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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allianzgi Global Equity & Convertible Income Fund | NYSE:NGZ | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.59 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22067 | ||
Nicholas-Applegate Global Equity & Convertible Income Fund | ||
(Exact name of registrant as specified in charter) | ||
1345 Avenue of the Americas, New York, NY | 10105 | |
(Address of principal executive offices) | (Zip code) | |
Lawrence G. Altadonna - 1345 Avenue of the Americas, New York, New York 10105 | ||
(Name and address of agent for service) |
Registrants telephone number, including area code: 212-739-3371 | ||
Date of fiscal year end: August 31, 2010 | ||
Date of reporting period: February 28, 2010 | ||
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e -1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (OMB) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-2001. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. REPORT TO SHAREHOLDERS
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Semi - Annual Report |
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February 28, 2010 |
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Contents |
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4-15 |
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18 |
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19-26 |
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27 |
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Annual Shareholder Meeting Results/Changes in Board of Trustees/Proxy Voting Policies & Procedures |
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28 |
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Nicholas-Applegate Global Equity & Convertible Income Fund L etter to Shareholders |
April 15, 2010
Dear Shareholder:
Please find enclosed the semiannual report for Nicholas-Applegate Global Equity & Convertible Income Fund (the Fund) for the fiscal six-month period ended February 28, 2010.
Global stocks and convertible bonds advanced solidly during the six-month period, extending the markets rally to nearly 12 months on the strength of continued investor confidence in improving economic conditions. In this environment, the Morgan Stanley Capital International All Country World Index (ACWI), an unmanaged index generally representative of broad global equity markets, advanced 6.03% in U.S. dollar terms for the six-month period. The Merrill Lynch All-Convertible Index, an unmanaged index generally representative of the convertible securities market, returned 12.11%. The S&P 500 Index, an unmanaged index that is generally representative of the U.S. stock market, advanced 9.32% and the Barclays Capital U.S. Treasury Bond Index returned 1.44% for the six-month reporting period.
For specific information on the Fund and its performance, please review the following pages. If you have any questions regarding the information provided, we encourage you to contact your financial advisor or call the Funds shareholder servicing agent at (800) 254-5197. In addition, a wide range of information and resources is available on our website, www.allianzinvestors.com/closedendfunds .
Together with Allianz Global Investors Fund Management LLC, the Funds investment manager, and Nicholas-Applegate Capital Management LLC, the Funds sub-adviser, we thank you for investing with us.
We remain dedicated to serving your investment needs.
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Hans W. Kertess |
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Brian S. Shlissel |
Chairman |
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President & Chief Executive Officer |
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| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
1 |
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Nicholas-Applegate Global Equity & Convertible Income Fund F und Insights |
February 28, 2010 (unaudited) |
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For the fiscal six-month period ended February 28, 2010, Nicholas-Applegate Global Equity & Convertible Income Fund returned 10.54% on net asset value (NAV) and 13.71% on market price. |
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The convertible market, as measured by the Merrill Lynch All Convertibles All Quality Index, had positive performance during the reporting period. In fact, the convertible markets exceeded the returns of most domestic equity benchmarks for calendar-year 2009. |
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The domestic equity rally was broad based and most industries yielded positive returns for the six-month period. Technology, Healthcare, and Consumer Staples were the best-performing industries in the Russell 1000 Growth Index. Larger-capitalized companies outperformed smaller-capitalized firms. |
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Risks associated with the spreads and pricing late in 2008 and early 2009 never materialized. Nearly every company looking for debt financing in the corporate bond market achieved its goal. Near-term debt burdens were refinanced, and in most cases, for 7 to 10 years. The result was significantly less risk system-wide and a commensurate rise in bond prices and tightening of spreads during the six-month period ended February 29, 2010. |
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In addition to broad economic statistics and technical factors such as access to capital, corporate profits took center stage during the six-month period. Quarterly earnings reports were generally better than expected for the last two quarters of calendar-year 2009. Initially, companies performed better due to more than a year of cost cutting measures. As the fiscal six-month period progressed, real demand emerged. |
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The Chicago Board Options Exchange Volatility Index (VIX) continued its downward trend during the six-month period, as equity markets marched higher and investor confidence grew. |
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There was positive performance from almost every portion of the convertible universe during the six-month period. Nearly all of the bond-like or busted convertibles (convertible securities that trade like fixed-income investments because the market price of the common stock they convert to had fallen so low as to render the conversion feature valueless) rose in price, regardless of the companies operating fundamentals. Ultimately, improving credit conditions played the most significant role in the recovery of the convertible market. |
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The Funds domestic weightings in health care, consumer discretionary, technology, and industrials contributed positively to performance during the six-month period. Detractors from performance were holdings in telecommunications and utilities. The Funds convertible weightings in automotive, energy and technology had a positive impact on performance. Thematically, Fund performance benefitted from companies that experienced improved consumer demand and continued the cost cutting that led to improved quarterly earnings. |
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Despite the declining market volatilities, call option premiums were available, and the Fund was able to capture premiums during the quarter on both an index and single-stock basis. |
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International markets, as measured by the MSCI EAFE Index, rose 0.80% during the six-month period. The recovery was fueled primarily by growth throughout Asia and Australia. European markets lagged on concerns of slower growth and the high debt levels of select peripheral European countries. During the six-month period, the MSCI Pacific ex-Japan Index fell 0.30%, compared to a return of 11.50% for the MSCI Europe Index. |
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Recovery in Asia and Australia fueled a rebound in demand for commodities during the six-month period. BHP Billiton, an Australian natural resource explorer and refiner, and fertilizer producers Yara International of Norway and K&S of Germany all benefited from this demand and positively impacted Fund performance. The regional upturn also helped Commonwealth Bank and Challenger Financial Services, both of Australia, which also contributed positively to returns. |
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The Euro-zone recovery has stalled on concerns over high debt levels of some of its member nations, namely Greece and Spain, but also Ireland, Italy, and Portugal. Telecommunications company Telefonica, bank Credit Agricole, and construction company ACS Actividades all of Spain all were negatively impacted by such concerns and detracted from Fund performance during the six-month period. Disappointing earnings reports from Swiss pharmaceutical company Actelion and negative reaction to the proposed merger of Porsche and VW also detracted from performance during the reporting period. |
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2 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
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Nicholas-Applegate Global Equity & Convertible Income Fund P erformance & Statistics |
February 28, 2010 (unaudited) |
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Total Return (1) : |
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Market Price |
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NAV |
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Six Months |
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13.71 |
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10.54 |
% |
1 Year |
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76.09 |
% |
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57.06 |
% |
Commencement of Operations (9/28/07) to 2/28/10 |
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(11.55 |
) % |
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(6.87 |
)% |
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Market Price/NAV Performance: |
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Commencement of Operations (9/28/07) to 2/28/10 |
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NAV |
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Market Price |
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Market Price/NAV: |
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Market Price |
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$ |
14.20 |
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NAV |
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$ |
15.65 |
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Discount to NAV |
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(9.27 |
)% |
Market Price Yield (2) |
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6.34 |
% |
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Investment Allocation
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(1) Past performance is no guarantee of future results. Total return is calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) in the specified period. The calculation assumes that all income dividends and capital gain distributions, if any, have been reinvested. Total return does not reflect broker commissions or sales charges. Total return for a period of less than one year is not annualized. Total return for a period of more than one year represents the average annual total return.
Performance at market price will differ from its results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Funds shares, or changes in Fund dividends and distributions.
An investment in the Fund involves risk, including the loss of principal. Total return, market price, market yield and NAV will fluctuate with changes in market conditions. This data is provided for information purposes only and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. There is a onetime public offering and once issued, shares of closed-end funds are traded in the open market on a stock exchange. NAV is equal to total assets less total liabilities divided by the number of shares outstanding. Holdings are subject to change daily.
(2) Market Price Yield is determined by dividing the annualized current quarterly per share dividend (comprised of net investment income and short-term capital gains, if any) payable to shareholders by the market price per share at February 28, 2010.
