PCM Fund, Inc.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07816

 

 

PCM Fund, Inc.

(Exact name of registrant as specified in charter)

 

 

1633 Broadway New York, New York 10019

(Address of principal executive offices) (Zip code)

 

 

Lawrence G. Altadonna—1633 Broadway New York, New York 10019

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 212-739-3371

Date of fiscal year end: December 31, 2013

Date of reporting period: March 31, 2013

 

 

 


Item 1. Schedule of Investments

PCM Fund, Inc. Schedule of Investments

March 31, 2013 (unaudited)

 

    Principal
Amount
(000s)
     Value*  

MORTGAGE-BACKED SECURITIES—117.1%

  

Adjustable Rate Mortgage Trust,

    

2.906%, 1/25/36 CMO (i)

  $ 493       $ 395,602   

Banc of America Alternative Loan Trust,

  

6.436%, 4/25/37 CMO (i)

    677         535,108   

Banc of America Funding Corp., CMO,

  

3.031%, 12/20/34 (i)

    887         782,269   

5.537%, 3/20/36 (i)

    323         288,560   

7.00%, 10/25/37

    1,139         729,650   

Banc of America Merrill Lynch Commercial Mortgage, Inc.,

  

5.414%, 9/10/47 CMO (g)

    2,000         2,254,399   

Banc of America Mortgage Trust, CMO (i),

  

  

2.726%, 6/20/31

    737         737,218   

3.083%, 6/25/35

    548         525,138   

3.101%, 11/25/34

    745         742,340   

BCAP LLC Trust, CMO (a)(c)(i),

    

0.405%, 7/26/36

    87         36,535   

5.011%, 3/26/36

    150         141,145   

BCRR Trust,

    

5.858%, 7/17/40 CMO (a)(c)(g)(i)

    1,000         1,152,697   

Bear Stearns Adjustable Rate Mortgage Trust, CMO (i),

  

2.671%, 10/25/35

    1,953         1,902,054   

3.014%, 5/25/34

    365         361,247   

Bear Stearns ALT-A Trust, CMO (i),

  

2.606%, 5/25/36

    77         41,038   

2.817%, 5/25/36

    550         365,316   

2.898%, 1/25/47

    99         68,920   

2.932%, 11/25/36

    1,218         830,758   

3.397%, 9/25/34

    367         341,634   

4.654%, 7/25/35

    279         222,047   

4.923%, 8/25/36

    1,564         1,024,084   

5.184%, 8/25/36

    590         413,934   

Bear Stearns Asset-Backed Securities Trust,

  

  

5.50%, 12/25/35 CMO

    163         151,086   

Bear Stearns Commercial Mortgage Securities Trust, CMO,

  

5.694%, 6/11/50 (g)(i)

    3,000         3,508,059   

5.715%, 6/11/40 (g)(i)

    2,000         2,339,109   

5.822%, 5/11/39 (a)(c)(i)

    1,000         1,017,476   

5.953%, 3/13/40 (a)(c)(i)

    1,300         1,298,887   

6.50%, 2/15/32 (b)

    2         913   

CBA Commercial Small Balance Commercial Mortgage,

  

5.54%, 1/25/39 CMO (a)(b)(c)(h)
(acquisition cost—$729,902; purchased 11/18/09)

    1,295         823,545   
    Principal
Amount
(000s)
     Value*  

Chase Mortgage Finance Trust,

    

6.00%, 3/25/37 CMO

  $ 646       $ 566,717   

Citigroup Commercial Mortgage Trust, CMO (i),

  

0.434%, 5/15/43 IO (a)(c)

    98,123         727,585   

5.697%, 12/10/49

    2,500         2,920,686   

Citigroup Mortgage Loan Trust, Inc., CMO (i),

  

2.86%, 8/25/35

    403         352,351   

2.92%, 9/25/35

    554         496,973   

4.701%, 11/25/36

    557         459,546   

Citigroup/Deutsche Bank Commercial Mortgage Trust,

  

5.322%, 12/11/49 CMO (g)

    4,012         4,576,627   

Citimortgage Alternative Loan Trust,

  

5.50%, 4/25/22 CMO

    143         146,935   

COBALT CMBS Commerical Mortgage Trust,

  

5.223%, 8/15/48 CMO (g)

    1,925         2,157,458   

Commercial Capital Access One, Inc.,

  

7.669%, 11/15/28 CMO (a)(b)(c)(h)(i)
(acquisition cost—$3,236,250; purchased 5/9/03)

    3,000         2,980,779   

Commercial Mortgage Trust, CMO (a)(c),

  

5.605%, 6/9/28

    2,500         2,550,409   

5.908%, 7/10/46 (i)

    690         783,871   

6.586%, 7/16/34

    807         938,464   

6.775%, 7/16/34 (i)

    1,500         1,808,958   

Countrywide Alternative Loan Trust, CMO,

  

0.384%, 6/25/47 (g)(i)

    1,499         1,025,639   

0.413%, 7/20/46 (i)

    3,111         1,682,296   

0.484%, 2/25/37 (i)

    476         320,866   

0.494%, 2/25/36 (i)

    1,736         1,041,367   

1.174%, 12/25/35 (g)(i)

    3,886         2,855,118   

6.00%, 11/25/35

    300         185,797   

6.00%, 5/25/37

    1,250         995,288   

Countrywide Home Loan Mortgage Pass-Through Trust, CMO,

   

