05)
0.00
(0.03)
(0.01)
(0.01)
0.00
(0.02)
(0.01)
(0.02)
0.05
0.03
0.02
0.02
(0.04)
(f) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GST
See Accompanying Notes
Total Market Value
of OTC Derivatives
$
1
106
712
(217)
(146)
161
7
(28)
Collateral
(Received)/Pledged
$
0
380
(530)
80
0
0
390
(90)
Net
Exposures(1)
$
1
486
182
(137)
(146)
161
397
(118)
Semiannual Report
30 June 2012 137
Portfolio of Investments and Assets Diversified Income Duration Hedged Fund (Cont.)
Counterparty
HUS
JPM
MYC
RBC
RYL
UAG
WST
(1)
Total Market Value
of OTC Derivatives
Collateral
(Received)/Pledged
Net
Exposures(1)
$ 1,010
168
(133)
1
(9)
63
(174)
$ (800)
0
20
0
0
0
0
$ 210
168
(113)
1
(9)
63
(174)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
138 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Diversified Income Duration Hedged Fund
DESCRIPTION
PAR
(000S)
COST
(000S)
5,400
$ 5,396
PURCHASES THROUGH 30 JUNE 2012
Federal Home Loan Bank
2,000
1,998
0.000% due 12/17/2012
1,700
1,699
0.000% due 01/03/2013
ZAR 11,400
1,639
$
1,500
1,499
CAD 1,300
1,440
AUD
700
1,356
CAD 1,300
1,304
$
1,200
1,250
£
700
1,207
$
1,000
1,053
£
600
1,044
$
900
992
ZAR
7,400
951
$
800
949
900
944
4.950% due 05/23/2016
800
934
7.750% due 11/30/2015
900
884
9.250% due 05/15/2018
£
500
878
800
700
709
700
700
700
700
€
500
629
$
600
600
600
600
€
400
579
$
500
538
471
471
400
359
300
328
AUD 300
319
$
300
298
200
222
200
215
200
201
200
199
Royal Bank of Scotland PLC
Regions Financial Corp.
Ally Financial, Inc.
Ally Credit Canada Ltd.
Export-Import Bank of Korea
AK Transneft OJSC Via TransCapitalInvest Ltd.
Rhodia S.A.
Energy Future Holdings Corp.
US Treasury Bills
HSBC Finance Corp.
Sprint Nextel Corp.
Barclays Bank PLC
6.328% due 08/13/2012
$
900
873
4.125% due 12/21/2012
Lloyds TSB Bank PLC
2.766% due 01/24/2014
€
700
$
800
866
CSN Resources S.A.
6.500% due 07/21/2020
799
0.000% due 12/10/2012
BP Capital Markets PLC
5.250% due 11/07/2013
991
RAAC Series
793
3.034% due 09/25/2047
Amphenol Corp.
4.000% due 02/01/2022
700
KazMunayGas National Co.
784
6.375% due 04/09/2021
Royal Bank of Scotland PLC
2.915% due 08/23/2013
700
781
700
746
700
713
€
500
680
$
600
660
€
500
649
$
1,000
639
600
635
500
634
600
631
600
630
600
623
CSN Resources S.A.
6.500% due 07/21/2020
RZD Capital Ltd.
5.739% due 04/03/2017
Royal Bank of Scotland PLC
4.375% due 03/16/2016
7.625% due 09/15/2014
800
International Lease Finance Corp.
9.000% due 11/15/2018
6.765% due 11/15/2017
Hyundai Capital Services, Inc.
829
0.957% due 06/01/2016
Reynolds Group Issuer, Inc.
Fiat Finance & Trade S.A.
800
0.048% due 06/14/2012
Centrais Eletricas Brasileiras S.A.
Freddie Mac
840
10.000% due 01/15/2020
Gazprom OAO Via Gaz Capital S.A.
6.875% due 03/19/2020
800
Citigroup, Inc.
7.000% due 05/15/2018
7.250% due 02/01/2018
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
880
6.103% due 06/27/2012
8.000% due 12/21/2018
ALROSA Finance S.A.
880
1.592% due 03/13/2012
7.000% due 04/15/2015
American International Group, Inc.
$
Bank of America Corp.
6.000% due 05/23/2012
7.750% due 04/30/2018
Bear Stearns Cos., LLC
US Treasury Bills
7.000% due 02/01/2012
6.750% due 12/01/2014
South Africa Government International Bond
898
0.744% due 06/26/2012
7.000% due 01/15/2018
Ford Motor Credit Co. LLC
500
3.400% due 08/23/2013
5.375% due 01/27/2021
Merrill Lynch & Co., Inc.
£
5.400% due 02/15/2012
3.150% due 06/02/2022
Ally Financial, Inc.
United Kingdom Gilt
5.500% due 04/11/2013
4.000% due 08/20/2020
Virgin Media Secured Finance PLC
1,050
5.375% due 06/15/2014
4.500% due 12/01/2020
Petrobras International Finance Co.
1,050
Ford Motor Credit Co. LLC
0.038% due 06/07/2012
0.000% due 01/22/2013
Province of Ontario Canada
$ 1,350
3.750% due 09/07/2021
13.500% due 09/15/2015
Australia Government Bond
1,350
$
El Paso Corp.
3.148% due 01/13/2012
Freddie Mac
Province of Quebec Canada
PROCEEDS
(000S)
7.875% due 06/15/2012
Freddie Mac
Freddie Mac
PAR
(000S)
DESCRIPTION
SALES THROUGH 30 JUNE 2012
$
0.000% due 12/05/2012
South Africa Government International Bond
30 June 2012 (Unaudited)
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
6.000% due 05/05/2015
Kinove German Bondco GmbH
10.000% due 06/15/2018
Petroleos de Venezuela S.A.
5.375% due 04/12/2027
Gerdau Trade, Inc.
5.750% due 01/30/2021
Majapahit Holding BV
7.875% due 06/29/2037
Dolphin Energy Ltd.
5.500% due 12/15/2021
American Tower Corp.
4.500% due 01/15/2018
Qtel International Finance Ltd.
4.750% due 02/16/2021
See Accompanying Notes
Semiannual Report
30 June 2012 139
Portfolio of Investments and Assets PIMCO Dividend and Income Builder Fund
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
DESCRIPTION
CONSUMER STAPLES
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
Reckitt Benckiser Group PLC
SABMiller PLC
Wal-Mart Stores, Inc.
CORPORATE BONDS & NOTES
2,108 $
1,494
1,942
112
60
135
307
2.00
1.07
2.41
5.48
6,683
3,930
2,111
2,469
129
48
71
112
360
2.30
0.85
1.26
2.00
6.41
13,040
7,644
2,455
3,363
2,446
3,954
115
58
88
75
41
127
504
2.05
1.03
1.57
1.34
0.73
2.26
8.98
BANKING & FINANCE
Bank of America Corp.
6.000% due 09/01/2017
$
100 $
108 1.92
Morgan Stanley
7.300% due 05/13/2019
SLM Corp.
0.992% due 06/17/2013
€
FAIR
% OF
VALUE
NET
(000S) ASSETS
SHARES
100
108 1.93
100
124 2.21
340 6.06
INDUSTRIALS
ENERGY
Canadian Oil Sands Ltd.
Poseidon Concepts Corp.
Royal Dutch Shell PLC
Total S.A.
FINANCIALS
Altria Group, Inc.
10.200% due 02/06/2039
$
100
163 2.90
200
191 3.40
100
92 1.64
100
107 1.91
553 9.85
Gold Fields Orogen Holding BVI Ltd.
4.875% due 10/07/2020
Rockies Express Pipeline LLC
5.625% due 04/15/2020
RZD Capital Ltd.
5.739% due 04/03/2017
HSBC Holdings PLC
IG Group Holdings PLC
JPMorgan Chase & Co.
Solar Capital Ltd.
Solar Senior Capital Ltd.
US Bancorp
HEALTHCARE
UTILITIES
NGPL PipeCo LLC
9.625% due 06/01/2019
Tokyo Electric Power Co., Inc.
4.500% due 03/24/2014
€
100
107 1.91
100
127 2.26
234 4.17
1,127 20.08
Total Corporate Bonds & Notes
ASSET-BACKED SECURITIES
Baxter International, Inc.
Life Healthcare Group
Holdings Ltd.
Medtronic, Inc.
Novartis AG
Pfizer, Inc.
Roche Holding AG
Sanofi
2,725
19,040
4,118
2,724
7,565
1,095
1,507
145 2.58
73
159
153
174
190
114
1,008
1.30
2.83
2.73
3.10
3.39
2.03
17.96
Amortizing Residential Collateral Trust
0.785% due 06/25/2032
$
21
18 0.32
11
8 0.15
26 0.47
Countrywide Asset-Backed Certificates
0.805% due 04/25/2034
SHARES
COMMON STOCKS
CONSUMER DISCRETIONARY
Aimia, Inc.
Tianneng Power
International Ltd.
Wynn Macau Ltd.
9,647
128 2.28
84,000
30,000
45 0.80
71 1.27
244 4.35
DESCRIPTION
Yuexiu Transport
Infrastructure Ltd.
Zhejiang Expressway Co. Ltd.
178,000 $
124,000
88 1.57
82 1.46
865 15.41
2,732
4,867
73 1.30
149 2.66
222 3.96
INFORMATION TECHNOLOGY
Intel Corp.
Microsoft Corp.
MATERIALS
EI du Pont de Nemours & Co.
Gold Fields Ltd.
Huabao International
Holdings Ltd.
Kingsgate Consolidated Ltd.
1,260
7,794
117,000
16,400
Ausdrill Ltd.
Bangkok Expressway PCL
Carillion PLC
G4S PLC
Guangshen Railway Co. Ltd.
Jiangsu Expressway Co. Ltd.
Lockheed Martin Corp.
Orkla ASA
Societa Iniziative Autostradali
e Servizi SpA
12,600
118,400
25,222
29,373
152,000
86,000
982
12,073
45
91
109
128
46
81
85
88
3,109
0.80
1.62
1.94
2.28
0.82
1.44
1.52
1.57
64
99
1.14
1.76
58 1.03
82 1.46
303 5.39
TELECOMMUNICATION SERVICES
SmarTone
Telecommunications
Holdings Ltd.
Vodacom Group Ltd.
Vodafone Group PLC
28,500
6,019
38,026
55 0.98
69 1.23
107 1.91
231 4.12
UTILITIES
2,003
CEZ AS
Cia de Saneamento Basico do
Estado de Sao Paulo
Enagas S.A.
Qatar Electricity & Water Co.
871
7,637
1,617
Total Common Stocks
INDUSTRIALS
FAIR
% OF
VALUE
NET
(000S) ASSETS
SHARES
69
1.23
66 1.18
140 2.49
59 1.05
334 5.95
4,378 78.01
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (a)
101
Total Transferable Securities & Money
Market Instruments - Official Stock
Exchange/Regulated Market
1
0.02
$ 5,532 98.58
22 0.39
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
# of
Contracts
3-Month Euroyen September Futures
Long
09/2012
1
Unrealised
(Depreciation)
Total Financial Derivative Instruments Dealt in on a Regulated Market
% of
Net Assets
$ (2)
(0.04)
$ (2)
(0.04)
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
Sell
Sell
Sell
AUD
BRL
Principal Amount
Covered by
Contract
120
79
41
120
114
140 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
BRC
BRC
CBK
BRC
BRC
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
07/2012
07/2012
07/2012
08/2012
08/2012
$ 3
0
0
0
2
$ 0
(4)
(2)
(3)
0
$ 3
(4)
(2)
(3)
2
0.05
(0.07)
(0.04)
(0.05)
0.04
30 June 2012 (Unaudited)
Type
Currency
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Sell
BRL
CHF
Principal Amount
Covered by
Contract
CZK
€
£
NOK
THB
ZAR
16
1
159
1,307
180
245
17
228
245
289
19
23
293
289
16
417
67
350
417
2,653
471
383
69
1,357
92
661
Counterparty
MSC
CBK
HUS
FBF
JPM
BRC
CBK
JPM
BRC
BRC
BRC
HUS
HUS
BRC
FBF
BRC
BRC
RBC
BRC
HUS
BRC
BRC
CBK
DUB
HUS
JPM
Settlement
Month
Unrealised
Appreciation
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
$ 0
0
1
4
0
6
0
0
0
5
0
0
0
0
0
1
0
0
0
3
0
0
0
3
1
0
$ 29
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
$
0
0
0
0
0
0
0
(5)
(6)
0
0
0
(7)
(5)
0
0
0
(1)
(1)
0
(1)
(1)
0
(3)
0
(4)
$ (43)
% of
Net Assets
$
0
0
1
4
0
6
0
(5)
(6)
5
0
0
(7)
(5)
0
1
0
(1)
(1)
3
(1)
(1)
0
0
1
(4)
$ (14)
0.00
0.00
0.02
0.07
0.00
0.11
0.00
(0.09)
(0.11)
0.09
0.00
0.00
(0.12)
(0.09)
0.00
0.02
0.00
(0.02)
(0.02)
0.05
(0.02)
(0.02)
0.00
0.00
0.02
(0.07)
(0.25)
Total OTC Financial Derivative Instruments
$
(14)
(0.25)
Total Investments
$ 5,516
98.29
FAIR
VALUE
(000S)
% OF
NET
ASSETS
3
6
2
11
9
3
3
4
1
0.05
0.11
0.04
0.20
0.16
0.05
0.05
0.07
0.02
21
$
63
$
33
$ 5,612
0.37
1.12
0.59
100.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.005% due 06/29/2012
0.010% due 06/29/2012
0.040% due 06/29/2012
0.087% due 06/29/2012
0.234% due 06/29/2012
0.650% due 06/29/2012
4.700% due 06/29/2012
4.840% due 06/29/2012
CHF
HKD
JPY
€
£
CAD
NOK
ZAR
AUD
3
43
134
8
6
4
19
33
1
$
21
$
DBS Bank Ltd.
0.030% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) The PIMCO Dividend and Income Builder Fund is investing in shares of an affiliated fund.
(b) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
See Accompanying Notes
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 1,819
(2)
$ 1,817
$ 3,713
(14)
$ 3,699
$ 0
0
$ 0
$ 5,532
(16)
$ 5,516
Semiannual Report
30 June 2012 141
Portfolio of Investments and Assets PIMCO Dividend and Income Builder Fund (Cont.)
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 40
$ 32
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ 0
$ 0
$ 0
$ 19
$ (91)
$ 0
$ 0
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
(c) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BRC
CBK
FBF
HUS
JPM
RBC
(1)
Total Market Value
of OTC Derivatives
Collateral
(Received)/Pledged
Net
Exposures(1)
$ (4)
(2)
4
(2)
(9)
(1)
$ 0
0
0
0
0
0
$ (4)
(2)
4
(2)
(9)
(1)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
142 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition PIMCO Dividend and Income Builder Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
300
19,991
6,683
7,637
29,373
PIMCO US Dollar Short-Term Floating NAV Fund (a)
Canadian Oil Sands Ltd.
Enagas S.A.
G4S PLC
$ 300
200
154
142
126
0.053% due 06/28/2012
$
0.120% due 08/30/2012
126
100
124
300
300
19,890
PIMCO US Dollar Short-Term Floating NAV Fund (a)
$
103
PAR
(000S)
1,712
Gazprom OAO Via Gaz Capital S.A.
6.510% due 03/07/2022
$
100
100
Reynolds Group Issuer, Inc.
100
100
HCA, Inc.
100
100
Warner Chilcott Co. LLC
100
100
Brocade Communications Systems, Inc.
100
100
US Treasury Bills
90
98
US Treasury Bills
US Treasury Bills
US Treasury Bills
0.053% due 08/23/2012
US Treasury Bills
0.075% due 05/07/2012
US Treasury Bills
0.141% due 09/27/2012
American Airlines Pass-Through Trust 2009-1A
10.375% due 07/02/2019
SHARES
12,073
1,758
Orkla ASA
Total S.A.
96
90
7.875% due 08/15/2019
6.500% due 02/15/2020
7.750% due 09/15/2018
6.625% due 01/15/2018
0.075% due 05/07/2012
0.141% due 09/27/2012
0.053% due 08/23/2012
100
111
100
109
100
106
100
106
100
106
100
100
100
100
100
100
90
98
100
97
American Airlines Pass-Through Trust 2009-1A
7.119% due 12/15/2017
88
SHARES
481
2,651
3,363
4,924
19,040
1,617
28,500
4,571
6,186
944
946
10,202
7,751
1,235
3,930
754
1,095
1,150
60,000
42,000
84,000
111
NGPL PipeCo LLC
NGPL PipeCo LLC
100
100
US Treasury Bills
10.375% due 07/02/2019
PAR
(000S)
$
113
PAR
(000s)
9.875% due 04/15/2018
0.053% due 06/28/2012
113
UPC Holding BV
NGPL PipeCo LLC
$
100
SHARES
SHARES
38,026
199
PAR
(000s)
PepsiCo, Inc.
Vodafone Group PLC
Roche Holding AG
US Bancorp
Solar Capital Ltd.
Gold Fields Ltd.
Life Healthcare Group Holdings Ltd.
Qatar Electricity & Water Co.
SmarTone Telecommunications Holdings Ltd.
Groupe Aeroplan, Inc.
HSBC Holdings PLC
Novartis AG
Reckitt Benckiser Group PLC
Carillion PLC
Kingsgate Consolidated Ltd.
Medtronic, Inc.
Poseidon Concepts Corp.
Wal-Mart Stores, Inc.
CEZ AS
JPMorgan Chase & Co.
Zhejiang Expressway Co. Ltd.
Jiangsu Expressway Co. Ltd.
Tianneng Power International Ltd.
$ 500
SHARES
6.500% due 06/02/2041
€ 100,000
4.500% due 03/24/2014
7.119% due 12/15/2017
500
Petroleos Mexicanos
Tokyo Electric Power Co., Inc.
9.625% due 01/06/2019
PROCEEDS
(000S)
US Treasury Bills
PAR
(000S)
1.756% due 06/17/2013
PAR
(000S)
US Treasury Bills
$
SHARES
SLM Corp.
DESCRIPTION
SALES THROUGH 30 JUNE 2012
US Treasury Bills
0.120% due 08/30/2012
30 June 2012 (Unaudited)
83
78
76
65
64
63
59
57
54
53
52
47
47
47
46
45
44
44
44
43
42
SHARES
5,000
967
15,261
15,748
3,200
1,070
733
2,089
7,912
5,313
3,251
400
695
1,348
574
853
Asahi Holdings, Inc.
Lockheed Martin Corp.
Tesco PLC
Carillion PLC
Natura Cosmeticos S.A.
Procter & Gamble Co.
Colgate-Palmolive Co.
Microsoft Corp.
Kingsgate Consolidated Ltd.
Eurocash S.A.
MTN Group Ltd.
McDonald’s Corp.
Reckitt Benckiser Group PLC
Sysco Corp.
Wal-Mart Stores, Inc.
State Street Corp.
91
87
77
75
74
71
68
64
61
60
55
41
40
39
35
34
(a) The PIMCO Dividend and Income Builder Fund is investing in shares of an
affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 143
Portfolio of Investments and Assets Emerging Asia Bond Fund
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
INDIA
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
5.000% due 08/24/2016
6.625% due 05/25/2022
$ 2,500 $ 2,564 0.64
400 $
404 0.10
1,150
1,109 0.28
0.000% due 07/25/2012
6.750% due 05/15/2014
6.250% due 02/16/2021
1,560
1,560 0.39
Berau Capital Resources Pte Ltd.
4,200
3,978 0.99
7,950
8,008 1.99
860
4,270
881 0.22
3,843 0.95
275
8,900
283 0.07
9,013 2.24
3,400
3,442 0.85
32,521 8.08
Canara Bank
CITIC Resources Finance 2007 Ltd.
1,100
1,160 0.29
3,000
3,304 0.82
7,028 1.75
6.365% due 11/28/2021
Export-Import Bank of India
FPMH Finance Ltd.
7.375% due 07/24/2017 (a)
BRITISH VIRGIN ISLANDS
4.400% due 04/21/2015
ICICI Bank Ltd.
5.500% due 03/25/2015
6.375% due 04/30/2022
Indian Oil Corp. Ltd.
FPT Finance Ltd.
6.375% due 09/28/2020
1,200
1,260 0.31
Star Energy Geothermal Wayang Windu Ltd.
11.500% due 02/12/2015
1,860
2,032 0.51
2,940
3,068 0.76
6,360 1.58
4.750% due 01/22/2015
5.625% due 08/02/2021 (a)
Indian Railway Finance Corp. Ltd.
4.406% due 03/30/2016
Wiseyear Holdings Ltd.
5.875% due 04/06/2021
7.625% due 10/22/2019
Agile Property Holdings Ltd.
9.875% due 03/20/2017
4,000
4,010 1.00
4,000
100
4,090 1.02
109 0.03
Country Garden Holdings Co. Ltd.
11.125% due 02/23/2018
11.750% due 09/10/2014
ENN Energy Holdings Ltd.
6.000% due 05/13/2021
9,750
9,826 2.44
Hutchison Whampoa Finance CI Ltd.
7.450% due 08/01/2017
1,005
1,926 0.48
5,000
4,875 1.21
1,293
1,409 0.35
Berau Coal Energy Tbk PT
7.250% due 03/13/2017
Indosat Palapa Co. BV
7.375% due 07/29/2020
Majapahit Holding BV
7.250% due 06/28/2017
7.750% due 10/17/2016
8.000% due 08/07/2019
405
9,570
3,260
1,228 0.30
4,580
13,000
5,203 1.29
16,126 4.00
6,565
6,926 1.72
11.625% due 03/04/2019
Total Indonesia
8,700
8,743 2.17
MALAYSIA
1,350
1,329 0.33
57,590 14.30
Longfor Properties Co. Ltd.
9.500% due 04/07/2016 (a)
Mongolian Mining Corp.
8.875% due 03/29/2017
Shimao Property Holdings Ltd.
11.000% due 03/08/2018
464
10,970
3,944
23,588
0.12
2.72
0.98
5.86
SOVEREIGN ISSUES
Indonesia Government International Bond
SHARES
11,650
17,242 4.28
40,830 10.14
9,429
10,288 2.55
5.375% due 04/28/2020
300
425 0.11
3,000
4,115 1.02
14,828 3.68
Petroliam Nasional Bhd.
Petronas Capital Ltd.
7.875% due 05/22/2022
UOB Cayman Ltd.
5.796% due 12/29/2049
81,500
Total Cayman Islands
8,481 2.11
8,481 2.11
66,071 16.41
NETHERLANDS
1,728 0.43
9.750% due 11/05/2016
7,000
7,613 1.89
9,341 2.32
Hyundai Motor Manufacturing Czech s.r.o.
4.500% due 04/15/2015
$ 5,950
6,260 1.55
6,260 1.55
5.550% due 02/11/2020
4,000
4,327 1.07
China Overseas Finance Cayman II Ltd.
5.500% due 11/10/2020
25
26 0.01
2,000
2,116 0.53
Sinochem Overseas Capital Co. Ltd.
4.500% due 11/12/2020
4,900
4,955 1.23
Wing Hang Bank Ltd.
9.375% due 09/29/2049
2,200
2,331 0.58
13,755 3.42
1,147
5,140
1,190 0.30
5,526 1.37
4,173
5,321 1.32
1,850
1,730 0.43
26,670 6.62
585
611 0.15
5,875
6,038 1.50
1,520
1,565 0.39
1,100
1,170 0.29
2,710
4,800
2,000
2,856 0.71
4,823 1.20
2,087 0.52
3,000
3,700
3,187 0.79
3,945 0.98
26,282 6.53
2,300
2,577 0.64
16,000
20,258 5.03
22,835 5.67
49,117 12.20
5.375% due 03/31/2016
7.500% due 08/12/2015
Temasek Financial I Ltd.
5.375% due 11/23/2039
Yanlord Land Group Ltd.
10.625% due 03/29/2018 (a)
Industrial Bank of Korea
3.750% due 09/29/2016
Kia Motors Corp.
3.625% due 06/14/2016
Korea Finance Corp.
3.250% due 09/20/2016
KT Corp.
5.875% due 06/24/2014
Shinhan Bank
4.125% due 10/04/2016
5.663% due 03/02/2035
6.819% due 09/20/2036
Woori Bank Co. Ltd.
4.500% due 10/07/2015
4.750% due 01/20/2016
Export-Import Bank of Korea
5.125% due 06/29/2020
Republic of Korea
7.125% due 04/16/2019
Total South Korea
6.250% due 10/04/2020
7.400% due 01/22/2015
7,185
7,597 1.89
4,000
5,000
4,120 1.02
5,375 1.34
9,495 2.36
600
615 0.15
THAILAND
4.800% due 10/18/2020
TURKEY
Power Sector Assets & Liabilities Management Corp.
Turkey Government International Bond
6.875% due 11/02/2016
7.250% due 05/27/2019
7.390% due 12/02/2024
0.000% due 02/20/2013
2,000
5,008
3,000
2,310
6,335
3,901
20,143
0.57
1.57
0.97
5.00
15,677 3.89
$ 1,475
1,530 0.38
530
530 0.13
2,060 0.51
Hyundai Capital America
US Treasury Bills (b)
Philippines Government International Bond
7.500% due 09/25/2024
9.500% due 10/21/2024
10.625% due 03/16/2025
TRY 30,000
UNITED STATES
3.750% due 04/06/2016
SOVEREIGN ISSUES
Total Philippines
144 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
4,771 1.18
STATS ChipPAC Ltd.
Bangkok Bank PCL
Industrial & Commercial Bank of China Asia Ltd.
5.125% due 11/30/2020
4,500
9.000% due 04/30/2015
CORPORATE BONDS & NOTES
6.500% due 01/20/2021
Bank of China Hong Kong Ltd.
2,009 0.50
2,105 0.52
Sigma Capital Pte Ltd.
PHILIPPINES
Energy Development Corp.
HONG KONG
2,000
2,000
3.625% due 09/21/2022
5.000% due 11/15/2019
Sri Lanka Government International Bond
1,750
Indo Integrated Energy II BV
CZECH REPUBLIC
4,018 1.00
SRI LANKA
Indo Energy Finance BV
7.000% due 05/07/2018
PAR
(000S)
$ 3,620
DBS Bank Ltd.
SOVEREIGN ISSUES
Axiata SPV1 Labuan Ltd.
7.625% due 10/15/2026
PREFERRED SECURITIES
12.500% due 07/08/2015
CORPORATE BONDS & NOTES
1,800
Hutchison Whampoa International Ltd.
5.750% due 09/11/2019
7.625% due 04/09/2019
SINGAPORE
SOUTH KOREA
Adaro Indonesia PT
CORPORATE BONDS & NOTES
PLN 48,000 $ 14,343 3.56
INDONESIA
CORPORATE BONDS & NOTES
CAYMAN ISLANDS
FAIR
% OF
VALUE
NET
(000S) ASSETS
Poland Government International Bond
$
Bank of India
China Resources Gas Group Ltd.
PAR
(000S)
DESCRIPTION
POLAND
Bank of Baroda
BERMUDA
4.500% due 04/05/2022
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
9,000
11,410
3,700
11,993
17,343
6,132
35,468
55,611
2.98
4.31
1.52
8.81
13.81
0.150% due 11/23/2012 04/04/2013
30 June 2012 (Unaudited)
DESCRIPTION
FAIR
VALUE
(000S)
SHARES
% OF
NET
ASSETS
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (c)
3,254,710 $
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
32,563
8.09
$ 403,145 100.12
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
3-Month USD-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
2.250%
06/20/2022
$
Unrealised
(Depreciation)
% of
Net Assets
$ (257)
(0.06)
6,400
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
PHP
Principal Amount
Covered by
Contract
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
42,475
10/2012
$ 0
$ (7)
$ (7)
0.00
$ (264)
Total Centrally Cleared Financial Derivative Instruments
(0.06)
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
RYL
3-Month USD-LIBOR
Pay
Expiration
Date
Notional
Fair
Amount Premiums Value
% of
Net Assets
INTEREST RATE SWAPTIONS
Put - OTC 2-Year Interest Rate Swap
2.250%
09/24/2012 $ 1,100
$ (6)
$ 0
0.00
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Export-Import Bank of China
1.000%
09/20/2016
CBK
Notional
Amount(2)
Fair
Value
$ 10,000
$ (196)
Upfront
Premiums
Unrealised
% of
Paid/(Received) Appreciation Net Assets
$ (260)
$ 64
(0.05)
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Buy
ARS
BRL
CLP
CNY
See Accompanying Notes
Principal Amount
Covered by
Contract
7,771
3,098
36,741
6,072
5,321
6,293,542
953,040
802,938
491,700
6,947
41,640
49,994
61,270
21,833
9,322
12,680
42,450
Counterparty
BOA
BRC
BRC
HUS
UAG
BRC
BRC
HUS
JPM
JPM
BRC
BRC
CBK
DUB
HUS
HUS
JPM
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
10/2012
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
$ 26
17
4
29
12
0
14
41
27
0
0
97
0
15
0
13
0
Unrealised
(Depreciation)
$
0
0
(689)
(57)
(5)
(185)
0
0
0
(2)
(154)
0
(159)
0
(33)
0
(69)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ 26
17
(685)
(28)
7
(185)
14
41
27
(2)
(154)
97
(159)
15
(33)
13
(69)
0.00
0.00
(0.17)
(0.01)
0.00
(0.05)
0.00
0.01
0.01
0.00
(0.03)
0.02
(0.02)
0.00
0.00
0.00
0.00
Semiannual Report
30 June 2012 145
Portfolio of Investments and Assets Emerging Asia Bond Fund (Cont.)
Type
Currency
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
CNY
COP
CZK
€
£
HKD
HUF
IDR
ILS
INR
KRW
Principal Amount
Covered by
Contract
3
51,699
3,407
28,645
12,600
1,000
24,155
11,216
2,102,174
4,291,200
15,031,623
888,000
25,262,447
2,949,450
13,248,123
19,233
21,166
10,431
300,889
59,211
9,618
319,657
37,911
949
1,006
503
160
503
1,006
425
416
14,098
5,800
7,757
14,741
23,284
339,947
15,513
643,229
1,294,143
332,656
643,229
51,606
10,455,500
30,767,750
8,163,900
16,593,750
3,135,985
15,048,000
9,422,880
23,993,000
104,753,076
123,994,611
9,225,000
10,455,500
5,082,000
104,753,076
17,804
7,685
4,434
48,281
4,256
101,022
4,891
13,672
35,707
268,461
141,870
131,625
174,305
21,709
134,469
77,198
134,580
92,855
742,062
42,976
2,630,864
429,410
45,412
255,199
5,919,193
146 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
JPM
MSC
RYL
UAG
BRC
DUB
JPM
UAG
BRC
HUS
JPM
MSC
UAG
UAG
JPM
BRC
CBK
DUB
FBF
HUS
MSC
UAG
UAG
BOA
BPS
BPS
DUB
JPM
BPS
BPS
BPS
DUB
FBF
HUS
HUS
JPM
UAG
UAG
BRC
BRC
DUB
JPM
UAG
BPS
BRC
BRC
CBK
HUS
HUS
JPM
JPM
MSC
UAG
UAG
BPS
DUB
MSC
BRC
CBK
DUB
HUS
JPM
MSC
RBC
UAG
HUS
BRC
CBK
CBK
DUB
HUS
HUS
JPM
JPM
MSC
UAG
UAG
BRC
DUB
JPM
MSC
UAG
Settlement
Month
02/2013
02/2013
02/2013
02/2013
08/2013
08/2013
08/2013
08/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
12/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
09/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
01/2013
01/2013
01/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
0
91
0
0
0
0
0
0
0
2
3
4
901
0
13
64
0
23
0
68
32
0
0
36
21
2
4
3
0
4
0
0
0
0
0
0
33
0
0
69
108
0
0
15
0
31
3
0
0
0
59
0
32
18
0
0
85
54
34
1
92
26
0
49
122
23
0
0
141
49
0
131
0
177
0
0
80
0
0
0
0
0
Unrealised
(Depreciation)
$
0
(16)
(12)
(31)
(37)
(4)
(62)
(28)
(28)
0
(21)
0
0
(58)
0
0
(4)
0
(947)
0
0
(1,090)
(63)
0
0
0
0
0
(21)
0
(9)
(2)
0
0
(1)
(2)
0
0
(44)
0
0
(77)
(18)
0
(224)
0
0
(13)
(2)
(69)
(13)
(76)
(181)
0
(22)
(27)
0
0
0
0
(22)
0
(924)
0
0
0
(719)
(458)
0
(31)
(36)
0
(243)
(1)
(84)
(2,765)
0
(18)
(6)
0
(3)
(86)
Net Unrealised
Appreciation/
(Depreciation)
$
0
75
(12)
(31)
(37)
(4)
(62)
(28)
(28)
2
(18)
4
901
(58)
13
64
(4)
23
(947)
68
32
(1,090)
(63)
36
21
2
4
3
(21)
4
(9)
(2)
0
0
(1)
(2)
33
0
(44)
69
108
(77)
(18)
15
(224)
31
3
(13)
(2)
(69)
46
(76)
(149)
18
(22)
(27)
85
54
34
1
70
26
(924)
49
122
23
(719)
(458)
141
18
(36)
131
(243)
176
(84)
(2,765)
80
(18)
(6)
0
(3)
(86)
% of
Net Assets
0.00
0.02
0.00
(0.01)
(0.01)
0.00
(0.02)
(0.01)
(0.01)
0.00
(0.01)
0.00
0.23
(0.01)
0.00
0.02
0.00
0.01
(0.24)
0.02
0.01
(0.27)
(0.02)
0.01
0.01
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
(0.01)
0.02
0.03
(0.02)
0.00
0.00
(0.06)
0.01
0.00
0.00
0.00
(0.02)
0.01
(0.02)
(0.03)
0.00
(0.01)
(0.01)
0.02
0.01
0.01
0.00
0.01
0.01
(0.23)
0.01
0.03
0.01
(0.18)
(0.11)
0.03
0.00
(0.01)
0.04
(0.06)
0.04
(0.03)
(0.69)
0.02
0.00
0.00
0.00
0.00
(0.02)
30 June 2012 (Unaudited)
Type
Currency
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
KRW
MXN
MYR
PEN
PHP
PLN
RON
RUB
SGD
THB
TRY
TWD
ZAR
Principal Amount
Covered by
Contract
4,018,350
2,630,864
360,576
347,506
49,345
707
31,975
11,208
57,395
9,806
8,980
21,256
34,883
2,652
7,811
17,528
518,787
54,103
15,364
8,168
6,799
54,103
2,410
3,602
2,659
39,848
33,360
337,849
237,584
2,989
7,021
63,124
183,811
37,748
5,944
6,290
35,193
11,144
1,787
2,561
89,397
332,818
26,949
29,820
19,589
21,744
268,677
74,902
7,992
5,969
4,619
18,013
Counterparty
UAG
BRC
DUB
HUS
HUS
UAG
UAG
BRC
JPM
BRC
CBK
HUS
JPM
JPM
MSC
HUS
CBK
BRC
BRC
FBF
HUS
UAG
UAG
BRC
DUB
UAG
CBK
GST
JPM
DUB
HUS
UAG
HUS
JPM
BRC
CBK
DUB
HUS
JPM
RBC
UAG
BRC
DUB
HUS
BRC
CBK
DUB
DUB
HUS
MSC
UAG
UAG
Settlement
Month
07/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
12/2012
10/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
09/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
11/2012
11/2012
11/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
$
0
19
703
163
26
2
20
65
10
0
0
5
266
6
56
13
438
0
122
0
49
0
0
0
0
0
13
85
177
25
0
0
0
6
0
0
49
0
17
0
498
0
1
0
45
111
795
51
46
33
0
45
$ 6,958
$
(6)
0
0
0
(67)
0
(81)
(9)
(451)
(76)
(36)
(23)
0
0
0
(11)
0
(814)
(82)
(165)
(55)
(755)
(38)
(22)
(29)
(404)
0
0
0
(22)
(42)
(1,272)
(172)
0
(268)
(218)
(288)
(252)
0
(18)
0
(68)
0
(6)
(11)
0
0
(77)
0
0
(19)
(59)
$ (15,867)
% of
Net Assets
$
(6)
19
703
163
(41)
2
(61)
56
(441)
(76)
(36)
(18)
266
6
56
2
438
(814)
40
(165)
(6)
(755)
(38)
(22)
(29)
(404)
13
85
177
3
(42)
(1,272)
(172)
6
(268)
(218)
(239)
(252)
17
(18)
498
(68)
1
(6)
34
111
795
(26)
46
33
(19)
(14)
$ (8,909)
0.00
0.00
0.17
0.04
(0.01)
0.00
(0.02)
0.02
(0.11)
(0.02)
0.00
(0.01)
0.07
0.00
0.01
0.00
0.11
(0.20)
0.01
(0.04)
0.00
(0.19)
(0.01)
(0.01)
(0.01)
(0.10)
0.00
0.02
0.04
0.00
(0.01)
(0.32)
(0.04)
0.00
(0.07)
(0.05)
(0.06)
(0.06)
0.00
0.00
0.12
(0.02)
0.00
0.00
0.01
0.03
0.20
(0.01)
0.01
0.01
0.00
0.00
(2.22)
Total OTC Financial Derivative Instruments
$
(9,105)
(2.27)
Total Investments
$ 393,776
97.79
FAIR
VALUE
(000S)
% OF
NET
ASSETS
5
2
0.00
0.00
10,359
2.57
28
$ 10,394
$ (1,499)
$ 402,671
0.01
2.58
(0.37)
100.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.040% due 06/29/2012
0.087% due 06/29/2012
€
£
4
1
$
DBS Bank Ltd.
0.030% due 06/29/2012
$ 10,359
HSBC Bank
0.005% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
HKD
215
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Collateral with a segregated market value of $8,819 has been pledged against the reverse repurchase agreements.
(b) Securities with an aggregate market value of $530 and cash of $14,040 have been pledged as collateral for OTC swap, swaption and foreign currency contracts as governed
by ISDA Master Agreements as at 30 June 2012.
See Accompanying Notes
Semiannual Report
30 June 2012 147
Portfolio of Investments and Assets Emerging Asia Bond Fund (Cont.)
(c) The Emerging Asia Bond Fund is investing in shares of an affiliated fund.
(d) Cash of $259 has been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(e) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 32,563
0
$ 32,563
$ 370,582
(9,369)
$ 361,213
$ 0
0
$ 0
$ 403,145
(9,369)
$ 393,776
Transferable Securities
Financial Derivative Instruments4
Totals
1
See note 2(c) in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
(f) Reverse Repurchase Agreement
The following is a summary of the reverse repurchase agreements as at 30 June, 2012:
Counteryparty
BRC
FBF
FBF
FBF
Coupon Rate
(2.000%)
(3.000%)
(0.500%)
(3.500%)
Maturity
Date
Principal Amount
06/25/2014
04/12/2014
03/27/2014
04/13/2014
$ (1,755)
(3,033)
(2,254)
(1,756)
Payable for
reverse repurchase
agreements
% of
Net Assets
$ (1,755)
(3,033)
(2,254)
(1,756)
$ (8,798)
(0.43)
(0.75)
(0.56)
(0.44)
(2.18)
(g) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GST
HUS
JPM
MSC
RBC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
$
62
(10)
(2,847)
(331)
1,338
(1,112)
85
(91)
(220)
(802)
31
(12)
(5,196)
Collateral
(Received)/Pledged
$
0
0
3,780
350
0
1,480
0
240
530
870
0
30
7,290
Net
Exposures(1)
$
62
(10)
933
19
1,338
368
85
149
310
68
31
18
2,094
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
148 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Emerging Asia Bond Fund
DESCRIPTION
SHARES
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
30 June 2012 (Unaudited)
SHARES
PROCEEDS
(000S)
18,729,647
$ 187,400
DESCRIPTION
SALES THROUGH 30 JUNE 2012
PIMCO US Dollar Short-Term Floating
NAV Fund (a)
15,328,772
$ 153,370
PIMCO US Dollar Short-Term Floating
NAV Fund (a)
PAR
(000S)
PAR
(000S)
Poland Government Bond
0.000% due 07/25/2012
Turkey Government International Bond
PLN
48,000
15,092
0.000% due 04/25/2012
TRY
26,000
14,325
0.000% due 07/25/2012
8,500
8,602
8.125% due 01/21/2014
8,000
7,961
9.875% due 01/15/2019
6,850
6,914
6.500% due 04/09/2012
4,000
3,990
7.625% due 04/09/2019
4,000
3,987
6.500% due 02/13/2013
3,900
3,981
Power Sector Assets & Liabilities
Management Corp.
Turkey Government International Bond
0.000% due 04/25/2012
Poland Government Bond
Mongolian Mining Corp.
8.875% due 29/03/2017
Export-Import Bank of Korea
$
Berau Coal Energy Tbk PT
7.250% due 03/13/2017
3,000
2,908
1,650
2,482
2,500
2,449
7.375% due 07/29/2020
2,000
1,991
7.750% due 01/17/2038
1,850
1,956
7.125% due 04/23/2014
1,350
1,862
10.375% due 05/04/2014
1,000
1,348
0.837% due 02/15/2012
10,000
10,516
8,000
9,795
8,970
8,108
7,700
7,981
5,350
7,396
6,500
7,183
5,000
6,903
6,202
6,759
5,777
6,683
6,400
6,400
1,450
1,312
8.000% due 01/23/2014
5,450
5,972
1,350
1,290
4.300% due 10/25/2019
5,350
5,892
1,150
1,267
6.500% due 01/20/2020
4,740
5,700
State Bank of India
Korea Development Bank
Temasek Financial I Ltd.
Export-Import Bank of Korea
8.125% due 01/21/2014
10,969
Indonesia Government International Bond
Shimao Property Holdings Ltd.
11.000% due 08/03/2018
9,000
Industrial Bank of Korea
ICICI Bank Ltd.
6.375% due 04/30/2022
13,945
Indonesia Government International Bond
Philippines Government International Bond
8.375% due 06/17/2019
13,850
Indosat Palapa Co. BV
Philippines Government International Bond
7.750% due 01/14/2031
18,243
Philippines Government International Bond
7.750% due 01/14/2031
Energy Development Corp.
6.500% due 01/20/2021
13,000
Export-Import Bank of Korea
2,450
DBS Bank Ltd.
3.625% due 09/21/2022
19,165
Wing Hang Bank Ltd.
2,000
China Resources Gas Group Ltd.
4.500% due 05/04/2022
17,495
5.125% due 06/29/2020
Power Sector Assets & Liabilities
Management Corp.
7.250% due 05/27/2019
$
6.000% due 04/29/2049
Indonesia Government International Bond
11.625% due 03/04/2019
21,995
7.390% due 12/02/2024
ALROSA Finance S.A.
4.125% due 12/21/2012
70,000
Hutchison Whampoa International Ltd.
Indian Oil Corp. Ltd.
5.625% due 08/02/2021
PLN
Hutchison Whampoa International Ltd.
Agile Property Holdings Ltd.
9.875% due 03/20/2017
31,227
Hana Bank
Country Garden Holdings Co. Ltd.
11.125% due 02/23/2018
56,000
Philippines Government International Bond
ENN Energy Holdings Ltd.
6.000% due 05/13/2021
TRY
Philippines Government International Bond
(a) The Emerging Asia Bond Fund is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next
business day have been excluded from the Significant Changes in
Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 149
Portfolio of Investments and Assets Emerging Local Bond Fund
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
9.850% due
06/28/2027
12.000% due
10/22/2015
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
BERMUDA
COP 45,976,000 $ 39,090 0.80
74,410,000
$
2,100 $
2,297 0.05
3,100
3,098 0.06
8.375% due
02/01/2021
18,892,000
BRAZIL
2.566% due 05/16/2014
Banco do Brasil S.A.
3.284% due 07/02/2014
4.500% due 01/22/2015
600
4,130
601 0.01
4,388 0.09
18,900
18,198 0.38
2.568% due 03/18/2014
9,740
9,735 0.20
4,500
4,503 0.09
Banco Votorantim Ltd.
2.080% due 08/23/2012
Banco Votorantim S.A.
3.461% due 03/28/2014
Brazil Notas do Tesouro Nacional Series F
BRL
447,388
Egypt Government International Bond
8.750% due
07/18/2012
60,400
1,500
30,070 0.62
800
611 0.01
23,350
23,759 0.49
322,561 6.62
Petrobras International Finance Co.
$
Credit Agricole Home Loan SFH
1.216% due
07/21/2014
$
4,400
4,303 0.09
3,750
3,719 0.08
8,022 0.17
Vivendi S.A.
GERMANY
CANADA
Bank of Montreal
2.850% due 06/09/2015
6,000
6,354 0.13
100
101 0.00
6,455 0.13
Canadian Natural Resources Ltd.
5.450% due 10/01/2012
CAYMAN ISLANDS
Hyundai Capital Auto Funding Ltd.
3,600
3,556 0.07
1,312
1,246 0.03
4,802 0.10
44,440
130
139 0.00
Hungary Government Bond
5.500% due
02/12/2014
5.500% due
02/12/2016
6.500% due
06/24/2019
6.750% due
02/24/2017
7.500% due
11/12/2020
8.000% due
02/12/2015
HUF
Banco Santander Chile
2.467% due 02/14/2014
2.875% due 11/13/2012
7,000
9,000
6,894 0.14
9,023 0.19
CLP
113,137
269 0.01
3.000% due 05/01/2017
3.000% due 07/01/2018
90,509
90,509
185 0.00
186 0.00
16,557 0.34
2.900% due 09/30/2013 CNH
10
2 0.00
57,000
9,025 0.19
9,027 0.19
Export-Import Bank of China
COLOMBIA
Colombia Government International Bond
7.750% due 04/14/2021 COP 17,407,000
8.250% due 12/22/2014 $
250
12,176 0.25
294 0.01
150 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
48,045 0.99
352,187,000
51,311 1.05
130,472,000
19,590 0.40
203,754,000
28,669 0.59
6,192,000
870 0.02
48,644,000
7,515 0.15
7,520,000
1,186 0.02
334,007 6.86
AK Transneft OJSC Via TransCapitalInvest Ltd.
5.670% due
03/05/2014
7.700% due
08/07/2013
$
6,110
6,463 0.13
11,050
11,711 0.24
8.300% due
04/02/2019
RUB
1,102,400
33,170 0.68
51,344 1.05
JPY
6,550,000
82,093 1.69
1,560,000
19,550 0.40
101,643 2.09
45,800
48,245 0.99
4.750% due
01/22/2015
2.616% due
01/21/2016
4.500% due
07/27/2015
0.099% due
07/09/2012
0.099% due
08/13/2012
307,200
1,284 0.03
8.375% due
07/02/2013
2,000,000
8,593 0.18
Tengizchevroil Finance Co. SARL
658,500
2,890 0.06
6.124% due
11/15/2014
190,000
858 0.02
14,935 0.31
KAZAKHSTAN
KazMunayGas National Co.
$
14,334
14,988 0.31
63,233 1.30
1,000
1,106 0.02
2,400
3,056 0.06
LUXEMBOURG
ALROSA Finance S.A.
INDIA
2.217% due
02/24/2014
6.625% due
10/03/2012
Japan Treasury Bills
628 0.01
8.875% due
11/17/2014
$
3,200
3,104 0.06
3,500
3,539 0.07
1,150
1,184 0.03
7,000
6,756 0.14
2,700
2,747 0.06
17,330 0.36
CHINA
Bank of China Ltd.
346,769,000
149,800
State Bank of India
Bonos del Banco Central de Chile en UF (a)
11,493 0.24
682 0.01
Indian Oil Corp. Ltd.
Bonos de la Tesoreria de la Republica
84,000,000
157,520
ICICI Bank Ltd.
CHILE
2,421 0.05
JAPAN
Petroleum Export V Ltd.
3.350% due 06/18/2017
46,669 0.96
Guatemala Government Bond
HUNGARY
13,546 0.28
IDR 19,000,000 $
GUATEMALA
TNK-BP Finance S.A.
13,025
10.000% due
07/15/2017
10.000% due
09/15/2024
10.000% due
02/15/2028
10.500% due
08/15/2030
10.500% due
07/15/2038
11.000% due
11/15/2020
11.500% due
09/15/2019
12.800% due
06/15/2021
12.900% due
06/15/2022
FAIR
% OF
VALUE
NET
(000S) ASSETS
RZD Capital Ltd.
9.625% due
03/01/2013
BRITISH VIRGIN ISLANDS
7.500% due 03/13/2013
PAR
(000S)
DESCRIPTION
IRELAND
2.400% due
04/10/2015
9.250% due
08/01/2013
3.468% due 12/20/2012
242 0.01
Gazprom OAO Via RBS AG
9.750% due
01/15/2015 (a)
1.243% due 09/20/2016
EGP
227,598 4.67
Cia Energetica de Sao Paulo
4.500% due
10/15/2023 (a)
11,481 0.24
114,892 2.36
FRANCE
Banco Santander Brasil S.A.
2.875% due 02/06/2015
51,851 1.06
EGYPT
Banco Bradesco S.A.
10.000% due
01/01/2017
10.000% due
01/01/2021
FAIR
% OF
VALUE
NET
(000S) ASSETS
Empresas Publicas de Medellin ESP
Qtel International Finance Ltd.
6.500% due 06/10/2014
PAR
(000S)
DESCRIPTION
Fiat Finance & Trade S.A.
9.000% due
07/30/2012
€
Gazprom OAO Via Gaz Capital S.A.
4.560% due
12/09/2012
7.343% due
04/11/2013
7.510% due
07/31/2013
8.125% due
07/31/2014
$
750
965 0.02
2,050
2,131 0.04
2,800
2,954 0.06
7,000
7,698 0.16
Gazprom OAO Via Gazprom International S.A.
INDONESIA
7.201% due
02/01/2020
Indonesia Government International Bond
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
7.375% due
09/15/2016
8.250% due
07/15/2021
8.250% due
06/15/2032
8.375% due
09/15/2026
9.500% due
07/15/2031
IDR 24,405,000
2,801 0.06
256,000,000
31,200 0.64
167,120,000
20,400 0.42
214,370,000
26,470 0.54
607,148,000
82,036 1.69
7.125% due
01/14/2014
7.175% due
05/16/2013
7.500% due
03/25/2013
8.625% due
02/17/2017
8.700% due
03/17/2016
1,202
RUB
1,321 0.03
8,375
8,859 0.18
23,210
24,176 0.50
334,000
10,338 0.21
1,695,000
51,785 1.06
1,394,400
43,231 0.89
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
9.000% due
06/11/2014
$
5,230 $
FAIR
% OF
VALUE
NET
(000S) ASSETS
5,766 0.12
Sberbank of Russia Via SB Capital S.A.
5.499% due
07/07/2015
6.468% due
07/02/2013
6.480% due
05/15/2013
13,100
13,755 0.28
11,980
12,499 0.26
10,200
10,672 0.22
Severstal OAO Via Steel Capital S.A.
9.750% due
07/29/2013
9,139
9,804 0.20
VTB Bank OJSC Via VTB Capital S.A.
6.609% due
10/31/2012
13,795
14,019 0.29
224,135 4.60
MALAYSIA
Malaysia Government International Bond
3.434% due
08/15/2014
3.741% due
02/27/2015
3.835% due
08/12/2015
4.012% due
09/15/2017
4.160% due
07/15/2021
4.262% due
09/15/2016
4.378% due
11/29/2019
5.094% due
04/30/2014
MYR
6.500% due
06/10/2021
7.000% due
06/19/2014
7.250% due
12/15/2016
7.750% due
12/14/2017
8.000% due
12/17/2015
8.000% due
06/11/2020
8.500% due
12/13/2018
8.500% due
11/18/2038
9.000% due
12/20/2012
9.500% due
12/18/2014
10.000% due
12/05/2024
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
MXN
247,700 $ 20,046 0.41
240,700
18,796 0.38
343,930
28,092 0.58
723,150
61,177 1.26
716,900
58,830 1.21
539,630
47,667 0.98
960,226
85,060 1.75
41,970
3,798 0.08
189,058
14,389 0.29
66,238
5,487 0.11
1,164,060
121,701 2.50
723,134 14.85
737,255 15.14
NETHERLANDS
RUSSIA
Gazprom OAO Via White Nights Finance BV
ALROSA Finance S.A.
7,500
2,485 0.05
201,000
66,089 1.36
19,500
6,521 0.13
1.071% due
04/01/2014
15,000
4,900 0.10
Waha Aerospace BV
$
500
562 0.01
6,900
7,751 0.16
12,100
1,000
1,055 0.02
146,321 3.00
12,081 0.25
850
888 0.02
21,282 0.44
PANAMA
7.250% due
03/15/2015
275
309 0.01
3,080
3,527 0.07
PERU
COMMON STOCKS
212,074
0 0.00
PAR
(000S)
CORPORATE BONDS & NOTES
Hipotecaria Su Casita S.A. de C.V.
22,130
14,000
13,972 0.29
14,121 0.29
4,034 0.08
24,120
10,510 0.22
35,200
15,344 0.31
42,000
18,729 0.39
74,725
32,642 0.67
81,259 1.67
450,000
11,154 0.23
SOVEREIGN ISSUES
MXN 2,453,236
18,259 0.37
1,374,000
10,101 0.21
966,000
7,123 0.15
1,932,000
14,196 0.29
Mexico Government International Bond
MXN
See Accompanying Notes
4,268
32,825 0.67
5.625% due 07/22/2013
3,539
4,584 0.09
604,250
46,680 0.96
2,001,471
157,148 3.23
Poland Government International Bond
0.000% due
07/25/2012
0.000% due
10/25/2012
0.000% due
01/25/2013
0.000% due
01/25/2014
4.750% due
10/25/2016
5.000% due
10/24/2013
3,615 0.08
Russia Government International Bond
3.625% due 04/29/2015
7.850% due 03/10/2018 RUB
18,800
135,000
19,495 0.40
4,397 0.09
10,000
9,814 0.20
70,146 1.44
2,400
2,580 0.05
VimpelCom Holdings BV
$
SINGAPORE
SOUTH AFRICA
SOVEREIGN ISSUES
5.250% due 05/16/2013 €
870
6.250% due 03/31/2036 ZAR
52,800
6.500% due 06/02/2014 $
6,110
6.750% due 03/31/2021 ZAR 755,400
7.250% due 01/15/2020
1,441,600
7.500% due 01/15/2014
33,626
8.000% due 12/21/2018
1,326,500
8.250% due 09/15/2017
2,303,680
8.750% due 12/21/2014
16,600
13.500% due
09/15/2015
579,600
1,142
4,947
6,739
89,283
177,385
4,250
171,768
302,275
2,198
0.02
0.10
0.14
1.83
3.64
0.09
3.53
6.21
0.04
86,057 1.77
846,044 17.37
846,044 17.37
Export-Import Bank of Korea
PHP
POLAND
$
33,500
SOUTH KOREA
Philippines Government International Bond
4.950% due
01/15/2021
0.36
0.09
0.01
0.51
Gazprom OAO Via Gazstream S.A.
Total South Africa
Mexico Cetes
5.875% due
02/17/2014
6.000% due
06/18/2015
6.250% due
06/16/2016
9,500
PHILIPPINES
SOVEREIGN ISSUES
4.409% due
07/05/2012
4.440% due
09/27/2012
4.460% due
09/20/2012
4.460% due
10/18/2012
PEN
149 0.00
Pemex Project Funding Master Trust
$
17,170
4,325
763
24,639
South Africa Government International Bond
Peru Government International Bond
6.850% due
02/12/2042
6.900% due
08/12/2037
6.950% due
08/12/2031
7.840% due
08/12/2020
9.910% due
05/05/2015
17,000
4,000
711
7.500% due 08/12/2015
SHARES
MEXICO
1,584 0.03
797 0.02
STATS ChipPAC Ltd.
Panama Government International Bond
6.067% due
12/31/2033
4.124% due 12/21/2012
4.461% due 06/29/2014
3.925% due
07/28/2020
Nakilat, Inc.
1.067% due
12/03/2012
4.500% due 09/30/2012
5.500% due 09/30/2014
5.832% due 09/30/2016
46,467 0.95
10.500% due
03/08/2014
10.500% due
03/25/2014
1,500
750
Ras Laffan Liquefied Natural Gas Co. Ltd. III
144,267
$
MXN
4.000% due 01/20/2015
5.150% due 04/09/2014
Total Mexico
MARSHALL ISLANDS
5.260% due
06/27/2018 (b)
Qatar Government International Bond
12,021 0.25
6,529 0.13
233,690 $ 70,969 1.46
900
271 0.00
33,300
10,020 0.21
3,500
3,706 0.08
285,600
87,495 1.80
51,900
15,761 0.32
343,110 105,247 2.16
317,704
98,581 2.02
145,880
44,602 0.92
12,800
4,004 0.08
2,000
2,000 0.04
547,045 11.23
547,045 11.23
QATAR
37,500
Petronas Global Sukuk Ltd.
Hipotecaria Su Casita
S.A. de C.V.
Total Poland
254 0.01
Volkswagen International Finance NV
4.250% due
08/12/2014
5.000% due 04/25/2016 PLN
5.010% due 01/25/2015
5.250% due 04/25/2013
5.250% due 01/15/2014 $
5.250% due 10/25/2017 PLN
5.250% due 10/25/2020
5.500% due 04/25/2015
5.500% due 10/25/2019
5.750% due 04/25/2014
5.750% due 09/23/2022
6.250% due 07/03/2012 $
800
20,000
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
PLN
100,000
29,881 0.61
108,600
32,081 0.66
50,600
14,776 0.30
20,900
5,840 0.12
53,700
16,152 0.33
0.930% due 02/14/2013
1.618% due 09/21/2013
1.700% due 02/13/2013
5.500% due 10/17/2012
5.750% due 05/22/2013
5.875% due 01/14/2015
8.125% due 01/21/2014
€
$
€
$
4,100
5,000
16,600
5,250
1,600
800
7,540
5,156
5,012
16,420
5,320
2,097
877
8,250
0.11
0.10
0.34
0.11
0.04
0.02
0.17
1,100
1,200
600
3,730
4,840
1,097
1,526
600
3,819
5,292
0.02
0.03
0.01
0.08
0.11
1,000
1,024 0.02
350
360 0.01
Korea Development Bank
0.747% due 11/22/2012
0.893% due 04/03/2014
1.083% due 10/04/2012
5.300% due 01/17/2013
8.000% due 01/23/2014
€
$
Korea Electric Power Corp.
3.000% due 10/05/2015
Republic of Korea
18,800
5,659 0.12
4.250% due 06/01/2013
Semiannual Report
30 June 2012 151
Portfolio of Investments and Assets Emerging Local Bond Fund (Cont.)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
UNITED ARAB EMIRATES
Shinhan Bank
1.766% due 11/16/2012
$
17,900 $ 17,882 0.36
74,732 1.53
SRI LANKA
UNITED KINGDOM
Sri Lanka Government International Bond
Barclays Bank PLC
8.250% due 10/24/2012
500
National Rural Utilities Cooperative Finance Corp.
Abu Dhabi Government International Bond
5.500% due 08/02/2012
509 0.01
$ 4,000 $ 4,018 0.08
360
427 0.01
945
1,017 0.02
1,444 0.03
Lloyds TSB Bank PLC
9.875% due 12/16/2021
Bank of Thailand
2.475% due 07/16/2012 THB
62,000
1,952 0.04
UNITED STATES
Thailand Government Bond
2.800% due 10/10/2017
3.125% due 12/11/2015
3.250% due 06/16/2017
3.625% due 05/22/2015
3.650% due 12/17/2021
3.875% due 06/13/2019
4.250% due 03/13/2013
5.125% due 03/13/2018
5.250% due 05/12/2014
5.400% due 07/27/2016
5.625% due 01/12/2019
6.150% due 07/07/2026
78,000
664,788
244,000
2,138,011
122,000
813,752
76,400
196,640
203,100
30,000
49,000
14,500
2,381
20,812
7,623
67,986
3,892
26,411
2,424
6,722
6,627
1,018
1,734
569
150,151
0.05
0.43
0.16
1.39
0.08
0.54
0.05
0.14
0.14
0.02
0.03
0.01
3.08
3.667% due 02/11/2014
4.625% due 06/26/2015
5,900
7,160
5,887 0.12
7,209 0.15
American Home Mortgage Investment Trust
2.237% due 09/25/2045
36
29 0.00
1.992% due 11/15/2015
3,462
3,282 0.07
Banc of America Mortgage Securities, Inc.
3.000% due 02/25/2036
9
7 0.00
Bear Stearns Adjustable Rate Mortgage Trust
2.729% due 01/25/2035
3.123% due 05/25/2047
4.020% due 04/26/2013
905
0.02
700
936
0.02
3,100
3,146
0.06
5,000
4,969
0.10
1,546
2,065
0.04
12,100
12,213
0.25
780
762
0.02
104
0.00
€
SABMiller Holdings, Inc.
1.850% due
01/15/2015
$
SSIF Nevada LP
1.167% due
04/14/2014
4.375% due
05/15/2041 (c)
Verizon Communications, Inc.
1.071% due
03/28/2014
7
114
6 0.00
76 0.00
1,200
1,231 0.02
7,600
7,591 0.16
5,000
5,200 0.11
14
216
13 0.00
137 0.01
0.846% due
11/03/2014
WaMu Mortgage Pass-Through Certificates
2.713% due
02/25/2037
142
Wells Fargo Mortgage-Backed Securities Trust
2.629% due
07/25/2036
50
BMW US Capital LLC
Banque Centrale de Tunisie S.A.
€
460
0.918% due 12/21/2012
600 0.01
CIT Group, Inc.
TURKEY
5.250% due 04/01/2014
Citigroup Mortgage Loan Trust, Inc.
Turkey Government International Bond
0.000% due 11/07/2012 TRY
3.000% due
01/06/2021 (a)
3.000% due
02/23/2022 (a)
3.000% due
07/21/2021 (a)
4.000% due
04/01/2020 (a)
4.000% due
04/29/2015 (a)
10.500% due
01/15/2020
11.000% due
08/06/2014
900 $
Wachovia Bank N.A.
Banc of America Large Loan, Inc.
BellSouth Corp.
6.250% due 02/20/2013
$
Pemex Project Funding Master Trust
US Treasury Bonds
Ally Financial, Inc.
TUNISIA
1.000% due
02/02/2015
5.500% due
02/24/2025
10.179% due 06/12/2021
THAILAND
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
133,160
71,330 1.46
2.893% due 03/25/2034
5.019% due 09/25/2037 (b)
12,714
6,907 0.14
Daimler Finance N.A. LLC
11,532
6,262 0.13
35,731
19,407 0.40
13,238
7,685 0.16
2.750% due 05/15/2015
8.000% due 06/01/2014
7,322
4,160 0.09
Georgia Power Co.
17,160
10,450 0.21
1,100
638 0.01
126,839 2.60
1.249% due 04/10/2014
19,000 19,019 0.39
Fannie Mae
5.094% due 07/01/2035
113
121 0.00
2,000
500
2,018 0.04
555 0.01
1,700
1,702 0.03
45
35 0.00
800
746 0.02
10
8 0.00
Ford Motor Credit Co. LLC
37 0.00
80,009 1.64
REPURCHASE AGREEMENTS
Merrill Lynch & Co., Inc.
0.170% due
07/02/2012 (Dated
06/29/2012.
Collateralised by US
Treasury Notes
0.250% due
04/30/2014 valued
at $816. Repurchase
proceeds are $800.)
800
800 0.02
80,809 1.66
SHARES
0.788% due 03/15/2013
GSR Mortgage Loan Trust
2.705% due 01/25/2036
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (d)
41,132,389
411,529
8.45
JPMorgan Chase Bank N.A.
0.798% due 06/13/2016
Morgan Stanley Mortgage Loan Trust
2.455% due 06/25/2036
Total Transferable Securities &
Money Market Instruments - Official
Stock Exchange/Regulated Market $ 4,694,028 96.39
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Pay
3-Month USD-LIBOR
3-Month USD-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
1.500%
2.750%
06/20/2017
06/20/2042
$ 39,400
14,800
Unrealised
(Depreciation)
% of
Net Assets
$
(602)
(1,186)
$ (1,788)
(0.02)
(0.02)
(0.04)
$ (1,788)
(0.04)
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
CNY
Principal Amount
Covered by
Contract
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
6,333
40,973
10/2012
02/2013
$ 0
0
$ 0
$ (5)
(19)
$ (24)
$ (5)
(19)
$ (24)
0.00
0.00
0.00
Total Centrally Cleared Financial Derivative Instruments
152 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
$ (1,812)
(0.04)
30 June 2012 (Unaudited)
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Reference Entity
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Brazil Government International Bond
China Government International Bond
Denmark Government International Bond
Export-Import Bank of China
Export-Import Bank of China
Pemex Project Funding Master Trust
Penerbangan Malaysia Bhd.
Petrobras International Finance Co.
Qatar Government International Bond
Qatar Government International Bond
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
0.250%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
06/20/2016
06/20/2016
09/20/2013
09/20/2012
09/20/2016
09/20/2016
09/20/2016
06/20/2013
09/20/2012
09/20/2013
06/20/2016
06/20/2016
HUS
MYC
DUB
BRC
BOA
BOA
MYC
FBF
MYC
DUB
HUS
MYC
Notional
Amount(2)
$
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
4,000
500
37,500
2,400
5,000
600
600
20,000
2,400
15,000
500
7,000
$ (14)
(2)
161
5
(141)
(12)
(12)
98
5
8
(1)
(17)
$ 78
$ (19)
(4)
240
15
(151)
(17)
(17)
123
15
(28)
(3)
3
$ 157
$
5
2
(79)
(10)
10
5
5
(25)
(10)
36
2
(20)
$ (79)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month MYR-KLIBOR
3-Month PLN-WIBOR
3-Month ZAR-SAJIBOR
3-Month ZAR-SAJIBOR
3-Month ZAR-SAJIBOR
3-Month ZAR-SAJIBOR
6-Month HUF-BIBOR
6-Month HUF-BIBOR
6-Month HUF-BIBOR
6-Month HUF-BIBOR
6-Month HUF-BIBOR
6-Month PLN-WIBOR
6-Month PLN-WIBOR
6-Month Thailand Fixing Rate
6-Month Thailand Fixing Rate
6-Month Thailand Fixing Rate
6-Month Thailand Fixing Rate
6-Month Thailand Fixing Rate
6-Month Thailand Fixing Rate
6-Month Thailand Fixing Rate
6-Month Thailand Fixing Rate
6-Month Thailand Fixing Rate
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
See Accompanying Notes
Fixed
Rate
Maturity
Date
2.880% 12/24/2013
2.880% 12/26/2013
2.860% 01/02/2014
2.825% 01/06/2014
3.720% 06/11/2015
3.720% 06/14/2015
3.580% 08/19/2015
3.370% 08/17/2016
4.160% 07/22/2020
4.170% 07/27/2020
4.020% 09/20/2020
4.260% 11/02/2020
5.000% 08/16/2012
6.950% 08/10/2016
6.500% 11/16/2016
7.000% 11/16/2016
7.545% 09/17/2020
6.000% 09/15/2015
6.150% 09/15/2015
6.150% 09/15/2015
6.150% 09/15/2015
6.180% 08/24/2020
4.870% 08/10/2013
4.650% 11/16/2016
3.170% 04/20/2014
3.160% 04/21/2014
3.200% 04/22/2014
3.140% 04/23/2014
3.030% 04/24/2014
3.390% 01/29/2015
3.480% 08/19/2016
3.320% 07/27/2020
3.320% 07/29/2020
10.000% 01/02/2013
10.455% 01/02/2013
10.605% 01/02/2013
11.450% 01/02/2013
11.510% 01/02/2013
11.900% 01/02/2013
12.070% 01/02/2013
12.550% 01/02/2013
10.180% 01/02/2014
10.220% 01/02/2014
10.380% 01/02/2014
10.530% 01/02/2014
10.580% 01/02/2014
10.830% 01/02/2014
11.860% 01/02/2014
Counterparty
BRC
DUB
CBK
DUB
JPM
BRC
DUB
JPM
BOA
BOA
DUB
JPM
CBK
MYC
CBK
HUS
BRC
JPM
BRC
HUS
JPM
MYC
MYC
CBK
HUS
BRC
BRC
BRC
BRC
CBK
JPM
BOA
JPM
DUB
MYC
UAG
FBF
HUS
BOA
JPM
RYL
HUS
MYC
UAG
HUS
MYC
BRC
BOA
Notional
Amount
MYR
PLN
ZAR
HUF
PLN
THB
BRL
3,000
2,000
4,500
9,500
13,000
17,000
21,000
208,200
40,200
25,100
46,900
12,400
144,000
199,200
224,500
411,300
83,000
819,700
979,900
1,541,000
1,200,000
1,950,000
75,000
45,300
21,850
13,500
15,500
18,500
5,700
317,000
1,970,800
417,700
131,800
365,500
622,500
275,600
65,000
130,500
49,500
196,000
82,000
307,100
874,700
120,700
144,500
30,000
62,500
43,000
Fair
Value
$
(3)
(2)
(5)
(13)
74
98
99
572
713
450
667
251
67
879
468
1,858
405
42
74
116
90
9
516
14
5
4
4
4
1
148
1,162
(11)
(5)
2,334
4,330
2,177
830
1,686
1,083
4,040
2,224
4,679
13,802
1,984
2,444
522
1,232
1,329
Upfront
Premiums
Paid/(Received)
$
(1)
0
0
0
0
0
(1)
70
0
(2)
0
0
(17)
(7)
(63)
106
(5)
0
20
(2)
(31)
0
0
(5)
(8)
0
0
0
0
28
70
0
0
260
89
376
0
0
163
99
742
882
7,685
604
(14)
7
(33)
70
Unrealised
Appreciation/
(Depreciation)
$
Semiannual Report
(2)
(2)
(5)
(13)
74
98
100
502
713
452
667
251
84
886
531
1,752
410
42
54
118
121
9
516
19
13
4
4
4
1
120
1,092
(11)
(5)
2,074
4,241
1,801
830
1,686
920
3,941
1,482
3,797
6,117
1,380
2,458
515
1,265
1,259
% of
Net Assets
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.02
0.01
0.01
0.01
0.00
0.02
0.01
0.04
0.01
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.05
0.09
0.05
0.02
0.03
0.02
0.08
0.05
0.10
0.28
0.04
0.05
0.01
0.03
0.03
30 June 2012 153
Portfolio of Investments and Assets Emerging Local Bond Fund (Cont.)
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
Fixed
Rate
Maturity
Date
12.395%
12.440%
12.550%
8.825%
9.930%
5.250%
5.950%
6.750%
5.600%
5.600%
8.170%
6.170%
6.960%
7.850%
6.650%
7.500%
6.750%
6.000%
6.000%
6.750%
8.760%
01/02/2014
01/02/2014
01/02/2014
01/02/2015
01/02/2015
12/12/2013
09/09/2015
06/08/2016
09/06/2016
09/06/2016
11/04/2016
09/15/2017
07/27/2020
05/28/2021
06/02/2021
06/02/2021
08/31/2021
09/02/2022
09/02/2022
09/02/2022
09/03/2029
Notional
Amount
Counterparty
UAG
BOA
BPS
HUS
UAG
GLM
MYC
BRC
BRC
HUS
CBK
JPM
MYC
MYC
MSC
HUS
HUS
BRC
MSC
BRC
BRC
BRL 375,000
250,000
52,800
538,600
21,600
MXN 300,000
797,000
147,400
506,800
805,200
31,170
226,300
261,000
85,000
129,950
133,700
143,400
505,890
54,200
85,000
4,000
Fair Value
Upfront
Premiums
Paid/(Received)
$ 12,498
8,467
1,823
2,253
326
107
1,782
676
710
1,129
281
731
1,681
958
624
1,252
756
138
15
387
67
$ 90,108
$
65
0
(11)
1,044
72
11
236
256
202
8
(67)
(2)
(540)
5
85
217
(7)
(26)
(21)
375
0
$ 12,984
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ 12,433
8,467
1,834
1,209
254
96
1,546
420
508
1,121
348
733
2,221
953
539
1,035
763
164
36
12
67
$ 77,124
0.26
0.17
0.04
0.05
0.01
0.00
0.04
0.01
0.01
0.02
0.01
0.02
0.03
0.02
0.01
0.03
0.02
0.00
0.00
0.01
0.00
1.86
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Sell
AUD
BRL
CHF
CLP
CNY
COP
€
Principal Amount
Covered by
Contract
10,300
16,429
5,665
667
497,627
21,366
8,132
76,907
42,823
3,412
3,993,503
2,022,600
94,335
6,333
8,222
18,181
40,973
113,182
407,410
179,190
38,838
25,000
23,040
5,137
6,390
20,272,444
33,106,770
14,397,649
3,843,800
3,517,850
68,219,280
32,649,741
50,000,000
12,775,000
64,881,395
33,106,770
3,843,800
50,000,000
60,482,195
4,578
48,001
9,346
1,069
1,713
9,588
1,170
6,833
4,918
10,039
11,628
20,246
7,163
154 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
FBF
BRC
CBK
DUB
HUS
MSC
MSC
UAG
UAG
HUS
BRC
BRC
BRC
CBK
JPM
BRC
CBK
DUB
JPM
JPM
DUB
RYL
DUB
DUB
JPM
BRC
CBK
DUB
DUB
HUS
JPM
MSC
MSC
UAG
UAG
CBK
DUB
MSC
UAG
BOA
BPS
BPS
BRC
BRC
CBK
DUB
DUB
FBF
GST
HUS
JPM
JPM
Settlement
Month
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
10/2012
10/2012
10/2012
02/2013
02/2013
02/2013
02/2013
02/2013
08/2013
04/2014
08/2014
09/2015
09/2015
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
12/2012
12/2012
12/2012
12/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
0
84
0
6
206
181
0
202
0
0
0
0
0
0
0
3
0
2
0
31
50
0
0
0
0
199
0
109
0
66
2,169
158
0
139
0
86
23
279
337
0
1,007
0
0
18
0
6
0
0
0
16
567
30
Unrealised
(Depreciation)
$
(195)
(199)
(24)
0
(9,321)
0
(2)
(360)
(183)
(21)
(118)
(1)
(173)
(5)
(2)
(23)
(19)
(159)
(1,085)
(60)
0
(221)
(62)
(61)
(31)
(10)
(98)
(2)
(24)
0
0
(76)
(302)
0
(384)
0
0
0
0
(175)
(6)
(200)
(4)
(37)
(150)
(53)
(154)
(61)
(38)
(71)
0
(115)
Net Unrealised
Appreciation/
(Depreciation)
$
(195)
(115)
(24)
6
(9,115)
181
(2)
(158)
(183)
(21)
(118)
(1)
(173)
(5)
(2)
(20)
(19)
(157)
(1,085)
(29)
50
(221)
(62)
(61)
(31)
189
(98)
107
(24)
66
2,169
82
(302)
139
(384)
86
23
279
337
(175)
1,001
(200)
(4)
(19)
(150)
(47)
(154)
(61)
(38)
(55)
567
(85)
% of
Net Assets
0.00
0.00
0.00
0.00
(0.19)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.04
0.00
(0.01)
0.00
(0.01)
0.00
0.00
0.01
0.01
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
30 June 2012 (Unaudited)
Type
Currency
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Buy
€
£
HKD
HUF
IDR
ILS
INR
JPY
KRW
MXN
MYR
See Accompanying Notes
Principal Amount
Covered by
Contract
6,100
3,293
237
47,847
4,949
4,400
4,275
18
76
1
85
1,176,293
701,973
7,403,187
942,264
5,876,191
1,904,287
1,234,480
3,004,347
54,063
738,063,987
74,400,000
20,857,900
266,420,718
156,645,945
11,091,500
106,538,810
154,102,800
41,544,180
253,740,606
599,833,340
109,242,000
738,063,987
23,628,000
13,257,000
57,890,580
15,807,800
46,177,280
253,740,606
76,912,000
11,528
1,922
18,926
16,210
59,335
75,501
23,154
264,348
146,752
424,159
1,924,480
151,496
198,258
535,256
6,550,000
1,560,000
1,556,939
50,514,659
1,210,366
5,592,529
7,250,316
450,714
11,193,458
3,903,644
5,300,503
245,324
130,931
496,390
266,617
100,009
164,395
179,890
86,848
126,280
1,317,546
615,308
309,524
135,875
95,593
190,533
9,850
6,650
Counterparty
RBC
RYL
UAG
BPS
DUB
BPS
BPS
BRC
JPM
RYL
UAG
BRC
CBK
DUB
DUB
HUS
JPM
JPM
UAG
UAG
BPS
BRC
CBK
DUB
HUS
HUS
JPM
JPM
MSC
MSC
UAG
UAG
BPS
BRC
BRC
DUB
HUS
JPM
MSC
UAG
CBK
DUB
HUS
JPM
JPM
MSC
BPS
BRC
DUB
DUB
JPM
MSC
UAG
UAG
CBK
UAG
BPS
CBK
DUB
DUB
FBF
JPM
JPM
MSC
UAG
HUS
BRC
BRC
CBK
DUB
HUS
HUS
JPM
JPM
MSC
UAG
UAG
MSC
UAG
UAG
BRC
DUB
Settlement
Month
07/2012
07/2012
07/2012
08/2012
08/2012
09/2012
09/2012
09/2012
09/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
01/2013
01/2013
01/2013
01/2013
01/2013
01/2013
01/2013
01/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
09/2012
10/2012
07/2012
07/2012
Unrealised
Appreciation
$
116
11
0
0
32
42
0
0
0
0
0
169
99
1,705
0
677
0
34
329
0
0
0
0
0
0
19
0
138
0
0
169
93
1,533
31
0
0
9
0
206
0
51
8
178
0
517
0
0
303
0
485
0
0
0
616
0
24
366
0
0
5
0
0
39
0
0
825
346
0
0
126
393
77
155
0
0
533
0
0
0
0
0
0
Unrealised
(Depreciation)
$
0
(3)
(6)
(1,006)
0
0
(94)
0
(1)
0
0
(66)
0
(89)
(159)
(146)
(179)
(195)
(325)
(19)
(1,052)
(79)
(103)
(1,366)
(469)
0
(184)
(195)
(224)
(184)
(57)
(94)
0
0
(14)
(308)
0
(225)
0
(447)
0
0
0
(87)
0
(691)
(36)
0
(475)
0
(3,172)
(279)
(283)
0
(2,790)
0
0
(677)
(13)
0
(1)
(4)
0
(51)
0
0
0
(628)
(269)
0
0
(217)
0
(365)
(4,418)
(300)
(1,179)
(278)
(250)
(500)
(20)
(91)
Net Unrealised
Appreciation/
(Depreciation)
$
116
8
(6)
(1,006)
32
42
(94)
0
(1)
0
0
103
99
1,616
(159)
531
(179)
(161)
4
(19)
(1,052)
(79)
(103)
(1,366)
(469)
19
(184)
(57)
(224)
(184)
112
(1)
1,533
31
(14)
(308)
9
(225)
206
(447)
51
8
178
(87)
517
(691)
(36)
303
(475)
485
(3,172)
(279)
(283)
616
(2,790)
24
366
(677)
(13)
5
(1)
(4)
39
(51)
0
825
346
(628)
(269)
126
393
(140)
155
(365)
(4,418)
233
(1,179)
(278)
(250)
(500)
(20)
(91)
Semiannual Report
% of
Net Assets
0.00
0.00
0.00
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.01
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
(0.03)
(0.01)
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.03
0.00
0.00
0.00
0.00
(0.01)
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.01
(0.01)
0.01
(0.06)
(0.01)
0.00
0.02
(0.06)
0.00
0.01
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.01
(0.01)
(0.01)
0.00
0.01
0.00
0.00
(0.01)
(0.09)
0.00
(0.02)
(0.01)
(0.01)
(0.01)
0.00
0.00
30 June 2012 155
Portfolio of Investments and Assets Emerging Local Bond Fund (Cont.)