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| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
3 |
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Nicholas-Applegate Global Equity & Convertible Income Fund S chedule of Investments |
February 28, 2010 (unaudited) |
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Shares |
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Value |
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COMMON STOCK77.8% |
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Australia3.2% |
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Airlines0.3% |
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152,554 |
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Qantas Airways Ltd. (b) |
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$ |
359,541 |
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Biotechnology0.5% |
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17,462 |
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CSL Ltd. (a) |
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536,595 |
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Commercial Banks1.0% |
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19,579 |
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Commonwealth Bank of Australia |
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942,935 |
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Construction & Engineering0.4% |
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14,173 |
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Leighton Holdings Ltd. |
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477,477 |
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Diversified Financial Services0.4% |
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139,994 |
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Challenger Financial Services Group Ltd. |
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479,128 |
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Metals & Mining0.6% |
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13,924 |
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BHP Billiton Ltd. |
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510,225 |
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58,602 |
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OneSteel Ltd. |
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180,971 |
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691,196 |
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Austria0.1% |
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Building Products0.0% |
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3,027 |
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Wienerberger AG |
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51,748 |
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Metals & Mining0.1% |
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2,316 |
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Voestalpine AG |
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81,724 |
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Belgium0.1% |
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Chemicals0.1% |
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5,374 |
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Tessenderlo Chemie NV |
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160,225 |
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Canada0.6% |
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Communications Equipment0.6% |
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9,100 |
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Research In Motion Ltd. (b) |
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645,008 |
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China0.2% |
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Electronic Equipment, Instruments0.1% |
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30,500 |
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Kingboard Chemical Holdings Ltd. |
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136,445 |
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Independent Power Producers0.1% |
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38,000 |
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China Resources Power Holdings Co., Ltd. |
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75,084 |
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Denmark0.1% |
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Construction & Engineering0.1% |
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2,000 |
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FLSmidth & Co. AS |
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127,549 |
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Finland0.3% |
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Communications Equipment0.1% |
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7,353 |
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Nokia Oyj |
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99,519 |
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Food & Staples Retailing0.2% |
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4,984 |
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Kesko OYJCl. B |
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180,989 |
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France2.8% |
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Airlines0.1% |
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4,355 |
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Air FranceKLM (b) |
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58,196 |
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4 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
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Shares |
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Value |
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Automobiles0.3% |
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9,874 |
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Peugeot S.A. (b) |
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$ |
260,934 |
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1,838 |
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Renault S.A. (b) |
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75,666 |
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336,600 |
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Commercial Banks0.5% |
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4,922 |
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BNP Paribas |
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356,394 |
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12,598 |
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Credit Agricole S.A. |
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187,465 |
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543,859 |
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Diversified Telecommunication1.0% |
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47,233 |
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France Telecom S.A. (a) |
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1,107,427 |
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Electrical Equipment0.3% |
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4,912 |
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Alstom S.A. |
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314,941 |
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Household Durables0.1% |
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2,043 |
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SEB S.A. |
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131,661 |
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Metals & Mining0.1% |
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3,088 |
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ArcelorMittal |
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118,100 |
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Oil, Gas & Consumable Fuels0.4% |
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8,490 |
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Total S.A. |
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474,144 |
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Germany2.0% |
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Airlines0.3% |
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23,665 |
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Deutsche Lufthansa AG |
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353,952 |
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Automobiles0.9% |
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17,212 |
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Daimler AG (a) |
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719,617 |
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3,950 |
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Porsche Automobile Holding SE |
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198,650 |
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918,267 |
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Chemicals0.5% |
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7,688 |
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K+S AG |
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468,049 |
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Industrial Conglomerates0.2% |
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2,992 |
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Siemens AG |
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257,121 |
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Metals & Mining0.1% |
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1,548 |
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Salzgitter AG |
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136,812 |
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Multi-Utilities0.0% |
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568 |
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RWE AG |
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48,211 |