0.524%, 3/25/35 (i)

    362         253,504   

2.783%, 2/20/36 (i)

    37         31,935   

2.825%, 9/20/36 (i)

    305         203,332   

3.082%, 9/25/47 (i)

    1,185         986,687   

6.00%, 5/25/37

    875         775,138   

Credit Suisse First Boston Mortgage Securities Corp., CMO,

  

0.881%, 12/15/35 IO (a)(c)(i)

    3,048         7,285   

7.00%, 2/25/33

    128         138,876   

7.46%, 1/17/35 (i)

    680         687,265   
 


PCM Fund, Inc. Schedule of Investments

March 31, 2013 (unaudited) (continued)

 

    Principal
Amount
(000s)
     Value*  

Credit Suisse Mortgage Capital Certificates, CMO,

  

5.467%, 9/15/39 (g)

  $ 4,928       $ 5,539,928   

5.467%, 9/18/39 (a)(c)(i)

    1,000         1,121,836   

5.896%, 4/25/36

    395         330,816   

6.50%, 5/25/36

    313         228,865   

FFCA Secured Lending Corp.,

    

1.085%, 9/18/27 CMO, IO (a)(b)(c)(h)(i)
(acquisition cost—$636,948; purchased 11/17/00)

    2,849         66,222   

First Horizon Alternative Mortgage Securities Trust,

  

2.395%, 8/25/35 CMO (i)

    307         65,347   

First Horizon Mortgage Pass-Through Trust,

  

2.661%, 4/25/35 CMO (i)

    251         251,735   

FREMF Mortgage Trust,

    

0.10%, 5/25/20 CMO, IO (e)(g)(i)

    15,515         84,176   

G-Force LLC,

    

5.158%, 12/25/39 CMO (a)(c)

    16         15,550   

GMAC Commercial Mortgage Securities, Inc., CMO (a)(c),

  

5.362%, 4/10/40 (i)

    702         707,079   

6.50%, 5/15/35

    856         859,532   

6.767%, 5/15/30 (d)(i)

    1,500         196,519   

8.323%, 9/15/35 (i)

    1,500         1,502,001   

Greenwich Capital Commercial Funding Corp., CMO,

  

5.419%, 1/5/36 (a)(c)(i)

    1,500         1,520,664   

5.444%, 3/10/39 (g)

    2,000         2,288,246   

GS Mortgage Securities Corp. II, CMO,

  

1.539%, 8/10/43 IO (a)(c)(i)

    17,700         1,401,914   

2.618%, 5/10/45 IO (b)(i)

    6,437         963,355   

4.805%, 3/6/20 (a)(c)(i)

    2,710         2,734,320   

5.56%, 11/10/39 (g)

    5,750         6,537,658   

5.988%, 8/10/43 (a)(c)(i)

    1,670         1,808,954   

Harborview Mortgage Loan Trust, CMO (i),

  

0.393%, 1/19/38

    96         76,790   

0.453%, 1/19/36

    1,312         885,431   

5.45%, 6/19/36

    702         509,526   

IndyMac INDA Mortgage Loan Trust,

  

3.242%, 6/25/37 CMO (i)

    859         794,547   

IndyMac Index Mortgage Loan Trust, CMO (i),

  

1.004%, 11/25/34

    217         180,358   

4.191%, 5/25/36

    334         218,611   

JPMorgan Chase Commercial Mortgage Securities,

  

5.64%, 3/18/51 CMO (a)(c)(e)(g)(i)

    4,100         4,558,619   

JPMorgan Chase Commercial Mortgage Securities Corp., CMO,

   

0.451%, 2/15/46 IO (a)(c)(i)

    61,000         2,176,571   

1.178%, 3/12/39 IO (a)(c)(i)

    1,453         25,815   

5.714%, 2/12/49 (i)

    1,400         1,623,752   

5.794%, 2/12/51 (g)(i)

    1,195         1,398,558   

5.929%, 2/15/51 (g)(i)

    1,150         1,210,849   

6.135%, 7/12/37 (a)(c)

    541         542,240   

6.45%, 5/12/34 (i)

    7,000         7,123,606   
    Principal
Amount
(000s)
     Value*  

JPMorgan Mortgage Trust,

    

2.991%, 7/25/35 CMO (i)

  $ 345       $ 347,535   

LB Commercial Mortgage Trust, CMO,

  

5.60%, 10/15/35 (a)(c)

    520         565,308   

5.864%, 7/15/44 (i)

    950         1,109,967   

LB-UBS Commercial Mortgage Trust,

  

5.347%, 11/15/38 CMO (g)

    1,278         1,450,715   

Lehman Mortgage Trust, CMO,

  

6.00%, 5/25/37

    1,193         1,136,681   

6.386%, 4/25/36 (i)

    494         472,497   

Luminent Mortgage Trust,

    

0.374%, 12/25/36 CMO (i)

    1,414         1,036,756   

MASTR Asset Securitization Trust,

    

6.00%, 6/25/36 CMO (i)

    1,478         1,368,512   

Merrill Lynch/Countrywide Commercial Mortgage Trust, CMO (g),

   

5.485%, 3/12/51 (i)

    1,500         1,712,015   

5.70%, 9/12/49

    2,300         2,679,050   

MLCC Mortgage Investors, Inc., CMO (i),

  