Type
Currency
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
MYR
PEN
PHP
PLN
RON
RUB
SGD
THB
TRY
ZAR
Principal Amount
Covered by
Contract
59,268
23,129
105,310
1,014,641
25,611
7,694
61,028
33,892
41,565
623
67,624
26,312
14,438
107,929
7,851
33,892
26,312
20,505
2,712,953
350,379
37,008
44,221
52,589
99,893
66,918
4,125
13,808
15,907
30,841
43,479
9
2,268,820
1,210,038
1,250,056
1,210,038
1,037,175
255,664
264,913
1,361,292
1,272
2,104
5,068
58,971
4,642,980
48,062
557,249
273,336
284,081
7,467
10,662
38,411
49,870
200
321,198
25,226
27,211
60,397
115,541
41,322
177,450
10,927
97,716
146,979
334,902
29,948
118,000
8,952
692,445
715,724
131,232
1,117,387
54,100
Total OTC Financial Derivative Instruments
156 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
HUS
JPM
JPM
UAG
UAG
BRC
UAG
BRC
CBK
DUB
DUB
HUS
JPM
MSC
MSC
BRC
HUS
MSC
CBK
UAG
CBK
CBK
DUB
DUB
FBF
FBF
HUS
JPM
JPM
UAG
DUB
BRC
CBK
DUB
FBF
GST
HUS
JPM
UAG
HUS
HUS
JPM
UAG
HUS
JPM
JPM
UAG
BRC
BRC
CBK
DUB
DUB
GST
HUS
HUS
JPM
JPM
UAG
BRC
BRC
CBK
CBK
DUB
DUB
FBF
GST
HUS
HUS
JPM
UAG
UAG
DUB
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
10/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
12/2012
12/2012
12/2012
10/2012
10/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
Unrealised
Appreciation
$
0
0
185
10
98
24
229
113
262
0
0
10
0
561
0
0
0
0
2,463
109
106
46
161
794
1,349
0
0
0
0
0
0
82
286
379
289
263
0
72
0
4
0
0
0
0
0
99
0
2,244
0
0
192
227
2
2,202
0
32
0
320
50
486
31
0
457
1,905
171
155
41
3,180
1,781
305
1,930
249
$ 40,387
Unrealised
(Depreciation)
$
(657)
(267)
(195)
(9,391)
0
0
0
0
0
(1)
(134)
0
(12)
(86)
(13)
(141)
(37)
(26)
0
0
(275)
(421)
0
(346)
0
(83)
(116)
(259)
(492)
(623)
0
(133)
0
0
0
0
(163)
0
(146)
0
(11)
(1)
(1,189)
(4,342)
(24)
(20)
(213)
0
(105)
(68)
(147)
(154)
0
(326)
(363)
(131)
(843)
(207)
0
(398)
0
(306)
0
0
0
(208)
0
0
(301)
(460)
(252)
0
$ (62,710)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$
(657)
(267)
(10)
(9,381)
98
24
229
113
262
(1)
(134)
10
(12)
475
(13)
(141)
(37)
(26)
2,463
109
(169)
(375)
161
448
1,349
(83)
(116)
(259)
(492)
(623)
0
(51)
286
379
289
263
(163)
72
(146)
4
(11)
(1)
(1,189)
(4,342)
(24)
79
(213)
2,244
(105)
(68)
45
73
2
1,876
(363)
(99)
(843)
113
50
88
31
(306)
457
1,905
171
(53)
41
3,180
1,480
(155)
1,678
249
$ (22,323)
(0.01)
(0.01)
0.00
(0.20)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.05
0.00
(0.01)
(0.01)
0.00
0.01
0.03
0.00
0.00
(0.01)
(0.02)
(0.01)
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
(0.09)
0.00
0.00
0.00
0.04
0.00
0.00
0.00
0.00
0.00
0.04
0.00
0.00
(0.02)
0.01
0.00
0.00
0.00
(0.01)
0.01
0.03
0.00
0.00
0.00
0.06
0.03
0.00
0.04
0.00
(0.46)
$ 67,863
1.40
30 June 2012 (Unaudited)
FAIR
VALUE
(000S)
% OF
NET
ASSETS
16,000
0.33
7,304
7,284
0.15
18,980
10,300
18,783
10,232
0.38
0.21
16,900
10,400
9,890
16,901
10,221
9,921
0.35
0.21
0.20
PAR
(000S)
DESCRIPTION
CERTIFICATES OF DEPOSIT
Banco Bradesco S.A.
1.955% due 01/24/2013
$ 16,000
$
Banco BTG Pactual S.A.
3.000% due 02/27/2013
Banco do Brasil S.A.
1.970% due 06/28/2013
2.200% due 03/26/2013
Itau Unibanco S.A.
1.600% due 11/13/2012
2.440% due 03/26/2013
2.550% due 02/27/2013
Total Certificates of Deposit
$
89,342
1.83
Total Investments
$ 4,849,421
99.58
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.005% due 06/29/2012
0.010% due 06/29/2012
CHF
HKD
JPY
3
9
1
£
$
3
1
0
0.00
0.00
0.00
71
111
0.00
$
4,004
4,004
0.08
€
98
124
0.00
ZAR
1,736
212
$
4,455
$
16,212
$ 4,870,088
0.01
0.09
0.33
100.00
Citibank N.A.
0.087% due 06/29/2012
DBS Bank Ltd.
0.030% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
JPMorgan Chase & Co.
4.700% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Principal amount of security is adjusted for inflation.
(b) Security is in default.
(c) Securities with an aggregate market value of $1,782 and cash of $1,139 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(d) The Emerging Local Bond Fund is investing in shares of an affiliated fund.
(e) Cash of $5,960 has been pledged as collateral for OTC swap and foreign currency contracts as governed by ISDA Master Agreements as at 30 June 2012.
(f) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 411,529
0
0
$ 411,529
$ 4,254,766
89,342
66,051
$ 4,410,159
$ 27,733
0
0
$ 27,733
$ 4,694,028
89,342
66,051
$ 4,849,421
Transferable Securities
Deposits with Credit Institutions
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
Starting
Balance
at 31-Dec-2011
Net
Purchases5
Net
Sales5
Accrued
Discounts/
(Premiums)
$ 1,863
3
$ 1,866
$ 26,350
0
$ 26,350
$ 0
0
$ 0
$ (10)
0
$ (10)
Realised
Gains/
(Losses)
$
0
(51)
$ (51)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ (322)
48
$ (274)
$ (148)
0
$ (148)
$ 27,733
0
$ 27,733
$ 59
0
$ 59
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 157
Portfolio of Investments and Assets Emerging Local Bond Fund (Cont.)
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
(g) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GST
HUS
JPM
MSC
MYC
RBC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
Collateral
(Received)/Pledged
$ 11,703
2,377
5,805
(778)
6,377
2,397
107
174
7,806
4,361
(4,606)
24,453
116
2,011
5,560
$ (11,180)
(2,130)
(3,930)
1,930
(5,510)
(1,790)
(550)
0
(420)
(5,550)
4,030
(23,900)
0
(1,990)
(3,290)
Net
Exposures(1)
$
523
247
1,875
1,152
867
607
(443)
174
7,386
(1,189)
(576)
553
116
21
2,270
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
158 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Emerging Local Bond Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
PAR
(000S)
PROCEEDS
(000S)
MXN 3,900,000
$ 2,722,266
DESCRIPTION
SALES THROUGH 30 JUNE 2012
Mexico Cetes
4.430% due 05/31/2012
30 June 2012 (Unaudited)
Mexico Cetes
MXN 3,900,000
$ 3,001,888
4.430% due 05/31/2012
Mexico Cetes
SHARES
0.000% due 04/04/2012
4,938,072
1,800,007
SHARES
PIMCO US Dollar Short-Term Floating
NAV Fund (a)
90,058,080
0.099% due 04/09/2012
MXN 1,871,471
148,275
ZAR
910,100
122,585
JPY
6,550,000
84,918
6,550,000
79,413
US Treasury Bonds
$
48,783
74,666
ZAR
565,100
67,881
MXN
644,580
65,963
ZAR
430,000
65,734
PLN
203,704
64,937
1,695,000
57,020
TRY
110,260
56,059
ZAR
390,300
51,278
BRL
87,888
48,016
0.000% due 04/25/2012
10.000% due 12/05/2024
10.000% due 01/01/2014
3.625% due 05/22/2015
68,875
TRY
110,260
60,326
MXN
675,510
58,170
TRY
84,509
47,685
MXN
438,370
44,762
BRL
58,992
32,428
THB
979,439
31,980
30,700
30,691
29,200
29,421
378,040
27,556
26,400
26,394
RUB
1,102,400
37,632
20,662
26,065
$
33,500
32,481
MXN 3,396,000
25,962
PEN
66,695
29,048
€
20,000
24,987
MXN
349,200
28,992
$
23,726
23,726
$
Teva Pharmaceutical Finance Co. BV
Mexico Government International Bond
MXN
US Treasury Bills
0.061% due 05/03/2012
$
US Treasury Bond
4.375% due 05/15/2041
Mexico Cetes
0.000% due 04/12/2012
ALROSA Finance S.A.
LeasePlan Corp. NV
3.090% due 11/13/2013
Peru Government International Bond
AK Transneft OJSC Via TransCapitalInvest Ltd.
6.103% due 06/27/2012
Mexico Government International Bond
7.750% due 12/14/2017
9.500% due 12/18/2014
7.500% due 06/21/2012
RZD Capital Ltd.
9.910% due 05/05/2015
537,220
1.344% due 11/08/2013
Brazil Notas do Tesouro Nacional Series F
4.125% due 12/21/2012
0.000% due 01/25/2012
0.048% due 06/14/2012
RUB
South Africa Government International Bond
8.300% due 02/04/2019
ZAR
US Treasury Bills
Turkey Government International Bond
10.000% due 01/01/2017
8.250% due 09/15/2017
Thailand Government Bond
Russian Agricultural Bank OJSC Via RSHB
Capital S.A.
8.000% due 12/21/2018
75,440
Brazil Notas do Tesouro Nacional Series F
Poland Government Bond
0.000% due 11/07/2012
48,783
8.000% due 11/15/2021
Mexico Government International Bond
South Africa Government International Bond
8.625% due 02/17/2017
78,792
Turkey Government International Bond
Mexico Government International Bond
5.500% due 10/25/2019
78,800
$
Mexico Government International Bond
South Africa Government International Bond
13.500% due 09/15/2015
0.065% due 04/19/2012
Turkey Government International Bond
0.099% due 09/07/2012
10.000% due 12/05/2024
80,477
South Africa Government International Bond
Japan Treasury Bills
7.250% due 01/15/2020
6,550,000
US Treasury Bonds
Japan Treasury Bills
8.000% due 11/15/2021
JPY
US Treasury Bills
South Africa Government International Bond
0.099% due 07/09/2012
896,100
PAR
(000S)
Japan Treasury Bills
Mexico Government International Bond
8.250% due 09/15/2017
89,560,671
901,075
PAR
(000S)
6.250% due 06/16/2016
PIMCO US Dollar Short-Term Floating
NAV Fund (a)
(a) The Emerging Local Bond Fund is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 159
Portfolio of Investments and Assets Emerging Markets Bond Fund
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
7.500% due 05/04/2020
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
OGX Austria GmbH
$
3,200 $ 2,768 0.05
BARBADOS
Columbus International, Inc.
11.500% due 11/20/2014
16,910
$ 12,800 $ 13,312 0.25
Petrobras International Finance Co.
AUSTRIA
8.375% due 04/01/2022
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
18,179 0.34
2.875% due 02/06/2015
3.500% due 02/06/2017
3.875% due 01/27/2016
5.375% due 01/27/2021
5.750% due 01/20/2020
6.125% due 10/06/2016
6.750% due 01/27/2041
6.875% due 01/20/2040
7.875% due 03/15/2019
8,000
21,250
80
11,950
9,425
150
17,500
12,100
27,860
0.15
0.40
0.00
0.24
0.19
0.00
0.38
0.27
0.63
8.250% due 09/01/2017
1,440
1,479 0.03
635
616 0.01
Noble Group Ltd.
6.750% due 01/29/2020
1,700
4.625% due 09/15/2020
6.250% due 01/23/2017
6.875% due 11/21/2036
6,900
470
200
Qtel International Finance Ltd.
3.375% due 10/14/2016
4.750% due 02/16/2021
5.000% due 10/19/2025
6.500% due 06/10/2014
7.875% due 06/10/2019
1,743 0.03
400
5,725
1,675
2,000
2,750
417
6,112
1,796
2,188
3,438
16,046
0.01
0.11
0.03
0.04
0.07
0.30
7,253
535
233
498,123
0.13
0.01
0.00
9.21
BRITISH VIRGIN ISLANDS
$
900 $
934 0.02
14,050 16,613 0.31
Colbun S.A.
6.000% due 01/21/2020
2,400
2,592 0.05
1,000
2,391
1,259 0.02
3,041 0.06
9,000
9,802 0.18
2,000
2,020 0.04
58,687 1.08
100
109 0.00
Corp. Nacional del Cobre de Chile
6.150% due 10/24/2036
7.500% due 01/15/2019
E.CL S.A.
5.625% due 01/15/2021
2.875% due 11/09/2015
5.750% due 01/30/2021 (a)
3,900
24,325
23,217 0.43
3,880
4,365 0.08
7.250% due 10/20/2017
Banco Bradesco S.A.
Star Energy Geothermal Wayang Windu Ltd.
2.566% due 05/16/2014
3,100
3,098 0.06
11.500% due 02/12/2015
3,200
3,496 0.07
TNK-BP Finance S.A.
Banco do Brasil S.A.
3.284% due 07/02/2014
4.500% due 01/22/2015 (a)
4.500% due 01/20/2016
5.875% due 01/19/2023
6.000% due 01/22/2020 (a)
11,000
3,400
€ 9,500
$ 11,200
17,655
11,026
3,612
12,522
11,424
20,126
0.20
0.07
0.24
0.21
0.37
6.250% due 02/02/2015
6.625% due 03/20/2017
7.250% due 02/02/2020
7.500% due 07/18/2016
7.875% due 03/13/2018
750
44,352
2,600
33,625
22,091
Banco do Nordeste do Brasil S.A.
4.375% due 05/03/2019
2,700
2,686 0.05
Banco Nacional de Desenvolvimento
Economico e Social
€ 14,900
$ 10,620
12,930
4.125% due 09/15/2017
6.369% due 06/16/2018
6.500% due 06/10/2019
19,703 0.36
12,505 0.23
15,484 0.29
Banco Santander Brasil S.A.
4.250% due 01/14/2016
4.500% due 04/06/2015
1,000
1,900
992 0.02
1,909 0.04
9,200
700
9,453 0.18
747 0.01
700
749 0.01
9,100
9,200
9,396 0.17
10,099 0.19
Banco Votorantim S.A.
5.250% due 02/11/2016
7.375% due 01/21/2020
BM&FBovespa S.A.
5.500% due 07/16/2020
Braskem Finance Ltd.
5.750% due 04/15/2021
7.000% due 05/07/2020
Brazil Government International Bond
5.625% due 01/07/2041 (a)
5.875% due 01/15/2019
7.125% due 01/20/2037
8.250% due 01/20/2034
8.875% due 10/14/2019
8.875% due 04/15/2024
10.125% due 05/15/2027
22,000
550
2,800
7,590
1,300
10,050
1,060
27,093
667
4,053
11,954
1,849
15,578
1,815
0.50
0.01
0.08
0.22
0.03
0.29
0.03
BRL
9,009
117,017
4,586 0.09
59,530 1.10
$
4,500
16,070
2,700
4,941 0.09
18,783 0.35
3,157 0.06
9.500% due 11/12/2020
4,400
4,576 0.09
Banco Continental S.A. Via Continental Senior Trustees
Cayman Ltd.
5.500% due 11/18/2020
6.000% due 05/13/2021
0.000% due 11/30/2018
6.500% due 07/21/2020
0.000% due 05/15/2030
3.125% due 11/15/2015
4.875% due 05/14/2016
5.500% due 03/01/2022
5.875% due 03/14/2021
8.875% due 03/29/2017
6.350% due 06/30/2021
13,300
5,218 0.10
5.136% due 12/29/2049
7.589% due 01/29/2049
8.125% due 10/29/2049
233
5,541
2,245
9,066
0.00
0.10
0.04
0.17
$ 3,000
3,015 0.06
27,244
28,674 0.53
5,750
6,967 0.13
0.000% due 05/31/2018
2,885
2,557 0.04
4,555
4,236 0.08
1,635
1,553 0.03
21,900
22,476 0.41
1,000
1,055 0.02
119,640 2.21
Petroleum Export V Ltd.
QNB Finance Ltd.
30,682 0.57
CHILE
11,780
12,820 0.24
Banco Santander Chile
160 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
63,495
80,321 1.48
142,904 2.64
2,200
2,101 0.04
900
991 0.02
2.467% due 02/14/2014
3.750% due 09/22/2015
5.375% due 12/09/2014
FRANCE
BPCE S.A.
€
£ 2,300
800
300
2,134
771
326
4,222
0.04
0.01
0.01
0.08
GABON
Gabon Government International Bond
8.200% due 12/12/2017
$ 46,950
54,697 1.01
8,500
8,926 0.16
10,140
500
10,596 0.20
614 0.01
11,210 0.21
GERMANY
9.625% due 03/01/2013
GUATEMALA
Guatemala Government Bond
Petroleum Export III Ltd.
3.468% due 12/20/2012
0.31
0.04
0.03
0.49
0.16
0.05
0.07
Gazprom OAO Via RBS AG
Pemex Finance Ltd.
10.610% due 08/15/2017
5.250% due 08/05/2015
Credit Agricole S.A.
225
€ 4,000
$ 2,050
€ 6,500
16,737
2,114
1,549
26,439
8,678
2,739
3,898
Nile Finance Ltd.
9.250% due 10/29/2049
Odebrecht Drilling Norbe VIII/IX Ltd.
28,020
7,762 0.14
12,825
1,700
1,180
17,810
5,950
2,305
2,429
EGYPT
6,440 0.12
Mongolian Mining Corp.
1,323 0.03
7,700
429 0.01
Ecopetrol S.A.
7,806
IPIC GMTN Ltd.
1,200
Fibria Overseas Finance Ltd.
6.125% due 01/18/2041
7.375% due 01/27/2017
7.375% due 03/18/2019
7.375% due 09/18/2037
8.125% due 05/21/2024
8.660% due 10/07/2016
11.750% due 02/25/2020
5,845 0.11
Interoceanica V Finance Ltd.
7.250% due 01/18/2018
CSN Resources S.A.
400
Colombia Government International Bond
5,800
CSN Islands XI Corp.
6.875% due 09/21/2019
5.950% due 06/03/2021
9,943 0.18
Interoceanica IV Finance Ltd.
Usiminas Commercial Ltd.
CSN Islands VIII Corp.
14,869 0.28
11,436 0.21
26,414 0.49
Bancolombia S.A.
9,700
ENN Energy Holdings Ltd.
3.125% due 11/16/2015
9.750% due 12/16/2013
0.01
0.90
0.05
0.69
0.47
2.78
AES Andres Dominicana Ltd.
6.250% due 12/16/2020
213 0.00
14,230
10,700
COLOMBIA
7.625% due 07/23/2019
Cia de Saneamento Basico do Estado de Sao Paulo
200
4.875% due 07/21/2015
CAYMAN ISLANDS
3.989% due 04/08/2013
Centrais Eletricas Brasileiras S.A.
5.750% due 10/27/2021
6.875% due 07/30/2019
7.750% due 11/30/2015
790
48,401
2,933
37,536
25,377
150,177
Peru Enhanced Pass-Through Finance Ltd.
Brazil Notas do Tesouro Nacional Series F
Export-Import Bank of China
4,062 0.08
Gold Fields Orogen Holding BVI Ltd.
4.875% due 10/07/2020
CHINA
3.900% due 05/17/2022
4.875% due 05/17/2042
Gerdau Trade, Inc.
BRAZIL
6.750% due 03/03/2021
5.000% due 01/21/2021
7.250% due 07/29/2019
Sinopec Group Overseas Development 2012 Ltd.
GTL Trade Finance, Inc.
10.000% due 01/01/2014
10.000% due 01/01/2017
Celulosa Arauco y Constitucion S.A.
Vale Overseas Ltd.
Digicel Ltd.
FAIR
% OF
VALUE
NET
(000S) ASSETS
Telefonica Moviles Chile S.A.
Telemar Norte Leste S.A.
5.500% due 10/23/2020
BERMUDA
8,140
21,866
83
12,939
10,357
169
20,615
14,514
34,027
PAR
(000S)
DESCRIPTION
5.750% due 06/06/2022
8.125% due 10/06/2034
GUERNSEY
Doric Nimrod Air Finance Alpha Ltd. 2012-1 Class A
Pass-Through Trust
5.125% due 11/30/2024 (b)
9,100
9,100 0.17
HONG KONG
China Resources Power Holdings Co. Ltd.
8,000
13,700
750
7,879 0.14
13,771 0.25
776 0.01
3.750% due 08/03/2015 (a)
950
966 0.02
15,600
16,168 0.30
CNOOC Finance 2012 Ltd.
3.875% due 05/02/2022
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
Sinochem Overseas Capital Co. Ltd.
4.500% due 11/12/2020
$ 2,000 $ 2,023 0.03
19,157 0.35
PAR
(000S)
DESCRIPTION
6.500% due 03/10/2021
Intergas Finance BV
Comision Federal de Electricidad
6.375% due 05/14/2017
$ 10,853 $ 11,836 0.22
Bank of India
4.750% due 09/30/2015
700
705 0.01
4,075
6,000
4,059 0.07
5,947 0.11
10,000
10,293 0.19
4,700
4,758 0.09
ICICI Bank Ltd.
4.750% due 11/25/2016
5.750% due 11/16/2020
6.375% due 04/09/2021
7.000% due 05/05/2020
9.125% due 07/02/2018
11.750% due 01/23/2015
25,250
30,750
29,256
53,450
Indian Railway Finance Corp. Ltd.
6.124% due 11/15/2014
4.500% due 10/19/2020
2,050
1,930 0.04
20,400
20,757 0.39
48,449 0.90
15,370
16,446 0.30
State Bank of India
4.500% due 07/27/2015
INDONESIA
Adaro Indonesia PT
7.625% due 10/22/2019
Bank Negara Indonesia Persero Tbk PT
4.125% due 04/27/2017
15,305
15,501 0.29
4,300
1,040
8,780
275
8,920
16,870
10,790
45,595
4,521
1,204
10,887
321
10,581
23,323
15,888
67,481
0.08
0.02
0.20
0.01
0.20
0.43
0.29
1.25
Indosat Palapa Co. BV
7.375% due 07/29/2020
19,320
21,059 0.39
13,500
13,584 0.25
15,900
2,250
23,670
5,910
7,500
18,205
2,579
28,345
7,210
9,075
13,000
12,902 0.24
1,500
1,575 0.03
280,687 5.19
Majapahit Holding BV
7.250% due 06/28/2017
7.750% due 10/17/2016
7.750% due 01/20/2020
7.875% due 06/29/2037
8.000% due 08/07/2019
0.34
0.05
0.52
0.13
0.17
Pertamina Persero PT
6.000% due 05/03/2042
Perusahaan Listrik Negara PT
5.500% due 11/22/2021
IRELAND
3,600
12,150
3,808 0.07
12,876 0.24
4,800
5,017 0.09
49,508
£ 1,500
52,970 0.98
2,420 0.04
Vimpel Communications Via VIP Finance Ireland
Ltd. OJSC
6.493% due 02/02/2016
7.748% due 02/02/2021
9.125% due 04/30/2018
1,000
1,500
17,970
15,013
14,750
1,000
2,145
14,900
21,320
16,550
7.201% due 02/01/2020
6,799
5.298% due 12/27/2017
6.299% due 05/15/2017
7.125% due 01/14/2014
7.175% due 05/16/2013
7.750% due 05/29/2018
9.000% due 06/11/2014
18,980
22,640
8,550
4,400
9,500
22,060
4.950% due 02/07/2017
5.180% due 06/28/2019
5.400% due 03/24/2017
5.499% due 07/07/2015
5.717% due 06/16/2021
6.125% due 02/07/2022
6.468% due 07/02/2013
6.480% due 05/15/2013
2,300
12,755
20,275
30,180
2,425
8,215
10,600
1,500
6.700% due 10/25/2017 (a)
17,455
$ 4,300
5,500
12,500
4,298 0.08
5,325 0.10
13,344 0.25
25,150
12,530
14,710
6,200
0.35
0.44
0.17
0.09
0.20
0.45
2,346
12,631
21,111
31,689
2,478
8,614
11,059
1,569
0.04
0.23
0.39
0.59
0.05
0.16
0.20
0.03
17,701 0.33
2,600
2,726 0.05
VTB Bank OJSC Via VTB Capital S.A.
6.875% due 05/29/2018
4,150
4,363 0.08
340,735 6.30
0.49
0.23
0.29
0.12
2.98
5.375% due 04/28/2020
9,600
10,475 0.20
5.250% due 08/12/2019
600
693 0.01
2.991% due 07/06/2016
8,945
9,196 0.17
20,364 0.38
8.875% due 09/25/2014
17,690
18,486 0.34
Desarrolladora Homex SAB de C.V.
9.500% due 12/11/2019
12,140
7.500% due 06/29/2018(c)
326
5.750% due 03/01/2018
6.625% due 06/15/2035
6.625% due 06/15/2038
37 0.00
72,140
31,880
2,870
81,879 1.51
38,097 0.70
3,430 0.06
Petroleos Mexicanos
4.875% due 03/15/2015
4.875% due 01/24/2022
5.500% due 01/21/2021
5.500% due 06/27/2044
6.000% due 03/05/2020
6.500% due 06/02/2041
8.000% due 05/03/2019
17,572
10,590
44,200
37,660
14,310
98,100
30,580
19,044
11,464
50,167
38,601
16,621
115,022
38,989
0.35
0.21
0.93
0.71
0.31
2.13
0.72
Telefonos de Mexico SAB de C.V.
8.750% due 01/31/2016 MXN
31,800
2,592 0.05
Urbi Desarrollos Urbanos SAB de C.V.
8.500% due 04/19/2016
9.500% due 01/21/2020
$
900
9,100
918 0.02
9,600 0.18
506,842 9.37
4.440% due 09/27/2012 MXN 3,435,000
4.460% due 09/20/2012
1,079,000
4.460% due 10/18/2012
2,157,000
25,254 0.47
7,956 0.15
15,849 0.29
SOVEREIGN ISSUES
Mexico Cetes
Mexico Government International Bond
5.125% due 01/15/2020
5.750% due 10/12/2110
5.950% due 03/19/2019
6.050% due 01/11/2040
6.625% due 03/03/2015
6.750% due 09/27/2034
7.500% due 04/08/2033
8.300% due 08/15/2031
$
1,100
6,300
95
29,750
3,375
12,683
11,500
2,790
Total Mexico
1,295 0.02
7,198 0.13
116 0.00
38,526 0.72
3,822 0.07
17,376 0.32
16,790 0.31
4,339 0.08
138,521 2.56
645,363 11.93
MONGOLIA
Development Bank of Mongolia LLC
5.750% due 03/21/2017
17,300
17,274 0.32
MOROCCO
€
11,000
Gazprom OAO Via White Nights Finance BV
10.500% due 03/08/2014
10.500% due 03/25/2014
$
17,700
37,480
19,891 0.37
42,105 0.78
4,500
4,444 0.08
1,100
1,196 0.02
Indo Energy Finance BV
7.000% due 05/07/2018
Nakilat, Inc.
Kazakhstan Temir Zholy Finance BV
9.750% due 11/05/2016
6.067% due 12/31/2033
1,700
1,908 0.03
6.375% due 10/06/2020
7.000% due 05/11/2016
17,625
7,615
19,476 0.37
8,367 0.15
5,440
5,682 0.10
101,161 1.87
10,750
10,777 0.20
Waha Aerospace BV
MEXICO
3.925% due 07/28/2020
COMMON STOCKS
Hipotecaria Su Casita S.A.
de C.V.
39,443
0 0.00
PANAMA
AES El Salvador Trust
6.750% due 02/01/2016
Panama Government International Bond
BBVA Bancomer S.A.
$ 6,400
13,262 0.24
NETHERLANDS
MARSHALL ISLAND
4.500% due 03/10/2016
12,747 0.24
Pemex Project Funding Master Trust
Indo Integrated Energy II BV
CORPORATE BONDS & NOTES
19,143 0.35
24,634 0.46
3,180 0.06
Corp. GEO SAB de C.V.
4.500% due 10/05/2020
Axiata SPV1 Labuan Ltd.
PAR
(000S)
18,700
22,600
3,000
Morocco Government International Bond
SHARES
26,089
12,530
15,461
6,732
160,870
Israel Electric Corp. Ltd.
See Accompanying Notes
19,162
23,998
9,045
4,583
10,782
24,323
Vimpel Communications OJSC Via UBS Luxembourg S.A.
8.250% due 05/23/2016
4.875% due 05/26/2021
5.750% due 02/14/2042
14,650 $ 14,870 0.27
7,470 0.14
Severstal OAO Via Steel Capital S.A.
ISRAEL
7.250% due 01/15/2019
0.02
0.03
0.36
0.31
0.31
0.02
0.05
0.30
0.50
0.38
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
Vnesheconombank Via VEB Finance PLC
5.375% due 02/13/2017
6.025% due 07/05/2022 (b)
6.800% due 11/22/2025
6.902% due 07/09/2020
1,041
1,616
19,586
16,721
16,815
1,040
2,262
16,384
27,236
20,725
Wakala Global Sukuk Bhd
RZD Capital Ltd.
5.739% due 04/03/2017
7.487% due 03/25/2031
Gazprom OAO Via Gaz Capital S.A.
Petronas Capital Ltd.
Novatek OAO via Novatek Finance Ltd.
5.326% due 02/03/2016
1,659 0.03
MALAYSIA
AK Transneft OJSC Via TransCapitalInvest Ltd.
5.670% due 03/05/2014
7.700% due 08/07/2013
1,500
Sberbank of Russia Via SB Capital S.A.
Lembaga Pembiayaan Ekspor Indonesia
3.750% due 04/26/2017
ALROSA Finance S.A.
Gazprom OAO Via Gazprom International S.A.
Indonesia Government International Bond
5.250% due 01/17/2042
5.875% due 03/13/2020
6.625% due 02/17/2037
6.875% due 03/09/2017
6.875% due 01/17/2018
7.750% due 01/17/2038
8.500% due 10/12/2035
11.625% due 03/04/2019
2,095 0.04
177,071 3.27
LUXEMBOURG
4.950% due 05/23/2016
5.999% due 01/23/2021
6.212% due 11/22/2016
6.510% due 03/07/2022
7.288% due 08/16/2037
7.343% due 04/11/2013
7.510% due 07/31/2013
8.125% due 07/31/2014
8.625% due 04/28/2034
9.250% due 04/23/2019
$
Hipotecaria Su Casita S.A. de C.V.
2,003
8.875% due 11/17/2014
Reliance Holdings USA, Inc.
0.51
0.65
0.67
1.18
Tengizchevroil Finance Co. SARL
Indian Oil Corp. Ltd.
4.750% due 01/22/2015
27,901
35,055
36,314
63,870
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
KAZAKHSTAN
KazMunayGas National Co.
INDIA
4.406% due 03/30/2016
FAIR
% OF
VALUE
NET
(000S) ASSETS
6,464 0.12
6.700% due 01/26/2036
7.125% due 01/29/2026
8.875% due 09/30/2027
1,981
4,395
12,050
Semiannual Report
2,684 0.05
5,955 0.11
18,768 0.35
30 June 2012 161
Portfolio of Investments and Assets Emerging Markets Bond Fund (Cont.)
9.375% due 01/16/2023
9.375% due 04/01/2029
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
$
3,560 $ 5,047 0.09
11,658
19,119 0.35
62,350 1.15
SINGAPORE
Sigma Capital Pte Ltd.
9.000% due 04/30/2015
7.500% due 08/12/2015
25,280
2,700
11,200
4,032
34,532
3,483
15,792
6,633
60,440
0.64
0.07
0.29
0.12
1.12
20,898 0.39
500
561 0.01
26,442 0.49
Eskom Holdings SOC Ltd.
1,300
1,374 0.02
23,190
43,840
4,400
19,300
2,000
2,870
29,364
56,225
5,489
27,527
3,040
4,664
0.54
1.04
0.10
0.51
0.06
0.09
10,057 0.19
8,060 0.15
145,800 2.70
POLAND
Poland Government International Bond
3.875% due 07/16/2015
100
106 0.00
QATAR
3.125% due 01/20/2017
5.250% due 01/20/2020
6.400% due 01/20/2040
6.550% due 04/09/2019
5,000
4,000
270
5,000
5,238
4,632
345
6,175
0.10
0.09
0.01
0.11
8,060
9,067 0.16
Qatari Diar Finance QSC
5.000% due 07/21/2020
5.750% due 01/26/2021
Dolphin Energy Ltd.
1,800
1,978 0.04
DP World Ltd.
10,500
10,885 0.20
5.298% due 09/30/2020
4.375% due 06/09/2016
9,700
10,670 0.20
5.832% due 09/30/2016
5.838% due 09/30/2027
6.332% due 09/30/2027
6.750% due 09/30/2019
649
3,750
3,650
13,060
5.875% due 05/30/2022
6.875% due 05/27/2019
8.250% due 09/15/2017
11,060
5,820
ZAR 288,500
0.01
0.08
0.08
0.29
1.13
RUSSIA
20,830
26,043 0.48
11,100
11,680 0.21
ALROSA Finance S.A.
7.750% due 11/03/2020
6,000
5,800
6,345 0.12
6,935 0.13
Russia Government International Bond
3.250% due 04/04/2017
3.625% due 04/29/2015
4.500% due 04/04/2022
5.000% due 04/29/2020
5.625% due 04/04/2042
7.500% due 03/31/2030
4,700
128,700
21,000
38,900
20,800
85,216
4,741
133,458
22,052
42,401
22,304
102,522
0.09
2.47
0.41
0.78
0.41
1.90
SCF Capital Ltd.
5.375% due 10/27/2017
31,775
30,464 0.56
1,100
1,036 0.02
VimpelCom Holdings BV
7.504% due 03/01/2022
13,100
13,585 0.25
423,566 7.83
SENEGAL
Senegal Government International Bond
8.750% due 05/13/2021
6,550
7,238 0.13
162 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
900
3,042
1,007 0.02
3,342 0.06
10,140
10,013 0.19
14,362 0.27
4,480
5,310 0.10
4,600
4,345 0.08
727
782 0.01
€ 1,000
1,000
984 0.02
955 0.02
12,376 0.23
$ 6,000
6,041 0.11
Barclays Bank PLC
10.179% due 06/12/2021
HBOS PLC
Lloyds TSB Bank PLC
Export-Import Bank of Korea
1.700% due 02/13/2013
4.000% due 01/11/2017
5.125% due 03/16/2015
5.125% due 06/29/2020
5.500% due 10/17/2012
5.875% due 01/14/2015
$ 15,500
30,000
1,300
5,680
150
240
15,332
32,155
1,409
6,364
152
263
0.28
0.59
0.03
0.12
0.00
0.01
3.500% due 08/22/2017
4.000% due 09/09/2016
8.000% due 01/23/2014
4.875% due 01/14/2016
4.125% due 12/15/2015
3.125% due 09/16/2015
6.250% due 06/17/2014
0.977% due 08/28/2017 (k)
1.018% due 10/10/2017
UNITED STATES
3,000
3,072 0.06
Banc of America Merrill Lynch Commercial
Mortgage, Inc.
3,100
3,313 0.06
12,250
13,021 0.24
5.451% due 01/15/2049
5.805% due 06/10/2049
5.916% due 02/10/2051
Ally Financial, Inc.
4.625% due 06/26/2015
American Home Mortgage Investment Trust
2.237% due 09/25/2045
208
1,190
2,400
3,800
167 0.00
1,354 0.03
2,724 0.05
4,398 0.08
Banc of America Mortgage Securities, Inc.
9,000
2,150
9,218 0.17
2,318 0.04
400
426 0.01
125,548 2.32
Woori Bank Co. Ltd.
4.750% due 01/20/2016
Santander UK PLC
9,627 0.18
23,520 0.43
5,358 0.10
Korea Electric Power Corp.
3.000% due 10/05/2015
9.875% due 12/16/2021
9,200
22,000
4,900
3.000% due 02/25/2036
62
45 0.00
Bear Stearns Adjustable Rate Mortgage Trust
2.729% due 01/25/2035
3.123% due 05/25/2047
52
854
43 0.00
568 0.01
CEDC Finance Corp. International, Inc.
9.125% due 12/01/2016
1,650
1,052 0.02
9,380
9,427 0.17
Citigroup Capital XXI
8.300% due 12/21/2057
Sri Lanka Government International Bond
6.250% due 10/04/2020
6.250% due 07/27/2021
7.400% due 01/22/2015
2,975
15,694
850
3,064
15,864
914
19,842
0.06
0.29
0.02
0.37
Citigroup Mortgage Loan Trust, Inc.
2.893% due 03/25/2034
5.019% due 09/25/2037 (c)
54
1,458
50 0.00
926 0.02
Commercial Mortgage Pass-Through Certificates
5.811% due 12/10/2049
930
1,090 0.02
TRINIDAD AND TOBAGO
Countrywide Home Loan Mortgage Pass-Through Trust
Petroleum Co. of Trinidad & Tobago Ltd.
Fannie Mae
6.000% due 05/08/2022
9.750% due 08/14/2019
5.240% due 05/20/2036
11,842
7,410
12,345 0.23
9,162 0.17
21,507 0.40
TUNISIA
3.280% due 08/09/2027
8.250% due 09/19/2027
0.160% due 01/22/2013
JPY 100,000
$
500
1,011 0.02
598 0.01
1,609 0.03
TURKEY
323 0.01
209
36
162
142
226
39
174
153
0.01
0.00
0.00
0.00
2,800
2,798 0.05
21,900
24,528 0.46
291
230 0.00
Gerdau Holdings, Inc.
7.000% due 01/20/2020 (a)
GSR Mortgage Loan Trust
2.705% due 01/25/2036
JPMorgan Chase Commercial Mortgage Securities Corp.
5.440% due 06/12/2047
Turkey Government International Bond
5.625% due 03/30/2021
6.000% due 01/14/2041
6.750% due 04/03/2018
6.750% due 05/30/2040
6.875% due 03/17/2036
5.214% due 12/01/2035
5.500% due 02/01/2038
5.609% due 03/01/2036
5.693% due 01/01/2036
498
Freddie Mac
Banque Centrale de Tunisie S.A.
Vnesheconombank Via VEB Finance PLC
5.450% due 11/22/2017
13,263 0.25
115,068 2.13
UNITED KINGDOM
6.750% due 05/21/2018
SOUTH KOREA
Gazprom OAO Via Gaz Capital S.A.
5.092% due 11/29/2015
8.146% due 04/11/2018
0.24
0.13
0.70
1.48
SRI LANKA
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.700% due 08/07/2018 (a)
13,226
7,173
37,856
79,960
Korea Hydro & Nuclear Power Co. Ltd.
697
4,162
4,192
15,702
60,880
14,300
South Africa Government International Bond
Korea Housing Finance Corp.
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.500% due 12/15/2021
5.888% due 06/15/2019
6.850% due 07/02/2037
FirstRand Bank Ltd.
Korea Exchange Bank
Ras Laffan Liquefied Natural Gas Co. Ltd. II
2.966% due 04/20/2016
8,647 0.16
195 0.01
Korea Development Bank
Qatar Government International Bond
Turkiye Garanti Bankasi AS
8,400
200
Power Sector Assets & Liabilities Management Corp.
7,950
6,200
$ 17,730 $ 20,678 0.38
1,000
1,175 0.02
300
331 0.01
4,800
5,916 0.11
6,239
7,690 0.14
2,658
3,229 0.06
2,915
3,846 0.07
UNITED ARAB EMIRATES
AngloGold Ashanti Holdings PLC
Energy Development Corp.
Philippines Government International Bond
7.000% due 03/11/2019
7.000% due 06/05/2020
7.250% due 03/15/2015
7.250% due 03/05/2038
7.375% due 02/05/2025
7.500% due 11/07/2019
8.000% due 02/14/2034
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
SOUTH AFRICA
PHILIPPINES
7.250% due 05/27/2019
7.390% due 12/02/2024
4,983 0.09
19,440
4.300% due 10/25/2019
5.375% due 04/15/2020
6.500% due 04/15/2040
6.375% due 01/15/2032
6.375% due 10/23/2034
6.500% due 01/20/2020
7.750% due 01/14/2031
9.500% due 10/21/2024
9.500% due 02/02/2030
4,700 $
Temasek Financial I Ltd.
Peru Government International Bond
6.500% due 01/20/2021
$
STATS ChipPAC Ltd.
PERU
6.550% due 03/14/2037
7.125% due 03/30/2019
7.350% due 07/21/2025
8.750% due 11/21/2033
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
13,600
15,120
2,509
12,120
9,370
14,909
15,970
2,860
14,165
11,036
0.28
0.30
0.05
0.26
0.20
420
477 0.01
LB-UBS Commercial Mortgage Trust
5.424% due 02/15/2040
1,700
1,928 0.04
Merrill Lynch Countrywide Commercial Mortgage Trust
5.700% due 09/12/2049
700
771 0.02
30 June 2012 (Unaudited)
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Morgan Stanley Capital I, Inc.
6.076% due 06/11/2049
200 $
227 0.00
497
59
202 0.00
50 0.00
€ 4,800
$ 300
6,421 0.12
359 0.01
0.475% due 02/25/2037
2.455% due 06/25/2036
Pemex Project Funding Master Trust
Wachovia Bank Commercial Mortgage Trust
5.572% due 10/15/2048
900
1,001 0.02
780
762 0.01
Wachovia Bank N.A.
0.846% due 11/03/2014
WaMu Mortgage Pass-Through Certificates
2.713% due 02/25/2037
993
729 0.01
Wells Fargo Mortgage-Backed Securities Trust
0.745% due 07/25/2037
2.629% due 07/25/2036
232
309
Petroleos de Venezuela S.A.
$ 97,400 $ 97,400 1.80
RBC Capital Markets
38,100
38,100 0.70
158,600 2.93
228,295 4.22
URUGUAY
Uruguay Government International Bond
Bank of Nova Scotia
5.000% due 09/14/2018 (e) UYU 54,346
7.625% due 03/21/2036
$ 27,520
7.875% due 01/15/2033 (d)
9,630
8.000% due 11/18/2022
12,880
21,400
2,754
39,904
14,036
18,192
74,886
0.05
0.74
0.26
0.33
1.38
66,785 $
23,700
52,450
54,595
22,685
36,775
5.750% due 02/26/2016
6.000% due 12/09/2020
7.000% due 12/01/2018
7.000% due 03/31/2038
7.650% due 04/21/2025
7.750% due 10/13/2019
8.250% due 10/13/2024
8.500% due 10/08/2014
9.000% due 05/07/2023
9.250% due 05/07/2028
9.375% due 01/13/2034
12.750% due
08/23/2022
1,600
4,520
5,000
24,340
41,590
68,735
77,485
220
34,370
21,360
17,470
4,160
1.06
0.35
0.70
0.58
0.24
0.55
1,384
3,062
3,863
16,064
28,905
53,098
56,370
219
26,637
16,340
13,539
0.03
0.06
0.07
0.30
0.54
0.98
1.04
0.00
0.49
0.30
0.25
4,015 0.07
411,774 7.61
SHARES
51,909,799
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
1,700
57,602
18,754
37,764
31,256
12,930
29,972
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (f)
21,400 0.40
Goldman Sachs & Co.
0.200% due 07/16/2012
(Dated 06/29/2012.
Collateralised by Federal Home
Loan Mortgage Corp. 3.500%
due 03/01/2042 valued at
$1,745. Repurchase proceeds
are $1,700.)
4.900% due 10/28/2014 $
5.000% due 10/28/2015
5.250% due 04/12/2017
5.375% due 04/12/2027
5.500% due 04/12/2037
8.500% due 11/02/2017
Venezuela Government International Bond
0.200% due 07/03/2012
(Dated 06/29/2012.
Collateralised by Ginnie
Mae 5.000% due
08/20/2040 valued at
$39,138. Repurchase
proceeds are $38,101.)
182 0.00
230 0.01
69,695 1.29
REPURCHASE AGREEMENTS
0.200% due 07/05/2012
(Dated 06/29/2012.
Collateralised by Fannie Mae
4.500% due 11/01/2040 valued
at $21,554. Repurchase
proceeds are $21,400.)
0.190% due 07/05/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 0.250%
due 09/15/2014 valued
at $99,391. Repurchase
proceeds are $97,402.)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
VENEZUELA
Merrill Lynch & Co., Inc.
$
Morgan Stanley Mortgage Loan Trust
5.500% due 02/24/2025
6.625% due 06/15/2035
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
519,357 9.60
$ 5,380,044 99.47
1,700 0.03
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
# of
Contracts
US Treasury 10-Year Note September Futures
Long
09/2012
896
Unrealised
Appreciation
Total Financial Derivative Instruments Dealt in on a Regulated Market
% of
Net Assets
$ 518
0.01
$ 518
0.01
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Fixed
Rate
Maturity
Date
Notional
Amount
Unrealised
Appreciation
% of
Net Assets
Receive
6-Month EURIBOR
3.000%
09/16/2014
€ 9,900
$ 212
0.00
$ 212
0.00
Total Centrally Cleared Financial Derivative Instruments
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Reference Entity
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
See Accompanying Notes
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
12/20/2014
12/20/2014
03/20/2016
12/20/2014
12/20/2014
03/20/2016
03/20/2016
03/20/2016
BRC
CBK
DUB
FBF
GST
HUS
MYC
RYL
Notional
Fair
Amount(2) Value
$ 2,200
3,700
900
1,600
6,100
700
500
4,000
$ 11
18
(2)
8
30
(1)
(1)
(7)
Upfront
Premiums
Paid/(Received)
$ (91)
(142)
(7)
(41)
(238)
(5)
(4)
(6)
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
$ 102
160
5
49
268
4
3
(1)
Semiannual Report
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
30 June 2012 163
Portfolio of Investments and Assets Emerging Markets Bond Fund (Cont.)
Reference Entity
Fixed Deal
Receive Rate Maturity Date Counterparty
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Banque Centrale de Tunisie S.A.
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
Colombia Government International Bond
Colombia Government International Bond
Colombia Government International Bond
Colombia Government International Bond
Colombia Government International Bond
Denmark Government International Bond
Egypt Government International Bond
Egypt Government International Bond
Egypt Government International Bond
Egypt Government International Bond
Egypt Government International Bond
Export-Import Bank of China
Export-Import Bank of China
Export-Import Bank of China
Export-Import Bank of China
Export-Import Bank of China
Export-Import Bank of China
Export-Import Bank of China
Gazprom OAO Via Gaz Capital S.A.
Gazprom OAO Via Gaz Capital S.A.
Gazprom OAO Via Gaz Capital S.A.
Gazprom OAO Via Gaz Capital S.A.
Gazprom OAO Via Gazprom International S.A.
Gazprom OAO Via Gazprom International S.A.
Gazprom OAO Via Gazprom International S.A.
Gazprom OAO Via Gazprom International S.A.
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Morocco Government International Bond
Peru Government International Bond
Peru Government International Bond
Peru Government International Bond
Peru Government International Bond
Petrobras International Finance Co.
Petrobras International Finance Co.
Petrobras International Finance Co.
164 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
2.100%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
0.250%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
12/20/2014
03/20/2016
03/20/2016
09/20/2021
12/20/2012
12/20/2012
03/20/2016
09/20/2013
06/20/2017
09/20/2015
12/20/2012
03/20/2015
03/20/2016
06/20/2017
06/20/2015
06/20/2016
03/20/2015
08/20/2016
03/20/2015
06/20/2016
12/20/2012
12/20/2016
12/20/2016
12/20/2016
06/20/2016
06/20/2016
12/20/2016
06/20/2016
09/20/2015
06/20/2017
03/20/2016
06/20/2017
06/20/2017
09/20/2016
06/20/2016
03/20/2016
06/20/2016
06/20/2016
06/20/2016
06/20/2016
09/20/2016
12/20/2012
09/20/2016
12/20/2016
09/20/2016
06/20/2016
06/20/2017
06/20/2017
06/20/2014
06/20/2017
12/20/2012
12/20/2012
12/20/2012
12/20/2012
06/20/2017
06/20/2021
09/20/2021
03/20/2021
06/20/2017
06/20/2021
12/20/2014
03/20/2015
09/20/2015
12/20/2012
03/20/2016
03/20/2015
03/20/2016
06/20/2017
09/20/2015
12/20/2012
06/20/2015
03/20/2016
03/20/2021
03/20/2015
06/20/2016
06/20/2016
06/20/2016
06/20/2015
06/20/2016
09/20/2012
09/20/2013
09/20/2015
UAG
UAG
MYC
BOA
BPS
CBK
CBK
DUB
DUB
FBF
GST
GST
GST
GST
HUS
HUS
MYC
MYC
UAG
BOA
BRC
CBK
DUB
FBF
HUS
MYC
MYC
RYL
UAG
BCY
DUB
DUB
HUS
BOA
DUB
FBF
FBF
HUS
MYC
BOA
BOA
FBF
FBF
FBF
MYC
UAG
CBK
DUB
MYC
UAG
BRC
DUB
GST
UAG
CBK
FBF
HUS
MYC
UAG
UAG
BCY
BCY
BOA
CBK
CBK
DUB
DUB
DUB
FBF
GST
HUS
HUS
HUS
UAG
MYC
BOA
FBF
HUS
HUS
DUB
DUB
HUS
Notional
Amount(2)
$
600
1,100
10,000
10,000
10,900
1,400
2,200
37,500
3,400
22,000
2,600
5,000
2,500
6,500
1,000
12,500
16,000
4,500
6,000
20,000
1,100
3,300
6,800
3,900
5,200
1,100
8,300
7,100
2,000
15,000
500
10,000
10,000
17,200
1,100
150
10,000
7,200
11,600
19,600
6,700
700
16,300
2,200
600
900
20,000
15,000
1,800
15,000
2,000
6,100
200
4,200
25,000
4,100
5,000
7,500
25,000
1,200
1,100
8,600
24,700
7,100
9,150
8,000
23,200
7,000
13,000
7,100
1,000
24,700
9,200
3,600
10,000
23,000
13,200
1,000
6,700
4,600
15,000
10,300
Fair
Value
$
3
(2)
(555)
(688)
28
4
(21)
161
(78)
(112)
7
(11)
(24)
(150)
(4)
(145)
(36)
173
(14)
74
4
(3)
(6)
(3)
19
4
(7)
26
(2)
(243)
(2)
(162)
(162)
(485)
(190)
(24)
(1,726)
(1,243)
(2,002)
(314)
(131)
2
(320)
(54)
(12)
(14)
(1,771)
(1,329)
(28)
(1,329)
1
4
0
3
(1,001)
(430)
(541)
(761)
(1,001)
(126)
4
20
0
24
(34)
18
(86)
(108)
0
24
1
(91)
(468)
8
(580)
(310)
(178)
(5)
(90)
4
8
(150)
Upfront
Premiums
Paid/(Received)
$
(19)
(1)
(369)
(417)
13
2
(11)
241
(101)
(352)
4
(48)
(48)
(174)
(5)
(100)
(200)
0
(64)
257
(3)
(158)
(322)
(193)
67
14
(394)
76
(45)
(295)
(7)
(180)
(180)
(519)
(101)
(17)
(1,044)
(730)
(1,161)
(302)
(139)
(10)
(429)
(213)
(17)
(17)
(1,847)
(1,386)
(27)
(1,386)
(42)
(120)
(4)
(85)
(1,457)
(263)
(320)
(543)
(1,446)
(79)
(37)
(120)
(430)
16
(53)
(92)
(178)
(161)
(251)
19
0
(163)
(423)
(60)
(305)
(621)
(358)
(3)
(174)
(42)
(28)
(335)
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
$
22
(1)
(186)
(271)
15
2
(10)
(80)
23
240
3
37
24
24
1
(45)
164
173
50
(183)
7
155
316
190
(48)
(10)
387
(50)
43
52
5
18
18
34
(89)
(7)
(682)
(513)
(841)
(12)
8
12
109
159
5
3
76
57
(1)
57
43
124
4
88
456
(167)
(221)
(218)
445
(47)
41
140
430
8
19
110
92
53
251
5
1
72
(45)
68
(275)
311
180
(2)
84
46
36
185
0.00
0.00
(0.01)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
(0.01)
0.00
0.00
(0.03)
(0.02)
(0.04)
(0.01)
0.00
0.00
(0.01)
0.00
0.00
0.00
(0.03)
(0.03)
0.00
(0.03)
0.00
0.00
0.00
0.00
(0.02)
(0.01)
(0.01)
(0.01)
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
(0.01)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
30 June 2012 (Unaudited)
Reference Entity
Petrobras International Finance Co.
Petrobras International Finance Co.
Philippines Government International Bond
Poland Government International Bond
Poland Government International Bond
Poland Government International Bond
Poland Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Republic of Korea
Republic of Korea
Republic of Korea
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
Russian Railways
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
Turkey Government International Bond
Turkey Government International Bond
Turkey Government International Bond
Turkey Government International Bond
Turkey Government International Bond
Urbi Desarrollos Urbanos SAB de C.V.
VTB Bank OJSC Via VTB Capital SA
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.870%
1.000%
2.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
1.000%
09/20/2012
09/20/2015
09/20/2021
12/20/2020
12/20/2015
12/20/2020
03/20/2016
03/20/2016
03/20/2016
03/20/2016
06/20/2016
12/20/2014
06/20/2016
12/20/2012
12/20/2012
12/20/2015
03/20/2015
12/20/2012
12/20/2012
03/20/2016
12/20/2012
12/20/2012
06/20/2017
03/20/2021
12/20/2012
03/20/2016
03/20/2016
10/20/2012
09/20/2012
10/20/2012
09/20/2015
12/20/2015
06/20/2016
06/20/2017
12/20/2020
12/20/2020
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2021
03/20/2016
12/20/2012
MYC
MYC
MYC
BCY
DUB
DUB
HUS
BOA
DUB
FBF
MYC
UAG
UAG
DUB
FBF
RYL
BCY
CBK
DUB
DUB
FBF
HUS
HUS
HUS
MYC
RYL
UAG
FBF
GST
MYC
MYC
DUB
DUB
DUB
FBF
MYC
CBK
GST
HUS
MYC
DUB
DUB
DUB
Notional
Amount(2)
$ 8,800
13,500
10,000
5,000
5,100
3,860
4,030
500
500
5,200
12,000
2,400
2,000
16,200
700
1,000
10,000
7,200
200
25,000
1,900
7,300
25,000
20,000
1,900
18,400
4,600
3,800
10,000
8,400
2,000
7,363
400
6,000
11,700
1,740
20,000
25,000
33,000
25,000
1,300
5,800
31,000
Fair
Value
$
8
(196)
(863)
(523)
(131)
(404)
(119)
0
0
(4)
(29)
13
(5)
59
3
6
(182)
15
0
(858)
4
15
(1,459)
(2,428)
4
(631)
(158)
26
5
61
(109)
(61)
(5)
(165)
(823)
(122)
(1,262)
(1,578)
(2,083)
(1,578)
(168)
(477)
7
$ (34,877)
Upfront
Premiums
Paid/(Received)
$
(55)
(454)
(622)
(142)
(43)
(113)
(87)
0
(4)
(3)
3
(34)
(3)
(84)
(3)
1
(385)
(90)
(3)
(607)
(20)
(82)
(1,526)
(900)
(20)
(355)
(89)
1
(90)
0
(121)
(61)
(4)
(241)
(402)
(56)
(1,634)
(2,111)
(2,677)
(1,753)
(124)
(235)
(996)
$ (37,273)
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
$
63
258
(241)
(381)
(88)
(291)
(32)
0
4
(1)
(32)
47
(2)
143
6
5
203
105
3
(251)
24
97
67
(1,528)
24
(276)
(69)
25
95
61
12
0
(1)
76
(421)
(66)
372
533
594
175
(44)
(242)
1,003
$ 2,396
0.00
(0.01)
(0.02)
(0.01)
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
(0.03)
(0.05)
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
(0.02)
(0.03)
(0.04)
(0.03)
0.00
(0.01)
0.00
(0.65)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1)
Index/Tranches
Dow Jones CDX N.A. EM16 Index
Dow Jones CDX N.A. EM16 Index
Dow Jones CDX N.A. EM16 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Fixed Deal
Receive Rate
Maturity
Date
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
12/20/2016
12/20/2016
12/20/2016
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
Counterparty
CBK
GST
HUS
BPS
BRC
CBK
DUB
GST
HUS
MYC
Notional
Amount(2)
Fair Value
$
$
4,300
19,000
5,000
23,400
94,800
7,140
91,360
15,000
40,000
11,400
405
1,790
471
2,310
9,359
705
9,020
1,481
3,949
1,125
$ 30,615
Upfront
Unrealised
Premiums
Appreciation/
Paid/(Received) (Depreciation)
$
292
2,127
604
1,977
7,689
671
7,890
1,298
3,193
996
$ 26,737
$
113
(337)
(133)
333
1,670
34
1,130
183
756
129
$ 3,878
% of
Net Assets
0.01
0.04
0.01
0.04
0.17
0.01
0.17
0.03
0.07
0.02
0.57
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
3-Month ZAR-SAJIBOR
3-Month ZAR-SAJIBOR
BRL-CDI-Compounded
BRL-CDI-Compounded
See Accompanying Notes
Fixed
Rate
Maturity Date
6.910%
7.000%
11.420%
11.510%
08/11/2016
11/16/2016
01/02/2013
01/02/2013
Counterparty
HUS
HUS
MYC
HUS
Notional
Amount
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation
% of
Net Assets
ZAR 670,000
205,100
BRL 258,800
123,600
$ 2,827
927
3,136
1,597
$ 63
73
0
104
$ 2,764
854
3,136
1,493
0.05
0.02
0.06
0.03
Semiannual Report
30 June 2012 165
Portfolio of Investments and Assets Emerging Markets Bond Fund (Cont.)
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
Fixed
Rate
Maturity Date
11.880%
11.890%
12.075%
12.465%
11.935%
12.440%
6.750%
8.720%
5.600%
5.600%
5.500%
5.500%
8.950%
7.780%
7.500%
6.750%
01/02/2013
01/02/2013
01/02/2013
01/02/2013
01/02/2014
01/02/2014
06/08/2016
08/24/2016
09/06/2016
09/06/2016
09/13/2017
09/13/2017
02/19/2019
04/09/2019
06/02/2021
08/31/2021
Counterparty
BPS
HUS
BOA
HUS
HUS
BOA
BRC
BOA
BRC
HUS
HUS
MYC
JPM
RYL
HUS
GLM
Fair
Value
Upfront
Premiums
Paid/(Received)
777
999
4,196
2,891
18,125
7,993
1,629
521
702
460
413
245
2,996
410
1,998
1,054
$ 53,896
$ (13)
1
(396)
59
(440)
428
616
0
550
26
(274)
(197)
0
(82)
346
(119)
$ 745
Notional
Amount
BRL
35,200
44,400
250,000
157,100
565,900
236,000
MXN 355,100
50,000
501,100
328,000
590,000
350,000
203,700
41,700
213,400
200,000
$
Unrealised
Appreciation
$
790
998
4,592
2,832
18,565
7,565
1,013
521
152
434
687
442
2,996
492
1,652
1,173
$ 53,151
% of
Net Assets
0.02
0.02
0.08
0.05
0.33
0.15
0.03
0.01
0.01
0.01
0.01
0.00
0.05
0.01
0.04
0.02
1.00
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Sell
BRL
CHF
CLP
CNY
COP
€
£
HKD
HUF
IDR
INR
Principal Amount
Covered by
Contract
5,791
92,729
10,390
35,963
5,401
12,639
6
85,025
62,897
49,267
91,000
227,619
37,842
100,000
191,859
112,000
28,924
463,255
463,255
463,255
101,544
17,470
1,590
17,502
2,314
9,193
18,766
3,775
14,200
10,197
12,340
7,698
18,308
575
5,866
69,048
89,439
4,994
4,293
4,294
1
100
3,594
49
3,594
232
2,429,810
614,337
1,843,012
7,138,366
7,138,366
7,138,366
218,195
951,168
577,653
511,600
594,956
Counterparty
HUS
HUS
MSC
UAG
BRC
HUS
UAG
MSC
DUB
JPM
BRC
CBK
DUB
JPM
JPM
UAG
DUB
MSC
UAG
MSC
BPS
BPS
BRC
CBK
DUB
FBF
GST
HUS
HUS
JPM
JPM
RBC
RYL
RYL
UAG
UAG
BPS
BPS
GST
HUS
RBC
RYL
UAG
BRC
UAG
UAG
DUB
JPM
UAG
HUS
MSC
MSC
BPS
BRC
CBK
DUB
DUB
166 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Settlement
Month
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
10/2012
10/2012
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
09/2015
07/2012
07/2012
12/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
01/2013
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
45
1,816
0
72
0
77
0
0
0
0
0
0
0
0
33
0
0
0
0
2
2,093
0
0
0
52
0
0
123
0
280
0
129
291
0
83
2,494
0
47
42
36
0
0
29
0
0
0
25
73
257
0
0
6
0
594
168
0
681
Unrealised
(Depreciation)
$
(6)
0
(156)
(170)
(123)
0
0
(5)
(16)
(14)
(250)
(565)
(72)
(295)
(166)
(314)
(342)
(1)
(17)
0
0
(374)
(44)
(270)
0
(115)
(70)
0
(134)
(8)
(215)
(4)
0
(13)
(16)
0
(1,880)
0
0
0
0
(1)
0
(1)
(29)
0
0
0
0
(30)
(5)
0
(340)
0
0
(832)
0
Net Unrealised
Appreciation/
(Depreciation)
$
39
1,816
(156)
(98)
(123)
77
0
(5)
(16)
(14)
(250)
(565)
(72)
(295)
(133)
(314)
(342)
(1)
(17)
2
2,093
(374)
(44)
(270)
52
(115)
(70)
123
(134)
272
(215)
125
291
(13)
67
2,494
(1,880)
47
42
36
0
(1)
29
(1)
(29)
0
25
73
257
(30)
(5)
6
(340)
594
168
(832)
681
% of
Net Assets
0.00
0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
(0.01)
0.00
(0.01)
(0.01)
0.00
0.00
0.00
0.03
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.00
0.05
(0.03)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.01
0.00
(0.02)
0.02
30 June 2012 (Unaudited)
Type
Currency
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Sell
INR
JPY
KRW
MXN
MYR
PHP
PLN
SGD
TRY
ZAR
Principal Amount
Covered by
Contract
173,329
651,635
105,928
223,978
1,548,391
750,764
173,329
1,265,523
40,018,558
17,606,349
27,071,839
12,271,335
9,310,504
8,971,229
60,365
23,756
11,657
339,688
106,776
212,821
5,939
23,139
55,150
26,073
23,139
27,302
25,480
7,655
19,817
19,782
106
682
2,733
6,029
20,218
8,939
42,518
41
3,320
303,150
28,211
Counterparty
HUS
JPM
JPM
MSC
UAG
UAG
HUS
BPS
CBK
DUB
DUB
FBF
JPM
UAG
JPM
MSC
UAG
MSC
UAG
UAG
BRC
CBK
JPM
UAG
CBK
UAG
UAG
CBK
DUB
UAG
CBK
RYL
BRC
DUB
HUS
MSC
UAG
UAG
BRC
GST
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
09/2012
09/2012
10/2012
07/2012
07/2012
07/2012
07/2012
10/2012
10/2012
10/2012
10/2012
08/2012
08/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
0
0
176
0
0
864
77
298
0
26
21
0
8
1
141
0
16
0
0
0
0
73
457
83
0
102
0
0
53
0
1
4
18
60
96
74
0
0
9
0
114
$ 12,320
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
$
(68)
(1,012)
0
(358)
(4,327)
0
0
0
(536)
0
0
(1)
0
0
0
(62)
0
(694)
(279)
(559)
(12)
0
0
0
(88)
0
(99)
(6)
0
(276)
0
0
0
0
(27)
0
(857)
0
0
(920)
0
$ (17,074)
% of
Net Assets
$
(68)
(1,012)
176
(358)
(4,327)
864
77
298
(536)
26
21
(1)
8
1
141
(62)
16
(694)
(279)
(559)
(12)
73
457
83
(88)
102
(99)
(6)
53
(276)
1
4
18
60
69
74
(857)
0
9
(920)
114
$ (4,754)
$
Total OTC Financial Derivative Instruments
0.00
(0.02)
0.00
(0.01)
(0.08)
0.02
0.00
0.01
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
(0.01)
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
(0.02)
0.00
(0.09)
44,880
0.83
FAIR
VALUE
(000S)
% OF
NET
ASSETS
SECURITIES SOLD SHORT
PAR
(000S)
DESCRIPTION
US GOVERNMENT AGENCIES
Freddie Mac
5.000% due 08/01/2042 (j)
$
(1,000)
Total Securities Sold Short
$
(1,075)
(0.02)
$
(1,075)
(0.02)
$
1,396
0.03
15,498
0.29
CERTIFICATES OF DEPOSIT
Banco BTG Pactual S.A.
3.000% due 02/27/2013
$
1,400
Banco do Brasil S.A.
2.200% due 03/26/2013
15,600
Total Certificates of Deposit
$
16,894
0.32
Total Investments
$ 5,441,473
100.61
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.010% due 06/29/2012
0.087% due 06/29/2012
4.700% due 06/29/2012
4.840% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
CHF
JPY
£
ZAR
AUD
1
1
1
8
1
€
SGD
$
1
0
1
1
1
0.00
0.00
0.00
0.00
0.00
298
378
0.01
80
63
0.00
HSBC Bank
0.010% due 06/29/2012
See Accompanying Notes
Semiannual Report
30 June 2012 167
Portfolio of Investments and Assets Emerging Markets Bond Fund (Cont.)
FAIR
VALUE
(000S)
PAR
(000S)
DESCRIPTION
% OF
NET
ASSETS
Sumitomo Mitsui Banking Corp.
0.030% due 06/29/2012
$ 15,145
$
15,145
$
15,590
$ (49,067)
$ 5,407,996
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
0.28
0.29
(0.90)
100.00
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Collateral with a segregated market value of $57,049, has been pledged against the reverse repurchase agreements.
(b) When-issued security.
(c) Security is in default.
(d) Payment in-kind bond security.
(e) Principal amount of security is adjusted for inflation.
(f) The Emerging Markets Bond Fund is investing in shares of an affiliated fund.
(g) Cash of $31,400 has been pledged as collateral for OTC swap and foreign currency contracts as governed by ISDA Master Agreements as at 30 June 2012.
(h) Cash of $1,007 has been segregated with the Custodian to cover margin requirements for the open futures contracts as at 30 June 2012.
(i) Cash of $105 has been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(j) Securities sold short as at 30 June 2012 are covered by long portfolio investments in transferable securities and money market instruments.
(k) Restricted Securities
Issuer Description
Maturity
Date
Acquisition
Date
Cost
Fair
Value
% of
Net Assets
08/28/2017
03/31/2011
$ 1,323
$ 984
0.02
Coupon
Santander UK PLC
0.977%
(l) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 528,457
0
518
0
$ 528,975
$ 4,785,760
16,894
45,569
(1,075)
$ 4,847,148
$ 65,827
0
(477)
0
$ 65,350
$ 5,380,044
16,894
45,610
(1,075)
$ 5,441,473
Transferable Securities
Deposits with Credit Institutions
Financial Derivative Instruments4
Short Sales
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Financial Derivative
Instruments4
Totals
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ 39,929
$ (841)
$ 355
$ 159
$ 1,812
$ 0
$ 65,827
$ 1,957
0
$ 39,929
0
$ (841)
0
$ 355
(69)
$ 90
(275)
$ 1,537
0
$ 0
(477)
$ 65,350
(330)
$ 1,627
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 24,413
(133)
$ 24,280
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
168 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
As at 30 June 2012, the Institutional CHF (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
CHF
Principal Amount
Covered by
Contract
7,939
159,343
116,622
129,860
85,000
122,619
143,409
159,343
143,409
Counterparty
BPS
BRC
CBK
DUB
FBF
UAG
UAG
BRC
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
Unrealised
Appreciation
$
0
0
1,574
1,278
750
2,408
0
3,065
2,988
$ 12,063
Unrealised
(Depreciation)
$
(123)
(3,056)
0
0
0
0
(2,982)
0
0
$ (6,161)
Net Unrealised
Appreciation/
(Depreciation)
$
(123)
(3,056)
1,574
1,278
750
2,408
(2,982)
3,065
2,988
$ 5,902
% of
Net Assets
0.00
(0.06)
0.03
0.02
0.01
0.04
(0.05)
0.06
0.06
0.11
As at 30 June 2012, the Institutional EUR (Hedged) Class, Investor EUR (Hedged) Class and Class E EUR (Hedged) had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
€
Principal Amount
Covered by
Contract
452,347
473,890
10,404
483,003
385,729
1,236
1,200
474,933
205,877
413,086
307,461
315,501
300,679
779
619
11,284
107,470
453,271
425,890
474,932
934
474,933
453,271
Counterparty
BPS
BPS
BRC
BRC
CBK
CBK
DUB
DUB
FBF
GST
HUS
JPM
JPM
RBC
RYL
RYL
UAG
UAG
BPS
BRC
CBK
DUB
UAG
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
$ 6,885
0
79
0
6,173
0
25
0
2,575
1,572
2,890
4,648
0
0
14
0
2,622
0
8,954
12,840
25
11,647
8,850
$ 76,871
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
(628)
(9,885)
(5)
(13,070)
0
(29)
0
(11,660)
0
0
0
(296)
(7,081)
(17)
0
(120)
0
(8,861)
0
0
0
0
0
$ (51,652)
$ 6,257
(9,885)
74
(13,070)
6,173
(29)
25
(11,660)
2,575
1,572
2,890
4,352
(7,081)
(17)
14
(120)
2,622
(8,861)
8,954
12,840
25
11,647
8,850
$ 25,219
0.12
(0.19)
0.00
(0.24)
0.10
0.00
0.00
(0.22)
0.05
0.03
0.05
0.08
(0.13)
0.00
0.00
0.00
0.05
(0.16)
0.17
0.24
0.00
0.22
0.16
0.46
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
Unrealised
(Depreciation)
$
As at 30 June 2012, the Institutional GBP (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Buy
£
Principal Amount
Covered by
Contract
11,873
1,517
36
17,934
335
7,296
17,074
7,169
10,087
11,217
17,074
142
20,657
15,113
17,074
17,074
17,074
15,113
Counterparty
BOA
BPS
BRC
BRC
CBK
DUB
DUB
GST
HUS
JPM
JPM
RYL
UAG
UAG
BRC
DUB
JPM
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
$
$
See Accompanying Notes
5
0
1
0
3
0
0
0
0
22
0
1
20
0
308
196
117
120
793
$
0
(45)
0
(328)
0
(13)
(196)
(69)
(83)
0
(116)
0
(50)
(120)
0
0
0
0
$ (1,020)
$
$
5
(45)
1
(328)
3
(13)
(196)
(69)
(83)
22
(116)
1
(30)
(120)
308
196
117
120
(227)
Semiannual Report
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
30 June 2012 169
Portfolio of Investments and Assets Emerging Markets Bond Fund (Cont.)
As at 30 June 2012, the Class E SGD (Hedged) had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
SGD
Principal Amount
Covered by
Contract
Counterparty
176
324
414
3,919
90
810
139
6
120
26
6
101
47
13
425
21
1,445
19,314
BRC
BRC
CBK
CBK
DUB
DUB
FBF
FBF
GST
GST
HUS
JPM
JPM
MSC
MSC
RBC
RYL
UAG
Settlement
Month
Unrealised
Appreciation
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
$ 0
0
1
0
1
0
0
0
0
0
0
0
1
0
0
0
0
0
$ 3
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
$
(1)
(2)
(3)
(26)
0
(8)
0
0
(1)
0
0
0
0
0
(5)
0
(15)
(226)
$ (287)
$
(1)
(2)
(2)
(26)
1
(8)
0
0
(1)
0
0
0
1
0
(5)
0
(15)
(226)
$ (284)
% of
Net Assets
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(m) Reverse Repurchase Agreements
The following is a summary of the reverse repurchase agreements as at 30 June 2012:
Counterparty
FBF
DUB
JPM
FBF
FBF
Coupon Rate
(0.250%)
(0.000%)
(0.500%)
(0.500%)
(0.850%)
Maturity
Date
Principal Amount
05/08/2014
07/12/2012
05/04/2014
03/27/2014
05/24/2014
$ (19,715)
(23,040)
(2,557)
(964)
(8,313)
Payable for
Reverse Repurchase
Agreements
% of
Net Assets
$ (19,715)
(23,040)
(2,557)
(964)
(8,313)
$ (54,589)
(0.36)
(0.43)
(0.05)
(0.02)
(0.15)
(1.01)
(n) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GST
HUS
JPM
MSC
MYC
RBC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
Collateral
(Received)/Pledged
$ 10,861
8,117
10,804
3,574
5,975
(422)
1,054
2,128
30,515
6,821
(1,204)
(2,123)
108
(35)
(683)
$(10,170)
1,260
(13,520)
7,770
(2,310)
6,770
6,470
(1,310)
(23,920)
390
460
2,640
0
330
5,310
Net
Exposures(1)
$
691
9,377
(2,716)
11,344
3,665
6,348
7,524
818
6,595
7,211
(744)
517
108
295
4,627
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
170 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Emerging Markets Bond Fund
DESCRIPTION
SHARES
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
30 June 2012 (Unaudited)
SHARES
PROCEEDS
(000S)
105,730,040
$ 1,057,900
DESCRIPTION
SALES THROUGH 30 JUNE 2012
PIMCO US Dollar Short-Term Floating NAV
Fund (a)
117,156,238
$ 1,172,197
PIMCO US Dollar Short-Term Floating NAV
Fund (a)
PAR
(000S)
PAR
(000S)
Russia Government International Bond
3.625% due 04/29/2015
US Treasury Bonds
$
102,100
105,933
US Treasury Bonds
39,900
60,850
4.479% due 06/14/2012
7,377,200
56,155
AK Transneft OJSC Via TransCapitalInvest
Ltd.
$
48,000
53,794
MXN
37,660
37,840
4,730,000
36,930
30,023
35,756
280,000
35,169
30,000
31,424
27,700
31,127
48,645
30,028
37,565
29,582
24,750
28,343
35,500
26,903
20,620
25,278
Russian Agricultural Bank OJSC Via RSHB
Capital S.A.
25,500
24,724
8.700% due 03/17/2016
Mexico Cetes
MXN
4.398% due 06/28/2012
$
ZAR
$
6.500% due 06/02/2041
47,296
37,125
39,056
4,730,000
34,156
27,550
33,947
22,680
29,086
24,750
28,060
25,500
24,899
24,006
23,961
€
17,600
22,435
$
19,600
21,744
13,900
20,919
594,000
20,727
15,750
17,744
16,800
16,798
€
11,470
16,297
$
14,550
16,241
Mexico Cetes
MXN
Colombia Government International Bond
$
Colombia Government International Bond
Indonesia Government International Bond
ALROSA Finance S.A.
4.125% due 12/21/2012
Petroleos de Venezuela S.A.
5.375% due 04/12/2027
Russia Government International Bond
7.500% due 03/31/2030
Venezuela Government International Bond
8.250% due 10/13/2024
Turkey Government International Bond
5.125% due 05/18/2020
Indonesia Government International Bond
7.250% due 04/20/2015
US Treasury Notes
3.125% due 05/15/2021
Petroleos de Venezuela S.A.
5.250% due 04/12/2017
Brazil Government International Bond
8.875% due 04/15/2024
Mexico Government International Bond
6.050% due 01/11/2040
ALROSA Finance S.A.
4.125% due 12/21/2012
RUB
Indonesia Government International Bond
Mexico Cetes
MXN
3,435,000
24,459
5.875% due 03/13/2020
$
US Treasury Bills
Petrobras International Finance Co.
$
19,895
24,440
0.048% due 06/14/2012
Mexico Government International Bond
Korea Development Bank
4.000% due 09/09/2016
47,300
KazMunayGas National Co.
7.250% due 04/20/2015
Petroleos Mexicanos
7.875% due 03/15/2019
48,606
7.375% due 03/18/2019
Export-Import Bank of Korea
0.000% due 09/27/2012
46,045
$
7.375% due 01/27/2017
South Africa Government International Bond
4.000% due 11/01/2017
53,365
US Treasury Bills
4.398% due 06/28/2012
Russia Government International Bond
8.250% due 09/15/2017
7,377,200
8.375% due 07/02/2013
Mexico Cetes
7.500% due 03/31/2030
61,607
0.040% due 05/17/2012
Petroleos Mexicanos
5.500% due 06/27/2044
39,900
MXN
5.670% due 03/05/2014
Pemex Project Funding Master Trust
5.750% due 03/01/2018
$
Mexico Cetes
8.000% due 11/15/2021
4.479% due 06/14/2012
8.000% due 11/15/2021
22,000
23,015
5.500% due 02/17/2020
Turkey Government International Bond
7.000% due 09/26/2016
(a) The Emerging Markets Bond Fund is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 171
Portfolio of Investments and Assets Emerging Markets Corporate Bond Fund
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
Corp. Financiera de Desarrollo S.A.
Turkiye Vakiflar Bankasi Tao
4.750% due 02/08/2022
5.750% due 04/24/2017
BANK LOAN OBLIGATIONS
10.500% due 08/11/2015
11.125% due 02/23/2018
11.250% due 04/22/2017
Country Garden Holdings Co. Ltd.
Chrysler Group LLC
6.000% due 05/24/2017
$ 2,624 $ 2,646 0.26
Petroleum Export V Ltd.
3.468% due 12/20/2012
209
199 0.02
2,845 0.28
CORPORATE BONDS & NOTES
2,850
725
2,821 0.27
757 0.08
500
6,160
491 0.05
6,231 0.61
Banco Bradesco S.A.
