PCM Fund, Inc. (the Fund), formerly PIMCO Commercial Mortgage Securities Trust, Inc., is a non-diversified, closed-end management investment company. The Fund’s primary investment objective is to achieve high current income, with capital gains from the disposition of investments as a secondary objective. It invests in a portfolio consisting primarily of commercial mortgage-backed securities. These securities are fixed-income instruments representing an interest in mortgage loans on commercial real estate properties, such as office buildings, shopping malls, hotels, apartment buildings, nursing homes and industrial properties. It seeks to invest at least 65% of its total assets in commercial mortgage-backed securities, which may be represented by forwards or derivatives, such as options, futures contracts or swap agreements. It may invest in mortgage-related and other asset-backed securities. The Fund’s investment manager and administrator is Pacific Investment Management Company LLC.