0.414%, 7/25/30

    547         538,204   

0.534%, 11/25/29

    399         384,263   

2.37%, 11/25/35

    132         125,256   

2.75%, 11/25/35

    492         471,211   

Morgan Stanley Capital I, Inc., CMO,

  

0.264%, 11/12/49 IO (a)(c)(i)

    69,368         668,085   

5.447%, 2/12/44 (g)(i)

    2,000         2,283,130   

5.692%, 4/15/49 (i)

    315         362,479   

5.809%, 12/12/49

    558         654,205   

6.01%, 11/15/30 (a)(c)(g)

    4,000         3,999,684   

Morgan Stanley Dean Witter Capital I,

  

6.50%, 11/15/36 CMO (a)(c)

    643         644,919   

Morgan Stanley Mortgage Loan Trust, CMO,

  

3.214%, 1/25/35 (i)

    580         36,193   

6.00%, 8/25/37

    788         739,447   

Morgan Stanley Re-Remic Trust, zero coupon, 7/17/56 CMO, PO (a)(b)(c)(h)
(acquisition cost—$1,114,227; purchased 4/6/11)

    1,200         1,121,640   

Ocwen Residential MBS Corp., 7.00%, 10/25/40 CMO (a)(b)(c)(e)(h)(i)
(acquisition cost—$16,614; purchased 6/25/08)

    238         13,104   

RBSCF Trust, CMO (a)(c)(i),

  

5.223%, 8/16/48 (g)

    1,000         1,118,918   

5.331%, 2/16/44

    1,000         1,104,863   

5.336%, 5/16/47 (g)

    1,000         1,123,963   

6.068%, 2/17/51 (g)

    2,744         2,916,563   

Regal Trust IV,

    

2.462%, 9/29/31 CMO (a)(c)(i)

    594         567,446   
 


PCM Fund, Inc. Schedule of Investments

March 31, 2013 (unaudited) (continued)

 

    Principal
Amount
(000s)
     Value*  

Residential Accredit Loans, Inc., CMO,

  

0.384%, 6/25/46 (i)

  $ 235       $ 113,829   

3.85%, 1/25/36 (i)

    731         564,341   

6.00%, 8/25/35

    578         521,628   

6.50%, 9/25/37

    572         464,658   

Residential Asset Securitization Trust,

  

6.00%, 3/25/37 CMO

    436         339,854   

Residential Funding Mortgage Securities I,

  

6.00%, 6/25/36 CMO

    753         701,926   

RMF Commercial Mortgage Pass-Through Certificates, CMO (a)(c),

   

7.471%, 1/15/19

    92         91,453   

9.35%, 1/15/19 (i)

    265         265,586   

Structured Adjustable Rate Mortgage Loan Trust, CMO (i),

  

4.994%, 11/25/36

    722         684,020   

5.103%, 4/25/36

    1,025         827,540   

5.175%, 1/25/36

    699         554,140   

5.338%, 9/25/36

    497         420,491   

Structured Asset Mortgage Investments II Trust,

  

0.414%, 8/25/36 CMO (i)

    1,435         1,021,499   

Structured Asset Securities Corp.,

  

5.00%, 5/25/35 CMO

    251         255,210   

TBW Mortgage-Backed Trust,

    

6.00%, 7/25/36 CMO

    303         199,597   

TIAA Retail Commercial Trust,

  

5.77%, 6/19/33 CMO (a)(c)

    1,500         1,559,197   

Wachovia Bank Commercial Mortgage Trust, CMO,

  

0.893%, 10/15/41 IO (a)(c)(i)

    31,438         347,228   

5.188%, 2/15/41 (a)(c)(i)

    2,500         2,489,759   

5.509%, 4/15/47

    1,000         1,137,787   

5.926%, 2/15/51 (g)(i)

    1,825         2,114,433   

WaMu Commercial Mortgage Securities Trust,

  

6.135%, 3/23/45 CMO (a)(c)(i)

    1,000         1,046,961   

WaMu Mortgage Pass-Through Certificates,

  

2.609%, 12/25/36 CMO (g)(i)

    876         752,276   

Washington Mutual Alternative Mortgage Pass-Through Certificates,

   

6.50%, 8/25/36 CMO

    2,997         1,889,375   

Wells Fargo Alternative Loan Trust,

  

5.50%, 7/25/22 CMO

    119         120,933   

Wells Fargo Mortgage-Backed Securities Trust,

  

5.649%, 10/25/36 CMO (i)

    859         840,153   

WF-RBS Commercial Mortgage Trust, CMO, IO (a)(c)(i),

  

0.843%, 6/15/44

    2,247         82,250   

1.145%, 2/15/44 (g)

    31,218         1,474,852   
    

 

 

 

Total Mortgage-Backed Securities
(cost—$134,056,197)

       156,872,095   
    

 

 

 
    Principal
Amount
(000s)
    Value*  

CORPORATE BONDS & NOTES—30.2%

  

Airlines—2.0%

  

Northwest Airlines, Inc.,

   

1.039%, 11/20/15 (MBIA) (g)(i)

  $ 258      $ 255,216   

United Air Lines Pass-Through Trust (g),

   

6.636%, 1/2/24

    738        801,165   

9.75%, 7/15/18

    742        861,266   

10.40%, 5/1/18

    636        731,128   
   

 