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Greece0.1% |
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Commercial Banks0.1% |
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4,039 |
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National Bank of Greece S.A. (b) |
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76,306 |
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Hong Kong2.2% |
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Airlines0.3% |
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|
197,000 |
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Cathay Pacific Airways Ltd. (b) |
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|
365,962 |
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Diversified Financial Services0.1% |
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|
8,000 |
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Hong Kong Exchanges & Clearing Ltd. |
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|
133,892 |
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Electric Utilities0.2% |
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|
59,000 |
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Cheung Kong Infrastructure Holdings Ltd. |
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|
221,931 |
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Industrial Conglomerates0.2% |
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|
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|
7,200 |
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Jardine Matheson Holdings Ltd. |
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|
196,919 |
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| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
5 |
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Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
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Shares |
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Value |
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Marine0.1% |
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|
10,500 |
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Orient Overseas International Ltd. |
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$ |
76,931 |
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Paper & Forest Products0.1% |
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|
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|
112,000 |
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Lee & Man Paper Manufacturing Ltd. |
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|
74,392 |
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Real Estate Management & Development1.0% |
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|
|
|
41,000 |
|
Hang Lung Group Ltd. |
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|
204,760 |
|
|
118,000 |
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New World Development Ltd. |
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|
215,484 |
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|
56,000 |
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Swire Pacific Ltd.Cl. A |
|
|
625,909 |
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|
|
|
|
1,046,153 |
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Semiconductors & Semiconductor Equipment0.1% |
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|
16,500 |
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ASM Pacific Technology Ltd. |
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|
156,222 |
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Specialty Retail0.1% |
|
|
|
|
|
19,981 |
|
Esprit Holdings Ltd. |
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|
142,750 |
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Ireland0.0% |
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Banks0.0% |
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|
20,740 |
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Anglo Irish Bank Corp. PLC (b) (c) |
|
|
283 |
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|
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Insurance0.0% |
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|
|
|
|
9,738 |
|
Irish Life & Permanent PLC (b) |
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|
36,652 |
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Italy0.7% |
|
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Electric Utilities0.3% |
|
|
|
|
|
54,358 |
|
Enel SpA |
|
|
295,588 |
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|
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Household Durables0.2% |
|
|
|
|
|
14,735 |
|
Indesit Co. SpA (b) |
|
|
173,928 |
|
|
|
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Oil, Gas & Consumable Fuels0.2% |
|
|
|
|
|
13,395 |
|
ENI SpA |
|
|
302,989 |
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Japan5.6% |
|
|
|
|
|
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Auto Components0.1% |
|
|
|
|
|
5,800 |
|
Tokai Rika Co., Ltd. |
|
|
104,207 |
|
|
|
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Commercial Banks0.3% |
|
|
|
|
|
169,000 |
|
Hokuhoku Financial Group, Inc. |
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|
355,487 |
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Computers & Peripherals0.1% |
|
|
|
|
|
13,000 |
|
Toshiba Corp. (b) |
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|
65,013 |
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Consumer Finance0.1% |
|
|
|
|
|
490 |
|
ORIX Corp. |
|
|
37,538 |
|
|
13,600 |
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Promise Co., Ltd. (b) |
|
|
104,192 |
|
|
|
|
|
|
|
141,730 |
|
|
|
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Diversified Telecommunication0.1% |
|
|
|
|
|
2,100 |
|
Nippon Telegraph & Telephone Corp. |
|
|
91,559 |
|
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Electronic Equipment, Instruments0.4% |
|
|
|
|
|
3,500 |
|
FUJIFILM Holdings Corp. |
|
|
110,876 |
|
|
5,500 |
|
Mitsumi Electric Co., Ltd. |
|
|
104,549 |
|
|
23,000 |
|
Nippon Chemi-Con Corp. (b) |
|
|
76,597 |
|
|
14,000 |
|
Star Micronics Co., Ltd. |
|
|
138,191 |
|
|
|
|
|
|
|
430,213 |
|
|
|
6 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
Shares |
|
|
|
Value |
|
||
|
|
|
Health Care Equipment & Supplies0.2% |
|
|
|
|
|
7,000 |
|
Olympus Corp. |
|
$ |
215,442 |
|
|
|
|
Household Durables0.4% |
|
|
|
|
|
13,300 |
|
Sony Corp. |
|
|
452,787 |
|
|
|
|
Leisure Equipment & Products0.4% |
|
|
|
|
|
5,000 |
|
Nikon Corp. |
|
|
109,590 |
|
|
7,900 |
|
Sankyo Co., Ltd. |
|
|
380,979 |
|
|
|
|
|
|
|
490,569 |
|
|
|
|
Machinery0.2% |
|
|
|
|
|
5,000 |
|
Glory Ltd. |
|
|
112,474 |
|
|
4,700 |
|
Shima Seiki Manufacturing Ltd. |
|
|
91,156 |
|
|
|
|
|
|
|
203,630 |
|
|
|
|
Marine0.5% |
|
|
|
|
|
71,000 |
|
Mitsui OSK Lines Ltd. |
|
|
457,173 |
|
|
32,000 |
|
Nippon Yusen KK |
|
|
115,780 |
|
|
|
|
|
|
|
572,953 |
|
|
|
|
Metals & Mining0.4% |
|
|
|
|
|
4,300 |
|
JFE Holdings, Inc. |
|
|
159,554 |
|
|
43,000 |
|
Nippon Steel Corp. |
|
|
160,269 |
|
|
56,000 |
|
Sumitomo Metal Industries Ltd. |
|
|
153,989 |
|
|
|
|
|
|
|
473,812 |
|
|
|
|
Pharmaceuticals0.2% |
|
|
|
|
|
6,000 |
|
Chugai Pharmaceutical Co., Ltd. |
|
|
115,600 |
|
|
3,300 |
|
Daiichi Sankyo Co., Ltd. |
|
|
66,736 |
|
|
|
|
|
|
|
182,336 |
|
|
|
|
Real Estate Management & Development0.1% |
|
|
|
|
|
2,000 |
|
Daito Trust Construction Co., Ltd. |
|
|
97,744 |
|
|
|
|
Road & Rail0.1% |
|
|
|
|
|
1,700 |
|
East Japan Railway Co. |
|
|
117,038 |
|
|
|
|
Software0.1% |
|
|
|
|
|
300 |
|
Nintendo Co., Ltd. |
|
|
81,691 |
|
|
|
|
Specialty Retail0.0% |
|
|
|
|
|
3,000 |
|
Aoyama Trading Co., Ltd. |
|
|
49,044 |
|
|
|
|
Tobacco0.1% |
|
|
|
|
|
16 |
|
Japan Tobacco, Inc. |
|
|
58,104 |
|
|
|
|
Trading Companies & Distribution1.6% |
|
|
|
|
|
54,000 |
|
ITOCHU Corp. |
|
|
434,365 |
|
|
70,000 |
|
Marubeni Corp. |
|
|
417,575 |
|
|
26,000 |
|
Mitsui & Co., Ltd. |
|
|
402,875 |
|
|
36,900 |
|
Sumitomo Corp. |
|
|
401,051 |
|
|
|
|
|
|
|
1,655,866 |
|
|
|
|
Wireless Telecommunication Services0.2% |
|
|
|
|
|
50 |
|
KDDI Corp. |
|
|
266,407 |
|
|
|
|
Netherlands0.1% |
|
|
|
|
|
|
|
Diversified Financial Services0.1% |
|
|
|
|
|
14,541 |
|
ING Groep NV |
|
|
129,908 |
|
|
|
|
| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
7 |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
Shares |
|
|
|
Value |
|
||
|
|
|
New Zealand0.1% |
|
|
|
|
|
|
|
Construction Materials0.1% |
|
|
|
|
|
27,259 |
|
Fletcher Building Ltd. |
|
$ |
150,648 |
|
|
|
|
|
|
|||
|
|
|
Norway0.5% |
|
|
|
|
|
|
|
Chemicals0.4% |
|
|
|
|
|
10,500 |
|
Yara International ASA |
|
|
432,450 |
|
|
|
|
|
|
|||
|
|
|
Energy Equipment & Services0.1% |
|
|
|
|
|
3,400 |
|
TGS Nopec Geophysical Co. ASA (b) |
|
|
65,137 |
|
|
|
|
|
|
|||
|
|
|
Singapore1.1% |
|
|
|
|
|
|
|
Airlines0.4% |
|
|
|
|
|
40,000 |
|
Singapore Airlines Ltd. |
|
|
423,154 |
|
|
|
|
|
|
|||
|
|
|
Commercial Banks0.2% |
|
|
|
|
|
36,000 |
|
Oversea-Chinese Banking Corp. |
|
|
217,156 |
|
|
|
|
|
|
|||
|
|
|
Distributors0.3% |
|
|
|
|
|
17,000 |
|
Jardine Cycle & Carriage Ltd. |
|
|
293,327 |
|
|
|
|
|
|
|||
|
|
|
Electronic Equipment, Instruments0.1% |
|
|
|
|
|
26,000 |
|
Venture Corp. Ltd. |
|
|
155,984 |
|
|
|
|
|
|
|||
|
|
|
Real Estate Management & Development0.1% |
|
|
|
|
|
71,000 |
|
Wing Tai Holdings Ltd. |
|
|
84,839 |
|
|
|
|
|
|
|||
|
|
|
Transportation Infrastructure0.0% |
|
|
|
|
|
29,200 |
|
Singapore Airport Terminal Services Ltd. |
|
|
54,211 |
|
|
|
|
|
|
|||
|
|
|
Spain1.4% |
|
|
|
|
|
|
|
Construction & Engineering0.4% |
|
|
|
|
|
9,221 |
|
ACS Actividades de Construccion y Servicios S.A. |
|
|
410,426 |
|
|
2,822 |
|
Sacyr Vallehermoso S.A. (b) |
|
|
22,968 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
433,394 |
|
|
|
|
|
|
|||
|
|
|
Diversified Telecommunication1.0% |
|
|
|
|
|
45,274 |
|
Telefonica S.A. |
|
|
1,064,074 |
|
|
|
|
|
|
|||
|
|
|
Sweden1.4% |
|
|
|
|
|
|
|
Commercial Banks0.2% |
|
|
|
|
|
19,000 |
|
Nordea Bank AB |
|
|
185,836 |
|
|
4,200 |
|
Swedbank AB (b) |
|
|
40,161 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
225,997 |
|
|
|
|
|
|
|||
|
|
|
Household Durables0.1% |
|
|
|
|
|
5,400 |
|
Electrolux AB (b) |
|
|
115,209 |
|
|
|
|
|
|
|||
|
|
|
Machinery0.4% |
|
|
