PCM Fund : Third Quarter Report

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)

PRINCIPAL

MARKET

AMOUNT

VALUE

(000s)

(000s)

INVESTMENTS IN SECURITIES 189.5% ¤

LOAN PARTICIPATIONS AND ASSIGNMENTS 27.9%

AP Core Holdings LLC

10.340% (LIBOR01M + 5.500%) due 09/01/2027 ~

$

860

$

839

Diamond Sports Group LLC

12.775% (LIBOR03M + 8.150%) due 05/25/2026 ~

1,284

1,212

Encina Private Credit LLC

TBD% - 9.155% (LIBOR01M + 4.470%) due 11/30/2025 «~µ

2,573

2,492

Envision Healthcare Corp.

12.701% due 04/29/2027

1,185

1,173

16.326% due 04/28/2028

2,881

2,144

Exgen Texas Power LLC

11.533% (LIBOR03M + 6.750%) due 10/08/2026 «~

1,338

1,344

Forbes Energy Services LLC

TBD% due 06/30/2023 «

521

0

Ivanti Software, Inc.

9.212% (LIBOR03M + 4.250%) due 12/01/2027 ~

1,672

1,379

Lealand Finance Co. BV

7.840% (LIBOR01M + 3.000%) due 06/28/2024 ~

27

20

Lealand Finance Co. BV (5.840% Cash and 3.000% PIK)

8.840% (LIBOR01M + 1.000%) due 06/30/2025 ~(b)

200

135

Profrac Services LLC

TBD% - 12.420% due 03/04/2025

1,076

1,071

PUG LLC

8.340% (LIBOR01M + 3.500%) due 02/12/2027 ~

693

506

9.090% (LIBOR01M + 4.250%) due 02/12/2027 «~

282

204

Radiate Holdco LLC

8.090% (LIBOR01M + 3.250%) due 09/25/2026 ~

997

820

Redstone Holdco 2 LP

9.568% (LIBOR03M + 4.750%) due 04/27/2028 ~

1,233

975

Rising Tide Holdings, Inc.

9.703% (LIBOR03M + 4.750%) due 06/01/2028 ~

1,084

660

13.203% (LIBOR03M + 8.250%) due 06/01/2029 ~

168

46

Softbank Vision Fund

5.000% due 12/21/2025 «

749

706

Syniverse Holdings, Inc.

11.898% due 05/13/2027

2,014

1,793

Team Health Holdings, Inc.

7.590% (LIBOR01M + 2.750%) due 02/06/2024 ~

1,767

1,520

U.S. Renal Care, Inc.

9.875% (LIBOR01M + 5.000%) due 06/26/2026 ~

991

678

10.375% (LIBOR01M + 5.500%) due 06/26/2026 ~

1,462

1,000

Veritas U.S., Inc.

9.840% (LIBOR01M + 5.000%) due 09/01/2025 ~

1,197

915

Westmoreland Mining Holdings LLC (15.000% PIK)

15.000% due 03/15/2029 (b)

936

705

Windstream Services LLC

TBD% - 11.157% due 09/21/2027 «

165

150

Total Loan Participations and Assignments (Cost $26,139)

22,487

CORPORATE BONDS & NOTES 23.7%

BANKING & FINANCE 5.5%

Navient Corp.

5.625% due 01/25/2025

51

46

Piper Sandler Cos.

5.200% due 10/15/2023

900

898

SVB Financial Group

1.800% due 02/02/2031 ^(c)

284

162

4.345% due 04/29/2028 ^(c)

100

61

4.570% due 04/29/2033 ^(c)

200

116

Uniti Group LP

6.000% due 01/15/2030 (j)

1,065

624

10.500% due 02/15/2028

807

783

Voyager Aviation Holdings LLC

8.500% due 05/09/2026 (j)

2,205

1,742

4,432

INDUSTRIALS 17.1%

Carvana Co.

10.250% due 05/01/2030

400

228

CVS Pass-Through Trust

5.880% due 01/10/2028 (j)

680

684

DISH DBS Corp.

5.250% due 12/01/2026 (j)

660

528

5.750% due 12/01/2028 (j)

400

299

DISH Network Corp.

