PCM Fund Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund’s objective is to achieve high current income. Capital gain from the disposition of investments is a secondary objective of the Fund. The Fund invests in agency-guaranteed mortgage-backed securities, private label mortgage-backed securities, investment grade corporate debt securities, high yield corporate debt securities and commercial mortgage-backed securities. The Fund may invest in credit derivatives, such as credit default swaps and other derivative instruments for gaining synthetic exposures.