 

 
      2,648,775   
   

 

 

 

Banking—6.5%

  

Ally Financial, Inc.,

   

5.90%, 1/15/19

    10        9,981   

6.00%, 2/15/19—3/15/19

    126        125,692   

6.15%, 3/15/16

    30        29,970   

6.30%, 8/15/19

    20        20,010   

6.50%, 10/15/16

    16        16,054   

6.65%, 6/15/18

    23        23,075   

6.70%, 6/15/18

    25        25,048   

6.75%, 8/15/16—10/15/18

    84        83,967   

6.80%, 10/15/18

    2        2,001   

6.85%, 4/15/16

    12        12,155   

6.90%, 8/15/18

    174        174,074   

7.00%, 6/15/17—8/15/18

    193        193,347   

7.05%, 3/15/18—4/15/18

    46        46,072   

7.15%, 9/15/18

    6        5,998   

7.20%, 10/15/17

    60        60,003   

7.25%, 9/15/17—9/15/18

    133        132,641   

7.30%, 12/15/17—1/15/18

    297        297,097   

7.35%, 4/15/18

    76        76,031   

7.375%, 11/15/16

    20        19,893   

7.40%, 12/15/17

    36        36,092   

7.50%, 8/15/17—11/15/17

    26        26,161   

7.75%, 10/15/17

    8        8,029   

8.00%, 10/15/17—11/15/17

    37        37,049   

8.20%, 3/15/17

    5        5,004   

9.00%, 7/15/20

    322        321,998   
CIT Group, Inc.,    

5.25%, 4/1/14 (a)(c)(g)

    800        833,000   
Discover Bank,    

7.00%, 4/15/20 (g)

    2,200        2,743,957   
Morgan Stanley,    

0.784%, 10/15/15 (g)(i)

    1,200        1,180,830   
Regions Financial Corp.,    

7.75%, 11/10/14 (g)

    2,000        2,205,806   
   

 

 

 
      8,751,035   
   

 

 

 

Coal—0.8%

  

CONSOL Energy, Inc., 8.00%, 4/1/17 (g)

    950        1,028,375   
   

 

 

 
 


PCM Fund, Inc. Schedule of Investments

March 31, 2013 (unaudited) (continued)

 

    Principal
Amount
(000s)
    Value*  

Diversified Financial Services—6.8%

  

Cantor Fitzgerald L.P.,    

7.875%, 10/15/19 (a)(c)(g)

    $1,000      $ 1,053,495   

Ford Motor Credit Co. LLC (g),

   

6.625%, 8/15/17

    1,000        1,167,795   

8.00%, 12/15/16

    500        600,753   

International Lease Finance Corp.,

  

7.125%, 9/1/18 (a)(c)(g)

    1,600        1,888,000   

SLM Corp. (g),

   

8.00%, 3/25/20

    1,000        1,163,750   

8.45%, 6/15/18

    1,100        1,309,000   

Springleaf Finance Corp. (g),

   

6.50%, 9/15/17

    455        455,000   

6.90%, 12/15/17

    1,200        1,216,500   

Toll Road Investors Partnership II L.P., zero coupon, 2/15/45 (MBIA) (a)(b)(c)(h) (acquisition cost—$252,815; purchased 11/20/12)

    1,544        270,216   
   

 

 

 
      9,124,509   
   

 

 

 

Electric Utilities—0.4%

  

Energy Future Intermediate Holding Co. LLC,   

10.00%, 12/1/20 (a)(c)(g)

    500        565,000   
Escrow Dynegy Holdings, Inc.,   

7.125%, 5/15/18 (d)(e)

    250        1,398   
   

 

 

 
      566,398   
   

 

 

 

Engineering & Construction—0.9%

  

Alion Science and Technology Corp.,   

12.00%, 11/1/14 PIK (g)

    1,222        1,255,718   
   

 

 

 

Household Products/Wares—0.1%

  

Armored Autogroup, Inc.,

   

9.25%, 11/1/18

    100        89,750   
   

 

 

 

Insurance—6.5%

  

American International Group, Inc. (g),

   

4.25%, 5/15/13

    2,000        2,008,842   

5.45%, 5/18/17

    500        574,055   

6.40%, 12/15/20

    1,100        1,365,206   

8.175%, 5/15/68 (converts to FRN on 5/15/38)

    2,700        3,648,375   

Stone Street Trust,

   

5.902%, 12/15/15 (a)(c)(g)

    1,000        1,087,559   
   

 

 

 
      8,684,037   
   

 

 

 

Miscellaneous Manufacturing—0.4%

  

Colt Defense LLC,

   

8.75%, 11/15/17 (g)

    800        540,000   
   

 

 

 

Oil & Gas—0.2%

  

Global Geophysical Services, Inc.,

   

10.50%, 5/1/17 (g)

    285        248,663   
   

 

 

 
    Principal
Amount
(000s)
    Value*  

Pharmaceuticals—0.2%

  

Lantheus Medical Imaging, Inc.,

   

9.75%, 5/15/17 (g)

    $ 200      $ 199,500   
   

 

 

 

Pipelines—0.3%

  

NGPL PipeCo LLC,

   

7.768%, 12/15/37 (a)(c)

    100        102,000   

Rockies Express Pipeline LLC,

   