1,525
4,850
1,593 0.16
4,923 0.49
4.875% due 07/08/2016
5.875% due 04/06/2021
525
528 0.05
2,040 0.20
4.750% due 03/16/2016
5.375% due 09/16/2020
11,790
260
12,174 1.20
271 0.03
2,372
1,482
11,275
1,114
0.23
0.14
1.11
0.11
Banco do Estado do Rio Grande do Sul
7.375% due 02/02/2022
3.625% due 11/09/2015
4.375% due 05/03/2019
American Airlines 2011-1 Class B Pass-Through Trust
1,180
1,103 0.11
AngloGold Ashanti Holdings PLC
6.260% due 06/28/2018 (b) MXN 34,709
233 0.02
Franshion Development Ltd.
6.750% due 04/15/2021
3.750% due 04/06/2016
8.500% due 04/23/2020
1,167 0.11
995 0.10
Itau Unibanco Holding S.A.
775
806 0.08
1,240
1,333 0.13
1,640
1,767 0.17
2,800
3,600
1,500
2,778 0.27
3,617 0.36
1,485 0.15
2,000
2,010 0.20
1,500
6,715
1,541 0.15
7,168 0.71
13,410
3,500
14,382 1.41
3,727 0.36
Bank Negara Indonesia Persero Tbk PT
3.750% due 04/26/2017
9.500% due 04/07/2016 (c)
Brasil Foods S.A.
2,445
1,114
2,017 0.20
657 0.06
628 0.06
250
€ 1,945
268 0.03
2,713 0.27
$ 2,400
2,415 0.24
1,700
1,699 0.17
1,700
1,852 0.18
5.250% due 08/05/2015
1,300
1,308 0.13
2,300
2,426 0.24
3,300
3,151 0.31
Peru Enhanced Pass-Through Finance Ltd.
0.000% due 05/31/2018
2,000
2,018 0.20
4.950% due 02/07/2017
5.400% due 03/24/2017
6.125% due 02/07/2022
2,400
2,418 0.24
Shimao Property Holdings Ltd.
1,160
22,650
1,172 0.12
22,990 2.26
BM&FBovespa S.A.
5.500% due 07/16/2020
400
428 0.04
BR Malls International Finance Ltd.
840
1,885
879 0.09
1,923 0.19
BR Properties S.A.
7,150
7,543 0.74
172 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
640
640 0.06
9,300
9,839 0.97
244 0.02
4,725
4,607 0.45
1,000
1,138 0.11
5,000
5,163 0.51
3,650
2,585
3,768 0.37
2,837 0.28
1,030
1,027 0.10
4,640
5,210 0.51
CCL Finance Ltd.
9.500% due 08/15/2014
Celulosa Arauco y Constitucion S.A.
4.750% due 01/11/2022
7.250% due 07/29/2019
940
600
966 0.09
709 0.07
4,565
4,870
4,150 0.41
4,371 0.43
950
931 0.09
600
633 0.06
2,300
2,466 0.24
1,000
1,031 0.10
850
3,050
1,300
888 0.09
3,149 0.31
1,365 0.13
1,300
1,424 0.14
4,460
4,854 0.48
€ 3,850
5,020 0.49
Cemex SAB de C.V.
5.461% due 09/30/2015
9.000% due 01/11/2018
Citic Pacific Ltd.
CITIC Resources Finance 2007 Ltd.
6.750% due 05/15/2014
CNOOC Finance 2011 Ltd.
4.250% due 01/26/2021
CNPC HK Overseas Capital Ltd.
3.125% due 04/28/2016
Corp. GEO SAB de C.V.
6.875% due 09/21/2019
CSN Resources S.A.
6.500% due 07/21/2020
Cyfrowy Polsat Finance AB
7.125% due 05/20/2018
Desarrolladora Homex SAB de C.V.
816 0.08
14,161 1.39
3,983 0.39
2,400
2,309 0.23
1,200
1,267 0.12
5,805
6,155 0.61
2,760
2,808 0.28
DP World Sukuk Ltd.
1,484 0.15
6,858 0.68
Ecopetrol S.A.
Turkiye Garanti Bankasi AS
2.966% due 04/20/2016
6.250% due 04/20/2021
10.750% due 10/06/2017
800
13,600
3,800
State Bank of India
4.500% due 07/27/2015
225
Bumi Investment Pte Ltd.
CSN Islands XI Corp.
Sigma Capital Pte Ltd.
9.000% due 04/30/2015
5.750% due 04/15/2021
7.000% due 05/07/2020
6,953 0.68
6,180 0.61
Shinhan Bank
4.375% due 09/15/2015
4,035 0.40
Braskem Finance Ltd.
6,775
6,000
Sberbank of Russia Via SB Capital S.A.
9.650% due 08/03/2017
BBVA Bancomer S.A.
5.875% due 06/06/2022
8.875% due 09/25/2014
8.875% due 03/27/2022
9.250% due 06/30/2020
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
7.125% due 01/14/2014
7.250% due 01/28/2020
5,233 0.51
Rural Electrification Corp. Ltd.
4.250% due 01/25/2016
7.250% due 03/13/2017
5,906
QNB Finance Ltd.
3.125% due 11/16/2015
3.375% due 02/22/2017
3,920
6.625% due 04/15/2021 (c)
Nile Finance Ltd.
2,613 0.26
Bank of India
9.000% due 10/29/2049
4.625% due 11/16/2021
2,580
Bank of Baroda
8.500% due 01/29/2049
9.750% due 11/29/2049
5,528
1,435
595
202
Longfor Properties Co. Ltd.
Bancolombia S.A.
4.500% due 03/10/2016
6.500% due 03/10/2021
5,550
1,400
600
200
1,600
368 0.04
7.500% due 10/01/2019
BFF International Ltd.
0.54
0.14
0.06
0.02
372
Arcos Dorados BV
3,674 0.36
Lembaga Pembiayaan Ekspor Indonesia
Banco Votorantim S.A.
4.750% due 09/30/2015
3.125% due 06/26/2017
5.375% due 04/15/2020
3,375
Korea Finance Corp.
Banco Santander Chile
5.000% due 08/24/2016
5.650% due 03/19/2022
7.000% due 01/31/2018
Berau Coal Energy Tbk PT
Korea Exchange Bank
Banco Santander Brasil S.A.
4.125% due 04/27/2017
0.000% due 05/15/2030
7.750% due 11/03/2020
2,646 0.26
Interoceanica V Finance Ltd.
1,150
1,000
Banco Safra Cayman Islands Ltd.
5.950% due 06/03/2021
6.125% due 07/26/2020
0.000% due 11/30/2018
0.000% due 11/30/2025
5.000% due 11/15/2020
5.875% due 03/14/2021
Banco Panamericano S.A.
5.875% due 04/13/2021
$ 2,550
ICICI Bank Ltd.
2,575 0.25
4.375% due 07/19/2015
18,047 1.78
2,726 0.27
2,500
Banco Mercantil del Norte S.A.
17,150
2,475
FPMH Finance Ltd.
IPIC GMTN Ltd.
Banco do Nordeste do Brasil S.A.
2,572 0.25
318,801 31.35
ALROSA Finance S.A.
Interoceanica IV Finance Ltd.
€ 1,800
$ 1,300
9,730
1,000
2,300
2,436 0.24
4.750% due 11/25/2016
5.500% due 03/25/2015
5.750% due 11/16/2020
6.625% due 10/03/2012
Banco de Credito del Peru
2,452 0.24
$ 2,350
5.750% due 01/18/2017
4,865 0.48
2,350
Woori Bank Co. Ltd.
INDUSTRIALS
6.000% due 05/05/2015
4,700
12,615 1.24
2,567 0.25
4.375% due 06/09/2016
1,600
6,690
0.19
0.40
0.48
0.60
12,000
€ 2,000
5.250% due 03/11/2015
Hyundai Capital Services, Inc.
5.250% due 02/11/2016
7.375% due 01/21/2020
5,300 0.52
1,919
4,024
4,835
6,107
Wiseyear Holdings Ltd.
Fiat Industrial Finance Europe S.A.
Banco Continental S.A. Via Continental Senior Trustees
II Cayman Ltd.
3.750% due 09/22/2015
5,300
1,850
3,880
4,600
5,625
6,960 0.68
2,228 0.21
5.500% due 11/18/2020
1,990
2,672 0.26
6,710
2,000
Hyundai Capital America
4.250% due 01/14/2016
4.500% due 04/06/2015
4.625% due 02/13/2017
VTB Bank OJSC Via VTB Capital S.A.
5.125% due 11/30/2024 (a)
Banco Continental S.A. Via Continental Senior Trustees
Cayman Ltd.
6.750% due 01/27/2021
3,343 0.33
Hipotecaria Su Casita S.A. de C.V.
Banco BTG Pactual S.A.
4.500% due 01/20/2016
6.000% due 01/22/2020
8.500% due 10/29/2049
9.250% due 10/31/2049
3,200
6.875% due 05/29/2018
7.375% due 07/24/2017
4.500% due 01/12/2017
5.750% due 03/01/2022
5.375% due 02/13/2017
5.450% due 11/22/2017
6.800% due 11/22/2025
6.902% due 07/09/2020
FirstRand Bank Ltd.
Alfa Bank OJSC Via Alfa Bond Issuance PLC
7.750% due 04/28/2021
7.875% due 09/25/2017
959 0.09
2,444 0.24
1,081 0.11
Doric Nimrod Air Finance Alpha Ltd. 2012-1 Class A
Pass-Through Trust
4.000% due 01/29/2021
5.000% due 04/11/2022
Agile Property Holdings Ltd.
8.875% due 04/28/2017
10.000% due 11/14/2016
920
2,390
1,050
Credito Real S.A. de C.V.
10.250% due 04/14/2015
$ 2,620 $
FAIR
% OF
VALUE
NET
(000S) ASSETS
Vnesheconombank Via VEB Finance PLC
Export-Import Bank of Korea
BANKING & FINANCE
Banco do Brasil S.A.
$ 7,670 $ 8,053 0.79
PAR
(000S)
DESCRIPTION
9.500% due 12/11/2019
9.750% due 03/25/2020
$
365
2,500
383 0.04
2,637 0.26
3,090
3,175 0.31
4,890
2,401
5,471 0.54
2,639 0.26
14,840
14,654 1.44
760
824 0.08
8,080
10,221 1.00
Digicel Ltd.
8.250% due 09/01/2017
Dolphin Energy Ltd.
5.500% due 12/15/2021
5.888% due 06/15/2019
DP World Ltd.
6.850% due 07/02/2037
6.250% due 07/02/2017
7.625% due 07/23/2019
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
Embraer S.A.
5.150% due 06/15/2022
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
Rearden G Holdings Eins GmbH
$ 1,200 $ 1,235 0.12
Emirates Airline
5.125% due 06/08/2016
4,550
4,745 0.47
4,250
4,091 0.40
500
830
1,105
493 0.05
877 0.09
1,192 0.12
Fibria Overseas Finance Ltd.
6.750% due 03/03/2021
7.500% due 05/04/2020
2,600
1,767
2,621 0.26
1,838 0.18
100
112 0.01
100
104 0.01
7,925
7,564 0.75
4,000
4,265 0.42
Gerdau Holdings, Inc.
Gerdau Trade, Inc.
5.750% due 01/30/2021
GTL Trade Finance, Inc.
7.250% due 10/20/2017
9,100 10,237 1.01
Harvest Operations Corp.
6.875% due 10/01/2017
1,400
1,494 0.15
3,115
3,864 0.38
Hypermarcas S.A.
6.500% due 04/20/2021
5,250
5,092 0.50
Hyundai Steel Co.
4.625% due 04/21/2016
3.625% due 06/14/2016
3.125% due 04/03/2017
6.000% due 05/13/2021
1,630
10,520
1,643 0.16
10,668 1.05
1,500
730
1,624 0.16
812 0.08
5.092% due 11/29/2015
5.999% due 01/23/2021
6.212% due 11/22/2016
8.146% due 04/11/2018
8.625% due 04/28/2034
9.250% due 04/23/2019
3,500
3,400
3,896 0.38
3,634 0.36
3,570
3,704 0.37
150
157 0.02
880
911 0.09
5.625% due 04/14/2018
6.875% due 12/16/2019
5.375% due 04/16/2020
6.750% due 04/16/2040
STATS ChipPAC Ltd.
5.375% due 03/31/2016
630
687 0.06
7,650
7,497 0.74
300
185
316 0.03
221 0.02
8.375% due 06/03/2021
4.625% due 12/12/2016
5.700% due 03/20/2022
1,300
1,355 0.13
Urbi Desarrollos Urbanos SAB de C.V.
9.750% due 02/03/2022
3,625
3,834 0.37
Vale Overseas Ltd.
6.875% due 11/21/2036
6.875% due 11/10/2039
4,705
2,500
5,481 0.54
2,933 0.29
2,880
2,714 0.27
6,810
7,099 0.70
400
404 0.04
Vedanta Resources PLC
8.250% due 06/07/2021
Volcan Cia Minera SAA
668 0.07
3,000
3,067 0.30
Votorantim Cimentos S.A.
4,975
1,975
1,500
5,242 0.52
2,144 0.21
1,695 0.17
Voto-Votorantim Ltd.
1,025
805 0.08
2,500
2,531 0.25
7,700
7,738 0.76
Marfrig Overseas Ltd.
9.500% due 05/04/2020
6,582 0.65
Transportadora de Gas Internacional S.A. ESP
Lukoil International Finance BV
6.125% due 11/09/2020
6.356% due 06/07/2017
7.250% due 11/05/2019
6,865
Sigma Alimentos S.A. de C.V.
5.375% due 02/02/2022
7.250% due 04/05/2041
6.750% due 04/05/2021
Wharf Finance Ltd.
4.625% due 02/08/2017
960
1,680
1,056 0.10
1,743 0.17
322,023 31.67
Minerva Overseas II Ltd.
10.875% due 11/15/2019
Mongolian Mining Corp.
8.875% due 03/29/2017
Noble Group Ltd.
6.625% due 08/05/2020
2,825
2,726 0.27
Odebrecht Finance Ltd.
6.000% due 04/05/2023
2,550
2,699 0.26
940
2,800
813 0.08
2,506 0.25
2,200
2,360 0.23
OGX Austria GmbH
8.375% due 04/01/2022
8.500% due 06/01/2018
PCCW-HKT Capital No.3 Ltd.
5.250% due 07/20/2015
PCCW-HKT Capital No.4 Ltd.
4.250% due 02/24/2016
1,000
1,037 0.10
3,000
300
1,100
500
4,750
6,725
3,248
330
1,225
589
5,698
8,214
2,375
675
2,048 0.20
486 0.05
Petrobras International Finance Co.
5.375% due 01/27/2021
5.750% due 01/20/2020
5.875% due 03/01/2018
6.750% due 01/27/2041
6.875% due 01/20/2040
7.875% due 03/15/2019
0.32
0.03
0.12
0.06
0.56
0.81
See Accompanying Notes
6.750% due 02/01/2016
8,398 0 .83
8,400
8,421 0 .83
200
217 0 .02
AK Transneft OJSC Via TransCapitalInvest Ltd.
5.670% due 03/05/2014
8.700% due 08/07/2018
1,350
4,900
1,428 0 .14
6,126 0 .60
2,200
3,450
2,416 0 .24
4,032 0 .40
3,100
3,192 0 .31
4,900
5,025 0 .49
Centrais Eletricas Brasileiras S.A.
5.750% due 10/27/2021
6.875% due 07/30/2019
CEZ AS
4.250% due 04/03/2022
China Resources Gas Group Ltd.
4.500% due 04/05/2022
5,550
5,758 0.57
5,500
5,692 0.56
Empresa de Energia de Bogota S.A.
6.125% due 11/10/2021
3,000
3,180 0.31
Empresa Nacional de Electricidad S.A.
8.625% due 08/01/2015
400
471 0.05
1,360
1,438 0.14
4,900
4,938 0.49
Energy Development Corp.
6.500% due 01/20/2021
ENN Energy Holdings Ltd.
Gazprom OAO Via Gaz Capital S.A.
1,550
1,100
2,700
6,000
2,725
14,510
1,639
1,185
2,943
7,174
3,481
18,171
0.16
0.12
0.29
0.71
0.34
1.79
Gazprom OAO Via White Nights Finance BV
10.500% due 03/25/2014
3,200
3,595 0.35
2,400
2,369 0.23
15,325
200
15,689 1.54
227 0.02
1,800
1,843 0.18
Indo Energy Finance BV
7.000% due 05/07/2018
Israel Electric Corp. Ltd.
7.250% due 01/15/2019
9.375% due 01/28/2020
Korea Electric Power Corp.
3.000% due 10/05/2015
Korea Hydro & Nuclear Power Co. Ltd.
4.750% due 07/13/2021
2,750
3,003 0.29
2,000
2,049 0.20
2,390
2,683 0.27
4,200
3,623 0.36
6,075
1,700
6,349 0.63
1,860 0.18
Listrindo Capital BV
6.950% due 02/21/2019
Nakilat, Inc.
6.067% due 12/31/2033
NII Capital Corp.
7.625% due 04/01/2021
Novatek Finance Ltd.
5.326% due 02/03/2016
6.604% due 02/03/2021
Odebrecht Drilling Norbe VIII/IX Ltd.
6.350% due 06/30/2021
6,811
7,169 0.70
2,480
2,542 0.25
Petroleos Mexicanos
5.500% due 06/27/2044
PTTEP Canada International Finance Ltd.
6.350% due 06/12/2042
2,600
2,744 0.27
7,990
6,360
8,529 0.84
7,950 0.78
Qtel International Finance Ltd.
6.332% due 09/30/2027
5,950
6,833 0.67
1,150
8.500% due 08/19/2017
350
371 0.04
4,113
4,215 0.41
3,120
8,650
3,483 0.34
9,936 0.98
Telemar Norte Leste S.A.
5.500% due 10/23/2020
TNK-BP Finance S.A.
7.500% due 07/18/2016
7.875% due 03/13/2018
Vimpel Communications OJSC Via UBS Luxembourg S.A.
8.250% due 05/23/2016
4,400
4,614 0.45
Vimpel Communications Via VIP Finance Ireland
Ltd. OJSC
6.493% due 02/02/2016
7.748% due 02/02/2021
9.125% due 04/30/2018
600
11,410
4,100
600 0.06
11,048 1.08
4,377 0.43
VimpelCom Holdings BV
China Resources Power Holdings Co. Ltd.
3.750% due 08/03/2015
2,211 0.22
Tata Power Co. Ltd.
AES Panama S.A.
6.350% due 12/21/2016
2,030
Ras Laffan Liquefied Natural Gas Co. Ltd. III
8,075
AES El Salvador Trust
1,170 0 .12
Cia de Saneamento Basico do Estado de Sao Paulo
6.250% due 12/16/2020
Petroleos de Venezuela S.A.
4.900% due 10/28/2014
5.250% due 04/12/2017
AES Andres Dominicana Ltd.
9.500% due 11/12/2020
11.625% due 01/31/2020
4.750% due 02/16/2021
7.875% due 06/10/2019
UTILITIES
4,664 0.46
Eileme 2 AB
3,373 0.33
742 0.07
221 0.02
5.375% due 10/27/2017
650
9.500% due 04/26/2017
3,550
730
220
6.625% due 04/15/2021
7.750% due 07/15/2017 (a)
8.375% due 06/15/2019 (a)
4,400
EGE Haina Finance Co.
2,210 0.22
1,534 0.15
Korea National Oil Corp.
5.625% due 01/15/2021
2,150
3.000% due 11/02/2015
1,490
Kia Motors Corp.
2,960 0.29
E.CL S.A.
1,468 0.14
1,744 0.17
SABIC Capital I BV
6.250% due 07/26/2016
6.700% due 10/25/2017
$ 2,740 $
5.750% due 02/14/2042
1,400
1,630
1,290 0.13
KazMunayGas National Co.
8.375% due 07/02/2013
11.750% due 01/23/2015
5.700% due 04/05/2022
5.739% due 04/03/2017
1,500
JBS Finance II Ltd.
8.250% due 01/29/2018
1,533 0.15
Tencent Holdings Ltd.
Indosat Palapa Co. BV
7.375% due 07/29/2020
1,250
RZD Capital Ltd.
TAM Capital 3, Inc.
Indian Oil Corp. Ltd.
4.750% due 01/22/2015
10.375% due 06/24/2016
1,014 0.10
975
Hyva Global BV
8.625% due 03/24/2016
2,353 0.23
2,304 0.23
2,258 0.22
Southern Copper Corp.
Hutchison Whampoa International Ltd.
7.625% due 04/09/2019
2,500
2,300
2,400
Severstal OAO Via Steel Capital S.A.
Grupo Bimbo SAB de C.V.
4.500% due 01/25/2022
4.500% due 10/19/2020
5.400% due 02/14/2022
6.250% due 10/19/2040
SCF Capital Ltd.
Gold Fields Orogen Holding BVI Ltd.
6.000% due 01/21/2020
Comision Federal de Electricidad
Sappi Papier Holding GmbH
7.000% due 01/20/2020
4.875% due 10/07/2020
4,910 0.48
Reliance Industries Ltd.
Evraz Group S.A.
7.400% due 04/24/2017
8.250% due 11/10/2015
9.500% due 04/24/2018
Colbun S.A.
$ 4,610 $
Reliance Holdings USA, Inc.
Empresas ICA SAB de C.V.
8.900% due 02/04/2021
7.875% due 03/30/2020
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
2,050
2,183 0 .22
9.750% due 01/15/2015 (d) BRL 4,110
3,137 0 .31
Cia Energetica de Sao Paulo
6.255% due 03/01/2017
7.504% due 03/01/2022
Total Corporate Bonds & Notes
Semiannual Report
1,000
6,150
959
5,793
236,103
876,927
0.09
0.57
23.22
86.24
30 June 2012 173
Portfolio of Investments and Assets Emerging Markets Corporate Bond Fund (Cont.)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
US TREASURY OBLIGATIONS
Russia Government International Bond
REPURCHASE AGREEMENTS
US Treasury Bills
4.500% due 04/04/2022
5.625% due 04/04/2042
Merrill Lynch & Co., Inc.
0.169% due 09/06/2012 06/27/2013 (e)(f)
$
$ 1,323 $ 1,321 0.13
US Treasury Bonds
4.375% due 05/15/2041 (e)(g)
SHARES
2,800
3,740 0.37
5,061 0.50
COMMON STOCKS
Hipotecaria Su Casita S.A.
de C.V.
SOVEREIGN ISSUES
332,624
1,150
1,455 0.14
Development Bank of Mongolia LLC
5.750% due 03/21/2017
2,500
2,496 0.25
5.750% due 01/26/2021
2,250
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 0.250%
due 04/30/2014 valued
at $511. Repurchase
proceeds are $500.)
$
500 $
9,802,259
1,500
0.05
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (h)
ALROSA Finance S.A.
$
500
SHARES
COMMERCIAL PAPER
4.189% due 12/21/2012
Eskom Holdings SOC Ltd.
0 0.00
PAR
(000S)
Corp. Andina de Fomento
8.125% due 06/04/2019
2,000 $ 2,100 0.21
2,000 2,145 0.21
10,668 1.05
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
1,470 0.14
2,472 0.24
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
98,072
9.64
$ 995,543 97.90
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
# of
Contracts
90-Day Eurodollar June Futures
90-Day Eurodollar September Futures
90-Day Eurodollar September Futures
US Treasury 10-Year Note September Futures
Long
Long
Long
Long
06/2013
09/2012
09/2013
09/2012
19
1
42
902
Unrealised
Appreciation
% of
Net Assets
$ 36
0
14
521
$ 571
0.00
0.00
0.00
0.05
0.05
WRITTEN OPTIONS
Description
Call - US Treasury 10-Year September Futures
Put - US Treasury 10-Year September Futures
Exercise
Price
Expiration
Date
# of
Contracts
$ 136.000
131.000
08/24/2012
08/24/2012
619
619
Premiums
Fair
Value
% of
Net Assets
$ (115)
(154)
$ (269)
$ (116)
(174)
$ (290)
(0.01)
(0.02)
(0.03)
$ 281
0.02
Total Financial Derivative Instruments Dealt in on a Regulated Market
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Receive
Receive
Pay
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
1.250%
1.500%
2.250%
06/20/2016
06/20/2017
06/20/2022
$ 16,000
7,400
20,500
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ 134
73
(714)
$ (507)
0.01
0.01
(0.07)
(0.05)
$ (507)
(0.05)
Total Centrally Cleared Financial Derivative Instruments
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BOA
DUB
JPM
MYC
RYL
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Receive
Receive
Receive
Receive
Receive
Expiration
Date
Notional
Amount
Cost
Fair
Value
% of
Net Assets
$ 1
2
1
2
2
$ 8
0.00
0.00
0.00
0.00
0.00
0.00
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
174 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
3.273%
3.273%
3.273%
3.273%
3.273%
09/24/2012 $ 500 $ 31
09/24/2012
600
30
09/24/2012
500
4
09/24/2012
600
31
09/24/2012
600
30
$ 126
30 June 2012 (Unaudited)
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BOA
CBK
CBK
DUB
DUB
FBF
GLM
JPM
JPM
JPM
JPM
MYC
RYL
UAG
UAG
UAG
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Pay
Receive
Pay
Pay
Pay
Pay
Pay
Receive
Pay
Receive
Pay
Pay
Pay
Receive
Pay
Pay
Expiration
Date
Notional
Amount
Fair
Value
Premiums
% of
Net Assets
INTEREST RATE SWAPTIONS
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
2.000%
0.400%
0.400%
2.000%
1.750%
2.000%
2.000%
0.400%
0.400%
0.800%
0.800%
2.000%
1.750%
0.400%
0.400%
2.000%
09/24/2012 $ 2,000
08/13/2012
4,400
08/13/2012
4,400
09/24/2012
1,400
07/11/2013
11,200
09/24/2012
1,500
09/24/2012
2,000
08/13/2012
13,800
08/13/2012
13,800
07/11/2013
32,700
07/11/2013
32,700
09/24/2012
3,700
07/11/2013
2,500
08/13/2012
52,600
08/13/2012
52,600
09/24/2012
600
$ (28) $
0
(4)
0
(4)
(5)
(15)
0
(55)
(3)
(18)
0
(1)
0
(1)
0
(33)
(16)
(108)
(96)
(104)
(31)
(42)
0
(1)
(1)
(72)
(2)
(72)
(60)
(6)
0
$ (564) $ (214)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
(0.01)
0.00
(0.02)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Desarrolladora Homex SAB de C.V.
Financiera Independencia SAB de C.V.
Petrobras International Finance Co.
Petrobras International Finance Co.
Petrobras International Finance Co.
Petrobras International Finance Co.
Petrobras International Finance Co.
TNK-BP Finance S.A.
Urbi Desarrollos Urbanos SAB de C.V.
Urbi Desarrollos Urbanos SAB de C.V.
5.000%
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
5.000%
09/20/2013
09/20/2013
09/20/2012
09/20/2015
09/20/2015
09/20/2012
09/20/2015
12/20/2012
09/20/2013
03/20/2016
DUB
DUB
DUB
DUB
HUS
MYC
MYC
HUS
DUB
DUB
Notional
Amount(2)
Fair
Value
Upfront
Premiums
Paid/(Received)
$ 1,730
2,730
300
900
500
400
3,600
3,200
3,390
3,030
$ (56)
(147)
0
(13)
(7)
0
(52)
(3)
(98)
(249)
$ (625)
$ (84)
(151)
0
(17)
(16)
(3)
(123)
(86)
(129)
(212)
$ (821)
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
$ 28
4
0
4
9
3
71
83
31
(37)
$ 196
(0.01)
(0.01)
0 .00
0 .00
0 .00
0 .00
(0.01)
0 .00
(0.01)
(0.02)
(0.06)
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
Fixed
Rate
Maturity Date
12.550%
7.850%
10.580%
01/02/2013
01/02/2013
01/02/2014
Counterparty
RYL
RYL
MYC
Notional
Amount
BRL 25,700
7,300
86,800
Fair
Value
Upfront
Premiums
Paid/(Received)
$
697
1
1,510
$ 2,208
Unrealised
Appreciation
$
0
0
326
$ 326
$
697
1
1,184
$ 1,882
% of
Net Assets
0.07
0.00
0.15
0.22
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
BRL
CHF
CNY
€
See Accompanying Notes
Principal Amount
Covered by
Contract
7,022
2,130
4
1
22,494
22,494
23,752
23,752
715
3,253
133
1
209
170
50
268
715
311
295
Counterparty
BRC
HUS
BRC
JPM
GST
UAG
JPM
UAG
BPS
BPS
BRC
BRC
CBK
DUB
DUB
HUS
JPM
RBC
RYL
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
08/2012
08/2012
08/2012
08/2012
10/2012
10/2012
02/2013
02/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
$ 111
0
0
0
15
0
0
8
0
0
0
0
0
4
2
0
0
16
0
$ (25)
(42)
0
0
0
(4)
(59)
0
(3)
(59)
(1)
0
(5)
0
0
(5)
(4)
0
(7)
$ 86
(42)
0
0
15
(4)
(59)
8
(3)
(59)
(1)
0
(5)
4
2
(5)
(4)
16
(7)
0.01
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Semiannual Report
30 June 2012 175
Portfolio of Investments and Assets Emerging Markets Corporate Bond Fund (Cont.)
Type
Currency
Sell
Buy
Sell
Buy
Sell
Sell
€
Principal Amount
Covered by
Contract
Counterparty
Unrealised
Appreciation
Unrealised
(Depreciation)
07/2012
08/2012
09/2012
07/2012
07/2012
08/2012
$ 284
30
0
0
105
26
$ 601
$ (15)
0
(2)
(200)
0
(10)
$ (441)
$
% of
Net Assets
$
0.03
0.00
0.00
(0.02)
0.01
0.00
0.02
Total OTC Financial Derivative Instruments
$
1,537
0.16
Total Investments
$ 996,854
98.03
MXN
UAG
BPS
BRC
JPM
UAG
JPM
Net Unrealised
Appreciation/
(Depreciation)
269
30
(2)
(200)
105
16
160
£
INR
9,237
1,430
106
120,727
120,727
13,678
Settlement
Month
FAIR
VALUE
(000S)
% OF
NET
ASSETS
14
0
1
0.00
0.00
0.00
5,258
$
5,273
$
14,757
$ 1,016,884
0.52
0.52
1.45
100.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.040% due 06/29/2012
0.087% due 06/29/2012
CHF
€
£
13
0
1
$
Sumitomo Mitsui Banking Corp.
0.030% due 06/29/2012
$ 5,258
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) When-issued security.
(b) Security is in default.
(c) Collateral with a segregated market value of $1,800, has been pledged against the reverse repurchase agreements.
(d) Principal amount of security is adjusted for inflation.
(e) Securities with an aggregate market value of $1,966 have been segregated with the Custodian to cover margin requirements for the open futures contracts as at
30 June 2012.
(f) Securities with an aggregate market value of $1,148 and cash of $5,540 have been pledged as collateral for OTC swap, swaption and foreign currency contracts as
governed by ISDA Master Agreements as at 30 June 2012.
(g) Securities with an aggregate market value of $488 and cash of $425 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(h) The Emerging Markets Corporate Bond Fund is investing in shares of an affiliated fund.
(i) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 103,372
281
$ 103,653
$ 880,131
1,580
$ 881,711
$ 12,040
(550)
$ 11,490
$ 995,543
1,311
$ 996,854
Transferable Securities
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable
Securities
Financial
Derivative
Instruments4
Totals
1
2
3
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 10,149
(219)
$ 9,930
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on Investments
held at 30-Jun-20126
(68)
$ (233)
$ 12,040
$ 470
(47)
$ (115)
(59)
$ (292)
(550)
$ 11,490
(162)
$ 308
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
$ 3,232
$ (1,176)
$ 1
$ 135
$
(196)
$ 3,036
0
$ (1,176)
0
$ 1
(29)
$ 106
See note 3 in the Notes to Financial Statements for additional information.
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
Refer to the Portfolio of Investments and Assets for additional information.
176 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
4
5
6
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
As at 30 June 2012, the Class E CHF (Hedged) had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
CHF
Principal Amount
Covered by
Contract
18,971
8,815
5,415
9,658
2,553
700
9,166
8,815
9,658
9,166
Counterparty
BRC
BRC
CBK
CBK
FBF
RYL
UAG
BRC
CBK
UAG
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
$ 258
0
69
0
42
14
0
170
214
191
$ 958
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ 258
(169)
69
(214)
42
14
(191)
170
214
191
$ 384
0.02
(0.02)
0.00
(0.02)
0.00
0.00
(0.02)
0.02
0.02
0.02
0.02
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
(145)
(2,382)
(1)
(3,257)
0
(11)
0
(2,956)
0
0
0
(68)
(1,795)
0
0
0
(2,246)
0
0
0
0
0
0
$ (12,861)
$ 1,504
(2,382)
134
(3,257)
1,314
(11)
19
(2,956)
687
696
692
1,045
(1,795)
23
54
628
(2,246)
2,269
3,255
11
2,953
1,793
2,244
$ 6,674
0.15
(0.23)
0.01
(0.32)
0.12
0.00
0.00
(0.29)
0.07
0.07
0.07
0.10
(0.17)
0.00
0.00
0.06
(0.22)
0.22
0.32
0.00
0.29
0.18
0.22
0.65
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
Unrealised
(Depreciation)
$
0
(169)
0
(214)
0
0
(191)
0
0
0
$ (574)
As at 30 June 2012, the Institutional EUR (Hedged) Class and Class E EUR (Hedged) had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
€
Principal Amount
Covered by
Contract
107,243
113,702
7,407
120,401
84,479
414
892
120,401
54,264
114,245
73,636
75,157
76,226
1,053
2,452
25,739
114,909
107,902
120,401
414
120,401
76,226
114,909
Counterparty
BPS
BPS
BRC
BRC
CBK
CBK
DUB
DUB
FBF
GST
HUS
JPM
JPM
RBC
RYL
UAG
UAG
BPS
BRC
CBK
DUB
JPM
UAG
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
$ 1,649
0
135
0
1,314
0
19
0
687
696
692
1,113
0
23
54
628
0
2,269
3,255
11
2,953
1,793
2,244
$ 19,535
Unrealised
(Depreciation)
$
As at 30 June 2012, the Institutional GBP (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
£
Principal Amount
Covered by
Contract
308
52
7,176
19
7,177
8
9,359
9,359
7,177
60
16
9,360
6,352
7,176
7,177
7,177
6,352
Counterparty
BPS
BRC
BRC
CBK
DUB
FBF
GST
HUS
JPM
RBC
RYL
UAG
UAG
BRC
DUB
JPM
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
$
$
See Accompanying Notes
0
0
0
0
0
0
0
0
0
2
0
0
0
130
82
49
51
314
$
$
(9)
0
(130)
0
(82)
0
(91)
(77)
(49)
0
0
(33)
(51)
0
0
0
0
(522)
$
$
(9)
0
(130)
0
(82)
0
(91)
(77)
(49)
2
0
(33)
(51)
130
82
49
51
(208)
Semiannual Report
0.00
0.00
(0.01)
0.00
(0.01)
0.00
(0.01)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.01
0.00
30 June 2012 177
Portfolio of Investments and Assets Emerging Markets Corporate Bond Fund (Cont.)
(j) Reverse Repurchase Agreements
The following is a summary of the reverse repurchase agreements as at 30 June 2012:
Counterparty
FBF
FBF
Coupon Rate
(3.000%)
(3.000%)
Maturity
Date
Principal Amount
04/12/2014
04/25/2014
$ (1,011)
(736)
Payable for
Reverse Repurchase
Agreements
% of
Net Assets
$ (1,011)
(736)
$ (1,747)
(0.10)
(0.07)
(0.17)
(k) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GST
HUS
JPM
MYC
RBC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
$
1
1,350
474
1,373
(542)
729
0
620
558
654
1,460
41
760
909
Collateral
(Received)/Pledged
$
0
740
(120)
480
500
340
2,170
(220)
1,310
1,148
(1,220)
0
(620)
(500)
Net
Exposures(1)
$
1
2,090
354
1,853
(42)
1,069
2,170
400
1,868
1,802
240
41
140
409
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
178 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Emerging Markets Corporate Bond Fund
DESCRIPTION
SHARES
COST
(000S)
21,445,951
$ 214,578
PURCHASES THROUGH 30 JUNE 2012
30 June 2012 (Unaudited)
SHARES
PROCEEDS
(000S)
16,530,899
$ 165,400
DESCRIPTION
SALES THROUGH 30 JUNE 2012
PIMCO US Dollar Short-Term Floating NAV Fund (a)
PIMCO US Dollar Short-Term Floating NAV Fund (a)
PAR
(000S)
PAR
(000S)
US Treasury Bond
4.375% due 05/15/2041
Digicel Ltd.
$
9,722
12,319
ALROSA Finance S.A.
7.750% due 11/03/2020
8,350
8,744
8,300
8,345
7,700
7,655
7,580
6,950
7,225
6,000
7,093
6,710
6,736
6,000
6,124
6,000
6,079
5,350
5,318
5,300
5,300
4,200
5,211
4,650
5,195
VimpelCom Holdings BV
7.504% due 01/03/2022
5,200
5,051
Alfa Bank OJSC Via Alfa Bond Issuance PLC
7.875% due 09/25/2017
4,900
4,998
Brasil Foods S.A.
5.875% due 06/06/2022
5,000
4,954
Urbi Desarrollos Urbanos SAB de C.V.
9.750% due 03/02/2022
4,800
4,814
4,975
4,739
Gold Fields Orogen Holding BVI Ltd.
4.875% due 10/07/2020
4,308
3,270
3,964
3,500
3,675
3,000
3,491
3,160
3,430
3,100
3,422
4,030
3,256
2,700
3,248
2,870
3,188
2,920
3,139
2,995
3,110
3,250
3,048
2,800
3,017
2,900
2,900
2,485
2,746
2,600
2,698
Majapahit Holding BV
CSN Resources S.A.
6.500% due 07/21/2020
Ras Laffan Liquefied Natural Gas Co. Ltd. III
6.332% due 09/30/2027
3,695
Marfrig Overseas Ltd.
7.750% due 01/20/2020
Gazprom OAO Via Gaz Capital S.A.
9.250% due 04/23/2019
7,759
ALROSA Finance S.A.
9.500% due 05/04/2020
Doric Nimrod Air Finance Alpha Ltd. 2012-1 Class A
Pass-Through Trust
5.125% due 11/30/2024
7,175
Banco Votorantim S.A.
8.875% due 11/17/2014
BBVA Bancomer S.A.
6.500% due 03/10/2021
11,656
TNK-BP Finance S.A.
7.375% due 01/21/2020
Korea National Oil Corp.
3.125% due 04/03/2017
9,222
STATS ChipPAC Ltd.
7.875% due 03/13/2018
QNB Finance Ltd.
3.375% due 02/22/2017
6.875% due 11/21/2036
7.500% due 08/12/2015
Export-Import Bank of Korea
4.000% due 01/29/2021
11.500% due 11/20/2014
7.625% due 04/09/2019
7,810
Gazprom OAO Via Gaz Capital S.A.
8.146% due 04/11/2018
4.375% due 05/15/2041
Hutchison Whampoa International Ltd.
BanColombia S.A.
5.950% due 06/03/2021
12,836
Vale Overseas Ltd.
Vimpel Communications Via VIP Finance Ireland
Ltd. OJSC
7.748% due 02/02/2021
12,205
Columbus International, Inc.
Mongolian Mining Corp.
8.875% due 03/29/2017
$
US Treasury Bond
BBVA Bancomer S.A.
6.500% due 03/10/2021
8.250% due 09/01/2017
Indo Integrated Energy II BV
9.750% due 11/05/2016
RZD Capital Ltd.
5.739% due 04/03/2017
OGX Austria GmbH
8.375% due 01/04/2022
Listrindo Capital BV
9.250% due 01/29/2015
Gazprom OAO Via Gaz Capital S.A.
0.000% due 04/23/2012
Embraer Overseas Ltd.
6.375% due 01/15/2020
DP World Ltd.
6.250% due 07/02/2017
(a) The Emerging Markets Corporate Bond Fund is investing in shares of an
affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next
business day have been excluded from the Significant Changes in
Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 179
Portfolio of Investments and Assets Emerging Markets Currency Fund
PAR
(000S)
DESCRIPTION
FAIR % OF
VALUE
NET
(000S) ASSETS
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
NETHERLANDS
State Bank of India
2.616% due 01/21/2016
$
2,000 $ 1,930 0.21
5,718 0.62
BERMUDA
6.500% due 06/10/2014
$
1,500 $ 1,641 0.18
2.566% due 05/16/2014
13,300
13,309 1.44
910
967 0.10
6,000
5,777 0.63
1,820
1,819 0.20
Banco do Brasil S.A.
4.500% due 01/22/2015
Banco Santander Brasil S.A.
2.568% due 03/18/2014
Banco Votorantim Ltd.
2.080% due 08/23/2012
Banco Votorantim S.A.
3,000
3,217 0.35
800
801 0.08
5.670% due 03/05/2014
7.700% due 08/07/2013
2,090
5,300
2,211 0.24
5,617 0.61
7,828 0.85
JPY 1,460,000
18,299 1.98
Brazil Notas do Tesouro Nacional Serie F
10.000% due 01/01/2014
10.000% due 01/01/2017
BRL
4,147
30,157
2,111 0.23
15,341 1.65
40,125 4.33
KAZAKHSTAN
KazMunayGas National Co.
8.375% due 07/02/2013
$
24,550
25,861 2.79
3,992
4,174 0.45
30,035 3.24
Tengizchevroil Finance Co. SARL
BRITISH VIRGIN ISLANDS
6.124% due 11/15/2014
TNK-BP Finance S.A.
7.500% due 03/13/2013
$
2,450
2,548 0.27
LUXEMBOURG
Hyundai Capital Auto Funding Ltd.
Fiat Finance & Trade S.A.
900
889 0.10
3.468% due 12/20/2012
323
307 0.03
1,196 0.13
€
9.000% due 07/30/2012
700
891 0.10
2.890% due 11/15/2012
7.343% due 04/11/2013
8.125% due 07/31/2014
JPY
$
100,000
300
1,000
1,252 0.13
312 0.03
1,100 0.12
Gazprom OAO Via Gazprom International S.A.
Export-Import Bank of China
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
7.201% due 02/01/2020
1,500
1,630
1,636 0.18
1,753 0.19
3,389 0.37
COLOMBIA
4.018% due 03/17/2013
8.250% due 12/22/2014
9.850% due 06/28/2027
7.125% due 01/14/2014
7.175% due 05/16/2013
8.700% due 03/17/2016
9.000% due 06/11/2014
892
3,000
3,745
622,000
1,260
RUB
$
980 0.11
3,173
3,901
19,284
1,389
0.34
0.42
2.08
0.15
Sberbank of Russia Via SB Capital S.A.
Colombia Government International Bond
570
1,730
COP 497,000
581
2,033
423
3,037
0.06
0.22
0.05
0.33
5.499% due 07/07/2015
6.468% due 07/02/2013
6.480% due 05/15/2013
400
5,860
16,700
4.500% due 04/15/2015
$
200
420 0.05
6,114 0.66
17,472 1.89
9.750% due 07/29/2013
9,195
9,864 1.07
1,624
1,698 0.18
Tengizchevroil Finance Co. SARL
VTB Bank OJSC Via VTB Capital S.A.
Hyundai Motor Manufacturing Czech s.r.o.
210 0.02
FRANCE
6.609% due 10/31/2012
11,128 1.20
78,978 8.53
10,000
9,780 1.06
Petronas Global Sukuk Ltd.
4.250% due 08/12/2014
2,000
2,110 0.23
200
224 0.02
GERMANY
7,040
8,061 0.87
POLAND
0.000% due 07/25/2012
0.000% due 10/25/2012
0.000% due 01/25/2013
5.010% due 01/25/2015
5.250% due 10/25/2017
5.500% due 04/25/2015
5.750% due 04/25/2014
5.750% due 09/23/2022
6.250% due 07/03/2012
PLN
7,000
61,300
33,000
9,000
200
3,310
1,200
800
$ 5,900
4.000% due 01/20/2015
5.150% due 04/09/2014
2,092
18,108
9,637
2,706
61
1,015
367
250
5,900
40,136
4,300
500
5.500% due 09/30/2014
5.832% due 09/30/2016
0.22
1.96
1.04
0.29
0.01
0.11
0.04
0.03
0.64
4.34
4,541 0.49
531 0.06
500
640
541 0.06
687 0.07
6,300 0.68
9,000
8,819 0.95
2,448
2,501 0.27
RUSSIA
ALROSA Finance S.A.
3.994% due 12/21/2012
Gazprom OAO Via Gazstream S.A.
5.625% due 07/22/2013
Russia Government International Bond
3.625% due 04/29/2015
4,900
5,081 0.55
15,000
14,721 1.59
31,122 3.36
900
967 0.10
VimpelCom Holdings BV
4.461% due 06/29/2014
SINGAPORE
STATS ChipPAC Ltd.
SOUTH AFRICA
5.250% due 05/16/2013
6.500% due 06/02/2014
8.250% due 09/15/2017
13.500% due 09/15/2015
€
460
$ 6,900
ZAR 14,300
160,600
MARSHALL ISLANDS
Gazprom OAO Via RBS AG
9.625% due 03/01/2013
22,910
24,059 2.60
MEXICO
Guatemala Government Bond
9.250% due 08/01/2013
890
954 0.10
Mexico Government International Bond
6.000% due 06/18/2015 MXN
HUNGARY
18,500
1,429 0.15
493,419
2,803,000
3,673 0.40
20,607 2.23
547,000
4,024 0.43
Mexico Treasury Bills
Hungary Government Bond
HUF
7,200
31 0.00
INDIA
4.409% due 07/05/2012
4.440% due 09/27/2012
4.460% due 09/20/2012 10/18/2012
$
600
2,000
582 0.06
2,022 0.22
1,150
1,184 0.13
1.067% due 12/03/2012
$
180 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
17,600
17,565 1.90
1,100
89 0.01
47,387 5.12
Telefonos de Mexico SAB de C.V.
8.750% due 01/31/2016 MXN
Indian Oil Corp. Ltd.
0.07
0.82
0.20
2.58
3.67
Export-Import Bank of Korea
0.930% due 02/14/2013
1.618% due 09/21/2013
1.700% due 02/13/2013
5.500% due 10/17/2012
5.750% due 05/22/2013
5.875% due 01/14/2015
8.125% due 01/21/2014
€
$
€
$
2,500
5,000
3,100
1,500
1,000
400
9,300
3,144
5,012
3,067
1,520
1,311
439
10,176
0.34
0.54
0.33
0.16
0.14
0.05
1.10
Hyundai Capital Services, Inc.
6.000% due 05/05/2015
300
326 0.04
Korea Development Bank
Pemex Project Funding Master Trust
ICICI Bank Ltd.
604
7,611
1,876
23,845
33,936
SOUTH KOREA
Nakilat, Inc.
6.067% due 12/31/2033
GUATEMALA
4.750% due 01/22/2015
7.250% due 03/15/2015
South Africa Government International Bond
1.216% due 07/21/2014
2.217% due 02/24/2014
6.625% due 10/03/2012
1,057 0.12
6,904 0.75
Panama Government International Bond
7.500% due 08/12/2015
10,950
MALAYSIA
Credit Agricole Home Loan SFH
5.500% due 02/12/2014
1,012
Severstal OAO Via Steel Capital S.A.
6.124% due 11/15/2014
CZECH REPUBLIC
3.925% due 07/28/2020
Ras Laffan Liquefied Natural Gas Co. Ltd. III
CHINA
4.875% due 07/21/2015
5.250% due 07/29/2014
4,892 0.53
Qatar Government International Bond
Gazprom OAO Via Gaz Capital S.A.
Petroleum Export V Ltd.
4,900
QATAR
CAYMAN ISLANDS
1.243% due 09/20/2016
955 0.10
Poland Government International Bond
JAPAN
0.099% due 07/09/2012
850 $
PANAMA
AK Transneft OJSC Via TransCapitalInvest Ltd.
Japan Treasury Bills
3.461% due 03/28/2014
$
Waha Aerospace BV
IRELAND
Banco Bradesco S.A.
10.500% due 03/25/2014
1.071% due 04/01/2014
Indonesia Government International Bond
6.750% due 03/10/2014
BRAZIL
Gazprom OAO Via White Nights Finance BV
Volkswagen International Finance NV
INDONESIA
Qtel International Finance Ltd.
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
0.747% due 11/22/2012
0.893% due 04/03/2014
1.083% due 10/04/2012
5.300% due 01/17/2013
8.000% due 01/23/2014
€
$
300
200
400
2,120
2,830
299
254
400
2,171
3,094
0.03
0.03
0.04
0.24
0.33
30 June 2012 (Unaudited)
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Korea Electric Power Corp.
3.000% due 10/05/2015
$ 1,000 $ 1,024 0.11
4.875% due 01/14/2016
6.250% due 06/17/2014
1,400
Wells Fargo Mortgage-Backed Securities Trust
2.629% due 07/25/2036
1,509 0.17
Bear Stearns Cos., LLC
$ 2,000 $ 2,003 0.22
2,300
2,295 0.25
1,130
1,138 0.12
6.950% due 08/10/2012
Republic of Korea
4.250% due 06/01/2013
235
241 0.03
12,900
100
12,887 1.39
106 0.01
47,087 5.09
1.766% due 11/16/2012
4.375% due 09/15/2015
100
100 0.01
12,400
12,386 1.34
5,000
5,200 0.56
2,100
2,101 0.23
BMW US Capital LLC
0.918% due 12/21/2012
Shinhan Bank
CIT Group, Inc.
5.250% due 04/01/2014
Citibank N.A.
0.468% due 09/21/2012
TUNISIA
Daimler Finance N.A. LLC
1.249% due 04/10/2014
Banque Centrale de Tunisie S.A.
6.250% due 02/20/2013
€ 2,100
2,741 0.30
TURKEY
4.000% due 04/29/2015 (a) TRY 4,393
2,496 0.27
$ 2,500
2,900
2,511 0.27
3,133 0.34
5,644 0.61
Barclays Bank PLC
10.179% due 06/12/2021
200
237 0.03
727
782 0.08
2.750% due 05/15/2015
8.000% due 06/01/2014
1,000
200
1,009 0.11
222 0.02
2,000
2,002 0.22
1,700
1,702 0.18
1,000
300
1,003 0.11
379 0.04
General Electric Capital Corp.
0.788% due 03/15/2013
JPMorgan Chase & Co.
0.712% due 12/26/2012
0.904% due 09/26/2013
€
0.000% due 10/22/2008
0.000% due 11/24/2008
0.000% due 12/23/2008
$
100
100
300
23 0.00
23 0.00
69 0.01
5,000
5,027 0.54
MetLife Institutional Funding II
Lloyds TSB Bank PLC
9.875% due 12/16/2021
€ 1,000
1,600
1.361% due 04/04/2014
Pemex Project Funding Master Trust
984 0.11
1,528 0.16
3,531 0.38
7.375% due 12/15/2014
500
1.850% due 01/15/2015
600
609 0.07
10,000
9,938 1.07
4,900
4,945 0.54
780
762 0.08
57,213 6.18
Verizon Communications, Inc.
1.071% due 03/28/2014
Bear Stearns Asset-Backed Securities Trust
$
1
59
1 0.00
38 0.01
28
10
27 0.00
9 0.00
11
31
10 0.00
20 0.00
Wachovia Bank N.A.
0.846% due 11/03/2014
Carrington Mortgage Loan Trust
0.345% due 06/25/2037
0.565% due 10/25/2035
Citigroup Mortgage Loan Trust, Inc.
0.305% due 05/25/2037
0.305% due 07/25/2045
MORTGAGE-BACKED SECURITIES
American Home Mortgage Investment Trust
Countrywide Asset-Backed Certificates
0.325% due 10/25/2047
2.237% due 09/25/2045
7
2 0.00
6
3.123% due 05/25/2047
0.305% due 11/25/2036
Bear Stearns Structured Products, Inc.
4
1 0.00
4
3 0.00
Citigroup Mortgage Loan Trust, Inc.
4
1 0.00
0.315% due 01/25/2037
5.019% due 09/25/2037 (b)
2.829% due 12/26/2046
0.845% due 11/25/2032
HSBC Asset Loan Obligation
0.305% due 12/25/2036
HSI Asset Securitization Corp. Trust
4
4 0.00
JPMorgan Mortgage Acquisition Corp.
20
8
17 0.00
8 0.00
11
9 0.00
Morgan Stanley ABS Capital I
0.305% due 05/25/2037
New Century Home Equity Loan Trust
0.425% due 05/25/2036
50
27 0.01
Securitized Asset-Backed Receivables LLC Trust
0.285% due 01/25/2037
6
5 0.00
17
14 0.00
3
3 0.00
Soundview Home Equity Loan Trust
0.325% due 06/25/2037
Structured Asset Securities Corp.
Washington Mutual Asset-Backed Certificates
0.305% due 10/25/2036
See Accompanying Notes
57
38 0.01
58
32 0.01
12
54
6 0.00
34 0.01
Countrywide Home Loan Mortgage Pass-Through Trust
0.295% due 12/25/2036
0.305% due 03/25/2047
0.325% due 03/25/2037
6 0.00
Bear Stearns Adjustable Rate Mortgage Trust
Credit-Based Asset Servicing & Securitization LLC
Home Equity Asset Trust
6 0.00
Banc of America Mortgage Securities, Inc.
2.973% due 07/25/2034
2
9
6 0.00
205 0.02
2.666% due 04/20/2035
33
31 0.00
36
29 0.00
First Horizon Asset Securities, Inc.
2.658% due 08/25/2035
Greenpoint Mortgage Pass-Through Certificates
3.130% due 10/25/2033
14
13 0.00
26
26 0.00
11
9 0.00
22
17 0.00
GS Mortgage Securities Corp. II
1.103% due 03/06/2020
GSR Mortgage Loan Trust
2.705% due 01/25/2036
Indymac Index Mortgage Loan Trust
2.668% due 12/25/2034
Structured Adjustable Rate Mortgage Loan Trust
2.750% due 01/25/2035
24
20 0.00
Wachovia Bank Commercial Mortgage Trust
0.332% due 09/15/2021
69
67 0.01
WaMu Mortgage Pass-Through Certificates
2.713% due 02/25/2037
$
12 $
9 0.00
374 0.04
REPURCHASE AGREEMENTS
Barclays Capital, Inc.
0.140% due 07/03/2012
(Dated 06/29/2012.
Collateralised by Treasury
Inflation Protected Securities
1.875% due 07/15/2013
valued at $16,190.
Repurchase proceeds
are $16,000.)
16,000
16,000 1.73
15,000
15,000 1.62
5,500
5,500 0.59
5,500
5,500 0.60
400
400 0.04
2,700
2,700 0.29
62,900
62,900 6.80
11,000
11,000 1.19
5,500
5,500 0.59
124,500 13.45
BNP Paribas Bank
0.280% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Fannie
Mae 4.000% due
06/01/2042 valued at
$15,493. Repurchase
proceeds are $15,000.)
Citigroup, Inc.
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 0.250% due
03/31/2014 valued at
$5,618. Repurchase
proceeds are $5,500.)
0.220% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Federal
Home Loan Bank 0.350%
due 11/22/2013 valued at
$5,615. Repurchase
proceeds are $5,500.)
Merrill Lynch & Co., Inc.
SABMiller Holdings, Inc.
1.167% due 04/14/2014
ASSET-BACKED SECURITIES
0.325% due 01/25/2037
569 0.06
SSIF Nevada LP
UNITED STATES
0.295% due 11/25/2036
1.245% due 10/25/2037
204 0.02
Lehman Brothers Holdings, Inc. (b)
UNITED KINGDOM
0.977% due 08/28/2017 (e)
1.018% due 10/10/2017
200
Georgia Power Co.
Abu Dhabi Government International Bond
Santander UK PLC
3,504 0.38
5.625% due 11/30/2012
0.468% due 12/21/2012
UNITED ARAB EMIRATES
5.500% due 08/02/2012
5.500% due 04/08/2014
3,500
Duke Energy Carolinas LLC
Ford Motor Credit Co. LLC
Turkey Government International Bond
FAIR
% OF
VALUE
NET
(000S) ASSETS
Ally Financial, Inc.
107 0.01
100
Korea Hydro & Nuclear Power Co. Ltd.
PAR
(000S)
DESCRIPTION
CORPORATE BONDS & NOTES
0.468% due 12/19/2012
3.667% due 02/11/2014
4.625% due 06/26/2015
Korea Exchange Bank
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
43
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 0.250% due
04/30/2014 valued at
$409. Repurchase proceeds
are $400.)
0.190% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 1.250% due
03/15/2014 valued at
$2,765. Repurchase
proceeds are $2,700.)
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 2.000% due
02/15/2022 valued at
$17,065. Collateralised by
US Treasury Notes 0.875%
due 02/28/2017 valued at
$47,407. Repurchase
proceeds are $62,901.)
Morgan Stanley
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Bonds 6.125%
due 11/15/2027 valued at
$5,599. Collateralised by
US Treasury Notes 4.350%
due 11/15/2040 valued at
$5,590. Repurchase
proceeds are $11,000.)
0.210% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Federal
Home Loan Bank 0.180%
due 02/28/2013 valued at
$5,616. Repurchase
proceeds are $5,500.)
31 0.00
Semiannual Report
30 June 2012 181
Portfolio of Investments and Assets Emerging Markets Currency Fund (Cont.)
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
US GOVERNMENT AGENCIES
Fannie Mae
0.445% due 10/27/2037
1.353% due 06/01/2043 07/01/2044
2.223% due 11/01/2035
5.157% due 08/01/2035
$
300 $
298 0.04
19
10
190
19 0.00
10 0.00
205 0.02
8,800
8,796 0.95
Federal Home Loan Bank
0.160% due 11/30/2012
Federal Home Loan Mortgage Corp.
5.000% due 07/15/2014
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
0.165% due 12/10/2012 12/17/2012
5.000% due 01/30/2014
$ 21,500 $ 21,489 2.32
1,100
1,181 0.13
83,416 9.02
US Treasury Bills
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (c)
9,075,470 $
90,800 9.81
24,245
24,219 2.62
13,000
13,012 1.41
37,231 4.03
302,939 32.74
US Treasury Notes
1,500
1,641 0.18
30,800
19,000
30,790 3.33
18,987 2.05
0.375% due 10/31/2012
Freddie Mac
0.130% due 11/01/2012
0.160% due 01/03/2013
FAIR
% OF
VALUE
NET
(000S) ASSETS
SHARES
Total Transferable Securities &
Money Market Instruments - Official
Stock Exchange/Regulated Market
$ 863,430 93.30
US TREASURY OBLIGATIONS
0.167% due 09/13/2012 05/30/2013
DESCRIPTION
Total United States
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Brazil Government International Bond
China Government International Bond
Export-Import Bank of China
Export-Import Bank of China
Penerbangan Malaysia Bhd
1.000%
1.000%
1.000%
1.000%
1.000%
09/20/2013
09/20/2012
09/20/2016
09/20/2016
09/20/2012
DUB
BRC
BOA
MYC
MYC
Notional
Amount(2)
Fair
Value
$ 7,500
900
250
250
900
$ 32
2
(5)
(5)
2
$ 26
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$ 48
5
(7)
(7)
6
$ 45
$ (16)
(3)
2
2
(4)
$ (19)
0.01
0.00
0.00
0.00
0.00
0.01
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
6-Month HUF-BIBOR
6-Month HUF-BIBOR
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
Fixed
Rate
Maturity Date
6.150%
6.150%
10.605%
12.075%
12.550%
12.555%
09/15/2015
09/15/2015
01/02/2013
01/02/2013
01/02/2014
01/02/2014
Notional
Amount
Counterparty
BRC
HUS
UAG
DUB
BPS
HUS
Fair
Value
HUF 13,000
26,000
BRL 99,500
29,900
1,100
4,700
$
1
2
786
502
38
164
$ 1,493
Upfront
Premiums
Paid
Unrealised
Appreciation
$
1
0
173
0
0
3
$ 177
$
0
2
613
502
38
161
$ 1,316
% of
Net Assets
0.00
0.00
0.09
0.05
0.00
0.02
0.16
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
ARS
AUD
BRL
CLP
CNY
Principal Amount
Covered by
Contract
7,139
6,975
2,273
35,558
11,160
3,969
4,714
14,233
987,500
8,882,611
96,963
12,674
7,776
18,194
73,337
82,637
7,204
6,473
30,915
28,945
8,939
1,284
182 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
BOA
BRC
FBF
BRC
HUS
JPM
MSC
UAG
CBK
MSC
CBK
JPM
JPM
BRC
DUB
JPM
MSC
DUB
HUS
JPM
CBK
DUB
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
10/2012
10/2012
10/2012
02/2013
02/2013
02/2013
02/2013
08/2013
08/2013
04/2014
09/2015
09/2015
$ 35
38
0
8
50
0
40
49
0
0
0
0
0
0
38
0
0
8
0
0
0
0
Unrealised
(Depreciation)
$
0
0
(43)
(643)
(124)
(47)
0
(13)
(46)
(653)
(7)
(8)
(2)
(35)
(35)
(24)
(16)
0
(184)
(245)
(144)
(15)
Net Unrealised
Appreciation/
(Depreciation)
$
35
38
(43)
(635)
(74)
(47)
40
36
(46)
(653)
(7)
(8)
(2)
(35)
3
(24)
(16)
8
(184)
(245)
(144)
(15)
% of
Net Assets
0.00
0.00
0.00
(0.07)
(0.01)
0.00
0.00
0.00
0.00
(0.07)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
(0.03)
(0.02)
0.00
30 June 2012 (Unaudited)
Type
Currency
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Buy
CNY
COP
CZK
€
£
HKD
HUF
IDR
ILS
INR
JPY
KRW
MXN
MYR
See Accompanying Notes
Principal Amount
Covered by
Contract
12,780
5,980
29,203,396
29,203,396
25,490,926
42,803
617,438
42,785
21,498
617,438
93,018
7,037
45
762
1
73
144
2
6
7,037
395
736
1
633
206
1,807
6,620
7,037
1,022
1,000
34,672
15,528
3,879
719,965
477,005
477,005
14,437,500
26,456,019
134,328,800
226,276,362
79,929,043
6,930,000
226,276,362
4,311
9,606
17,146
4,260
108,431
73,108
73,108
243,072
53,289
741,884
85,503
29,013
1,306,814
198,205
78,256
107,806
1,460,000
405,794
4,936,491
504,858
1,306,625
1,693,946
22,706
1,285,230
370,378
9,562,747
1,238,397
4,936,491
49,342
219,330
36,840
127,505
1,013,308
13,316
44,234
277,189
18,010
35,897
11,711
Counterparty
JPM
DUB
BRC
UAG
BRC
BRC
FBF
HUS
MSC
UAG
UAG
BPS
BPS
BRC
BRC
CBK
DUB
DUB
FBF
GST
JPM
JPM
MSC
RBC
RYL
UAG
UAG
BPS
BPS
BPS
DUB
HUS
JPM
UAG
BRC
JPM
CBK
DUB
HUS
MSC
UAG
DUB
MSC
BRC
CBK
DUB
HUS
JPM
UAG
UAG
BRC
BRC
DUB
DUB
HUS
JPM
MSC
UAG
UAG
CBK
BPS
BRC
DUB
DUB
FBF
JPM
JPM
MSC
UAG
UAG
BRC
HUS
DUB
DUB
HUS
JPM
UAG
UAG
MSC
UAG
UAG
BRC
Settlement
Month
09/2015
04/2016
07/2012
07/2012
12/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
09/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
01/2013
01/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
09/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
09/2012
10/2012
07/2012
Unrealised
Appreciation
$
0
0
0
1,018
45
143
0
144
72
0
0
148
0
16
0
0
3
0
0
0
0
0
0
12
0
28
239
0
10
0
0
2
0
71
0
57
3
0
0
0
22
0
184
37
42
63
40
0
176
0
0
61
120
98
0
0
0
0
125
0
95
0
0
1
0
0
1
0
0
0
36
166
419
43
223
2,074
25
39
0
0
0
0
Unrealised
(Depreciation)
$
(61)
(99)
(115)
0
0
0
(1,944)
0
0
(2,105)
(155)
0
(1)
(4)
0
(2)
0
0
0
(26)
(5)
(21)
0
0
(5)
0
0
(148)
0
(22)
(4)
0
0
0
(87)
0
0
(42)
(566)
(164)
(14)
(37)
0
0
0
0
0
(670)
0
(182)
(184)
0
(463)
0
(48)
(2,166)
(171)
(103)
0
(622)
0
(34)
(6)
0
0
0
0
(5)
(139)
0
0
0
0
0
0
0
0
(77)
(566)
(47)
(94)
(24)
Net Unrealised
Appreciation/
(Depreciation)
$
(61)
(99)
(115)
1,018
45
143
(1,944)
144
72
(2,105)
(155)
148
(1)
12
0
(2)
3
0
0
(26)
(5)
(21)
0
12
(5)
28
239
(148)
10
(22)
(4)
2
0
71
(87)
57
3
(42)
(566)
(164)
8
(37)
184
37
42
63
40
(670)
176
(182)
(184)
61
(343)
98
(48)
(2,166)
(171)
(103)
125
(622)
95
(34)
(6)
1
0
0
1
(5)
(139)
0
36
166
419
43
223
2,074
25
(38)
(566)
(47)
(94)
(24)
Semiannual Report
% of
Net Assets
(0.01)
(0.01)
(0.02)
0.11
0.01
0.02
(0.21)
0.02
0.01
(0.23)
(0.02)
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.03
(0.02)
0.00
0.00
0.00
0.00
0.00
0.01
(0.01)
0.01
0.00
0.00
(0.06)
(0.02)
0.00
0.00
0.02
0.00
0.00
0.01
0.00
(0.07)
0.02
(0.02)
(0.02)
0.01
(0.04)
0.01
0.00
(0.23)
(0.02)
(0.01)
0.02
(0.07)
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.02
0.04
0.00
0.02
0.22
0.00
(0.01)
(0.06)
0.00
(0.01)
0.00
30 June 2012 183
Portfolio of Investments and Assets Emerging Markets Currency Fund (Cont.)
Type
Currency
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Sell
MYR
PEN
PHP
PLN
RON
RUB
SGD
THB
TRY
TWD
ZAR
Principal Amount
Covered by
Contract
495
6,180
992
11,801
61,116
29,937
72,270
28,766
3,945
606
35,677
40,229
35,677
1,113,892
135,259
18,086
1,000
8,120
20,086
7,253
64,322
40,747
6,541
40,747
349,707
403,607
94,036
4,312
1,272
2,586
31,400
375,131
124,392
3,669
93,819
33,977
19,105
2,070
66,275
728,197
8,817
17,814
13,354
273,801
2,101
17,865
13,353
7,809
157,086
Counterparty
DUB
GST
HUS
JPM
JPM
UAG
UAG
UAG
CBK
DUB
HUS
MSC
HUS
CBK
BRC
BRC
CBK
DUB
FBF
HUS
UAG
DUB
DUB
UAG
GST
JPM
BRC
DUB
HUS
HUS
UAG
HUS
JPM
BRC
DUB
HUS
HUS
UAG
DUB
JPM
BRC
BRC
CBK
DUB
HUS
HUS
MSC
UAG
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
10/2012
07/2012
07/2012
07/2012
07/2012
12/2012
10/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
11/2012
11/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
0
0
0
26
506
95
271
0
0
0
13
286
0
941
0
165
0
20
0
108
0
0
0
0
89
399
0
0
4
0
0
0
15
17
848
241
0
7
2
0
0
100
73
811
6
103
73
10
521
$ 12,117
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
$
(7)
(47)
(13)
(20)
0
0
0
(112)
(28)
(4)
0
0
(51)
0
(1,963)
(146)
(5)
0
(405)
0
(897)
(417)
(70)
(413)
0
0
(914)
(55)
0
(41)
(368)
(351)
(10)
0
0
(16)
(319)
0
0
(97)
(14)
0
0
0
0
0
0
0
(151)
$ (20,446)
% of
Net Assets
$
(7)
(47)
(13)
6
506
95
271
(112)
(28)
(4)
13
286
(51)
941
(1,963)
19
(5)
20
(405)
108
(897)
(417)
(70)
(413)
89
399
(914)
(55)
4
(41)
(368)
(351)
5
17
848
225
(319)
7
2
(97)
(14)
100
73
811
6
103
73
10
370
$ (8,329)
$
Total OTC Financial Derivative Instruments
0.00
0.00
0.00
0.00
0.05
0.01
0.03
(0.01)
0.00
0.00
0.00
0.03
(0.01)
0.10
(0.21)
0.00
0.00
0.00
(0.04)
0.01
(0.10)
(0.04)
(0.01)
(0.04)
0.01
0.04
(0.10)
(0.01)
0.00
0.00
(0.04)
(0.04)
0.00
0.00
0.09
0.02
(0.03)
0.00
0.00
(0.01)
0.00
0.01
0.01
0.08
0.00
0.01
0.01
0.00
0.04
(0.90)
(6,810)
(0.73)
FAIR
VALUE
(000S)
% OF
NET
ASSETS
1,097
0.12
5,000
3,580
4,000
5,000
3,542
3,974
0.54
0.38
0.43
1,100
4,000
1,850
Total Certificates of Deposit
1,100
3,931
1,856
$ 20,500
0.12
0.43
0.20
2.22
Total Investments
$ 877,120
94.79
DESCRIPTION
PAR
(000S)
CERTIFICATES OF DEPOSIT
Banco BTG Pactual S.A.
3.000% due 02/27/2013
$ 1,100
$
Banco do Brasil S.A.
1.955% due 01/24/2013
1.970% due 06/28/2013
2.200% due 03/26/2013
Itau Unibanco S.A.
1.600% due 11/13/2012
2.440% due 03/26/2013
2.550% due 02/27/2013
184 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
FAIR
VALUE
(000S)
% OF
NET
ASSETS
13
3
1
3
0.00
0.00
0.00
0.00
712
$
732
$ 47,494
$ 925,346
0.08
0.08
5.13
100.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.010% due 06/29/2012
0.040% due 06/29/2012
0.087% due 06/29/2012
4.700% due 06/29/2012
SGD
€
£
ZAR
17
2
0
25
$
712
$
DBS Bank Ltd.
0.030% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Principal amount of security is adjusted for inflation.
(b) Security is in default.
(c) The Emerging Markets Currency Fund is investing in shares of an affiliated fund.
(d) Cash of $16,270 has been pledged as collateral for OTC swap and foreign currency contracts as governed by ISDA Master Agreements as at 30 June 2012.
(e) Restricted Securities
Issuer Description
Coupon
Santander UK PLC
0.977%
Maturity
Date
Acquisition
Date
Cost
Fair
Value
% of
Net Assets
08/28/2017
03/31/2011
$ 1,323
$ 984
0.11
(f) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 90,800
0
0
$ 90,800
$ 748,956
20,500
(6,810)
$ 762,646
$ 23,674
0
0
$ 23,674
$ 863,430
20,500
(6,810)
$ 877,120
Transferable Securities
Deposits with Credit Institutions
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
Starting
Balance
at 31-Dec-2011
Net
Purchases5
Net
Sales5
Accrued
Discounts/
(Premiums)
$ 0
1
$ 1
$ 23,053
0
$ 23,053
$ 0
0
$ 0
$ 13
0
$ 13
Realised
Gains/
(Losses)
$
0
(17)
$ (16)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ 608
16
$ 624
$ 0
0
$ 0
$ 23,674
0
$ 23,674
$ 608
0
$ 608
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
See Accompanying Notes
Semiannual Report
30 June 2012 185
Portfolio of Investments and Assets Emerging Markets Currency Fund (Cont.)
(g) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GST
HUS
JPM
MSC
MYC
RBC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
$
30
120
(3,494)
205
1,754
(2,392)
16
(447)
(298)
(920)
(3)
12
(5)
(1,388)
Collateral
(Received)/Pledged
$
0
0
5,590
(50)
210
3,060
0
760
2,780
880
0
0
0
2,990
Net
Exposures(1)
$
30
120
2,096
155
1,964
668
16
313
2,482
(40)
(3)
12
(5)
1,602
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
186 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Emerging Markets Currency Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
PAR
(000S)
PROCEEDS
(000S)
700,700
$ 489,100
DESCRIPTION
SALES THROUGH 30 JUNE 2012
Mexico Cetes
4.430% due 05/31/2012
30 June 2012 (Unaudited)
Mexico Cetes
MXN
700,700
$ 539,339
4.430% due 05/31/2012
MXN
Mexico Cetes
SHARES
0.000% due 04/04/2012
993,194
362,035
30,800
30,786
Freddie Mac
0.000% due 11/01/2012
$
PIMCO US Dollar Short-Term Floating
NAV Fund (a)
2,128,859
SHARES
PIMCO US Dollar Short-Term Floating
NAV Fund (a)
US Treasury Bills
2,991,030
29,926
ZAR
130,000
20,558
MXN 2,803,000
19,959
$
19,000
18,984
JPY
1,460,000
18,928
$
18,900
18,885
JPY
1,460,000
17,701
$
17,600
17,589
MYR
48,294
15,840
47,990
15,222
US Treasury Bills
$
$
17,600
17,597
0.000% due 03/06/2012
MYR
47,990
15,864
48,294
15,280
14,900
14,898
14,145
14,139
SGD
16,000
12,789
$
12,510
12,510
MYR
36,080
11,295
9,695
9,695
MYR
28,711
9,191
MXN
117,850
8,590
MYR
24,882
8,139
7,950
7,950
7,100
7,099
0.000% due 07/06/2012
0.053% due 08/23/2012
$
0.101% due 10/18/2012
1.050% due 03/03/2012
7.375% due 04/25/2012
14,900
14,891
3.040% due 06/26/2012
Petronas Capital Ltd.
0.101% due 10/18/2012
14,145
14,136
US Treasury Bills
7.000% due 05/22/2012
$
Bank Negara Malaysia Monetary Notes
0.180% due 05/30/2013
14,145
14,119
Bank Negara Malaysia Monetary Notes
2.922% due 01/17/2012
Mexico Government International Bond
MYR
36,080
11,729
US Treasury Bills
7.500% due 06/21/2012
Bank Negara Malaysia Monetary Notes
$
10,100
10,093
Federal Home Loan Bank
2.937% due 03/15/2012
TNK-BP Finance S.A.
8,800
8,794
ALROSA Finance S.A.
4.125% due 12/21/2012
0.139% due 06/09/2012
Bank Negara Malaysia Monetary Notes
US Treasury Bills
0.000% due 11/30/2012
17,938
South Africa Government International Bond
0.000% due 03/06/2012
0.143% due 09/13/2012
1,460,000
JPY
Export-Import Bank of Korea
Bank Negara Malaysia Monetary Notes
0.000% due 06/26/2012
0.000% due 04/09/2012
US Treasury Bills
Bank Negara Malaysia Monetary Notes
0.053% due 08/23/2012
18,500
US Treasury Bills
US Treasury Bills
0.000% due 07/06/2012
18,500
7.375% due 04/25/2012
Bank Negara Malaysia Monetary Notes
Japan Treasury Bills
0.139% due 06/09/2012
19,100
Bank Negara Malaysia Monetary Notes
Freddie Mac
0.099% due 09/07/2012
19,100
US Treasury Bills
Japan Treasury Bills
0.000% due 12/10/2012
19,597
Japan Treasury Bills
Freddie Mac
0.000% due 04/09/2012
19,600
Banque Centrale de Tunisia S.A.
Mexico Cetes
0.000% due 01/03/2013
$
6.103% due 06/27/2012
South Africa Government International Bond
0.000% due 09/27/2012
0.053% due 06/28/2012
AK Transneft OJSC Via TransCapitalInvest Ltd.
PAR
(000S)
13.500% due 09/15/2015
21,300
PAR
(000S)
6.125% due 03/20/2012
$
US Treasury Bills
9,000
8,739
0.048% due 06/14/2012
(a) The Emerging Markets Currency Fund is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 187
Portfolio of Investments and Assets PIMCO Emerging Multi-Asset Fund
DESCRIPTION
SHARES
FAIR % OF
VALUE
NET
(000S) ASSETS
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
Shinhan Bank
MUTUAL FUNDS
9.000% due 04/30/2015
PIMCO CommoditiesPLUSTM
Strategy Fund (a)
State Bank of India
1.766% due 11/16/2012
PAR
(000S)
400 $
99
100 0.02
100
100
100
100
100
101 0.02
740
745 0.17
400
1,175
150
154 0.04
300
200
317 0.07
263 0.06
Banco do Nordeste do Brasil S.A.
4.375% due 05/03/2019
$
150
149 0.03
250
350
241 0.06
345 0.08
100
102 0.02
400
427 0.10
Banco Santander Brasil S.A.
2.568% due 03/18/2014
4.250% due 01/14/2016
Banco Votorantim S.A.
5.250% due 02/11/2016
Bancolombia S.A.
5.950% due 06/03/2021
BBVA Bancomer S.A.
6.500% due 03/10/2021
500
505 0.12
100
106 0.02
100
104 0.02
100
107 0.03
100
104 0.02
BM&FBovespa S.A.
5.500% due 07/16/2020
BR Properties S.A.
9.000% due 10/29/2049
Columbus International, Inc.
11.500% due 11/20/2014
Country Garden Holdings Co. Ltd.
10.500% due 08/11/2015
340
200 0.05
250
252 0.06
184
152 0.04
€
100
139 0.03
$
25
100
Interoceanica IV Finance Ltd.
IPIC GMTN Ltd.
5.875% due 03/14/2021
Korea Exchange Bank
3.125% due 06/26/2017
4.875% due 01/14/2016
25 0.01
106 0.02
Lembaga Pembiayaan Ekspor Indonesia
3.750% due 04/26/2017
200
201 0.05
200
209 0.05
Longfor Properties Co. Ltd.
9.500% due 04/07/2016
Qatari Diar Finance QSC
5.000% due 07/21/2020
100
112 0.03
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
5.298% due 12/27/2017
7.125% due 01/14/2014
7.500% due 03/25/2013
8.625% due 02/17/2017
8.700% due 03/17/2016
9.000% due 06/11/2014
220
625
RUB 10,000
30,000
36,000
$
165
222
660
309
912
1,114
182
0.05
0.15
0.07
0.21
0.26
0.04
495
1,036
208
260
833
0.11
0.24
0.05
0.06
0.19
5.180% due 06/28/2019
5.400% due 03/24/2017
6.125% due 02/07/2022
6.468% due 07/02/2013
6.480% due 05/15/2013
500
1,000
200
250
800
188 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
150
160 0.04
1,000
500
996 0.23
567 0.13
200
198 0.05
1,650
2,007 0.46
5.250% due 07/20/2015
1.067% due 12/03/2012
7.375% due 12/15/2014
6.000% due 05/03/2042
5.375% due 04/28/2020
103 0.02
RZD Capital Ltd.