11.750% due 11/15/2027 (j)

800

777

Exela Intermediate LLC

11.500% due 07/15/2026

17

2

Illuminate Buyer LLC

9.000% due 07/01/2028 (j)

500

444

Noble Corp. PLC (11.000% Cash or 15.000% PIK)

11.000% due 02/15/2028 (b)

9

10

Prime Healthcare Services, Inc.

7.250% due 11/01/2025 (j)

1,783

1,579

Topaz Solar Farms LLC

4.875% due 09/30/2039 (j)

273

226

5.750% due 09/30/2039 (j)

1,867

1,774

U.S. Renal Care, Inc.

10.625% due 07/15/2027 (j)

712

188

Veritas U.S., Inc.

7.500% due 09/01/2025 (j)

1,200

904

Viking Cruises Ltd.

13.000% due 05/15/2025 (j)

965

1,020

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)

10.500% due 11/15/2026 (b)(j)

4,180

3,720

Windstream Escrow LLC

7.750% due 08/15/2028 (j)

1,752

1,437

13,820

UTILITIES 1.1%

Pacific Gas & Electric Co.

3.750% due 08/15/2042

2

2

4.000% due 12/01/2046

2

1

4.200% due 03/01/2029 (j)

500

458

4.300% due 03/15/2045 (j)

463

349

4.450% due 04/15/2042 (j)

22

17

4.500% due 12/15/2041 (j)

26

21

848

Total Corporate Bonds & Notes (Cost $21,774)

19,100

CONVERTIBLE BONDS & NOTES 0.6%

INDUSTRIALS 0.6%

Multiplan Corp. (6.000% Cash or 7.000% PIK)

6.000% due 10/15/2027 (b)(j)

700

447

Total Convertible Bonds & Notes (Cost $688)

447

MUNICIPAL BONDS & NOTES 1.4%

PUERTO RICO 1.4%

Commonwealth of Puerto Rico Bonds, Series 2022

0.000% due 11/01/2043

1,418

619

0.000% due 11/01/2051

1,234

468

Total Municipal Bonds & Notes (Cost $1,276)

1,087

U.S. GOVERNMENT AGENCIES 4.7%

Fannie Mae

4.000% due 06/25/2050 (a)(j)

3,106

598

10.595% due 07/25/2029 •(j)

230

252

Freddie Mac

0.700% due 11/25/2055 ~(a)

6,033

398

1.305% due 05/25/2050 •(a)(j)

1,645

208

2.010% due 11/25/2045 ~(a)

1,027

81

3.500% due 02/25/2041 (a)(j)

1,873

239

4.000% due 07/25/2050 (a)(j)

5,797

1,267

5.000% due 03/15/2040 (a)(j)

383

17

9.995% due 10/25/2029 •(j)

250

267

12.395% due 12/25/2027 •

412

419

Total U.S. Government Agencies (Cost $3,891)

3,746

NON-AGENCYMORTGAGE-BACKED SECURITIES 48.3%

245 Park Avenue Trust

3.657% due 06/05/2037 ~(j)

1,065

786

Adjustable Rate Mortgage Trust

4.178% due 01/25/2036 ^~

50

43

Ashford Hospitality Trust

6.084% due 04/15/2035 ~(j)

900

842

Banc of America Alternative Loan Trust

5.376% due 04/25/2037 ^~

68

60

Banc of America Funding Trust

3.000% due 12/20/2034 ~

190

133

3.681% due 03/20/2036 ~

39

32

5.806% due 03/25/2037 ^~

39

39

7.000% due 10/25/2037 ^

330

231

Banc of America Mortgage Trust

3.648% due 06/25/2035 ~

38

32

4.535% due 06/20/2031 ~

168

162

Bancorp Commercial Mortgage Trust

8.434% due 08/15/2032 ~(j)

1,580

1,569

Barclays Commercial Mortgage Securities Trust

3.688% due 02/15/2053 ~(j)

1,000

753

7.634% due 10/15/2037 •(j)

900

832

BCAP LLC Trust

5.194% due 07/26/2036 ~

66

55

Bear Stearns ALT-A Trust

3.575% due 05/25/2036 ~

30

23

3.647% due 05/25/2036 ^~

125

89

3.731% due 11/25/2036 ^~

486

255

3.841% due 08/25/2036 ^~

186

95

3.856% due 01/25/2047 ~

22

10

4.125% due 09/25/2034 ~

63

59

4.200% due 07/25/2035 ^~

104

74

5.185% due 04/25/2037 •

399

337

Bear Stearns Asset-Backed Securities Trust

5.500% due 12/25/2035

30

21

Bear Stearns Commercial Mortgage Securities Trust

5.657% due 10/12/2041 ~

40

38

BHP Trust

7.622% due 08/15/2036 ~(j)