6.875%, 4/15/40 (a)(c)(g)

    400        364,000   
   

 

 

 
      466,000   
   

 

 

 

Real Estate Investment Trust—2.8%

  

SL Green Realty Corp.,

   

7.75%, 3/15/20 (g)

    2,000        2,459,964   

Weyerhaeuser Co.,

   

7.375%, 3/15/32 (g)

    1,000        1,270,849   
   

 

 

 
      3,730,813   
   

 

 

 

Retail—2.3%

  

CVS Pass-Through Trust (g),

   

5.88%, 1/10/28

    1,605        1,866,018   

7.507%, 1/10/32 (a)(c)

    936        1,217,112   
   

 

 

 
      3,083,130   
   

 

 

 

Transportation—0.0%

  

Western Express, Inc.,

   

12.50%, 4/15/15 (a)(c)

    40        29,400   
   

 

 

 

Total Corporate Bonds & Notes
(cost—$35,378,494)

      40,446,103   
   

 

 

 

ASSET-BACKED SECURITIES—11.4%

  

Ameriquest Mortgage Securities, Inc.,

  

5.829%, 2/25/33 (i)

    70        4,344   

Asset-Backed Securities Corp. Home Equity,

  

2.954%, 6/21/29 (i)

    142        106,210   

Associates Manufactured Housing Pass-Through Certificates,

   

7.15%, 3/15/28 (i)

    438        523,350   

Bayview Financial Acquisition Trust, 0.484%, 12/28/36 (i)

    445        386,013   

Bear Stearns Asset-Backed Securities Trust (i),

  

0.584%, 6/25/36

    71        65,173   

3.084%, 7/25/36

    873        790,527   

Bombardier Capital Mortgage Securitization Corp. Trust,

  

7.83%, 6/15/30 (i)

    1,272        833,884   
 


PCM Fund, Inc. Schedule of Investments

March 31, 2013 (unaudited) (continued)

 

    Principal
Amount
(000s)
    Value*  

Conseco Finance Securitizations Corp.,

  

7.96%, 5/1/31

  $ 468      $ 395,919   

9.163%, 3/1/33 (i)

    970        884,772   

Denver Arena Trust,

   

6.94%, 11/15/19 (a)(b)(c)(h) (acquisition cost—$506,065; purchased 1/4/05—7/21/11)

    498        515,794   

EMC Mortgage Loan Trust,

  

0.854%, 2/25/41 (a)(c)(i)

    681        617,020   

GE Capital Mortgage Services, Inc. Trust,

  

6.705%, 4/25/29 (i)

    270        263,933   

GSAA Trust,

   

0.474%, 6/25/35 (i)

    176        170,246   

IndyMac Residential Asset-Backed Trust,

  

0.444%, 4/25/47 (i)

    6,250        3,377,306   

Keystone Owner Trust,

   

9.00%, 1/25/29 (a)(b)(c)(h) (acquisition cost—$49,551; purchased 2/25/00)

    56        55,512   

Legg Mason Mortgage Capital Corp,

   

7.11%, 3/10/21 (a)(b)(e)(h) (acquisition cost—$2,367,240; purchased 1/29/13)

    2,472        2,386,687   

Lehman XS Trust,

   

5.42%, 11/25/35

    625        619,338   

Merrill Lynch First Franklin Mortgage Loan Trust,

  

0.444%, 5/25/37 (i)

    2,415        1,383,344   

Merrill Lynch Mortgage Investors Trust,

  

0.704%, 6/25/36 (i)

    630        537,796   

Oakwood Mortgage Investors, Inc.,

  

6.89%, 11/15/32 (i)

    735        233,711   

Residential Asset Mortgage Products, Inc.,

  

0.574%, 9/25/32 (i)

    76        50,319   

Southern Pacific Secured Asset Corp.,

  

0.544%, 7/25/29 (i)

    60        47,362   

Structured Asset Investment Loan Trust,

  

4.704%, 10/25/33 (i)

    68        7,030   

UCFC Manufactured Housing Contract,

  

7.90%, 1/15/28 (i)

    1,000        1,001,917   

UPS Capital Business Credit,

   

3.456%, 4/15/26 (b)(e)(i)

    1,856        64,764   
   

 

 

 

Total Asset-Backed Securities
(cost—$14,615,194)

      15,322,271   
   

 

 

 

U.S. GOVERNMENT AGENCY SECURITIES (g)(i)—1.9%

   

Freddie Mac—1.9%

  

0.675%, 1/25/21, CMO, IO

    3,122        122,000   

3.615%, 6/25/41, CMO, IO

    10,500        2,413,281   
   

 

 

 

Total U.S. Government Agency Securities
(cost—$2,240,290)

      2,535,281   
   

 

 

 

MUNICIPAL BONDS—1.4%

  

Arkansas—0.6%

  

Little Rock Municipal Property Owners Multipurpose Improvement Dist. No 10, Special Tax, Capital Improvement Projects, 7.20%, 3/1/32, Ser. B

    760        765,852   
   

 

 

 

Virginia—0.2%

  

Lexington Industrial Dev. Auth. Rev., Kendall at Lexington, 8.00%, 1/1/15, Ser. C

    245        245,157   
   

 

 

 
    Principal
Amount
(000s)
    Value*  

West Virginia—0.6%

  