|
|
|
20,200 |
|
Sandvik AB |
|
|
218,130 |
|
|
16,000 |
|
Trelleborg ABCl. B (b) |
|
|
103,426 |
|
|
14,200 |
|
Volvo ABCl. B |
|
|
120,571 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
442,127 |
|
|
|
|
|
|
|||
|
|
|
Specialty Retail0.7% |
|
|
|
|
|
13,200 |
|
Hennes & Mauritz ABCl. B |
|
|
802,750 |
|
|
|
|
|
|
|||
|
|
|
Switzerland1.3% |
|
|
|
|
|
|
|
Biotechnology0.3% |
|
|
|
|
|
5,878 |
|
Actelion Ltd. (b) |
|
|
299,730 |
|
|
|
|
|
|
|
|
8 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
Shares |
|
|
|
Value |
|
||
|
|
|
Capital Markets0.1% |
|
|
|
|
|
2,773 |
|
Credit Suisse Group AG |
|
$ |
123,623 |
|
|
|
|
|
|
|||
|
|
|
Insurance0.7% |
|
|
|
|
|
3,450 |
|
Zurich Financial Services AG (a) |
|
|
833,317 |
|
|
|
|
|
|
|||
|
|
|
Textiles, Apparel & Luxury Goods0.2% |
|
|
|
|
|
656 |
|
Swatch Group AG |
|
|
182,716 |
|
|
|
|
|
|
|||
|
|
|
United Kingdom6.9% |
|
|
|
|
|
|
|
Aerospace & Defense0.1% |
|
|
|
|
|
11,929 |
|
BAE Systems PLC |
|
|
68,028 |
|
|
|
|
|
|
|||
|
|
|
Capital Markets0.1% |
|
|
|
|
|
17,856 |
|
3i Group PLC |
|
|
71,593 |
|
|
|
|
|
|
|||
|
|
|
Commercial Banks0.5% |
|
|
|
|
|
50,729 |
|
Barclays PLC |
|
|
242,046 |
|
|
18,343 |
|
Lloyds TSB Group PLC (b) |
|
|
14,661 |
|
|
51,937 |
|
Royal Bank of Scotland Group PLC (b) |
|
|
29,778 |
|
|
9,470 |
|
Standard Chartered PLC |
|
|
225,354 |
|
|
|
|
|
|
|
511,839 |
|
|
|
|
|
|
|||
|
|
|
Commercial Services & Supplies0.2% |
|
|
|
|
|
13,579 |
|
Aggreko PLC |
|
|
201,561 |
|
|
|
|
|
|
|||
|
|
|
Food & Staples Retailing0.4% |
|
|
|
|
|
92,742 |
|
WM Morrison Supermarkets PLC (a) |
|
|
421,305 |
|
|
|
|
|
|
|||
|
|
|
Industrial Conglomerates0.1% |
|
|
|
|
|
4,961 |
|
Cookson Group PLC (b) |
|
|
34,731 |
|
|
4,730 |
|
Smiths Group PLC |
|
|
74,837 |
|
|
|
|
|
|
|
109,568 |
|
|
|
|
|
|
|||
|
|
|
Insurance0.5% |
|
|
|
|
|
253,484 |
|
Old Mutual PLC (b) |
|
|
437,854 |
|
|
45,432 |
|
Standard Life PLC |
|
|
135,154 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
573,008 |
|
|
|
|
|
|
|||
|
|
|
Machinery0.2% |
|
|
|
|
|
17,900 |
|
Charter International PLC |
|
|
181,173 |
|
|
|
|
|
|
|||
|
|
|
Metals & Mining1.5% |
|
|
|
|
|
6,416 |
|
Anglo American PLC (b) |
|
|
233,497 |
|
|
36,554 |
|
BHP Billiton PLC (a) |
|
|
1,120,375 |
|
|
5,372 |
|
Rio Tinto PLC |
|
|
276,976 |
|
|
4,527 |
|
Xstrata PLC (b) |
|
|
71,045 |
|
|
|
|
|
|
|
1,701,893 |
|
|
|
|
|
|
|||
|
|
|
Multiline Retail0.6% |
|
|
|
|
|
26,858 |
|
Marks & Spencer Group PLC |
|
|
135,040 |
|
|
21,928 |
|
Next PLC |
|
|
626,165 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
761,205 |
|
|
|
|
|
|
|||
|
|
|
Oil, Gas & Consumable Fuels1.7% |
|
|
|
|
|
16,993 |
|
BG Group PLC |
|
|
296,543 |
|
|
|
|
Royal Dutch Shell PLC, |
|
|
|
|
|
16,201 |
|
Class A |
|
|
441,706 |
|
|
45,399 |
|
Class B (a) |
|
|
1,187,362 |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
1,925,611 |
|
|
|
|
|
|
|
|
| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
9 |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
Shares |
|
|
|
Value |
|
||
|
|
|
Professional Services0.1% |
|
|
|
|
|
14,108 |
|
Michael Page International PLC |
|
$ |
79,684 |
|
|
|
|
|
|
|||
|
|
|
Specialty Retail0.1% |
|
|
|
|
|
72,326 |
|
Galiform PLC (b) |
|
|
89,884 |
|
|
16,621 |
|
Game Group PLC |
|
|
20,793 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
110,677 |
|
|
|
|
|
|
|||
|
|
|
Tobacco0.5% |
|
|
|
|
|
14,650 |
|
British American Tobacco PLC (a) |
|
|
497,326 |
|
|
|
|
|
|
|||
|
|
|
Wireless Telecommunication Services0.3% |
|
|
|
|
|
165,068 |
|
Vodafone Group PLC |
|
|
356,126 |
|
|
|
|
|
|
|||
|
|
|
United States47.0% |
|
|
|
|
|
|
|
Aerospace & Defense1.9% |
|
|
|
|
|
10,300 |
|
L-3 Communications Holdings, Inc. |
|
|
941,626 |
|
|
16,850 |
|
United Technologies Corp. |
|
|
1,156,753 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,098,379 |
|
|
|
|
|
|
|||
|
|
|
Auto Components0.9% |
|
|
|
|
|
31,200 |
|
Johnson Controls, Inc. |
|
|
970,320 |
|
|
|
|
|
|
|||
|
|
|
Automobiles1.3% |
|
|
|
|
|
122,100 |
|
Ford Motor Co. (a) (b) |
|
|
1,433,454 |
|
|
|
|
|
|
|||
|
|
|
Beverages2.0% |
|
|
|
|
|
20,100 |
|
Coca-Cola Co. |
|
|
1,059,672 |
|
|
15,600 |
|
Molson Coors Brewing Co.Cl. B |
|
|
629,928 |
|
|
7,600 |
|
PepsiCo, Inc. |
|
|
474,772 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,164,372 |
|
|
|
|
|
|
|||
|
|
|
Biotechnology1.0% |
|
|
|
|
|
22,800 |
|
Gilead Sciences, Inc. (b) |
|
|
1,085,508 |
|
|
|
|
|
|
|||
|
|
|
Capital Markets1.0% |
|
|
|
|
|
31,248 |
|
Lazard Ltd.Cl. A |
|
|
1,122,741 |
|
|
|
|
|
|
|||
|
|
|
Chemicals0.4% |
|
|
|
|
|
14,868 |
|
Celanese Corp.Cl. A |
|
|
463,733 |
|
|
|
|
|
|
|||
|
|
|
Communications Equipment3.4% |
|
|
|
|
|
5,266 |
|
Aviat Networks, Inc. (b) |
|
|
32,386 |
|
|
44,800 |
|
Cisco Systems, Inc. (b) |
|
|
1,089,983 |
|
|
5,984 |
|
EchoStar Corp.Cl. A (b) |
|
|
120,518 |
|
|
21,200 |
|
Harris Corp. |
|
|
958,664 |
|
|
34,200 |
|
Juniper Networks, Inc. (b) |
|
|
956,916 |
|
|
17,000 |
|
Qualcomm, Inc. |
|
|
623,730 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,782,197 |
|
|
|
|
|
|
|||
|
|
|
Computers & Peripherals3.0% |
|
|
|
|
|
7,000 |
|
Apple, Inc. (b) |
|
|
1,432,340 |
|
|
51,700 |
|
EMC Corp. (b) |
|
|
904,233 |
|
|
7,500 |
|
International Business Machines Corp. |
|
|
953,700 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,290,273 |
|
|
|
|
|
|
|||
|
|
|
Diversified Financial Services1.0% |
|
|
|
|
|
24,837 |
|
JP Morgan Chase & Co. |
|
|
1,042,409 |
|
|
|
|
|
|
|
|
10 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
Shares |
|
|
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services0.7% |
|
|
|
|
|
28,200 |
|
Verizon Communications, Inc. |
|
$ |
815,826 |
|
|
|
|
|
|
|||
|
|
|
Electric Utilities1.0% |
|
|
|
|
|
13,855 |
|
Entergy Corp. |
|
|
1,052,564 |
|
|
|
|
|
|
|||
|
|
|
Electronic Equipment, Instruments & Components0.5% |
|
|
|
|
|
14,000 |
|
Amphenol Corp.Cl. A |
|
|
583,100 |
|
|
|
|
|
|
|||
|
|
|
Energy Equipment & Services2.4% |
|
|
|
|
|
9,700 |
|
Diamond Offshore Drilling, Inc. |
|
|
847,004 |
|
|
11,600 |
|
National Oilwell Varco, Inc. |
|
|
504,252 |
|
|
21,700 |
|
Schlumberger Ltd. |
|
|
1,325,870 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,677,126 |
|
|
|
|
|
|
|||
|
|
|
Food Products0.5% |
|
|
|
|
|
20,500 |
|
Archer-Daniels-Midland Co. |
|
|
601,880 |
|
|
|
|
|
|
|||
|
|
|
Health Care Equipment & Supplies2.0% |
|
|
|
|
|
15,600 |
|
Baxter International, Inc. |
|
|
888,108 |
|
|
3,680 |
|
Intuitive Surgical, Inc. (b) |
|
|
1,277,475 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,165,583 |
|
|
|
|
|
|
|||
|
|
|
Health Care Providers & Services2.7% |
|
|
|
|
|
23,000 |
|
CIGNA Corp. |
|
|
787,980 |
|
|
21,900 |
|
McKesson Corp. |
|
|
1,295,385 |
|
|
14,600 |
|
Medco Health Solutions, Inc. (b) |
|
|
923,304 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
3,006,669 |
|
|
|
|
|
|
|||
|
|
|
Hotels, Restaurants & Leisure0.9% |
|
|
|
|
|
15,000 |
|
McDonalds Corp. |
|
|
957,750 |
|
|
|
|
|
|
|||
|
|
|
Household Products1.0% |
|
|
|
|
|
16,500 |
|
Procter & Gamble Co. |
|
|
1,044,120 |
|
|
|
|
|
|
|||
|
|
|
Independent Power Producers & Energy Traders1.2% |
|
|
|
|
|
12,500 |
|
Constellation Energy Group, Inc. |
|
|
438,375 |
|
|
38,461 |
|
NRG Energy, Inc. (b) |
|
|
839,988 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,278,363 |
|
|
|
|
|
|
|||
|
|
|
Industrial Conglomerates1.3% |
|
|
|
|
|
62,026 |
|
General Electric Co. |
|
|
996,138 |
|
|
20,200 |
|
Textron, Inc. |
|
|
402,384 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
1,398,522 |
|
|
|
|
|
|
|||
|
|
|
Insurance2.0% |
|
|
|
|
|
46,000 |
|
Genworth Financial, Inc.Cl. A (b) |
|
|
733,241 |
|
|
11,760 |
|
MetLife, Inc. |
|
|
427,946 |
|
|
12,700 |
|
Prudential Financial, Inc. |
|
|
665,607 |
|
|
19,230 |
|
XL Capital Ltd.Cl. A |
|
|
351,332 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,178,126 |
|
|
|
|
|
|
|||
|
|
|
Internet Software & Services1.0% |
|
|
|
|
|
2,000 |
|
Google, Inc.Cl. A (b) |
|
|
1,053,600 |
|
|
|
|
|
|
|||
|
|
|
Machinery2.2% |
|
|
|
|
|
18,700 |
|
AGCO Corp. (b) |
|
|
640,475 |
|
|
14,200 |
|
Deere & Co. |
|
|
813,660 |
|
|
18,600 |
|
Joy Global, Inc. |
|
|
944,880 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
2,399,015 |
|
|
|
|
|
|
|
|
| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
11 |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
Value |
|
||
|
|
|
Media0.5% |
|
|
|
|
|
|
|
29,919 |
|
DISH Network Corp.Cl. A |
|
|
|
$ |
597,482 |
|
|
|
|
Metals & Mining1.2% |
|
|
|
|
|
|
|
17,550 |
|
Freeport-McMoRan Copper & Gold, Inc. |
|
|
|
|
1,319,058 |
|
|
|
|
Multiline Retail0.9% |
|
|
|
|
|
|
|
19,500 |
|
Target Corp. |
|
|
|
|
1,004,640 |
|
|
|
|
Oil, Gas & Consumable Fuels1.7% |
|
|
|
|
|
|
|
5,500 |
|
Occidental Petroleum Corp. |
|
|
|
|
439,175 |
|
|
23,900 |
|
Peabody Energy Corp. |
|
|
|
|
1,098,683 |
|
|
18,800 |
|
Valero Energy Corp. |
|
|
|
|
329,376 |
|
|
|
|
|
|
|
|
|
1,867,234 |
|
|
|
|
Pharmaceuticals3.5% |
|
|
|
|
|
|
|
16,000 |
|
Abbott Laboratories |
|
|
|
|
868,480 |
|
|
43,300 |
|
Bristol-Myers Squibb Co. |
|
|
|
|
1,061,283 |
|
|
18,224 |
|
Johnson & Johnson |
|
|
|
|
1,148,111 |
|
|
21,200 |
|
Merck & Co., Inc. |
|
|
|
|
781,856 |
|
|
|
|
|
|
|
|
|
3,859,730 |
|
|
|
|
Semiconductors & Semiconductor Equipment1.7% |
|
|
|
|
|
|
|
48,000 |
|
Intel Corp. |
|
|
|
|
985,440 |
|
|
33,900 |
|
Texas Instruments, Inc. |
|
|
|
|
826,482 |
|
|
|
|
|
|
|
|
|
1,811,922 |
|
|
|
|
Software2.2% |
|
|
|
|
|
|
|
35,700 |
|
Microsoft Corp. |
|
|
|
|
1,023,162 |
|
|
55,200 |
|
Oracle Corp. (a) |
|
|
|
|
1,360,680 |
|
|
|
|
|
|
|
|
|
2,383,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stock (cost$130,188,161) |
|
|
|
|
85,328,919 |
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCK14.3% |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Credit Rating
|
|
|
|
|
|
|
|
|
Automobiles0.4% |
|
|
|
|
|
|
|
60 |
|
General Motors Corp., 6.25%, 7/15/33, Ser. C (b) |
|
WR/NR |
|
|
403,800 |
|
|
|
|
Capital Markets0.2% |
|
|
|
|
|
|
|
|
|
Lehman Brothers Holdings, Inc. (c) (d) (e), |
|
|
|
|
|
|
|
42 |
|
6.00%, 10/12/10, Ser. GIS (General Mills, Inc.) |
|
WR/NR |
|
|
135,833 |
|
|
9 |
|
28.00%, 3/6/09, Ser. RIG (Transocean, Inc.) |
|
WR/NR |
|
|
126,771 |
|
|
|
|
|
|
|
|
|
262,604 |
|
|
|
|
Commercial Banks0.4% |
|
|
|
|
|
|
|
2 |
|
Fifth Third Bancorp, 8.50%, 6/30/13, Ser. G (k) |
|
Ba1/BB |
|
|
226,134 |
|
|
|
(j) |