100
109 0.03
200
205 0.05
200
200
207 0.05
214 0.05
100
104 0.02
100
127 0.03
100
109 0.03
200
217 0.05
150
151 0.04
175
184 0.04
375
382 0.08
80
88 0.02
300
295 0.07
300
378 0.09
15
15 0.00
AES Chivor & Compania SCA ESP
90
86 0.02
AES El Salvador Trust
100
103 0.02
100
112 0.03
450
466 0.11
400
446 0.10
Corp. Nacional del Cobre de Chile
7.500% due 01/15/2019
CSN Islands XI Corp.
6.875% due 09/21/2019
CSN Resources S.A.
6.500% due 07/21/2020
Daimler Finance North America LLC
1.799% due 07/11/2013
Desarrolladora Homex SAB de C.V.
9.750% due 03/25/2020
Digicel Ltd.
8.250% due 09/01/2017
5.888% due 06/15/2019
6.850% due 07/02/2037
375
200
950
1,200
325
100
Corp. GEO SAB de C.V.
8.875% due 09/25/2014
4.900% due 10/28/2014
5.250% due 04/12/2017
5.500% due 04/12/2037
8.500% due 11/02/2017
12.750% due 02/17/2022
Petroleum Co. of Trinidad & Tobago Ltd.
CNOOC Finance 2012 Ltd.
3.875% due 05/02/2022
5.000% due 05/02/2042
Petroleos de Venezuela S.A.
209 0.05
Braskem Finance Ltd.
5.750% due 04/15/2021
7.875% due 03/15/2019
200
6.000% due 05/08/2022
5.739% due 04/03/2017
8.300% due 04/02/2019
7.625% due 07/23/2019
Embraer S.A.
5.150% due 06/15/2022
Empresas ICA SAB de C.V.
8.900% due 02/04/2021
Fibria Overseas Finance Ltd.
7.500% due 05/04/2020
Gerdau Holdings, Inc.
7.000% due 01/20/2020
Gerdau Trade, Inc.
5.750% due 01/30/2021
GTL Trade Finance, Inc.
7.250% due 10/20/2017
Hutchison Whampoa International Ltd.
7.625% due 04/09/2019
1.850% due 01/15/2015
86 0.02
700
RUB 50,100
747 0.17
1,500 0.35
$
200
203 0.05
400
378 0.08
200
191 0.04
300
700
303 0.07
749 0.17
200
201 0.05
Sappi Papier Holding GmbH
6.625% due 04/15/2021
SCF Capital Ltd.
5.375% due 10/27/2017
Severstal OAO Via Steel Capital S.A.
6.700% due 10/25/2017
9.750% due 07/29/2013
Sinochem Overseas Capital Co. Ltd.
4.500% due 11/12/2020
Sinopec Group Overseas Development 2012 Ltd.
3.900% due 05/17/2022
320
334 0.08
100
106 0.02
300
321 0.07
1,581
1,645 0.38
Southern Copper Corp.
6.750% due 04/16/2040
STATS ChipPAC Ltd.
7.500% due 08/12/2015
Tengizchevroil Finance Co. SARL
6.124% due 11/15/2014
Urbi Desarrollos Urbanos SAB de C.V.
9.500% due 01/21/2020
100
104 0.02
200
234 0.05
22,054 5.07
100
116 0.03
200
199 0.05
Vale Overseas Ltd.
6.875% due 11/10/2039
6.750% due 02/01/2016
AK Transneft OJSC Via TransCapitalInvest Ltd.
5.670% due 03/05/2014
8.700% due 08/07/2018
526 0.12
249 0.06
300
349 0.08
BRL
250
191 0.04
$
100
103 0.02
100
105 0.02
50
100
1,450
64 0.01
109 0.03
1,809 0.42
370
388 0.09
6.875% due 07/30/2019
Cia Energetica de Sao Paulo
9.750% due 01/15/2015 (c)
EGE Haina Finance Co.
9.500% due 04/26/2017
200
194 0.05
4.560% due 12/09/2012
8.125% due 07/31/2014
9.250% due 04/23/2019
200
220 0.05
Gazprom OAO Via RBS AG
1,100
1,600
100
1,248 0.29
1,682 0.39
119 0.03
KazMunayGas National Co.
500
200
Centrais Eletricas Brasileiras S.A.
102 0.02
8.250% due 01/29/2018
7.000% due 05/05/2020
8.375% due 07/02/2013
11.750% due 01/23/2015
9.750% due 12/30/2014
100
JBS Finance II Ltd.
6.375% due 10/06/2020
UTILITIES
185 0.04
4.750% due 01/22/2015
0.07
0.03
0.12
0.22
0.07
SABMiller Holdings, Inc.
150
Indian Oil Corp. Ltd.
322
142
532
975
306
83
Ecopetrol S.A.
Kazakhstan Temir Zholy Finance BV
Sberbank of Russia Via SB Capital S.A.
173 0.04
106 0.02
Axiata SPV1 Labuan Ltd.
DP World Ltd.
200
Ford Motor Credit Co. LLC
200
8.375% due 04/01/2022
100
AngloGold Ashanti Holdings PLC
5.125% due 11/30/2024 (b)
0.000% due 11/30/2018
354 0.08
14,385 3.31
ALROSA Finance S.A.
Dolphin Energy Ltd.
2.750% due 05/15/2015
203 0.05
Adaro Indonesia PT
Doric Nimrod Air Finance Alpha Ltd. 2012-1 Class A
Pass-Through Trust
300 0.07
Petrobras International Finance Co.
5.375% due 04/15/2020
Banco do Brasil S.A.
300
8.875% due 03/29/2017
Pertamina Persero PT
200
7.750% due 11/03/2020
€
414 0.10
1,215 0.28
VTB Bank OJSC Via VTB Capital S.A.
7.625% due 10/22/2019
Banco de Credito del Peru
108 0.03
Pemex Project Funding Master Trust
INDUSTRIALS
Ally Financial, Inc.
4.500% due 01/22/2015
4.500% due 01/20/2016
92 0.02
104 0.02
Alfa Bank OJSC Via Alfa Bond Issuance PLC
100 $
PCCW-HKT Capital No.3 Ltd.
3.925% due 07/28/2020
4.750% due 03/16/2016
102 0.02
Turkiye Garanti Bankasi AS
Agile Property Holdings Ltd.
4.625% due 06/26/2015
105 0.02
Waha Aerospace BV
BANKING & FINANCE
$
OGX Austria GmbH
6.609% due 10/31/2012
CORPORATE BONDS & NOTES
6.356% due 06/07/2017
Mongolian Mining Corp.
4.500% due 07/27/2015
5.375% due 02/13/2017
5.450% due 11/22/2017
$
7.875% due 09/25/2017
399 0.09
Vnesheconombank Via VEB Finance PLC
Chrysler Group LLC
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Lukoil International Finance BV
$
2.966% due 04/20/2016
BANK LOAN OBLIGATIONS
10.000% due 11/14/2016
FAIR % OF
VALUE
NET
(000S) ASSETS
Sigma Capital Pte Ltd.
376,175 $ 4,273 0.98
6.000% due 05/24/2017
PAR
(000S)
DESCRIPTION
Energy Development Corp.
6.500% due 01/20/2021
Gazprom OAO Via Gaz Capital S.A.
9.625% due 03/01/2013
€
$
Gazprom OAO Via White Nights Finance BV
10.500% due 03/25/2014
400
449 0.10
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
FAIR % OF
VALUE
NET
(000S) ASSETS
Indo Energy Finance BV
7.000% due 05/07/2018
$
200 $
195 0.04
8.250% due 12/22/2014
11.750% due 02/25/2020
$
6.375% due 05/14/2017
100
109 0.03
8.125% due 06/04/2019
7.875% due 06/29/2037
8.000% due 08/07/2019
750
100
908 0.21
120 0.03
300
312 0.07
Novatek Finance Ltd.
5.326% due 02/03/2016
4.875% due 07/21/2015
4.875% due 01/24/2022
5.500% due 06/27/2044
6.000% due 03/05/2020
6.500% due 06/02/2041
1,000
100
2,000
650
1,080
102
2,313
759
0.25
0.02
0.53
0.17
8.200% due 12/12/2017
126 0.03
Turkey Government International Bond
100
109 0.02
600
100
600 0.14
109 0.02
800
928 0.21
140
146 0.03
140,420
582 0.13
Guatemala Government Bond
5.750% due 06/06/2022
Hungary Government Bond
Power Sector Assets & Liabilities Management Corp.
6.500% due 06/24/2019
7.250% due 05/27/2019
Indonesia Government International Bond
200
251 0.06
Qtel International Finance Ltd.
3.375% due 10/14/2016
4.750% due 02/16/2021
6.500% due 06/10/2014
500
200
800
518 0.12
213 0.05
873 0.20
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298% due 09/30/2020
210
230 0.05
Ras Laffan Liquefied Natural Gas Co. Ltd. III
4.500% due 09/30/2012
500
504 0.12
Telemar Norte Leste S.A.
5.500% due 10/23/2020
100
102 0.02
100
300
111 0.03
343 0.08
TNK-BP Finance S.A.
7.500% due 07/18/2016
7.875% due 03/13/2018
Vimpel Communications OJSC Via UBS Luxembourg S.A.
8.250% due 05/23/2016
300
313 0.07
Vimpel Communications Via VIP Finance Ireland
Ltd. OJSC
6.493% due 02/02/2016
9.125% due 04/30/2018
200
120
199 0.05
127 0.03
800
785 0.18
15,124 3.48
51,563 11.86
VimpelCom Holdings BV
4.461% due 06/29/2014
Total Corporate Bonds & Notes
US GOVERNMENT AGENCIES
5,300
5,296 1.22
5,296 1.22
US TREASURY OBLIGATIONS
US Treasury Bills
0.136% due 11/08/2012 (d)
0.154% due 08/23/2012 05/30/2013 (d)(e)(f)
350
350 0.08
8,121
8,113 1.87
100
133 0.03
8,596 1.98
US Treasury Bonds
4.375% due 05/15/2041 (g)
MORTGAGE-BACKED SECURITIES
Banc of America Large Loan, Inc.
1.992% due 11/15/2015
$
1,125
250
IDR 23,000,000
7,340,000
280,000
31,180,000
$
700
94
89 0.02
0.29
0.07
0.64
0.21
0.01
0.97
0.24
Korea Development Bank
8.000% due 01/23/2014
600
655 0.15
Malaysia Government International Bond
4.160% due 07/15/2021 MYR
4.262% due 09/15/2016
1,450
9,350
480 0.11
3,073 0.71
Mexico Government International Bond
6.000% due 06/18/2015 MXN
6.050% due 01/11/2040
$
6.250% due 06/16/2016 MXN
6.500% due 06/10/2021
8.500% due 11/18/2038
10.000% due 12/05/2024
36,500
500
59,100
52,700
510
25,920
2,813
645
4,629
4,245
46
2,705
0.65
0.15
1.06
0.98
0.01
0.62
Mexico Treasury Bills
4.409% due 07/05/2012
4.440% due 09/27/2012
54,466
27,000
405 0.09
199 0.05
6.700% due 01/26/2036
7.125% due 01/29/2026
7.250% due 03/15/2015
$
560
350
330
756 0.17
473 0.11
377 0.09
6.950% due 08/12/2031
7.350% due 07/21/2025
7.840% due 08/12/2020
8.375% due 05/03/2016
8.750% due 11/21/2033
9.875% due 02/06/2015
9.910% due 05/05/2015
PEN
$
PEN
$
PEN
800
275
2,500
150
740
100
790
348
386
1,112
185
1,214
122
344
0.08
0.09
0.26
0.04
0.28
0.03
0.08
Philippines Government International Bond
6.375% due 10/23/2034
8.250% due 01/15/2014
$
740
590
947 0.22
643 0.15
Poland Government International Bond
0.000% due 01/25/2014
5.000% due 10/24/2013
5.000% due 04/25/2016
5.250% due 10/25/2017
5.250% due 10/25/2020
5.500% due 04/25/2015
5.500% due 10/25/2019
PLN
400
400
8,400
4,900
800
6,650
8,576
112
120
2,545
1,500
243
2,039
2,657
0.03
0.03
0.59
0.35
0.06
0.47
0.61
$
200
Banco Nacional de Desenvolvimento Economico
e Social
4.500% due 04/04/2022
5.000% due 04/29/2020
5.625% due 04/04/2042
7.500% due 03/31/2030
6.500% due 06/10/2019
Senegal Government International Bond
5.500% due 04/08/2014
200
550
215 0.05
656 0.15
Brazil Notas do Tesouro Nacional Series F
BRL
1,326
441
17,200
674 0.15
224 0.05
8,542 1.97
Colombia Government International Bond
$
150
470
325
COP 2,300,000
See Accompanying Notes
152
611
403
1,602
0.03
0.14
0.09
0.37
0.000% due 11/07/2012 TRY
3.000% due 01/06/2021 (c)
3.000% due 07/21/2021 (c)
3.000% due 02/23/2022 (c)
6.750% due 05/30/2040
$
7.000% due 09/26/2016
7.250% due 03/15/2015
7.500% due 07/14/2017
10.000% due 12/04/2013 TRY
5,010
272
891
247
980
140
715
1,480
2,000
7.875% due
01/15/2033 (h)
8.000% due 11/18/2022
$
550
313
8.750% due 05/13/2021
420
1,414
214
3,334
200
0.10
0.33
0.05
0.77
220 0.05
South Africa Government International Bond
6.500% due 06/02/2014
6.750% due 03/31/2021 ZAR
7.250% due 01/15/2020
8.000% due 12/21/2018
8.250% due 09/15/2017
13.500% due 09/15/2015
850
29,410
18,370
14,700
77,670
14,400
933
3,473
2,257
1,901
10,181
2,137
0.21
0.80
0.52
0.44
2.34
0.49
Sri Lanka Government International Bond
6.250% due 10/04/2020
$
500
0.62
0.03
0.11
0.03
0.26
0.04
0.18
0.40
0.26
796 0.18
440 0.10
Venezuela Government International Bond
8.250% due 10/13/2024
9.250% due 05/07/2028
2,300
1,800
1,662 0.38
1,368 0.31
105,718 24.33
SHARES
COMMON STOCKS
CONSUMER DISCRETIONARY
Anhanguera Educacional
Participacoes S.A.
Fiat SpA
GS Home Shopping, Inc.
Honda Motor Co. Ltd.
Hyundai Mobis
Lojas Renner S.A.
Melco Crown
Entertainment Ltd.
Urbi Desarrollos
Urbanos SAB de C.V.
Wynn Macau Ltd.
140,000
328,196
15,953
87,400
7,055
22,000
1,776
1,653
1,322
3,011
1,688
614
124,438
1,432 0.33
1,056,300
859,200
1,010 0.23
1,998 0.46
14,504 3.33
0.41
0.38
0.30
0.69
0.39
0.14
35,014
26,545
1,780 0.41
2,088 0.48
500,000
1,305 0.30
68,485
137,900
2,624 0.60
811 0.19
4,271,000
925 0.21
CONSUMER STAPLES
British American
Tobacco PLC
Carlsberg A/S
China Mengniu Dairy
Co. Ltd.
Cia de Bebidas
das Americas
Hypermarcas S.A.
Real Nutriceutical
Group Ltd.
Shenguan Holdings
Group Ltd.
Shoprite Holdings Ltd.
Thai Beverage PCL
Tongaat Hulett Ltd.
Wal-Mart de Mexico
SAB de C.V.
X5 Retail Group NV
4,176,000
95,051
4,995,000
132,271
2,390
1,742
1,321
2,009
0.55
0.40
0.30
0.46
452,300
103,046
1,199 0.28
2,343 0.54
20,537 4.72
1,217,224
712
39,239
1,980 0.46
1,037 0.24
1,912 0.44
211 0.05
400
1,300
200
2,777
2,682
148
481
134
1,139
158
787
1,726
1,125
Uruguay Government International Bond
Qatar Government International Bond
Russia Government International Bond
Abu Dhabi Government International Bond
3.625% due 05/22/2015 THB
3.650% due 12/17/2021
Panama Government International Bond
4.000% due 01/20/2015
SOVEREIGN ISSUES
4.018% due 03/17/2013
6.125% due 01/18/2041
7.375% due 01/27/2017
7.750% due 04/14/2021
1,261
289
2,796
895
34
4,203
1,033
Peru Government International Bond
Freddie Mac
0.160% due 12/10/2012 01/22/2013
7.250% due 04/20/2015
7.500% due 01/15/2016
8.250% due 07/15/2021
8.250% due 06/15/2032
8.375% due 09/15/2026
9.500% due 07/15/2031
11.625% due 03/04/2019
HUF
1,907 0.44
716 0.16
100
Gabon Government International Bond
Petroleos Mexicanos
60,000 $
22,500
Thailand Government Bond
Export-Import Bank of Korea
1.618% due 09/21/2013
5.875% due 01/14/2015
FAIR % OF
VALUE
NET
(000S) ASSETS
146 0.03
888 0.20
Export-Import Bank of China
Majapahit Holding BV
PAR
(000S)
DESCRIPTION
125 $
555
Corp. Andina de Fomento
Intergas Finance BV
10.000% due 01/01/2014
10.000% due 01/01/2017
10.000% due 01/01/2021
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
ENERGY
Afren PLC
AK Transneft OAO
Bashneft OAO
KazMunaiGas Exploration
Production
NovaTek OAO
Sakari Resources Ltd.
Sasol Ltd.
SBM Offshore NV
Seadrill Ltd.
TNK-BP Holding
Uranium One, Inc.
129,742
21,341
1,385,000
3,621
60,161
23,914
1,151,530
416,903
512 0.12
Semiannual Report
2,178
2,262
1,492
151
831
849
2,656
1,051
16,399
0.50
0.52
0.34
0.03
0.19
0.20
0.61
0.24
3.77
30 June 2012 189
Portfolio of Investments and Assets PIMCO Emerging Multi-Asset Fund (Cont.)
DESCRIPTION
SHARES
FAIR % OF
VALUE
NET
(000S) ASSETS
FINANCIALS
AIA Group Ltd.
Banco do Brasil S.A.
China Construction
Bank Corp.
Commercial Bank of
Qatar QSC
Credicorp Ltd.
Glorious Property
Holdings Ltd.
Huaku Development
Co. Ltd.
Itau Unibanco Holding S.A.
Korean Reinsurance Co.
New China Life Insurance
Co. Ltd.
Tisco Financial Group PCL
1,254,600 $ 4,286 0.99
12,500
120 0.03
3,380,000
2,301 0.53
70,087
23,449
1,316 0.30
2,949 0.68
10,371,000
1,805 0.41
427,335
252,679
77,140
1,034 0.24
3,515 0.81
748 0.17
300,800
1,453,100
1,144 0.26
1,780 0.41
20,998 4.83
DESCRIPTION
Ivanhoe Mines Ltd.
LG Chem Ltd.
Magnitogorsk Iron &
Steel Works
Mechel
Petropavlovsk PLC
Usinas Siderurgicas de
Minas Gerais S.A.
Xingda International
Holdings Ltd.
SHARES
FAIR
% OF
VALUE
NET
(000S) ASSETS
143,514 $
5,745
1,386 0.32
1,462 0.34
440,833
311,018
189,968
1,609 0.37
1,175 0.27
1,357 0.31
148,700
466 0.11
3,320,000
1,079 0.25
16,636 3.83
TELECOMMUNICATION SERVICES
Bezeq The Israeli
Telecommunication
Corp. Ltd.
China Mobile Ltd.
MTN Group Ltd.
Turk Telekomunikasyon A/S
1,534,829
458,500
25,971
493,075
1,599
5,009
445
1,996
9,049
0.37
1.15
0.10
0.46
2.08
55,412
6,708,800
1,872
2,809
4,681
138,755
0.43
0.65
1.08
31.93
HEALTHCARE
Diagnosticos da
America S.A.
Teva Pharmaceutical
Industries Ltd.
84,700
550 0.13
144,963
5,717 1.32
6,267 1.45
UTILITIES
CEZ AS
First Gen Corp.
INDUSTRIALS
China Automation
Group Ltd.
First Tractor Co. Ltd.
Global Ports
Investments PLC
Globaltrans
Investment PLC
Hutchison Port
Holdings Trust
Jiangsu Expressway
Co. Ltd.
Samsung Techwin Co. Ltd.
Shanghai Industrial
Holdings Ltd.
Thai Airways
International PCL
Yuanda China Holdings Ltd.
2,348,000
1,446,000
554 0.13
1,152 0.26
98,727
1,331 0.31
65,597
1,175 0.27
591,000
420 0.10
1,864,000
18,329
1,728 0.40
1,232 0.28
357,000
937 0.22
2,454,500
8,232,000
1,679 0.39
902 0.21
11,110 2.57
25,442
2,338 0.54
1,050,000
32,026
805 0.19
1,814 0.41
721,468
28,823 6.63
33,780 7.77
COMMERCIAL PAPER
2.080% due 08/23/2012
4,700
4,605 1.06
250
250 0.06
4,855 1.12
EQUITY-LINKED SECURITIES
Bank of Baroda
1,083 0.25
Exp. 01/07/2016
Exp. 05/05/2016
3,453,000
876,000
1,220 0.28
960 0.22
Bharat Electronics Ltd.
Exp. 03/22/2016
Exp. 08/02/2016
64,168
27,714
847 0.20
366 0.08
45,979
5,766
1,110 0.25
139 0.03
3,252
4 0.00
127,628
1,091 0.25
Guinness Nigeria PLC
1,421,000
63,382
4,246 0.98
410 0.09
Housing Development Finance Corp.
14,587
9,071
9,450 2.17
114 0.03
18,574 4.27
Exp. 11/10/2014
Exp. 02/24/2015
128,814
1,515 0.35
1,111,396
824 0.19
221,727
303 0.07
144
132 0.03
78,420
49 0.01
197,049
125,977
285 0.07
182 0.04
HSBC Bank PLC
Exp. 12/09/2014
Idea Cellular Ltd.
Exp. 07/25/2016
Nigerian Breweries PLC
1,852 0.43
Exp. 11/10/2014
Rolta India Ltd.
2,746,000
1,848 0.42
107,446
315,741
1,008 0.23
3,394 0.78
190 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Exp. 06/28/2013
Exp. 09/14/2015
35,000 $
189,849
Exp. 02/06/2017
Exp. 03/27/2017
214 0.05
1,161 0.27
7,131 1.64
PAR
(000S)
REPURCHASE AGREEMENTS
Barclays Capital, Inc.
0.160% due 07/02/2012
(Dated 06/29/2012.
Collateralised by
Treasury Inflation
Protected Securities
1.625% due
01/15/2015 valued at
$493. Repurchase
proceeds are $400.)
$
400
400
0.09
600
600
0.14
1,500
1,500
0.35
500
500
0.11
30,200
30,200
6.95
600
600
0.14
BNP Paribas Bank
0.280% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Fannie
Mae 3.500% due
06/01/2042 valued at
$617. Repurchase
proceeds are $600.)
Credit Suisse First Boston
0.180% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 2.375%
due 10/31/2014 valued
at $1,536. Repurchase
proceeds are $1,500.)
0.140% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 2.000%
due 11/15/2021 valued
at $510. Repurchase
proceeds are $500.)
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 2.875%
due 01/31/2013 valued
at $409. Repurchase
proceeds are $30,200.)
0.210% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 1.125%
due 06/15/2013 valued
at $1,837. Repurchase
proceeds are $600.)
Merrill Lynch & Co., Inc.
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 2.000%
due 02/15/2022 valued
at $408. Repurchase
proceeds are $400.)
400
Ivanhoe Mines Ltd.
Exp. due 12/31/2049
53,946
Yes Bank Ltd.
JPMorgan Chase & Co.
4.125% due 12/21/2012
591,635
FAIR
% OF
VALUE
NET
(000S) ASSETS
SHARES
Deutsche Bank Securities, Inc
Banco Votorantim Ltd.
MATERIALS
AngloGold Ashanti Ltd.
China Shanshui Cement
Group Ltd.
Harmony Gold Mining
Co. Ltd.
Israel Chemicals Ltd.
Credit Suisse ETF Ireland
on CSI 300
db x-trackers CSI 300
Index ETF
ETFS Physical Palladium
Vanguard MSCI Emerging
Markets ETF
ALROSA Finance S.A.
INFORMATION TECHNOLOGY
Chicony Electronics Co. Ltd.
China High Precision
Automation Group Ltd.
E Ink Holdings, Inc.
Hollysys Automation
Technologies Ltd.
Hon Hai Precision Industry
Co. Ltd.
Jusung Engineering Co. Ltd.
Samsung Electronics
Co. Ltd.
TPK Holding Co. Ltd.
EXCHANGE-TRADED FUNDS
DESCRIPTION
400 0.09
34,200 7.87
SHARES
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (a)
2,919,135
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
29,206
6.72
$ 423,562 97.46
30 June 2012 (Unaudited)
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
# of
Contracts
US Treasury 10-Year Note September Futures
Long
09/2012
19
Unrealised
Appreciation
% of
Net Assets
$ 21
0.00
PURCHASED OPTIONS
Description
Put - iShares MSCI EAFE Index Fund
Put - iShares MSCI EAFE Index Fund
Put - iShares MSCI EAFE Index Fund
Exercise
Price
Expiration
Date
# of
Contracts
$ 38.000
37.000
40.000
09/22/2012
01/19/2013
01/19/2013
773
2,045
21,426
Fair
Value
% of
Net Assets
131
640
6,996
$ 7,767
111
478
5,956
$ 6,545
0.03
0.11
1.37
1.51
Premiums
Fair
Value
% of
Net Assets
$
(68)
(2)
(111)
(286)
(4,114)
(2)
$ (4,583)
(0.01)
0.00
(0.03)
(0.07)
(0.95)
0.00
(1.06)
$ 1,983
0.45
Cost
$
$
WRITTEN OPTIONS
Exercise
Price
Description
Call - S&P 500 Index
Call - US Treasury 10-Year Note August Futures
Put - iShares MSCI EAFE Index Fund
Put - iShares MSCI EAFE Index Fund
Put - iShares MSCI EAFE Index Fund
Put - US Treasury 10-Year Note August Futures
TRY
7.680
$ 136.000
32.000
33.000
35.000
131.000
Expiration
Date
# of
Contracts
08/23/2012
08/24/2012
09/22/2012
01/19/2013
01/19/2013
08/24/2012
571,987
8
3,093
2,045
21,426
8
$
(43)
(1)
(189)
(376)
(3,884)
(2)
$ (4,495)
Total Financial Derivative Instruments Dealt in on a Regulated Market
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Receive
Receive
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
6-Month EUR-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
1.500%
2.250%
2.250%
2.250%
06/20/2017
06/20/2022
06/20/2022
09/21/2016
$ 1,550
2,000
6,800
€ 2,000
Unrealised
Appreciation/
(Depreciation)
Total Centrally Cleared Financial Derivative Instruments
% of
Net Assets
$
0
34
238
72
$ 344
0.00
0.01
0.05
0.02
0.08
$ 344
0.08
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
MSC
UAG
$ 0.750
1.273
07/23/2012
08/16/2012
AUD 8,700
€ 5,422
Fair
Value
Cost
% of
Net Assets
FOREIGN CURRENCY OPTIONS
Put - OTC Australian dollar versus US dollar
Put - OTC Eurodollar versus US dollar
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BOA
RYL
3-Month USD-LIBOR
3-Month USD-LIBOR
Receive
Receive
$ 64
180
$ 244
Expiration
Date
Notional
Amount
09/24/2012
09/24/2012
$ 100
200
$
0
110
$ 110
0.00
0.03
0.03
Cost
Fair
Value
% of
Net Assets
$ 6
11
$ 17
$ 0
1
$ 1
0.00
0.00
0.00
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
3.273%
3.273%
WRITTEN OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
Premiums
Fair
Value
% of
Net Assets
UAG
$ 1.214
08/16/2012
€ 5,422
$ (77)
$ (21)
(0.01)
FOREIGN CURRENCY OPTIONS
Put - OTC Eurodollar versus US dollar
See Accompanying Notes
Semiannual Report
30 June 2012 191
Portfolio of Investments and Assets PIMCO Emerging Multi-Asset Fund (Cont.)
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BOA
CBK
CBK
DUB
JPM
JPM
JPM
UAG
UAG
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Pay
Receive
Pay
Pay
Pay
Receive
Pay
Receive
Pay
Expiration
Date
Notional
Amount Premiums
Fair
Value
% of
Net Assets
INTEREST RATE SWAPTIONS
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Description
Counterparty
2.000%
0.400%
0.400%
1.750%
2.000%
0.800%
0.800%
0.400%
0.400%
09/24/2012 $ 500
08/13/2012
300
08/13/2012
300
07/11/2013
700
09/24/2012
800
07/11/2013
1,700
07/11/2013
1,700
08/13/2012
3,400
08/13/2012
3,400
Exercise
Price
Expiration
Date
$ 35.000
42.000
35.000
84.510
07/21/2012
07/21/2012
07/21/2012
08/28/2012
Notional
Amount Premiums
$ (7)
0
0
(3)
(9)
(6)
(6)
(5)
(5)
$ (41)
$
0
0
0
0
0
(5)
(2)
0
(4)
$ (11)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Fair
Value
% of
Net Assets
$ (171)
(175)
(141)
(14)
$ (501)
(0.04)
(0.04)
(0.03)
0.00
(0.11)
OPTIONS ON SECURITIES
Put - AngloGold Ashanti Ltd.
Put - BP PLC
Put - Honda Motor Co. Ltd.
Put - Novatek International, Inc.
MSC
DUB
BRC
CBK
$ 1
1
1
9
$ (175)
(113)
(136)
(44)
$ (468)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(2)
Reference Entity
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
Desarrolladora Homex SAB de C.V.
Egypt Government International Bond
Financiera Independencia SAB de C.V.
Gazprom OAO Via Gaz Capital S.A.
Gazprom OAO Via Gazprom International S.A.
Gazprom OAO Via RBS AG
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Indonesia Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Peru Government International Bond
Peru Government International Bond
Peru Government International Bond
Peru Government International Bond
Philippines Government International Bond
Republic of Korea
Russia Government International Bond
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
South Africa Government International Bond
Turkey Government International Bond
192 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
1.000%
5.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
12/20/2012
12/20/2016
12/20/2012
03/20/2013
12/20/2016
06/20/2021
09/20/2013
12/20/2012
12/20/2016
12/20/2016
12/20/2012
12/20/2012
12/20/2016
03/20/2013
12/20/2016
12/20/2016
12/20/2012
12/20/2016
12/20/2012
12/20/2016
12/20/2016
09/20/2013
06/20/2016
09/20/2013
03/20/2013
12/20/2012
12/20/2012
12/20/2021
12/20/2021
12/20/2021
06/20/2021
12/20/2012
12/20/2016
06/20/2021
12/20/2021
12/20/2016
12/20/2016
12/20/2016
06/20/2016
12/20/2016
06/20/2021
12/20/2012
12/20/2012
09/20/2012
12/20/2012
12/20/2016
12/20/2012
06/20/2016
12/20/2016
12/20/2012
12/20/2012
12/20/2016
12/20/2021
BPS
BRC
CBK
CBK
CBK
CBK
DUB
GST
GST
HUS
UAG
CBK
CBK
DUB
DUB
FBF
GST
GST
HUS
HUS
RYL
DUB
FBF
DUB
DUB
DUB
GST
CBK
GST
HUS
UAG
CBK
CBK
CBK
GST
HUS
BRC
GST
HUS
HUS
UAG
DUB
CBK
GST
BRC
BRC
CBK
CBK
CBK
GST
HUS
HUS
BRC
Notional
Amount(3)
Fair
Value
$
$
200
1,000
100
1,200
1,250
1,250
150
100
1,000
500
900
100
1,050
1,100
725
100
300
150
300
75
800
200
230
140
1,600
100
500
500
800
600
825
100
750
900
500
350
400
300
550
500
1,050
200
100
700
400
150
600
150
150
300
400
225
400
1
(17)
0
5
(21)
(83)
1
0
(17)
(8)
2
0
(1)
6
(1)
0
1
0
1
0
(1)
(6)
(40)
(8)
1
0
0
(56)
(89)
(67)
(87)
0
(8)
(48)
(29)
(3)
(8)
(6)
(7)
(9)
(87)
1
0
0
1
(3)
2
(2)
(3)
1
1
(4)
(54)
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$
1
(21)
0
3
(37)
(56)
1
0
(22)
(14)
1
0
(45)
5
(32)
(5)
1
(3)
1
(2)
(37)
(11)
(20)
(9)
(17)
(2)
(5)
(58)
(89)
(73)
(56)
0
(22)
(33)
(31)
(8)
(12)
(7)
(13)
(13)
(70)
(1)
(1)
(7)
0
(7)
1
(1)
(6)
0
0
(8)
(63)
$
0
4
0
2
16
(27)
0
0
5
6
1
0
44
1
31
5
0
3
0
2
36
5
(20)
1
18
2
5
2
0
6
(31)
0
14
(15)
2
5
4
1
6
4
(17)
2
1
7
1
4
1
(1)
3
1
1
4
9
0.00
(0.01)
0.00
0.00
(0.01)
(0.02)
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
(0.01)
(0.02)
(0.02)
(0.02)
0.00
0.00
(0.01)
(0.01)
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
30 June 2012 (Unaudited)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Turkey Government International Bond
Turkey Government International Bond
Turkey Government International Bond
Urbi Desarrollos Urbanos SAB de C.V.
1.000%
1.000%
1.000%
5.000%
06/20/2021
12/20/2021
12/20/2021
09/20/2013
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Notional
Amount(3)
Fair
Value
$ 600
400
400
320
$ (77)
(54)
(54)
(9)
$ (943)
CBK
CBK
HUS
DUB
$
(53)
(57)
(55)
(13)
$ (1,081)
$ (24)
3
1
4
$ 138
(0.02)
(0.01)
(0.01)
0.00
(0.22)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(1)
Index/Tranches
Fixed Deal
(Pay) Rate
Maturity
Date
Dow Jones CDX N.A. IG9 Index
(1.000%) 12/20/2017 BPS
Counterparty
Notional
Amount(3)
Fair
Value
$ 2,200
$ 10
Upfront
Premiums
Unrealised
% of
Paid/(Received) Appreciation Net Assets
$ (12)
$ 22
0.00
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
Index/Tranches
Fixed Deal
Receive Rate
Maturity
Date
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
06/20/2016
12/20/2016
12/20/2016
12/20/2016
12/20/2016
06/20/2017
06/20/2017
Dow Jones CDX N.A. EM15 Index
Dow Jones CDX N.A. EM16 Index
Dow Jones CDX N.A. EM16 Index
Dow Jones CDX N.A. EM16 Index
Dow Jones CDX N.A. EM16 Index
Dow Jones CDX N.A. EM17 Index
Dow Jones CDX N.A. EM17 Index
Counterparty
Notional
Amount(3)
Fair
Value
$ 500
300
100
400
750
100
100
$ 44
28
9
38
71
10
10
$ 210
BRC
BRC
CBK
GST
HUS
BPS
BRC
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
$ 65
24
7
39
71
13
13
$ 232
$ (21)
4
2
(1)
0
(3)
(3)
$ (22)
0.01
0.01
0.00
0.01
0.02
0.00
0.00
0.05
(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)
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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(3)
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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
Pay
3-Month MYR-KLIBOR
3-Month ZAR-SAJIBOR
3-Month ZAR-SAJIBOR
6-Month PLN-WIBOR
6-Month Thailand Fixing Rate
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
BRL-CDI-Compounded
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
IBMEXID
Fixed
Rate
Maturity Date
3.370%
6.500%
7.000%
4.650%
3.480%
10.605%
11.830%
12.465%
9.980%
10.380%
12.550%
12.555%
10.135%
5.600%
7.500%
6.750%
6.000%
6.000%
6.750%
08/17/2016
11/16/2016
11/16/2016
11/16/2016
08/19/2016
01/02/2013
01/02/2013
01/02/2013
01/02/2014
01/02/2014
01/02/2014
01/02/2014
01/02/2015
09/06/2016
06/02/2021
08/31/2021
09/02/2022
09/02/2022
09/02/2022
Counterparty
JPM
CBK
HUS
CBK
JPM
UAG
UAG
HUS
GLM
UAG
BPS
HUS
HUS
BRC
HUS
HUS
BOA
BRC
BRC
Notional
Amount
MYR
ZAR
PLN
THB
BRL
MXN
4,200
9,100
4,600
1,900
50,100
1,400
2,300
8,900
12,000
8,500
1,100
1,600
8,500
24,800
1,000
4,200
8,400
20,326
5,000
Fair
Value
Upfront
Premiums
Paid/(Received)
$ 11
19
21
1
29
11
33
164
162
140
38
56
146
35
9
22
2
6
23
$ 928
Unrealised
Appreciation
$
2
(3)
3
0
5
2
6
5
43
16
0
7
19
28
1
0
(4)
(1)
22
$ 151
$
9
22
18
1
24
9
27
159
119
124
38
49
127
7
8
22
6
7
1
$ 777
% of
Net Assets
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.04
0.04
0.03
0.01
0.01
0.03
0.01
0.00
0.01
0.00
0.00
0.01
0.21
TOTAL RETURN SWAPS ON INDICES AND SECURITIES
Pay/Receive Security
Receive
Banco do Brasil S.A.
Receive
Brasil Insurance Participacoes e
Administracao S.A.
Diagnosticos da America S.A.
Receive
See Accompanying Notes
# of Shares
or Units Floating Rate(4)
107
66
112
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
Notional Maturity
Amount
Date
Upfront
Unrealised
Fair
Premiums
Appreciation/
% of
Counterparty Value Paid/(Received) (Depreciation) Net Assets
$ 1,005 08/15/2012 FBF
$ 35
$ 0
$ 35
0.01
643 08/15/2012 FBF
(59)
0
(59)
(0.01)
773 08/15/2012 FBF
(33)
0
(33)
(0.01)
Semiannual Report
30 June 2012 193
Portfolio of Investments and Assets PIMCO Emerging Multi-Asset Fund (Cont.)
# of Shares
or Units Floating Rate(4)
Pay/Receive Security
Receive
Receive
Usinas Siderurgicas de Minas
Gerais S.A.
Brasil Insurance Participacoes e
Administracao S.A.
Lojas Renner S.A.
36
Receive
Harmony Gold Mining Co. Ltd.
32
Receive
MTN Group Ltd.
137
Receive
Hypermarcas S.A.
98
Receive
Receive
Huabao International
Holdings Ltd.
TPK Holding Co. Ltd.
Receive
Hypermarcas S.A.
39
Receive
Sasol Ltd.
34
Receive
Brasil Insurance Participacoes e
Administracao S.A.
Receive
(4)
48
7
1,110
102
8
Notional Maturity
Amount
Date
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
1-Month USD-LIBOR rate plus a
specified spread
Upfront
Unrealised
Fair
Premiums
Appreciation/
% of
Counterparty Value Paid/(Received) (Depreciation) Net Assets
$ 175 08/13/2012 GST
$ (24)
$ 0
$ (24)
(0.01)
66 12/10/2012 JPM
(6)
0
(6)
0.00
1,070 12/14/2012 JPM
(53)
0
(53)
(0.01)
325 08/13/2012 MYI
(28)
0
(28)
(0.01)
2,219 08/15/2012 MYI
131
0
131
0.03
580 02/06/2013 MYI
2
0
2
0.00
438 02/13/2013 MYI
103
0
103
0.02
1,200 02/13/2013 MYI
83
0
83
0.02
229 02/25/2013 MYI
1
0
1
0.00
1,471 03/22/2013 MYI
(56)
0
(56)
(0.01)
81 08/02/2012 UAG
(7)
$ 89
0
$ 0
(7)
$ 89
0.00
0.02
Floating rate is based upon predetermined notional amounts, which may be a multiple of the number of shares or units disclosed.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
ARS
AUD
BRL
CAD
CLP
CNY
COP
CZK
DKK
€
Principal Amount
Covered by
Contract
83
82
10
290
34,459
11,020
310
755
2,501
510
1,624
936
305,161
1,884
5,256
1,403
24,935
265
20,685
34,193
190,725
42,481
1,797,600
526,259
991,650
1,277,500
487,922
5,234,550
2,560,374
4,790,550
566
565
189
14,785
32,694
10,158
2,090
429
3,432
1,759
125
3,564
55
2,442
27
636
449
1,716
4,867
622
194 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
BOA
BRC
BRC
FBF
BRC
BRC
CBK
DUB
HUS
MSC
UAG
UAG
MSC
BRC
BRC
DUB
JPM
JPM
MSC
UAG
BRC
BRC
CBK
DUB
JPM
JPM
MSC
MSC
UAG
MSC
BRC
HUS
MSC
UAG
UAG
HUS
BOA
BOA
BPS
BPS
BRC
BRC
CBK
CBK
DUB
DUB
JPM
JPM
RBC
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
08/2012
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
12/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
0
0
0
0
1
11
0
7
5
0
3
6
0
0
10
0
0
0
0
0
0
0
5
6
4
0
4
16
95
0
2
2
1
0
108
9
0
16
72
9
3
162
1
0
0
14
13
11
65
9
Unrealised
(Depreciation)
$
0
0
(1)
(6)
(658)
(71)
(1)
0
(34)
(7)
(8)
0
(16)
(4)
0
(1)
(7)
(1)
(13)
(68)
0
(1)
0
0
0
(14)
0
0
0
(19)
0
0
0
(50)
(2)
0
(80)
0
0
(1)
0
(15)
0
(44)
(1)
(5)
0
0
0
(1)
Net Unrealised
Appreciation/
(Depreciation)
$
0
0
(1)
(6)
(657)
(60)
(1)
7
(29)
(7)
(5)
6
(16)
(4)
10
(1)
(7)
(1)
(13)
(68)
0
(1)
5
6
4
(14)
4
16
95
(19)
2
2
1
(50)
106
9
(80)
16
72
8
3
147
1
(44)
(1)
9
13
11
65
8
% of
Net Assets
0.00
0.00
0.00
0.00
(0.15)
(0.01)
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.00
0.00
(0.01)
0.02
0.00
(0.02)
0.00
0.02
0.00
0.00
0.04
0.00
(0.01)
0.00
0.00
0.00
0.00
0.01
0.00
30 June 2012 (Unaudited)
Type
Currency
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
€
£
HKD
HUF
IDR
ILS
INR
JPY
KRW
MXN
See Accompanying Notes
Principal Amount
Covered by
Contract
106
3,432
97
1,630
146
97
16
830
830
41
10
135
279
2,472
88
2,472
102
402
404
62,057
126,261
43,780
465,510
151,312
43,069
1,378,730
658,146
84,671
4,203,900
251,300
4,218,750
2,265,176
16,759,195
6,834,147
8,214,989
12,936,000
29,968,068
26,037,972
21,239,767
785,400
87,700
29,968,068
9,386
1,273
832
7,184
1,900
3,834
20,486
37,694
467
2,550
883
165
31,243
616
3,212
232,815
16,488
8,086
602,368
593,117
229,716
3,812
7,541
33,604
290,333
257,400
10,525,268
197,813
94,840
644,213
27,247
1,639,032
32,747
12,889,806
244,260
10,317,718
5,447
11,007
11,214
4,076
Counterparty
UAG
BPS
DUB
CBK
BPS
BRC
FBF
GST
HUS
JPM
MSC
RBC
RYL
UAG
UAG
UAG
BPS
BPS
DUB
HUS
UAG
BRC
BRC
DUB
HUS
JPM
JPM
UAG
BRC
CBK
CBK
DUB
HUS
HUS
JPM
MSC
MSC
UAG
UAG
DUB
HUS
MSC
BRC
CBK
DUB
HUS
JPM
MSC
MSC
UAG
UAG
CBK
HUS
UAG
UAG
BPS
BRC
CBK
DUB
HUS
HUS
JPM
JPM
MSC
UAG
UAG
HUS
BPS
BRC
DUB
DUB
HUS
JPM
JPM
MSC
UAG
UAG
BRC
HUS
BRC
CBK
DUB
Settlement
Month
07/2012
08/2012
08/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
09/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
01/2013
01/2013
01/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
10/2012
10/2012
10/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
09/2012
07/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
$
4
0
1
0
0
0
0
8
7
0
0
0
0
20
0
0
1
0
0
0
13
0
65
25
3
0
9
31
2
0
1
0
0
4
0
0
0
8
0
0
0
24
76
6
3
57
11
0
174
0
2
6
1
0
78
0
0
22
1
0
364
0
228
0
0
37
128
61
0
0
0
1
0
8
0
0
0
74
18
29
31
4
Unrealised
(Depreciation)
$
0
(72)
0
(36)
(1)
0
0
0
0
0
0
0
(2)
0
0
(20)
0
(8)
0
(2)
0
(4)
0
(4)
0
(164)
(193)
0
0
(1)
0
(7)
(45)
0
(54)
(23)
(22)
0
(23)
(5)
0
0
0
0
0
(1)
0
(35)
0
(96)
0
0
0
0
0
(1)
(2)
0
(31)
(14)
(113)
(2,115)
0
(4)
(12)
0
0
0
(72)
(1)
0
0
0
0
0
(186)
(6)
0
0
0
0
0
Net Unrealised
Appreciation/
(Depreciation)
$
4
(72)
1
(36)
(1)
0
0
8
7
0
0
0
(2)
20
0
(20)
1
(8)
0
(2)
13
(4)
65
21
3
(164)
(184)
31
2
(1)
1
(7)
(45)
4
(54)
(23)
(22)
8
(23)
(5)
0
24
76
6
3
56
11
(35)
174
(96)
2
6
1
0
78
(1)
(2)
22
(30)
(14)
251
(2,115)
228
(4)
(12)
37
128
61
(72)
(1)
0
1
0
8
0
(186)
(6)
74
18
29
31
4
Semiannual Report
% of
Net Assets
0.00
(0.02)
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
(0.04)
(0.04)
0.01
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.01
0.00
(0.01)
0.04
(0.02)
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.01
0.00
0.00
0.06
(0.48)
0.04
0.00
0.00
0.01
0.02
0.01
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
(0.04)
0.00
0.02
0.00
0.01
0.01
0.00
30 June 2012 195
Portfolio of Investments and Assets PIMCO Emerging Multi-Asset Fund (Cont.)
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
MXN
MYR
NOK
PEN
PHP
PLN
RON
RUB
SGD
THB
TRY
TWD
ZAR
Principal Amount
Covered by
Contract
14,514
603
142,317
60,935
6,706
35,900
2,670
67
56,571
827
13
9,280
13
930
929
930
5,414
160
46
8
5,414
1,293
1,188
1,293
5,414
85,292
9,110
128
2,485
156
1,518
234
96
12,098
90
77
1,039
6,195
224,190
171,609
48,510
20,316
4,202
67,835
13
50
38
38
2,743
4,502
141,771
2,814
1,088
48,286
22,099
216
546
745
514
359
432
2,447
13,609
299,176
772
17,886
19,394
3,282
209
379
71,703
18,385
862
2,190
42,645
1,000
1,017
157
1,919
70,812
600
Total OTC Financial Derivative Instruments
196 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
HUS
HUS
JPM
JPM
UAG
UAG
MSC
HUS
JPM
JPM
UAG
UAG
UAG
BPS
HUS
UAG
BRC
CBK
CBK
DUB
HUS
HUS
MSC
HUS
HUS
CBK
BRC
BRC
CBK
DUB
FBF
FBF
HUS
UAG
BRC
DUB
HUS
DUB
GST
GST
HUS
HUS
JPM
JPM
BRC
DUB
HUS
JPM
UAG
JPM
HUS
HUS
JPM
JPM
UAG
CBK
DUB
DUB
HUS
HUS
JPM
JPM
UAG
BRC
DUB
MSC
BRC
BRC
CBK
CBK
DUB
DUB
FBF
HUS
HUS
JPM
JPM
MSC
UAG
UAG
BRC
Settlement
Month
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
12/2012
12/2012
10/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
11/2012
11/2012
11/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
Unrealised
Appreciation
$
32
1
0
119
5
3
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
2
8
72
0
2
0
0
31
0
1
0
0
0
0
1
57
0
7
0
5
0
0
0
0
0
0
0
0
2
0
0
6
0
0
0
4
0
0
0
87
0
0
0
1
6
0
1
186
56
5
7
10
0
6
1
7
288
3
$ 3,347
Unrealised
(Depreciation)
$
0
0
(180)
(46)
0
(60)
(5)
0
(468)
(3)
0
(32)
0
(1)
(2)
(2)
(37)
0
0
0
(2)
(3)
0
0
0
0
(129)
0
(41)
(2)
0
(5)
0
(168)
(1)
(1)
(9)
0
0
(43)
0
(17)
0
(10)
0
(1)
0
0
(55)
0
(132)
0
0
(5)
0
(1)
(4)
(4)
(1)
(4)
(2)
(36)
(1)
(62)
0
(3)
(108)
(2)
0
(1)
(91)
(27)
0
0
(207)
(3)
0
0
(3)
(2)
0
$ (6,526)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$
32
1
(180)
73
5
(57)
(5)
1
(468)
(3)
0
(32)
0
(1)
(2)
(2)
(37)
0
0
0
(2)
(3)
8
2
8
72
(129)
2
(41)
(2)
31
(5)
1
(168)
(1)
(1)
(9)
1
57
(43)
7
(17)
5
(10)
0
(1)
0
0
(55)
0
(132)
2
0
(5)
6
(1)
(4)
(4)
3
(4)
(2)
(36)
86
(62)
0
(3)
(107)
4
0
0
95
29
5
7
(197)
(3)
6
1
4
286
3
$ (3,179)
0.01
0.00
(0.04)
0.02
0.00
(0.01)
0.00
0.00
(0.10)
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
(0.03)
0.00
(0.01)
0.00
0.01
0.00
0.00
(0.04)
0.00
0.00
0.00
0.00
0.01
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
(0.03)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
(0.01)
0.00
0.00
(0.02)
0.00
0.00
0.00
0.02
0.00
0.00
0.00
(0.05)
0.00
0.00
0.00
0.00
0.07
0.00
(0.73)
$ (3,307)
(0.76)
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
FAIR
VALUE
(000S)
% OF
NET
ASSETS
498
0.12
406
0.09
CERTIFICATES OF DEPOSIT
Banco BTG Pactual S.A.
3.000% due 02/27/2013
$ 500
$
Banco do Brasil S.A.
1.970% due 06/28/2013
410
Total Certificates of Deposit
$
904
0.21
Total Investments
$ 423,486
97.44
OVERNIGHT TIME DEPOSITS
DBS Bank Ltd.
0.030% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
$ 892
$
892
0.20
€ 19
25
$
917
$ 10,205
$ 434,608
0.01
0.21
2.35
100.00
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) The PIMCO Emerging Multi-Asset Fund is investing in shares of an affiliated fund.
(b) When-issued security.
(c) Principal amount of security is adjusted for inflation.
(d) Securities with an aggregate market value of $3,799 and cash of $1,960 have been pledged as collateral for OTC swap, swaption and foreign currency contracts as
governed by ISDA Master Agreements as at 30 June 2012.
(e) Securities with an aggregate market value of $1,120 and cash of $3,898 have been pledged as collateral for written options as at 30 June 2012.
(f) Securities with an aggregate market value of $408 and cash of $134 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(g) Securities with an aggregate market value of $27 and cash of $17 have been segregated with the Custodian to cover margin requirements for the open futures contracts as
at 30 June 2012.
(h) Payment in-kind bond security.
(i) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 109,203
0
(4,221)
$ 104,982
$ 312,598
904
3,265
$ 316,767
$ 1,761
0
(24)
$ 1,737
$ 423,562
904
(980)
$ 423,486
Transferable Securities
Deposits with Credit Institutions
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 11,643
(13)
$ 11,630
$ 1,380
0
$ 1,380
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ (7,763)
0
$ (7,763)
$ (8)
0
$ (8)
$ 643
(4)
$ 639
$ 302
0
$ 302
$ (4,436)
(7)
$ (4,443)
$ 1,761
(24)
$ 1,737
$ 77
3
$ 80
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
See Accompanying Notes
Semiannual Report
30 June 2012 197
Portfolio of Investments and Assets PIMCO Emerging Multi-Asset Fund (Cont.)
As at 30 June 2012, the Institutional EUR (Hedged) Class, Institutional EUR (Partially Hedged) Class, Class EUR (Hedged) and Class G Retail EUR (Hedged) had the
following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
€
Principal Amount
Covered by
Contract
6,387
3,267
16
43
50
8
5
4
1,258
6,400
5,422
8
26
5,417
2,708
5,416
5,417
Counterparty
BPS
BPS
BRC
CBK
CBK
DUB
FBF
FBF
GST
JPM
JPM
RYL
UAG
UAG
BPS
JPM
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ (31)
(68)
0
0
(1)
0
0
0
0
(39)
(127)
0
0
(106)
0
0
0
$ (372)
$ (31)
(68)
0
0
(1)
0
0
0
25
(39)
(127)
0
1
(106)
57
127
106
$ (56)
(0.01)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.01
(0.01)
(0.03)
0.00
0.00
(0.02)
0.01
0.03
0.02
(0.01)
$
0
0
0
0
0
0
0
0
25
0
0
0
1
0
57
127
106
$ 316
(j) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GSC
GST
HUS
JPM
MSC
MYI
RBC
RBS
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
$
(62)
76
(796)
(312)
(71)
(72)
162
0
(78)
427
(2,952)
(90)
236
65
1
(3)
106
Collateral
(Received)/Pledged
$
0
0
960
130
(270)
0
0
3,898
0
(520)
3,799
1,120
(50)
0
0
0
50
Net
Exposures(1)
$
(62)
76
164
(182)
(341)
(72)
162
3,898
(78)
(93)
847
1,030
186
65
1
(3)
156
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
198 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition PIMCO Emerging Multi-Asset Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
DESCRIPTION
111,600
$ 85,900
4.430% due 05/31/2012
MXN
109,632
39,963
SHARES
Vanguard MSCI Emerging Markets ETF
PIMCO US Dollar Short-Term Floating NAV
Fund (a)
897,838
38,792
2,203,801
22,050
PIMCO US Dollar Short-Term Floating NAV
Fund (a)
2,388,866
US Treasury Bills
$
0.061% due 05/03/2012
ZAR
48,900
6,741
6,690
6,686
6,000
5,996
5,900
5,896
US Treasury Bills
0.053% due 08/23/2012
SHARES
458,500
116,661
China Mobile Ltd.
Teva Pharmaceutical Industries Ltd.
12,199
10,000
9,998
6,789
PAR
(000S)
US Treasury Bills
$
6,170
6,169
5,729
5,728
5,623
5,622
US Treasury Bills
0.053% due 08/23/2012
US Treasury Bills
0.143% due 09/13/2012
SHARES
US Treasury Bills
$
4,606
4,603
4,700
4,556
ALROSA Finance S.A.
0.000% due 12/21/2012
96,200
1,348,549
iShares MSCI Emerging Markets Index Fund
Sberbank of Russia
373,444
96,200
PIMCO CommoditiesPLUS™ Strategy Fund (a)
iShares MSCI Emerging Markets Index Fund
4,500
3,848
US Treasury Bills
0.033% due 03/29/2012
$
3,300
83,717
iShares MSCI Emerging Markets
Mexico Government International Bond
37,710
3,832
3,801
3,795
US Treasury Bills
$
3,145
PAR
(000S)
US Treasury Bills
0.139% due 11/10/2012
$
2,964
SHARES
487,899
103,046
119,887
21,341
3,300
SHARES
PAR
(000S)
MXN
3,848
3,534
PAR
(000S)
SHARES
Fiat SpA
X5 Retail Group NV
Itau Unibanco Holding S.A.
NovaTek OAO
12,200
176,370
Vanguard MSCI Emerging Markets ETF
0.139% due 06/09/2012
4,868
4,740
PAR
(000S)
0.180% due 05/30/2013
12,999
SHARES
US Treasury Bills
0.143% due 09/13/2012
13,000
US Treasury Bills
0.053% due 06/28/2012
US Treasury Bills
$
23,900
US Treasury Bills
South Africa Government International Bond
10.000% due 12/05/2024
$ 77,899
PAR
(000S)
0.065% due 04/19/2012
PAR
(000S)
0.139% due 11/10/2012
111,600
SHARES
0.000% due 04/04/2012
0.139% due 06/09/2012
PROCEEDS
(000S)
Mexico Cetes
MXN
Mexico Cetes
8.250% due 09/15/2017
PAR
(000S)
SALES THROUGH 30 JUNE 2012
Mexico Cetes
4.430% due 05/31/2012
30 June 2012 (Unaudited)
2,963
SHARES
2,884
2,423
2,397
2,303
48,707
391,045
Ecopetrol S.A.
Fortescue Metals Group Ltd.
2,908
2,411
PAR
(000S)
Mexico Government International Bond
10.000% due 12/05/2024
MXN
22,850
2,314
ZAR
17,170
2,219
South Africa Government International Bond
8.250% due 09/15/2017
SHARES
Pegatron Corp.
PTT PCL
1,562,000
195,300
2,130
2,119
(a) The PIMCO Emerging Multi-Asset Fund is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 199
Portfolio of Investments and Assets PIMCO EqS Dividend Fund
DESCRIPTION
SHARES
FAIR % OF
VALUE
NET
(000S) ASSETS
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKETS
MACAU
COMMON STOCKS
NETHERLANDS
SHARES
357,564 $ 1,269 1.02
461,328 2,312 1.86
3,581 2.88
Cia de Saneamento Basico do
Estado de Sao Paulo
2,004 1.61
UNITED STATES
CONSUMER STAPLES
335,246
2,434 1.95
Wal-Mart Stores, Inc.
NORWAY
Orkla ASA
1,850 1.49
CANADA
Aimia, Inc.
Canadian Oil Sands Ltd.
Poseidon Concepts Corp.
273,624
187,086
130,821
3,637
3,619
1,600
8,856
2.92
2.91
1.28
7.11
1,216
2,158
2,171
5,545
0.98
1.73
1.74
4.45
42,366
1,554 1.25
220,976
2,824 2.27
510,801
183,261
1,947 1.56
2,086 1.68
6,857 5.51
SOUTH AFRICA
Gold Fields Ltd.
Life Healthcare Group
Holdings Ltd.
Vodacom Group Ltd.
SPAIN
CHINA
Guangshen Railway Co. Ltd.
Jiangsu Expressway Co. Ltd.
Zhejiang Expressway Co. Ltd.
4,020,000
2,298,000
3,284,000
Enagas S.A.
213,234
3,902 3.13
76,642
30,953
4,297 3.45
5,362 4.31
9,659 7.76
SWITZERLAND
Novartis AG
Roche Holding AG
CZECH REPUBLIC
56,525
CEZ AS
1,958 1.57
FRANCE
THAILAND
Bangkok Expressway PCL
42,313
70,020
Sanofi
Total S.A.
3,212 2.58
3,160 2.54
6,372 5.12
Huabao International
Holdings Ltd.
SmarTone
Telecommunications
Holdings Ltd.
Tianneng Power
International Ltd.
Yuexiu Transport
Infrastructure Ltd.
2,399,000
2,244,000
1,197 0.96
4,456,000
2,201 1.77
5,825 4.68
ITALY
Societa Iniziative Autostradali
e Servizi SpA
86,874
HSBC Holdings PLC
IG Group Holdings PLC
2.89
69,112
95,973
65,659
112,782
2,469 1.98
2,136 1.72
1,110 0.89
3,627 2.91
9,342 7.50
76,671
116,561
208,935
4,075 3.27
4,514 3.63
4,806 3.86
13,395 10.76
HEALTHCARE
Baxter International, Inc.
Medtronic, Inc.
Pfizer, Inc.
INDUSTRIALS
28,141
Lockheed Martin Corp.
2,451
1.97
INFORMATION TECHNOLOGY
Intel Corp.
Microsoft Corp.
76,241
136,923
2,032 1.63
4,188 3.36
6,220 4.99
35,212
1,781 1.43
36,781 29.54
121,799 97.83
3,261 2.62
1,695 1.36
4,956 3.98
EI du Pont de
Nemours & Co.
3,228 2.59
1,613 1.30
4,841 3.89
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (a)
MATERIALS
365,770
214,274
INDUSTRIALS
707,222
814,659
Carillion PLC
G4S PLC
JPMorgan Chase & Co.
Solar Capital Ltd.
Solar Senior Capital Ltd.
US Bancorp
61,613
42,191
FINANCIALS
1,234 0.99
3,592
2,386 1.92
1,193 0.96
638,000
51,518
3,014 2.42
19,445 15.62
3,110,000
UNITED KINGDOM
CONSUMER STAPLES
Reckitt Benckiser Group PLC
SABMiller PLC
HONG KONG
FAIR
% OF
VALUE
NET
(000S) ASSETS
FINANCIALS
Qatar Electricity & Water Co.
24,392
1,070,813 $
Vodafone Group PLC
59,392
QATAR
BRAZIL
SHARES
Total United Kingdom
Royal Dutch Shell PLC
Ausdrill Ltd.
Kingsgate Consolidated Ltd.
DESCRIPTION
TELECOMMUNICATION SERVICES
920,000 $ 2,176 1.75
Wynn Macau Ltd.
AUSTRALIA
FAIR % OF
VALUE
NET
(000S) ASSETS
3,068 2.46
3,566 2.87
6,634 5.33
Total United States
Total Common Stocks
130,093
1,301
1.05
Total Transferable Securities & Money
Market Instruments - Official Stock
Exchange/ Regulated Market
$ 123,100 98.88
614 0.49
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Sell
AUD
BRL
CHF
CZK
€
Principal Amount
Covered by
Contract
3,372
1,564
1,845
37
3,372
2,176
212
1,178
1,588
1,588
1,588
561
2,335
16,363
25,177
6,796
872
10
5,946
200 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
BRC
BRC
CBK
RYL
BRC
BRC
HUS
MSC
BRC
DUB
BRC
CBK
HUS
JPM
UAG
BRC
CBK
RYL
UAG
Settlement
Month
Unrealised
Appreciation
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
$ 80
0
0
1
0
42
0
16
35
0
0
0
14
9
86
179
0
0
0
Unrealised
(Depreciation)
$
0
(84)
(70)
0
(79)
0
(1)
0
0
(16)
(35)
(6)
0
(2)
0
0
(13)
0
(110)
Net Unrealised
Appreciation/
(Depreciation)
$
80
(84)
(70)
1
(79)
42
(1)
16
35
(16)
(35)
(6)
14
7
86
179
(13)
0
(110)
% of
Net Assets
0.07
(0.07)
(0.06)
0.00
(0.06)
0.04
0.00
0.01
0.03
(0.01)
(0.03)
(0.01)
0.01
0.00
0.07
0.14
(0.01)
0.00
(0.09)
30 June 2012 (Unaudited)
Type
Currency
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Sell
€
£
JPY
NOK
THB
ZAR
Principal Amount
Covered by
Contract
6,883
8,079
727
7,534
182
8,079
419
36,842
36,842
36,842
1,257
10,986
1,136
1,256
1,256
6,081
10,986
54,239
15,200
8,322
11,700
1,347
24,021
4,854
24,097
Counterparty
BRC
BRC
BRC
HUS
UAG
BRC
FBF
BPS
BRC
BRC
BOA
BRC
BRC
CBK
FBF
RBC
BRC
HUS
JPM
BRC
BRC
CBK
DUB
HUS
JPM
Settlement
Month
Unrealised
Appreciation
08/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
$
0
151
0
0
3
0
0
0
2
0
0
37
0
0
0
0
0
51
6
0
0
8
52
31
0
$ 803
Unrealised
(Depreciation)
$
(181)
0
(15)
(175)
0
(151)
(2)
(9)
0
(2)
(4)
0
(4)
(4)
(4)
(12)
(37)
0
0
(22)
(31)
0
(35)
0
(131)
$ (1,235)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ (181)
151
(15)
(175)
3
(151)
(2)
(9)
2
(2)
(4)
37
(4)
(4)
(4)
(12)
(37)
51
6
(22)
(31)
8
17
31
(131)
$ (432)
(0.14)
0.12
(0.01)
(0.14)
0.00
(0.12)
0.00
(0.01)
0.00
0.00
0.00
0.03
0.00
0.00
(0.01)
(0.01)
(0.03)
0.04
0.00
(0.02)
(0.02)
0.01
0.01
0.03
(0.11)
(0.35)
Total OTC Financial Derivative Instruments
$
(432)
(0.35)
Total Investments
$ 122,668
98.53
FAIR
VALUE
(000S)
% OF
NET
ASSETS
0
10
0.00
0.01
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.650% due 06/29/2012
4.840% due 06/29/2012
NOK
AUD
1
9
$
£
16
26
0.02
CAD
51
50
0.04
€
29
37
0.03
HKD
624
80
0.06
JPY 2,547
$
792
32
792
$ 1,027
$
800
$ 124,495
0.03
0.64
0.83
0.64
100.00
Citibank N.A.
0.087% due 06/29/2012
Deutsche Bank AG
0.234% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
HSBC Bank
0.005% due 06/29/2012
Sumitomo Mitsui Banking Corp.
0.010% due 06/29/2012
0.030% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) The EqS Dividend Fund is investing in shares of an affiliated fund.
(b) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
See Accompanying Notes
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 52,603
0
$ 52,603
$ 70,497
(432)
$ 70,065
$ 0
0
$ 0
$ 123,100
(432)
$ 122,668
Semiannual Report
30 June 2012 201
Portfolio of Investments and Assets PIMCO EqS Dividend Fund (Cont.)
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 878
$ 1,127
Transferable Securities
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ 0
$ 0
$ 0
$ 381
$ (2,386)
$ 0
$ 0
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
As at 30 June 2012, the Institutional EUR (Hedged) Class and Class E EUR (Hedged) had the following foreign currency contracts outstanding:
Type
Currency
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Buy
AUD
CAD
CHF
DKK
€
£
HKD
JPY
NOK
SEK
Principal Amount
Covered by
Contract
1,178
2,356
1,178
2,356
3,397
1,132
1,132
1,133
3,397
1,873
1,873
1,873
1,660
1,660
1,660
11,306
11,634
421
10,365
9,333
22
10,381
5,214
9,366
6,986
376
7,132
6,952
14
65
10,097
9,134
10,365
22
10,366
6,562
9,893
2,032
202
2,031
3,861
3,861
5,459
511,098
37,161
236,968
236,969
220,696
220,697
393
392
392
1,177
1,177
4,859
202 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
BRC
CBK
DUB
CBK
BRC
CBK
RBC
RYL
BRC
BRC
DUB
BRC
FBF
FBF
FBF
BPS
BPS
BRC
BRC
CBK
CBK
DUB
FBF
GST
HUS
HUS
JPM
JPM
RBC
RYL
UAG
BPS
BRC
CBK
DUB
JPM
UAG
GST
HUS
HUS
UAG
UAG
UAG
FBF
HUS
JPM
UAG
JPM
UAG
BOA
CBK
FBF
GST
GST
CBK
Settlement
Month
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
08/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
08/2012
07/2012
Unrealised
Appreciation
$
0
43
0
0
21
0
0
0
0
36
0
0
5
0
0
181
0
8
0
147
0
0
66
40
66
0
106
1
0
1
0
192
280
1
254
154
193
19
5
17
31
0
0
0
0
0
0
3
7
0
0
0
3
0
16
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ (64)
0
(64)
(42)
0
(12)
(12)
(12)
(21)
0
(19)
(36)
0
(6)
(5)
(14)
(240)
0
(280)
0
(1)
(255)
0
0
0
(7)
(7)
(155)
0
0
(197)
0
0
0
0
0
0
0
0
0
0
(31)
0
(14)
(2)
(4)
(8)
0
0
(2)
(1)
(1)
0
(3)
0
$ (64)
43
(64)
(42)
21
(12)
(12)
(12)
(21)
36
(19)
(36)
5
(6)
(5)
167
(240)
8
(280)
147
(1)
(255)
66
40
66
(7)
99
(154)
0
1
(197)
192
280
1
254
154
193
19
5
17
31
(31)
0
(14)
(2)
(4)
(8)
3
7
(2)
(1)
(1)
3
(3)
16
(0.05)
0.03
(0.05)
(0.03)
0.02
(0.01)
(0.01)
(0.01)
(0.02)
0.03
(0.02)
(0.03)
0.00
0.00
0.00
0.13
(0.19)
0.01
(0.22)
0.12
0.00
(0.20)
0.05
0.03
0.05
(0.01)
0.08
(0.12)
0.00
0.00
(0.16)
0.15
0.23
0.00
0.20
0.12
0.16
0.02
0.00
0.01
0.02
(0.02)
0.00
(0.01)
0.00
0.00
(0.01)
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.01
30 June 2012 (Unaudited)
Type
Currency
Sell
Sell
Sell
Sell
Sell
SEK
SGD
Principal Amount
Covered by
Contract
1,619
1,620
1,620
4,859
501
Counterparty
FBF
GST
UAG
CBK
UAG
Settlement
Month
07/2012
07/2012
07/2012
08/2012
08/2012
Unrealised
Appreciation
Unrealised
(Depreciation)
$
0
0
0
0
6
$ 1,902
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
$ (11)
(11)
(11)
(16)
6
$ 338
(0.01)
(0.01)
(0.01)
(0.01)
0.00
0.27
$
(11)
(11)
(11)
(16)
0
$ (1,564)
(c) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GST
HUS
JPM
MSC
RBC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
$
(6)
110
(171)
50
(83)
28
48
(1)
(20)
16
(24)
(10)
(31)
Collateral
(Received)/Pledged
$
0
0
0
0
0
0
0
0
0
(110)
0
0
0
Net
Exposures(1)
$
(6)
110
(171)
50
(83)
28
48
(1)
(20)
(94)
(24)
(10)
(31)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 203
Significant Changes in Portfolio Composition PIMCO EqS Dividend Fund
SHARES
COST
(000S)
2,278,760
187,086
213,234
814,659
20,404
$ 22,801
4,171
3,876
3,532
3,457
DESCRIPTION
PURCHASES THROUGH 30 JUNE 2012
DESCRIPTION
PAR
(000S)
PIMCO US Dollar Short-Term Floating NAV Fund (a)
0.053% due 06/28/2012
$
4,400
4,399
3,400
3,398
US Treasury Bills
SHARES
$
3,400
1,070,813
58,372
91,131
48,632
69,422
335,246
114,125
43,148
43,102
75,966
183,147
251,721
95,973
Vodafone Group PLC
Total S.A.
US Bancorp
Novartis AG
Medtronic, Inc.
Orkla ASA
Pfizer, Inc.
Reckitt Benckiser Group PLC
Baxter International, Inc.
Microsoft Corp.
Groupe Aeroplan, Inc.
HSBC Holdings PLC
Solar Capital Ltd.
3,398
2,932
2,891
2,786
2,652
2,647
2,579
2,517
2,423
2,395
2,352
2,293
2,170
2,132
PAR
(000S)
US Treasury Bills
$
2,100
2,100
SHARES
328,078
32,211
25,847
21,671
144,941
47,495
680,400
510,801
374,296
42,350
42,366
3,482,000
130,821
75,600
52,165
Kingsgate Consolidated Ltd.
Wal-Mart Stores, Inc.
Sanofi
Lockheed Martin Corp.
Gold Fields Ltd.
JPMorgan Chase & Co.
Wynn Macau Ltd.
Life Healthcare Group Holdings Ltd.
Carillion PLC
CEZ AS
Qatar Electricity & Water Co.
Yuexiu Transport Infrastructure Ltd.
Poseidon Concepts Corp.
Asahi Holdings, Inc.
Intel Corp.
1,993
1,927
1,914
1,913
1,905
1,904
1,866
1,731
1,719
1,683
1,657
1,622
1,589
1,545
1,430
PAR
(000S)
US Treasury Bills
$
1,400
1,400
SHARES
Vodacom Group Ltd.
Zhejiang Expressway Co. Ltd.
$ 21,498
US Treasury Bills
0.120% due 08/30/2012
SHARES
0.075% due 05/07/2012
2,148,667
PAR
(000S)
US Treasury Bills
0.053% due 06/28/2012
PROCEEDS
(000S)
SALES THROUGH 30 JUNE 2012
PIMCO US Dollar Short-Term Floating NAV Fund (a)
Canadian Oil Sands Ltd.
Enagas S.A.
G4S PLC
Roche Holding AG
0.120% due 08/30/2012
SHARES
106,821
1,922,000
204 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
1,384
1,364
138,200
28,572
18,911
290,435
Asahi Holdings, Inc.
PepsiCo, Inc.
Lockheed Martin Corp.
Tesco PLC
2,523
1,887
1,709
1,468
PAR
(000S)
US Treasury Bills
0.075% due 05/07/2012
$
1,400
1,400
SHARES
52,600
153,586
37,372
63,886
15,829
11,011
17,245
70,230
159,109
10,435
20,545
Natura Cosmeticos S.A.
Kingsgate Consolidated Ltd.
Microsoft Corp.
MTN Group Ltd.
Procter & Gamble Co.
Colgate-Palmolive Co.
Reckitt Benckiser Group PLC
Eurocash S.A.
Carillion PLC
Wal-Mart Stores, Inc.
Sysco Corp.
1,213
1,177
1,136
1,085
1,046
1,025
984
793
758
638
601
PAR
(000S)
US Treasury Bills
0.139% due 06/09/2012
$
600
600
SHARES
McDonald’s Corp.
State Street Corp.
5,880
14,359
597
578
(a) The PIMCO EqS Dividend Fund is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
Portfolio of Investments and Assets PIMCO EqS Emerging Markets Fund
DESCRIPTION
SHARES
FAIR % OF
VALUE
NET
(000S) ASSETS
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKETS
DESCRIPTION
Shanghai Industrial
Holdings Ltd.
SHARES
30 June 2012 (Unaudited)
FAIR % OF
VALUE
NET
(000S) ASSETS
Sakari Resources Ltd.
50,311 $ 1,796 0.52
BRAZIL
298,600
139,500
3,787 1.10
1,350 0.39
11,800
104 0.03
145,954
5,594 1.63
278,800
333,400
531,058
62,400
1,825
1,961
7,392
1,742
298,000
0.53
0.57
2.15
0.51
933 0.27
24,688 7.18
289,516
808,023
China Automation
Group Ltd.
4,345,000
China Construction
Bank Corp.
6,738,000
China Shanshui Cement
Group Ltd.
5,788,000
First Tractor Co. Ltd.
3,050,000
Hollysys Automation
Technologies Ltd.
249,481
Jiangsu Expressway Co. Ltd. 3,846,000
New China Life Insurance
Co. Ltd.(d)
595,800
Shenguan Holdings
Group Ltd.
8,628,000
Xingda International
Holdings Ltd.
6,795,000
Yuanda China Holdings Ltd. 16,292,000
2,802 0.81
2,053 0.60
4,855 1.41
Honda Motor Co. Ltd.
254,586
460,141
611,675
408,522
2,991
629
888
2,495
9,718
0.87
0.18
0.26
0.73
2.83
4,656 1.35
3,963 1.15
2,464 0.72
2,126 0.62
3,611 1.05
3,080 0.90
3,875 1.13
Urbi Desarrollos Urbanos
SAB de C.V.
Wal-Mart de Mexico SAB
de C.V.
NETHERLANDS
5,003 1.45
SBM Offshore NV
3,438 1.00
7,193 2.09
119,952
4,731 1.38
15,362 4.47
663,331
101,996
3,503 1.02
109,850
3,805 1.11
52,621
4,165 1.21
2,563,000
8,854 2.57
6,304,000
2,227 0.65
984,000
969,000
2,625 0.76
10,651 3.10
18,410,000
3,258 0.95
256,338
2,953 0.86
7,981,000
1,779 0.52
2,111
1,423
508
3,629
4,271
15,445
0.61
0.41
0.15
1.06
1.24
4.49
GS Home Shopping, Inc.
Hyundai Mobis
Jusung Engineering
Co. Ltd.
Korean Reinsurance Co.
LG Chem Ltd.
Samsung Electronics
Co. Ltd.
Samsung Techwin Co. Ltd.
30,719
14,487
2,595 0.75
3,512 1.02
120,184
151,380
11,646
791 0.23
1,484 0.43
3,015 0.88
30,196
38,588
19,934 5.80
2,629 0.76
33,960 9.87
1,169,535
1,652,000
2,171 0.63
1,832 0.53
2,879,100
8,705 2.53
834,192
36,284
2,038 0.59
461 0.14
15,207 4.42
TAIWAN
Chicony Electronics
Co. Ltd.
E Ink Holdings, Inc.
Hon Hai Precision Industry
Co. Ltd.
Huaku Development
Co. Ltd.
TPK Holding Co. Ltd.
180,100
6,296 1.83
265,636
4,489 1.30
1,814,800
4,293 1.25
2,095,700
2,004 0.58
946,700
2,517 0.73
4,521 1.31
Thai Airways
International PCL
Thai Beverage PCL
Tisco Financial Group PCL
124,019
1,724 0.50
TURKEY
THAILAND
Turk
Telekomunikasyon A/S
Credicorp Ltd.
49,068
4,980,900
10,278,000
2,734,500
3,407
2,759
3,350
9,516
0.99
0.80
0.98
2.77
978,091
4,002 1.16
2,569,724
4,183 1.22
6,177 1.80
UNITED KINGDOM
PHILIPPINES
13,415,100
5,633 1.64
QATAR
2,669 0.78
224,951
82,227
12,038
196,653
279,189
3,354 0.98
PERU
First Gen Corp.
195,506
AngloGold Ashanti Ltd.
Harmony Gold Mining
Co. Ltd.
MTN Group Ltd.
Sasol Ltd.
Shoprite Holdings Ltd.
Tongaat Hulett Ltd.
MEXICO
2,300 0.67
2,246 0.66
1,831 0.53
29,243 8.50
3,228,875
649,591
KAZAKHSTAN
Wynn Macau Ltd.
HONG KONG
See Accompanying Notes
1,394 0.40
1,321 0.39
JAPAN
MACAU
DENMARK
AIA Group Ltd.
China High Precision
Automation Group Ltd.
China Mengniu Dairy
Co. Ltd.
China Mobile Ltd.
Glorious Property
Holdings Ltd.
Melco Crown
Entertainment Ltd.
Real Nutriceutical
Group Ltd.
105,683
54,681
ITALY
1,043 0.30
CZECH REPUBLIC
Carlsberg A/S
Bezeq The Israeli
Telecommunication
Corp. Ltd.
Israel Chemicals Ltd.
Teva Pharmaceutical
Industries Ltd.
KazMunaiGas Exploration
Production
CYPRUS
CEZ AS
2,813,000 $
SOUTH KOREA
Fiat SpA
CHINA
Global Ports
Investments PLC
Bank of Baroda
Bharat Electronics Ltd.
Housing Development
Finance Corp.
Idea Cellular Ltd.
Rolta India Ltd.
Yes Bank Ltd.
ISRAEL
CANADA
Ivanhoe Mines Ltd.
Uranium One, Inc.
FAIR
% OF
VALUE
NET
(000S) ASSETS
SOUTH AFRICA
INDIA
BERMUDA
Anhanguera Educacional
Participacoes S.A.
Banco do Brasil S.A.
Brasil Insurance
Participacoes e
Administracao S.A.