Tobacco Settlement Finance Auth. Rev., 7.467%, 6/1/47, Ser. A

  $ 925      $ 797,359   
   

 

 

 

Total Municipal Bonds
(cost—$1,867,469)

      1,808,368   
   

 

 

 
    Shares        

COMMON STOCK—0.1%

  

Oil, Gas & Consumable Fuels—0.1%

  

SemGroup Corp., Class A (k)
(cost—$33,638)

    1,294        66,913   
   

 

 

 
    Units        

WARRANTS—0.0%

  

Engineering & Construction—0.0%

  

Alion Science and Technology Corp., expires 11/1/14 (a)(c)(k)

    1,100        11   
   

 

 

 

Oil, Gas & Consumable Fuels—0.0%

  

SemGroup Corp., expires 11/30/14 (k)

    1,362        37,437   
   

 

 

 

Total Warrants
(cost—$6,139)

      37,448   
   

 

 

 
    Principal
Amount
(000s)
       

SHORT-TERM INVESTMENTS—4.0%

  

U.S. Treasury Obligations (f)(j)—2.4%

  

U.S. Treasury Cash Management Bills, 0.101%—0.112%, 4/15/13
(cost—$3,240,864)

  $ 3,241        3,240,864   
   

 

 

 

Repurchase Agreements—1.6%

  

Citigroup Global Markets, Inc., dated 3/28/13, 0.24%, due 4/1/13, proceeds $1,600,043; collateralized by Freddie Mac, 1.02%, due 10/16/17, valued at $1,637,625 including accrued interest

    1,600        1,600,000   

State Street Bank and Trust Co., dated 3/28/13, 0.01%, due 4/1/13, proceeds $567,001; collateralized by Fannie Mae, 2.14%, due 11/7/22, valued at $580,271 including accrued interest

   
567
  
    567,000   
   

 

 

 

Total Repurchase Agreements
(cost—$2,167,000)

      2,167,000   
   

 

 

 

Total Short-Term Investments
(cost—$5,407,864)

      5,407,864   
   

 

 

 

Total Investments
(cost—$193,605,285) (l)166.1%

      222,496,343   
   

 

 

 

Liabilities in excess of other assets—(66.1)%

      (88,563,292
   

 

 

 

Net Assets—100.0%

    $ 133,933,051   
   

 

 

 
 


Notes to Schedule of Investments:

 

* Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. The Fund’s 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. 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.

The Board of Directors (the “Board”) has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to Allianz Global Investors Fund Management LLC (the “Investment Manager”) and Pacific Investment Management Company LLC (the “Sub-Adviser”), an affiliate of the Investment Manager. The Fund’s Valuation Committee was established by the Board to oversee the implementation of the Fund’s valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Sub-Adviser monitors the continued appropriateness of methods applied and determines if adjustments should be made in light of market changes, events affecting the issuer, or other factors. If the Sub-Adviser determines that a valuation method may no longer be appropriate, another valuation method may be selected, or the Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.

Benchmark pricing procedures are used as the basis for setting the base price of a fixed-income security and for subsequently adjusting the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Committee. The validity of the fair value is reviewed by the Sub-Adviser on a periodic basis and may be amended as the availability of market data indicates a material change.

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.

The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold, and these differences could be material. The Fund’s net asset value (“NAV”) is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (“NYSE”) on each day the NYSE is open for business.

 

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $65,692,057, representing 49.0% of net assets.
(b) Illiquid.
(c) 144A—Exempt 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.
(d) In default.
(e) Fair-Valued—Securities with an aggregate value of $7,108,748, representing 5.3% of net assets.
(f) All or partial amount segregated for the benefit of the counterparty as collateral for derivatives.
(g) All or partial amount transferred for the benefit of the counterparty as collateral for reverse repurchase agreements.
(h) Restricted. The aggregate acquisition cost of such securities is $8,909,612. The aggregate market value is $8,233,499, representing 6.1% of net assets.
(i) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2013.
(j) Rates reflect the effective yields at purchase date.
(k) Non-income producing.
(l) At March 31, 2013, the cost basis of portfolio securities of $193,605,285 was substantially the same for both federal income tax and book purposes. Gross unrealized appreciation was $33,687,651; gross unrealized depreciation was $4,796,593; and net unrealized appreciation was $28,891,058.


(m) Credit default swap agreements outstanding at March 31, 2013:

OTC sell protection swap agreements(1):

 

Swap Counterparty/Referenced Debt Issuer

   Notional
Amount
(000s)(3)
     Credit
Spread(2)
    Termination
Date
     Payments
Received
    Value(4)     Upfront
Premiums
Received
    Unrealized
Appreciation
 

Deutsche Bank:

                

SLM

   $ 3,000         3.30     3/20/19         5.35   $ 326,581      $ —        $ 326,581   

Royal Bank of Scotland:

                

Markit ABX.HE AA Index 6-1

     6,803              †      7/25/45         0.32     (2,084,830     (3,997,428     1,912,598   

Markit ABX.HE AAA 7-1

     2,678              †      8/25/37         0.09     (955,722     (1,325,488     369,766   

Markit ABX.HE AAA Index 6-1

     2,701              †      7/25/45         0.18     (53,538     (270,096     216,558   
            

 

 

   

 

 

   

 

 

 
             $ (2,767,509   $ (5,593,012   $ 2,825,503   
            

 

 

   

 

 

   

 

 

 

 

Credit Spread not quoted for asset-backed securities.
(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements as of year/period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(3) This represents the maximum potential amount the Fund could be required to make available as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at March 31, 2013 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

(n) At March 31, 2013, the Fund held $260,000 in cash as collateral for derivative contracts. Cash collateral held may be invested in accordance with the Fund’s investment strategy.