Wells Fargo & Co., 7.50%, 3/15/13, Ser. L (k) |
|
Ba1/A- |
|
|
238,250 |
|
|
|
|
|
|
|
|
|
464,384 |
|
|
|
|
Commercial Services & Supplies0.9% |
|
|
|
|
|
|
|
6 |
|
Avery Dennison Corp., 7.875%, 11/15/20 |
|
NR/BB+ |
|
|
225,600 |
|
|
29 |
|
United Rentals, Inc., 6.50%, 8/1/28 |
|
Caa2/CCC |
|
|
812,000 |
|
|
|
|
|
|
|
|
|
1,037,600 |
|
|
|
12 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Credit Rating
|
|
Value |
|
||
|
|
|
Consumer Finance0.5% |
|
|
|
|
|
|
|
1 |
|
SLM Corp., 7.25%, 12/15/10 |
|
Ba3/BB- |
|
$ |
538,623 |
|
|
|
|
Diversified Financial Services2.0% |
|
|
|
|
|
|
|
|
|
Bank of America Corp., |
|
|
|
|
|
|
|
1 |
|
7.25%, 1/30/13, Ser. L (k) |
|
Ba3/BB |
|
|
794,063 |
|
|
7 |
|
10.00%, 2/24/11, Ser. SLB (Schlumberger Ltd.) (e) |
|
A2/A |
|
|
440,423 |
|
|
5 |
|
Citigroup, Inc., 7.50%, 12/15/12 |
|
NR/NR |
|
|
488,033 |
|
|
|
|
JP Morgan Chase & Co., |
|
|
|
|
|
|
|
26 |
|
10.00%, 1/20/11, Ser. SYMC (Symantec Corp.) (e) |
|
Aa3/A+ |
|
|
446,807 |
|
|
|
|
|
|
|
|
|
2,169,326 |
|
|
|
|
Food Products0.8% |
|
|
|
|
|
|
|
10 |
|
Bunge Ltd., 4.875%, 12/1/11 (k) |
|
Ba1/BB |
|
|
868,750 |
|
|
|
|
Household Durables1.2% |
|
|
|
|
|
|
|
1 |
|
Stanley Works, 5.125%, 5/17/12, VRN |
|
A3/BBB+ |
|
|
1,356,600 |
|
|
|
|
Insurance0.8% |
|
|
|
|
|
|
|
5 |
|
Assured Guaranty Ltd., 8.50%, 6/1/12 |
|
NR/NR |
|
|
456,274 |
|
|
14 |
|
XL Capital Ltd., 10.75%, 8/15/11 |
|
Baa2/BBB- |
|
|
379,216 |
|
|
|
|
|
|
|
|
|
835,490 |
|
|
|
|
Metals & Mining1.4% |
|
|
|
|
|
|
|
|
|
Vale Capital Ltd., 5.50%, 6/15/10, |
|
|
|
|
|
|
|
29 |
|
Ser. RIO (Compania Vale do Rio Doce) (e) |
|
NR/NR |
|
|
1,494,999 |
|
|
|
|
Multi-Utilities1.3% |
|
|
|
|
|
|
|
30 |
|
AES Trust III, 6.75%, 10/15/29 |
|
B3/B |
|
|
1,384,200 |
|
|
|
|
Oil, Gas & Consumable Fuels1.0% |
|
|
|
|
|
|
|
5 |
|
ATP Oil & Gas Corp., 8.00%, 10/1/14 (g) (h) (k) |
|
NR/NR |
|
|
499,375 |
|
|
7 |
|
Chesapeake Energy Corp., 5.00%, 11/15/10 (k) |
|
NR/B |
|
|
599,650 |
|
|
|
|
|
|
|
|
|
1,099,025 |
|
|
|
|
Pharmaceuticals1.5% |
|
|
|
|
|
|
|
5 |
|
Merck & Co., Inc., 6.00%, 8/13/10 |
|
A2/A- |
|
|
1,197,000 |
|
|
|
(j) |
Mylan, Inc., 6.50%, 11/15/10 |
|
NR/B |
|
|
483,064 |
|
|
|
|
|
|
|
|
|
1,680,064 |
|
|
|
|
Real Estate Investment Trust0.7% |
|
|
|
|
|
|
|
60 |
|
FelCor Lodging Trust, Inc., 1.95%, 12/31/49, Ser. A (b) |
|
Caa3/C |
|
|
780,000 |
|
|
|
|
Wireless Telecommunication Services1.2% |
|
|
|
|
|
|
|
23 |
|
Crown Castle International Corp., 6.25%, 8/15/12 |
|
NR/NR |
|
|
1,315,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Convertible Preferred Stock (cost$22,080,740) |
|
|
|
|
15,690,699 |
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE BONDS & NOTES6.3% |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components0.4% |
|
|
|
|
|
|
$ |
325 |
|
BorgWarner, Inc., 3.50%, 4/15/12 |
|
NR/BBB |
|
|
422,906 |
|
|
|
|
Commercial Services & Supplies0.6% |
|
|
|
|
|
|
|
650 |
|
Bowne & Co., Inc., 6.00%, 10/1/33 (f) |
|
B3/CCC+ |
|
|
644,313 |
|
|
|
| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
13 |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
Credit Rating
|
|
Value |
|
||
|
|
|
Computers & Peripherals1.3% |
|
|
|
|
|
|
$ |
1,400 |
|
Maxtor Corp., 6.80%, 4/30/10 |
|
Ba3/NR |
|
$ |
1,417,500 |
|
|
|
|
Electrical Equipment0.9% |
|
|
|
|
|
|
|
400 |
|
EnerSys, 3.375%, 6/1/38 (f) |
|
B2/BB |
|
|
363,000 |
|
|
785 |
|
JA Solar Holdings Co., Ltd., 4.50%, 5/15/13 |
|
NR/NR |
|
|
644,681 |
|
|
|
|
|
|
|
|
|
1,007,681 |
|
|
|
|
Energy Equipment & Services0.3% |
|
|
|
|
|
|
|
375 |
|
Hornbeck Offshore Services, Inc., 1.625%, 11/15/26 (f) |
|
NR/BB- |
|
|
306,113 |
|
|
|
|
Internet Software & Services0.2% |
|
|
|
|
|
|
|
275 |
|
VeriSign, Inc., 3.25%, 8/15/37 |
|
NR/NR |
|
|
244,750 |
|
|
|
|
IT Services0.5% |
|
|
|
|
|
|
|
650 |
|
Alliance Data Systems Corp., 1.75%, 8/1/13 |
|
NR/NR |
|
|
604,500 |
|
|
|
|
Multi-Utilities1.1% |
|
|
|
|
|
|
|
425 |
|
PG&E Corp., 9.50%, 6/30/10 |
|
NR/NR |
|
|
1,180,438 |
|
|
|
|
Pharmaceuticals0.5% |
|
|
|
|
|
|
|
450 |
|
Biovail Corp., 5.375%, 8/1/14 (g) (h) |
|
NR/NR |
|
|
539,438 |
|
|
|
|
Semiconductors & Semiconductor Equipment0.5% |
|
|
|
|
|
|
|
600 |
|
Micron Technology, Inc., 1.875%, 6/1/14 |
|
NR/B- |
|
|
538,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Convertible Bonds & Notes (cost$7,554,203) |
|
|
|
|
6,906,139 |
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS & NOTES0.5% |
|
|
|
|
|
|
|||
|
|
|
Banks0.5% |
|
|
|
|
|
|
|
|
|
GMAC, Inc., |
|
|
|
|
|
|
|
260 |
|
7.50%, 12/31/13 |
|
B3/B |
|
|
257,400 |
|
|
312 |
|
8.00%, 12/31/18 |
|
B3/CCC+ |
|
|
291,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds & Notes (cost$820,073) |
|
|
|
|
549,120 |
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT1.0% |
|
|
|
|
|
|
|||
|
|
|
Time Deposit1.0% |
|
|
|
|
|
|
|
1,071 |
|
Wells FargoGrand Cayman, 0.03%, 3/1/10 |
|
|
|
|
|
|
|
|
|
(cost$1,071,140) |
|
|
|
|
1,071,140 |
|
|
|
|
Total Investments, before call options written |
|
|
|
|
|
|
|
|
|
(cost$161,714,317) 99.9% |
|
|
|
|
109,546,017 |
|
|
|
14 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
Nicholas-Applegate Global Equity & Convertible Income Fund Schedule of Investments |
February 28, 2010 (unaudited) |
|
|
|
|
|
|
|
|
Contracts |
|
|
|
Value |
|
||
CALL OPTIONS WRITTEN (b) (0.0)% |
|
|
|
|
|||
|
2,400 |
|
DAX Index, OTC, strike price 6,005, expires 3/19/10 |
|
$ |
(1,747 |
) |
|
18,200 |
|
Dow Jones Stoxx 50 Price Index, OTC, strike price 2,925, expires 3/19/10 |
|
|
(7,753 |
) |
|
85,500 |
|
Ford Motor Co., strike price $12, expires 3/19/10 |
|
|
(20,520 |
) |
|
40,100 |
|
NIKKEI 225 Index, OTC, strike price ¥10,900, expires 3/12/10 |
|
|
(3,745 |
) |
|
127,500 |
|
OMX Stockholm 30 Index, OTC, strike price SEK 1,003, expires 3/19/10 |
|
|
(2,525 |
) |
|
38,500 |
|
Oracle Corp., strike price $26, expires 3/19/10 |
|
|
(5,390 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total Call Options Written (premiums received$88,239) |
|
|
(41,680 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total Investments, net of call options written |
|
|
|
|
|
|
|
(cost$161,626,078) (i) 99.9% |
|
|
109,504,337 |
|
|
|
|
|
|
|
|
|
|
|
|
Other assets less other liabilities0.1% |
|
|
128,600 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets100.0% |
|
$ |
109,632,937 |
|
|
|
Notes to Schedule of Investments: |
|
(a) |
All or partial amount segregated as collateral for call options written. |
(b) |
Non-income producing. |
(c) |
Fair-valued. Securities with an aggregate value of $262,887, representing 0.24% of net assets. |
|
See Note 1 (b) in Notes to Financial Statements. |
(d) |
In default. |
(e) |
Securities exchangeable or convertible into securities of an entity different than the issuer or structured by the issuer to provide exposure to securities of an entity different than the issuer. Such entity is identified in the parenthetical. |
(f) |
Step Bond: Coupon is a fixed rate for an initial period then resets at a specific date and rate. |
(g) |
144AExempt from registration under Rule 144A of the Securities Act of 1933. |
|
These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
(h) |
Private Placement. Restricted as to resale and may not have a readily available market. |
|
Securities with an aggregate market value of $1,038,813, representing 0.95% of net assets. |
(i) |
Securities with an aggregate value of $33,174,090, representing 30.26% of net assets, have been valued utilizing modeling tools provided by a third party vendor, as described in Note 1 (a) in the Notes to Financial Statements. |
(j) |
Less than 500 shares. |
(k) |
Perpetual maturity. Maturity date shown is the first call date. |
|
|
|
|
Glossary: |
|
Euros |
|
¥ Japanese Yen |
|
NR Not Rated |
|
OTC Over-the-counter |
|
SEK Swedish Krona |
|
VRN |
Variable Rate Note. Instruments whose interest rate change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on February 28, 2010. |
WR Withdrawn Rating |
|
|
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
|
See accompanying Notes to Financial Statements | 2.28.10 | Semi-Annual Report |
15 |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Statement of Assets |
February 28, 2010 (unaudited) |
and Liabilities |
|
|
|
|
|
Assets: |
|
|
|
|
Investments, at value (cost$161,714,317) |
|
$ |
109,546,017 |
|
Foreign currency (cost$101) |
|
|
99 |
|
Receivable for investments sold |
|
|
483,275 |
|
Dividend and interest receivable |
|
|
340,563 |
|
Prepaid expenses |
|
|
1,390 |
|
Total Assets |
|
|
110,371,344 |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Payable for investments purchased |
|
|
483,304 |
|
Investment management fees payable |
|
|
82,970 |
|
Call options written, at value (premiums received$88,239) |
|
|
41,680 |
|
Accrued expenses |
|
|
130,453 |
|
Total Liabilities |
|
|
738,407 |
|
Net Assets |
|
$ |
109,632,937 |
|
|
|
|
|
|
Composition of Net Assets |
|
|
|
|
Common Stock: |
|
|
|
|
Par value ($0.00001 per share applicable to 7,004,189 shares issued and outstanding) |
|
$ |
70 |
|
Paid-in-capital in excess of par |
|
|
163,046,085 |
|
Dividends in excess of net investment income |
|
|
(1,277,486) |
|
Accumulated net realized loss |
|
|
(11,862) |
|
Net unrealized depreciation of investments, call options written and foreign currency transactions |
|
|
(52,123,870) |
|
Net Assets |
|
$ |
109,632,937 |
|
Net Asset Value Per Share |
|
|
$15.65 |
|
|
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
16 |
Semi-Annual Report | 2.28.10 | See accompanying Notes to Financial Statements |
|
Nicholas-Applegate Global Equity & Convertible Income Fund S tatement of Operations |
Six Months ended February 28, 2010 (unaudited) |
|
|
|
|
|
Investment Income: |
|
|
|
|
Dividends (net of foreign withholding taxes of $22,745) |
|
$ |
1,221,524 |
|
Interest |
|
|
220,838 |
|
Other income |
|
|
94,160 |
|
Total Investment Income |
|
|
1,536,522 |
|
|
|
|
|
|
Expenses:
|
|
|
|
|
Investment management fees |
|
|
541,957 |
|
Custodian and accounting agent fees |
|
|
55,016 |
|
Audit and tax services |
|
|
34,770 |
|
Shareholder communications |
|
|
34,752 |
|
Transfer agent fees |
|
|
14,408 |
|
Legal fees |
|
|
13,902 |
|
New York Stock Exchange listing fees |
|
|
8,556 |
|
Trustees fees and expenses |
|
|
5,068 |
|
Miscellaneous |
|
|
3,332 |
|
Total expenses |
|
|
711,761 |
|
|
|
|
824,761 |
|
|
|
|
|
|
Realized and Change in Unrealized Gain (Loss): |