Cia de Bebidas
das Americas
Diagnosticos da
America S.A.
Hypermarcas S.A.
Itau Unibanco Holding S.A.
Lojas Renner S.A.
Usinas Siderurgicas de
Minas Gerais S.A.
SHARES
691,000 $ 1,835 0.53
34,182 9.94
COMMON STOCKS
Seadrill Ltd.
DESCRIPTION
Commercial Bank of
Qatar QSC
138,786
2,627 0.76
1,409
80,857
2,051 0.60
3,941 1.15
130,092
2,350 0.68
Afren PLC
British American
Tobacco PLC
Petropavlovsk PLC
72,442
383,667
Total Common Stocks
3,688
2,753
10,624
291,061
1.07
0.80
3.09
84.63
RUSSIA
AK Transneft OAO
Bashneft OAO
Globaltrans
Investment PLC
Magnitogorsk Iron &
Steel Works
Mechel
NovaTek OAO
TNK-BP Holding
X5 Retail Group NV
903,696
583,326
43,017
2,330,572
217,511
3,343
2,207
4,593
5,375
4,975
28,835
0.97
0.64
1.33
1.56
1.45
8.38
Bank of Baroda
Exp. 01/07/2016
1,112,000
66,250
874 0.25
44,084
1,064 0.31
5,672
8 0.00
2,114,018
1,553 0.45
289,516
267 0.08
129,680
81 0.03
3,847 1.12
Bharat Electronics Ltd.
Exp. 03/22/2016
Guinness Nigeria PLC
Exp. 11/10/2014
HSBC Bank PLC
Exp. 12/09/2014
Ivanhoe Mines Ltd.
Exp. 12/31/2049
Nigerian Breweries PLC
Exp. 11/10/2014
Total Equity-Linked Securities
SINGAPORE
Hutchison Port
Holdings Trust
EQUITY-LINKED SECURITIES
795 0.23
Semiannual Report
30 June 2012 205
Portfolio of Investments and Assets PIMCO EqS Emerging Markets Fund (Cont.)
DESCRIPTION
SHARES
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
EXCHANGE-TRADED FUNDS
US TREASURY OBLIGATIONS
Credit Suisse ETF Ireland on
CSI 300
44,632 $ 4,142 1.21
db x-trackers CSI300
Index ETF
2,903,100
2,242 0.65
ETFS Physical Palladium
63,859
3,633 1.06
Vanguard MSCI Emerging
Markets ETF
427,317 17,071 4.96
Total Exchange-Traded Funds
27,088 7.88
US Treasury Bills
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (a)
1,529,656
0.130% due 10/18/2012 (b)
0.133% due 09/06/2012 (c)
0.140% due 11/15/2012 (b)
0.163% due 04/04/2013 (b)(c)
0.166% due 05/02/2013 (c)
Total US Treasury Obligations
$ 120 $
1,580
1,540
310
1,380
FAIR
% OF
VALUE
NET
(000S) ASSETS
120
1,580
1,539
309
1,378
4,926
0.03
0.46
0.45
0.09
0.40
1.43
Total Transferable Securities & Money
Market Instruments - Official Stock
Exchange/ Regulated Market
$ 342,226 99.51
15,304 4.45
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Put - iShares MSCI Emerging Markets
Put - iShares MSCI Emerging Markets
Exercise
Price
Expiration
Date
# of
Contracts
$ 38.000
37.000
09/22/2012
01/19/2013
1,515
3,991
Exercise
Price
Expiration
Date
# of
Contracts
$ 32.000
33.000
09/22/2012
01/19/2013
6,055
3,991
Fair
Value
% of
Net Assets
257
1,249
$ 1,506
223
994
$ 1,217
0.06
0.29
0.35
Premiums
Fair
Value
% of
Net Assets
$ (218)
(563)
$ (781)
(0.06)
(0.16)
(0.22)
$ 436
0.13
Cost
$
$
WRITTEN OPTIONS
Description
Put - iShares MSCI Emerging Markets
Put - iShares MSCI Emerging Markets
$
(369)
(734)
$ (1,103)
Total Financial Derivative Instruments Dealt in on a Regulated Market
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
MSX
UAG
$ 0.750
1.273
07/23/2012
08/16/2012
AUD 11,680
€ 10,924
Cost
Fair
Value
% of
Net Assets
FOREIGN CURRENCY OPTIONS
Put - OTC Australian dollar versus US dollar
Put - OTC Eurodollar versus US dollar
$ 86
363
$ 449
$
0
221
$ 221
0.00
0.06
0.06
Notional
Amount
Premiums
Fair
Value
% of
Net Assets
€ 10,924
$ (155)
$ (43)
(0.01)
Premiums
Fair
Value
% of
Net Assets
$ (19)
(68)
(91)
$ (178)
$ (117)
(20)
(29)
$ (166)
(0.03)
(0.01)
(0.01)
(0.05)
WRITTEN OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
UAG
$ 1.214
08/16/2012
FOREIGN CURRENCY OPTIONS
Put - OTC Eurodollar versus US dollar
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
08/23/2012
08/23/2012
08/28/2012
TRY 770
385
$ 18
OPTIONS ON SECURITIES
Call - Turk Telekomunikasyon A/S
Put - Turk Telekomunikasyon A/S
Put - Novatek International, Inc.
206 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
GST
GST
CBK
TRY
7.680
6.750
$ 84.510
30 June 2012 (Unaudited)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(1)
Index/Tranches
Fixed Deal
(Pay) Rate
Maturity Date
Dow Jones CDX N.A. IG9 Index
(1.000%)
12/20/2017
Counterparty
Notional
Amount(2)
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation
% of
Net Assets
BPS
$ 2,500
$ 11
$ (20)
$ 31
0.00
(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.
TOTAL RETURN SWAPS ON INDICES AND SECURITIES
Pay/
Receive
# of Shares
or Units Floating Rate(3)
Security
Receive Banco do Brasil S.A.
26
Receive Diagnosticos da America S.A.
30
Receive Banco do Brasil S.A.
62
Receive Brasil Insurance Participacoes e
Administracao S.A.
Receive Diagnosticos da America S.A.
29
Receive Harmony Gold Mining Co. Ltd.
5
Receive MTN Group Ltd.
41
44
Receive Sasol Ltd.
9
Receive Brasil Insurance Participacoes e
Administracao S.A.
Receive Diagnosticos da America S.A.
62
Receive Usinas Siderurgicas de Minas
Gerais S.A.
Receive Harmony Gold Mining Co. Ltd.
18
Receive Brasil Insurance Participacoes e
Administracao S.A.
Receive Lojas Renner S.A.
21
Receive MTN Group Ltd.
13
0
62
185
Receive Sasol Ltd.
53
Receive Harmony Gold Mining Co. Ltd.
50
Receive MTN Group Ltd.
14
Receive Hypermarcas S.A.
168
Receive Huabao International
Holdings Ltd.
Receive TPK Holding Co. Ltd.
2,238
174
Receive Hypermarcas S.A.
67
Receive Hypermarcas S.A.
19
Receive Banco do Brasil S.A.
36
Receive Diagnosticos da America S.A.
48
Receive Usinas Siderurgicas de Minas
Gerais S.A.
66
(3)
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
1-Month USD-LIBOR rate
plus a specified spread
Notional
Amount
$
Maturity
Date
Counterparty
371
09/24/2012 BOA
416
Fair
Value
$
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
9
$ 0
09/24/2012 BOA
(9)
802
08/15/2012 CBK
372
$
9
0.00
0
(9)
0.00
20
0
20
0.01
08/15/2012 CBK
(26)
0
(26)
(0.01)
529
08/15/2012 CBK
(12)
0
(12)
0.00
65
12/10/2012 CBK
(4)
0
(4)
0.00
616
12/10/2012 CBK
42
0
42
0.01
134
12/10/2012 CBK
(16)
0
(16)
0.00
813
08/15/2012 FBF
(56)
0
(56)
(0.02)
176
08/15/2012 FBF
(4)
0
(4)
0.00
252
08/13/2012 GST
(9)
0
(9)
0.00
4
10/12/2012 JPM
0
0
0
0.00
291
12/10/2012 JPM
(19)
0
(19)
0.00
865
12/14/2012 JPM
(90)
0
(90)
(0.03)
2,597
04/19/2013 JPM
179
0
179
0.05
749
04/19/2013 JPM
(89)
0
(89)
(0.03)
705
08/13/2012 MYI
(44)
0
(44)
(0.01)
177
08/15/2012 MYI
13
0
13
0.00
2,348
02/06/2013 MYI
4
0
4
0.00
31,332
02/13/2013 MYI
208
0
208
0.06
2,431
02/13/2013 MYI
141
0
141
0.04
932
02/25/2013 MYI
1
0
1
0.00
269
02/26/2013 MYI
0
0
0
0.00
498
08/01/2012 UAG
12
0
12
0.00
676
08/01/2012 UAG
(14)
0
(14)
0.00
923
08/17/2012 UAG
(33)
$ 204
0
$ 0
(33)
$ 204
(0.01)
0.06
Floating rate is based upon predetermined notional amounts, which may be a multiple of the number of shares or units disclosed.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Buy
Buy
Sell
AUD
BRL
CAD
CZK
See Accompanying Notes
Principal Amount
Covered by
Contract
106
29,967
566
55,593
Counterparty
BRC
BRC
UAG
UAG
Settlement
Month
07/2012
08/2012
09/2012
08/2012
Unrealised
Appreciation
$
0
0
4
189
Unrealised
(Depreciation)
$
(6)
(578)
0
0
Net Unrealised
Appreciation/
(Depreciation)
$
(6)
(578)
4
189
Semiannual Report
% of
Net Assets
0.00
(0.17)
0.00
0.05
30 June 2012 207
Portfolio of Investments and Assets PIMCO EqS Emerging Markets Fund (Cont.)
Type
Currency
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Sell
DKK
€
£
HUF
IDR
ILS
INR
JPY
KRW
MXN
MYR
NOK
PEN
PLN
RUB
SGD
THB
TWD
ZAR
Principal Amount
Covered by
Contract
20,637
612
53
1
157
11,071
4,540
160
1
754
9,046
955
5,433
39
34
97
21
320
905,109
11,130,976
11,130,976
11,130,976
18,678
1,304
37,473
34,266
14,453
1,579
39,221
4,250
34,266
29,086
490,875
975,168
651,566
167,273
490,875
518,507
2,479,209
18,892,493
3,699,791
20,694,815
581,740
18,892,493
250,771
49,489
29,438
6,739
2,272
2,273
2,272
3,419
11,157
7,738
3,419
7,738
15,593
314,115
73,923
35,553
142,287
114
8,290
91,079
470,825
38,832
13,150
13,150
1,517
16,261
Counterparty
HUS
BOA
BPS
BPS
BRC
BRC
CBK
DUB
HUS
JPM
RBC
UAG
BPS
BRC
FBF
JPM
MSC
RBC
BRC
MSC
UAG
MSC
BRC
CBK
DUB
HUS
HUS
JPM
UAG
CBK
HUS
UAG
CBK
HUS
JPM
JPM
HUS
BPS
BRC
CBK
JPM
UAG
UAG
CBK
JPM
UAG
JPM
UAG
BPS
HUS
UAG
BRC
BRC
HUS
BRC
HUS
BRC
GST
HUS
HUS
JPM
UAG
JPM
JPM
BRC
BRC
DUB
DUB
HUS
UAG
Settlement
Month
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
08/2012
07/2012
07/2012
01/2013
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
10/2012
10/2012
10/2012
07/2012
07/2012
07/2012
07/2012
10/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
09/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
12/2012
12/2012
08/2012
09/2012
09/2012
09/2012
09/2012
08/2012
07/2012
08/2012
11/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
19
23
1
0
4
369
0
1
0
21
120
15
0
0
0
0
0
0
127
0
3
9
150
6
125
21
136
10
0
10
0
73
46
566
0
27
217
122
0
0
18
0
0
134
0
0
0
0
0
0
0
0
0
0
14
11
0
0
11
0
0
0
0
0
0
0
0
0
0
66
$ 2,668
Unrealised
(Depreciation)
$
0
0
0
0
0
0
(81)
0
0
0
0
0
(115)
0
0
0
0
(1)
0
(8)
0
0
0
0
0
0
0
0
(103)
0
(22)
0
0
(192)
(2,342)
0
0
0
(2)
(130)
0
(301)
(15)
0
(286)
(70)
(244)
(88)
(3)
(4)
(5)
(11)
(77)
(3)
0
0
(236)
(80)
0
(30)
(20)
(1)
(2)
(9)
(96)
(222)
(129)
(39)
(6)
0
$ (5,557)
Net Unrealised
Appreciation/
(Depreciation)
$
19
23
1
0
4
369
(81)
1
0
21
120
15
(115)
0
0
0
0
(1)
127
(8)
3
9
150
6
125
21
136
10
(103)
10
(22)
73
46
374
(2,342)
27
217
122
(2)
(130)
18
(301)
(15)
134
(286)
(70)
(244)
(88)
(3)
(4)
(5)
(11)
(77)
(3)
14
11
(236)
(80)
11
(30)
(20)
(1)
(2)
(9)
(96)
(222)
(129)
(39)
(6)
66
$ (2,889)
% of
Net Assets
0.01
0.01
0.00
0.00
0.00
0.11
(0.02)
0.00
0.00
0.01
0.03
0.00
(0.03)
0.00
0.00
0.00
0.00
0.00
0.04
0.00
0.00
0.00
0.04
0.00
0.04
0.01
0.04
0.00
(0.03)
0.00
(0.01)
0.02
0.01
0.10
(0.68)
0.01
0.06
0.04
0.00
(0.04)
0.01
(0.09)
0.00
0.04
(0.08)
(0.02)
(0.07)
(0.03)
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
0.00
(0.07)
(0.02)
0.00
(0.01)
(0.01)
0.00
0.00
0.00
(0.03)
(0.06)
(0.04)
(0.01)
0.00
0.02
(0.84)
Total OTC Financial Derivative Instruments
$
(2,662)
(0.78)
Total Investments
$ 340,000
98.86
208 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
FAIR
VALUE
(000S)
% OF
NET
ASSETS
0
2
1
1
1
0.00
0.00
0.00
0.00
0.00
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.040% due 06/29/2012
0.087% due 06/29/2012
0.234% due 06/29/2012
4.840% due 06/29/2012
DKK
€
£
CAD
AUD
1
2
0
0
1
$
$
624
624
0.18
HKD
665
86
0.02
JPY 1,706
21
$
736
$ 3,206
$343,942
0.01
0.21
0.93
100.00
DBS Bank Ltd.
0.030% due 06/29/2012
HSBC Bank
0.005% due 06/29/2012
Sumitomo Mitsui Banking Corp.
0.010% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) The PIMCO EqS Emerging Markets Fund is investing in shares of an affiliated fund.
(b) Securities with an aggregate market value of $1,689 and cash of $545 have been pledged as collateral for written options as at 30 June 2012.
(c) Securities with an aggregate market value of $3,237 and cash of $1,250 have been pledged as collateral for OTC swap and foreign currency contracts as governed by ISDA
Master Agreements as at 30 June 2012.
(d) Restricted Security
Issuer Description
Acquisition
Date
Cost
Fair
Value
% of
Net Assets
New China Life Insurance Co. Ltd.
12/08/2011
$ 2,150
$ 2,300
0.67
(e) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 123,444
436
$ 123,880
$ 216,555
(2,662)
$ 213,893
$ 2,227
0
$ 2,227
$ 342,226
(2,226)
$ 340,000
Transferable Securities
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable
Securities
Starting
Balance
at 31-Dec-2011
Net
Purchases5
$ 20,090
$ 3,648
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
$ (14,224)
$ 0
$ 1,050
$ 387
$ (8,724)
$ 2,227
$ 108
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
See Accompanying Notes
Semiannual Report
30 June 2012 209
Portfolio of Investments and Assets PIMCO EqS Emerging Markets Fund (Cont.)
(f) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GST
HUS
JPM
MSC
MSX
MYI
RBC
UAG
(1)
Total Market Value
of OTC Derivatives
$
23
16
(564)
(40)
(42)
(60)
(226)
724
(2,846)
1
0
323
119
(90)
Collateral
(Received)/Pledged
$
0
0
990
260
0
0
0
(950)
3,238
2,234
(230)
(280)
0
0
Net
Exposures(1)
$
23
16
426
220
(42)
(60)
(226)
(226)
392
2,235
(230)
43
119
(90)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
210 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition PIMCO EqS Emerging Markets Fund
DESCRIPTION
PURCHASES THROUGH 30 JUNE 2012
PIMCO US Dollar Short-Term Floating NAV Fund (a)
Vanguard MSCI Emerging Markets ETF
China Mobile Ltd.
SHARES
COST
(000S)
3,458,549
504,240
969,000
$ 34,606
19,558
10,289
PAR
(000S)
US Treasury Bills
0.139% due 06/09/2012
US Treasury Bills
0.101% due 10/18/2012
$
7,980
7,975
6,790
6,786
SHARES
iShares MSCI Emerging Markets Index Fund
Itau Unibanco Holding S.A.
165,000
298,838
6,600
5,660
30 June 2012 (Unaudited)
SALES THROUGH 30 JUNE 2012
PIMCO US Dollar Short-Term Floating NAV Fund
PROCEEDS
(000S)
1,928,893
$ 19,300
PAR
(000S)
US Treasury Bills
0.033% due 03/29/2012
US Treasury Bills
0.040% due 05/17/2012
US Treasury Bills
0.101% due 10/18/2012
$
iShares MSCI Emerging Markets Index Fund
$
5,600
5,600
133,817
916,148
217,511
5,593
5,405
5,140
PAR
(000S)
$
$
Israel Chemicals Ltd.
5,000
5,000
441,614
4,945
$
4,700
4,697
SHARES
NovaTek OAO
Samsung Electronics Co. Ltd.
43,017
7,127
4,646
4,616
Sberbank of Russia
2,425,095
6,398
$
4,600
Hyundai Mobis
Thai Airways International PCL
17,107
5,733,700
4,597
4,464
4,382
PAR
(000S)
$
4,380
US Treasury Bills
0.065% due 04/19/2012
$
5,600
1,814,800
4,356
PAR
(000S)
$
4,300
Ecopetrol S.A.
iShares MSCI Emerging Markets Index Fund
iShares MSCI Emerging Markets Index Fund
92,071
146,129
133,817
£
$
US Treasury Bills
0.061% due 05/03/2012
US Treasury Bills
0.048% due 06/14/2012
US Treasury Bills
0.038% due 04/26/2012
US Treasury Bills
0.143% due 09/13/2012
$
5,529
5,490
5,400
5,300
5,300
5,200
5,199
5,000
5,000
4,700
4,698
SHARES
717,917
4,413
US Treasury Bills
0.000% due 03/22/2012
US Treasury Bills
0.140% due 08/11/2012
US Treasury Bills
0.053% due 06/28/2012
US Treasury Bills
0.158% due 04/04/2013
$
4,297
4,114
3,940
3,841
3,745
3,461
3,460
3,318
3,318
4,400
4,400
4,300
4,297
4,100
4,099
4,070
4,064
SHARES
PTT PCL
Pegatron Corp.
Lenovo Group Ltd.
Vanguard MSCI Emerging Markets ETF
Boshiwa International Holding Ltd.
Prada SpA
Huabao International Holdings Ltd.
367,900
2,854,000
4,026,000
76,923
10,697,000
510,100
4,169,000
SHARES
216,659
298,600
279,189
256,338
592,510
289,516
196,653
254,586
5,600
SHARES
4,373
SHARES
Wynn Macau Ltd.
6,335
PAR
(000S)
SHARES
SBM Offshore NV
Anhanguera Educacional Participacoes S.A.
Tongaat Hulett Ltd.
Melco Crown Entertainment Ltd.
Magnitogorsk Iron & Steel Works
Ivanhoe Mines Ltd.
Shoprite Holdings Ltd.
Housing Development Finance Corp.
6,600
PAR
(000S)
Fortescue Metals Group Ltd.
PAR
(000S)
US Treasury Bills
0.140% due 08/11/2012
6,667
PAR
(000S)
PAR
(000S)
US Treasury Bills
0.158% due 04/04/2013
6,670
6,400
SHARES
US Treasury Bills
0.143% due 11/15/2012
8,099
SHARES
iShares MSCI Emerging Markets
Fiat SpA
X5 Retail Group NV
US Treasury Bills
0.143% due 09/13/2012
8,100
PAR
(000S)
SHARES
US Treasury Bills
0.038% due 04/26/2012
10,899
165,000
US Treasury Bills
0.065% due 04/19/2012
10,900
SHARES
US Treasury Bills
0.139% due 06/09/2012
PAR
(000S)
SHARES
DESCRIPTION
3,983
3,880
3,489
3,274
3,210
3,190
3,133
PAR
(000S)
US Treasury Bills
0.105% due 09/08/2012
US Treasury Bills
0.143% due 11/15/2012
US Treasury Bills
0.053% due 08/23/2012
$
3,060
3,059
3,060
3,058
2,700
2,699
SHARES
Santos Ltd.
Samsung Techwin Co. Ltd.
Seadrill Ltd.
LG Display Co. Ltd.
Zoomlion Heavy Industry Science and Technology
Co., Ltd.
199,537
42,596
71,947
112,850
2,630
2,625
2,598
2,461
1,649,200
2,430
PAR
(000S)
US Treasury Bills
0.121% due 08/16/2012
$
2,300
2,299
(a) The PIMCO EqS Emerging Markets Fund is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of total cost of
purchases, and sales exceeding 1% of total proceeds. At a minimum the twenty largest purchases
and twenty largest sales must be shown. Should there have been less than that amount of
transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business day have
been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 211
Portfolio of Investments and Assets PIMCO EqS Pathfinder Fund™
DESCRIPTION
SHARES
FAIR
% OF
VALUE
NET
(000s) ASSETS
COMMON STOCKS
BERMUDA
884,589 $ 5,932 1.22
728,471
9,116 1.88
3,214,755
4,877 1.00
234,163
8,358 1.72
28,283 5.82
BRAZIL
345,745
Itau Unibanco Holding S.A.
SHARES
4,821 0.99
3,020,014 $ 10,433 2.15
2,518,006
2,619 0.54
AIA Group Ltd.
First Pacific Co. Ltd.
Jardine Matheson
Holdings Ltd.
Jardine Strategic
Holdings Ltd.
Television Broadcasts Ltd.
21,175
1,031 0.21
15,371
321,000
473 0.10
2,246 0.46
16,802 3.46
166,510
312,212
84,184
38,687
Cameco Corp.
Kinross Gold Corp.
Silver Wheaton Corp.
TMX Group, Inc.
3,655
2,545
2,259
1,761
10,220
0.75
0.52
0.47
0.36
2.10
DENMARK
102,699
197,866
Carlsberg A/S
Jyske Bank A/S
8,129 1.67
5,354 1.10
13,483 2.77
409,041
114,347
3,062 0.63
1,352 0.28
4,414 0.91
8,142 1.68
2,583 0.53
10,725 2.21
Carrefour S.A.
Danone S.A.
L’Oreal S.A.
Pernod-Ricard S.A.
339,873
190,812
21,887
90,256
6,294
11,892
2,610
9,678
30,474
1.29
2.45
0.54
1.99
6.27
ENERGY
Bourbon S.A.
Total S.A.
84,309
19,381
2,042 0.42
874 0.18
2,916 0.60
INDUSTRIALS
Teleperformance S.A.
194,405
4,309 0.89
UTILITIES
Suez Environnement Co.
Veolia Environnement S.A.
231,729
230,273
Total France
2,499
2,924
5,423
53,847
0.51
0.60
1.11
11.08
140,215
91,749
270,542
3,038
944
6,008
9,990
0.63
0.19
1.24
2.06
GUERNSEY
Resolution Ltd.
8,353 1.72
3,747 0.77
12,100 2.49
11,252,658
5,505 1.13
56,073 11.54
213,874
85,836
7,389 1.52
11,326 2.33
64,814
108,706
44,646
5,656
4,877
3,113
32,361
FINANCIALS
NETHERLANDS
371,548
51,451
840,822
736,234
114,056
CSM
Gemalto NV
ING Groep NV
Koninklijke KPN NV
Royal Dutch Shell PLC
6,871
3,706
5,653
7,060
3,848
27,138
1.42
0.76
1.16
1.45
0.79
5.58
Altria Group, Inc.
Lorillard, Inc.
Philip Morris
International, Inc.
Reynolds American, Inc.
Wal-Mart Stores, Inc.
1,160,049
3,574 0.74
Halliburton Co.
Rentech, Inc.
79,787
508,641
2,265 0.47
1,048 0.21
3,313 0.68
13,562
235,334
113,388
4,608 0.95
5,549 1.14
9,449 1.95
181,009
198,217
279,682
241,734
2,150
2,321
4,394
2,309
156,233
2,443 0.50
13,620
7,106 1.46
40,329 8.30
65,531
346,254
2,736 0.56
7,964 1.64
10,700 2.20
NORWAY
Marine Harvest ASA
Orkla ASA
10,155,607
327,947
7,234 1.49
2,381 0.49
9,615 1.98
24,000
452,273
242 0.05
3,705 0.76
3,947 0.81
139,353
4,785 0.98
Great Eastern Holdings Ltd.
Keppel Corp. Ltd.
AngloGold Ashanti Ltd.
SOUTH KOREA
GS Home Shopping, Inc.
23,666
1,999 0.41
SPAIN
Distribuidora Internacional
de Alimentacion S.A.
285,463
1,346 0.28
278,734
3,447 0.71
111,210
41,041
23,792
1,199
43,207
6,655
7,109
2,691
2,322
2,731
21,508
1.37
1.46
0.56
0.48
0.56
4.43
HEALTHCARE
3M Co.
Deere & Co.
General Dynamics Corp.
Goodrich Corp.
86,413
69,963
39,647
11,462
1.59
1.16
0.54
0.30
3.59
INFORMATION TECHNOLOGY
Dell, Inc.
Intel Corp.
Microsoft Corp.
445,268
430,955
435,930
5,575 1.15
11,485 2.36
13,335 2.74
MATERIALS
174,995
1,911 0.40
CONSUMER STAPLES
British American
Tobacco PLC
Imperial Tobacco
Group PLC
7,743
5,658
2,615
1,454
17,470
30,395 6.25
CONSUMER DISCRETIONARY
British Sky Broadcasting
Group PLC
0.44
0.48
0.90
0.48
INDUSTRIALS
SWITZERLAND
Nestle S.A.
Roche Holding AG
Schindler Holding AG
Sika AG
Swiss Re AG
Alleghany Corp.
BankUnited, Inc.
Berkshire Hathaway, Inc.
Capitol Federal
Financial, Inc.
Northwest Bancshares, Inc.
SLM Corp.
TFS Financial Corp.
ViewPoint Financial
Group, Inc.
White Mountains
Insurance Group Ltd.
Merck & Co., Inc.
Pfizer, Inc.
SWEDEN
Loomis AB
FINANCIALS
Rentech Nitrogen
Partners LP
13,490
Total United States
Total Common Stocks
294,926
15,016 3.09
429,058
16,555 3.41
371 0.08
134,939 27.76
422,111 86.85
EQUITY-LINKED SECURITIES
Morgan Stanley BV
Exp. 08/02/2012
212 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
1.17
1.00
0.64
6.66
ENERGY
UNITED KINGDOM
GERMANY
E.ON AG
Kloeckner & Co. SE
Rhoen Klinikum AG
3,063 0.63
5,999 1.23
9,062 1.86
SOUTH AFRICA
CONSUMER STAPLES
1,249,020
79,775
CONSUMER STAPLES
18,600
51,275
FANUC Corp.
Nintendo Co. Ltd.
SINGAPORE
263,941
116,789
4,986 1.02
36,557 7.52
UNITED STATES
FRANCE
CONSUMER DISCRETIONARY
BP PLC
Ensco PLC
Total United Kingdom
2,818 0.58
94,184 $
FAIR
% OF
VALUE
NET
(000s) ASSETS
ENERGY
Teva Pharmaceutical
Industries Ltd.
71,453
SHARES
Reckitt Benckiser
Group PLC
Lloyds Banking
Group PLC
FAROE ISLANDS
Bakkafrost P/F
BankNordik P/F
DESCRIPTION
ISRAEL
JAPAN
CANADA
Eutelsat Communications
S.A.
JCDecaux S.A.
FAIR % OF
VALUE
NET
(000s) ASSETS
HONG KONG
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKETS
Hiscox Ltd.
Lancashire Holdings Ltd.
North Atlantic Drilling Ltd.
Seadrill Ltd.
DESCRIPTION
70,909
3,395 0.70
30 June 2012 (Unaudited)
DESCRIPTION
SHARES
Exp. 03/22/2013
Sanofi
Exp. 12/31/2020
Total Equity-Linked Securities
FAIR % OF
VALUE
NET
(000s) ASSETS
456,797 $ 5,716 1.18
US TREASURY OBLIGATIONS
261,991
US Treasury Bills (b)
369 0.07
9,480 1.95
EXCHANGE-TRADED FUNDS
Source Physical Markets
Gold P-ETC
118,719
18,817 3.87
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (a)
2,761,277
FAIR
% OF
VALUE
NET
(000s) ASSETS
PAR
(000s)
DESCRIPTION
0.138% due 11/23/2012
0.163% due 04/04/2013
0.171% due 05/02/2013
Total US Treasury Obligations
$
390 $
520
1,080
Total Transferable
Securities & Money Market
Instruments - Official Stock
Exchange/ Regulated Market
390 0.08
519 0.11
1,078 0.22
1,987 0.41
$ 480,022 98.77
27,627 5.69
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Put - iShare MSCI EAFE Index Fund
Put - iShare MSCI EAFE Index Fund
Put - SPDR Financial Select ETF
$
Exercise
Price
Expiration
Date
# of
Contracts
45.000
48.000
13.000
09/22/2012
09/22/2012
12/22/2012
5,960
875
3,627
Cost
Fair
Value
% of
Net Assets
$ 1,454
159
243
$ 1,856
$ 524
134
207
$ 865
0.11
0.03
0.04
0.18
WRITTEN OPTIONS
Description
Put - Halliburton Co.
$
Exercise
Price
Expiration
Date
# of
Contracts
Premiums
Fair
Value
% of
Net Assets
30.000
07/21/2012
460
$ (57)
$ (84)
(0.02)
$ 781
0.16
Total Financial Derivative Instruments Dealt in on a Regulated Market
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
Cost
Fair
Value
% of
Net Assets
UAG
$ 1.130
08/27/2012
€ 3,855
$ 21
$ 2
0.00
Premiums
Fair
Value
% of
Net Assets
$ (286)
(498)
$ (784)
$ 0
(8)
$ (8)
0.00
0.00
0.00
FOREIGN CURRENCY OPTIONS
Put - OTC Eurodollar versus US dollar
WRITTEN OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
€ 12.000
12.000
07/20/2012
07/20/2012
€ 462
457
OPTIONS ON SECURITIES
Call - Suez Environnement Co.
Call - Veolia Environnment S.A.
Pay/Receive Security
MSC
MSC
# of Shares
or Units
Floating Rate(1)
Notional
Amount
Maturity
Date
Upfront
Unrealised
Fair
Premiums
Appreciation/
% of
Counterparty Value Paid/(Received) (Depreciation) Net Assets
TOTAL RETURN SWAPS ON INDICES AND SECURITIES
Pay
Rio Tinto Ltd.
(25)
Receive
Rio Tinto PLC
32
Receive
NYSE Euronext
86
(1)
3-Month Australian Bank Bill
rate plus a specified spread AUD
49 12/20/2012 CBK
3-Month Australian Bank Bill
rate plus a specified spread
63 12/20/2012 CBK
1-Month USD-LIBOR rate plus
a specified spread
$ 1,201 11/19/2012 MYI
$ 115
$ 0
$ 115
0.03
(46)
0
(46)
(0.01)
107
$ 176
0
$ 0
107
$ 176
0.02
0.04
Floating rate is based upon predetermined notional amounts, which may be a multiple of the number of shares or units disclosed.
See Accompanying Notes
Semiannual Report
30 June 2012 213
Portfolio of Investments and Assets PIMCO EqS Pathfinder Fund™ (Cont.)
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Sell
AUD
BRL
CAD
CHF
CNY
DKK
€
£
Principal Amount
Covered by
Contract
7
5,065
17,034
5,052
2
11
3
19
4
5,051
1,865
3
2
11
3
16,987
9,566
24,668
9,328
110
5
23
6
41
9
1
7
9,304
3,175
9,308
23
5
24,503
2,905
2,962
71
128
2,905
15,382
19,443
22,497
5,639
4,742
18,011
86,086
74,592
74,592
74,592
8,638
42,660
46
43
8,913
47
303
5,326
38
10,867
384
8,338
1
7,147
58
32
8,931
25
2,919
42,660
1
214
493
8,121
954
32
165
16
25
99
8,127
23
6
214 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
BRC
CBK
CBK
DUB
DUB
FBF
FBF
GST
GST
HUS
JPM
JPM
RYL
RYL
UAG
CBK
BRC
BRC
CBK
CBK
DUB
FBF
FBF
GST
GST
JPM
JPM
RBC
RBC
RYL
RYL
UAG
BRC
BRC
DUB
RBC
UAG
BRC
BPS
CBK
DUB
HUS
JPM
RYL
UAG
FBF
FBF
FBF
BNP
BPS
BRC
CBK
CBK
DUB
FBF
FBF
GST
GST
HUS
HUS
JPM
JPM
MSC
RBC
RYL
RYL
UAG
BPS
BRC
JPM
BNP
BOA
BPS
BPS
BRC
BRC
CBK
CBK
DUB
FBF
FBF
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
08/2012
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
0
249
0
253
0
0
0
1
0
252
95
0
0
0
0
307
185
0
98
0
0
0
0
1
0
0
0
98
0
100
0
0
148
56
0
0
1
0
0
34
0
0
0
0
0
224
0
0
0
898
0
1
0
0
2
0
1
0
12
0
0
0
0
0
134
0
0
0
0
5
2
0
28
0
0
0
0
0
14
0
0
Unrealised
(Depreciation)
$
0
0
(310)
0
0
0
0
0
0
0
0
0
0
(1)
0
0
0
(149)
0
0
0
0
0
0
0
0
0
0
(36)
0
0
0
0
0
(29)
(1)
0
(56)
(10)
0
(15)
(3)
(3)
(12)
(170)
0
(259)
(224)
(185)
0
0
0
(137)
(1)
0
(66)
0
(41)
0
(79)
0
(124)
(1)
0
0
(1)
(71)
(897)
0
0
0
(4)
0
0
(1)
0
0
0
0
0
0
Net Unrealised
Appreciation/
(Depreciation)
$
0
249
(310)
253
0
0
0
1
0
252
95
0
0
(1)
0
307
185
(149)
98
0
0
0
0
1
0
0
0
98
(36)
100
0
0
148
56
(29)
(1)
1
(56)
(10)
34
(15)
(3)
(3)
(12)
(170)
224
(259)
(224)
(185)
898
0
1
(137)
(1)
2
(66)
1
(41)
12
(79)
0
(124)
(1)
0
134
(1)
(71)
(897)
0
5
2
(4)
28
0
(1)
0
0
0
14
0
0
% of
Net Assets
0.00
0.05
(0.06)
0.05
0.00
0.00
0.00
0.00
0.00
0.05
0.02
0.00
0.00
0.00
0.00
0.06
0.04
(0.03)
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
(0.01)
0.02
0.00
0.00
0.03
0.01
(0.01)
0.00
0.00
(0.01)
0.00
0.01
0.00
0.00
0.00
0.00
(0.03)
0.05
(0.05)
(0.05)
(0.04)
0.18
0.00
0.00
(0.03)
0.00
0.00
(0.01)
0.00
(0.01)
0.00
(0.02)
0.00
(0.03)
0.00
0.00
0.03
0.00
(0.01)
(0.18)
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
30 June 2012 (Unaudited)
Type
Currency
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Sell
£
Principal Amount
Covered by
Contract
Total OTC Financial Derivative Instruments
$
414
0.09
Total Investments
$ 481,217
99.02
DESCRIPTION
PAR
(000S)
NOK
PLN
SEK
SGD
ZAR
$
0
0
0
111
0
125
22
0
0
45
0
15
101
0
0
0
97
82
0
0
0
0
0
0
17
0
0
0
2
0
0
13
0
11
0
0
0
310
10
0
5
0
22
0
39
38
13
11
37
65
2
5
0
$ 4,397
$
0
0
0
0
(1)
0
0
(125)
(7)
0
(14)
0
0
0
0
0
0
0
0
(1)
0
(1)
0
0
0
(1)
0
(101)
0
(96)
(11)
0
(43)
0
(129)
(120)
(122)
0
0
(1)
0
(309)
0
(66)
0
0
0
0
0
0
0
0
(119)
$ (4,153)
$
% of
Net Assets
$
KRW
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
10/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
09/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
07/2012
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
0.00
0.00
0.00
0.02
0.00
0.03
0.00
(0.03)
0.00
0.01
0.00
0.00
0.02
0.00
0.00
0.00
0.02
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
(0.02)
0.00
0.00
(0.01)
0.00
(0.03)
(0.02)
(0.02)
0.06
0.00
0.00
0.00
(0.06)
0.00
(0.01)
0.01
0.01
0.00
0.00
0.01
0.01
0.00
0.00
(0.02)
0.05
JPY
GST
JPM
JPM
RYL
RYL
UAG
UAG
UAG
UAG
HUS
UAG
UAG
BPS
BRC
CBK
CBK
DUB
FBF
FBF
GST
GST
JPM
JPM
RYL
RYL
UAG
UAG
BPS
BRC
DUB
BRC
HUS
UAG
BRC
BOA
CBK
FBF
GST
HUS
HUS
MSC
GST
UAG
CBK
FBF
GST
HUS
JPM
UAG
CBK
JPM
UAG
DUB
Unrealised
Appreciation
0
0
0
111
(1)
125
22
(125)
(7)
45
(14)
15
101
0
0
0
97
82
0
(1)
0
(1)
0
0
17
(1)
0
(101)
2
(96)
(11)
13
(43)
11
(129)
(120)
(122)
310
10
(1)
5
(309)
22
(66)
39
38
13
11
37
65
2
5
(119)
244
HKD
ILS
9
1
7
5,444
24
15,708
6,375
15,708
74,991
5,998
5,998
5,998
1,396,518
1,980
2,793
12,249
1,397,072
2,948,448
750
4,527
948
11,442
732
587
168,629
11,375
592
1,396,518
36,155
1,396,518
1,578,530
1,349,460
2,927,990
1,578,530
39,369
39,368
39,368
114,476
1,974
459
2,114
114,476
1,607
19,933
5,566
5,565
1,699
1,538
5,565
19,933
482
258
40,040
Counterparty
Settlement
Month
FAIR
VALUE
(000S)
% OF
NET
ASSETS
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.005% due 06/29/2012
0.010% due 06/29/2012
0.234% due 06/29/2012
CHF
DKK
JPY
CAD
3
1
1
1
£
$
3
0
0
1
0.00
0.00
0.00
0.00
64
101
0.02
$
517
517
0.11
€
214
272
0.05
HKD 10,776
SGD
141
1,389
111
0.29
0.02
Citibank N.A.
0.087% due 06/29/2012
DBS Bank Ltd.
0.030% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
HSBC Bank
0.005% due 06/29/2012
0.010% due 06/29/2012
See Accompanying Notes
Semiannual Report
30 June 2012 215
Portfolio of Investments and Assets PIMCO EqS Pathfinder Fund™ (Cont.)
FAIR
VALUE
(000S)
% OF
NET
ASSETS
93
50
$ 2,537
$ 2,282
$ 486,036
0.02
0.01
0.52
0.46
100.00
PAR
(000S)
DESCRIPTION
JPMorgan Chase & Co.
0.650% due 06/29/2012
0.650% due 06/29/2012
NOK
SEK
552
348
$
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) The PIMCO EqS Pathfinder FundTM is investing in shares of an affiliated fund.
(b) Securities with an aggregate market value of $1,987 and cash of $1,670 have been pledged as collateral for OTC swap and foreign currency contracts as governed by ISDA
Master Agreements as at 30 June 2012.
(c) Cash with an aggregate value of $555 has been pledged as collateral for written options securities as at 30 June 2012.
(d) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
$ 217,213
781
$ 217,994
$ 262,809
414
$ 263,223
$ 0
0
$ 0
$ 480,022
1,195
$ 481,217
Transferable Securities
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
Starting
Balance
at 31-Dec-2011
Net
Purchases5
Net
Sales5
Accrued
Discounts/
(Premiums)
$ 1,810
(131)
$ 1,679
$ 0
0
$ 0
$ 0
0
$ 0
$ 0
0
$ 0
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on Investments
held at 30-Jun-20126
$ 217
532
$ 749
$ (2,027)
0
$ (2,027)
$ 0
0
$ 0
$ 0
0
$ 0
$
0
(401)
$ (401)
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
As at 30 June 2012, the Institutional EUR (Hedged) Class and Class E EUR (Hedged) had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
AUD
CAD
Principal Amount
Covered by
Contract
10
6,310
12,637
15
3
6,310
4
15
5
26
4
15
3
3
11,605
16,868
95
18,286
5
5
Counterparty
BRC
BRC
CBK
CBK
DUB
DUB
FBF
FBF
GST
GST
JPM
RYL
RYL
UAG
CBK
BRC
CBK
CBK
DUB
FBF
216 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
Unrealised
Appreciation
$
0
0
231
0
0
0
0
0
0
0
0
1
0
0
0
103
0
0
0
0
Unrealised
(Depreciation)
$
0
(341)
0
(1)
0
(343)
0
0
0
(1)
0
0
0
0
(210)
0
0
(193)
0
0
Net Unrealised
Appreciation/
(Depreciation)
$
0
(341)
231
(1)
0
(343)
0
0
0
(1)
0
1
0
0
(210)
103
0
(193)
0
0
% of
Net Assets
0.00
(0.07)
0.04
0.00
0.00
(0.07)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.04)
0.02
0.00
(0.04)
0.00
0.00
30 June 2012 (Unaudited)
Type
Currency
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
CAD
CHF
DKK
€
£
HKD
JPY
NOK
NZD
SEK
SGD
See Accompanying Notes
Principal Amount
Covered by
Contract
20
7
34
6
1
1,336
20
4
5
16,852
11,466
2,191
13,657
11,466
9,223
9,223
9,223
38,545
314
2,679
48,733
87,102
83
82,001
107
81,499
81,541
65
1,310
78,017
38,325
38,325
76,650
76,650
16
102
25
6
6
24
9
20,911
7
206
24
5
21,004
19,533
15,050
45,465
2,122
13,134
2,995
301,110
804
2,653,189
1,016
4,854
1,170,628
72
2,796
630
1,170,476
1,117,956
27
1,117,956
4,419
4,419
13,257
4,419
7,277
201
201
201
28,655
12,670
9,355
12,670
12,670
28,655
3,312
Counterparty
FBF
GST
GST
JPM
JPM
RBC
RYL
RYL
UAG
BRC
BRC
CBK
DUB
BRC
FBF
FBF
FBF
BRC
CBK
CBK
DUB
FBF
FBF
GST
GST
JPM
JPM
RYL
RYL
UAG
BRC
DUB
JPM
UAG
BRC
CBK
CBK
DUB
FBF
FBF
GST
GST
JPM
JPM
RYL
RYL
UAG
UAG
DUB
UAG
BRC
CBK
CBK
DUB
FBF
FBF
GST
GST
JPM
JPM
RYL
RYL
UAG
JPM
RYL
UAG
CBK
FBF
GST
UAG
GST
DUB
UAG
DUB
CBK
FBF
GST
GST
UAG
CBK
UAG
Settlement
Month
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
08/2012
07/2012
07/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
Unrealised
Appreciation
$
0
0
0
0
0
7
0
0
0
0
220
30
0
0
28
0
0
0
6
1
0
1,087
0
316
0
0
0
1
0
0
1,036
940
1,803
1,497
0
0
0
0
0
0
0
202
0
0
1
0
188
0
1
0
0
0
0
0
0
0
0
1
0
0
0
0
0
16
0
37
0
0
20
0
0
3
0
0
95
0
11
0
0
0
67
$ 7,949
Unrealised
(Depreciation)
$
0
0
(1)
0
0
0
0
0
0
(102)
0
0
(134)
(221)
0
(32)
(28)
(1,040)
0
(35)
(1,144)
0
(2)
0
(2)
(499)
(1,872)
0
(25)
(1,524)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(156)
0
(4)
0
0
0
(71)
0
(74)
0
0
(19)
0
(1)
0
(39)
0
0
0
(13)
(14)
(8)
(17)
(20)
0
(10)
(3)
0
(89)
0
(86)
(83)
(94)
0
$ (8,551)
Net Unrealised
Appreciation/
(Depreciation)
$
0
0
(1)
0
0
7
0
0
0
(102)
220
30
(134)
(221)
28
(32)
(28)
(1,040)
6
(34)
(1,144)
1,087
(2)
316
(2)
(499)
(1,872)
1
(25)
(1,524)
1,036
940
1,803
1,497
0
0
0
0
0
0
0
202
0
0
1
0
188
(156)
1
(4)
0
0
0
(71)
0
(74)
0
1
(19)
0
(1)
0
(39)
16
0
37
(13)
(14)
12
(17)
(20)
3
(10)
(3)
95
(89)
11
(86)
(83)
(94)
67
$ (602)
Semiannual Report
% of
Net Assets
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.05
0.01
(0.03)
(0.05)
0.01
(0.01)
(0.01)
(0.21)
0.00
0.00
(0.23)
0.22
0.00
0.06
0.00
(0.10)
(0.38)
0.00
0.00
(0.32)
0.21
0.19
0.37
0.31
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.04
0.00
0.00
0.00
0.00
0.03
(0.03)
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
(0.02)
0.00
(0.02)
(0.02)
(0.02)
0.01
(0.13)
30 June 2012 217
Portfolio of Investments and Assets PIMCO EqS Pathfinder Fund™ (Cont.)
(e) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GST
HUS
JPM
MSC
MYI
RBC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
$ (133)
(164)
(160)
7
(647)
552
432
262
(586)
(4)
107
68
324
(246)
Collateral
(Received)/Pledged
$
0
0
0
(290)
0
690
980
(270)
1,987
0
0
0
(20)
0
Net
Exposures(1)
$ (133)
(164)
(160)
(283)
(647)
1,242
1,412
(8)
1,401
(4)
107
68
304
(246)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
218 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition PIMCO EqS Pathfinder Fund™
DESCRIPTION
SHARES
COST
(000s)
13,366,537
174,460
135,690
25,764
230,273
231,729
907,800
18,600
77,174
85,987
45,983
52,866
65,531
81,509
36,135
80,823
148,793
15,948
57,938
$ 133,739
4,613
4,502
4,204
3,617
3,595
3,188
3,121
3,039
2,762
2,756
2,644
2,506
2,489
2,430
2,254
2,167
2,165
2,124
PURCHASES THROUGH 30 JUNE 2012
SHARES
PROCEEDS
(000s)
13,772,850
225,900
186,848
38,421
89,172
968,364
221,189
165,821
$ 137,800
10,333
4,927
4,866
3,509
3,385
2,669
2,635
DESCRIPTION
SALES THROUGH 30 JUNE 2012
PIMCO US Dollar Short-Term Floating NAV Fund (a)
Rhoen Klinikum AG
Eutelsat Communications S.A.
Source Physical Markets Gold P-ETC
Veolia Environnement S.A.
Suez Environnement Co.
AIA Group Ltd.
FANUC Corp.
Imperial Tobacco Group PLC
Halliburton Co.
Swiss Re AG
British American Tobacco PLC
Merck & Co., Inc.
Microsoft Corp.
Danone
Intel Corp.
Dell, Inc.
Lorillard, Inc.
AngloGold Ashanti Ltd.
PAR
(000s)
US Treasury Bills
0.180% due 02/05/2013
30 June 2012 (Unaudited)
$
2,080
2,077
PIMCO US Dollar Short-Term Floating NAV Fund (a)
CVS Caremark Corp.
CBOE Holdings, Inc.
Goodrich Corp.
Motorola Mobility Holdings, Inc.
Barclays PLC
Lancashire Holdings Ltd.
Washington Federal, Inc.
PAR
(000s)
US Treasury Bills
0.048% due 06/14/2012
$
2,100
2,100
SHARES
42,272
264,755
Imperial Tobacco Group PLC
Hiscox Ltd.
1,742
1,633
PAR
(000s)
US Treasury Bills
0.140% due 08/11/2012
$
1,600
1,599
SHARES
Source Physical Markets Gold P-ETC
White Mountains Insurance Group Ltd.
Danone
Southern Union Co.
British American Tobacco PLC
Microsoft Corp.
BankUnited, Inc.
Northwest Bancshares, Inc.
9,829
2,964
21,142
32,562
28,312
43,123
51,786
96,629
1,561
1,559
1,433
1,432
1,421
1,313
1,241
1,229
(a) The PIMCO EqS Pathfinder Fund™ is investing in shares of an affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 219
Portfolio of Investments and Assets PIMCO EqS Pathfinder Europe Fund™
DESCRIPTION
SHARES
FAIR
% OF
VALUE
NET
(000S) ASSETS
DESCRIPTION
GERMANY
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKETS
E.ON AG
Kloeckner & Co. SE
Rhoen Klinikum AG
COMMON STOCKS
517,250 € 618 1.88
45,976 1,293 3.93
1,911 5.81
Hiscox Ltd.
Lancashire Holdings Ltd.
123,815
92,166
Total Bermuda
654
909
1,563
3,474
1.99
2.77
4.76
10.57
DENMARK
Carlsberg A/S
Jyske Bank A/S
11,789
19,804
735 2.24
422 1.28
1,157 3.52
Bakkafrost P/F
BankNordik P/F
53,591
35,514
316 0.96
331 1.01
647 1.97
39,405
17,993
958 2.91
313 0.95
1,271 3.86
CONSUMER STAPLES
Carrefour S.A.
Danone S.A.
L’Oreal S.A.
Pernod-Ricard S.A.
54,185
25,370
3,358
13,252
791
1,246
310
1,120
3,467
2.40
3.79
0.94
3.41
10.54
Bourbon S.A.
12,350
236 0.72
INDUSTRIALS
Teleperformance S.A.
26,508
463 1.41
UTILITIES
Suez Environnement Co.
Veolia Environnement S.A.
134,580
327 0.99
418,249
1,138 3.46
37,946
8,531
87,884
94,945
19,142
553
484
466
717
509
2,729
1.68
1.47
1.42
2.18
1.55
8.30
1,074,677
57,744
603 1.83
331 1.01
934 2.84
SPAIN
50,255
187 0.57
Loomis AB
55,282
539 1.64
27,223
26,494
Total France
231
265
496
5,933
0.70
0.81
1.51
18.04
Lloyds Banking Group PLC
1,272,005
Nestle S.A.
Roche Holding AG
Schindler Holding AG
Sika AG
Swiss Re AG
British Sky Broadcasting
Group PLC
490 1.49
5,578 16.96
5,259
Halliburton Co.
Philip Morris
International, Inc.
15,523
Total Common Stocks
118
0.36
1,067 3.24
1,185 3.60
27,973 85.07
EQUITY-LINKED SECURITIES
Morgan Stanley BV
Exp. 08/02/2012
Exp. 03/22/2013
Sanofi
Exp. 12/31/2020
21,636
62,958
53,683
Total Equity-Linked Securities
816
620
2.48
1.89
60 0.18
1,496 4.55
EXCHANGE-TRADED FUNDS
Source Physical Markets
Gold P-ETC
16,050
2,005
6.10
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (a)
3
0.01
500
500
1.52
300
308
0.94
260
261 0.79
569 1.73
PAR
(000S)
REPURCHASE AGREEMENTS
17,400
5,417
6,536
169
6,130
821
739
583
258
305
2,706
2.50
2.25
1.77
0.78
0.93
8.23
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 2.000%
due 11/15/2012 valued at
€504. Repurchase
proceeds are €500.)
€
SOVEREIGN ISSUES
36,475
314 0.95
Bundesobligation
3.500% due 04/12/2013
Bundesschatzanweisungen
CONSUMER STAPLES
British American Tobacco
PLC
Imperial Tobacco Group PLC
Reckitt Benckiser Group PLC
2.59
UNITED STATES
344
SWITZERLAND
850
FINANCIALS
SWEDEN
UNITED KINGDOM
CONSUMER DISCRETIONARY
ENERGY
161,240 €
BP PLC
Total United Kingdom
NORWAY
Distribuidora Internacional
de Alimentacion S.A.
FRANCE
CONSUMER DISCRETIONARY
Eutelsat Communications S.A.
JCDecaux S.A.
CSM
Gemalto NV
ING Groep NV
Koninklijke KPN NV
Royal Dutch Shell PLC
FAIR
% OF
VALUE
NET
(000S) ASSETS
SHARES
NETHERLANDS
Marine Harvest ASA
Orkla ASA
FAROE ISLANDS
1.60
0.37
2.41
4.38
HONG KONG
AIA Group Ltd.
FINANCIALS
526
122
791
1,439
GUERNSEY
Resolution Ltd.
DESCRIPTION
ENERGY
30,771 €
15,084
45,209
BERMUDA
ENERGY
North Atlantic Drilling Ltd.
Seadrill Ltd.
FAIR
% OF
VALUE
NET
(000S) ASSETS
SHARES
37,572
56,689
16,615
1,507
1,724
693
3,924
4.58
5.24
2.11
11.93
1.000% due 12/14/2012
Total Sovereign Issues
Total Transferable Securities & Money
Market Instruments - Official Stock
Exchange/ Regulated Market
€ 32,546 98.98
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Put - iShares MSCI EAFE Index Fund
Put - iShares MSCI EAFE Index Fund
Put - SPDR Financial Select ETF
220 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Exercise
Price
Expiration
Date
# of
Contracts
$ 45.000
48.000
13.000
09/22/2012
09/22/2012
12/22/2012
535
90
315
Cost
Fair
Value
% of
Net Assets
€ 103
12
16
€ 131
€ 37
11
14
€ 62
0.11
0.04
0.04
0.19
30 June 2012 (Unaudited)
WRITTEN OPTIONS
Description
Put - Halliburton Co.
Exercise
Price
Expiration
Date
# of
Contracts
Premiums
Fair
Value
% of
Net Assets
$ 30.000
07/21/2012
40
€ (4)
€ (6)
(0.02)
€ 56
0.17
Total Financial Derivative Instruments Dealt in on a Regulated Market
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
Cost
Fair
Value
% of
Net Assets
UAG
$ 1.130
08/27/2012
€ 337
€ 2
€ 0
0.00
Premiums
Fair
Value
% of
Net Assets
€ (28)
(48)
€ (76)
€ 0
0
€ 0
0.00
0.00
0.00
FOREIGN CURRENCY OPTIONS
Put - OTC Eurodollar versus US dollar
WRITTEN OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
€ 12.000
12.000
07/20/2012
07/20/2012
€ 59
58
OPTIONS ON SECURITIES
Call - Suez Environnement Co.
Call - Veolia Environnement S.A.
MYI
MYI
TOTAL RETURN SWAPS ON INDICES AND SECURITIES
Pay/
Receive Security
Pay
# of Shares
or Units Floating Rate(1)
Rio Tinto Ltd.
(3)
Receive Rio Tinto PLC
3
Receive NYSE Euronext
9
(1)
Notional
Amount
Maturity
Date
Upfront
Unrealised
Fair
Premiums
Appreciation/
% of
Counterparty Value Paid/(Received) (Depreciation) Net Assets
3-Month Australian Bank Bill
rate plus a specified spread AUD
5 12/20/2012 CBK
3-Month Australian Bank Bill
rate plus a specified spread
6 12/20/2012 CBK
1-Month USD-LIBOR rate plus a
specified spread
$ 122 11/19/2012 MYI
€ 9
€ 0
€ 9
0.02
(4)
0
(4)
(0.01)
9
€ 14
0
€ 0
9
€ 14
0.03
0.04
Floating rate is based upon predetermined notional amounts, which may be a multiple of the number of shares or units disclosed.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
AUD
CAD
CHF
CNY
DKK
£
HKD
JPY
KRW
NOK
PLN
See Accompanying Notes
Principal Amount
Covered by
Contract
240
80
310
240
270
400
2,240
1,474
9,119
2,841
2,115
513
449
1,666
360
6,680
264
3,715
40
270
160
350
12,695
14,880
399,853
226,800
626,653
399,853
1,022
22,150
3,950
390
920
26
Counterparty
CBK
JPM
JPM
BPS
CBK
GST
UAG
BPS
BRC
CBK
DUB
HUS
JPM
RYL
CBK
DUB
JPM
BRC
CBK
FBF
JPM
UAG
UAG
CBK
BRC
HUS
UAG
BRC
FBF
BPS
CBK
UAG
UAG
UAG
Settlement
Month
Unrealised
Appreciation
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
08/2012
08/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
09/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
€ 6
2
0
0
0
0
0
3
0
0
4
1
1
3
0
0
1
0
0
0
0
3
0
0
3
0
7
0
0
0
2
1
0
0
Unrealised
(Depreciation)
€
0
0
(10)
(1)
0
0
0
0
(5)
(7)
0
0
0
0
0
(1)
0
(28)
(1)
0
(2)
0
(27)
(4)
0
(5)
0
(4)
0
(42)
0
0
0
0
Net Unrealised
Appreciation/
(Depreciation)
€
6
2
(10)
(1)
0
0
0
3
(5)
(7)
4
1
1
3
0
(1)
1
(28)
(1)
0
(2)
3
(27)
(4)
3
(5)
7
(4)
0
(42)
2
1
0
0
Semiannual Report
% of
Net Assets
0.02
0.01
(0.03)
0.00
0.00
0.00
0.00
0.01
(0.01)
(0.02)
0.01
0.00
0.00
0.01
0.00
0.00
0.00
(0.08)
0.00
0.00
(0.01)
0.01
(0.08)
(0.01)
0.01
(0.01)
0.02
(0.01)
0.00
(0.13)
0.00
0.00
0.00
0.00
30 June 2012 221
Portfolio of Investments and Assets PIMCO EqS Pathfinder Europe Fund™ (Cont.)
Type
Currency
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
SEK
SGD
$
Principal Amount
Covered by
Contract
11,370
60
17
346
1,070
170
200
410
580
556
4,450
440
70
1,649
728
344
230
1,446
450
330
80
70
260
Counterparty
CBK
DUB
UAG
BRC
BRC
FBF
HUS
JPM
JPM
UAG
BRC
JPM
RBC
UAG
UAG
BRC
BPS
BRC
CBK
DUB
HUS
JPM
RYL
Settlement
Month
Unrealised
Appreciation
08/2012
08/2012
08/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
02/2013
€ 53
0
0
0
8
0
7
0
8
0
10
0
0
26
2
7
0
0
11
0
0
0
0
€ 169
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ 53
0
0
(5)
8
(2)
7
(4)
8
(14)
(51)
(7)
0
26
0
7
(3)
(9)
11
(5)
(1)
(1)
(4)
€ (86)
0.17
0.00
0.00
(0.02)
0.02
(0.01)
0.02
(0.01)
0.02
(0.04)
(0.16)
(0.02)
0.00
0.08
0.00
0.02
(0.01)
(0.03)
0.03
(0.02)
0.00
0.00
(0.01)
(0.26)
€
0
0
0
(5)
0
(2)
0
(4)
0
(14)
(61)
(7)
0
0
(2)
0
(3)
(9)
0
(5)
(1)
(1)
(4)
€ (255)
Total OTC Financial Derivative Instruments
€
(72)
(0.22)
Total Investments
€ 32,530
98.93
FAIR
VALUE
(000S)
% OF
NET
ASSETS
22
0.07
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
ANZ National Bank
4.840% due 06/29/2012
€
AUD
27
DKK
JPY
$
£
NOK
SEK
194
1
3
11
102
5
26
0
2
13
14
1
0.08
0.00
0.01
0.04
0.04
0.00
CHF
35
29
0.09
€
238
238
0.72
HKD 1,120
114
€
459
€ (107)
€ 32,882
0.35
1.40
(0.33)
100.00
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.010% due 06/29/2012
0.030% due 06/29/2012
0.087% due 06/29/2012
0.650% due 06/29/2012
0.650% due 06/29/2012
Credit Suisse First Boston
0.005% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
HSBC Bank
0.005% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) The PIMCO EqS Pathfinder Europe FundTM is investing in shares of an affiliated fund.
(b) Cash with an aggregate value of €54 has been pledged as collateral for written options securities as at 30 June 2012.
(c) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
222 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 4,360
56
€ 4,416
€ 28,186
(72)
€ 28,114
€ 0
0
€ 0
€ 32,546
(16)
€ 32,530
30 June 2012 (Unaudited)
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
Starting
Balance
at 31-Dec-2011
Net
Purchases5
Net
Sales5
Accrued
Discounts/
(Premiums)
€ 303
(16)
€ 287
€ 12
0
€ 12
€ (51)
0
€ (51)
€ 0
0
€ 0
Realised
Gains/
(Losses)
€
2
(39)
€ (37)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
€ 44
55
€ 99
€ (310)
0
€ (310)
€ 0
0
€ 0
€ 0
0
€ 0
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
(d) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BPS
BRC
CBK
DUB
FBF
GSC
HUS
JPM
MYI
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
€ (43)
(84)
65
(2)
(2)
0
2
(12)
9
(1)
(4)
Collateral
(Received)/Pledged
€
0
0
0
0
0
54
0
0
(24)
0
0
Net
Exposures(1)
€ (43)
(84)
65
(2)
(2)
54
2
(12)
(15)
(1)
(4)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 223
Significant Changes in Portfolio Composition PIMCO EqS Pathfinder Europe Fund™
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
France Treasury Bills
0.030% due 06/14/2012
DESCRIPTION
€ 2,100
€ 2,100
France Treasury Bills
0.030% due 06/14/2012
€
900
908
31,813
32,042
13,114
14,938
Veolia Environnement S.A.
Suez Environnement Co.
Eutelsat Communications S.A.
Rhoen Klinikum AG
1.000% due 12/14/2012
384
382
334
319
0.200% due 11/15/2012
460
459
300
6,873
313
4.500% due 07/12/2012
€
307
300
307
200
199
FMS Wertmanagement
53,974
2,194
8,639
12,082
5,685
3,833
Bakkafrost P/F
Source Physical Markets Gold P-ETC
Imperial Tobacco Group PLC
CBOE Holdings, Inc.
British American Tobacco PLC
Danone
307
129
128
116
80
33
8
0
279
271
266
241
218
200
PAR
(000S)
SHARES
5,259
48,400
3,491
627
2,838
137
1
300
SHARES
PAR
(000s)
€
336
317
PAR
(000S)
France Treasury Notes
€
Swiss Re AG
Halliburton Co.
AIA Group Ltd.
Southern Union Co.
Source Physical Markets Gold P-ETC
PharMerica Corp.
Philip Morris International, Inc.
PIMCO US Dollar Short-Term Floating NAV Fund (a)
644
127,201
33,913
Barclays PLC
Lancashire Holdings Ltd.
SHARES
0.000% due 10/15/2015
640
SHARES
PAR
(000S)
4.500% due 07/12/2012
€ 2,329
France Treasury Bills
SHARES
France Treasury Notes
2,330
Bundesschatzanweisungen
1.000% due 12/14/2012
3.500% due 04/12/2013
PROCEEDS
(000S)
SALES THROUGH 30 JUNE 2012
Bundesschatzanweisungen
Bundesobligation
PAR
(000S)
FMS Wertmanagement
0.000% due 10/15/2015
€
200
199
SHARES
Hiscox Ltd.
Seadrill Ltd.
Pernod-Ricard S.A.
Novartis AG
Philip Morris International, Inc.
BP PLC
Koninklijke KPN NV
Nestle S.A.
Carrefour S.A.
North Atlantic Drilling Ltd.
Southern Union Co.
Roche Holding AG
Carlsberg A/S
Reckitt Benckiser Group PLC
AIA Group Ltd.
38,812
6,375
2,062
3,892
2,204
25,514
16,414
2,734
8,074
85,448
3,491
878
1,796
2,586
39,000
185
182
163
162
144
137
128
126
123
122
117
113
113
110
103
(a) The PIMCO EqS Pathfinder Europe Fund™ is investing in shares of an
affiliated fund.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
224 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Portfolio of Investments and Assets EuriborPLUS Fund
PAR
(000S)
DESCRIPTION
FAIR % OF
VALUE
NET
(000S) ASSETS
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
Muenchener Hypothekenbank eG
CORPORATE BONDS & NOTES
4.625% due 09/13/2012
BANKING & FINANCE
New York Life Global Funding
3.250% due 11/23/2012
€ 4,700 € 4,747 1.77
1,700 1,726 0.64
ABN Amro Bank NV
3.250% due 01/18/2013
2,300
2,335 0.87
Achmea Hypotheekbank NV
4.750% due 08/01/2012
4,000
4,011 1.50
2,550
2,531 0.94
3,000
2,400
3,044 1.14
2,505 0.93
American International Group, Inc.
0.921% due 07/19/2013
Bank of Scotland PLC
3.250% due 01/25/2013
4.500% due 10/23/2013
Banque PSA Finance S.A.
3.875% due 01/18/2013
4.000% due 07/19/2013
200
2,200
202 0.08
2,233 0.83
Bayerische Landesbodenkreditanstalt
0.752% due 09/30/2013
4,000
3,995 1.49
$ 3,200
2,482 0.93
BPCE S.A.
2.375% due 10/04/2013
Caisse Centrale du Credit Immobilier de France S.A.
3.593% due 08/09/2013
3.750% due 03/10/2014
€ 1,200
1,300
1,167 0.44
1,273 0.47
Citigroup, Inc.
6.400% due 03/27/2013
1,100
1,139 0.42
Credit Agricole Home Loan SFH
0.936% due 02/19/2013
8,900
8,874 3.31
2,300
2,303 0.86
Credit Mutuel - CIC Home Loan SFH
4.750% due 07/17/2012
Depfa ACS Bank
0.609% due 12/20/2012
3.875% due 07/15/2013
1,500
7,750
1,484 0.55
7,861 2.93
DEPFA Deutsche Pfandbriefbank AG
4.000% due 03/15/2013
2,200
2,252 0.84
1,300
1,326 0.49
Deutsche Postbank AG
4.250% due 01/16/2013
Dexia Credit Local S.A.
2.625% due 01/21/2014
1,011 0.38
2,700
2,721 1.01
1,300
1,284 0.48
0.779% due 12/20/2013
2,717
2,737 1.02
3,150
400
3,146 1.17
408 0.15
1,000
3,500
1,014 0.38
3,575 1.33
Northern Rock Asset Management PLC
3.625% due 03/28/2013
3.625% due 04/20/2015
4,400
500
4,487 1.67
525 0.20
1,900
1,898 0.71
DKK 26,000
3,527 1.32
$ 2,220
€
600
1,701 0.63
631 0.24
DKK 26,000
3,533 1.32
NRW.Bank
0.667% due 02/17/2014
Nykredit Realkredit A/S
2.000% due 01/01/2013
RCI Banque S.A.
2.339% due 04/11/2014
5.625% due 03/13/2015
Realkredit Danmark A/S
2.000% due 01/01/2013
Royal Bank of Scotland Group PLC
5.000% due 11/12/2013
Royal Bank of Scotland PLC
2.750% due 06/18/2013
Eurohypo AG
4.250% due 11/20/2012
4.500% due 01/21/2013
FCE Bank PLC
7.125% due 01/15/2013
2,800
2,891 1.08
HSH N Finance Guernsey Ltd.
0.790% due 12/21/2015
3,200
3,191 1.19
Hypo Real Estate Bank International AG
3.000% due 10/12/2012
1,200
1,208 0.45
IKB Deutsche Industriebank AG
2.125% due 09/10/2012
1,221
1,225 0.46
ING Bank NV
1.167% due 11/21/2016
$ 3,100
2,154 0.80
Intesa Sanpaolo SpA
2.867% due 02/24/2014
KFW
0.875% due 11/15/2013
5.250% due 07/04/2012
3,300
€ 6,850
4,020
2,443 0.91
6,910 2.58
4,020 1.50
Landeskreditbank Baden-Wuerttemberg Foerderbank
0.787% due 01/21/2014
1,800
1,804 0.67
LeasePlan Corp. NV
3.750% due 08/07/2013
1,800
1,827 0.68
LeasePlan Finance NV
3.750% due 03/18/2013
800
810 0.30
2,600
2,591 0.97
See Accompanying Notes
467
620
468 0.17
620 0.23
£
100
121 0.05
€
493
621
491 0.18
621 0.23
301
163
672
299 0.11
163 0.06
673 0.25
996
854 0.32
1,500
1,507 0.56
£ 1,400
1,732 0.65
Dutch Mortgage Portfolio Loans BV
0.935% due 11/20/2035
0.935% due 05/20/2036
1.681% due 07/25/2047
European Loan Conduit
0.840% due 05/15/2019
28
34 0.01
Granite Mortgages PLC
€ 5,700
5,757 2.15
0.939% due 09/20/2044
1.121% due 01/20/2044
250
254 0.09
UniCredit Bank AG
5 0.00
Fosse Master Issuer PLC
2.150% due 10/18/2054
Gemgarto
2.950% due 05/14/2045
Granite Master Issuer PLC
0.561% due 12/20/2054
0.581% due 12/20/2054
0.583% due 12/17/2054
0.601% due 12/20/2054
0.661% due 12/20/2054
€
273
1,014
776
295
125
263
977
747
284
121
0.10
0.36
0.28
0.11
0.05
214
6
207 0.08
5 0.00
100
121 0.05
88
108 0.04
€ 1,023
300
1,023 0.38
301 0.11
473
447 0.17
12,460 4.65
1,836
1,679 0.63
1,300
1,301 0.49
385
379 0.14
381
369 0.14
443
433 0.16
209
201 0.07
12
11 0.00
329
330 0.12
4,703 1.75
7,840
7,929 2.96
2,000
2,800
1,400
2,001 0.75
2,785 1.04
1,400 0.52
ING UK Listed Real Estate Issuer PLC
4.250% due 11/27/2012
Valhalla I S.A.
1.004% due 03/26/2013
3,700
3,692 1.38
Valhalla II S.A.
1.043% due 06/28/2013
2,500
2,496 0.93
1,200
1,201 0.45
8,050
8,460 3.16
165,239 61.62
Volkswagen Bank GmbH
1.207% due 04/15/2013
1.263% due 01/30/2015
£
Real Estate Capital PLC
1.263% due 10/20/2014
Storm BV
1.557% due 09/22/2052
1.856% due 04/22/2054
Windermere CMBS PLC
0.864% due 08/22/2016
WM Covered Bond Program
4.375% due 05/19/2014
ASSET-BACKED SECURITIES
INDUSTRIALS
BBVA PYME FTA
Anheuser-Busch InBev NV
7.375% due 01/30/2013
2,500
2,594 0.97
2,400
2,544 0.95
1,200
1,314 0.49
£ 1,800
2,293 0.86
BAA Funding Ltd.
4.600% due 09/30/2014
BMW Finance NV
8.875% due 09/19/2013
Carlsberg Finance A/S
7.000% due 02/26/2013
Clariant Finance Luxembourg S.A.
4.375% due 04/05/2013
€ 1,100
1,120 0.42
2,500
2,553 0.95
$ 2,000
1,619 0.60
Fresenius Finance BV
5.000% due 01/31/2013
Hanson Australia Funding Ltd.
5.250% due 03/15/2013
Hutchison Whampoa Finance Ltd.
5.875% due 07/08/2013
€ 2,200
2,304 0.86
0.963% due 12/16/2041
Cars Alliance Funding PLC
1.379% due 09/25/2021
Duchess
1.110% due 07/29/2018
Eurocredit CDO BV
1.658% due 02/22/2020
Jubilee CDO BV
1.443% due 10/15/2019
Leopard CLO BV
1.283% due 04/21/2020
Locat Securitisation Vehicle 2 Srl
0.813% due 12/12/2026
Magnolia Funding Ltd.
3.000% due 04/20/2017
Imperial Tobacco Finance PLC
7.250% due 09/15/2014
900
1,010 0.38
1,850
1,942 0.72
2,600
2,646 0.99
1,600
1,619 0.60
23,558 8.79
Merck Financial Services GmbH
4.875% due 09/27/2013
Volkswagen Leasing GmbH
4.875% due 10/18/2012
Bundesobligation
4.250% due 10/12/2012 (a)
Rexam PLC
4.375% due 03/15/2013
SOVEREIGN ISSUES
Erste Abwicklungsanstalt
0.835% due 11/18/2013
0.847% due 12/30/2015
1.171% due 04/22/2014
European Financial Stability Facility
Merrill Lynch & Co., Inc.
0.973% due 05/30/2014
0.980% due 01/31/2014
0.845% due 11/02/2037
1.474% due 03/02/2042
6,468 2.41
Lloyds TSB Bank PLC
1.493% due 06/16/2014
Dutch MBS BV
6,400
DNB Boligkreditt A/S
1.071% due 03/01/2016
4.125% due 02/01/2013
1.283% due 10/27/2014
806 0.30
£
302 0.11
DECO Series
800
Trafford Centre Finance Ltd.
5
1.886% due 11/19/2047
1.889% due 05/16/2047
2,304 0.86
2.500% due 01/21/2013
300 €
Arran Residential Mortgages Funding PLC
2,300
Swedbank Hypotek AB
€
1.220% due 10/28/2036
8,036 3.00
2.375% due 12/03/2012
FAIR % OF
VALUE
NET
(000S) ASSETS
Argo Mortgage Srl
€ 7,900
Sparebanken 1 Boligkreditt A/S
2.375% due 01/21/2013
1.783% due 11/17/2041
2,389 0.89
3.125% due 09/17/2012
UBS AG
Arena BV
$ 3,000
SLM Corp.
1.213% due 07/28/2015
PAR
(000S)
DESCRIPTION
MORTGAGE-BACKED SECURITIES
€ 1,000 €
Nationwide Building Society
Abbey National Treasury Services PLC
2.500% due 03/18/2013
2.875% due 06/14/2013
FAIR
% OF
VALUE
NET
(000S) ASSETS
2,400
300
2,291 0.85
289 0.11
1.000% due 03/12/2014
UTILITIES
Gazprom OAO Via Gaz Capital S.A.
4.560% due 12/09/2012
Total Corporate Bonds & Notes
2,600
5,200
5,214 1.94
2,050
2,094 0.78
1,300
1,343 0.50
European Investment Bank
2,636 0.98
191,433 71.39
1.625% due 01/15/2015
Export-Import Bank of Korea
5.750% due 05/22/2013
Semiannual Report
30 June 2012 225
Portfolio of Investments and Assets EuriborPLUS Fund (Cont.)
DESCRIPTION
FMS Wertmanagement AoR
0.741% due 01/20/2014
PAR
(000S)
FAIR % OF
VALUE
NET
(000S) ASSETS
€ 6,300 € 6,320 2.36
Free State of Bavaria
3.375% due 01/21/2013
2,800
2,848 1.06
934
2,670
951 0.35
2,695 1.01
Korea Development Bank
0.893% due 04/03/2014
€ 5,000 € 5,019 1.87
2,000
2,039 0.76
0.792% due 06/30/2014
3.000% due 04/09/2013
State of North Rhine-Westphalia
5,000
5,010 1.87
1,300
1,300 0.48
1,000
1,002 0.37
54,072 20.16
State Of Saxony-Anhalt
0.742% due 03/19/2014
State of Schleswig-Holstein
3,550
3,557 1.33
0.757% due 11/26/2014
Peru Government International Bond
7.500% due 10/14/2014
FAIR
% OF
VALUE
NET
(000S) ASSETS
500
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
REPURCHASE AGREEMENTS
State of Berlin
0.907% due 04/14/2015
Gemeinsame Deutsche Bundeslaender
3.375% due 02/06/2013
4.375% due 09/27/2012
PAR
(000S)
DESCRIPTION
565 0.21
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 2.000%
due 11/15/2012 valued at
€4,537. Repurchase
proceeds are €4,500.)
€ 4,500 €
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
4,500
1.68
€ 267,168 99.63
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
3-Month Euribor Interest Rate December Futures
3-Month Euribor Interest Rate June Futures
3-Month Euribor Interest Rate March Futures
3-Month Euribor Interest Rate September Futures
Long
Long
Long
Long
12/2014
06/2015
03/2015
09/2014
# of
Contracts
210
30
59
59
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ 37
(1)
27
26
€ 89
0.01
0.00
0.01
0.01
0.03
WRITTEN OPTIONS
Description
Put - Euro-Bund 10-Year Bond August Futures
Exercise
Price
Expiration
Date
# of
Contracts
€ 139.000
07/27/2012
38
Premiums
€ (24)
Total Financial Derivative Instruments Dealt in on a Regulated Market
Fair
Value
% of
Net Assets
€ (24)
(0.01)
€ 65
0.02
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
AUD 78.550
€ 7.578
8.816
1.199
09/27/2012
09/28/2012
09/28/2012
09/28/2012
AUD 6,600
€ 2,700
2,700
2,700
Cost
Fair
Value
% of
Net Assets
€ 147
36
35
20
€ 238
€ 88
35
39
19
€ 181
0.03
0.01
0.02
0.01
0.07
FOREIGN CURRENCY OPTIONS
Put - OTC Australian dollar versus Japanese yen
Put - OTC Eurodollar versus Norwegian krone
Put - OTC Eurodollar versus Swedish krona
Put - OTC Eurodollar versus Swiss franc
FBF
BRC
UAG
FBF
WRITTEN OPTIONS
Description
Expiration
Date
Counterparty
Strike Index
Exercise Index
Floor - OTC CPURNSA Index
CBK
$ 216.687
Floor - OTC CPURNSA Index
DUB
215.949
Floor - OTC CPURNSA Index
DUB
218.011
Maximum of [1-(Index Final/Index
Initial) or $0]
Maximum of [(((Index Final/Index
Initial)-1)-2.500%) or $0]
Maximum of [-(Final Index/Initial
Index -1), 0]
Notional
Fair
Amount Premiums Value
% of
Net Assets
INFLATION FLOOR
04/07/2020
$ 3,400 € (22)
€ (4)
0.00
03/10/2020
3,400
(19)
(6)
0.00
10/13/2020
1,600
(11)
€ (52)
(3)
€ (13)
0.00
0.00
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - BUY PROTECTION(1)
Reference Entity
Fixed Deal
(Pay) Rate
Maturity Date
Hanson Ltd.
(1.000%)
03/20/2013
226 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
Notional
Amount(3)
Fair
Value
BRC
$ 2,000
€ (5)
Upfront
Premiums
Unrealised
% of
Paid/(Received) (Depreciation) Net Assets
€ 20
€ (25)
0.00
30 June 2012 (Unaudited)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(2)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Daimler Finance N.A. LLC
Lloyds TSB Bank PLC
Qatar Government International Bond
Republic of Germany
Republic of Germany
Republic of Germany
Vivendi S.A.