(o) Open reverse repurchase agreements at March 31, 2013:

 

Counterparty

   Rate     Trade
Date
     Due Date      Principal &
Interest
     Principal  

Barclays Bank

     0.50     2/25/13         5/14/13       $ 1,938,942       $ 1,938,000   
     0.62        2/27/13         8/27/13         1,284,730         1,284,000   
     0.625        2/25/13         8/26/13         4,590,788         4,588,000   
     0.65        3/25/13         4/24/13         1,796,227         1,796,000   
     0.702        3/12/13         4/11/13         1,961,765         1,961,000   
     0.71        3/13/13         6/11/13         1,941,727         1,941,000   
     0.71        3/13/13         6/17/13         523,196         523,000   
     0.71        3/25/13         6/25/13         1,417,196         1,417,000   
     0.72        2/25/13         5/22/13         4,900,428         4,897,000   
     0.75        1/22/13         4/22/13         723,038         722,000   
     0.75        2/15/13         5/15/13         661,620         661,000   
     0.987        2/28/13         5/29/13         1,097,962         1,097,000   
     0.996        2/6/13         5/6/13         2,109,146         2,106,000   
     1.098        2/1/13         5/1/13         1,548,782         1,546,000   
     1.105        1/4/13         4/3/13         2,045,448         2,040,000   
     1.148        2/1/13         4/30/13         2,624,929         2,620,000   

Citigroup

     0.953        3/19/13         4/22/13         5,749,978         5,748,000   

Credit Suisse

     0.55        2/28/13         5/24/13         3,180,554         3,179,000   

Deutsche Bank

     0.68        2/28/13         5/30/13         1,028,621         1,028,000   
     0.68        3/18/13         6/18/13         4,000,058         3,999,000   
     0.75        2/15/13         5/16/13         2,197,058         2,195,000   
     0.75        2/19/13         5/20/13         1,295,105         1,294,000   

JPMorgan Chase

     0.74        2/22/13         5/23/13         534,417         534,000   

Morgan Stanley

     1.10        1/10/13         4/11/13         2,089,158         2,084,000   
     1.20        1/10/13         4/11/13         5,757,503         5,742,000   

Royal Bank of Canada

     1.28        3/20/13         6/24/13         3,514,499         3,513,000   

Royal Bank of Scotland

     0.55        2/20/13         5/17/13         784,479         784,000   
     0.953        3/15/13         4/16/13         6,269,820         6,267,000   
     0.953        3/21/13         4/22/13         995,290         995,000   
     0.954        3/5/13         4/4/13         1,005,719         1,005,000   
     0.954        3/28/13         4/25/13         1,280,136         1,280,000   
     1.103        3/14/13         4/15/13         2,057,134         2,056,000   
     1.103        3/15/13         4/16/13         2,956,539         2,955,000   
     1.104        3/22/13         4/23/13         2,064,633         2,064,000   
     1.104        3/28/13         4/25/13         2,045,251         2,045,000   
     1.181        3/14/13         6/17/13         2,098,238         2,097,000   
     1.203        3/7/13         4/8/13         2,610,179         2,608,000   
     1.204        3/28/13         4/29/13         1,782,000         1,782,000   

UBS

     0.61        2/22/13         8/22/13         1,302,838         1,302,000   
             

 

 

 
              $ 87,693,000   
             

 

 

 

 

(p) The weighted average daily balance of reverse repurchase agreements outstanding during the three months ended March 31, 2013 was $88,542,233, at a weighted average interest rate of 0.96%. Total market value of underlying collateral (refer to the Schedule of Investments for positions transferred for the benefit of the counterparty as collateral) for open reverse repurchase agreements at March 31, 2013 was $96,144,660.

At March 31, 2013, the Fund held U.S. Government Agency Securities and Mortgage-Backed Securities valued at $1,628,908 and $151,794, respectively, as collateral for open reverse repurchase agreements. Securities held as collateral will not be pledged and are not reflected in the Schedule of Investments.


Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:

 

   

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, which may include, but are not limited to, quoted prices for similar assets or liabilities, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs

 

   

Level 3—valuations based on significant unobservable inputs (including the Sub-Adviser’s or Valuation Committee’s own assumptions and single broker quotes in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Fund generally uses to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with Generally Accepted Accounting Principles.

Equity Securities (Common and Preferred Stock)—Equity securities traded in inactive markets are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Municipal Bonds—Municipal bonds are valued by independent pricing services based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable, the values of municipal bonds are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.


Asset-Backed Securities and Collateralized Mortgage Obligations—Asset-backed securities and collateralized mortgage obligations are valued by independent pricing services using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon, average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable, the values of asset-backed securities and collateralized mortgage obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Credit Default Swaps—Credit default swaps traded over-the-counter (“OTC”) are valued by independent pricing services using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable, the values of OTC credit default swaps are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

The valuation techniques used by the Fund to measure fair value during the three months ended March 31, 2013 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

The Fund’s policy is to recognize transfers between levels at the end of the reporting period. An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the 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 techniques used. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.