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
Investments |
|
|
1,953,821 |
|
Call options written |
|
|
682,303 |
|
Foreign currency transactions |
|
|
3,430 |
|
Net change in unrealized appreciation/depreciation of: |
|
|
|
|
Investments |
|
|
7,204,211 |
|
Call options written |
|
|
117,438 |
|
Foreign currency transactions |
|
|
(2,494) |
|
Net realized and change in unrealized gain on investments, call options written and foreign currency transactions |
|
|
9,958,709 |
|
Net Increase in Net Assets Resulting from Investment Operations |
|
$ |
10,783,470 |
|
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
|
See accompanying Notes to Financial Statements | 2.28.10 | Semi-Annual Report |
17 |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
S
tatement of Changes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
Year ended
|
|||||||
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
$824,761 |
|
|
|
|
$3,129,043 |
|
|
Net realized gain on investments, call options written and foreign currency transactions |
|
|
|
2,639,554 |
|
|
|
|
518,764 |
|
|
Net change in unrealized appreciation/depreciation of investments, call options written and foreign currency transactions |
|
|
|
7,319,155 |
|
|
|
|
(21,046,022 |
) |
|
Net increase (decrease) in net assets resulting from investment operations |
|
|
|
10,783,470 |
|
|
|
|
(17,398,215 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(1,888,435 |
) |
|
|
|
(3,854,964 |
) |
|
Net realized gains |
|
|
|
(2,314,078 |
) |
|
|
|
(3,826,551 |
) |
|
Return of Capital |
|
|
|
|
|
|
|
|
(3,808,857 |
) |
|
Total dividends and distributions to shareholders |
|
|
|
(4,202,513 |
) |
|
|
|
(11,490,372 |
) |
|
Total increase (decrease) in net assets |
|
|
|
6,580,957 |
|
|
|
|
(28,888,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
|
103,051,980 |
|
|
|
|
131,940,567 |
|
|
End of period (including dividends in excess of net investment income of $(1,277,486) and $(213,812), respectively) |
|
|
|
$109,632,937 |
|
|
|
|
$103,051,980 |
|
|
|
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
18 |
Semi-Annual Report | 2.28.10 | See accompanying Notes to Financial Statements |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
N
otes
to Financial
|
February 28, 2010 (unaudited) |
|
The Funds investment objective is to seek total return comprised of capital appreciation, current income and gains. Under normal market conditions the Fund pursues its investment objective by investing in a diversified, global portfolio of equity securities and income-producing convertible securities. The Fund also employ a strategy of writing (selling) call options on stocks held as well as on equity indexes in an attempt to generate gains from option premiums. There can be no assurance that the Fund will meet its stated objective.
The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Funds financial statements. Actual results could differ from these estimates.
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
The following is a summary of significant accounting policies consistently followed by the Fund:
Portfolio securities and other financial instruments for which market quotations are not readily available or for which a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures established by the Board of Trustees, or persons acting at their discretion pursuant to procedures approved by the Board of Trustees. The Funds investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the mean between the last quoted bid and ask price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Synthetic convertible securities are valued based on quotations obtained from unaffiliated brokers who are the principal market-makers in such securities. Such valuations are derived by the brokers from proprietary models which are generally based on readily available market information including valuations of the common stock underlying the synthetic security. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.
Investments initially valued in currencies other than U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (NAV) of the Funds shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (NYSE) is closed.
|
|
| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
19 |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Notes
to Financial
|
February 28, 2010 (unaudited) |
|
The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair valuing securities, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Funds NAV is calculated. With respect to certain foreign securities, the Fund may fair-value securities using modeling tools provided by third-party vendors. The Fund has retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Fund for foreign securities may differ from the value realized from the sale of those securities and the difference could be material to the financial statements. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Fund.
|
|
|
|
|
Level 1 quoted prices in active markets for identical investments that the Fund has the ability to access. |
|
|
|
|
|
Level 2 valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges. |
|
|
|
|
|
Level 3 valuations based on significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). |
An investment assets or liabilitys level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation technique used.
The valuation techniques used by the Fund to measure fair value during the six months ended February 28, 2010 maximized the use of observable inputs and minimized the use of unobservable inputs. When fair-valuing securities, the Fund utilized multi-dimensional relational pricing models and the estimation of the price that would have prevailed in a liquid market for international equities given information available at the time of evaluation.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
|
20 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Notes to Financial |
February 28, 2010 (unaudited) |
Statements |
1. Organization and Significant Accounting Policies (continued)
A summary of the inputs used as of February 28, 2010, in valuing the Funds assets and liabilities were:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level
1
|
|
Level
2
|
|
Level
3
|
|
Value
at
|
|
||||||||||||
Investments in Securities Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia |
|
|
|
|
|
|
|
$ |
3,486,872 |
|
|
|
|
|
|
|
|
$ |
3,486,872 |
|
|
Austria |
|
|
|
|
|
|
|
|
133,472 |
|
|
|
|
|
|
|
|
|
133,472 |
|
|
Belgium |
|
|
|
|
|
|
|
|
160,225 |
|
|
|
|
|
|
|
|
|
160,225 |
|
|
China |
|
|
|
|
|
|
|
|
211,529 |
|
|
|
|
|
|
|
|
|
211,529 |
|
|
Denmark |
|
|
|
|
|
|
|
|
127,549 |
|
|
|
|
|
|
|
|
|
127,549 |
|
|
Finland |
|
|
|
|
|
|
|
|
280,508 |
|
|
|
|
|
|
|
|
|
280,508 |
|
|
France |
|
|
|
|
|
|
|
|
3,084,928 |
|
|
|
|
|
|
|
|
|
3,084,928 |
|
|
Germany |
|
|
|
|
|
|
|
|
2,182,412 |
|
|
|
|
|
|
|
|
|
2,182,412 |
|
|
Greece |
|
|
|
|
|
|
|
|
76,306 |
|
|
|
|
|
|
|
|
|
76,306 |
|
|
Honk Kong |
|
|
|
|
|
|
|
|
2,415,152 |
|
|
|
|
|
|
|
|
|
2,415,152 |
|
|
Ireland |
|
|
|
|
|
|
|
|
36,652 |
|
|
|
$ |
283 |
|
|
|
|
36,935 |
|
|
Italy |
|
|
|
|
|
|
|
|
772,505 |
|
|
|
|
|
|
|
|
|
772,505 |
|
|
Japan |
|
|
|
|
|
|
|
|
6,105,632 |
|
|
|
|
|
|
|
|
|
6,105,632 |
|
|
Netherlands |
|
|
|
|
|
|
|
|
129,908 |
|
|
|
|
|
|
|
|
|
129,908 |
|
|
New Zealand |
|
|
|
|
|
|
|
|
150,648 |
|
|
|
|
|
|
|
|
|
150,648 |
|
|
Norway |
|
|
|
|
|
|
|
|
497,587 |
|
|
|
|
|
|
|
|
|
497,587 |
|
|
Singapore |
|
|
|
|
|
|
|
|
1,228,671 |
|
|
|
|
|
|
|
|
|
1,228,671 |
|
|
Spain |
|
|
|
|
|
|
|
|
1,497,468 |
|
|
|
|
|
|
|
|
|
1,497,468 |
|
|
Sweden |
|
|
|
|
|
|
|
|
1,586,083 |
|
|
|
|
|
|
|
|
|
1,586,083 |
|
|
Switzerland |
|
|
|
|
|
|
|
|
1,439,386 |
|
|
|
|
|
|
|
|
|
1,439,386 |
|
|
United Kingdom |
|
|
|
|
|
|
|
|
7,570,597 |
|
|
|
|
|
|
|
|
|
7,570,597 |
|
|
All other |
|
|
$ |
52,154,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,154,546 |
|
|
Convertible Preferred Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
262,604 |
|
|
|
|
262,604 |
|
|
Commercial Services & Supplies |
|
|
|
225,600 |
|
|
|
|
812,000 |
|
|
|
|
|
|
|
|
|
1,037,600 |
|
|
Consumer Finance |
|
|
|
|
|
|
|
|
538,623 |
|
|
|
|
|
|
|
|
|
538,623 |
|
|
Diversified Financial Services |
|
|
|
1,282,096 |
|
|
|
|
887,230 |
|
|
|
|
|
|
|
|
|
2,169,326 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
599,650 |
|
|
|
|
499,375 |
|
|
|
|
|
|
|
|
|
1,099,025 |
|
|
Pharmaceuticals |
|
|
|
483,064 |
|
|
|
|
1,197,000 |
|
|
|
|
|
|
|
|
|
1,680,064 |
|
|
All other |
|
|
|
8,903,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,903,457 |
|
|
Convertible Bonds & Notes |
|
|
|
|
|
|
|
|
6,906,139 |
|
|
|
|
|
|
|
|
|
6,906,139 |
|
|
Corporate Bonds & Notes |
|
|
|
|
|
|
|
|
549,120 |
|
|
|
|
|
|
|
|
|
549,120 |
|
|
Short-Term Investment |
|
|
|
|
|
|
|
|
1,071,140 |
|
|
|
|
|
|
|
|
|
1,071,140 |
|
|
Total Investments in Securities Assets |
|
|
$ |
63,648,413 |
|
|
|
$ |
45,634,717 |
|
|
|
$ |
262,887 |
|
|
|
$ |
109,546,017 |
|
|
Investments in Securities Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Call Options Written |
|
|
|
$(25,910 |
) |
|
|
|
$(15,770 |
) |
|
|
|
|
|
|
|
|
$(41,680 |
) |
|
Total Investments |
|
|
$ |
63,622,503 |
|
|
|
$ |
45,618,947 |
|
|
|
$ |
262,887 |
|
|
|
$ |
109,504,337 |
|
|
|
|
| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
21 |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Notes to Financial |
February 28, 2010 (unaudited) |
Statements |
1. Organization and Significant Accounting Policies (continued)
A roll forward of fair value measurements using significant unobservable inputs (Level 3) at February 28, 2010, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
|
|
Total
|
|
Ending
|
|
|||||||||
Investments in Securities Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland |
|
|
$ |
298 |
|
|
|
$ |
(15 |
) |
|
|
$ |
283 |
|
|
Convertible Preferred Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets |
|
|
|
262,604 |
|
|
|
|
|
|
|
|
|
262,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
|
$ |
262,902 |
|
|
|
$ |
(15 |
) |
|
|
$ |
262,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The net change in unrealized appreciation/depreciation of investments and other financial instruments, which the Fund held at February 28, 2010, was $15. Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statement of Operations.