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
0.250%
0.250%
0.250%
1.000%
12/20/2014
03/20/2016
12/20/2014
03/20/2016
06/20/2015
06/20/2013
03/20/2016
06/20/2017
06/20/2017
06/20/2017
06/20/2014
BRC
CBK
GST
RYL
FBF
SOG
FBF
BRC
HUS
UAG
BRC
Notional
Amount(3)
$
300
400
300
300
€ 1,600
300
$ 300
3,600
7,200
3,600
€ 2,900
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
€
€
1
(1)
1
(1)
(3)
(2)
0
(97)
(194)
(97)
(16)
€ (409)
€ 10
0
9
0
4
1
0
14
11
15
20
€ 84
(9)
(1)
(8)
(1)
(7)
(3)
0
(111)
(205)
(112)
(36)
€ (493)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.04)
(0.08)
(0.03)
0.00
(0.15)
(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)
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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(3)
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.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Sell
AUD
DKK
£
JPY
KRW
NOK
SGD
$
Principal Amount
Covered by
Contract
1,090
3,850
4,777
1,431
20,070
72,980
510
1,800
5,929
86,170
149,617
149,617
149,617
2,051
15
129
133
7,691
15,637
2,164
370
340
192
129
Counterparty
JPM
JPM
UAG
UAG
BRC
JPM
BRC
JPM
UAG
BRC
BRC
UAG
BRC
HUS
UAG
BRC
UAG
BRC
BRC
JPM
RBC
UAG
UAG
BRC
Settlement
Month
08/2012
08/2012
08/2012
08/2012
01/2013
01/2013
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
09/2012
08/2012
08/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
Unrealised
Appreciation
€
3
0
166
0
4
1
0
0
39
14
1
2
0
0
0
0
0
5
9
32
0
0
0
2
€ 278
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
€
% of
Net Assets
€
0
(127)
0
(36)
0
(4)
(7)
(19)
0
0
0
0
(2)
0
0
(2)
(3)
(51)
(166)
0
(5)
(4)
0
0
€ (426)
3
(127)
166
(36)
4
(3)
(7)
(19)
39
14
1
2
(2)
0
0
(2)
(3)
(46)
(157)
32
(5)
(4)
0
2
€ (148)
0.00
(0.05)
0.06
(0.01)
0.00
0.00
0.00
(0.01)
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
(0.06)
0.01
0.00
0.00
0.00
0.00
(0.06)
Total OTC Financial Derivative Instruments
€
(394)
(0.14)
Total Investments
€ 266,839
99.51
FAIR
VALUE
(000S)
% OF
NET
ASSETS
1
0
8
1
4
0.00
0.00
0.00
0.00
0.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.010% due 06/29/2012
0.234% due 06/29/2012
0.650% due 06/29/2012
4.840% due 06/29/2012
€
DKK
JPY
CAD
SEK
AUD
5
2
10
10
6
£
13
16
0.01
$
56
45
0.02
€
678
678
€
753
€
554
€ 268,146
0.25
0.28
0.21
100.00
Citibank N.A.
0.087% due 06/29/2012
DBS Bank Ltd.
0.030% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
See Accompanying Notes
Semiannual Report
30 June 2012 227
Portfolio of Investments and Assets EuriborPLUS Fund (Cont.)
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Securities with an aggregate market value of €374 have been pledged as collateral for OTC swap and foreign currency contracts as governed by ISDA Master Agreements
contracts as at 30 June 2012.
(b) Cash of €417 has been segregated with the Custodian to cover margin requirements for the open futures contracts as at 30 June 2012.
(c) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Category3
€
Transferable Securities
Financial Derivative Instruments4
0
65
€ 65
Totals
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 266,838
(381)
€ 266,457
€ 330
(13)
€ 317
€ 267,168
(329)
€ 266,839
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
Starting
Balance
at 31-Dec-2011
Net
Purchases5
€ 3,566
(28)
€ 3,538
€ 0
0
€ 0
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
€ (3,242)
0
€ (3,242)
€ 11
0
€ 11
€ 0
0
€ 0
€ (5)
15
€ 10
€ 0
0
€ 0
€ 330
(13)
€ 317
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
€
2
15
€ 17
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
(d) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BRC
CBK
DUB
FBF
GST
HUS
JPM
RBC
RYL
SOG
UAG
(1)
Total Market Value
of OTC Derivatives
€ (275)
(5)
(9)
104
1
(194)
(114)
(5)
(1)
(2)
106
Collateral
(Received)/Pledged
€
0
0
(40)
0
(90)
0
0
0
0
0
0
Net
Exposures(1)
€ (275)
(5)
(49)
104
(89)
(194)
(114)
(5)
(1)
(2)
106
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
228 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition EuriborPLUS Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
Bundesobligation
4.250% due 10/12/2012
€
176,000
€ 180,206
57,648
58,402
Bundesschatzanweisungen
41,450
41,512
Bundesobligation
40,000
40,201
Republic of Germany
21,100
21,399
Bundesschatzanweisungen
20,000
20,130
FMS Wertmanagement
8,500
8,508
WM Covered Bond Program
8,050
8,471
Depfa ACS Bank
7,750
7,896
Nykredit Realkredit A/S
DKK 45,800
€
6,221
6,200
6,191
40,193
21,100
21,393
20,000
20,129
16,000
16,000
11,400
11,421
9,950
9,950
8,500
8,507
7,990
7,990
6,200
6,395
5,500
5,500
5,000
5,147
5,000
5,021
4,100
4,326
3,800
3,799
DKK 25,300
3,404
€
3,400
3,400
3,300
3,300
5.000% due 07/04/2012
1.000% due 12/14/2012
3.250% due 02/15/2012
4.250% due 04/15/2013
4.125% due 04/05/2012
0.000% due 04/27/2012
1.000% due 03/16/2012
FMS Wertmanagement
5,700
5,769
2.250% due 07/14/2014
Nykredit Realkredit A/S
5,120
5,228
France Treasury Notes
1.000% due 01/01/2012
France Treasury Notes
5,000
5,182
FMS Wertmanagement
3.750% due 12/01/2013
KFW
4,200
4,342
Bank Nederlandse Gemeenten
5.250% due 07/04/2012
Bank Nederlandse Gemeenten
4,100
4,318
Abbey National Treasury Services PLC
3.750% due 3/14/2014
France Treasury Bills
3,900
3,949
France Treasury Bills
0.030% due 06/14/2012
Nykredit Realkredit A/S
3,800
3,800
Eurohypo AG
4.000% due 01/01/2012
BNP Paribas Home Loan SFH
3,500
3,594
Realkredit Danmark
2.000% due 01/01/2013
40,000
4.000% due 04/13/2012
Bundesschatzanweisungen
KFW
4.500% due 01/21/2013
41,512
FMS Wertmanagement
UBS AG
0.030% due 06/14/2012
41,450
0.500% due 6/15/2012
BA Covered Bond Issuer
3.875% due 07/15/2013
2.500% due 03/18/2013
58,398
Italy Buoni Poliennali Del Tesoro
4.375% due 05/19/2014
3.750% due 03/14/2014
57,648
1.500% due 03/15/2013
Depfa ACS Bank
0.000% due 04/27/2012
2.250% due 07/14/2014
€ 197,605
Bundesschatzanweisungen
1.000% due 12/14/2012
3.750% due 12/01/2013
193,060
€
Republic of Germany
5.000% due 07/04/2012
5.250% due 07/04/2012
4.250% due 10/12/2012
Bundesobligation
4.000% due 04/13/2012
2.375% due 01/21/2013
Bundesobligation
Bundesschatzanweisungen
0.500% due 6/15/2012
1.000% due 12/03/2014
PROCEEDS
(000S)
Bundesschatzanweisungen
1.500% due 03/15/2013
European Financial Stability Facility
PAR
(000S)
DESCRIPTION
SALES THROUGH 30 JUNE 2012
Bundesschatzanweisungen
2.000% due 01/01/2013
30 June 2012 (Unaudited)
2.875% due 05/22/2012
Vesteda Residential Funding BV
DKK 26,000
3,527
1.779% due 07/20/2017
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 229
Portfolio of Investments and Assets Euro Bond Fund
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
HSBC Holdings PLC
BANK LOAN OBLIGATIONS
0.790% due 12/21/2015
Springleaf Financial Funding Co.
ING Bank NV
5.500% due 05/10/2017
6.500% due 05/20/2024
$ 9,500 € 7,069 0.66
2.867% due 02/24/2014
3.625% due 08/12/2015
6.500% due 02/24/2021
American International Group, Inc.
4,700
£ 3,100
4,582
3,750 0.35
3,587 0.34
6,182 0.58
500
647 0.06
Arkle Master Issuer PLC
Australia & New Zealand Banking Group Ltd.
3.625% due 07/18/2022
€ 5,900
6,376 0.60
Bank Nederlandse Gemeenten
1.875% due 06/06/2019
2.250% due 08/24/2016
$
600
600
469 0.04
475 0.04
€ 5,300
2,200
5,238 0.49
2,279 0.21
$
640
4,050
£
600
3,450
495
3,277
807
4,683
$ 8,500
6,713 0.63
€ 1,500
1,615 0.15
Barclays Bank PLC
0.668% due 09/11/2017
5.015% due 11/12/2013
9.500% due 08/07/2021
10.000% due 05/21/2021
0.05
0.31
0.08
0.44
BNP Paribas Home Loan SFH
2.200% due 11/02/2015
Bradford & Bingley PLC
4.250% due 05/04/2016
Citigroup, Inc.
4.750% due 02/10/2019
6,700
5,845 0.55
4,100
4,230 0.40
Commonwealth Bank of Australia
3.000% due 05/03/2022
$
200
199 0.02
Credit Agricole Home Loan SFH
1.216% due 07/21/2014
Credit Suisse AG
2.875% due 10/18/2018
4,600
€ 1,700
3,545 0.33
1,795 0.17
10,850
5,350
$ 1,700
€ 8,000
11,006
5,528
1,373
8,234
1.03
0.52
0.13
0.77
4,000
1,500
4,077 0.38
1,500 0.14
Eksportfinans ASA
3.750% due 03/24/2014
3.750% due 05/25/2016
$
300
700
950
900
1,300
800
200
€ 2,475
400
230
541
670
631
971
620
153
0.02
0.05
0.06
0.06
0.09
0.06
0.01
2,596 0.24
435 0.04
7,000
$ 1,400
£ 2,300
2,992 0.28
€ 6,600
6,913 0.65
800
711 0.07
€
1,475
1,544 0.15
£
35
37 0.00
500
627 0.06
3.250% due 05/22/2014
600
€
671 0.06
9,400
9,867 0.93
£ 3,000
€ 10,954
3,946 0.37
9,592 0.90
7,200
3,800
6,862 0.65
5,281 0.50
Morgan Stanley
5.375% due 08/10/2020
6.625% due 04/01/2018
£
€
$
100
3,200
99 0.01
2,640 0.25
2.000% due 01/01/2013 DKK 60,000
8,140 0.77
Nykredit Realkredit A/S
OP Mortgage Bank
€
10
11 0.00
$
700
550 0.05
2.000% due 01/01/2013 DKK 182,000
5.000% due 10/01/2041
321
24,719 2.33
45 0.00
3.125% due 11/19/2014
RCI Banque S.A.
Realkredit Danmark A/S
1.168% due 03/09/2015
3.000% due 09/08/2015
3.724% due 01/20/2015
$
5,400
3,627 0.34
€ 14,200
14,844 1.40
$ 13,700
500
411 0.04
6,000
5,127 0.48
HSBC Bank PLC
7,600
5,868 0.55
Sberbank of Russia Via SB Capital S.A.
5.400% due 03/24/2017
HSBC Finance Corp.
6.250% due 01/25/2016
100
82 0.01
4,600
3,824 0.36
3,450
2,603 0.25
1,200
1,197 0.11
1,200
1,213 0.11
1,300
1,000
1,313 0.12
1,120 0.11
8,000
19,800
8,641 0.81
20,809 1.96
307,064 28.86
Societe Generale S.A.
5.200% due 04/15/2021
€
Swedbank Hypotek AB
2.500% due 01/21/2013
UBS AG
2.375% due 01/21/2013
3.875% due 12/02/2019
WM Covered Bond Program
1,300
1,115 0.10
7,500
6,072 0.57
Limited Brands, Inc.
1,400
1,230 0.12
PCCW-HKT Capital No. 2 Ltd.
6.000% due 07/15/2013
230 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
US GOVERNMENT AGENCIES
0.305% due 07/25/2037
0.158% due 12/05/2012
0.160% due 12/17/2012 01/03/2013
69
52 0.00
400
315 0.03
200
157 0.02
524 0.05
Adjustable Rate Mortgage Trust
5.132% due 01/25/2036
190
120 0.01
American Home Mortgage Investment Trust
2.237% due 09/25/2045
Arena BV
0.913% due 10/17/2051
€
168
107 0.01
408
407 0.04
4,200
4,236 0.40
Arkle Master Issuer PLC
2.187% due 05/17/2060
Arran Residential Mortgages Funding PLC
2.089% due 05/16/2047
5,900
5,922 0.56
78
74 0.01
Atomium Mortgage Finance BV
0.584% due 07/01/2034
Bear Stearns Adjustable Rate Mortgage Trust
2.220% due 08/25/2035
2.400% due 10/25/2035
2.570% due 03/25/2035
2.827% due 07/25/2033
3.108% due 07/25/2036
$
2.829% due 12/26/2046
17
420
22
87
2,418
13
290
17
69
1,227
288
2.893% due 03/25/2034
0.00
0.03
0.00
0.01
0.12
127 0.01
14
0.574% due 11/20/2035
1.147% due 12/25/2035
5.250% due 06/25/2035
6.000% due 10/25/2017
6.000% due 03/25/2036 (e)
10 0.00
282
25
25
130
843
129
11
16
103
400
0.01
0.00
0.00
0.01
0.04
Countrywide Home Loan Mortgage Pass-Through Trust
0.565% due 03/25/2035
2.926% due 04/25/2035
DECO Series
0.884% due 10/27/2020
1.213% due 10/27/2014
912
400
373 0.04
192 0.02
€ 2,402
£ 100
2,174 0.20
122 0.01
Dutch Mortgage Portfolio Loans BV
1.681% due 07/25/2047
€
489
490 0.05
99
98 0.01
79
77 0.01
447
402 0.04
EMF-NL
1.503% due 04/17/2041
Eurosail PLC
0.781% due 03/13/2045
0.917% due 08/18/2017
$
Hanson Australia Funding Ltd.
5.625% due 06/29/2015
Total Corporate Bonds & Notes
2,798 0.27
3,238 0.31
330,864 31.10
FCC Proudreed Properties
CSN Resources S.A.
Peugeot S.A.
3,307
Countrywide Alternative Loan Trust
SLM Corp.
6.900% due 07/15/2017
$
5.832% due 09/30/2016
Citigroup Mortgage Loan Trust, Inc.
2.485% due 01/18/2013
4.500% due 11/30/2015
440 0.04
Bear Stearns Structured Products, Inc.
10,047 0.94
Santander US Debt SAU
State Bank of India
500
Ras Laffan Liquefied Natural Gas Co. Ltd. III
MORTGAGE-BACKED SECURITIES
Merrill Lynch & Co., Inc.
1.187% due 07/22/2014
7.750% due 04/30/2018
AES Corp.
Freddie Mac
Lloyds TSB Bank PLC
4.875% due 03/30/2027
6.500% due 03/24/2020
UTILITIES
Federal Home Loan Bank
LBG Capital No.2 PLC
LeasePlan Corp. NV
4,481 0.42
1,298 0.12
20,562 1.93
Fannie Mae
5.250% due 03/15/2013
1.070% due 01/30/2017
6.676% due 01/15/2021
7.869% due 08/25/2020
11.040% due
03/19/2020
$ 5,800 €
1,488
7.375% due 07/01/2021
LBG Capital No.1 PLC
6.500% due 07/21/2020
Goldman Sachs Group, Inc.
4.125% due 08/12/2020
3,109 0.29
9,438 0.89
10,558 0.99
INDUSTRIALS
GMAC International Finance BV
7.500% due 04/21/2015
4,200
13,300
15,300
$
6,998 0.66
1,144 0.11
FCE Bank PLC
5.125% due 11/16/2015
1,255 0.12
387 0.04
4.000% due 09/27/2016
4.375% due 05/19/2014
EUROHYPO Europaeische Hypothekenbank
S.A. Luxembourg
0.659% due 09/20/2012
5.125% due 01/21/2016
1,200
308
Santander US Debt S.A. Unipersonal
2.750% due 03/21/2022
4.625% due 07/03/2012
Eurohypo AG
5.125% due 06/17/2013
Royal Bank of Scotland PLC
DnB Boligkreditt A/S
0.661% due 04/05/2013
1.875% due 04/02/2013
2.000% due 09/15/2015
2.375% due 05/25/2016
3.000% due 11/17/2014
5.500% due 05/25/2016
5.500% due 06/26/2017
£
Royal Bank of Scotland NV
Depfa ACS Bank
3.875% due 07/15/2013
4.375% due 01/15/2015
4.875% due 10/28/2015
4.875% due 05/21/2019
6,980 0.66
Kreditanstalt fuer Wiederaufbau
4.600% due 04/12/2016
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
11.000% due 12/29/2049
7,000
9.000% due 12/15/2019
Banco Santander Brasil S.A.
4.250% due 01/14/2016
4.500% due 04/06/2015
3.375% due 03/03/2014
3.875% due 12/23/2016
€
3.450% due 01/12/2018
6.625% due 04/04/2018
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Vivendi S.A.
450 0.04
Intesa Sanpaolo SpA
BANKING & FINANCE
3.986% due 08/17/2017
300 €
£
FAIR
% OF
VALUE
NET
(000S) ASSETS
HSH N Finance Guernsey Ltd.
CORPORATE BONDS & NOTES
3.750% due 11/30/2013
5.000% due 04/26/2023
6.765% due 11/15/2017
PAR
(000S)
DESCRIPTION
€
6,500
5,341 0.50
1,000
1,025 0.10
First Horizon Alternative Mortgage Securities
2.614% due 03/25/2035
$
157
85 0.01
£ 3,500
4,330 0.41
1,200
1,477 0.14
€ 1,844
1,465
111
1,775 0.17
1,411 0.13
107 0.01
Gemgarto
2.950% due 05/14/2045
Gosforth Funding PLC
2.464% due 04/24/2047
Granite Master Issuer PLC
0.491% due 12/20/2054
0.581% due 12/20/2054
0.583% due 12/17/2054
30 June 2012 (Unaudited)
Granite Mortgages PLC
1.121% due 01/20/2044
1.199% due 06/20/2044
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
€
37 €
36 0.00
2,628
2,313 0.22
0.793% due 03/18/2039
1,462
1,203 0.11
€
1.587% due 03/29/2017
$
45
28 0.00
45
35 0.00
£ 3,500
4,337 0.41
3.026% due 05/19/2033
2,121
2,127 0.20
4,164
3,790 0.36
1,089
1,156 0.11
Mansard Mortgages PLC
1.601% due 12/15/2049
Newgate Funding PLC
1.262% due 12/15/2050
9,283
9,704 0.91
€ 5,600
4,701 0.44
£ 1,008
1,159 0.11
Opera Finance PLC
1.211% due 02/02/2017
Permanent Master Issuer PLC
2.457% due 07/15/2042
€ 5,000
5,051 0.47
RALI Trust
0.425% due 06/25/2046
$
50
13 0.00
£
785
200
912 0.09
246 0.02
€ 4,482
4,507 0.42
Real Estate Capital PLC
1.218% due 07/15/2016
1.263% due 10/20/2014
Silk Road Finance Number One PLC
2.207% due 03/21/2054
SLM Student Loan Trust
$
90
60 0.01
€
9,598
8,975 0.84
26,759 2.52
1.171% due 06/10/2043
Stichting Eleven Cities
2.085% due 05/20/2080
Windermere CMBS PLC
0.864% due 08/22/2016
£ 1,305
1,396 0.13
€ 3,961
0.801% due 01/20/2014
1.375% due 01/16/2015
1.625% due 02/22/2017
1.875% due 05/09/2019
2.750% due 06/03/2016
3,742 0.35
72,186 6.79
Aquilae CLO PLC
379
374 0.03
2,434
2,226 0.21
989
990 0.09
€ 5,700
5,703 0.54
BBVA PYME FTA
0.963% due 12/16/2041
Business Mortgage Finance PLC
1.198% due 02/15/2039
Cars Alliance Funding PLC
1.379% due 09/25/2021
£
Conseco Finance Securitizations Corp.
7.970% due 05/01/2032
Cougar CLO PLC
1.777% due 07/15/2020
$
499
273 0.03
€ 1,232
1,171 0.11
715
693 0.06
Eurocredit CDO BV
1.658% due 02/22/2020
5,500
9,700
33,400
400
2,700
5,619
10,062
35,430
418
3,011
0.53
0.95
3.33
0.04
0.28
1,900
400
14,000
4,800
1,966
411
14,289
5,265
0.18
0.04
1.34
0.49
$
14,400
12,712 1.19
€
5,700
7,400
7,100
14,900
2,700
5,711
7,524
7,249
15,002
2,881
Export-Import Bank of Korea
FMS Wertmanagement
0.54
0.71
0.68
1.41
0.27
France Government Bond
14,500
16,619
1.56
800
6,800
858
8,230
0.08
0.77
5.850% due 01/31/2022
16,100
15,512
1.46
1,300
1,405
0.13
1,400
1,501
0.14
State of Hesse
United Kingdom Gilt
4.500% due 12/07/2042 (c) £ 19,600
31,320 2.94
575,110 54.05
SHARES
EXCHANGE-TRADED FUNDS (d)
PIMCO Euro Enhanced
Short Maturity
Source ETF
82,000
8,232
0.77
24,300
2.28
PAR
(000S)
REPURCHASE AGREEMENTS
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement
2.000% due
11/15/2012 valued at
€1,412. Collateralised by
FMS Wertmanagement
0.431% due
04/25/2013 valued at
€22,900. Repurchase
proceeds are €24,300.) € 24,300 €
Credit Suisse First Boston
3.000% due 04/25/2022 (a)
86,600
89,035 8.37
Gemeinsame Deutsche Bundeslaender
ASSET-BACKED SECURITIES
1.591% due 06/18/2015
23,970 2.25
European Union
30 0.00
0.04
8.28
0.02
Spain Government Bond
6,705 0.63
44,134 4.15
23,800
1.625% due 01/15/2015
2.500% due 10/15/2018
2.875% due 07/15/2016
3.500% due 04/15/2027
4.125% due 04/15/2024
44
Titan Europe PLC
1,355 0.13
European Investment Bank
5.125% due 06/29/2020
$
€
1.250% due 03/06/2015
1,045 0.10
Structured Asset Mortgage Investments, Inc.
1.294% due 10/23/2016
Erste Abwicklungsanstalt
1,041
1.937% due 10/22/2053
1,300
10.000% due 01/01/2014 BRL 16,714
10.000% due 01/01/2021
112,500
3,426 0.32
3.625% due 02/10/2015
5.000% due 04/29/2019
3.625% due 01/20/2015
Brazil Notas do Tesouro Nacional Serie F
€ 3,427
Storm BV
0.493% due 07/19/2035
4.125% due 09/15/2017
755 0.07
404
88,141
225
State of Lower Saxony
Banco Nacional de Desenvolvimento
Economico e Social
721
£
4.000% due 12/03/2019
4.000% due 01/05/2015
SOVEREIGN ISSUES
2.750% due 09/21/2021
2.750% due 04/04/2022
3.000% due 09/04/2026
3.500% due 06/04/2021
Southern Pacific Financing PLC
400 €
87,000
200
Province of Quebec
Renaissance Home Equity Loan Trust
Mall Funding PLC
1.694% due 04/22/2017
€
1.750% due 01/15/2013
2.250% due 07/15/2022
3.500% due 07/15/2020
Province of Ontario
0.932% due 06/17/2024
LEOFRIC PLC
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Netherlands Government Bond
377 0.04
Penta CLO S.A.
0.745% due 12/25/2033
Harborview Mortgage Loan Trust
383 €
FAIR % OF
VALUE
NET
(000S) ASSETS
Magnolia Funding Ltd.
1.166% due 06/04/2024
GSR Mortgage Loan Trust
2.802% due 05/26/2050
Harvest CLO S.A.
3.000% due 04/20/2017
Great Hall Mortgages PLC
2.705% due 01/25/2036
PAR
(000S)
DESCRIPTION
2.375% due 09/21/2018
4.375% due 09/27/2012
5.250% due 04/02/2013
5.250% due 04/29/2013
10,100
800
4,058
1,866
10,619
807
4,203
1,939
1.00
0.08
0.40
0.18
900
47,600
4,500
10,600
784
45,532
3,813
8,927
0.07
4.28
0.36
0.84
Italy Buoni Poliennali Del Tesoro
4.500% due 03/01/2026
5.000% due 03/01/2022
5.000% due 08/01/2039 (b)
5.000% due 09/01/2040
Italy Certificati di Credito del Tesoro
2.053% due 04/15/2018
9,650
7,960 0.75
JPY 1,990,000
360,000
19,651 1.85
3,555 0.33
0.180% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US
Treasury Notes 2.375%
due 10/31/2014 valued
at €205. Repurchase
proceeds are €200.)
$
200
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
158 0.02
24,458 2.30
€ 1,045,202 98.24
Japan Treasury Bill
0.099% due 08/20/2012
0.099% due 08/13/2012
Mexico Government International Bond
10.000% due 12/05/2024 MXN 126,800
10,446 0.98
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
# of
Contracts
Unrealised
(Depreciation)
% of
Net Assets
Australian Government 10-Year Bond September Futures
Euro-Bund 10-Year Bond September Futures
Long
Long
09/2012
09/2012
1
277
€
(1)
(920)
€ (921)
0.00
(0.10)
(0.10)
€ (921)
(0.10)
Total Financial Derivative Instruments Dealt in on a Regulated Market
See Accompanying Notes
Semiannual Report
30 June 2012 231
Portfolio of Investments and Assets Euro Bond Fund (Cont.)
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
3-Month EUR-LIBOR
3-Month USD-LIBOR
6-Month EUR-LIBOR
6-Month GBP-LIBOR
6-Month GBP-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
1.250%
0.750%
1.750%
1.500%
2.500%
12/19/2013
06/20/2014
09/19/2022
09/19/2017
09/19/2022
€ 243,700
$ 96,700
€ 78,700
£ 22,600
29,300
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ (1,434)
(41)
(183)
54
(1,234)
€ (2,838)
(0.13)
0.00
(0.02)
0.00
(0.12)
(0.27)
€ (2,838)
(0.27)
Total Centrally Cleared Financial Derivative Instruments
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Exercise
Price
Counterparty
Expiration
Date
Notional
Amount
08/23/2012
06/26/2013
06/26/2013
06/26/2013
06/26/2013
06/26/2013
06/26/2013
04/29/2013
04/29/2013
AUD 3,580
€ 5,410
5,410
5,410
5,410
5,390
5,250
11,200
40,900
Cost
Fair
Value
% of
Net Assets
€ 49
41
35
23
22
26
21
127
474
€ 818
€ 13
21
21
21
21
25
25
166
605
€ 918
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.06
0.08
FOREIGN CURRENCY OPTIONS
Put - OTC Australian dollar versus US dollar
Put - OTC Eurodollar versus Danish krone
Put - OTC Eurodollar versus Danish krone
Put - OTC Eurodollar versus Norwegian krone
Put - OTC Eurodollar versus Norwegian krone
Put - OTC Eurodollar versus Swedish krona
Put - OTC Eurodollar versus Swedish krona
Put - OTC Eurodollar versus US dollar
Put - OTC Eurodollar versus US dollar
Description
JPM
UAG
UAG
HUS
UAG
CBK
UAG
BRC
RBC
AUD 0.971
DKK 7.230
7.230
NOK 6.925
6.925
SEK 8.105
8.105
$ 1.150
1.150
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BRC
DUB
BNP
CBK
DUB
MYC
UAG
6-Month EUR-LIBOR
6-Month EUR-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
6-Month EUR-LIBOR
6-Month EUR-LIBOR
Receive
Receive
Receive
Receive
Receive
Receive
Receive
Expiration
Date
Notional
Amount
Cost
Fair
Value
% of
Net Assets
€ 147
137
2
2
4
137
116
€ 545
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.04
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
3.000%
3.000%
3.273%
3.273%
3.750%
3.000%
3.000%
03/17/2014 € 2,800 € 184
03/17/2014
2,600
163
09/24/2012 $ 1,000
39
09/24/2014
1,000
39
09/24/2012
11,800
305
03/17/2014
2,600
166
03/17/2014
2,200
143
€ 1,039
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive
Floating Rate
BRC
DUB
MYC
UAG
BOA
BRC
BRC
CBK
CBK
CBK
CBK
CBK
DUB
DUB
GSC
GSC
JPM
JPM
JPM
JPM
MYC
MYC
MYC
MYC
RBS
UAG
UAG
6-Month EUR-LIBOR
6-Month EUR-LIBOR
6-Month EUR-LIBOR
6-Month EUR-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Pay
Pay
Pay
Pay
Pay
Receive
Pay
Receive
Pay
Pay
Receive
Pay
Pay
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Pay
Receive
Pay
Exercise
Rate
Expiration
Date
Notional
Amount Premiums
Fair
Value
% of
Net Assets
(144)
(131)
(133)
(114)
0
(834)
(330)
(1)
(25)
0
(1,193)
(472)
0
0
(37)
(2)
(17)
(1)
(115)
(38)
(28)
(11)
(204)
(2)
0
(3)
(85)
€ (3,920)
(0.01)
(0.01)
(0.01)
(0.01)
0.00
(0.08)
(0.03)
0.00
0.00
0.00
(0.11)
(0.04)
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
(0.02)
0.00
0.00
0.00
(0.01)
(0.34)
INTEREST RATE SWAPTIONS
Put - OTC 10-Year Interest Rate Swap
Put - OTC 10-Year Interest Rate Swap
Put - OTC 10-Year Interest Rate Swap
Put - OTC 10-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 10-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
232 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
3.000%
3.000%
3.000%
3.000%
2.250%
1.400%
1.400%
0.400%
0.400%
2.250%
1.400%
1.400%
10.000%
2.250%
0.795%
0.795%
0.795%
0.795%
0.800%
0.800%
0.600%
0.600%
1.056%
1.056%
2.250%
0.400%
0.400%
03/17/2014 € 6,600
03/17/2014
6,000
03/17/2014
6,100
03/17/2014
5,200
09/24/2012 $ 22,200
03/18/2013
66,400
03/18/2013
66,400
08/13/2012
27,900
08/13/2012
27,900
09/24/2012
1,400
03/18/2013
95,000
03/18/2013
95,000
07/10/2012
11,500
09/24/2012
60,700
10/11/2012
16,500
10/11/2012
16,500
10/11/2012
7,700
10/11/2012
7,700
07/11/2013
49,700
07/11/2013
49,700
08/13/2012
27,900
08/13/2012
27,900
10/11/2012
27,000
10/11/2012
27,000
09/24/2012
81,100
08/13/2012
94,900
08/13/2012
94,900
€
(198)
(174)
(177)
(155)
(92)
(525)
(904)
(20)
(20)
(7)
(677)
(1,390)
(52)
(405)
0
0
0
0
(123)
(123)
(61)
(61)
0
0
(483)
(91)
(91)
€ (5,829)
€
30 June 2012 (Unaudited)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - BUY PROTECTION(1)
Reference Entity
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Ally Financial, Inc.
Ally Financial, Inc.
Ally Financial, Inc.
Barclays Bank PLC
Barclays Bank PLC
Barclays Bank PLC
Hanson Ltd.
Hanson Ltd.
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Limited Brands, Inc.
PCCW-HKT Capital No. 2 Ltd.
Ryland Group, Inc.
Santander International Debt SAU
Santander International Debt SAU
Santander International Debt SAU
Santander US Debt SAU
Santander US Debt SAU
Santander US Debt SAU
Tate & Lyle International Finance PLC
(5.000%)
(5.000%)
(5.000%)
(1.000%)
(3.000%)
(3.000%)
(1.000%)
(1.000%)
(3.000%)
(1.000%)
(1.000%)
(1.000%)
(3.000%)
(3.000%)
(3.000%)
(1.000%)
(0.595%)
(5.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(0.450%)
06/20/2015
06/20/2015
06/20/2015
12/20/2013
06/20/2021
12/20/2013
03/20/2013
03/20/2013
03/20/2021
09/20/2015
03/20/2014
09/20/2015
03/20/2021
03/20/2021
03/20/2021
09/20/2017
06/20/2013
06/20/2020
03/20/2013
03/20/2013
03/20/2015
03/20/2013
03/20/2013
03/20/2015
09/20/2014
BOA
DUB
GST
BOA
BPS
GST
BRC
DUB
BOA
BPS
BRC
BRC
GSC
GSC
GST
BOA
BNP
BNP
BNP
BPS
MYC
BPS
MYC
MYC
DUB
Notional
Amount(3)
€
$
€
$
800
1,700
4,100
3,300
400
750
2,500
5,000
4,300
4,800
3,900
8,500
2,000
3,000
3,800
7,700
6,500
4,500
900
2,500
2,000
1,800
2,400
1,600
4,600
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
€
(35)
(75)
(180)
73
29
(1)
(7)
(13)
390
375
156
663
228
272
345
423
0
(411)
12
33
116
24
32
93
(4)
€ 2,538
€
(61)
62
(322)
52
44
14
0
(11)
408
267
40
244
221
300
333
452
1
(659)
12
36
68
26
26
53
0
€ 1,606
€ 26
(137)
142
21
(15)
(15)
(7)
(2)
(18)
108
116
419
7
(28)
12
(29)
(1)
248
0
(3)
48
(2)
6
40
(4)
€ 932
0.00
(0.01)
(0.02)
0.01
0.00
0.00
0.00
0.00
0.04
0.04
0.01
0.06
0.02
0.02
0.03
0.04
0.00
(0.04)
0.00
0.00
0.01
0.00
0.00
0.01
0.00
0.22
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(2)
Reference Entity
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
Abu Dhabi Government International Bond
ArcelorMittal
Australia Government Bond
Australia Government Bond
Australia Government Bond
Australia Government Bond
Continental Aktiengesellschaft
Continental Aktiengesellschaft
Denmark Government International Bond
Denmark Government International Bond
Denmark Government International Bond
Denmark Government International Bond
Denmark Government International Bond
Export-Import Bank of China
France Government Bond
France Government Bond
France Government Bond
France Government Bond
Gazprom OAO Via Gazprom International S.A.
Gazprom OAO Via Gazprom International S.A.
Holcim Finance Luxembourg S.A.
Japan Government International Bond
Japan Government International Bond
Japan Government International Bond
Japan Government International Bond
Japan Government International Bond
Japan Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Republic of Germany
Republic of Germany
Republic of Germany
Republic of Germany
Republic of Germany
Republic of Germany
Republic of Italy
Republic of Italy
Republic of Italy
Republic of Italy
Republic of Italy
See Accompanying Notes
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
5.000%
0.250%
0.250%
0.250%
0.250%
0.250%
1.000%
0.250%
0.250%
0.250%
0.250%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
0.250%
0.250%
0.250%
0.250%
0.250%
0.250%
1.000%
1.000%
1.000%
1.000%
1.000%
12/20/2014
12/20/2014
03/20/2016
12/20/2014
03/20/2016
12/20/2014
12/20/2014
03/20/2016
03/20/2016
12/20/2015
03/20/2016
12/20/2015
03/20/2016
03/20/2014
03/20/2014
09/20/2016
09/20/2016
09/20/2016
09/20/2016
09/20/2016
12/20/2012
06/20/2017
06/20/2017
12/20/2016
06/20/2017
12/20/2012
12/20/2012
03/20/2016
03/20/2016
06/20/2015
03/20/2016
03/20/2016
03/20/2016
03/20/2016
03/20/2016
03/20/2016
03/20/2016
09/20/2016
09/20/2016
12/20/2016
06/20/2016
09/20/2016
09/20/2016
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
BRC
CBK
CBK
GSC
MSC
MYC
UAG
UAG
BOA
DUB
DUB
MSC
UAG
FBF
GSC
BOA
DUB
GSC
RYL
UAG
FBF
BOA
CBK
GSC
GST
DUB
UAG
BOA
BOA
GSC
GSC
MSC
MYC
RYL
BOA
HUS
RYL
BOA
BRC
BRC
CBK
GSC
UAG
BNP
BRC
DUB
GST
MYC
Notional
Amount(3)
$
€
$
€
$
€
$
3,700
2,200
200
1,900
500
5,300
600
100
1,300
10,700
7,300
2,800
8,400
2,500
900
12,300
4,300
300
1,300
1,400
400
15,400
17,200
5,500
24,200
1,500
700
1,900
7,200
7,100
2,500
10,900
2,400
6,400
2,600
1,100
400
2,600
2,600
14,400
20,400
20,300
2,600
13,700
7,300
2,000
10,000
7,300
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
€
14
9
0
8
(1)
20
2
0
(159)
183
123
48
142
141
51
(273)
(96)
(7)
(29)
(31)
1
(889)
(993)
(261)
(1,397)
1
0
(79)
80
90
28
122
27
72
(2)
0
0
(45)
(45)
(297)
(306)
(352)
(45)
(1,669)
(890)
(244)
(1,219)
(890)
€
(103)
(48)
(1)
(49)
(3)
(116)
(16)
0
(57)
193
127
47
132
227
86
(273)
(102)
(7)
(27)
(32)
(4)
(1,117)
(1,247)
(310)
(1,751)
(21)
(11)
(23)
53
93
28
(69)
(17)
70
(1)
(3)
0
(28)
(29)
(454)
(372)
(279)
(27)
(1,943)
(794)
(283)
(1,411)
(796)
Semiannual Report
€ 117
57
1
57
2
136
18
0
(102)
(10)
(4)
1
10
(86)
(35)
0
6
0
(2)
1
5
228
254
49
354
22
11
(56)
27
(3)
0
191
44
2
(1)
3
0
(17)
(16)
157
66
(73)
(18)
274
(96)
39
192
(94)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
0.02
0.01
0.00
0.01
0.01
0.00
(0.02)
(0.01)
0.00
0.00
0.00
0.00
(0.08)
(0.09)
(0.02)
(0.13)
0.00
0.00
(0.01)
0.01
0.01
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.03)
(0.03)
(0.03)
0.00
(0.16)
(0.08)
(0.02)
(0.11)
(0.08)
30 June 2012 233
Portfolio of Investments and Assets Euro Bond Fund (Cont.)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Republic of Korea
Republic of Korea
Russia Government International Bond
Russia Government International Bond
Russia Government International Bond
Spain Government Bond
Spain Government Bond
Spain Government Bond
Spain Government Bond
Spain Government Bond
Swedbank AB
Tokyo Electric Power Co., Inc.
Tokyo Electric Power Co., Inc.
US Treasury Notes
US Treasury Notes
US Treasury Notes
Virgin Media Finance PLC
Virgin Media Finance PLC
Virgin Media Finance PLC
Virgin Media Finance PLC
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
3.000%
1.000%
1.000%
0.250%
0.250%
0.250%
5.000%
5.000%
5.000%
5.000%
12/20/2012
06/20/2015
12/20/2012
12/20/2012
12/20/2012
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
12/20/2014
12/20/2012
09/20/2012
06/20/2016
09/20/2012
09/20/2012
03/20/2016
03/20/2016
03/20/2016
03/20/2016
Notional
Amount(3)
DUB
UAG
FBF
HUS
MYC
BRC
CBK
GSC
MSC
UAG
DUB
CBK
SAL
BPS
SOG
UAG
BNP
BRC
CBK
UAG
$
2,000
3,900
700
700
700
5,500
2,500
6,600
10,600
4,900
€ 2,300
JPY 7,000
30,000
€ 7,000
200
10
200
1,400
1,000
800
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
€
€
6
26
1
1
1
(732)
(333)
(878)
(1,410)
(652)
26
(1)
(1)
(31)
0
0
14
96
68
55
€ (12,801)
€
(7)
(105)
(6)
(6)
(6)
(645)
(298)
(872)
(1,258)
(582)
48
(14)
(33)
(50)
(1)
0
17
119
75
67
€ (14,325)
13
131
7
7
7
(87)
(35)
(6)
(152)
(70)
(22)
13
32
19
1
0
(3)
(23)
(7)
(12)
€ 1,524
0.00
0.00
0.00
0.00
0.00
(0.07)
(0.03)
(0.08)
(0.13)
(0.06)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
(1.18)
(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)
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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(3)
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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
BRL-CDI-Compounded
BRL-CDI-Compounded
Euro OverNight Index Average
IBMEXID
Fixed
Rate
Maturity Date
11.760%
12.470%
0.750%
6.750%
01/02/2014
01/02/2014
12/19/2013
08/31/2021
Fair
Value
Upfront
Premiums
Paid/(Received)
276
46
1,220
932
€ 2,474
€ 60
12
0
218
€ 290
Notional
Amount
Counterparty
UAG
JPM
GLM
BRC
BRL 12,700
1,400
€ 243,700
MXN 224,500
€
Unrealised
Appreciation
€
216
34
1,220
714
€ 2,184
% of
Net Assets
0.03
0.00
0.11
0.09
0.23
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Sell
AUD
BRL
CNY
DKK
£
JPY
KRW
MXN
MYR
PHP
Principal Amount
Covered by
Contract
590
18,290
131,247
5,767
477
424
1,460
108,200
11,800
111,990
12,220
3,300
20,100
6,400
2,550
1,910
55,523
46,900
1,990,000
360,000
336,359
336,359
336,359
165,709
643
21,080
76
6,960
234 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
BRC
JPM
HUS
UAG
BCY
JPM
UAG
BRC
CBK
DUB
FBF
CBK
FBF
JPM
JPM
UAG
UAG
BRC
JPM
UAG
BRC
UAG
BRC
JPM
UAG
UAG
JPM
CBK
Settlement
Month
08/2012
08/2012
08/2012
08/2012
02/2013
02/2013
08/2012
01/2013
01/2013
01/2013
01/2013
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
09/2012
08/2012
08/2012
08/2012
07/2012
10/2012
Unrealised
Appreciation
€
0
0
366
31
0
0
0
0
0
8
1
44
35
0
33
0
362
10
0
0
3
4
0
0
1
0
0
0
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ (20)
(621)
0
0
0
0
0
(2)
0
0
0
0
0
(64)
0
(25)
0
0
(194)
(61)
0
0
(4)
(113)
0
(37)
0
(3)
€ (20)
(621)
366
31
0
0
0
(2)
0
8
1
44
35
(64)
33
(25)
362
10
(194)
(61)
3
4
(4)
(113)
1
(37)
0
(3)
0.00
(0.06)
0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.03
0.00
(0.02)
(0.01)
0.00
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
30 June 2012 (Unaudited)
Type
Currency
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Buy
SGD
$
Principal Amount
Covered by
Contract
435
291
25
298
14,880
21,830
271,591
2,990
100
67,165
46,377
8,820
399
290
159
76
67
Counterparty
UAG
BRC
JPM
UAG
BPS
BRC
BRC
CBK
DUB
HUS
JPM
UAG
UAG
BRC
CBK
BCY
JPM
Settlement
Month
08/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
10/2012
02/2013
02/2013
Unrealised
Appreciation
€
5
0
0
0
0
107
0
33
0
1,696
335
65
0
6
0
0
1
€ 3,146
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
€
% of
Net Assets
€
0
(4)
(1)
(8)
(8)
(137)
(4,143)
0
(1)
0
(38)
(71)
(12)
0
(2)
0
0
€ (5,569)
5
(4)
(1)
(8)
(8)
(30)
(4,143)
33
(1)
1,696
297
(6)
(12)
6
(2)
0
1
€(2,423)
0.00
0.00
0.00
0.00
0.00
0.00
(0.39)
0.00
0.00
0.16
0.04
0.00
0.00
0.00
0.00
0.00
0.00
(0.23)
Total OTC Financial Derivative Instruments
€
(12,669)
(1.18)
Total Investments
€ 1,028,774
96.69
FAIR
VALUE
(000S)
% OF
NET
ASSETS
1
0
6
0.00
0.00
0.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.650% due 06/29/2012
4.840% due 06/29/2012
€
DKK
NOK
AUD
9
3
8
£
611
755
0.07
CHF
449
374
0.04
CAD
201
156
0.02
€ 1,513
1,513
0.14
JPY 1,776
$ 330
18
261
€
3,083
€
32,115
€ 1,063,972
0.00
0.02
0.29
3.02
100.00
Citibank N.A.
0.087% due 06/29/2012
Credit Suisse First Boston
0.005% due 06/29/2012
Deutsche Bank AG
0.234% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
Sumitomo Mitsui Banking Corp.
0.010% due 06/29/2012
0.030% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Securities with an aggregate market value of €4,551 and cash of €955 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(b) Collateral with a segregated market value of €254,190, has been pledged against the reverse repurchase agreements.
(c) Securities with an aggregate market value of €1,753 have been segregated with the Custodian to cover margin requirements for the open futures contracts as at
30 June 2012.
(d) The Euro Bond Fund is investing in shares of an affiliated fund.
(e) Securitiy is in default.
(f) Cash of €25,825 has been pledged as collateral for OTC swap, swaption and foreign currency contracts as governed by ISDA Master Agreements as at 30 June 2012.
(g) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
See Accompanying Notes
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 8,232
(921)
€ 7,311
€ 1,034,843
(15,507)
€ 1,019,336
€ 2,127
0
€ 2,127
€ 1,045,202
(16,428)
€ 1,028,774
Semiannual Report
30 June 2012 235
Portfolio of Investments and Assets Euro Bond Fund (Cont.)
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Starting
Balance
at 31-Dec-2011
Net
Purchases5
€ 3,025
€ 0
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
€ (920)
€ (1)
€ (2)
€ 25
€ 0
€ 2,127
€ 16
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
As at 30 June 2012, the Institutional CHF (Hedged) Class had the following foreign currency contracts outstanding:
Type
Currency
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
CHF
$
Principal Amount
Covered by
Contract
8,669
9,092
9,042
8,719
133
8,669
8,719
9,088
8,715
8,715
386
386
386
Counterparty
BPS
BPS
BRC
BRC
DUB
GST
HUS
BPS
BRC
HUS
BPS
BRC
BPS
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net
Unrealised
Appreciation/
(Depreciation)
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
07/2012
07/2012
08/2012
€ 0
0
0
0
0
0
0
1
1
1
0
7
6
€ 16
€ (4)
(1)
(5)
(1)
0
(4)
(1)
0
0
0
(6)
0
0
€ (22)
€ (4)
(1)
(5)
(1)
0
(4)
(1)
1
1
1
(6)
7
6
€ (6)
% of
Net Assets
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(h) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GSC
GST
HUS
JPM
MSC
MYC
RBC
RYL
SOG
UAG
(1)
Total Market Value
of OTC Derivatives
€
(516)
(1,634)
(5,287)
(3,148)
(76)
179
1,220
(860)
(2,456)
2,084
(774)
(1,241)
(842)
605
43
(1)
29
Collateral
(Received)/Pledged
€
650
1,520
8,950
3,850
0
0
(1,330)
0
7,100
(3,410)
510
0
2,355
(830)
0
0
890
Net
Exposures(1)
€
134
(114)
3,663
702
(76)
179
(110)
(860)
4,644
(1,326)
(264)
(1,241)
1,513
(225)
43
(1)
919
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
236 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Euro Bond Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
Italy Buoni Poliennali Del Tesoro
5.000% due 03/01/2022
PAR
(000S)
PROCEEDS
(000S)
€ 1,103,700
€ 1,057,068
767,000
779,260
518,780
506,173
212,907
262,951
165,702
167,554
166,752
159,310
113,983
131,638
80,000
81,078
70,650
80,345
61,500
69,797
58,305
57,431
59,000
55,264
52,000
55,172
39,423
53,924
52,000
52,379
52,539
47,412
45,610
45,273
£
27,300
39,972
€
53,201
37,727
34,500
37,620
DESCRIPTION
SALES THROUGH 30 JUNE 2012
€ 1,115,750
€ 1,069,046
Netherlands Government Bond
Italy Buoni Poliennali Del Tesoro
5.000% due 03/01/2022
Netherlands Government Bond
2.250% due 07/15/2022
854,000
865,421
Italy Buoni Poliennali Del Tesoro
2.250% due 07/15/2022
Italy Buoni Poliennali Del Tesoro
4.750% due 06/01/2017
518,780
506,297
Netherlands Government Bond
4.750% due 06/01/2017
Netherlands Government Bond
4.000% due 01/15/2037
212,907
262,986
Netherlands Government Bond
4.000% due 01/15/2037
Netherlands Government Bond
1.750% due 01/15/2013
166,102
167,970
Italy Buoni Poliennali Del Tesoro
1.750% due 01/15/2013
Italy Buoni Poliennali Del Tesoro
2.500% due 01/03/2015
166,752
159,320
France Government Bond
2.500% due 01/03/2015
Netherlands Government Bond
3.000% due 04/25/2022
138,600
146,764
Netherlands Government Bond
4.000% due 07/15/2018
Netherlands Government Bond
4.000% due 07/15/2018
113,983
131,656
Netherlands Government Bond
1.000% due 01/15/2014
Netherlands Government Bond
1.000% due 01/15/2014
80,000
81,080
Netherlands Government Bond
3.500% due 07/15/2020
Netherlands Government Bond
3.500% due 07/15/2020
70,850
80,590
Netherlands Government Bond
3.750% due 01/15/2023
Italy Buoni Ordinari Del Tesoro
3.750% due 01/15/2023
61,500
69,803
Italy Buoni Ordinari Del Tesoro
0.000% due 02/14/2013
Italy Buoni Poliennali Del Tesoro
0.000% due 02/14/2013
58,305
57,430
Italy Buoni Poliennali Del Tesoro
4.250% due 03/01/2020
France Government Bond
4.250% due 03/01/2020
59,000
55,283
France Government Bond
3.000% due 04/25/2022
France Government Bond
6.000% due 10/25/2025
39,423
53,931
Italy Buoni Poliennali Del Tesoro
6.000% due 10/25/2025
Italy Buoni Poliennali Del Tesoro
4.250% due 09/01/2019
52,000
52,390
Italy Buoni Poliennali Del Tesoro
4.250% due 09/01/2019
Italy Buoni Poliennali Del Tesoro
2.100% due 09/15/2016
52,514
47,420
Italy Buoni Poliennali Del Tesoro
2.100% due 09/15/2016
Italy Buoni Poliennali Del Tesoro
3.750% due 12/15/2013
45,610
45,286
Italy Buoni Poliennali Del Tesoro
3.750% due 12/15/2013
United Kingdom Gilt
2.350% due 09/15/2035
53,179
37,730
Republic of Germany
4.250% due 12/07/2040
Italy Buoni Poliennali Del Tesoro
2.500% due 04/01/2021
34,500
37,364
United Kingdom Gilt
4.500% due 12/07/2042
30 June 2012 (Unaudited)
2.350% due 09/15/2035
Republic of Germany
£
19,600
31,337
2.500% due 04/01/2021
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 237
Portfolio of Investments and Assets Euro Credit Fund
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
1.070% due 01/30/2017
1.165% due 02/02/2015
1.190% due 08/12/2015 (e)
5.125% due 10/23/2019
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
BANK LOAN OBLIGATIONS
Kabel Deutschland
4.376% due 12/31/2016
€ 1,000 € 1,008 0.34
$
300
223 0.08
1,231 0.42
CORPORATE BONDS & NOTES
Abbey National Treasury Services PLC
2,900
€ 1,200
2,188 0.74
1,239 0.42
American International Group, Inc.
3.750% due 11/30/2013
5.000% due 06/26/2017
6.765% due 11/15/2017
$
€
£
300
950
200
239 0.08
973 0.33
270 0.09
$
500
396 0.13
€ 7,950
3,130
8,235 2.78
3,333 1.13
Banco Santander Brasil S.A.
4.500% due 04/06/2015
Bank Nederlandse Gemeenten
2.250% due 01/12/2017
3.000% due 03/30/2017
Bank of Scotland PLC
7.281% due 05/29/2049
£
300
267 0.09
Barclays Bank PLC
10.000% due 05/21/2021
BNP Paribas S.A.
4.730% due 04/29/2049
5.019% due 04/29/2049
5.186% due 06/29/2049
7.781% due 06/29/2049 (a)
2,962
€
350
450
$ 500
€ 2,300
4,020 1.36
261
335
343
2,091
0.09
0.11
0.12
0.71
BPCE S.A.
12.500% due 08/29/2049
$
100
79 0.03
700
764 0.26
790 0.27
€ 2,200
2,227 0.75
Lloyds TSB Bank PLC
4.000% due 06/25/2018
6.500% due 03/24/2020
943
28,594
8,700
1,822
5,009
0.32
9.67
2.94
0.62
1.69
$
200
162 0.05
€ 1,230
£
950
987 0.33
1,192 0.40
€ 1,400
3,000
1,531 0.52
2,627 0.89
Merrill Lynch & Co., Inc.
1.115% due 05/02/2014
1.160% due 04/13/2016
1.177% due 01/16/2017
5.375% due 08/10/2020
850
1,750
2,500
£ 1,200
811
1,684
2,383
1,668
0.27
0.57
0.81
0.56
€
900
110
3,500
1,000
858
98
3,017
990
0.29
0.03
1.02
0.33
1,387 0.47
Qatari Diar Finance QSC
£
100
100
100
76 0.03
86 0.03
66 0.02
5,200
4,037 1.37
€ 3,350
3,398 1.15
1,300
1,407 0.48
2,500
2,547 0.86
500
441 0.15
€ 2,500
2,775 0.94
1,000
1,012 0.34
$
5.000% due 07/21/2020
541 0.18
3,375
6,625
3,486 1.18
7,383 2.50
$
2.339% due 04/11/2014
3.400% due 04/11/2014
1.413% due 06/08/2015
600
532 0.18
3,200
1,000
2,452 0.83
787 0.27
600
504 0.17
1,100
1,020 0.34
€
Royal Bank of Scotland PLC
6.934% due 04/09/2018
Sberbank of Russia Via SB Capital S.A.
5.499% due 07/07/2015
$
800
662 0.22
Scotland International Finance No. 2 BV
4.250% due 05/23/2013
1,200
945 0.32
2,100
1,746 0.59
£
400
361 0.12
$
900
726 0.25
£
485
672 0.23
$
400
292 0.10
€
900
824 0.28
SLM Corp.
Export-Import Bank of Korea
$
6.250% due 01/25/2016
Societe Generale S.A.
8.875% due 06/29/2049
Stone Street Trust
FIH Erhvervsbank A/S
Tesco Property Finance 2 PLC
German Postal Pensions Securitisation 2 PLC
5,350
5.902% due 12/15/2015
5,974 2.02
6.052% due 10/13/2039
Turkiye Garanti Bankasi AS
German Postal Pensions Securitisation PLC
750
805 0.27
1,300
1,362 0.46
2.966% due 04/20/2016
US Bank N.A.
GMAC International Finance BV
1.076% due 02/28/2017
Virgin Media Secured Finance PLC
Goldman Sachs Group, Inc.
900
839 0.28
238 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
7.000% due 01/15/2018
527 0.18
743 0.25
1,300
1,385 0.47
1,000
1,029 0.35
BAA Funding Ltd.
4.375% due 01/25/2017
6.500% due 11/30/2072
300
£ 1,200
€
345 0.12
1,670 0.56
700
679 0.23
500
525 0.18
400
425 0.14
200
400
207 0.07
394 0.13
£ 2,900
3,712 1.25
Clariant Finance Luxembourg S.A.
5.625% due 01/24/2017
Conti-Gummi Finance BV
7.125% due 10/15/2018
ConvaTec Healthcare E S.A.
7.375% due 12/15/2017
10.875% due 12/15/2018
Co-Operative Group Ltd.
5.875% due 12/18/2013
CSN Islands VIII Corp.
9.750% due 12/16/2013
$
500
434 0.15
400
345 0.12
500
429 0.14
CSN Islands XI Corp.
6.875% due 09/21/2019
CSN Resources S.A.
6.500% due 07/21/2020
Deutsche Telekom International Finance BV
4.875% due 04/22/2025
€
900
1,038 0.35
600
622 0.21
100
105 0.04
300
265 0.09
400
328 0.11
€ 1,600
1,737 0.59
5.250% due 02/15/2021
Franz Haniel & Cie GmbH
6.250% due 02/08/2018
Gerdau Holdings, Inc.
$
Gerdau Trade, Inc.
5.750% due 01/30/2021
RCI Banque S.A.
Royal Bank of Scotland NV
500
700
4.375% due 11/24/2017
4.875% due 10/30/2014
7.000% due 01/20/2020
500
Nederlandse Waterschapsbank NV
$ 1,800
112 0.04
AP Moeller-Maersk A/S
FMC Finance VII S.A.
3.750% due 11/29/2017
2.250% due 01/17/2017
4.125% due 01/23/2017
100
4.375% due 12/05/2018
1.853% due 07/01/2014
900
27,250
8,000
1,800
4,050
Korea Finance Corp.
6.439% due 05/23/2020
11.040% due 03/19/2020
603 0.20
165,041 55.80
British American Tobacco Holdings The Netherlands BV
$ 1,000
2.250% due 04/10/2015
2.500% due 01/17/2022
3.125% due 04/08/2016
4.625% due 10/12/2012
4.625% due 01/04/2023
LBG Capital No.1 PLC
600
INDUSTRIALS
Calcipar S.A.
3.250% due 09/20/2016
3,048 1.03
BG Energy Capital PLC
KFW
2,266 0.77
1.875% due 12/13/2013
1.035% due 05/18/2015
2,517 0.85
710 0.24
1,016 0.34
2.250% due 10/26/2012
4.000% due 03/01/2013
2,100
Duesseldorfer Hypothekenbank AG
7.500% due 04/21/2015
$ 3,400
1,000
€ 1,100
€ 2,900 €
Yorkshire Building Society
Amgen, Inc.
Motability Operations Group PLC
4.250% due 01/18/2022
3.375% due 01/18/2016
2,016 0.68
308 0.10
4.375% due 05/19/2014
4.875% due 02/24/2021
5.500% due 09/15/2016
646 0.22
DNB Bank ASA
4.250% due 01/18/2017
€ 2,200
£
250
WM Covered Bond Program
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
KBC Internationale Financieringsmaatschappij NV
900
3.875% due 04/14/2016
2.125% due 03/21/2013
7.000% due 11/01/2039
615 0.21
99 0.03
3,222 1.09
Danske Bank A/S
9.375% due 01/17/2014
92 0.03
JPMorgan Chase Capital XXVII
900
€ 100
2,950
Credit Agricole S.A.
FCE Bank PLC
100
4.875% due 05/14/2016
Morgan Stanley
Credit Agricole Home Loan SFH
5.125% due 06/29/2020
1,282 0.43
IPIC GMTN Ltd.
565 0.19
4.125% due 01/14/2020
3.875% due 07/15/2013
2.867% due 02/24/2014
3.625% due 08/12/2015
6.625% due 05/08/2018
700
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
Depfa ACS Bank
6.125% due 05/29/2023
6.875% due 05/29/2023
$
6.875% due 09/30/2041
7.589% due 01/29/2049
8.125% due 10/29/2049
8.375% due 10/29/2049
ING Bank NV
875 0.30
CNP Assurances
1.216% due 07/21/2014
$ 1,500
7.625% due 05/17/2032
900
Citigroup, Inc.
0.738% due 06/09/2016
6.393% due 03/06/2023
7.375% due 06/16/2014
0.47
0.13
0.03
0.35
HSBC Holdings PLC
€
Capital One Capital V
10.250% due 08/15/2039
6.676% due 01/15/2021
0.973% due 05/30/2014
0.980% due 01/31/2014
1.187% due 07/22/2014
7.750% due 04/30/2018
Caisse Centrale du Credit Immobilier de France S.A.
3.593% due 08/09/2013
€ 1,550 € 1,377
400
377
100
93
1,000
1,045
Intesa Sanpaolo SpA
BANKING & FINANCE
2.046% due 04/25/2014
3.125% due 06/30/2014
FAIR
% OF
VALUE
NET
(000S) ASSETS
HSBC Finance Corp.
Springleaf Financial Funding Co.
5.500% due 05/10/2017
PAR
(000S)
DESCRIPTION
£ 1,500
1,998 0.68
Gerresheimer AG
5.000% due 05/19/2018
GTL Trade Finance, Inc.
7.250% due 10/20/2017
$
700
621 0.21
700
567 0.19
200
237 0.08
£ 1,200
1,675 0.57
Hanson Australia Funding Ltd.
5.250% due 03/15/2013
HeidelbergCement Finance BV
9.500% due 12/15/2018
€
Heineken NV
7.250% due 03/10/2015
Hella KGaA Hueck & Co.
7.250% due 10/20/2014
€
600
665 0.22
Hutchison Whampoa Finance 06 Ltd.
4.625% due 09/21/2016
600
652 0.22
Hutchison Whampoa Finance 09 Ltd.
4.750% due 11/14/2016
2,150
2,372 0.80
Hutchison Whampoa International Ltd.
7.625% due 04/09/2019
$
700
684 0.23
€
600
724 0.24
£
350
435 0.15
€
800
600
824 0.28
686 0.23
700
779 0.26
300
305 0.10
Imperial Tobacco Finance PLC
8.375% due 02/17/2016
Ladbrokes Group Finance PLC
7.125% due 07/11/2012
Lafarge S.A.
6.625% due 11/29/2018
8.875% due 11/24/2016
Mondi Finance PLC
5.750% due 04/03/2017
MTU Aero Engines Holding AG
3.000% due 06/21/2017
30 June 2012 (Unaudited)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Petrobras International Finance Co.
7.875% due 03/15/2019
Pirelli & C. SpA
5.125% due 02/22/2016
TNK-BP Finance S.A.
100 €
$
96 0.03
650
653 0.22
$
€
200
200
165 0.06
209 0.07
400
448 0.15
Reynolds Group Issuer, Inc.
6.875% due 02/15/2021
7.750% due 10/15/2016
7.875% due 03/13/2018
Tokyo Electric Power Co., Inc.
€
PAR
(000S)
DESCRIPTION
4.500% due 03/24/2014
FAIR
% OF
VALUE
NET
(000S) ASSETS
996 0.34
€
300
300 0.10
850
953 0.32
4.250% due 01/24/2020
Safran S.A.
4.000% due 11/26/2014
650
830 0.28
Vimpel Communications Via VIP Finance Ireland
Ltd. OJSC
800
825 0.28
6.493% due 02/02/2016
$ 1,000
700
683 0.23
Total Corporate Bonds & Notes
744 0.25
US GOVERNMENT AGENCIES
800
856 0.29
Federal Home Loan Bank
1,100
1,171 0.40
250
225 0.08
Sappi Papier Holding GmbH
6.625% due 04/15/2018
700
Sunrise Communications International S.A.
7.000% due 12/31/2017
Symrise AG
4.125% due 10/25/2017
UAL 2009-2A Pass-Through Trust
9.750% due 01/15/2017
$
Unitymedia Hessen GmbH & Co. KG
8.125% due 12/01/2017
€
300
323 0.11
350
346 0.12
900
949 0.32
100
105 0.04
UPCB Finance II Ltd.
6.375% due 07/01/2020
UPCB Finance Ltd.
7.625% due 01/15/2020
0.158% due 12/05/2012
300
788 0.27
18,521 6.26
220,830 74.66
3.875% due 07/10/2015
600
643 0.22
500
545 0.18
37,268 12.60
Ziggo Bond Co. BV
8.000% due 05/15/2018
0.875% due 02/28/2017
1.750% due 05/15/2022 (b)
2.000% due 02/15/2022
2.375% due 08/31/2014 (b)
DONG Energy A/S
4.875% due 12/16/2021
600
698 0.24
100
110 0.04
Eandis
4.500% due 11/08/2021
Eutelsat S.A.
5.000% due 01/14/2019
200
220 0.07
Gazprom OAO Via Gaz Capital S.A.
$
400
600
351 0.12
520 0.18
Gazprom OAO Via White Nights Finance BV
10.500% due 03/08/2014
Global Switch Holdings Ltd.
5.500% due 04/18/2018
1,600
1,417 0.48
€ 1,350
1,417 0.48
1,000
550
400
1,139 0.38
629 0.21
499 0.17
$
200
191 0.06
€
300
347 0.12
$
700
576 0.19
Koninklijke KPN NV
5.625% due 09/30/2024
6.500% due 01/15/2016
7.500% due 02/04/2019
Majapahit Holding BV
8.000% due 08/07/2019
National Grid PLC
5.000% due 07/02/2018
1,800
6,100
3,500
100
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.500% due 09/30/2014
1,000
852 0.29
500
700
724 0.24
905 0.31
£
€
200
1,450
209 0.07
1,599 0.54
300
400
100
314 0.11
429 0.14
107 0.04
0.48
1.64
0.96
0.03
3.53
1.06
2.67
0.51
3,000
1,000
3,194
1,125
1.08
0.38
8,100
8,644
2.92
10,000
10,002
3.38
1,725
0.58
5,015
9,819
1.69
3.32
150
172
0.06
1,390
1,449
0.49
644
611
0.21
€ 3,100
3,245
1.10
742
60,070
0.25
20.31
186
0.07
213
399
0.07
0.14
100
0.03
European Union
FMS Wertmanagement
2.750% due 06/03/2016
1,600
Netherlands Government Bond
2.250% due 07/15/2022
2.500% due 01/15/2017
4,950
9,250
Poland Government International Bond
5.250% due 01/20/2025
Republic of Germany
2.000% due
01/04/2022 (c)(d)
Russia Government International Bond
7.500% due 03/31/2030
200
201 0.07
£
224
237 0.08
€
276
268 0.09
959
923 0.31
State of Berlin
3.500% due 02/13/2014
$
United Kingdom Gilt
4.000% due 03/07/2022
0.581% due 12/20/2054
Holmes Master Issuer PLC
2.157% due 10/15/2054
1,100
1,106 0.37
£
450
106
378 0.13
129 0.04
€
200
201 0.07
Newgate Funding PLC
1.262% due 12/15/2050
1.551% due 12/15/2050
Permanent Master Issuer PLC
2.057% due 07/15/2042
£
500
SHARES
PREFERRED SECURITIES
Barclays Bank PLC
4.750% due 03/29/2049
3.431% due 12/16/2050
Saecure BV
1.605% due 09/23/2092
£
278
340 0.12
€
157
157 0.05
7.640% due 03/29/2049
2.207% due 03/21/2054
791
795 0.27
416
416 0.14
143
662
142 0.05
665 0.22
5,958 2.01
Stichting Eleven Cities
2.159% due 06/20/2045
Storm BV
1.457% due 03/22/2052
1.937% due 10/22/2053
ASSET-BACKED SECURITIES
Aircraft Certificate Owner Trust 2003
1.681% due 05/20/2026
4,000
PAR
(000S)
REPURCHASE AGREEMENTS
Silk Road Finance Number One PLC
Bumper 2 S.A.
3,500
Royal Bank of Scotland Group PLC
Residential Mortgage Securities Ltd.
200
217 0.07
1.131% due 04/20/2019
$
175
138 0.05
€
453
455 0.15
369
370 0.12
263
264 0.09
1,227 0.41
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement
0.430% due 11/15/2012
valued at €101.
Repurchase proceeds
are €100.)
€
100
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
€ 300,491 101.59
Magnolia Funding Ltd.
3.000% due 04/20/2017
Telstra Corp. Ltd.
3.500% due 09/21/2022
3.625% due 03/15/2021
3.750% due 05/16/2022
3,128
7,901
1,499
Globaldrive BV
TDC A/S
3.750% due 03/02/2022
4.375% due 02/23/2018
3,000
7,300
1,300
3.625% due 10/15/2013
4.250% due 10/15/2014
4.750% due 10/15/2017
Granite Master Issuer PLC
6.455% due 09/20/2022
RWE Finance BV
5.625% due 12/06/2023
6.500% due 08/10/2021
1,431
4,847
2,851
82
10,440
€
Novatek Finance Ltd.
5.326% due 02/03/2016
1,229 0.42
Eclipse Ltd.
0.781% due 03/13/2045
0.01
4.250% due 07/14/2017
1,561
US Treasury Notes
1.183% due 01/25/2020
21
Mexico Government International Bond
0.156% due 08/30/2012 05/30/2013 (b)
1.937% due 05/17/2060
21
1.750% due
06/14/2013 (d)
0.135% due 07/05/2012
US Treasury Bills
Eurosail PLC
UTILITIES
6.510% due 03/07/2022
8.125% due 07/31/2014
236 0.08
US TREASURY OBLIGATIONS
Arkle Master Issuer PLC
0.11
3.250% due 11/07/2014
3.750% due 04/04/2042
MORTGAGE-BACKED SECURITIES
Wesfarmers Ltd.
318
France Treasury Bills
Vivendi S.A.
4.250% due 12/01/2016
0.01
0.48
1.250% due 10/14/2016 €
44 €
2.750% due 04/08/2016 (c)
1,300
3.500% due
04/12/2013 (b)(d)
310
European Investment Bank
Societe Des Autoroutes Paris-Rhin-Rhone
5.000% due 01/12/2017
45
1,415
Bundesobligation
Bundesschatzanweisungen
Vattenfall AB
6.750% due 01/31/2019
7.000% due 05/15/2018
% OF
NET
ASSETS
SOVEREIGN ISSUES
$ 1,100 €
United Utilities Water PLC
Rhodia S.A.
FAIR
VALUE
(000S)
PAR
(000S)
DESCRIPTION
Teollisuuden Voima OYJ
4.625% due 02/04/2019
Thames Water Utilities Cayman Finance Ltd.
6.125% due 02/04/2013
See Accompanying Notes
1,150
1,184 0.40
Semiannual Report
30 June 2012 239
Portfolio of Investments and Assets Euro Credit Fund (Cont.)
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
# of
Contracts
Euro-Bobl 5-Year Note September Futures
Euro-Bund 10-Year Bond September Futures
Euro-Buxl 30-Year Bond September Futures
Long
Long
Long
09/2012
09/2012
09/2012
4
134
36
Unrealised
(Depreciation)
€
(6)
(552)
(456)
€ (1,014)
€ (1,014)
Total Financial Derivative Instruments Dealt in on a Regulated Market
% of
Net Assets
0.00
(0.19)
(0.15)
(0.34)
(0.34)
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Receive
Pay
Pay
Pay
3-Month Canadian Bank Bill
3-Month USD-LIBOR
3-Month USD-LIBOR
6-Month GBP-LIBOR
Unrealised
Appreciation/
(Depreciation)
Fixed
Rate
Maturity
Date
Notional
Amount
2.500%
2.250%
2.750%
2.500%
06/18/2022
06/20/2022
06/20/2042
09/19/2022
CAD 2,200
$ 18,400
200
£ 2,100
€
46
(539)
(12)
(86)
€ (591)
€ (591)
Total Centrally Cleared Financial Derivative Instruments
% of
Net Assets
0.01
(0.18)
0.00
(0.03)
(0.20)
(0.20)
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
CBK
CBK
GST
GST
JPM
JPM
JPM
JPM
MYC
MYC
MYC
MYC
UAG
UAG
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Expiration
Date
Notional
Amount
Premiums
Fair
Value
% of
Net Assets
INTEREST RATE SWAPTIONS
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
0.400%
0.400%
0.795%
0.795%
0.795%
0.795%
0.800%
0.800%
0.600%
0.600%
1.056%
1.056%
0.400%
0.400%
08/13/2012 $ 13,100
08/13/2012
13,100
10/11/2012
6,200
10/11/2012
6,200
10/11/2012
1,200
10/11/2012
1,200
07/11/2013
23,100
07/11/2013
23,100
08/13/2012
13,100
08/13/2012
13,100
10/11/2012
3,000
10/11/2012
3,000
08/13/2012
44,000
08/13/2012
44,000
€
(9)
(9)
0
0
0
0
(57)
(57)
(29)
(29)
0
0
(43)
(42)
€ (275)
€
0
(12)
(14)
(1)
(3)
0
(53)
(18)
(13)
(5)
(23)
0
(1)
(39)
€ (182)
0.00
0.00
(0.01)
0.00
0.00
0.00
(0.02)
(0.01)
(0.01)
0.00
(0.01)
0.00
0.00
(0.01)
(0.07)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - BUY PROTECTION(1)
Reference Entity
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Notional
Amount(3)
Fair
Value
Ally Financial, Inc.
Bank of Scotland PLC
Barclays Bank PLC
Hanson Ltd.
Hanson Ltd.
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Ladbrokes Group Finance PLC
Scotland International Finance No. 2 BV
(5.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(3.150%)
(3.000%)
€
€ (35)
66
223
(1)
(1)
55
23
(3)
3
€ 330
06/20/2015
09/20/2016
03/20/2021
03/20/2013
03/20/2013
09/20/2015
09/20/2015
09/20/2012
06/20/2013
GST
DUB
DUB
BRC
GST
BPS
BRC
BRC
UAG
800
3,200
1,000
$ 400
300
700
300
£ 350
$ 1,200
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
€ (63)
101
98
0
(1)
39
8
0
(7)
€ 175
€ 28
(35)
125
(1)
0
16
15
(3)
10
€ 155
(0.01)
0.02
0.08
0.00
0.00
0.02
0.01
0.00
0.00
0.12
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(2)
Reference Entity
Alstom S.A.
Alstom S.A.
Anheuser-Busch InBev NV
Australia & New Zealand Banking Group Ltd.
BP Capital Markets America, Inc.
240 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
1.000%
06/20/2016
06/20/2016
12/20/2015
12/20/2012
09/20/2016
BRC
FBF
BRC
MYC
BOA
Notional
Amount(3)
Fair
Value
€
€ (22)
(87)
10
1
(1)
400
1,600
1,300
400
1,300
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
€ (7)
(25)
(9)
5
11
€ (15)
(62)
19
(4)
(12)
(0.01)
(0.03)
0.00
0.00
0.00
30 June 2012 (Unaudited)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
BP Capital Markets America, Inc.
Carrefour S.A.
Deutsche Telekom International Finance BV
E.On International Finance BV
E.On International Finance BV
E.On International Finance BV
Gazprom OAO Via Gaz Capital S.A.
Goldman Sachs Group, Inc.
Heineken NV
Japan Government International Bond
Japan Government International Bond
Japan Government International Bond
Japan Government International Bond
Lloyds TSB Bank PLC
Lloyds TSB Bank PLC
MetLife, Inc.
Morgan Stanley
Nokia OYJ
Petrobras International Finance Co.
Petrobras International Finance Co.
Petrobras International Finance Co.
Petrobras International Finance Co.
Peugeot S.A.
Peugeot S.A.
Renault S.A.
Royal Bank of Scotland PLC
SSE PLC
Statoil ASA
Tesco PLC
United Kingdom Gilt
United Kingdom Gilt
US Treasury Notes
US Treasury Notes
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
3.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
3.000%
1.000%
1.000%
1.000%
1.000%
1.000%
0.250%
0.250%
06/20/2016
06/20/2016
06/20/2021
06/20/2016
06/20/2017
06/20/2017
03/20/2014
12/20/2012
06/20/2016
03/20/2016
06/20/2016
06/20/2016
03/20/2016
06/20/2014
06/20/2013
06/20/2013
06/20/2013
09/20/2013
09/20/2012
09/20/2015
09/20/2012
09/20/2015
09/20/2016
06/20/2016
09/20/2014
06/20/2013
06/20/2017
03/20/2017
12/20/2015
06/20/2015
06/20/2016
09/20/2012
09/20/2012
Notional
Amount(3)
€
GST
UBS
HUS
BOA
DUB
UBS
MYC
DUB
FBF
CBK
CBK
HUS
MYC
CBK
DUB
BOA
FBF
BOA
DUB
HUS
MYC
MYC
BRC
FBF
BRC
BOA
GST
CBK
BOA
CBK
CBK
SOG
UAG
$
€
$
€
$
€
$
€
$
€
$
€
800
1,300
1,800
1,300
700
1,200
900
2,700
800
300
1,100
2,900
2,000
2,400
1,125
700
1,000
3,100
200
400
400
300
400
1,200
400
1,100
1,700
100
1,400
450
900
100
300
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
€
0
(61)
(28)
8
1
2
(8)
(5)
8
3
11
30
23
50
(6)
(1)
(11)
(120)
0
(5)
0
(3)
(78)
(220)
(18)
14
(29)
1
3
8
15
0
0
€ (515)
€
€
7
4
(19)
12
5
10
(20)
(73)
4
(2)
(1)
(1)
(13)
30
(13)
(32)
(24)
(28)
(2)
(10)
(2)
(7)
(22)
(59)
(9)
17
(32)
1
8
5
8
(1)
(2)
€ (286)
(7)
(65)
(9)
(4)
(4)
(8)
12
68
4
5
12
31
36
20
7
31
13
(92)
2
5
2
4
(56)
(161)
(9)
(3)
3
0
(5)
3
7
1
2
€ (229)
0.00
(0.02)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.02
0.00
0.00
0.00
(0.04)
0.00
0.00
0.00
0.00
(0.03)
(0.07)
(0.01)
0.00
(0.01)
0.00
0.00
0.00
0.01
0.00
0.00
(0.18)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(1)
Upfront
Premiums
Unrealised
% of
Paid/(Received) (Depreciation) Net Assets
Index/Tranches
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Notional
Amount(3)
Fair
Value
Dow Jones iTraxx Europe Sub Financials Series 17 Index
(5.000%)
€ 5,000
€ (142)
06/20/2017
DUB
€ 23
€ (165)
(0.04)
(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)
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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(3)
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.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
6-Month Australian Bank Bill
BRL-CDI-Compounded
BRL-CDI-Compounded
Fixed
Rate
Maturity Date
5.000%
11.890%
9.980%
06/15/2022
01/02/2013
01/02/2014
Counterparty
UAG
GLM
GLM
Notional
Amount
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation
% of
Net Assets
AUD 4,900
BRL 13,000
16,100
€ 342
231
171
€ 744
€ 110
17
(21)
€ 106
€ 232
214
192
€ 638
0.11
0.08
0.06
0.25
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Sell
Sell
Sell
Sell
Buy
Buy
Buy
Buy
AUD
BRL
CNY
£
See Accompanying Notes
Principal Amount
Covered by
Contract
4,010
2,048
186
418
3,159
3,150
925
240
530
Counterparty
JPM
RBC
UAG
BRC
BRC
JPM
BRC
CBK
JPM
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
08/2012
08/2012
08/2012
08/2012
02/2013
02/2013
08/2012
08/2012
08/2012
€ 0
0
0
1
2
0
0
0
2
€ (132)
(62)
(3)
0
0
(3)
(5)
(3)
0
€ (132)
(62)
(3)
1
2
(3)
(5)
(3)
2
(0.05)
(0.02)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Semiannual Report
30 June 2012 241
Portfolio of Investments and Assets Euro Credit Fund (Cont.)