A summary of the inputs used at March 31, 2013 in valuing the Fund’s assets and liabilities is listed below (refer to the Schedule of Investments and Notes to Schedule of Investments for more detailed information on Investments in Securities and Other Financial Instruments):

 

     Level 1 -
Quoted
Prices
     Level 2 -
Other Significant
Observable
Inputs
     Level 3 -
Significant
Unobservable
Inputs
     Value at
3/31/13
 

Investments in Securities—Assets

           

Mortgage-Backed Securities

     —         $ 151,079,006       $ 5,793,089       $ 156,872,095   

Corporate Bonds & Notes:

           

Airlines

     —           255,216         2,393,559         2,648,775   

Electric Utilities

     —           565,000         1,398         566,398   

All Other

     —           37,230,930         —           37,230,930   

Asset-Backed Securities

     —           12,870,820         2,451,451         15,322,271   

U.S. Government Agency Securities

     —           2,535,281         —           2,535,281   

Municipal Bonds

     —           1,808,368         —           1,808,368   

Common Stock

   $ 66,913         —           —           66,913   

Warrants:

           

Engineering & Construction

     —           11         —           11   

Oil, Gas & Consumable Fuels

     37,437         —           —           37,437   

Short-Term Investments

     —           5,407,864         —           5,407,864   
  

 

 

    

 

 

    

 

 

    

 

 

 
     104,350         211,752,496         10,639,497         222,496,343   
  

 

 

    

 

 

    

 

 

    

 

 

 

Other Financial Instruments*—Assets

           

Credit Contracts

     —           2,825,503         —           2,825,503   
  

 

 

    

 

 

    

 

 

    

 

 

 

Totals

   $ 104,350       $ 214,577,999       $ 10,639,497       $ 225,321,846   
  

 

 

    

 

 

    

 

 

    

 

 

 

At March 31, 2013, there were no transfers between Levels 1 and 2.


A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the three months ended March 31, 2013, was as follows:

 

     Beginning
Balance
12/31/12
    Purchases     Sales     Accrued
Discount
(Premiums)
    Net
Realized
Gain
(Loss)
    Net Change
in Unrealized
Appreciation/
Depreciation
    Transfers
into
Level 3
    Transfers
out of
Level 3
    Ending
Balance
3/31/13
 

Investments in Securities—Assets

                 

Mortgage-Backed Securities

  $ 5,767,657      $ 26,721      $ (258,963   $ (43,035   $ 187,063      $ 113,646      $ —        $ —        $ 5,793,089   

Corporate Bonds & Notes:

                 

Airlines

    2,469,745        —          (75,396     —          —          (790     —          —          2,393,559   

Electric Utilities

    1,403        —          —          —          —          (5     —          —          1,398   

Asset-Backed Securities

    74,173        2,367,240        —          2,798        —          7,240        —          —          2,451,451   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 8,312,978      $ 2,393,961      $ (334,359   $ (40,237   $ 187,063      $ 120,091      $ —        $ —        $ 10,639,497   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The following tables present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at March 31, 2013:

 

      Ending
Balance at
3/31/13
     Valuation
Technique Used
  

Unobservable

Inputs

   Input Values  

Investments in Securities—Assets

           

Mortgage-Backed Securities

   $ 4,571,723       Benchmark pricing    Security Price Reset    $ 5.50-$111.19   
     1,137,190       Third-Party pricing vendor    Single Broker Quote    $ 93.47-$100.00   
     84,176       Market Comparable Security    Security Price Reset    $ 0.54   

Corporate Bonds & Notes

     2,393,559       Third-Party pricing vendor    Single Broker Quote    $ 108.63-$116.00   
     1,398       Benchmark pricing    Security Price Reset    $ 0.56   

Asset-Backed Securities

     2,451,451       Benchmark pricing    Security Price Reset    $ 3.49-96.54   

 

* Other financial instruments are derivatives not reflected in the Schedule of Investments, such as swap agreements, which are valued at the unrealized appreciation (depreciation) of the instrument.

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at March 31, 2013 was $81,033.

Glossary:

ABX.HE—Asset-Backed Securities Index Home Equity

CMBS—Commercial Mortgage-Backed Security

CMO—Collateralized Mortgage Obligation

FRN—Floating Rate Note

IO—Interest Only

MBIA—insured by Municipal Bond Investors Assurance

MBS—Mortgage-Backed Securities

OTC—Over-the-Counter

PIK—Payment-in-Kind

PO—Principal Only


Item 2. Controls and Procedures

(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR270.30a-3(c))), 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 registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits

(a) Exhibit 99.302 Cert.—Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: PCM Fund, Inc.
By  

/s/ Brian S. Shlissel

Brian S. Shlissel, President & Chief Executive

Officer

Date: May 17, 2013

 

By  

/s/ Lawrence G. Altadonna

Lawrence G. Altadonna, Treasurer, Principal

Financial & Accounting Officer

Date: May 17, 2013

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

Brian S. Shlissel, President & Chief Executive

Officer

Date: May 17, 2013

 

By  

/s/ Lawrence G. Altadonna

Lawrence G. Altadonna, Treasurer, Principal

Financial & Accounting Officer

Date: May 17, 2013