In January 2010, the Financial Accounting Standards Board released ASU 2010-06. Improving Disclosures About Fair Value Measurements. ASU 2010-06 is effective for annual and interim reporting periods beginning after December 15, 2009. At this time, Fund Management is in the process of reviewing ASU 2010-06 to determine future applicability.
(c) Investment Transactions and Investment Income
Investment
transactions are accounted for on the trade date. Realized gains and losses on
investments are determined on the identified cost basis. Dividend income is
recorded on the ex-dividend date. Interest income, adjusted for the accretion
of discount and amortization of premium, is recorded on an accrual basis.
Discounts or premiums on debt securities purchased are accreted or amortized to
interest income over the lives of the respective securities using the effective
interest method. Conversion premium is not amortized. Payments received from
certain investments may be comprised of dividends, realized gains and return of
capital. These payments may initially be recorded as dividend income and may be
subsequently be reclassified as realized gains and/or return of capital upon
receipt of information from the issuer. Payments received on synthetic
convertible securities are generally included in dividends.
(d) Federal Income Taxes
The Fund intends to
distribute all of its taxable income and to comply with the other requirements
of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated
investment companies. Accordingly, no provision for U.S. federal income taxes
is required. The Fund may be subject to excise tax based on the extent of
distributions to shareholders,
Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Fund, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Funds management has determined that its evaluation has resulted in no material impact on the Funds financial statements at February 28, 2010. The Funds federal tax returns since inception remain subject to examination by the Internal Revenue Service.
(e) Dividends and Distributions
The Fund declares
quarterly dividends and distributions from net investment income and gains from
option premiums and the sale of portfolio securities. The Fund records
dividends and distributions to shareholders on the ex-dividend date. The amount
of dividends and distributions from net investment income and net realized
capital gains are determined in accordance with federal income tax regulations,
which may differ from generally accepted accounting principles. These
book-tax differences are considered either temporary or permanent in nature.
To the extent these differences are permanent in nature, such amounts are
reclassified within the capital accounts based on their income tax treatment.
Temporary differences do not require reclassification. To the extent dividends
and/or distributions exceed current and accumulated earnings and profits for
federal income tax purposes, they are reported as dividends and/or
distributions of paid-in capital in excess of par.
|
|
22 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Notes to Financial |
February 28, 2010 (unaudited) |
Statements |
1. Organization and Significant Accounting Policies (continued)
(f) Foreign Currency Translations
The Funds
accounting records are maintained in U.S dollars as follows: (1) the foreign
currency market value of investments and other assets and liabilities
denominated in foreign currency are translated at the prevailing exchange rate
of the respective currency at the spot rate at 11am Eastern Time against the US
dollar, as provided by an approved pricing service; and (2) purchase and sales,
income and expenses are translated at the prevailing exchange rate on the
respective dates of such transactions. The resulting net foreign currency gain
or loss is included in the Statement of Operations.
The Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized gain (loss) on investments. However, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain or loss upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain or loss for both financial reporting and income tax reporting purposes.
(g) Convertible Securities
It is the Funds
policy to invest a portion of its assets in convertible securities. Although
convertible securities do derive part of their value from that of the
securities into which they are convertible, they are not considered derivative
financial instruments. However, certain of the Funds investments in
convertible securities include features which render them more sensitive to
price changes in their underlying securities. The value of structured/synthetic
convertible securities can be affected by interest rate changes and credit
risks of the issuer. Such securities may be structured in ways that limit their
potential for capital appreciation and the entire value of the security may be
at risk of loss depending on the performance of the underlying equity security.
Consequently, the Fund is exposed to greater downside risk than traditional
convertible securities, but still less than that of the underlying common
stock.
2. Principal Risks
In the normal course
of business the Fund trades financial instruments and enters into financial
transactions where risk of potential loss exists due to, among other things,
changes in the market (market risk) or failure of the other party to a
transaction to perform (credit/counterparty risk). The Fund is exposed to
various risks such as, but not limited to, interest rate, foreign currency,
market price and credit/counterparty risks.
Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income securitys market price to interest rate (i.e. yield) movements.
If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic changes, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds investments in foreign currency-denominated securities may reduce the returns of the Fund.
The market values of equity securities, such as common and preferred stocks, or equity-related investments, such as options and convertibles, may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities.
|
|
| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
23 |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Notes to Financial |
February 28, 2010 (unaudited) |
Statements |
2. Principal Risks (continued)
The Fund is exposed to credit risk on parties with whom it trades and will also bear the risk of settlement default. The Fund seeks to minimize concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on reorganized and reputable exchanges. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.
Similar to credit risk, the Fund is exposed to counterparty risk, or the risk that an institution or other entity which the Fund has unsettled or open transactions will default. The potential loss to the Fund could exceed the value of the financial assets recorded in the Funds financial statements. Financial assets, which potentially expose the Fund to counterparty risk, consist principally of cash due from counterparties and investments. Nicholas-Applegate Capital Management LLC (NACM or the Sub-Adviser), as the Funds sub-adviser, seeks to minimize the Funds counterparty risks by performing reviews of each counterparty. Delivery of securities sold is only made once the Fund has received payment. Payment is made on the purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.
During the six months ended February 28, 2010, the Fund held synthetic convertible securities with Lehman Brothers, Inc. as the counterparty. On September 15, 2008, Lehman Brothers Holdings, Inc. filed for protection under Chapter 11 of the United States Bankruptcy Code. The value of the relevant securities have been written down to their estimated recoverable values.
3. Financial Derivative Instruments
Disclosure about
derivative instruments and hedging activities requires qualitative disclosures
regarding objectives and strategies for using derivatives, quantitative
disclosure about fair value amounts of gains and losses on derivative
instruments, and disclosure about credit-risk-related contingent features in
derivative agreements. The disclosure requirements distinguish between
derivatives which are accounted for as hedges and those that do not qualify
for such accounting. Although the Fund may sometimes use derivatives for
hedging purposes, the Fund reflects derivatives at fair value and recognizes
changes in fair value through the Funds Statement of Operations, and such
derivatives do not qualify for hedge accounting treatment. Derivative contract
amounts and values as of February 28, 2010, which are disclosed in the
accompanying Notes to Financial Statements, are indicative of the volume of the
Funds derivative activities over the reporting period.
Option Transactions
The Fund purchases
and writes (sells) put and call options on securities for hedging purposes,
risk management purposes or otherwise as part of its investment strategies. The
risk associated with purchasing an option is that the Fund pays a premium
whether or not the option is exercised. Additionally, the Fund bears the risk
of loss of premiums and changes in market value should the counterparty not
perform under the contract. Put and call options purchased are accounted for in
the same manner as portfolio securities. The cost of securities acquired
through the exercise of call options is increased by the premiums paid. The
proceeds from securities sold through the exercise of put options is decreased
by the premiums paid.
When an option is written, the premium received is recorded as an asset with an equal liability which is subsequently marked to market to reflect the market value of the option written. These liabilities are reflected as options written in the Funds Statement of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Fund purchasing a security at a price different from its current market value.
|
|
24 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Notes to Financial |
February 28, 2010 (unaudited) |
Statements |
3. Financial Derivative Instruments (continued)
Fair Value of Derivative Instruments as of February 28, 2010:
The
following is a summary of the fair valuations of the derivative instruments
categorized by risk exposure:
The effect of derivative instruments on the Funds Statement of Assets and Liabilities at February 28, 2010:
|
|
|
|
|
Location |
|
Market Price |
|
|
Liability derivatives |
|
|
|
|
Call options written, at value |
|
|
$ (41,680) |
|
The effect of derivative instruments on the Funds Statement of Operations for the six months ended February 28, 2010:
|
|
|
|
|
Location |
|
Market Price |
|
|
Realized gain (loss) on: |
|
|
|
|
Call options written |
|
|
$682,303 |
|
Net change in unrealized appreciation/depreciation of: |
|
|
|
|
Call options written |
|
|
$117,438 |
|
4. Investment Manager/Sub-Adviser
The Fund has an Investment Management
Agreement (the Agreement) with the Investment Manager. Subject to the
supervision of the Funds Board of Trustees, the Investment Manager is
responsible for managing, either directly or through others selected by it, the
Funds investment activities, business affairs and administrative matters. Pursuant
to the Agreement, the Fund pays the Investment Manager an annual fee, payable
monthly, at the annual rate of 1.00% of the Funds average daily total managed
assets. Total managed assets refer to the total assets of the Fund (including
assets attributable to borrowings) minus accrued liabilities (other than
liabilities representing borrowings). The Investment Manager has retained its
affiliate NACM as Sub-Adviser to manage the Funds investments. Subject to the
supervision of the Investment Manager, the Sub-Adviser makes all of the Funds
investment decisions. The Investment Manager, and not the Fund, pays the
Sub-Adviser a monthly fee.