Type
Currency
Buy
Sell
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Buy
Sell
£
Principal Amount
Covered by
Contract
KRW
SGD
$
173
18,588
23,482
23,482
23,482
13
20
6
21
6,250
10,190
2,571
54,662
270
820
620
11
20
501
494
Counterparty
UAG
UAG
BRC
UAG
BRC
UAG
BRC
HUS
UAG
BOA
BPS
BRC
BRC
CBK
DUB
JPM
UAG
BRC
BRC
JPM
Settlement
Month
Unrealised
Appreciation
08/2012
08/2012
07/2012
07/2012
09/2012
08/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
02/2013
02/2013
Net Unrealised
Appreciation/
(Depreciation)
Unrealised
(Depreciation)
€
€
0
122
0
0
0
0
0
0
0
37
22
6
0
3
0
0
0
0
3
3
€ 201
% of
Net Assets
€
(1)
0
0
0
0
0
0
0
(1)
0
(1)
(44)
(818)
0
(11)
(9)
0
0
0
0
€ (1,093)
(1)
122
0
0
0
0
0
0
(1)
37
21
(38)
(818)
3
(11)
(9)
0
0
3
3
€ (892)
0.00
0.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
(0.01)
(0.28)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.30)
Total OTC Financial Derivative Instruments
€
(657)
(0.22)
Total Investments
€ 298,229
100.83
FAIR
VALUE
(000S)
% OF
NET
ASSETS
14
4
3
0.01
0.00
0.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.650% due 06/29/2012
4.840% due 06/29/2012
€
DKK
NOK
AUD
103
34
4
£
26
32
0.01
$
205
162
0.06
CAD
125
97
0.03
€
718
718
0.24
JPY 23,955
237
€ 1,267
€ (3,722)
€ 295,774
0.08
0.43
(1.26)
100.00
Citibank N.A.
0.087% due 06/29/2012
DBS Bank Ltd.
0.030% due 06/29/2012
Deutsche Bank AG
0.234% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
Sumitomo Mitsui Banking Corporation
0.010% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Collateral with a segregated market value of €909 have been pledged against the reverse repurchase agreements.
(b) Securities with an aggregate market value of €626 have been segregated with the Custodian to cover margin requirements for the open futures contracts as at
30 June 2012.
(c) Securities with an aggregate market value of €1,841 and cash of €70 have been pledged as collateral for OTC swap, swaption and foreign currency contracts as governed by
ISDA Master Agreements as at 30 June 2012.
(d) Securities with an aggregate market value of €588 and cash of €59 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(e) Restricted Security
Issuer Description
Coupon
Goldman Sachs Group, Inc.
1.190%
Maturity
Date
Acquisition
Date
Cost
Fair
Value
% of
Net Assets
08/12/2015
12/01/2009
€ 95
€ 93
0.03
(f) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
242 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
€
0
(1,014)
€ (1,014)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 299,864
(1,248)
€ 298,616
€ 627
0
€ 627
€ 300,491
(2,262)
€ 298,229
30 June 2012 (Unaudited)
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Starting
Balance
at 31-Dec-2011
Net
Purchases5
€ 795
€ 0
Transferable Securities
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
€ (192)
€ (2)
€ 1
€ 25
€ 0
€ 627
€ 23
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
(g) Reverse Repurchase Agreement
The following is a summary of the reverse repurchase agreement as at 30 June 2012:
Counterparty
Coupon Rate
BCY
(0.500%)
Maturity Date
Principal Amount
Payable for
Reverse Repurchase
Agreements
04/17/2014
€ (982)
€ (982)
% of
Net Assets
(0.33)
(h) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GST
HUS
JPM
MYC
RBC
UAG
(1)
Total Market Value
of OTC Derivatives
€ (60)
76
(943)
76
126
(310)
402
(80)
(3)
(213)
(28)
(62)
362
Collateral
(Received)/Pledged
€
0
(270)
1,475
0
(150)
375
(340)
0
0
62
0
0
0
Net
Exposures(1)
€ (60)
(194)
532
76
(24)
65
62
(80)
(3)
(151)
(28)
(62)
362
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 243
Significant Changes in Portfolio Composition Euro Credit Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
€ 42,700
3.750% due 01/04/2017
€ 48,884
KFW
PROCEEDS
(000S)
Republic of Germany
3.750% due 01/04/2017
€ 43,100
€ 49,415
21,200
24,240
21,550
22,946
13,450
16,216
15,590
16,176
15,210
15,849
15,000
15,287
11,500
11,592
6,906
7,086
6,000
6,781
6,400
6,704
3,900
5,868
4,300
5,060
4,000
4,032
$ 4,700
3,698
€ 3,005
3,170
3,200
3,160
2,800
2,987
2,600
2,779
2,330
2,328
Republic of Germany
2.500% due 01/17/2022
27,250
28,710
Republic of Germany
4.000% due 07/04/2016
Republic of Germany
2.000% due 04/01/2022
16,600
16,787
Republic of Germany
2.250% due 09/04/2021
Republic of Germany
1.750% due 04/07/2022
15,000
15,420
Republic of Germany
4.250% due 07/04/2018
Bundesobligation
4.250% due 07/04/2018
12,400
14,680
Republic of Germany
3.500% due 04/12/2013
Republic of Germany
4.000% due 07/04/2016
12,700
14,526
Republic of Germany
2.000% due 04/01/2022
Republic of Germany
2.250% due 09/04/2021
9,800
10,219
France Treasury Bills
1.750% due 04/07/2022
Bundesobligation
0.000% due 07/05/2012
10,000
9,999
Netherlands Government Bond
4.000% due 04/13/2012
Bundesobligation
2.500% due 01/15/2017
9,200
9,774
Bank Nederlandse Gemeenten
1.250% due 10/14/2016
Republic of Germany
2.250% due 12/01/2017
7,950
8,226
Nederlandse Waterschapsbank NV
3.250% due 07/04/2021
European Financial Stability Facility
4.125% due 01/23/2017
6,625
7,382
German Postal Pensions Securitisation 2 PLC
2.750% due 12/05/2016
Republic of Germany
4.250% due 01/18/2017
5,350
5,898
Bundesobligation
6.500% due 07/04/2027
Republic of Germany
1.250% due 10/14/2016
5,650
5,768
Republic of Germany
3.750% due 01/04/2019
KFW
3.750% due 01/04/2019
4,300
5,102
Netherlands Government Bond
0.875% due 11/15/2013
HSBC Bank PLC
2.250% due 07/15/2022
4,950
5,033
KFW
3.100% due 05/24/2016
Lloyds TSB Bank PLC
4.625% due 01/04/2023
4,050
5,007
US Treasury Notes
11.875% due 12/16/2021
JPMorgan Chase & Co.
$ 6,100
KFW
€ 4,000
0.875% due 11/15/2013
4,929
3.875% due 09/23/2020
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4,029
Co-Operative Group Ltd.
5.875% due 12/18/2013
PAR
(000S)
SALES THROUGH 30 JUNE 2012
Republic of Germany
1.750% due 05/15/2022
DESCRIPTION
3.875% due 04/20/2016
HSBC Holdings PLC
£ 2,900
Nederlandse Waterschapsbank NV
2.250% due 01/17/2017
3,716
France Treasury Bills
€ 3,375
3,491
0.030% due 06/14/2012
3,350
3,381
3,130
3,343
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
3,000
3,133
2,900
3,061
Depfa ACS Bank
3.875% due 07/15/2013
Bank Nederlandse Gemeenten
3.000% due 03/30/2017
European Investment Bank
3.625% due 10/15/2013
WM Covered Bond Program
4.375% due 05/19/2014
244 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
3.875% due 03/16/2016
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
Portfolio of Investments and Assets Euro Income Bond Fund
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
INDUSTRIALS
BANK LOAN OBLIGATIONS
BAA SH PLC
5.500% due 05/10/2017
Ardagh Glass Finance PLC
8.750% due 02/01/2020
7.125% due 03/01/2017
Springleaf Financial Funding Co.
700 €
$
521 0.87
650
505 0.84
American International Group, Inc.
650
600
661 1.11
581 0.97
550
585 0.98
500
150
518 0.87
160 0.27
BA Covered Bond Issuer
4.250% due 04/05/2017
Bank Nederlandse Gemeenten
2.250% due 01/12/2017
3.000% due 03/30/2017
Banque PSA Finance S.A.
4.875% due 09/25/2015
700
703 1.18
400
800
220
324 0.54
759 1.27
299 0.50
Barclays Bank PLC
5.015% due 11/12/2013
6.625% due 03/30/2022
10.000% due 05/21/2021
BNP Paribas S.A.
7.781% due 07/02/2018
$
€
£
€
650
591 0.99
BPCE S.A.
9.250% due 10/29/2049
450
390 0.65
Caisse Centrale du Credit Immobilier de France S.A.
3.593% due 08/09/2013
200
195 0.33
1,300
1,134 1.90
Citigroup, Inc.
4.750% due 02/10/2019
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
11.000% due 12/29/2049
$ 1,700
1,694 2.84
German Postal Pensions Securitisation 2 PLC
4.250% due 01/18/2017
€
200
223 0.37
450
471 0.79
GMAC International Finance BV
7.500% due 04/21/2015
HBOS PLC
4.875% due 03/20/2015
250
237 0.40
£
700
837 1.40
€
700
641 1.07
$
900
621 1.04
€ 4,500
200
900
4,722 7.90
202 0.34
1,113 1.86
1,000
803 1.34
HSBC Bank PLC
5.000% due 03/20/2023
ING Bank NV
6.125% due 05/29/2023
Intesa Sanpaolo SpA
6.500% due 02/24/2021
KFW
2.500% due 01/17/2022
4.625% due 10/12/2012
4.625% due 01/04/2023
Merrill Lynch & Co., Inc.
5.375% due 08/10/2020
£
400
556 0.93
€
900
891 1.49
350
378 0.63
300
255 0.43
300
400
310 0.52
446 0.75
200
198 0.33
900
834 1.40
800
744 1.25
600
854 1.43
National Australia Bank Ltd.
6.750% due 06/26/2023
Nationwide Building Society
6.250% due 02/25/2020
$
Nederlandse Waterschapsbank NV
2.250% due 01/17/2017
4.125% due 01/23/2017
€
Nordea Bank AB
4.625% due 02/15/2022
Royal Bank of Scotland PLC
6.934% due 04/09/2018
9.375% due 09/29/2049
Standard Chartered Bank
£
See Accompanying Notes
861 1.44
Euromaster PLC
€ 100
103 0.17
Eurosail PLC
150
111 0.19
FCC Proudreed Properties
700
724 1.21
Mall Funding PLC
200
212 0.36
Mansard Mortgages PLC
£ 300
451 0.76
Newgate Funding PLC
€ 800
843 1.41
RMAC PLC
$ 800
657 1.10
RMAC Securities PLC
350
300 0.50
€ 250
274 0.46
700
749 1.25
Finmeccanica Finance S.A.
8.125% due 12/03/2013
Firstgroup PLC
8.750% due 04/08/2021
Franz Haniel & Cie GmbH
6.250% due 02/08/2018
Gerdau Trade, Inc.
5.750% due 01/30/2021
HCA, Inc.
6.500% due 02/15/2020
HeidelbergCement Finance BV
6.750% due 12/15/2015
Ineos Finance PLC
9.250% due 05/15/2015
Kabel Deutschland Vertrieb und Service GmbH
6.500% due 06/29/2018
300
323 0.54
Lafarge S.A.
6.625% due 11/29/2018
627 1.05
$ 350
295 0.49
214 0.36
Unitymedia Hessen GmbH & Co. KG
7.500% due 03/15/2019
8.125% due 12/01/2017
8.000% due 05/15/2018
400
600
418 0.70
645 1.08
800
872 1.46
11,155 18.67
6.605% due 02/13/2018
150
200 0.33
24,635 41.24
€
745
671
1.12
£
726
770
1.29
218
227
0.38
€
500
420
0.70
£
440
468
0.78
244
1,200
262
1,134
0.44
1.90
369
332
383
347
0.64
0.58
400
470
0.79
285
319
0.54
0.864% due 08/22/2016
€
237
450
510 0.86
SOVEREIGN ISSUES
Banco Nacional de Desenvolvimento Economico e Social
150
156
0.26
174
1,005
950
179
1,065
1,034
0.30
1.78
1.73
590
599
1.00
300
1,000
305
1,009
0.51
1.69
400
383
0.64
350
600
1,450
354
637
1,602
0.59
1.07
2.68
130
20
100
132
21
107
0.22
0.04
0.18
200
200
0.34
300
300
0.50
300
307
0.52
Bundesobligation
Bundesschatzanweisungen
1.750% due 06/14/2013
Gemeinsame Deutsche Bundeslaender
3.375% due 02/06/2013
4.375% due 09/27/2012
Italy Buoni Poliennali Del Tesoro
5.000% due 03/01/2022
Netherlands Government Bond
2.250% due 07/15/2022
2.500% due 01/15/2017
3.250% due 07/15/2021
Republic of Germany
1.750% due 07/04/2022
2.000% due 01/04/2022
2.250% due 09/04/2021
0.177% due 09/17/2012
State of Lower Saxony
Global Switch Holdings Ltd.
5.500% due 04/18/2018
200
210 0.35
0.690% due 08/13/2012
State of North Rhine-Westphalia
Telecom Italia Capital S.A.
$ 600
478 0.80
3.500% due 03/15/2013
State of Rhineland-Palatinate
€ 100
100 0.17
$ 800
706 1.18
2,004 3.36
37,794 63.27
0.623% due 03/18/2013
400
Virgin Media Finance PLC
9.500% due 08/15/2016
Total Corporate Bonds & Notes
US GOVERNMENT AGENCIES
Federal Home Loan Bank
300
236 0.40
MORTGAGE-BACKED SECURITIES
Bluestone Securities PLC
DECO Series
0.884% due 04/27/2018
0.884% due 10/27/2020
223 0.37
10,285 17.22
State of Hesse
Gazprom OAO Via Gaz Capital S.A.
4.500% due 03/24/2014
Windermere CMBS PLC
600
€ 200
0.64
1.301% due 04/12/2016
163 0.27
Sunrise Communications International S.A.
379
Vanwall Finance PLC
150
RZD Capital Ltd.
351
1.095% due 03/31/2017
1.250% due 10/14/2016
2.000% due 02/26/2016
2.750% due 04/08/2016
7.750% due 10/15/2016
0.60
Unite USAF PLC
532 0.89
Reynolds Group Issuer, Inc.
358
1.151% due 03/10/2044
1.171% due 06/10/2043
496
8.250% due 12/15/2016
346
Southern Pacific Financing PLC
4.125% due 09/15/2017
Rexel S.A.
0.93
2.33
0.50
1.141% due 06/12/2044
1.161% due 06/12/2044
56 0.09
9.625% due 07/15/2017
Tokyo Electric Power Co., Inc.
1.171% due 06/12/2043
56
OXEA Finance & Cy S.C.A.
6.175% due 06/18/2014
1.262% due 12/15/2050
501 0.84
3.507% due 10/15/2013
554
1,393
301
1.601% due 12/15/2049
450
NXP BV
7.000% due 12/31/2017
1.694% due 04/22/2017
313 0.52
5.750% due 04/03/2017
5.739% due 04/03/2017
0.917% due 08/18/2017
300
Mondi Finance PLC
523 €
1,338
281
1.151% due 06/10/2044
618 1.04
8.750% due 04/01/2013
£
1.151% due 06/15/2040
600
Metsa Board OYJ
1.211% due 06/09/2043
Virgin Media Secured Finance PLC
7.000% due 01/15/2018
£ 700
7.375% due 12/15/2017
0.158% due 12/05/2012
Societe Generale S.A.
7.750% due 04/03/2018
1.183% due 01/25/2020
1.253% due 10/25/2018
1.273% due 10/25/2017
UTILITIES
6.439% due 05/23/2020
Morgan Stanley
293 0.49
Ziggo Bond Co. BV
LBG Capital No.1 PLC
7.750% due 04/30/2018
€ 300 €
ConvaTec Healthcare E S.A.
Abbey National Treasury Services PLC
€
6.500% due 11/30/2072
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Eclipse Ltd.
8.250% due 06/15/2015
BANKING & FINANCE
4.375% due 04/26/2016
8.000% due 05/22/2038
BG Energy Capital PLC
FAIR
% OF
VALUE
NET
(000S) ASSETS
Codere Finance Luxembourg S.A.
CORPORATE BONDS & NOTES
4.000% due 04/27/2016
PAR
(000S)
DESCRIPTION
30 June 2012 (Unaudited)
£ 377
384 0.64
€ 411
930
380 0.64
842 1.41
401 0.67
8,791 14.72
REPURCHASE AGREEMENTS
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 2.000%
due 11/15/2012 valued at
€1,109. Repurchase proceeds
are €1,100.)
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
Semiannual Report
1,100
1,100
1.84
€ 58,727 98.32
30 June 2012 245
Portfolio of Investments and Assets Euro Income Bond Fund (Cont.)
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Continental Aktiengesellschaft
5.000%
12/20/2014
BRC
Notional
Amount(2)
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
(Depreciation)
% of
Net Assets
€ 300
€ 20
€ 23
€ (3)
0.04
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Sell
Sell
Buy
Buy
Buy
AUD
£
$
Principal Amount
Covered by
Contract
700
388
14
772
680
90
370
138
8,643
1,540
370
8,572
1,000
220
470
380
390
Counterparty
JPM
RBC
UAG
BRC
CBK
CBK
JPM
UAG
UAG
BPS
BRC
BRC
CBK
DUB
FBF
JPM
UAG
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
€ 0
0
0
9
0
1
0
0
57
4
0
0
11
3
3
0
0
€ 88
€ (23)
(12)
0
0
(9)
0
(2)
(1)
0
0
(3)
(127)
0
0
0
(5)
0
€ (182)
€ (23)
(12)
0
9
(9)
1
(2)
(1)
57
4
(3)
(127)
11
3
3
(5)
0
€ (94)
(0.04)
(0.02)
0.00
0.01
(0.02)
0.00
0.00
0.00
0.09
0.01
(0.01)
(0.21)
0.02
0.01
0.01
(0.01)
0.00
(0.16)
Total OTC Financial Derivative Instruments
€
(74)
(0.12)
Total Investments
€ 58,653
98.20
FAIR
VALUE
(000S)
% OF
NET
ASSETS
6
2
7
0.01
0.00
0.01
467
€
482
€
598
€ 59,733
0.78
0.80
1.00
100.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.030% due 06/29/2012
0.087% due 06/29/2012
4.840% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
$
£
AUD
8
2
8
€
467
€
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Cash of €260 has been pledged as collateral for OTC swap and foreign currency contracts as governed by ISDA Master Agreements as at 30 June 2012.
(b) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 0
0
€ 0
€ 58,727
(74)
€ 58,653
€ 0
0
€ 0
€ 58,727
(74)
€ 58,653
Transferable Securities
Financial Derivative Instruments4
Totals
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
246 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
(c) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BPS
BRC
CBK
DUB
FBF
JPM
RBC
UAG
(1)
Total Market Value
of OTC Derivatives
€
4
(101)
3
3
3
(30)
(12)
56
Collateral
(Received)/Pledged
€
0
260
0
0
0
0
0
0
Net
Exposures(1)
€
4
159
3
3
3
(30)
(12)
56
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 247
Significant Changes in Portfolio Composition Euro Income Bond Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
KFW
2.500% due 01/17/2022
€ 4,500
€ 4,741
2,800
2,855
Eclipse Ltd.
£ 1,339
1,335
1,200
€ 1,300
1,193
2.250% due 09/04/2021
1,172
$ 1,200
€ 1,100
1,166
1,100
1,146
1,132
900
1,113
Bundesobligation
1,050
1,074
Gemeinsame Deutsche Bundeslaender
1,000
1,011
FMS Wertmanagement
1,000
1,000
France Treasury Bills
1,000
1,000
Bundesschatzanweisungen
900
917
France Treasury Bills
900
900
Morgan Stanley
900
872
Royal Bank of Scotland PLC
900
839
Standard Chartered Bank
£
600
831
700
€
829
800
813
1,000
800
Mall Funding PLC
£
€
736
778
988
£
600
752
5.000% due 08/02/2019
€
700
729
600
611
600
600
$
600
590
€
480
500
450
482
400
448
400
434
£
300
421
$
500
401
€
350
392
£
300
387
€
350
379
363
374
340
339
350
333
300
330
4.375% due 03/16/2017
1.779% due 07/20/2017
7.625% due 04/09/2019
2.000% due 04/01/2022
5.625% due 03/13/2015
7.000% due 05/15/2018
4.375% due 12/05/2018
6.875% due 05/01/2018
5.670% due 03/05/2014
7.000% due 01/15/2015
Virgin Media Secured Finance PLC
800
748
700
743
LBG Capital No.1 PLC
7.000% due 01/15/2018
5.500% due 01/09/2017
France Treasury Notes
£
€
600
735
3.750% due 12/01/2013
France Treasury Bills
700
700
Virgin Media Finance PLC
0.200% due 11/15/2012
Barclays Bank PLC
$
800
685
6.000% due 01/14/2021
FCE Bank PLC
€
700
672
9.375% due 01/17/2014
$
900
652
€
600
650
600
637
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have
been disclosed.
$
800
628
€
600
613
Intesa Sanpaolo SpA
Netherlands Government Bond
2.500% due 01/15/2017
Gerdau Trade, Inc.
248 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
11.040% due 03/19/2020
Petroleos Mexicanos
9.250% due 05/15/2015
3.375% due 06/02/2013
970
1.750% due 04/07/2022
Pernod-Ricard S.A.
Ineos Finance PLC
Gemeinsame Deutsche Bundeslaender
1,000
AK Transneft OJSC Via TransCapitalInvest Ltd.
6.439% due 05/23/2020
5.750% due 01/30/2021
1,000
0.000% due 04/05/2012
Anglo American Capital PLC
LBG Capital No.1 PLC
2.750% due 04/08/2016
1,000
Amgen, Inc.
5.000% due 03/20/2023
Bundesobligation
1,000
0.000% due 04/27/2012
Rhodia S.A.
HSBC Bank PLC
6.500% due 02/24/2021
1,018
RCI Banque S.A.
6.934% due 04/09/2018
6.625% due 03/30/2022
950
8.375% due 07/15/2014
Republic of Germany
5.375% due 08/10/2020
Barclays Bank PLC
1,069
Hutchison Whampoa International Ltd.
0.030% due 06/14/2012
9.500% due 08/15/2016
1,070
0.030% due 06/14/2012
Vesteda Residential Funding BV
1.750% due 06/14/2013
4.875% due 09/25/2015
1,610
Goldman Sachs Group, Inc.
0.000% due 04/05/2012
Banque PSA Finance
1,500
2.250% due 09/04/2021
Citigroup, Inc.
0.000% due 04/27/2012
11.040% due 03/19/2020
1,627
LBG Capital No.1 PLC
4.375% due 09/27/2012
9.375% due 09/29/2049
1,576
1.250% due 10/14/2016
Republic of Germany
1.250% due 10/14/2016
Societe Generale S.A.
1,750
France Treasury Bills
4.625% due 01/04/2023
1.662% due 04/22/2017
1,700
3.500% due 04/12/2013
Peugeot S.A.
KFW
6.250% due 08/02/2018
2,825
FMS Wertmanagement
1.750% due 04/07/2022
Franz Haniel & Cie GmbH
2,800
5.000% due 07/04/2012
France Treasury Bills
Republic of Germany
7.750% due 04/03/2018
€ 3,714
Republic of Germany
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
Republic of Germany
€ 3,350
Bundesobligation
1.210% due 12/06/2044
11.000% due 12/29/2049
3.250% due 07/15/2021
Bundesobligation
RMAC Securities PLC
4.750% due 10/02/2019
Netherlands Government Bond
Republic of Germany
5.000% due 07/04/2012
Citigroup, Inc.
PROCEEDS
(000S)
SALES THROUGH 30 JUNE 2012
Republic of Germany
1.225% due 10/25/2018
PAR
(000S)
DESCRIPTION
Overnight investments of uninvested Fund cash which usually mature the next
business day have been excluded from the Significant Changes in
Portfolio Composition.
Portfolio of Investments and Assets Euro Liquidity Fund
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
UniCredit Bank AG
CORPORATE BONDS & NOTES
Total Corporate Bonds & Notes
1.500% due 01/14/2013
FAIR
% OF
VALUE
NET
(000S) ASSETS
€ 1,300 € 1,306 1.65
24,575 31.08
24,575 31.08
BANKING & FINANCE
Bank of Scotland PLC
3.250% due 01/25/2013
SOVEREIGN ISSUES
€ 2,400 € 2,434 3.08
Cie de Financement Foncier S.A.
4.000% due 10/25/2012
2,000
2,021 2.56
Erste Abwicklungsanstalt
0.738% due 09/04/2012
0.971% due 09/16/2012
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
Kommunekredit
1.057% due 01/14/2013
4.375% due 10/02/2012
1,000
1,001 1.27
200
2,000
200 0.25
2,002 2.53
500
505 0.64
2,707 3.42
Credit Mutuel - CIC Home Loan SFH
4.750% due 07/17/2012
2,500
2,505 3.17
1,000
2,400
1,000 1.26
2,434 3.08
COMMERCIAL PAPER
Eurohypo AG
0.641% due 12/14/2012
4.250% due 11/20/2012
Hypo Real Estate Bank International AG
3.000% due 10/12/2012
300
302 0.38
800
1,000
809 1.02
1,008 1.27
4,300
4,334 5.48
KA Finanz AG
1.750% due 06/17/2013
2.250% due 12/17/2012
Nationwide Building Society
4.625% due 09/13/2012
Northern Rock Asset Management PLC
3.625% due 03/28/2013
500
510 0.65
2,200
2,201 2.78
2,700
2,710 3.43
NRW.Bank
0.614% due 11/22/2012
Oesterreichische Volksbanken AG
2.250% due 09/14/2012
Erste Abwicklungsanstalt
0.700% due 03/21/2013
1,500
1,500 1.90
400
400 0.50
1,900 2.40
State of North Rhine-Westphalia
1.250% due 08/17/2012
REPURCHASE AGREEMENTS
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 0.020%
due 11/15/2012 valued at
€19,168. Repurchase
proceeds are €19,000.)
€ 19,000 € 19,000 24.03
UBS AG
0.211% due 06/21/2014
(Dated 06/29/2012.
Collateralised by Bank of
Montreal 4.250% due
01/23/2013 valued at
€13,493. Repurchase
proceeds are €13,441.)
0.212% due 06/27/2014
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 0.431%
due 04/25/2013 valued at
€9,999. Repurchase
proceeds are €10,004.)
13,441
13,441 17.00
10,004
10,004 12.65
46,430 58.72
Barclays Capital, Inc.
0.020% due 07/02/2012
(Dated 06/29/2012.
Collateralised by
Bundesschatzanweisungen
0.750% due 09/14/2012
valued at €3,985. Repurchase
proceeds are €3,985.)
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
3,985
€ 75,612 95.62
3,985 5.04
Total Investments
€ 75,612
95.62
FAIR
VALUE
(000S)
% OF
NET
ASSETS
€
473
€ 2,991
€ 79,076
0.60
3.78
100.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
DnB NORBank ASA
€
0.040% due 06/29/2012
473
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 0
€ 75,612
€ 0
€ 75,612
Transferable Securities
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 249
Significant Changes in Portfolio Composition Euro Liquidity Fund
DESCRIPTION
PAR
(000S)
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
France Treasury Bills
0.030% due 06/14/2012
France Treasury Bills
€ 13,200
€ 13,200
0.030% due 06/14/2012
10,000
9,999
0.000% due 01/26/2012
6,000
6,041
6,000
6,029
6,000
6,027
5,000
5,076
5,000
5,002
IKB Deutsche Industriebank AG
4,600
4,631
Austria Government Bond
4,300
4,388
France Treasury Bills
DEPFA Deutsche Pfandbriefbank AG
2.875% due 06/22/2012
Caisse d’Amortissement de la Dette Sociale
2.625% due 04/25/2012
Austria Government Bond
5.000% due 07/15/2012
IKB Deutsche Industriebank AG
2.125% due 09/10/2012
Nationwide Building Society
4.625% due 09/13/2012
Bank of Scotland PLC
3.250% due 01/25/2013
4,200
4,275
NRW Bank
0.614% due 11/22/2012
4,200
4,205
Cie de Financement Foncier
4.000% due 10/25/2012
4,000
4,083
4,000
3,996
1.505% due 01/25/2012
4.250% due 10/12/2012
FMS Wertmanagement
2,200
2,210
FMS Wertmanagement
2,100
2,114
2,000
2,008
2,000
2,003
6,500
6,500
6,500
6,500
6,100
6,139
6,000
6,021
6,000
6,000
5,900
5,900
5,900
5,900
5,700
5,700
5,500
5,500
5,000
5,111
5,110
5,110
5,000
5,000
5,000
5,000
4,200
4,200
4,000
4,009
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
3,500
3,500
3,400
3,401
3,100
3,100
3,000
3,025
3,000
3,021
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
2,500
2,508
2,500
2,500
2,500
2,500
State of North Rhine-Westphalia
2.750% due 01/30/2012
Bundesschatzanweisungen
1.000% due 03/16/2012
Deutsche Genossenschafts-Hypothekenbank AG
State of Hesse
KFW
0.000% due 05/17/2012
0.670% due 03/07/2012
Nederlandse Waterschapsbank NV
3.125% due 01/20/2012
State of Hesse
2.035% due 04/23/2012
KA Finanz AG
0.000% due 3/2/2012
Free State of Bavaria
2,000
2,000
5.000% due 06/26/2012
BA Covered Bond Issuer
2,000
1,998
4.125% due 04/05/2012
1,969
1,988
2.125% due 03/12/2012
1,900
1,927
1,700
1,698
1,500
1,518
1,500
1,499
WL BANK AG Westfaelische Landschaft
Bodenkreditbank
1,435
1,440
1.680% due 01/02/2012
Unedic
State of North Rhine-Westphalia
4.625% due 08/15/2012
FMS Wertmanagement
0.950% due 01/31/2012
KA Finanz AG
0.650% due 01/23/2012
Oesterreichische Kontrollbank AG
4.125% due 02/21/2012
Societe Financement de l’Economie Francaise
2.125% due 05/20/2012
2.750% due 01/13/2012
5.250% due 07/04/2012
Erste Abwicklungsanstalt
0.700% due 03/21/2013
3.125% due 02/10/2012
2,401
KA Finanz AG
1.750% due 06/17/2013
7,644
LeasePlan Corp. NV
2,400
European Financial Stability Facility
0.400% due 12/03/2013
3.750% due 01/12/2012
2.030% due 05/04/2012
Free State of Bavaria
5.000% due 06/26/2012
7,644
ABN Amro Bank NV
2,710
General Electric Capital Corp.
4.000% due 06/15/2012
0.005% due 03/15/2012
2,700
KA Finanz AG
0.000% due 04/27/2012
5.000% due 07/15/2012
3.250% due 01/19/2012
Bundesschatzanweisungen
0.500% due 06/15/2012
2.125% due 09/10/2012
2,713
Erste Abwicklungsanstalt
0.000% due 09/16/2012
9,501
France Treasury Notes
2,700
State of Hesse
2.035% due 04/23/2012
9,500
Eurohypo AG
3,029
UniCredit Bank AG
1.500% due 01/14/2013
2.875% due 06/22/2012
3,000
State of Hesse
2.030% due 05/04/2012
10,000
DEPFA Deutsche Pfandbriefbank AG
3,499
Nationwide Building Society
4.125% due 02/27/2012
2.625% due 04/25/2012
3,500
BA Covered Bond Issuer
4.125% due 04/05/2012
10,000
Caisse d’Amortissement de la Dette Sociale
3,869
Oesterreichische Volksbanken AG
2.250% due 09/14/2012
0.000% due 03/01/2012
3,800
Unedic
2.125% due 03/12/2012
10,000
Bundesobligation
KA Finanz AG
0.000% due 03/02/2012
10,000
State of Hesse
Eurohypo AG
4.250% due 11/20/2012
€ 13,197
Commerzbank AG
FMS Wertmanagement
0.000% due 05/17/2012
€ 13,200
France Treasury Bills
3.750% due 01/12/2012
Bundesschatzanweisungen
1.000% due 03/16/2012
PROCEEDS
(000S)
France Treasury Bills
3.000% due 01/18/2012
Credit Mutuel - CIC Home Loan SFH
4.750% due 07/17/2012
PAR
(000S)
SALES THROUGH 30 JUNE 2012
France Treasury Bills
0.000% due 03/01/2012
DESCRIPTION
Credit Mutuel - CIC Home Loan SFH
4.750% due 07/17/2012
Societe Financement de l’Economie Francaise
2.375% due 03/10/2012
State of North Rhine-Westphalia
3.625% due 02/15/2012
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
250 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Portfolio of Investments and Assets Euro Long Average Duration Fund
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
INDUSTRIALS
BANK LOAN OBLIGATIONS
Sinochem Overseas Capital Co. Ltd.
HeidelbergCement Finance BV
8.000% due 01/31/2017
6.300% due 11/12/2040
Springleaf Financial Funding Co.
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
1.294% due 10/23/2016
€ 1,300 €
1,490 0.29
321 0.06
1,811 0.35
UTILITIES
BANKING & FINANCE
AK Transneft OJSC Via TransCapitalInvest Ltd.
€ 3,000
3.625% due 07/18/2022
3,242 0.63
4.500% due 04/06/2015
$ 1,200
Bank Nederlandse Gemeenten
1.875% due 06/06/2019
2.250% due 08/24/2016
3.875% due 05/26/2023
950 0.18
6.510% due 03/07/2022
394 0.08
500
439 0.08
5.298% due 09/30/2020
Depfa ACS Bank
3.875% due 07/15/2013
4.375% due 01/15/2015
4.875% due 10/28/2015
1,699 0.33
269 0.05
2,375 0.46
Total Corporate Bonds & Notes
€ 5,200
4,200
$ 1,300
5,274 1.03
4,340 0.84
1,050 0.20
Fannie Mae
DEPFA Deutsche Pfandbriefbank AG
€ 1,500
1,161
1,536 0.30
1,191 0.23
AUD 2,000
1,556 0.30
4.000% due 03/15/2013
5.500% due 01/15/2013
Deutsche Bank AG
5.160% due 04/23/2014
Eksportfinans ASA
0.661% due 04/05/2013
1.875% due 04/02/2013
2.000% due 09/15/2015
2.375% due 05/25/2016
3.000% due 11/17/2014
$
200
250
730
100
1,000
153
193
515
70
747
0.03
0.04
0.10
0.01
0.15
5.500% due 09/30/2014
5.832% due 09/30/2016
1,300
427
5.125% due 01/21/2016
2,600
2,124 0.41
€ 3,000
7.500% due 04/21/2015
3,143 0.61
1.493% due 07/20/2043
£
HSH N Finance Guernsey Ltd.
0.790% due 12/21/2015
347
414 0.08
€ 3,300
3,291 0.64
$ 1,800
7,300
1,333 0.26
5,181 1.01
KFW
1.375% due 02/21/2017
5.250% due 07/04/2012
€ 3,500
700
3,566 0.69
700 0.14
11.040% due 03/19/2020
£
900
1,129 0.22
15 0.00
4.875% due 03/30/2027
5.125% due 03/07/2025
1,900
700
2,499 0.49
953 0.19
€ 8,300
7,924 1.54
100
79 0.02
94 0.02
MORTGAGE-BACKED SECURITIES
Arkle Master Issuer PLC
2.187% due 05/17/2060
€ 100
101 0.02
Arran Residential Mortgages Funding PLC
2.089% due 05/16/2047
5,500
5,521 1.07
Countrywide Alternative Loan Trust
0.424% due 02/20/2047
0.884% due 04/27/2018
1.213% due 10/27/2014
1.503% due 04/17/2041
$ 368
143 0.03
€ 561
£ 100
519 0.10
122 0.02
€
34
34 0.01
2.950% due 05/14/2045
£ 1,700
2,103 0.41
0.979% due 03/20/2044
1.198% due 06/20/2044
1.278% due 09/20/2044
€ 277
£ 27
93
267 0.05
32 0.01
111 0.02
Great Hall Mortgages PLC
DKK 40,100
5,440 1.06
0.973% due 05/30/2014
0.793% due 03/18/2039
€ 487
401 0.08
0.325% due 10/25/2046 (a)
2.107% due 10/15/2054
2.802% due 05/26/2050
$
5
3 0.00
2.000% due 01/01/2013
68,100
9,245 1.80
$ 2,100
1,411 0.27
€ 1,800
1,808 0.35
1.168% due 03/09/2015
3.724% due 01/20/2015
2,000
1,467 0.29
£ 1,700
2.485% due 01/18/2013
3,600
2,780 0.54
4.250% due 05/23/2013
2.500% due 01/21/2013
2,300
€
300
See Accompanying Notes
Opera Finance PLC
272
289 0.06
4,206
4,397 0.85
€ 327
290 0.06
£ 851
1,033 0.20
€ 800
739 0.14
191
153 0.03
$ 119
56 0.01
£ 392
100
456 0.09
123 0.02
Paragon Mortgages PLC
146
144 0.03
484
441 0.09
1,377 0.27
1.166% due 06/04/2024
Real Estate Capital PLC
303 0.06
1.218% due 07/15/2016
1.263% due 10/20/2014
10.000% due 01/01/2014
10.000% due 01/01/2021
BRL
€
4.125% due 04/15/2024
3,463 1,389 0.27
70,100 27,501 5.35
1,200
1,338 0.26
European Union
2.750% due 09/21/2021
3.000% due 09/04/2026
3.375% due 04/04/2038
3.500% due 06/04/2021
3.750% due 04/04/2042
1,400 1,449 0.28
12,550 12,810 2.49
2,400 2,529 0.49
1,400 1,536 0.30
8,800 9,897 1.92
Export-Import Bank of Korea
5.125% due 06/29/2020
FMS Wertmanagement
1.375% due 01/16/2015
1.625% due 02/22/2017
2.750% due 06/03/2016
$
3,000
2,648 0.51
€
1,300
5,300
1,300
1,322 0.26
5,411 1.05
1,387 0.27
France Government Bond
3.000% due 04/25/2022
4.000% due 10/25/2038
4.000% due
04/25/2055 (b)
4.000% due
04/25/2060 (b)
21,500 22,105 4.30
5,200 5,582 1.09
41,830 45,302 8.81
50,860 54,994 10.69
Gemeinsame Deutsche Bundeslaender
4.375% due 09/27/2012
1,000
0.099% due 08/13/2012
1,009 0.20
JPY 1,430,000 14,121 2.75
10.000% due 12/05/2024 MXN
2.250% due 07/15/2022
€
4.000% due 12/03/2019
3.625% due 02/10/2015
5.000% due 04/29/2019
58,000
4,778 0.93
71,700 72,640 14.13
5,500
6,304 1.23
2,900
1,800
3,112 0.60
2,178 0.42
1
1 0.00
1,900
5
2,490 0.48
7 0.00
6,526
9,232 1.80
500
541 0.10
500
536 0.10
1,100
1,676 0.33
Republic of Germany
3.750% due 01/04/2017
4.000% due
01/04/2037 (b)(c)
4.250% due 07/04/2039
4.750% due
07/04/2034 (b)(c)(d)
State of Hesse
4.000% due 01/05/2015
RALI Trust
1,812 0.35
State of Lower Saxony
3.625% due 01/20/2015
United Kingdom Gilt
4.250% due 12/07/2040
4.500% due
12/07/2042 (d)
£
11,400 18,164 3.53
Silk Road Finance Number One PLC
WM Covered Bond Program
4.000% due 09/27/2016
4.375% due 05/19/2014
2,107 0.41
Newgate Funding PLC
0.545% due 08/25/2035
Scotland International Finance No. 2 BV
€
Province of Quebec
1.110% due 05/15/2034
Santander US Debt SAU
Swedbank Hypotek AB
MESDAG BV
0.961% due 10/20/2014
Santander US Debt S.A. Unipersonal
2 0.00
Province of Ontario
Mansard Mortgages PLC
1.551% due 12/15/2050
Royal Bank of Scotland NV
2
Netherlands Government Bond
Mall Funding PLC
0.901% due 10/25/2019
Realkredit Danmark A/S
$
Mexico Government International Bond
Greenpoint Mortgage Funding Trust
1.601% due 12/15/2049
Nykredit Realkredit A/S
560 0.11
Japan Treasury Bills
1.694% due 04/22/2017
Merrill Lynch & Co., Inc.
589
Penta CLO S.A.
European Investment Bank
0.175% due 12/10/2012
LEOFRIC PLC
Lloyds TSB Bank PLC
2.000% due 01/01/2013
19
Freddie Mac
Holmes Master Issuer PLC
LBG Capital No.1 PLC
230 0.04
Brazil Notas do Tesouro Nacional Series F
2.550% due 08/01/2036
Granite Mortgages PLC
Intesa Sanpaolo SpA
2.867% due 02/24/2014
3.625% due 08/12/2015
0.22
0.07
0 .51
20.12
Gemgarto
Granite Mortgages PLC
233
SOVEREIGN ISSUES
EMF-NL
GMAC International Finance BV
Leopard CLO BV
1.268% due 04/07/2019
1,108
361
2,629
103,495
US GOVERNMENT AGENCIES
DECO Series
EUROHYPO Europaeische Hypothekenbank
S.A. Luxembourg
327 0.06
Ras Laffan Liquefied Natural Gas Co. Ltd. III
$ 2,100
£ 200
1,750
3,575 0.70
27,669 5.38
Countrywide Asset-Backed Certificates
0.325% due 10/25/2047
378
Barclays Bank PLC
5.015% due 11/12/2013
9.500% due 08/07/2021
10.000% due 05/21/2021
3,784
Cougar CLO PLC
1.777% due 07/15/2020
Ras Laffan Liquefied Natural Gas Co. Ltd. II
3,261 0.63
10,358 2.01
1,676 0.33
620 0.12
ASSET-BACKED SECURITIES
1.591% due 06/18/2015
400
Gazprom OAO Via Gaz Capital S.A.
€ 3,300
10,000
1,500
€
580 €
FAIR
% OF
VALUE
NET
(000S) ASSETS
Aquilae CLO PLC
8.700% due 08/07/2018
Banco Santander Brasil S.A.
£
Windermere CMBS PLC
0.864% due 08/22/2016
$ 400
CORPORATE BONDS & NOTES
Australia & New Zealand Banking Group Ltd.
PAR
(000S)
DESCRIPTION
Titan Europe PLC
$ 2,700 € 2,009 0.39
5.500% due 05/10/2017
30 June 2012 (Unaudited)
3,500
100
3,780 0.74
105 0.02
99,055 19.26
2.207% due 03/21/2054
€ 2,637
2,651 0.52
Structured Asset Mortgage Investments, Inc.
0.493% due 07/19/2035
$
22
15 0.00
Semiannual Report
30 June 2012 251
Portfolio of Investments and Assets Euro Long Average Duration Fund (Cont.)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
REPURCHASE AGREEMENTS
United Kingdom Treasury Bills
0.444% due 07/02/2012
1,200 €
£
1,483 0.29
335,472 65.23
SHARES
EXCHANGE-TRADED FUNDS
PIMCO Euro Enhanced
Short Maturity Source
ETF (e)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
50,000
5,020 0.98
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Merrill Lynch & Co., Inc.
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 2.000%
due 11/15/2012 valued at
€32,871. Repurchase proceeds
are €32,600.)
€ 32,600 € 32,600 6.34
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 0.250% due
04/30/2014 valued at $511.
Repurchase proceeds
are $500.)
$ 500 €
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
394 0.08
32,994 6.42
€ 508,130 98.81
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
Euro-Bund 10-Year Bond September Futures
Euro-Buxl 30-Year Bond September Futures
US Treasury 20-Year Bond September Futures
Long
Long
Long
09/2012
09/2012
09/2012
# of
Contracts
658
959
113
Unrealised
Appreciation/
(Depreciation)
Total Financial Derivative Instruments Dealt in on a Regulated Market
% of
Net Assets
€ (2,104)
(10,503)
24
€ (12,583)
(0.41)
(2.04)
0.00
(2.45)
€ (12,583)
(2.45)
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Receive
Receive
Receive
Pay
Pay
3-Month EURIBOR
3-Month USD-LIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month GBP-LIBOR
6-Month GBP-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
1.250%
3.000%
1.750%
2.000%
1.500%
2.500%
12/19/2013
06/20/2022
09/19/2022
09/19/2042
09/19/2017
09/19/2022
€ 120,900
$ 19,200
€ 12,300
21,800
£ 9,600
17,400
Unrealised
Appreciation/
(Depreciation)
Total Centrally Cleared Financial Derivative Instruments
% of
Net Assets
€
(712)
42
(23)
(693)
23
(711)
€ (2,074)
(0.14)
0.01
0.00
(0.14)
0.00
(0.14)
(0.41)
€ (2,074)
(0.41)
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Exercise
Price
Expiration
Date
Notional
Amount
08/23/2012
06/26/2013
06/26/2013
06/26/2013
06/26/2013
06/26/2013
06/26/2013
04/29/2013
04/29/2013
AUD 2,410
€ 2,380
2,380
2,380
2,380
2,280
2,380
5,100
20,000
Fair
Value
Cost
% of
Net Assets
FOREIGN CURRENCY OPTIONS
Put - OTC Australian dollar versus US dollar
Put - OTC Eurodollar versus Danish krone
Put - OTC Eurodollar versus Danish krone
Put - OTC Eurodollar versus Norwegian krone
Put - OTC Eurodollar versus Norwegian krone
Put - OTC Eurodollar versus Swedish krona
Put - OTC Eurodollar versus Swedish krona
Put - OTC Eurodollar versus US dollar
Put - OTC Eurodollar versus US dollar
Description
JPM
UAG
UAG
HUS
UAG
UAG
CBK
BRC
RBC
$
DKK
NOK
SEK
$
0.971
7.230
7.230
6.925
6.925
8.105
8.105
1.150
1.150
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BRC
DUB
MYC
UAG
DUB
6-Month EUR-LIBOR
6-Month EUR-LIBOR
6-Month EUR-LIBOR
6-Month EUR-LIBOR
3-Month USD-LIBOR
Receive
Receive
Receive
Receive
Receive
Expiration
Date
€ 33
15
18
10
10
9
12
58
232
€ 397
Notional
Amount
Cost
€
9
9
9
9
9
11
11
75
296
€ 438
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.06
0.07
Fair
Value
% of
Net Assets
€ 74
63
68
58
3
€ 266
0.01
0.01
0.01
0.01
0.00
0.04
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
252 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
3.000%
3.000%
3.000%
3.000%
3.750%
03/17/2014 € 1,400 € 92
03/17/2014
1,200
75
03/17/2014
1,300
83
03/17/2014
1,100
71
09/24/2012 $ 8,200
212
€ 533
30 June 2012 (Unaudited)
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive
Floating Rate
BRC
DUB
MYC
UAG
BOA
BRC
BRC
CBK
CBK
CBK
CBK
CBK
DUB
DUB
GST
JPM
JPM
JPM
JPM
MYC
MYC
MYC
MYC
MYC
RYL
UAG
UAG
6-Month EUR-LIBOR
6-Month EUR-LIBOR
3-Month USD-LIBOR
6-Month EUR-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
3-Month USD-LIBOR
3-month USD-LIBOR
3-month USD-LIBOR
Pay
Pay
Pay
Pay
Pay
Receive
Pay
Receive
Pay
Pay
Receive
Pay
Pay
Pay
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Receive
Pay
Pay
Receive
Pay
Exercise
Rate
Expiration
Date
Notional
Amount
Fair
Value
% of
Net Assets
(72)
(63)
(66)
(57)
0
(438)
(173)
0
(15)
0
(578)
(229)
0
0
(1)
(9)
0
(68)
(23)
(30)
(12)
(19)
(111)
(1)
0
(1)
(51)
€ (2,017)
(0.01)
(0.01)
(0.01)
(0.01)
0.00
(0.09)
(0.03)
0.00
0.00
0.00
(0.11)
(0.04)
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
(0.01)
0.00
0.00
(0.02)
0.00
0.00
0.00
(0.01)
(0.36)
Premiums
INTEREST RATE SWAPTIONS
Put - OTC 10-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 10-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 10-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
3.000%
3.000%
3.000%
3.000%
2.250%
1.400%
1.400%
0.400%
0.400%
2.250%
1.400%
1.400%
10.000%
2.250%
0.795%
0.795%
0.795%
0.800%
0.800%
0.600%
0.600%
0.795%
1.056%
1.056%
2.250%
0.400%
0.400%
03/17/2014 € 3,300 €
(99)
03/17/2014
2,900
(84)
03/17/2014
3,000
(87)
03/17/2014
2,600
(77)
09/24/2012 $ 11,900
(50)
03/18/2013
34,900
(276)
03/18/2013
34,900
(475)
08/13/2012
16,300
(11)
08/13/2012
16,300
(11)
09/24/2012
700
(4)
03/18/2013
46,000
(328)
03/18/2013
46,000
(673)
07/10/2012
4,700
(21)
09/24/2012
39,000
(260)
10/11/2012
8,400
0
10/11/2012
4,100
0
10/11/2012
4,100
0
07/11/2013
29,700
(74)
07/11/2013
29,700
(74)
08/13/2012
30,000
(66)
08/13/2012
30,000
(66)
10/11/2012
8,400
0
10/11/2012
14,700
0
10/11/2012
14,700
0
09/24/2012
43,100
(257)
08/13/2012
56,800
(55)
08/13/2012
56,800
(55)
€ (3,103)
€
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - BUY PROTECTION(1)
Reference Entity
Fixed Deal
(Pay) Rate
Ally Financial, Inc.
Ally Financial, Inc.
Barclays Bank PLC
Barclays Bank PLC
Barclays Bank PLC
Hanson Ltd.
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Intesa Sanpaolo SpA
Royal Bank of Scotland PLC
Santander International Debt SAU
Santander International Debt SAU
Santander US Debt SAU
Santander US Debt SAU
Santander US Debt SAU
(5.000%)
(5.000%)
(1.000%)
(3.000%)
(3.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(5.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
Maturity Date Counterparty
06/20/2015
06/20/2015
12/20/2013
06/20/2021
12/20/2013
03/20/2013
09/20/2015
03/20/2014
09/20/2015
06/20/2018
03/20/2013
03/20/2015
03/20/2013
03/20/2013
03/20/2015
DUB
GST
BOA
BPS
GST
DUB
BPS
BRC
BRC
CBK
BPS
MYC
BPS
MYC
MYC
€
$
€
$
Notional
Amount(3)
Fair
Value
1,100
1,900
1,600
400
500
1,100
2,600
1,800
4,700
4,000
1,300
1,100
1,000
1,300
900
€ (48)
(83)
36
29
(1)
(3)
203
72
367
168
17
64
13
17
52
€ 903
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
€
€ (89)
66
10
(15)
(10)
0
58
54
232
(384)
(2)
26
(1)
3
22
€ (30)
41
(149)
26
44
9
(3)
145
18
135
552
19
38
14
14
30
€ 933
(0.01)
(0.02)
0.01
0.01
0.00
0.00
0.04
0.02
0.07
0.03
0.00
0.01
0.00
0.00
0.01
0.17
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(2)
Reference Entity
Brazil Government International Bond
Brazil Government International Bond
Egypt Government International Bond
Egypt Government International Bond
France Government Bond
France Government Bond
France Government Bond
Gazprom OAO Via Gazprom International S.A.
Republic of Korea
Russia Government International Bond
Tokyo Electric Power Co., Inc.
Tokyo Electric Power Co., Inc.
US Treasury Notes
US Treasury Notes
See Accompanying Notes
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
0.250%
0.250%
0.250%
1.000%
1.000%
1.000%
1.000%
1.000%
0.250%
0.250%
12/20/2012
12/20/2012
06/20/2015
06/20/2015
06/20/2017
06/20/2017
06/20/2017
12/20/2012
12/20/2012
12/20/2012
12/20/2012
09/20/2013
09/20/2012
09/20/2012
BPS
GST
CBK
DUB
BOA
CBK
GST
UAG
DUB
HUS
CBK
CBK
SOG
UAG
Notional
Amount(3)
Fair
Value
800 €
2
600
1
600
(61)
200
(20)
16,400
(947)
18,400 (1,062)
25,900 (1,496)
300
0
800
2
1,100
2
JPY 5,000
(1)
8,000
(2)
€ 1,400
0
4,990
1
€ (3,581)
$
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
€
1
0
(31)
(10)
(1,189)
(1,334)
(1,874)
(5)
(4)
(9)
(10)
(12)
(8)
(34)
€ (4,519)
Semiannual Report
€
1
1
(30)
(10)
242
272
378
5
6
11
9
10
8
35
€ 938
0.00
0.00
(0.01)
0.00
(0.18)
(0.21)
(0.29)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.69)
30 June 2012 253
Portfolio of Investments and Assets Euro Long Average Duration Fund (Cont.)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(1)
Index/Tranches
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Notional
Amount(3)
Fair
Value
Dow Jones iTraxx Europe Senior Financial Series 17 Index
Dow Jones iTraxx Europe Senior Financial Series 17 Index
Dow Jones iTraxx Europe Series 16 Index
Dow Jones iTraxx Europe Series 17 Index
(1.000%)
(1.000%)
(1.000%)
(1.000%)
€ 31,800
1,700
11,100
2,600
€ 2,253
120
307
78
€ 2,758
06/20/2017
06/20/2017
12/20/2016
06/20/2017
BRC
DUB
MYC
UBS
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
€ 1,537
140
142
91
€ 1,910
€ 716
(20)
165
(13)
€ 848
0.44
0.02
0.06
0.02
0.54
(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)
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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(3)
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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
6-Month Australian Bank Bill
6-Month Australian Bank Bill
Euro OverNight Index Average
IBMEXID
IBMEXID
Fixed
Rate
Maturity Date
5.000%
5.000%
0.750%
6.650%
6.300%
06/15/2017
06/15/2022
12/19/2013
06/02/2021
08/31/2021
Notional
Amount
Counterparty
DUB
UAG
GLM
HUS
HUS
Upfront
Premiums
Paid/(Received)
Fair
Value
€
AUD
100
7,800
€ 120,900
MXN 100,000
87,000
Unrealised
Appreciation
€
5
544
606
378
193
€ 1,726
€
1
461
1
82
(49)
€ 496
% of
Net Assets
4
82
605
296
242
€ 1,229
0.00
0.10
0.12
0.07
0.04
0.33
Fair
Value
Upfront
Premiums
Paid/
(Received)
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
CROSS-CURRENCY SWAPS
Receive
Pay
Floating rate equal to 3Month USD-LIBOR less
0.468% based on the
notional amount of
currency delivered
Floating rate equal to 3Month JPY-LIBOR less
0.665% based on the
notional amount of
currency delivered
Floating rate equal to
3-Month EUR-LIBOR
based on the notional
amount of currency
received
Floating rate equal to
3-Month EUR-LIBOR
based on the notional
amount of currency
received
(4)
Maturity Date(4) Counterparty
Notional
Amount of
Currency
Received
Notional
Amount of
Currency
Delivered
03/20/2014
BOA
€ 114,201
150,600
€ (294)
€ (368)
€ (4,028)
(0.06)
03/20/2014
BOA
€ 150,600 JPY 11,958,950
951
829
4,224
0.19
€ 657
€ 461
196
0.13
$
€
At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Sell
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
Buy
Buy
Sell
Sell
AUD
BRL
CNY
DKK
£
JPY
KRW
MXN
Principal Amount
Covered by
Contract
850
11,150
74,109
25,575
25,575
81,650
28,510
590
260
9,230
7,460
1,820
560
30,652
20,700
1,430,000
213,151
213,151
213,151
74,448
2,261
Settlement
Counterparty
BRC
JPM
HUS
DUB
DUB
BRC
DUB
BRC
BRC
FBF
JPM
JPM
UAG
UAG
BRC
UAG
BRC
UAG
BRC
CBK
DUB
254 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Month
08/2012
08/2012
08/2012
02/2013
02/2013
01/2013
01/2013
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
09/2012
08/2012
08/2012
Unrealised
Appreciation
€
0
0
207
298
0
1
2
0
2
16
0
19
0
200
4
0
2
2
0
0
0
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ (29)
(375)
0
0
(144)
0
0
(4)
0
0
(69)
0
(6)
0
0
(242)
0
0
(2)
(30)
(4)
€ (29)
(375)
207
298
(144)
1
2
(4)
2
16
(69)
19
(6)
200
4
(242)
2
2
(2)
(30)
(4)
0.00
(0.07)
0.04
0.06
(0.03)
0.00
0.00
0.00
0.00
0.00
(0.01)
0.00
0.00
0.04
0.00
(0.05)
0.00
0.00
0.00
(0.01)
0.00
30 June 2012 (Unaudited)
Type
Currency
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Buy
Sell
Buy
Sell
MXN
MYR
PHP
SGD
TWD
$
Principal Amount
Covered by
Contract
1,111
4,216
51
1,776
235
2,006
184
17
189
6,870
10,290
101,651
6,578
2,560
160
37,925
5,380
19,404
2,031
184
41
68
3,987
4,041
Counterparty
UAG
UAG
JPM
CBK
UAG
BRC
BRC
JPM
UAG
BPS
BRC
BRC
CBK
CBK
DUB
HUS
JPM
UAG
UAG
BRC
CBK
BRC
DUB
DUB
Settlement
Month
Unrealised
Appreciation
08/2012
08/2012
07/2012
10/2012
08/2012
11/2012
07/2012
07/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
09/2012
10/2012
11/2012
02/2013
02/2013
€
1
0
0
0
3
0
0
0
0
0
33
7
166
18
0
958
0
259
4
3
0
0
129
0
€ 2,334
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
€
% of
Net Assets
€
0
(7)
0
(1)
0
(1)
(3)
0
(5)
(4)
(96)
(1,527)
0
(11)
(2)
0
(45)
(17)
(6)
0
0
0
0
(326)
€ (2,956)
1
(7)
0
(1)
3
(1)
(3)
0
(5)
(4)
(63)
(1,520)
166
7
(2)
958
(45)
242
(2)
3
0
0
129
(326)
€ (622)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
(0.30)
0.03
0.00
0.00
0.19
(0.01)
0.05
0.00
0.00
0.00
0.00
0.03
(0.06)
(0.12)
Total OTC Financial Derivative Instruments
€
528
0.11
Total Investments
€ 494,001
96.06
FAIR
VALUE
(000S)
% OF
NET
ASSETS
1
10
0
1
2
0.00
0.00
0.00
0.00
0.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.010% due 06/29/2012
0.010% due 06/29/2012
0.650% due 06/29/2012
4.840% due 06/29/2012
€
DKK
9
JPY 1,015
SGD
0
NOK
4
AUD
2
Citibank N.A.
0.087% due 06/29/2012
£
334
412
0.08
$
357
281
0.06
CAD
93
72
0.01
€ 5,437
5,437
€ 6,216
€ 14,031
€ 514,248
1.06
1.21
2.73
100.00
DBS Bank Ltd.
0.030% due 06/29/2012
Deutsche Bank AG
0.234% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Security is in default.
(b) Securities with an aggregate market value of €2,172 and cash of €409 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(c) Securities with an aggregate market value of €5,166 have been pledged as collateral for OTC swap, swaption and foreign currency contracts as governed by ISDA Master
Agreements contracts as at 30 June 2012.
(d) Securities with an aggregate market value of €10,055 and cash of €979 have been segregated with the Custodian to cover margin requirements for the open futures
contracts as at 30 June 2012.
(e) The Euro Long Average Duration Fund is investing in shares of an affiliated fund.
(f) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
See Accompanying Notes
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
€
5,020
(12,583)
€ (7,563)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 503,110
(1,546)
€ 501,564
€ 0
0
€ 0
€ 508,130
(14,129)
€ 494,001
Semiannual Report
30 June 2012 255
Portfolio of Investments and Assets Euro Long Average Duration Fund (Cont.)
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Starting
Balance
at 31-Dec-2011
Net
Purchases5
€ 1,360
€ 0
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on investments
held at 30-Jun-20126
€ (1,372)
€ 0
€ 2
€ 10
€ 0
€ 0
€ 0
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
(g) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GLM
GST
HUS
JPM
MYC
RBC
UAG
(1)
Total Market Value
of OTC Derivatives
€
(254)
260
548
(1,627)
12
16
605
(1,580)
1,747
(561)
270
296
796
Collateral
(Received)/Pledged
€
789
(430)
288
1,931
0
35
(680)
1,811
(2,560)
311
(347)
(372)
0
Net
Exposures(1)
€ 535
(170)
836
304
12
51
(75)
231
(813)
(250)
(77)
(76)
796
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
256 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Euro Long Average Duration Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
Netherlands Government Bond
2.250% due 07/15/2022
€
645,700
€ 650,147
264,666
267,673
Netherlands Government Bond
119,386
130,758
Netherlands Government Bond
46,667
54,250
France Government Bond
45,800
49,165
France Government Bond
42,745
49,116
France Government Bond
41,500
43,888
Netherlands Government Bond
35,330
39,923
France Government Bond
15,163
20,743
United Kingdom Gilt
£
€
46,667
54,245
45,800
49,184
42,745
49,099
35,330
39,920
25,300
28,501
20,000
21,220
15,163
20,741
18,400
20,240
15,733
18,391
16,333
17,336
9,500
14,037
JPY 1,430,000
13,977
1,430,000
13,956
€
9,500
13,570
£
10,279
13,298
€
11,500
11,581
9,400
10,096
4.000% due 07/15/2018
4.000% due 04/25/2060
5.000% due 10/25/2016
3.500% due 07/15/2020
4.000% due 10/15/2037
3.000% due 04/25/2022
11,400
18,230
6.000% due 10/25/2025
Austria Government Bond
16,333
17,337
4.150% due 03/15/2037
France Government Bond
4.000% due 04/01/2037
11,400
15,248
Japan Treasury Bills
4.750% due 04/25/2035
Netherlands Government Bond
JPY 1,430,000
14,028
Japan Treasury Bills
2.750% due 01/15/2015
United Kingdom Gilt
0.099% due 08/13/2012
1,430,000
13,798
United Kingdom Gilt
4.250% due 12/07/2040
£
Japan Treasury Bills
£
€
10,154
12,854
0.000% due 02/13/2012
Japan Treasury Bills
11,500
11,473
KFW
0.000% due 05/14/2012
Republic of Germany
9,400
9,306
FMS Wertmanagement
4.000% due 04/01/2037
United Kingdom Gilt
9,300
9,291
Republic of Germany
0.125% due 03/22/2029
Erste Abwicklungsanstalt
6,500
8,923
European Union
3.750% due 04/04/2042
130,728
France Government Bond
Republic of Germany
4.750% due 07/04/2034
119,386
3.250% due 07/15/2021
France Government Bond
6.000% due 10/25/2025
1.375% due 01/16/2015
267,650
European Investment Bank
3.500% due 07/15/2020
2.500% due 01/17/2022
264,666
1.750% due 01/15/2013
Netherlands Government Bond
3.000% due 04/25/2022
1.250% due 06/03/2015
€ 579,215
France Government Bond
5.000% due 10/25/2016
Erste Abwicklungsanstalt
574,000
€
France Government Bond
4.000% due 04/25/2060
0.125% due 03/22/2029
2.250% due 07/15/2022
Netherlands Government Bond
4.000% due 07/15/2018
0.000% due 05/14/2012
Netherlands Government Bond
Netherlands Government Bond
3.250% due 07/15/2021
2.750% due 01/15/2015
PROCEEDS
(000S)
Netherlands Government Bond
1.750% due 01/15/2013
Netherlands Government Bond
PAR
(000S)
DESCRIPTION
SALES THROUGH 30 JUNE 2012
Netherlands Government Bond
4.500% due 12/07/2042
30 June 2012 (Unaudited)
1.250% due 06/03/2015
KFW
8,800
8,755
2.500% due 01/17/2022
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next
business day have been excluded from the Significant Changes in
Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 257
Portfolio of Investments and Assets Euro Low Duration Fund
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
Hutchison Whampoa Finance Ltd.
CORPORATE BONDS & NOTES
Total Corporate Bonds & Notes
5.875% due 07/08/2013
€
Export-Import Bank of Korea
30 €
31 0.78
67 1.69
1,091 27.49
FMS Wertmanagement
€ 600
1.375% due 01/16/2015
84
2.12
610 15.37
France Government Bond
Bayerische Landesbodenkreditanstalt
MORTGAGE-BACKED SECURITIES
0.752% due 09/30/2013
Granite Master Issuer PLC
€ 100 € 100 2.52
3.875% due 07/15/2013
150
152 3.83
100
103 2.60
2.250% due 06/15/2015
30
31 0.78
100
105 2.65
92
88 2.22
ING Bank NV
3.000% due 09/30/2014
KFW
0.875% due 11/15/2013
103
103 2.59
191 4.81
Republic of Korea
1.981% due 04/20/2018
47 1.18
Austria Government Bond
30
23 0.58
Belgium Government Bond
DKK 350
48 1.21
Bundesobligation
€ 100
106 2.67
150
158 3.98
1,024 25.80
RCI Banque S.A.
2.339% due 04/11/2014
$
Realkredit Danmark A/S
Swedbank Hypotek AB
4.125% due 06/09/2014
WM Covered Bond Program
4.375% due 05/19/2014
5.000% due 01/31/2013
32 0.81
5.750% due 04/16/2014
35
36 0.91
1.06
100
83
2.09
€ 190
190
4.79
$ 100
85
2.14
50
United Kingdom Gilt
SOVEREIGN ISSUES
4.250% due 12/07/2040
3.500% due 07/15/2015
100
108 2.72
100
118 2.97
90
91 2.29
280
281 7.08
100
101 2.55
100
100 2.52
50
100
53 1.34
106 2.67
£
80
122 3.08
2,373 59.80
REPURCHASE AGREEMENTS
8.000% due 03/28/2015
4.250% due 10/12/2012
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 2.000% due
11/15/2012 valued at €101.
Repurchase proceeds are €100.) € 100
Bundesschatzanweisungen
1.000% due 12/14/2012
Erste Abwicklungsanstalt
1.250% due 03/06/2015
European Financial Stability Facility
Total Transferable Securities & Money
Market Instruments - Official Stock
Exchange/Regulated Market
European Union
Fresenius Finance BV
42
$
5.000% due 07/04/2012
31
1.000% due 03/12/2014
INDUSTRIALS
2.62
4.000% due 01/20/2015
Globaldrive BV
DKK 350
104
Qatar Government International Bond
Republic of Germany
151 3.80
2.39
100
6.750% due 03/10/2014
ASSET-BACKED SECURITIES
150
Nykredit Realkredit A/S
95
Indonesia Government International Bond
Goldman Sachs Group, Inc.
4.750% due 01/28/2014
90
5.250% due 04/29/2013
Stichting Eleven Cities
2.085% due 05/20/2080
Eurohypo AG
4.000% due 10/25/2013
Gemeinsame Deutsche Bundeslaender
0.581% due 12/20/2054
Depfa ACS Bank
2.000% due 01/01/2013
$ 100 €
4.125% due 09/09/2015
BANKING & FINANCE
2.000% due 01/01/2013
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
2.500% due 12/04/2015
3.125% due 01/27/2015
100
2.52
€ 3,787 95.43
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Republic of Germany
Republic of Germany
Republic of Germany
0.250%
0.250%
0.250%
06/20/2017
06/20/2017
06/20/2017
BRC
HUS
UAG
Notional
Amount(2)
Fair
Value
$ 100
200
100
€ (3)
(5)
(3)
€ (11)
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
€ (3)
(5)
(4)
€ (12)
€ 0
0
1
€ 1
(0.08)
(0.13)
(0.08)
(0.29)
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
BRL-CDI-Compounded
IBMEXID
Fixed
Rate
Maturity Date
10.180%
6.650%
01/02/2014
06/02/2021
Notional
Amount
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation
% of
Net Assets
BRL 600
MXN 2,400
€ 8
9
€ 17
€ 1
1
€ 2
€ 7
8
€ 15
0.20
0.23
0.43
Counterparty
HUS
UAG
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
Buy
Sell
Sell
Sell
AUD
BRL
DKK
Principal Amount
Covered by
Contract
10
60
58
12
16
810
258 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Counterparty
JPM
JPM
UAG
UAG
UAG
DUB
Settlement
Month
Unrealised
Appreciation
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
€ 0
0
2
0
0
0
€ 0
(2)
0
0
0
0
€ 0
(2)
2
0
0
0
0.00
(0.05)
0.05
0.00
0.00
0.00
30 June 2012 (Unaudited)
Type
Currency
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Buy
Sell
Buy
DKK
Principal Amount
Covered by
Contract
£
JPY
MXN
$
ZAR
810
720
3
103
1,030
22
52
10
121
446
70
4
52
35
30
8
434
434
Counterparty
BRC
JPM
BRC
UAG
BRC
JPM
DUB
BPS
BRC
BRC
GST
HUS
JPM
JPM
RBC
UAG
DUB
RYL
Settlement
Month
Unrealised
Appreciation
01/2013
01/2013
08/2012
08/2012
08/2012
08/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
07/2012
€ 0
0
0
0
0
0
0
0
0
0
1
0
0
1
0
0
0
0
€ 4
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ 0
0
0
0
0
0
0
0
(1)
(6)
1
0
0
1
0
0
(1)
(1)
€ (7)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.03)
(0.15)
0.03
0.00
0.00
0.03
0.00
0.00
(0.03)
(0.03)
(0.18)
€
0
0
0
0
0
0
0
0
(1)
(6)
0
0
0
0
0
0
(1)
(1)
€ (11)
Total OTC Financial Derivative Instruments
€
(1)
(0.04)
Total Investments
€ 3,786
95.39
FAIR
VALUE
(000S)
% OF
NET
ASSETS
1
0
7
1
7
0.02
0.00
0.18
0.03
0.18
85
€ 101
€
81
€ 3,968
2.14
2.55
2.06
100.00
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.010% due 06/29/2012
0.030% due 06/29/2012
0.650% due 06/29/2012
4.840% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
DKK
JPY
$
NOK
AUD
9
7
9
4
9
€
85
€
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 0
0
€ 0
€ 3,787
(1)
€ 3,786
€ 0
0
€ 0
€ 3,787
(1)
€ 3,786
Transferable Securities
Financial Derivative Instruments4
Totals
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
(b) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BRC
DUB
GST
HUS
JPM
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
Collateral
(Received)/Pledged
Net
Exposures(1)
€ (10)
(1)
1
3
(1)
(1)
8
€ 0
0
0
0
0
0
0
€ (10)
(1)
1
3
(1)
(1)
8
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
See Accompanying Notes
Semiannual Report
30 June 2012 259
Significant Changes in Portfolio Composition Euro Low Duration Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
FMS Wertmanagement
1.375% due 01/16/2015
€
900
€ 911
860
865
France Government Bond
790
836
Republic of Germany
370
405
KFW
300
314
Spain Government Bond
300
300
Republic of Germany
290
295
Bundesobligation
200
212
IKB Deutsche Industriebank AG
200
201
Italy Buoni Poliennali Del Tesoro
580
583
370
405
350
337
300
318
300
312
300
311
300
306
300
305
300
303
250
253
250
253
200
212
200
201
170
180
150
146
120
128
DKK 800
109
€
100
108
100
107
100
103
100
103
100
102
100
102
100
101
100
99
100
96
80
82
1.000% due 12/14/2012
3.250% due 04/07/2015
2.500% due 01/03/2015
2.500% due 10/10/2014
2.250% due 04/10/2015
2.375% due 12/15/2014
Republic of Germany
2.500% due 03/01/2015
200
198
WM Covered Bond Program
5.000% due 07/04/2012
FMS Wertmanagement
4.375% due 05/19/2014
150
158
Nykredit Realkredit A/S
1.375% due 01/16/2015
Spain Government Bond
DKK 1,150
€
156
3.000% due 04/30/2015
Finland Government Bond
150
149
Italy Buoni Poliennali Del Tesoro
4.250% due 09/15/2012
Netherlands Government Bond
2.500% due 01/03/2015
150
148
United Kingdom Gilt
5.000% due 07/15/2012
Bundesobligation
£
€
80
123
2.250% due 10/04/2015
IKB Deutsche Industriebank AG
100
119
Austria Government Bond
2.125% due 09/10/2012
European Union
3.500% due 07/15/2015
100
108
Netherlands Government Bond
3.250% due 11/07/2014
Italy Buoni Poliennali Del Tesoro
3.250% due 07/15/2015
100
108
Bank of Scotland PLC
3.000% due 01/04/2014
Austria Government Bond
4.250% due 09/23/2014
100
106
European Union
3.400% due 10/20/2014
Nykredit Realkredit A/S
3.125% due 01/27/2015
100
106
Swedbank Hypotek AB
2.000% due 01/01/2013
Netherlands Government Bond
4.125% due 06/09/2014
100
106
Gemeinsame Deutsche Bundeslaender
3.250% due 07/15/2015
Bank of Scotland PLC
5.250% due 04/29/2013
100
104
ING Bank NV
4.250% due 09/23/2014
KFW
3.000% due 09/30/2014
100
104
KFW
2.000% due 09/07/2016
Spain Government Bond
2.000% due 09/07/2016
100
104
Eurohypo AG
4.000% due 07/30/2015
KFW
2.250% due 06/15/2015
100
103
Spain Government Bond
4.625% due 10/12/2012
Northern Rock Asset Management PLC
4.000% due 07/30/2015
100
103
Stichting Eleven Cities
3.625% due 03/28/2013
Netherlands Government Bond
2.860% due 05/20/2080
103
102
KFW
0.750% due 04/15/2015
Spain Government Bond
0.875% due 11/15/2013
100
101
European Financial Stability Facility
4.750% due 07/30/2014
Italy Buoni Poliennali Del Tesoro
1.000% due 12/03/2014
100
100
Erste Abwicklungsanstalt
4.750% due 06/01/2017
Gemeinsame Deutsche Bundeslaender
1.250% due 06/03/2015
100
100
100
100
100
99
100
98
94
90
100
81
100
79
100
79
Netherlands Government Bond
0.750% due 04/15/2015
Spain Government Bond
4.750% due 07/30/2014
Italy Buoni Poliennali Del Tesoro
4.750% due 06/01/2017
Granite Master Issuer PLC
1.237% due 12/20/2054
Republic of Korea
$
Export-Import Bank of Korea
Qatar Government International Bond
260 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
718
FMS Wertmanagement
2.125% due 09/10/2012
4.000% due 01/20/2015
700
1.750% due 08/04/2014
KFW
2.250% due 10/04/2015
4.125% due 09/09/2015
723
Republic of Germany
5.000% due 07/04/2012
5.750% due 04/16/2014
695
3.500% due 04/12/2013
Italy Buoni Poliennali Del Tesoro
3.000% due 04/30/2015
8.000% due 03/28/2015
€ 738
Republic of Germany
2.250% due 04/10/2015
Belgium Government Bond
700
€
Bundesschatzanweisungen
3.250% due 04/07/2015
4.250% due 12/07/2040
4.000% due 10/25/2013
KFW
4.000% due 10/25/2013
3.000% due 01/04/2014
France Government Bond
Bundesobligation
1.000% due 12/14/2012
Italy Buoni Poliennali Del Tesoro
PROCEEDS
(000S)
SALES THROUGH 30 JUNE 2012
Bundesschatzanweisungen
2.000% due 01/01/2013
PAR
(000S)
DESCRIPTION
4.375% due 09/27/2012
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
Portfolio of Investments and Assets Euro Real Return Fund
PAR
(000S)
DESCRIPTION
FAIR % OF
VALUE
NET
(000S) ASSETS
UTILITIES
BANK LOAN OBLIGATIONS
Centrais Eletricas Brasileiras S.A.
4.376% due 12/31/2016
$ 1,500 € 1,253 0.64
7.700% due 08/07/2013
6.875% due 07/30/2019
€ 1,000 € 1,008 0.52
France Telecom S.A.
€
3.000% due 07/25/2018 (a)
250
230 0.12
958
1,080 0.56
Gazprom OAO Via White Nights Finance BV
BANKING & FINANCE
10.500% due 03/25/2014
1.322% due 12/15/2053
300
250 0.13
$
500
398 0.20
€
700
155
613 0.32
170 0.09
1,300
1,347 0.69
500
431 0.22
HSBC Finance Corp.
Lloyds TSB Bank PLC
6.500% due 03/24/2020
11.875% due 12/16/2021
Merrill Lynch & Co., Inc.
6.750% due 05/21/2013
Morgan Stanley
500
3.375% due 10/14/2016
Veolia Environnement S.A.
1.750% due 06/17/2015 (a)
National Australia Bank Ltd.
6.750% due 06/26/2023
300
324 0.17
1,400
1,365 0.70
Santander International Debt SAU
2.196% due 04/19/2013
SLM Corp. (a)
$
50
50
200
39 0.02
39 0.02
156 0.08
700
425 0.22
5,557 2.86
USB Capital IX
3.500% due 07/30/2012
410 0.21
€ 1,277
1,296 0.67
4,712 2.43
16,110 8.30
4.875% due 10/30/2014
€ 1,500
1,592 0.82
Gerdau Trade, Inc.
5.750% due 01/30/2021
Great Belt A/S
3.700% due 03/15/2014 (a)
$
500
410 0.21
€ 2,798
2,966 1.53
500
474 0.24
350
399 0.21
5,841 3.01
Grohe Holding GmbH
4.662% due 09/15/2017
Pemex Project Funding Master Trust
6.375% due 08/05/2016
% OF
NET
ASSETS
0.250% due 07/25/2018
1.300% due 07/25/2019
1.800% due 07/25/2040
1.850% due
07/25/2027 (b)
2.100% due 07/25/2023
€ 32,491 €
23,240
2,822
31,941
24,283
3,052
16.45
12.50
1.57
24,653
26,334
26,473
29,204
13.63
15.04
19,862
20,226
10.41
3,359
1.73
2,300
2,338
1.20
1,368
1,467
0.76
France Treasury Notes
0.450% due
07/25/2016 (a)
Italy Buoni Poliennali Del Tesoro
2.100% due
09/15/2021 (a)
4,271
New South Wales Treasury Corp.
2.750% due
11/20/2025 (a)
AUD
Oresundsbro Konsortiet
3.400% due
09/28/2014 (a)
US GOVERNMENT AGENCIES
Fannie Mae
$
28
21 0.01
€
Republic of Germany Inflation Linked Bond (a)(b)
MORTGAGE-BACKED SECURITIES
0.100% due 04/15/2023
1.500% due
04/15/2016 (c)
Atomium Mortgage Finance BV
South Africa Government International Bond
0.584% due 07/01/2034
€
194
185 0.09
1,200
1,206 0.62
406
406
391 0.20
390 0.20
36
35 0.02
725
578 0.30
2,785 1.43
Fosse Master Issuer PLC
2.150% due 10/18/2054
2.750% due
01/31/2022 (a)
408
413
0.21
15,349
16,440
8.46
ZAR 16,618
1,708
189,506
0.88
97.57
300
0.15
Granite Master Issuer PLC
0.491% due 12/20/2054
0.581% due 12/20/2054
Granite Mortgages PLC
0.939% due 09/20/2044
Rivoli Pan Europe PLC
0.888% due 08/03/2018
INDUSTRIALS
AP Moeller-Maersk A/S
443 0.23
500
Total Corporate Bonds & Notes
0.375% due 03/25/2036
1.177% due 01/16/2017
4.301% due 09/15/2012
4.423% due 01/31/2014
4.776% due 11/21/2013
$
Qtel International Finance Ltd.