5. Investment in Securities
For the six months ended February 28,
2010, purchases and sales of investments, other than short-term securities and
U.S. government obligations were $34,868,111 and $37,630,676, respectively.
(a) Transactions in call options written for the six months ended February 28, 2010:
|
|
|
|
|
|
|
|
|
|
Contracts |
|
Premiums |
|
||
Options outstanding, August 31, 2009 |
|
|
92,365 |
|
$ |
328,562 |
|
Options written |
|
|
1,248,020 |
|
|
1,242,224 |
|
Options terminated in closing purchase transactions |
|
|
(275,265 |
) |
|
(241,787 |
) |
Options expired |
|
|
(752,920 |
) |
|
(1,240,760 |
) |
|
|
|
|
||||
Options outstanding, February 28, 2010 |
|
|
312,200 |
|
$ |
88,239 |
|
|
|
|
|
6. Income Tax Information
The cost basis of portfolio
securities of $161,714,317 is substantially the same for both federal income
tax and financial reporting purposes. Aggregated gross unrealized appreciation
for securities in which there is an excess value over tax cost is $3,548,059;
aggregated gross unrealized depreciation for securities in which there is an
excess tax cost over value is $55,716,359; net unrealized depreciation for
federal income tax purposes is $52,168,300.
|
|
| 2.28.10 | Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report |
25 |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Notes to Financial |
February 28, 2010 (unaudited) |
Statements |
7. Legal Proceedings
In June and September 2004, the
Investment Manager, and certain of its affiliates (including PEA Capital LLC
(PEA), Allianz Global Investors Distributors LLC and Allianz Global), agreed
to settle, without admitting or denying the allegations, claims brought by the
Securities and Exchange Commissions and the New Jersey Attorney General
alleging violations of federal and state securities laws with respect to
certain open-end funds for which the Investment Manager serves as investment
adviser. The settlement related to an alleged market timing arrangement in
certain open-end funds formerly sub-advised by PEA. The Investment
Manager and its affiliates agreed to pay a total of $68 million to settle the claims. In addition to monetary payments, the settling parties agreed to undertake certain corporate governance, compliance and disclosure reforms related to market timing and consented to cease and desist orders and censures. Subsequent to these events, PEA deregistered as an investment adviser and dissolved. None of the settlements alleged that any inappropriate activity took place with respect to the Fund.
Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning market timing, which allege the same or similar conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. Any potential resolution of these matters may include, but not be limited to, judgments or settlements for damages against the Investment Manager or its affiliates or related injunctions.
The Investment Manager and the Sub-Adviser believe that these matters are not likely to have a material adverse effect on the Fund or on their ability to perform their respective investment advisory activities relating to the Fund.
8.
Subsequent Events
On March 12, 2010, a quarterly
distribution of $0.30 per share was declared to shareholders, payable March 30,
2010 to shareholders of record on March 22, 2010.
|
|
26 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
Nicholas-Applegate Global Equity & Convertible Income Fund F inancial Highlights |
For a share outstanding throughout each period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
Year ended
|
|
For the period
|
|||||||
Net asset value, beginning of period |
|
$ |
14.71 |
|
|
$ |
18.84 |
|
|
$ |
23.88 |
** |
|
Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
0.12 |
|
|
|
0.44 |
|
|
|
0.65 |
|
|
Net realized and unrealized gain (loss) on investments, |
|
|
|
|
|
|
|
|
|
|
|
|
|
call options written and foreign currency transactions |
|
|
1.42 |
|
|
|
(2.93) |
|
|
|
(3.72) |
|
|
Total from investment operations |
|
|
1.54 |
|
|
|
(2.49) |
|
|
|
(3.07) |
|
|
Dividends and Distributions to Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.27) |
|
|
|
(0.55) |
|
|
|
(0.60) |
|
|
Net realized gains |
|
|
(0.33) |
|
|
|
(0.55) |
|
|
|
(1.32) |
|
|
Return of capital |
|
|
|
|
|
|
(0.54) |
|
|
|
|
|
|
Total dividends and distributions to shareholders |
|
|
(0.60) |
|
|
|
(1.64) |
|
|
|
(1.92) |
|
|
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Offering costs charged to paid-in capital in excess |
|
|
|
|
|
|
|
|
|
|
|
|
|
of par |
|
|
|
|
|
|
|
|
|
|
(0.05) |
|
|
Net asset value, end of period |
|
$ |
15.65 |
|
|
$ |
14.71 |
|
|
$ |
18.84 |
|
|
Market price, end of period |
|
$ |
14.20 |
|
|
$ |
12.99 |
|
|
$ |
18.10 |
|
|
Total Investment Return (1) |
|
|
13.71 |
% |
|
|
(17.63) |
% |
|
|
(20.67) |
% |
|
RATIOS/SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000s) |
|
$ |
109,633 |
|
|
$ |
103,052 |
|
|
$ |
131,941 |
|
|
Ratio of expenses to average net assets |
|
|
1.31 |
%(2) |
|
|
1.39 |
% |
|
|
1.23 |
%(2) |
|
Ratio of net investment income to average net assets |
|
|
1.52 |
%(2) |
|
|
3.45 |
% |
|
|
3.31 |
%(2) |
|
Portfolio turnover |
|
|
33 |
% |
|
|
26 |
% |
|
|
105 |
% |
|
|
* |
Commencement of operations. |
** |
Initial public offering price of $25.00 per share less underwriting discount of $1.125 per share. |
(1) |
Total investment return is calculated assuming a purchase of a share of common stock at the current market price on the first day of each period and a sale of a share of common stock at the current market price on the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds dividend reinvestment plan. Total investment return does not reflect brokerage commissions or sales charges. Total investment return of a period of less than one year is not annualized. |
(2) |
Annualized. |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
|
See accompanying Notes to Financial Statements | 2.28.10 | Semi-Annual Report |
27 |
|
|
Nicholas-Applegate Global Equity & Convertible Income Fund |
Annual Shareholder Meeting Results/Changes in Board of Trustees/Proxy Voting Policies & Procedures (unaudited) |
Annual Shareholder Meeting Results:
The Fund held its annual meeting of
shareholders on December 16, 2009. Shareholders voted as indicated below:
|
|
|
|
|
|
|
Affirmative |
|
Withheld
|
Re-election of Paul Belica Class II to serve until 2012 |
|
6,215,021 |
|
139,136 |
Re-election of John C. Maney* Class II to serve until 2012 |
|
6,231,186 |
|
122,971 |
Messrs. Hans W. Kertess, James A. Jacobson**, William B. Ogden, IV and R. Peter Sullivan, III, continue to serve as Trustees.
|
|
|
* |
John C. Maney is an interested Trustee of the Fund. |
|
** |
James A. Jacobson joined the Board of Trustees on December 14, 2009. |
|
|
|
Mr. Robert E. Connor served as a Trustee of the Fund until his death on April 8, 2010. |
|
|
|
|
Changes in Board of Trustees: |
|
On September 10, 2009, Diana L. Taylor resigned as Trustee of the Fund. |
|
On December 14, 2009, James A. Jacobson joined the Board of Trustees. |
|
|
|
|
|
Proxy Voting Policies & Procedures: |
|
A description of the policies and procedures that the Fund has adopted to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities held during the period ended June 30, is available (i) without charge, upon request, by calling the Funds shareholder servicing agent at (800) 254-5197; (ii) on the Funds website at www.allianzinvestors.com/closedendfunds; and (iii) on the Securities and Exchange Commissions website at www.sec.gov. |
|
|
28 |
Nicholas-Applegate Global Equity & Convertible Income Fund Semi-Annual Report | 2.28.10 | |
|
|
Trustees |
Fund Officers |
Hans W. Kertess |
Brian S. Shlissel |
Chairman of the Board of Trustees |
President & Chief Executive Officer |
Paul Belica |
Lawrence G. Altadonna |
James A. Jacobson |
Treasurer, Principal Financial & Accounting Officer |
John C. Maney |
Thomas J. Fuccillo |
William B. Ogden, IV |
Vice President, Secretary & Chief Legal Officer |
R. Peter Sullivan III |
Scott Whisten |
|
Assistant Treasurer |
|
Richard J. Cochran |
|
Assistant Treasurer |
|
Youse E. Guia |
|
Chief Compliance Officer |
|
Kathleen A. Chapman |
|
Assistant Secretary |
|
Lagan Srivastava |
|
Assistant Secretary |
Investment Manager
Allianz Global Investors Fund
Management LLC
1345 Avenue of the Americas
New York, NY 10105
Sub-Adviser
Nicholas-Applegate Capital
Management LLC
600 West Broadway, 30th Floor
San Diego, CA 92101
Custodian &
Accounting Agent
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Transfer Agent,
Dividend Paying Agent and Registrar
PNC Global Investment Servicing
P.O. Box 43027
Providence, RI 02940-3027
Independent
Registered Public Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
Legal Counsel
Ropes & Gray LLP
One International Place
Boston, MA 02110-2624
ITEM 2. | CODE OF ETHICS |
Not required in this filing. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not required in this filing. | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not required in this filing | |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANT |
Not required in this filing | |
ITEM 6. | SCHEDULE OF INVESTMENTS |
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form. | |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not required in this filing | |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not required in this filing | |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES |
None |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Funds Board of Trustees since the Fund last provided disclosure in response to this item. | |
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The registrants President and Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR 270.30a -3(c))), as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. | |
(b) There were no significant changes in the registrants internal controls (over financial reporting as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants control over financial reporting. | |
ITEM 12. | EXHIBITS |
(a) Exhibit 99.302 Cert. - Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
(b) Exhibit 99.906 Cert. - Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Nicholas-Applegate Global Equity & Convertible Income Fund | |
By | /s/ Brian S. Shlissel | |
President & Chief Executive Officer | ||
Date | April 28, 2010 | |
By | /s/ Lawrence G. Altadonna | |
Treasurer, Principal Financial & Accounting Officer | ||
Date | April 28, 2010 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
By | /s/ Brian S. Shlissel | |
President & Chief Executive Officer | ||
Date | April 28, 2010 | |
By | /s/ Lawrence G. Altadonna | |
Treasurer, Principal Financial & Accounting Officer | ||
Date | April 28, 2010 |
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