ANZ Capital Trust III
FAIR
VALUE
(000S)
PAR
(000S)
DESCRIPTION
France Government Bond (a)
AK Transneft OJSC Via TransCapitalInvest Ltd.
CORPORATE BONDS & NOTES
4.250% due 09/15/2013 (a)
FAIR % OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
Kabel Deutschland
30 June 2012 (Unaudited)
ASSET-BACKED SECURITIES
Globaldrive BV
4.000% due 10/20/2016
68
69 0.04
SOVEREIGN ISSUES
REPURCHASE AGREEMENTS
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 2.000%
due 11/15/2012 valued at
€302. Repurchase proceeds
are €300.)
€
300
Total Transferable Securities &
Money Market Instruments
- Official Stock Exchange/
Regulated Market
€ 209,799 108.02
Bundesobligation Inflation-Linked
0.750% due 04/15/2018 (a)(b)
22,205
23,473 12.09
DKK 37,548
5,129 2.64
Denmark Government Bond
0.100% due 11/15/2023 (a)
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Pay
3-Month USD-LIBOR
3-Month USD-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
2.250%
2.750%
06/20/2022
06/20/2042
$ 12,400
6,000
Total Centrally Cleared Financial Derivative Instruments
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ 368
(373)
€ (5)
0.19
(0.19)
0.00
€
0.00
(5)
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
GST
GST
3-Month USD-LIBOR
3-Month USD-LIBOR
Receive
Pay
Expiration
Date
Notional
Amount
Fair
Premiums Value
% of
Net Assets
INTEREST RATE SWAPTIONS
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
See Accompanying Notes
0.795%
0.795%
10/11/2012 $ 4,300
10/11/2012
4,300
€ 0
0
€ 0
Semiannual Report
€ (10)
0
€ (10)
(0.01)
0.00
(0.01)
30 June 2012 261
Portfolio of Investments and Assets Euro Real Return Fund (Cont.)
Description
Counterparty
Strike Index
Exercise Index
Floor - OTC CPURNSA Index
DUB
$ 215.949
Floor - OTC CPURNSA Index
DUB
218.011
Maximum of [(((Index Final/Index
Initial)-1)-2.500%) or $0]
Maximum of [-(Final Index/Initial
Index-1), 0]
Expiration
Date
Notional
Amount
Fair
Premiums Value
% of
Net Assets
03/10/2020
$ 2,000
€ (11)
€ (4)
0.00
10/13/2020
2,000
(14)
€ (25)
(4)
€ (8)
0.00
0.00
INFLATION FLOOR
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Fixed Deal
Receive Rate Maturity Date Counterparty
Reference Entity
Brazil Government International Bond
Denmark Government Bond
Japan Government International Bond
Mexico Government International Bond
Qatar Government International Bond
Qatar Government International Bond
Republic of Germany
Republic of Germany
Republic of Germany
United Kingdom Gilt
United Kingdom Gilt
United Kingdom Gilt
United Kingdom Gilt
United Kingdom Gilt
US Treasury Notes
1.000%
0.250%
1.000%
1.000%
1.000%
1.000%
0.250%
0.250%
0.250%
1.000%
1.000%
1.000%
1.000%
1.000%
0.250%
06/20/2015
09/20/2016
03/20/2016
06/20/2015
06/20/2015
12/20/2015
12/20/2015
12/20/2015
06/20/2016
12/20/2015
06/20/2016
06/20/2015
12/20/2015
06/20/2016
12/20/2015
FBF
BOA
DUB
FBF
BRC
MYC
CBK
RYL
UAG
BOA
BPS
CBK
CBK
CBK
DUB
Notional
Amount(2)
Fair
Value
Upfront
Premiums
Paid/(Received)
$
€ (3)
(62)
25
1
3
0
(64)
(9)
(14)
43
8
2
10
5
(3)
€ (58)
€ (8)
(59)
(14)
(6)
6
3
(31)
(8)
(6)
30
8
1
8
2
(15)
€ (89)
€
1,000
2,800
2,200
1,000
1,000
600
6,200
900
900
2,500
450
150
600
300
1,500
Unrealised
Appreciation/
% of
(Depreciation) Net Assets
€ 5
(3)
39
7
(3)
(3)
(33)
(1)
(8)
13
0
1
2
3
12
€ 31
0.00
(0.03)
0.01
0.00
0.00
0.00
(0.03)
0.00
(0.01)
0.02
0.00
0.00
0.01
0.00
0.00
(0.03)
(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 equal amount to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or
(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying
securities comprising the referenced index.
(2)
The maximum potential amount the 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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
BRL-CDI-Compounded
BRL-CDI-Compounded
United Kingdom Retail Price Index
Fixed
Rate
Maturity Date
10.220%
10.380%
3.450%
01/02/2014
01/02/2014
09/15/2012
Notional
Amount
Fair
Value
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
BRL 16,300
6,000
£ 2,000
€ 202
78
(36)
€ 244
€ 75
3
0
€ 78
€ 127
75
(36)
€ 166
0.10
0.04
(0.02)
0.12
Counterparty
MYC
UAG
DUB
FOREIGN CURRENCY CONTRACTS
Type
Currency
Buy
Sell
Buy
Sell
Buy
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Sell
Sell
AUD
CNY
DKK
£
MXN
SGD
$
ZAR
Principal Amount
Covered by
Contract
2,670
5,010
6,814
38,559
1,050
620
1,550
12,794
12,371
1,380
2,100
900
3,290
3,265
946
260
1,117
1,077
17,680
Counterparty
CBK
JPM
JPM
UAG
CBK
JPM
JPM
CBK
JPM
UAG
UAG
BRC
BRC
CBK
JPM
UAG
UAG
JPM
UAG
Settlement
Month
Unrealised
Appreciation
08/2012
08/2012
02/2013
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
07/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
02/2013
07/2012
€ 107
0
50
1
0
0
24
18
0
15
0
0
0
49
26
0
0
3
0
€ 293
Unrealised
(Depreciation)
€
0
(165)
(4)
0
(13)
(1)
0
0
(3)
0
(20)
(6)
(6)
0
0
0
(37)
(57)
(21)
€ (333)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ 107
(165)
46
1
(13)
(1)
24
18
(3)
15
(20)
(6)
(6)
49
26
0
(37)
(54)
(21)
€ (40)
0.06
(0.09)
0.03
0.00
(0.01)
0.00
0.01
0.01
0.00
0.01
(0.01)
0.00
0.00
0.02
0.01
0.00
(0.02)
(0.03)
(0.01)
(0.02)
Total OTC Financial Derivative Instruments
€
128
0.06
Total Investments
€ 209,922
108.08
262 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
30 June 2012 (Unaudited)
PAR
(000S)
DESCRIPTION
FAIR
VALUE
(000S)
% OF
NET
ASSETS
1
42
0
9
15
0
10
0.00
0.02
0.00
0.00
0.01
0.00
0.01
OVERNIGHT TIME DEPOSITS
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.005% due 06/29/2012
0.010% due 06/29/2012
0.234% due 06/29/2012
0.650% due 06/29/2012
4.700% due 06/29/2012
4.840% due 06/29/2012
€
CHF
DKK
JPY
CAD
NOK
ZAR
AUD
1
311
3
11
112
4
12
£
12
15
0.01
$
162
127
0.07
€
549
549
0.28
NZD
30
19
€
787
€ (16,500)
€ 194,209
0.01
0.41
(8.49)
100.00
Citibank N.A.
0.087% due 06/29/2012
DBS Bank Ltd.
0.030% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
JPMorgan Chase & Co.
1.500% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Principal amount of security is adjusted for inflation.
(b) Securities with an aggregate market value of €170 and cash of €465 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(c) Securities with an aggregate market value of €107 have been pledged as collateral for OTC swap, swaption and foreign currency contracts as governed by ISDA Master
Agreements contracts as at 30 June 2012.
(d) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable Inputs
(Level 3)
Fair Value
€ 0
0
€ 0
€ 209,799
131
€ 209,930
€ 0
(8)
€ (8)
€ 209,799
123
€ 209,922
Transferable Securities
Financial Derivative Instruments4
Totals
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Financial Derivative Instruments4
Starting
Balance
at 31-Dec-2011
Net
Purchases5
€ (14)
€ 0
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on Investments
held at 30-Jun-20126
€ 0
€ 0
€ 0
€ 7
€ 0
€ (8)
€ 7
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
See Accompanying Notes
Semiannual Report
30 June 2012 263
Portfolio of Investments and Assets Euro Real Return Fund (Cont.)
(e) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BPS
BRC
CBK
DUB
FBF
GST
JPM
MYC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
Collateral
(Received)/Pledged
€ (19)
8
(9)
114
(22)
(2)
(10)
(127)
202
(9)
2
€ 37
0
0
0
0
0
33
0
(60)
37
0
Net
Exposures(1)
€
18
8
(9)
114
(22)
(2)
23
(127)
142
28
2
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
264 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Euro Real Return Fund
PAR
(000S)
DESCRIPTION
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
France Treasury Notes
0.450% due 07/25/2016 (a)
€ 106,919
€ 106,629
98,742
102,561
France Government Bond
42,427
41,548
France Government Bond
38,445
40,972
Bundesobligation Inflation-Linked
36,564
37,923
France Government Bond
€ 94,548
94,078
94,530
37,006
37,834
30,329
31,884
25,370
29,654
24,529
24,397
31,797
24,216
25,214
22,456
27,725
20,942
18,437
19,916
16,012
16,955
15,665
16,134
10,526
10,388
7,585
8,136
6,181
7,977
7,200
7,445
$ 7,562
7,137
€ 7,000
7,049
6,414
6,867
$ 8,310
6,457
£ 1,300
5,626
0.450% due 07/25/2016 (a)
2.250% due 04/15/2013 (a)
1.600% due 07/25/2015 (a)
1.750% due 04/15/2020 (a)
France Government Bond
2.100% due 07/25/2023 (a)
26,288
29,379
Bundesobligation Inflation-Linked Bond
1.100% due 07/25/2022 (a)
Italy Buoni Poliennali Del Tesoro
0.750% due 04/15/2018 (a)
24,457
26,259
Republic of Germany Inflation-Linked Bond
2.100% due 09/15/2021 (a)
Italy Buoni Poliennali Del Tesoro
1.500% due 04/15/2016 (a)
21,592
23,534
Republic of Germany Inflation-Linked Bond
2.100% due 09/15/2016 (a)
Italy Buoni Poliennali Del Tesoro
1.750% due 04/15/2020 (a)
14,417
16,686
Republic of Germany Inflation-Linked Bond
3.100% due 09/15/2026 (a)
France Government Bond
0.100% due 04/15/2023 (a)
16,040
16,301
France Government Bond
1.800% due 07/25/2040 (a)
France Government Bond
1.800% due 07/25/2040 (a)
11,179
11,854
France Government Bond
1.850% due 07/25/2027 (a)
Republic of Germany Inflation-Linked Bond
1.100% due 07/25/2022 (a)
11,361
11,274
France Government Bond
0.100% due 04/15/2023 (a)
France Government Bond
1.600% due 07/25/2015 (a)
9,273
9,721
Italy Buoni Poliennali Del Tesoro
0.250% due 07/25/2018 (a)
Bundesobligation Inflation-Linked
2.100% due 09/15/2021 (a)
12,450
9,608
Republic of Germany
0.750% due 04/15/2018 (a)
France Government Bond
2.250% due 09/04/2021
7,200
7,473
Treasury Inflation-Protected Securities
3.400% due 07/25/2029 (a)
Republic of Germany
$
8,285
6,402
United Kingdom Gilt Inflation-Linked
2.250% due 09/04/2021
Treasury Inflation-Protected Securities
£
1,300
5,629
Denmark International Government Bond
1.750% due 01/15/2028 (a)
Bundesschatzanweisungen
DKK 37,548
5,142
South Africa Government International Bond
4.875% due 10/30/2014
€ 90,388
Republic of Germany Inflation-Linked
2.250% due 04/15/2013 (a)
AP Moeller - Maersk A/S
1.300% due 07/25/2019 (a)
France Government Bond
1.850% due 07/25/2027 (a)
2.750% due 01/31/2022 (a)
France Government Bond
Bundesobligation Inflation-Linked
0.250% due 07/25/2018 (a)
0.100% due 11/15/2023 (a)
PROCEEDS
(000S)
France Treasury Notes
1.300% due 07/25/2019 (a)
2.500% due 04/16/2020 (a)
PAR
(000S)
DESCRIPTION
SALES THROUGH 30 JUNE 2012
France Government Bond
3.000% due 07/15/2012 (a)
30 June 2012 (Unaudited)
1.000% due 12/14/2012
Republic of Germany Inflation-Linked Bond
ZAR 16,433
€
1,671
1.500% due 04/15/2016 (a)
Treasury Inflation-Protected Securities
1,500
1,595
3.000% due 07/15/2012 (a)
United Kingdom Gilt Inflation-Linked
2.500% due 04/16/2020 (a)
(a) Principal amount of security is adjusted for inflation.
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
See Accompanying Notes
Semiannual Report
30 June 2012 265
Portfolio of Investments and Assets Euro Ultra-Long Duration Fund
PAR
(000S)
DESCRIPTION
FAIR % OF
VALUE
NET
(000S) ASSETS
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
RBS Capital Trust A
BANK LOAN OBLIGATIONS
4.600% due 04/12/2016
Springleaf Financial Funding Co.
Royal Bank of Scotland PLC
5.500% due 05/10/2017
$
900 €
6.467% due 12/29/2049
670 0.67
€ 1,785
1,898 1.89
500
1,500
2,950
494 0.49
1,554 1.55
3,087 3.08
1.875% due 06/06/2019
2.250% due 01/12/2017
2.500% due 01/18/2016
Barclays Bank PLC
£
600
700
100
613 0.61
664 0.66
136 0.14
BNP Paribas Home Loan SFH
2.200% due 11/02/2015
$ 1,300
1,027 1.02
700
545 0.54
BPCE S.A.
2.216% due 02/07/2014
Bradford & Bingley PLC
4.250% due 05/04/2016
100
108 0.11
$ 1,200
925 0.92
Depfa ACS Bank
3.875% due 07/15/2013
4.375% due 01/15/2015
€
500
1,400
507 0.51
1,447 1.44
DNB Boligkreditt A/S
1.875% due 06/18/2019
2.500% due 10/18/2016
2.750% due 04/20/2015
800
900
400
792 0.79
940 0.94
419 0.42
$
400
299 0.30
€
400
500
600
400
300
412
532
629
435
348
Eksportfinans ASA
3.000% due 11/17/2014
Eurohypo AG
2.250% due 06/15/2015
3.250% due 10/26/2015
3.750% due 03/24/2014
3.750% due 05/25/2016
4.750% due 06/04/2018
3.375% due 01/18/2016
2.250% due 08/31/2015
3.000% due 09/30/2014
2,300
2,469 2.46
174
207 0.21
1,098 1.09
100
100 0.10
600
659 0.66
900
946 0.94
48,773 48.62
WM Covered Bond Program
4.375% due 05/19/2014
UTILITIES
4.500% due 03/24/2014
200
193 0.19
100
100 0.10
293 0.29
49,066 48.91
Total Corporate Bonds & Notes
1,603
4,686
3,779
1,619
1.60
4.67
3.77
1.61
£
€
100
300
107 0.11
241 0.24
£
$
200
200
213 0.21
165 0.16
€ 1,400
400
300
400
1,446
425
323
446
1.44
0.42
0.32
0.44
600
700
600
623 0.62
713 0.71
625 0.62
Northern Rock Asset Management PLC
300
600
290
306 0.31
630 0.63
312 0.31
266 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Bumper 2 S.A.
1.581% due 06/20/2022
235
10,312
0.23
10.28
€ 1,000
1,009
1.01
215
215
0.21
689
47
28
698
48
28
0.70
0.05
0.03
161
156
0.15
277
271
0.27
500
489
0.49
242
781
226
645
0.22
0.64
179
716
88
390
180
718
88
390
5,161
0.18
0.71
0.09
0.39
5.14
4,200
4,267
4.25
2,400
2,300
2,400
2,316
2.39
2.31
900
2,100
1,000
920
2,228
1,086
0.92
2.22
1.08
800
1,400
1,100
822
1,384
1,237
0.82
1.38
1.23
3,300
2,200
1,800
2,000
3,355
2,246
1,864
2,134
3.34
2.24
1.86
2.13
900
1,032
1.03
1,100
1,331
1.33
3,700
4,430
4.42
200
159
0.16
£ 1,000
1,523
34,734
1.52
34.63
5,400
5.38
£
200 €
Driver One GmbH
0.979% due 04/21/2017
Globaldrive BV
1.981% due 04/20/2018
2.731% due 08/20/2017
4.000% due 10/20/2016
Harbourmaster CLO Ltd.
0.922% due 06/15/2020
Jubilee CDO BV
1.443% due 10/15/2019
Sherwood Castle Funding PLC
0.872% due 03/15/2016
SLM Student Loan Trust
0.922% due 12/15/2023
1.212% due 12/15/2033
0.909% due 01/21/2018
1.029% due 07/21/2017
1.059% due 06/21/2016
1.479% due 08/21/2015
SOVEREIGN ISSUES
US TREASURY OBLIGATIONS
Bundesschatzanweisungen
US Treasury Bills
1.750% due
06/14/2013 (a)(b)
0.125% due 08/30/2012
$
175
138 0.14
2.187% due 05/17/2060
€
700
706 0.70
Arran Residential Mortgages Funding PLC
2.089% due 05/16/2047
2.136% due 11/19/2047
175
158 0.16
2.750% due 04/04/2022
2.875% due 04/04/2028
3.750% due 04/04/2042
400
495 0.49
FMS Wertmanagement
100
100 0.10
774
626
746 0.74
603 0.60
1.375% due 01/16/2015
1.625% due 02/22/2017
2.250% due 07/14/2014
2.750% due 06/03/2016
400
403 0.40
Province of Quebec
100
121 0.12
Republic of Germany
136
144 0.14
450
80
378 0.38
97 0.10
504
579 0.58
200
100
200 0.20
101 0.10
25
25 0.03
400
403 0.40
Gracechurch Mortgage Financing PLC
0.601% due 12/20/2054
0.661% due 12/20/2054
ING UK Listed Real Estate Issuer PLC
1.263% due 01/30/2015
£
Mall Funding PLC
1.694% due 04/22/2017
Newgate Funding PLC
1.262% due 12/15/2050
1.551% due 12/15/2050
€
£
Opera Finance PLC
1.211% due 02/02/2017
Permanent Master Issuer PLC
2.007% due 07/15/2042
2.457% due 07/15/2042
€
Real Estate Capital PLC
0.991% due 10/20/2014
Silverstone Master Issuer PLC
2.237% due 01/21/2055
Storm BV
0.807% due 04/22/2049
1.437% due 05/22/2054
1.837% due 01/22/2054
1.856% due 04/22/2054
573
700
491
1,200
569
700
492
1,205
0.57
0.70
0.49
1.20
Tenterden Funding PLC
2.633% due 03/21/2044
£
1.625% due 01/15/2015
2.875% due 07/15/2016
3.500% due 04/15/2016
301 0.30
703 0.70
Gemgarto
€
European Investment Bank
300
700
DECO Series
£
Erste Abwicklungsanstalt
1.125% due 09/30/2015
1.250% due 03/06/2015
MORTGAGE-BACKED SECURITIES
2.307% due 10/15/2054
1,600
4,600
3,600
1,600
1.095% due 03/31/2017
Volkswagen Car Lease
5.950% due 03/16/2111
Holmes Master Issuer PLC
Nordea Bank Finland PLC
3.625% due 03/28/2013
3.625% due 04/20/2015
4.125% due 03/27/2017
1,100
4.125% due 06/08/2016
106 0.11
Nederlandse Waterschapsbank NV
2.250% due 11/16/2015
2.250% due 05/03/2019
2.375% due 09/02/2016
1,151 1.15
1,176 1.17
WestLB AG
100
Lloyds TSB Bank PLC
2.250% due 01/17/2017
3.000% due 07/12/2016
3.375% due 01/19/2016
4.125% due 01/23/2017
1,100
1,100
1.043% due 06/28/2013
Granite Master Issuer PLC
LBG Capital No.1 PLC
7.625% due 04/22/2025
12.000% due 12/16/2024
1,560 1.56
425 0.42
Valhalla II S.A.
2.186% due 11/20/2056
KFW
6.385% due 05/12/2020
1,500
400
1.004% due 03/26/2013
1,553 1.55
209 0.21
0.625% due 05/29/2015
1.375% due 02/21/2017
2.000% due 09/07/2016
4.625% due 10/12/2012
% OF
NET
ASSETS
ASSET-BACKED SECURITIES
Valhalla I S.A.
€ 1,500
200
2.750% due 06/29/2016
LBG Capital No.2 PLC
925 0.92
3.000% due 10/06/2014
3.000% due 06/06/2016
2.950% due 05/14/2045
£
ING-DiBa AG
7.869% due 08/25/2020
900
0.884% due 10/27/2020
Granite Mortgages PLC
ING Bank NV
€
Swedbank Hypotek AB
Arkle Master Issuer PLC
0.41
0.53
0.63
0.43
0.35
German Postal Pensions Securitisation PLC
1.493% due 07/20/2043
79 0.08
Tokyo Electric Power Co., Inc.
Credit Agricole Home Loan SFH
1.216% due 07/21/2014
2.500% due 09/07/2014
100
GDF Suez
€
FAIR
VALUE
(000S)
PAR
(000S)
DESCRIPTION
Unite USAF PLC
37 0.04
UBS AG
Bank Nederlandse Gemeenten
2.125% due 09/08/2014
6.625% due 03/30/2022
10.000% due 05/21/2021
70 €
$
2.750% due 09/10/2014
4.125% due 06/09/2014
BANKING & FINANCE
4.250% due 04/05/2017
€
FAIR
% OF
VALUE
NET
(000S) ASSETS
RCI Banque S.A.
CORPORATE BONDS & NOTES
BA Covered Bond Issuer
PAR
(000S)
DESCRIPTION
700
848 0.85
European Union
Province of Ontario
4.000% due 12/03/2019
5.000% due 04/29/2019
3.250% due
07/04/2042 (a)(b)
Russian Foreign Bond
3.250% due 04/04/2017
$
United Kingdom Gilt
4.250% due 12/07/2040
REPURCHASE AGREEMENTS
BNP Paribas Bank
0.170% due 07/02/2012
(Dated 06/29/2012.
Collateralised by FMS
Wertmanagement 2.000%
due 11/15/2012 valued at
€5,445. Repurchase
proceeds are €5,400.)
€ 5,400
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
€ 105,481 105.15
30 June 2012 (Unaudited)
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
Australian Government 10-Year Bond September Futures
Euro-Bobl 5-Year Note September Futures
Euro-Bund 10-Year Bond September Futures
US Treasury 10-Year Note September Futures
Long
Short
Long
Long
09/2012
09/2012
09/2012
09/2012
# of
Contracts
37
72
75
15
Unrealised
Appreciation/
(Depreciation)
Total Financial Derivative Instruments Dealt in on a Regulated Market
% of
Net Assets
€ (20)
105
(309)
(5)
€ (229)
(0.02)
0.10
(0.31)
(0.01)
(0.24)
€ (229)
(0.24)
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Pay
Pay
Pay
Pay
Pay
Receive
Pay
Pay
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month GBP-LIBOR
6-Month GBP-LIBOR
Fixed
Rate
Maturity
Date
Notional
Amount
1.000%
1.750%
3.000%
2.500%
2.100%
2.500%
1.600%
1.600%
09/19/2014
09/19/2017
03/15/2022
03/21/2022
06/18/2022
09/19/2032
06/20/2017
12/20/2017
€ 45,600
10,700
9,500
4,100
2,600
2,200
£ 1,900
4,000
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ (276)
(52)
(142)
(222)
(28)
61
(40)
(83)
€ (782)
(0.28)
(0.05)
(0.14)
(0.22)
(0.03)
0.06
(0.04)
(0.08)
(0.78)
€ (782)
(0.78)
Total Centrally Cleared Financial Derivative Instruments
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Exercise
Price
Expiration
Date
DKK 7.230
7.230
NOK 6.925
6.925
SEK 8.105
8.105
USD 1.266
06/26/2013
06/26/2013
06/26/2013
06/26/2013
06/26/2013
06/26/2013
09/17/2012
Counterparty
Notional
Amount
Fair
Value
Cost
% of
Net Assets
FOREIGN CURRENCY OPTIONS
Put - OTC Eurodollar versus Danish Krone
Put - OTC Eurodollar versus Danish Krone
Put - OTC Eurodollar versus Norwegian Krone
Put - OTC Eurodollar versus Norwegian Krone
Put - OTC Eurodollar versus Swedish Krona
Put - OTC Eurodollar versus Swedish Krona
Put - OTC Eurodollar versus US dollar
Description
UAG
UAG
HUS
UAG
CBK
UAG
CBK
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BRC
DUB
MYC
UAG
DUB
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
3-Month USD-LIBOR
Receive
Receive
Receive
Receive
Receive
€
510
510
610
510
510
510
5,000
Expiration
Date
€
4
3
3
2
2
2
126
€ 142
Notional
Amount
€
2
2
2
2
2
2
88
€ 100
0.00
0.00
0.00
0.00
0.00
0.00
0.09
0.09
Fair
Value
% of
Net Assets
€ 16
16
16
16
0
€ 64
0.02
0.01
0.01
0.02
0.00
0.06
Cost
Fair
Value
% of
Net Assets
100 € 7
100
7
100
7
100
7
100
7
100
7
€ 42
€ 6
6
6
6
6
6
€ 36
0.01
0.01
0.01
0.01
0.01
0.01
0.06
Cost
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Description
3.000%
3.000%
3.000%
3.000%
3.750%
Counterparty
Exercise
Price(1)
03/17/2014 € 300 € 20
03/17/2014
300
19
03/17/2014
300
19
03/17/2014
300
19
09/24/2012 $ 1,000
26
€ 103
Expiration
Date
Notional
Amount
STRADDLE OPTIONS
Call & Put - OTC 3-Month vs 30-Year Forward Volatility Agreement
Call & Put - OTC 3-Month vs 30-Year Forward Volatility Agreement
Call & Put - OTC 3-Month vs 30-Year Forward Volatility Agreement
Call & Put - OTC 3-Month vs 30-Year Forward Volatility Agreement
Call & Put - OTC 3-Month vs 30-Year Forward Volatility Agreement
Call & Put - OTC 3-Month vs 30-Year Forward Volatility Agreement
(1)
BOA
DUB
GLM
GLM
MYC
RYL
0.000
0.000
0.000
0.000
0.000
0.000
09/19/2012 €
12/10/2012
09/19/2012
12/10/2012
12/10/2012
12/10/2012
Exercise price determined on a future date, based upon implied volatility parameters.
See Accompanying Notes
Semiannual Report
30 June 2012 267
Portfolio of Investments and Assets Euro Ultra-Long Duration Fund (Cont.)
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BRC
DUB
MYC
UAG
DUB
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
3-Month USD-LIBOR
Pay
Pay
Pay
Pay
Pay
Expiration
Date
Notional
Amount Premiums
Fair
Value
% of
Net Assets
€ (17)
(13)
(13)
(13)
0
€ (56)
(0.02)
(0.01)
(0.01)
(0.01)
0.00
(0.05)
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 30-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
03/17/2014 € 800
03/17/2014
600
03/17/2014
600
03/17/2014
600
09/24/2012 $ 4,500
3.000%
3.000%
3.000%
3.000%
2.250%
€ (24)
(18)
(18)
(18)
(30)
€ (108)
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - BUY PROTECTION(1)
Reference Entity
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Notional
Amount(2)
Fair
Value
American International Group, Inc.
Barclays Bank PLC
Credit Suisse Group Ltd.
General Electric Capital Corp.
UBS AG
United Kingdom Gilt
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
$
€
$
€ 14
14
9
7
9
24
€ 77
06/20/2017
06/20/2017
06/20/2017
06/20/2017
06/20/2017
12/20/2015
GST
DUB
CBK
GST
CBK
DUB
300
300
300
300
300
1,400
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
€ 17
20
12
8
13
24
€ 94
€ (3)
(6)
(3)
(1)
(4)
0
€ (17)
0.02
0.01
0.01
0.01
0.01
0.02
0.08
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION(1)
Index/Tranches
Fixed Deal
(Pay) Rate Maturity Date Counterparty
Dow Jones iTraxx Europe Senior Financials Series 16 Index
Dow Jones iTraxx Europe Series 9 Index
Dow Jones iTraxx Europe Series 9 Index
Dow Jones iTraxx Europe Series 9 Index
Dow Jones iTraxx Europe Series 9 Index
Dow Jones iTraxx Europe Series 9 Index
Dow Jones iTraxx Europe Series 9 Index
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
(1.000%)
12/20/2016
06/20/2013
06/20/2013
06/20/2018
06/20/2013
06/20/2018
06/20/2013
Notional
Amount(2)
€
DUB
BOA
CBK
CBK
DUB
MYC
UAG
600
1,400
1,200
100
2,000
800
1,400
Upfront
Unrealised
Premiums
Appreciation/
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Value
€ 41
(11)
(9)
11
(15)
85
(10)
€ 92
€ 49
(10)
(8)
11
(14)
109
(9)
€ 128
€ (8)
(1)
(1)
0
(1)
(24)
(1)
€ (36)
0.04
(0.01)
(0.01)
0.01
(0.01)
0.08
(0.01)
0.09
(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.
INTEREST RATE SWAPS
Pay/
Receive
Floating
Rate
Receive
Pay
Pay
Pay
Pay
Pay
Pay
Floating Rate Index
Fixed
Rate
Maturity Date
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
6-Month EURIBOR
2.197%
2.792%
2.792%
2.721%
2.721%
2.635%
2.635%
04/04/2028
09/19/2037
09/19/2037
09/19/2042
09/19/2042
09/19/2047
09/19/2047
Notional
Amount
Counterparty
BRC
BRC
UAG
HUS
RYL
MYC
RYL
€
1,300
1,100
55,800
55,900
675
61,500
4,500
Fair
Value
€
17
68
3,446
3,323
40
2,896
212
€ 10,002
Upfront
Premiums
Paid/(Received)
€
0
156
268
357
51
181
284
€ 1,297
Unrealised
Appreciation/
(Depreciation)
€
17
(88)
3,178
2,966
(11)
2,715
(72)
€ 8,705
% of
Net Assets
0.02
0.07
3.43
3.31
0.04
2.89
0.21
9.97
CROSS-CURRENCY SWAPS
Receive
Pay
Floating rate equal to
Floating rate equal to
3-Month USD-LIBOR
3-Month EUR-LIBOR
less 0.468% based on
based on the notional
the notional amount of
amount of currency
currency delivered
received
Floating rate equal to
Floating rate equal to
3-Month JPY-LIBOR less 3-Month EUR-LIBOR
0.665% based on the
based on the notional
notional amount of
amount of currency
currency delivered
received
Counterparty
Notional
Amount of
Currency
Received
03/20/2014
BOA
€ 20,171
03/20/2014
BOA
€ 26,600
Maturity Date(4)
268 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Notional Amount
of Currency
Fair
Delivered
Value
$
Upfront
Premiums
Paid/(Received)
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ (65)
€ (712)
(0.05)
168
146
746
0.17
€ 116
€ 81
35
0.12
26,600 € (52)
JPY 2,112,265
€
30 June 2012 (Unaudited)
TOTAL RETURN SWAPS ON INDICES AND SECURITIES
Pay/
Receive Security
Pay
# of Shares
or Units Floating Rate(3)
Netherlands Government Bond
0
Notional
Amount
Maturity
Date
Upfront
Premiums
Unrealised
% of
Paid/(Received) (Depreciation) Net Assets
Fair
Counterparty Value
6-Month EUR-LIBOR rate plus a
specified spread
€ 4,577 03/27/2013 BRC
€ (176)
€ 0
(3)
Floating rate is based upon predetermined notional amounts, which may be a multiple of the number of shares or units disclosed.
(4)
At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.
€ (176)
(0.18)
FOREIGN CURRENCY CONTRACTS
Type
Currency
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Sell
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Sell
AUD
BRL
CNY
£
$
Principal Amount
Covered by
Contract
461
2,060
45
9,585
3,175
6,631
1,260
2,550
1,910
700
2,170
23
1,814
3,240
1,520
498
1,050
Counterparty
CBK
JPM
BRC
BRC
JPM
UAG
BOA
CBK
JPM
UAG
BRC
BRC
CBK
UAG
BRC
JPM
UAG
Settlement
Month
Unrealised
Appreciation
08/2012
08/2012
08/2012
02/2013
02/2013
02/2013
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
08/2012
02/2013
02/2013
02/2013
€
0
0
0
6
0
105
0
24
17
6
4
0
2
0
9
3
0
€ 176
Unrealised
(Depreciation)
Net Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
€ (16)
(68)
0
0
(3)
0
(12)
(2)
(4)
0
0
0
(4)
(1)
0
0
(114)
€ (224)
€ (16)
(68)
0
6
(3)
105
(12)
22
13
6
4
0
(2)
(1)
9
3
(114)
€ (48)
(0.02)
(0.07)
0.00
0.00
0.00
0.10
(0.01)
0.02
0.02
0.01
0.00
0.00
0.00
0.00
0.01
0.00
(0.11)
(0.05)
Total OTC Financial Derivative Instruments
€ 10,207
10.19
Total Investments
€ 114,677
114.32
FAIR
VALUE
(000S)
% OF
NET
ASSETS
79
0.08
PAR
(000S)
DESCRIPTION
OVERNIGHT TIME DEPOSITS
ANZ National Bank
4.840% due 06/29/2012
€
AUD
97
DKK
JPY
$
CAD
10
5
7
7
1
0
5
6
0.00
0.00
0.01
0.01
£
53
65
0.06
€
825
825
€
981
€ (15,346)
€ 100,312
0.82
0.98
(15.30)
100.00
Brown Brothers Harriman & Co.
0.005% due 06/29/2012
0.010% due 06/29/2012
0.030% due 06/29/2012
0.234% due 06/29/2012
Citibank N.A.
0.087% due 06/29/2012
DnB NORBank ASA
0.040% due 06/29/2012
Total Overnight Time Deposits
Other Current Assets & Liabilities
Net Assets
NOTES TO PORTFOLIO OF INVESTMENTS AND ASSETS (amounts in thousands):
(a) Securities with an aggregate market value of €352 and cash of €19 have been segregated with the Custodian to cover margin requirements for the open futures contracts
as at 30 June 2012.
(b) Securities with an aggregate market value of €746 and cash of €115 have been pledged as collateral for centrally cleared swaps as at 30 June 2012.
(c) Fair Value Measurements1
The following is a summary of the fair valuations according to the inputs used as at 30 June 2012 in valuing the Fund’s assets and liabilities:2
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
See Accompanying Notes
Quoted Prices
in Active Markets
for Identical Investments
(Level 1)
€
0
(229)
€ (229)
Significant Other
Observable Inputs
(Level 2)
€ 105,481
9,389
€ 114,870
Significant
Unobservable Inputs
(Level 3)
€
0
36
€ 36
Semiannual Report
Fair Value
€ 105,481
9,196
€ 114,677
30 June 2012 269
Portfolio of Investments and Assets Euro Ultra-Long Duration Fund (Cont.)
The following is a summary of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 30 June 2012:
Category3
Transferable Securities
Financial Derivative Instruments4
Totals
Starting
Balance
at 31-Dec-2011
Net
Purchases5
€ 20
0
€ 20
€
0
39
€ 39
Net
Sales5
Accrued
Discounts/
(Premiums)
Realised
Gains/
(Losses)
Net Change in
Unrealised
Appreciation/
(Depreciation)
Net
Transfers
In/(Out) of
Level 3
€ 0
0
€ 0
€ 0
0
€ 0
€ (24)
0
€ (24)
€ 4
(3)
€ 1
€ 0
0
€ 0
Ending
Balance
at 30-Jun-2012
Net Change in
Unrealised
Appreciation/
(Depreciation)
on Investments
held at 30-Jun-20126
€
0
36
€ 36
€ 0
(3)
€ (3)
1
See note 3 in the Notes to Financial Statements for additional information.
2
There were no significant transfers into and out of Level 1, Level 2 and Level 3 during the period ended 30 June 2012.
3
Refer to the Portfolio of Investments and Assets for additional information.
4
Financial Derivative Instruments may include open futures contracts, swap agreements, written options, purchased options and foreign currency contracts.
5
Net Purchases and Sales for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences
between the stated terms of the swap agreement and prevailing market conditions.
6
Any difference between Net Change in Unrealised Appreciation/(Depreciation) and Net Change in Unrealised Appreciation/(Depreciation) on Investments held at period end
may be due to an investment no longer held or categorised as Level 3 at period end.
(d) Collateral (Received) Pledged for OTC Financial Derivative Instruments
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as at 30 June 2012.
Counterparty
BOA
BRC
CBK
DUB
GLM
GST
HUS
JPM
MYC
RYL
UAG
(1)
Total Market Value
of OTC Derivatives
€
99
(73)
114
73
12
21
3,325
(55)
2,990
258
3,443
Collateral
(Received)/Pledged
€
0
0
0
(30)
0
0
(3,750)
0
(3,712)
0
(3,950)
Net
Exposures(1)
€
99
(73)
114
43
12
21
(425)
(55)
(722)
258
(507)
Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. See note 2(a) in the Notes to Financial Statements for
additional information.
270 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Significant Changes in Portfolio Composition Euro Ultra-Long Duration Fund
DESCRIPTION
PAR
(000S)
COST
(000S)
PURCHASES THROUGH 30 JUNE 2012
FMS Wertmanagement
0.000% due 04/27/2012
€ 20,600
€ 20,618
10,500
10,500
Republic of Germany
3.250% due 07/04/2042
8,000
8,041
£ 4,600
€ 5,200
6,852
6,057
4,600
4,575
3,800
4,549
Erste Abwicklungsanstalt
0.000% due 01/23/2014
4,200
4,302
3,700
3,696
£ 2,400
€ 2,500
2,879
2,498
2,300
2,439
2,400
2,396
2,300
2,295
2,200
2,197
1,900
1,897
1,785
1,849
1,600
1,597
1,500
1,559
See Accompanying Notes
4,549
4,500
4,500
2,500
2,502
£ 2,000
2,443
€ 2,330
2,330
2,000
2,029
1,500
1,794
1,000
1,051
1,000
1,021
900
953
900
939
900
937
900
912
900
891
5.000% due 01/01/2012
0.000% due 01/23/2014
2.950% due 05/14/2045
0.030% due 06/14/2012
2.500% due 10/15/2018
3.250% due 07/04/2042
3.250% due 03/12/2014
1.625% due 01/15/2015
3.500% due 01/11/2017
2.625% due 12/01/2017
2.625% due 01/13/2017
2.500% due 03/18/2013
European Union
1,500
1,498
3.375% due 04/04/2038
1,500
1,492
1,400
1,447
Significant portfolio changes are defined as the value of purchases exceeding 1% of
total cost of purchases, and sales exceeding 1% of total proceeds. At a minimum the
twenty largest purchases and twenty largest sales must be shown. Should there have
been less than that amount of transactions, all such transactions have been disclosed.
1,400
1,446
Nederlandse Waterschapsbank NV
2.250% due 01/17/2017
3,800
3.750% due 01/15/2042
Abbey National Treasury Services PLC
ING Bank NV
2.250% due 08/31/2015
4,651
National Australia Bank Ltd.
European Union
3.750% due 04/04/2042
4,660
0.200% due 11/15/2012
Commonwealth Bank of Australia
Bank Nederlandse Gemeenten
2.250% due 12/01/2017
6,600
Lloyds TSB Bank PLC
Swedbank Hypotek AB
2.750% due 09/10/2014
€ 6,600
European Investment Bank
KFW
0.625% due 05/29/2015
1.000% due 01/01/2012
Landwirtschaftliche Rentenbank
BA Covered Bond Issuer
4.250% due 04/05/2017
7,171
Republic of Germany
European Investment Bank
1.625% due 01/15/2015
£ 4,900
European Investment Bank
FMS Wertmanagement
1.625% due 02/22/2017
4.250% due 12/07/2040
France Treasury Bills
Erste Abwicklungsanstalt
1.250% due 06/03/2015
8,023
Gemgarto
Erste Abwicklungsanstalt
1.125% due 09/30/2015
8,000
0.750% due 09/20/2012
Erste Abwicklungsanstalt
German Postal Pensions Securitisation PLC
3.375% due 01/18/2016
10,500
Realkredit Danmark A/S
Gemgarto
2.950% due 05/14/2045
10,500
Netherlands Government Bond
FMS Wertmanagement
1.375% due 01/16/2015
€ 20,616
France Treasury Bills
Bundesschatzanweisungen
1.750% due 06/14/2013
€ 20,600
0.000% due 05/16/2012
Nykredit Realkredit A/S
Netherlands Government Bond
3.750% due 01/15/2042
0.000% due 04/27/2012
United Kingdom Gilt
KFW
1.375% due 02/21/2017
FMS Wertmanagement
France Treasury Notes
United Kingdom Gilt
4.250% due 12/07/2040
PROCEEDS
(000S)
Germany Treasury Bills
France Treasury Notes
0.750% due 09/20/2012
PAR
(000S)
DESCRIPTION
SALES THROUGH 30 JUNE 2012
Germany Treasury Bills
0.000% due 05/16/2012
30 June 2012 (Unaudited)
Overnight investments of uninvested Fund cash which usually mature the next business
day have been excluded from the Significant Changes in Portfolio Composition.
Semiannual Report
30 June 2012 271
Portfolio of Investments and Assets Global Advantage Fund
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
4.400% due 04/14/2020
6.200% due 06/02/2031
TRANSFERABLE SECURITIES & MONEY MARKET
INSTRUMENTS - OFFICIAL STOCK EXCHANGE/
REGULATED MARKET
500 $
96
582 0.07
131 0.02
12,927 1.66
4.875% due 01/12/2021
$
100 $
110 0.01
Australia Government Bond
AUD 5,800
2,200
6,454 0.83
2,353 0.30
3.625% due 06/25/2014
ARES CLO Ltd.
0.736% due 04/20/2017
$
52
52 0.01
400
403 0.05
247
235 0.03
4.500% due 11/12/2020
600
593 0.07
INDIA
250
250
259 0.03
268 0.04
250
242 0.03
ENN Energy Holdings Ltd.
6.000% due 05/13/2021
$
180
190 0.02
0.706% due 04/25/2019
Hyundai Capital Auto Funding Ltd.
National Australia Bank Ltd.
€ 3,400
2.625% due 01/13/2017
4,517 0.58
1.243% due 09/20/2016
IPIC GMTN Ltd.
Westpac Banking Corp.
2.900% due 09/10/2014
$
170
178 0.02
Woodside Finance Ltd.
4.600% due 05/10/2021
8.750% due 03/01/2019
200
900
215 0.03
1,167 0.15
15,184 1.94
BERMUDA
580 0.07
745 0.10
760 0.10
802
108
1,090 0.14
157 0.02
8,660 1.11
400
405 0.05
700
697 0.09
600
618 0.08
600
610 0.08
1,925 0.25
HONG KONG
$
ICICI Bank Ltd.
3.125% due 11/15/2015
5.000% due 11/15/2020
4.750% due 11/25/2016
Indian Oil Corp. Ltd.
4.750% due 01/22/2015
MSIM Peconic Bay Ltd.
0.746% due 07/20/2019
Octagon Investment Partners VII Ltd.
0.827% due 12/02/2016
6.350% due 06/30/2021
3.375% due 10/14/2016
4.750% due 02/16/2021
200
250
208 0.03
267 0.03
475 0.06
State Bank of India
4.500% due 07/27/2015
57
57 0.01
1,054
1,110 0.14
INDONESIA
133
126 0.02
3,345 0.43
Indonesia Government International Bond
Petroleum Export V Ltd.
3.468% due 12/20/2012
5.250% due 01/17/2042
5.875% due 03/13/2020
500
200
3.750% due 04/26/2017
1,000
Ecopetrol S.A.
Banco do Brasil S.A.
3.284% due 07/02/2014
2,200
2,205 0.28
500
535 0.07
BM&FBovespa S.A.
5.500% due 07/16/2020
7.125% due 01/20/2037
1,185
1,715 0.22
$
4.000% due 11/15/2015
4.000% due 11/15/2017
500
549 0.07
FRANCE
800
876 0.11
CSN Resources S.A.
6.500% due 07/21/2020
1,440
1,567 0.20
Fibria Overseas Finance Ltd.
7.500% due 05/04/2020
519
540 0.07
1,320
1,612 0.21
Petrobras International Finance Co.
7.875% due 03/15/2019
6.875% due 11/21/2036
400
AK Transneft OJSC Via TransCapitalInvest Ltd.
400
404 0.05
DKK 2,500
2,500
482 0.06
502 0.07
1,388 0.18
466 0.06
10,573 1.35
BRITISH VIRGIN ISLANDS
5.750% due 01/30/2021
200
208 0.03
600
675 0.08
400
900
416 0.05
1,005 0.13
2,304 0.29
GTL Trade Finance, Inc.
7.250% due 10/20/2017
TNK-BP Finance S.A.
7.500% due 03/13/2013
7.500% due 07/18/2016
5.186% due 06/29/2015
BPCE S.A.
4,600
4,871 0.63
600
614 0.08
CAD 4,000
712
700
4,285 0.55
1,134 0.15
799 0.10
Bank of Nova Scotia
1.650% due 10/29/2015
Canada Government Bond
Canadian Imperial Bank of Commerce
$
400
404 0.05
100
107 0.01
Province of Ontario
272 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
1,322 0.17
€
255
278 0.03
$
400
428 0.05
RZD Capital Ltd.
5.739% due 04/03/2017
Vnesheconombank Via VEB Finance PLC
1,650
9.250% due 10/29/2049
200
174 0.02
ITALY
€
100
110 0.02
Italy Certificati di Credito del Tesoro
£
100
100
100
93 0.01
96 0.01
109 0.02
JAPAN
82
500
300
250
111
681
386
425
500
665 0.09
440
497 0.06
340
331 0.04
Credit Agricole S.A.
5.136% due 12/29/2049
7.589% due 01/29/2049
8.125% due 10/29/2049
1.600% due 07/25/2015 (a)
4.000% due 10/25/2038
4.750% due 10/25/2012
5.750% due 10/25/2032
€
1,791 0.23
3,819 0.48
1,260
0.01
0.09
0.05
0.05
$
99,299
1,368 0.17
Japan Government International Bond
1.300% due 12/20/2019
1.500% due 09/20/2018
90,000
67,000
1,195 0.15
900 0.12
1,070,000
13,410 1.72
Japan Treasury Bills
Sumitomo Mitsui Banking Corp.
1.950% due 01/14/2014
Pernod-Ricard S.A.
1,319 0.17
Japan Government CPI Linked Bond
0.100% due 07/23/2012
2.500% due 01/15/2015
5.750% due 04/07/2021
2.053% due 04/15/2018
1.400% due 06/10/2018 (a) JPY
€
$
600
606 0.08
17,479 2.24
1,460
1,828 0.24
990
987 0.13
RCI Banque S.A.
2.339% due 04/11/2014
Societe Financement de l’Economie Francaise
3.000% due 04/07/2014
3.375% due 05/05/2014
€
$
50
150
66 0.01
156 0.02
3,900 0.50
9.625% due 03/01/2013
9.250% due 04/23/2019
Intelsat Corp.
5.250% due 04/02/2018
5.000% due 10/31/2014
630 0.08
Sberbank of Russia Via SB Capital S.A.
200
221 0.03
5.499% due 07/07/2015
6.125% due 02/07/2022
Landesbank Hessen-Thueringen Girozentrale
€
600
66,000
600
KFW
200
272 0.03
Republic of Germany
2.000% due 01/04/2022
3.250% due 07/04/2021
3.500% due 01/04/2016
3.750% due 01/04/2015
Gazprom OAO Via Gaz Capital S.A.
7.125% due 01/14/2014
8.700% due 03/17/2016 RUB
Gazprom OAO Via RBS AG
2.875% due 04/21/2017
LUXEMBOURG
Russian Agricultural Bank OJSC Via RSHB Capital S.A.
GERMANY
2.850% due 06/09/2015
0.840% due 05/15/2019
1,250
$
CANADA
Bank of Montreal
European Loan Conduit
6.902% due 07/09/2020
France Treasury Notes
Gerdau Trade, Inc.
5.670% due 03/05/2014
BNP Paribas S.A.
France Government Bond
Vale Overseas Ltd.
1,006 0.13
1,763 0.22
IRELAND
2.050% due 04/15/2013
22 0.00
46 0.00
440 0.06
CSN Islands XI Corp.
6.875% due 09/21/2019
127 0.02
DENMARK
44
90
864
Centrais Eletricas Brasileiras S.A.
5.750% due 10/27/2021
100
Denmark Government Bond
Brazil Notas do Tesouro Nacional Series F
BRL
7.625% due 07/23/2019
BRFkredit A/S
Brazil Government International Bond
526 0.06
231 0.03
Lembaga Pembiayaan Ekspor Indonesia
COLOMBIA
BRAZIL
4.100% due 06/16/2014
400 $
500
500
Odebrecht Drilling Norbe VIII/IX Ltd.
Qtel International Finance Ltd.
2.000% due 02/04/2013
€
FAIR
% OF
VALUE
NET
(000S) ASSETS
Sinochem Overseas Capital Co. Ltd.
Galaxy CLO Ltd.
Commonwealth Bank of Australia
2.750% due 06/01/2022
3.000% due 12/01/2036 (a)
4.250% due 06/01/2018
3.750% due 01/04/2017
3.750% due 01/04/2019
4.250% due 07/04/2018
1.500% due 04/15/2016
1.750% due 04/15/2020
CAYMAN ISLANDS
Australia & New Zealand Banking Group Ltd.
10.000% due 01/01/2013
10.000% due 01/01/2014
10.000% due 01/01/2017
$
CAD
PAR
(000S)
DESCRIPTION
Republic of Germany Inflation-Linked Bond (a)
AUSTRALIA
4.750% due 06/15/2016
5.500% due 12/15/2013
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
800
1,700
300
170
1,058
2,489
423
235
0.14
0.32
0.05
0.03
$
635 0.08
2,046 0.26
900
240
945 0.12
251 0.03
100
100 0.01
6,792 0.87
Telecom Italia Capital S.A.
6.999% due 06/04/2018
30 June 2012 (Unaudited)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
MEXICO
America Movil SAB de C.V.
6.125% due 03/30/2040
6.375% due 03/01/2035
$
200 $
100
248 0.03
125 0.01
210
212 0.03
BBVA Bancomer S.A.
4.500% due 03/10/2016
3,587
15,036
1,960
3,221
218
505
164
4,610
0.46
1.93
0.25
0.41
0.03
0.07
0.02
0.59
$
235
40
267 0.03
48 0.01
Petroleos Mexicanos
4.875% due 01/24/2022
6.500% due 06/02/2041
8.000% due 05/03/2019
1,500
1,600
790
1,624
1,876
1,007
34,708
0.21
0.24
0.13
4.45
3.250% due 09/21/2015
3.500% due 01/12/2018
5.500% due 10/25/2019
€
800
1,650
1,084 0.14
2,274 0.29
$
200
209 0.03
6.750% due 08/20/2018
8.750% due 06/15/2030
1,500
30
356
5.800% due 04/30/2018
1,500
€
25
1,760 0.23
33 0.00
Gazprom OAO Via White Nights Finance BV
$
200
600
225 0.03
674 0.09
€
150
200 0.03
$
€
400
1,200
300
300
GMAC International Finance BV
7.500% due 03/31/2030
547
1,640
315
449
0.07
0.21
0.04
0.06
Jubilee CDO BV
1.443% due 10/15/2019
443
549 0.07
LeasePlan Corp. NV
3.250% due 05/22/2014
425
566 0.07
7,400
500
300
10,046 1.29
793 0.10
526 0.07
261
330 0.04
52
66 0.01
125
166 0.02
510
533 0.07
26,985 3.46
Netherlands Government Bond
3.750% due 07/15/2014
4.000% due 01/15/2037
5.500% due 01/15/2028
Saecure BV
1.605% due 09/23/2092
SNS Bank NV
3.500% due 03/10/2014
Waha Aerospace BV
3.925% due 07/28/2020
5.125% due 06/29/2020
8.125% due 01/21/2014
4.375% due 08/10/2015
8.000% due 01/23/2014
$
1,152 0.15
NORWAY
300
600
336 0.04
657 0.09
200
200
213 0.03
219 0.03
400
425 0.05
6.250% due 01/15/2016
1,800
1,798 0.23
3,648 0.47
4.949% due 01/15/2015
500
See Accompanying Notes
473 0.06
900
1,200
919 0.12
1,596 0.21
201
345
194 0.03
422 0.05
$ 2,100
2,349 0.30
€
$
600
300
145
620 0.08
426 0.05
156 0.02
€
800
1,057 0.14
1,100
1,100
100
100
$ 1,000
300
1,459
1,503
137
92
1,029
334
0.19
0.19
0.02
0.01
0.13
0.04
£
345
1,200
800
1,400
800
370
2,300
500
800
400
635
2,217
1,429
2,638
1,551
722
4,103
977
1,671
768
0.08
0.28
0.18
0.34
0.20
0.09
0.53
0.13
0.21
0.10
Vodafone Group PLC
€
50
ASSET-BACKED SECURITIES
0.445% due 12/25/2036
3.183% due 07/25/2036
$
900
320
€ 2,900
3,800
3,731 0.48
5,089 0.65
8,820 1.13
SWEDEN
243
243 0.03
1,064 0.14
200
938
199 0.02
921 0.12
1,120 0.14
1,200
200
1,206 0.15
219 0.03
1,000
385
1,391 0.18
533 0.07
750
100
930 0.12
111 0.01
750
793 0.10
45
55 0.01
900
920 0.12
€
550
742 0.10
$
€
300
50
321 0.04
71 0.01
$ 1,430
1,712 0.22
1,600
1,911 0.24
1,200
1,206 0.15
BANK LOAN OBLIGATIONS
HCA, Inc.
2.495% due 11/17/2013
2.745% due 05/02/2016
Nordea Bank AB
Nordea Hypotek AB
4.250% due 02/06/2014
$
800
1,500
801 0.10
1,627 0.21
€
50
67 0.01
500
668 0.09
250
337 0.04
3,500 0.45
Swedbank AB
3.375% due 05/27/2014
Swedbank Hypotek AB
4.125% due 06/09/2014
UNITED KINGDOM
200
900
$ 1,000
€
Altria Group, Inc.
9.250% due 08/06/2019
9.700% due 11/10/2018
American Express Co.
7.000% due 03/19/2018
7.250% due 05/20/2014
Anadarko Petroleum Corp.
6.950% due 06/15/2019
Aviation Capital Group Corp.
7.125% due 10/15/2020
637 0.08
500
500
644 0.08
687 0.09
Bank of America Corp.
$ 1,050
£ 300
1,141 0.15
536 0.07
Bear Stearns Cos., LLC
BA Covered Bond Issuer
4.250% due 04/05/2017
5.650% due 05/01/2018
7.000% due 06/15/2016
7.250% due 02/01/2018
Boston Scientific Corp.
$
200
227 0.03
6.000% due 01/15/2020
Citigroup Funding, Inc.
British Sky Broadcasting Group PLC
9.500% due 11/15/2018
1.750% due 10/30/2012
8.300% due 02/12/2015
500
Bank of Scotland PLC
5.125% due 01/08/2020
14.000% due 11/29/2049
Ally Financial, Inc.
3.875% due 11/15/2021
256 0.03
1,180 0.15
986 0.13
Arran Residential Mortgages Funding PLC
2.089% due 05/16/2047
CORPORATE BONDS & NOTES
Amgen, Inc.
Abbey National Treasury Services PLC
2.500% due 03/18/2013
3.125% due 06/30/2014
4.000% due 04/27/2016
604 0.08
217 0.03
Massachusetts Educational Financing Authority
European Financial Stability Facility
1.367% due 01/14/2014
4.875% due 01/27/2020
74 0.01
34,029 4.36
UNITED STATES
1.416% due 04/25/2038
SUPRANATIONAL
4.750% due 03/10/2019
$
€
$
€
Bear Stearns Asset-Backed Securities Trust
BP Capital Markets PLC
DnB Boligkreditt A/S
3.000% due 09/08/2015
3.875% due 10/19/2020
4.000% due 03/15/2016
4.625% due 09/22/2021
4.875% due 08/25/2014
6.125% due 01/11/2021
3.750% due 09/07/2020
3.750% due 09/07/2021
4.000% due 09/07/2016
4.000% due 03/07/2022
4.250% due 06/07/2032
4.250% due 12/07/2046
4.750% due 09/07/2015
4.750% due 03/07/2020
4.750% due 12/07/2038
5.000% due 03/07/2018
Telefonica Emisiones SAU
Barclays Bank PLC
850
497 0.06
United Kingdom Gilt
SPAIN
Westpac Securities NZ Ltd.
€
391 $
Shinhan Bank
NEW ZEALAND
2.100% due 10/14/2015
2.625% due 01/11/2016
382 0.05
1,406 0.18
Korea Development Bank
3.250% due 01/25/2013
4.750% due 01/26/2015
3.500% due 06/16/2016
462 0.06
Royal Bank of Scotland PLC
3.875% due 12/05/2013
5,763 0.74
NXP BV
3.507% due 10/15/2013
€
Lloyds TSB Bank PLC
4,790
ING Bank NV
3.375% due 03/23/2017
3.375% due 01/11/2018
3.900% due 03/19/2014
5.250% due 06/05/2018
0.444% due 12/20/2054
0.561% due 12/20/2054
Nationwide Building Society
Russia Government International Bond
2.000% due 05/15/2017
3.375% due 07/05/2021
FAIR
% OF
VALUE
NET
(000S) ASSETS
Granite Master Issuer PLC
562 0.07
RUSSIA
1,808 0.23
42 0.00
E.ON International Finance BV
7.500% due 04/21/2015
500
420
1.766% due 11/16/2012
Deutsche Telekom International Finance BV
10.500% due 03/08/2014
10.500% due 03/25/2014
$
5.832% due 09/30/2016
4.125% due 12/15/2015
1,172 0.15
978 0.12
2.034% due 04/24/2047
4.375% due 01/12/2015
6.375% due 06/17/2016
9.875% due 12/16/2021
5.298% due 09/30/2020
Korea Housing Finance Corp.
1,150
900
Gosforth Funding PLC
5.100% due 04/05/2021
16 0.00
Ras Laffan Liquefied Natural Gas Co. Ltd. II
3.875% due 02/08/2022
4.750% due 01/15/2020
3.375% due 05/19/2014
50
Qatari Diar Finance QSC
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
Fortis Bank Nederland NV
PLN
QATAR
5.000% due 07/21/2020
PAR
(000S)
DESCRIPTION
HSBC Holdings PLC
Export-Import Bank of Korea
Achmea Hypotheekbank NV
3.200% due 11/03/2014
POLAND
SOUTH KOREA
NETHERLANDS
ABN Amro Bank NV
$ 3,000 $ 3,125 0.40
€ 400
549 0.07
50
65 0.01
6,254 0.81
Ras Laffan Liquefied Natural Gas Co. Ltd. III
Pemex Project Funding Master Trust
5.750% due 03/01/2018
6.625% due 06/15/2035
2.900% due 03/29/2016
3.375% due 01/20/2017
4.125% due 02/01/2013
FAIR
% OF
VALUE
NET
(000S) ASSETS
Poland Government International Bond
Mexico Government International Bond
6.050% due 01/11/2040
2,770
6.250% due 06/16/2016 MXN 191,500
7.250% due 12/15/2016
24,000
7.750% due 12/14/2017
38,070
8.000% due 06/11/2020
2,470
8.500% due 12/13/2018
5,700
9.000% due 12/20/2012
2,160
10.000% due 12/05/2024
44,090
PAR
(000S)
DESCRIPTION
500
675 0.09
1.875% due 10/22/2012
Semiannual Report
30 June 2012 273
Portfolio of Investments and Assets Global Advantage Fund (Cont.)
PAR
(000S)
DESCRIPTION
FAIR
% OF
VALUE
NET
(000S) ASSETS
Citigroup, Inc.
6.125% due 05/15/2018
6.375% due 08/12/2014
8.500% due 05/22/2019
Citigroup Mortgage Loan Trust, Inc.
$
300 $
600
750
335 0.04
643 0.08
928 0.12
2.771% due 05/25/2035
$
384 0.05
89
99
45 0.01
51 0.01
Countrywide Alternative Loan Trust
0.454% due 03/20/2046
0.454% due 05/20/2046
9.000% due 07/08/2016
Credit Suisse Mortgage Capital Certificates
473
542 0.07
300
313 0.04
5.869% due 06/15/2039
Credit Suisse USA, Inc.
5.500% due 08/15/2013
0.779% due 07/09/2021
6.200% due 07/02/2018
Merrill Lynch Mortgage Trust
674
730 0.09
5.690% due 02/12/2051
El Paso Pipeline Partners Operating Co. LLC
6.500% due 04/01/2020
200
233 0.03
500
400
555 0.07
456 0.06
8.000% due 06/01/2014
8.700% due 10/01/2014
General Electric Capital Corp.
2.625% due 12/28/2012
5.875% due 01/14/2038
900
10
910 0.12
12 0.00
600
672 0.09
Gerdau Holdings, Inc.
7.000% due 01/20/2020
Goldman Sachs Group, Inc.
0.866% due 07/22/2015
0.918% due 03/22/2016
5.950% due 01/18/2018
6.150% due 04/01/2018
7.500% due 02/15/2019
1,600
45
100
1,000
300
1,479
41
107
1,085
343
0.19
0.01
0.01
0.14
0.04
200
500
300
900
206
513
311
972
0.03
0.07
0.04
0.12
International Lease Finance Corp.
5.875% due 05/01/2013
6.375% due 03/25/2013
6.625% due 11/15/2013
6.750% due 09/01/2016
2,400
300
€ 500
2,367 0.30
331 0.04
657 0.08
Kinder Morgan Energy Partners LP
5.625% due 02/15/2015
9.000% due 02/01/2019
$
100
1,000
110 0.01
1,293 0.17
50
62 0.01
300
750
500
309 0.04
840 0.11
561 0.07
1,600
500
400
1,396 0.18
498 0.06
392 0.05
Lorillard Tobacco Co.
8.125% due 06/23/2019
Merrill Lynch & Co., Inc.
5.700% due 05/02/2017
6.875% due 04/25/2018
6.875% due 11/15/2018
0.916% due 10/18/2016
4.100% due 01/26/2015
5.500% due 01/26/2020
NGPL PipeCo LLC
7.119% due 12/15/2017
228 0.03
116
85 0.01
0.465% due 05/25/2037
0.565% due 10/25/2035
149
908
92 0.01
550 0.07
Structured Asset Mortgage Investments, Inc.
0.455% due 04/25/2036
127
71 0.01
WaMu Mortgage Pass-Through Certificates
0.525% due 11/25/2045
393
286 0.04
3,388 0.44
MUNICIPAL BONDS & NOTES
California, Build America General Obligation Bonds,
Series 2010
7.950% due 03/01/2036
950
1,125 0.14
California, Metropolitan Water District of Southern
California Revenue Bonds, Series 2010
400
483 0.06
California, Regents of the University of California
Limited Project Revenue Bonds, Series 2010
5.946% due 05/15/2045
800
992 0.13
Los Angeles, California, Community College District
General Obligation Bonds, Series 2010
6.600% due 08/01/2042
6.750% due 08/01/2049
900
1,900
1,185 0.15
2,519 0.32
Los Angeles, California, Unified School District General
Obligation Bonds, Series 2010
6.758% due 07/01/2034
100
130 0.02
New Jersey, Turnpike Authority Revenue Bonds,
Series B
400
564 0.07
New York, New York Build America General Obligation
Bonds, Series 2010
6.646% due 12/01/2031
1,300
1,539 0.20
New York, New York, Municipal Water Finance
Authority Revenue Bonds, Series 2010
1,229 0.16
500
635 0.08
5.572% due 11/01/2038
275 0.04
New York, New York, Transitional Finance Authority
Revenue Bonds, Series 2011
Rockies Express Pipeline LLC
5.625% due 04/15/2020
300
SLM Corp.
200
1,000
350
204 0.03
1,055 0.14
394 0.05
Springleaf Finance Corp.
5.900% due 09/15/2012
100
100 0.01
200
190 0.02
UBS Preferred Funding Trust V
6.243% due 05/29/2049
UIL Holdings Corp.
4.625% due 10/01/2020
300
314 0.04
468
457 0.06
€ 2,990
3,988 0.51
41,239 5.28
800
1,001 0.13
New York, New York, Transitional Finance Authority
Revenue Bonds, Series 2010
5.000% due 02/01/2035
1,100
500
1,341 0.17
560 0.07
New York, State Dormitory Authority Revenue Bonds,
Series 2010
5.051% due 09/15/2027
1,400
1,649 0.21
Ohio, American Municipal Power, Inc., Revenue Bonds,
Series 2010
7.334% due 02/15/2028
1,300
1,673 0.22
14,761 1.89
REPURCHASE AGREEMENTS
Barclays Capital, Inc.
Wachovia Bank N.A.
0.846% due 11/03/2014
MORTGAGE-BACKED SECURITIES
Banc of America Large Loan, Inc.
1.992% due 11/15/2015
5.667% due 02/17/2051
200
1,000
8.625% due 01/15/2019
4.375% due 05/19/2014
457 0.06
75 0.01
Reed Elsevier Capital, Inc.
5.375% due 01/15/2013
6.250% due 01/25/2016
8.450% due 06/15/2018
400
Structured Adjustable Rate Mortgage Loan Trust
5.440% due 06/15/2043
6.875% due 08/15/2020
80 0.01
75
Pride International, Inc.
WM Covered Bond Program
2.636% due 01/20/2047
7.102% due 01/01/2041
Morgan Stanley
82
Sequoia Mortgage Trust
6.947% due 07/01/2040
JPMorgan Chase & Co.
39 0.00
Morgan Stanley Reremic Trust
5.979% due 08/15/2045
Ford Motor Credit Co. LLC
39
Merrill Lynch Floating Trust
Delta Air Lines 2010-1 Class A Pass-Through Trust
$
842
200
798 0.10
222 0.03
274 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
0.140% due 07/03/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 1.875% due
07/15/2013 valued at
$15,614. Repurchase
proceeds are $15,300.)
DESCRIPTION
PAR
(000S)
FAIR
% OF
VALUE
NET
(000S) ASSETS
BNP Paribas Bank
433 $
Continental Airlines 2009-1 Pass-Through Trust
1.535% due 09/01/2015
4.950% due 03/25/2020
5.250% due 05/08/2013
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
0.280% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Fannie Mae
4.000% due 06/01/2042
valued at $15,493.
Repurchase proceeds
are $15,000.)
$ 15,000 $ 15,000 1.92
Citigroup, Inc.
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 0.250% due
03/31/2014 valued at
$5,618. Repurchase
proceeds are $5,500.)
0.220% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Federal
Home Loan Bank 3.500%
due 11/22/2013 valued at
$5,615. Repurchase
proceeds are $5,500.)
5,500
5,500 0.71
5,500
5,500 0.71
5,800
5,800 0.74
14,300
14,300 1.83
35,300
35,300 4.52
33,200
33,200 4.25
129,900 16.64
2,787
2,971 0.38
7,655
2,133
8,256 1.06
2,309 0.30
15,653
17,078 2.19
30,500
6,400
23,200
13,700
30,490
6,397
23,187
13,693
Goldman Sachs & Co.
0.190% due 07/02/2012
(Dated 06/29/2012.
Collateralised by Fannie Mae
4.500% due 08/01/2041
valued at $5,834.
Repurchase proceeds
are $5,800.)
0.200% due 07/16/2012
(Dated 06/06/2012.
Collateralised by Federal
Home Loan Mortgage Corp.
3.500% due 07/16/2012
valued at $14,672.
Repurchase proceeds
are $14,300.)
Merrill Lynch & Co., Inc.
0.190% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 0.250% due
06/15/2015 valued at
$19,091. Collateralised by
US Treasury Notes 1.250%
due 03/15/2014 valued at
$16,996. Repurchase
proceeds are $35,300.)
0.200% due 07/02/2012
(Dated 06/29/2012.
Collateralised by US Treasury
Notes 1.250% due
02/15/2022 valued at
$17,065. Collateralised by
US Treasury Notes 2.000%
due 02/28/2017 valued at
$16,579. Repurchase
proceeds are $33,200)
US GOVERNMENT AGENCIES
Fannie Mae
4.000% due 09/01/2040 11/01/2040
4.500% due 04/01/2041 07/01/2041
5.000% due 01/01/2039
5.500% due 07/01/2037 07/01/2042
Freddie Mac
0.130% due 11/01/2012
0.160% due 12/03/2012
0.161% due 12/17/2012
0.165% due 12/10/2012
15,300
15,300 1.96
3.91
0.82
2.97
1.75
Tennessee Valley Authority
5.250% due 09/15/2039
25
33 0.00
104,414 13.38
30 June 2012 (Unaudited)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
US TREASURY OBLIGATIONS
2.000% due 11/15/2021 02/15/2022
$
Treasury Inflation Protected Securities (a)
0.125% due 01/15/2022
1.250% due 07/15/2020
2.000% due 01/15/2016
2.375% due 01/15/2025 (b)
3.625% due 04/15/2028 (b)
3.875% due 04/15/2029
$ 14,231 $ 15,071 1.93
1,055
1,226 0.16
406
449 0.06
3,344
4,413 0.56
28
44 0.01
840
1,360 0.17
15,012 1.92
183,436 23.50
479,322 61.41
SHARES
PIMCO US DOLLAR SHORT-TERM FLOATING
NAV FUND (e)
7,649,853
124,068
124,006 15.89
21,600
21,855 2.80
US Treasury Notes
1.375% due 02/15/2013 11/30/2018 (d)
14,500 $
Total United States
US Treasury Bills
0.136% due 08/23/2012 05/30/2013 (b)(c)(d)
FAIR
% OF
VALUE
NET
(000S) ASSETS
PAR
(000S)
DESCRIPTION
Total Transferable Securities &
Money Market Instruments Official Stock Exchange/
Regulated Market
76,537
9.81
$ 774,998 99.30
FINANCIAL DERIVATIVE INSTRUMENTS DEALT IN ON A REGULATED MARKET (amounts in thousands*, except number of contracts)
* A zero balance may reflect actual amounts rounding to less than one thousand.
FUTURES
Description
Type
Expiration
Month
3-Month Euribor Interest Rate December Futures
3-Month Euribor Interest Rate December Futures
3-Month Euribor Interest Rate September Futures
90-Day Eurodollar December Futures
90-Day Eurodollar June Futures
Canada Government 10-Year Bond September Futures
United Kingdom Treasury 10-Year Gilt September Futures
US Treasury 5-Year Note September Futures
US Treasury 10-Year Note September Futures
Long
Long
Long
Long
Long
Long
Long
Short
Long
12/2012
12/2013
09/2012
12/2012
06/2013
09/2012
09/2012
09/2012
09/2012
# of
Contracts
21
69
21
20
32
18
229
21
404
Unrealised
Appreciation/
(Depreciation)
Total Financial Derivative Instruments Dealt in on a Regulated Market
% of
Net Assets
$ 143
185
133
39
92
28
(114)
(4)
234
$ 736
0.02
0.02
0.02
0.00
0.01
0.00
(0.01)
0.00
0.03
0.09
$ 736
0.09
CENTRALLY CLEARED FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
INTEREST RATE SWAPS
Pay/Receive
Floating
Rate
Floating Rate Index
Receive
Receive
Receive
Pay
Receive
Pay
Receive
Receive
Receive
Receive
3-Month Canadian Bank Bill
3-Month Canadian Bank Bill
3-Month Canadian Bank Bill
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
6-Month Australian Bank Bill
6-Month Australian Bank Bill
6-Month Australian Bank Bill
6-Month EUR-LIBOR
Fixed
Rate
Maturity
Date
2.500%
2.500%
2.500%
1.500%
4.000%
2.250%
3.750%
4.000%
4.250%
2.500%
06/18/2022
12/17/2022
12/18/2022
06/20/2017
09/21/2021
06/20/2022
03/15/2018
03/15/2023
03/15/2023
09/19/2022
Unrealised
Appreciation/
(Depreciation)
Notional
Amount
CAD
4,400
8,200
1,400
$ 8,500
9,700
33,600
AUD 4,500
1,200
2,700
€ 19,800
% of
Net Assets
$
119
215
66
(131)
424
(1,285)
7
(2)
24
750
$ 187
0.02
0.03
0.01
(0.02)
0.05
(0.16)
0.00
0.00
0.00
0.09
0.02
Unrealised
Appreciation/
(Depreciation)
% of
Net Assets
CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(2)
Fixed Deal
Receive Rate
Index/Tranches
Dow Jones CDX N.A. IG 16 Index
1.000%
Maturity
Date
Notional
Amount(3)
06/20/2016
$ 700
$
Total Centrally Cleared Financial Derivative Instruments
0
0.00
$ 187
0.02
OTC FINANCIAL DERIVATIVE INSTRUMENTS (amounts in thousands*)
* A zero balance may reflect actual amounts rounding to less than one thousand.
PURCHASED OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
DUB
3-Month USD-LIBOR
Receive
Expiration
Date
Notional
Amount
Cost
Fair
Value
% of
Net Assets
$ 1
0.00
INTEREST RATE SWAPTIONS
Put - OTC 30-Year Interest Rate Swap
See Accompanying Notes
3.750%
09/24/2012 $ 3,000 $ 104
Semiannual Report
30 June 2012 275
Portfolio of Investments and Assets Global Advantage Fund (Cont.)
WRITTEN OPTIONS
Description
Counterparty
Floating Rate Index
Pay/Receive Exercise
Floating Rate
Rate
BOA
BOA
BOA
BOA
BRC
BRC
CBK
CBK
DUB
DUB
DUB
FBF
FBF
HUS
HUS
JPM
JPM
JPM
JPM
MYC
MYC
UAG
UAG
UAG
UAG
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
3-Month USD-LIBOR
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Receive
Pay
Expiration
Date
Notional
Amount
Premiums
Fair
Value
% of
Net Assets
$ (29)
(54)
(6)
(6)
(117)
(226)
(2)
(2)
(10)
(10)
(99)
(9)
(9)
(102)
(199)
(3)
(3)
(24)
(24)
(2)
(3)
(18)
(18)
(9)
(9)
$ (993)
$ (48)
(19)
(6)
(2)
(196)
(78)
0
(2)
(17)
0
0
(21)
0
(174)
(69)
(1)
(1)
(20)
(7)
(1)
0
0
(15)
(13)
(1)
$ (691)
(0.01)
0.00
0.00
0.00
(0.03)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)
(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.08)
INTEREST RATE SWAPTIONS
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 3-Year Interest Rate Swap
Put - OTC 3-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 5-Year Interest Rate Swap
Put - OTC 5-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Call - OTC 1-Year Interest Rate Swap
Put - OTC 1-Year Interest Rate Swap
Call - OTC 2-Year Interest Rate Swap
Put - OTC 2-Year Interest Rate Swap
Description
1.400%
1.400%
0.800%
0.800%
1.400%
1.400%
0.400%
0.400%
1.000%
1.000%
2.250%
1.700%
1.700%
1.400%
1.400%
0.600%
0.600%
0.800%
0.800%
0.600%
0.600%
0.400%
0.400%
1.200%
1.200%
03/18/2013 $ 3,000
03/18/2013
3,000
07/11/2013
1,900
07/11/2013
1,900
03/18/2013
12,300
03/18/2013
12,300
08/13/2012
1,800
08/13/2012
1,800
08/13/2012
1,600
08/13/2012
1,600
09/24/2012
13,500
08/13/2012
600
08/13/2012
600
03/18/2013
10,900
03/18/2013
10,900
08/13/2012
1,200
08/13/2012
1,200
07/11/2013
6,800
07/11/2013
6,800
08/13/2012
800
08/13/2012
800
08/13/2012
12,800
08/13/2012
12,800
07/11/2013
1,200
07/11/2013
1,200
Expiration
Date
Counterparty
Strike Index
Exercise Index
Floor - OTC CPURNSA Index
CBK
216.687
Floor - OTC CPURNSA Index
DUB
218.011
Maximum of [1-(Index Final/Index Initial)
or $0]
04/07/2020
Maximum of [-(Final Index/Initial
Index -1), 0]
10/13/2020
Notional
Fair
Amount Premiums Value
% of
Net Assets
INFLATION FLOOR
$ 500
$ (4)
$ (1)
0.00
400
(4)
$ (8)
(1)
$ (2)
0.00
0.00
CREDIT DEFAULT SWAPS ON CORPORATE, SOVEREIGN AND US MUNICIPAL ISSUES - SELL PROTECTION(1)
Reference Entity
Anadarko Petroleum Corp.
ArcelorMittal
ArcelorMittal
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
Brazil Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
China Government International Bond
Export-Import Bank of China
Export-Import Bank of China
Export-Import Bank of China
Export-Import Bank of China
Freeport-McMoRan Copper & Gold, Inc.
Gazprom OAO Via Gazprom International S.A.
Gazprom OAO Via Gazprom International S.A.
General Electric Capital Corp.
General Electric Capital Corp.
Indonesia Government International Bond
Indonesia Government International Bond
Lincoln National Corp.
Metlife, Inc.
Mexico Government International Bond
Mexico Government International Bond
Mexico Government International Bond
Penerbangan Malaysia Bhd
276 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC
Fixed Deal
Receive Rate Maturity Date Counterparty
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
06/20/2017
06/20/2021
03/20/2016
06/20/2021
12/20/2015
03/20/2016
09/20/2013
06/20/2017
06/20/2016
06/20/2021
09/20/2016
09/20/2012
12/20/2016
12/20/2016
09/20/2016
12/20/2016
12/20/2016
06/20/2017
12/20/2012
12/20/2016
09/20/2016
06/20/2016
03/20/2016
12/20/2012
12/20/2012
03/20/2014
12/20/2015
06/20/2021
09/20/2016
03/20/2016
03/20/2016
03/20/2016
06/20/2017
09/20/2016
09/20/2012
BRC
BOA
BPS
BOA
BRC
CBK
DUB
DUB
HUS
HUS
MYC
BRC
CBK
DUB
FBF
FBF
MYC
UAG
FBF
FBF
MYC
UAG
CBK
BRC
DUB
BPS
UAG
FBF
GST
GST
CBK
CBK
HUS
MYC
MYC
Notional
Amount(2)
$
400
500
300
4,300
3,500
1,000
2,750
2,175
250
1,200
3,