588

543

CBA Commercial Small Balance Commercial Mortgage

6.040% due 01/25/2039 ^þ

120

111

CD Mortgage Trust

5.688% due 10/15/2048

62

55

Chase Mortgage Finance Trust

6.000% due 03/25/2037 ^

159

87

Citigroup Commercial Mortgage Trust

5.084% due 12/10/2049 ~

345

159

Citigroup Mortgage Loan Trust

3.795% due 11/25/2036 ^~

1

1

3.864% due 11/25/2035 ~(j)

1,111

626

4.223% due 10/25/2035 ~

252

197

6.250% due 11/25/2037 ~

647

314

Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates

3.621% due 09/25/2035 ^~

60

43

Commercial Mortgage Lease-Backed Certificates

6.250% due 06/20/2031 ~(j)

1,377

1,347

Commercial Mortgage Loan Trust

6.210% due 12/10/2049 ~

133

34

Connecticut Avenue Securities Trust

7.660% due 10/25/2041 •(j)

800

756

Countrywide Alternative Loan Trust

4.138% due 12/25/2035 •(j)

587

470

5.395% due 10/25/2037 •(j)

3,502

797

5.405% due 02/25/2037 •

124

101

5.425% due 02/25/2036 ^•

371

319

5.500% due 03/25/2035

375

172

6.000% due 11/25/2035 ^

160

28

6.000% due 04/25/2036 ^(j)

2,134

1,048

Countrywide Home Loan Mortgage Pass-Through Trust

3.512% due 09/20/2036 ^~

62

52

3.631% due 09/25/2047 ^~

175

149

5.485% due 03/25/2035 •

69

57

5.910% due 02/20/2036 ^•

3

2

6.000% due 05/25/2037 ^

180

87

6.715% due 03/25/2046 ^•

328

211

Credit Suisse First Boston Mortgage Securities Corp.

7.000% due 02/25/2033

31

31

Credit Suisse Mortgage Capital Mortgage-Backed Trust

6.000% due 07/25/2036 (j)

871

465

6.396% due 04/25/2036 þ

147

82

6.500% due 05/25/2036 ^

144

58

DBGS Mortgage Trust

0.181% due 10/15/2036 ~(a)

147,870

427

6.734% due 06/15/2033 •(j)

900

730

7.284% due 06/15/2033 •

200

156

Extended Stay America Trust

8.385% due 07/15/2038 ~(j)

879

827

First Horizon Alternative Mortgage Securities Trust

5.072% due 08/25/2035 ^~

2

0

Freddie Mac

12.060% due 10/25/2041 •(j)

1,100

1,025

12.360% due 11/25/2041 ~(j)

1,100

1,024

GS Mortgage Securities Corp. Trust

4.599% due 10/10/2032 ~(j)

800

719

4.599% due 10/10/2032 ~

100

87

GS Mortgage Securities Trust

0.459% due 08/10/2043 ~(a)

1,799

14

GSR Mortgage Loan Trust

3.530% due 03/25/2047 ^~

583

373

HarborView Mortgage Loan Trust

5.261% due 01/19/2036 •

403

247

IndyMac INDA Mortgage Loan Trust

3.613% due 06/25/2037 ~

101

74

IndyMac INDX Mortgage Loan Trust

3.164% due 05/25/2036 ~

91

46

5.645% due 11/25/2034 •

56

48

JP Morgan Alternative Loan Trust

6.500% due 03/25/2036 ^(j)

749

438

JP Morgan Chase Commercial Mortgage Securities Trust

0.392% due 02/15/2046 «~(a)(j)

53,587

92

6.048% due 02/12/2051 ~

31

255

6.201% due 07/05/2033 •(j)

843

743

8.934% due 02/15/2035 •(j)

786

736

11.075% due 11/15/2038 •(j)

900

802

JP Morgan Mortgage Trust

3.938% due 07/25/2035 ~

11

11

Lehman Mortgage Trust

5.898% due 04/25/2036 ^~

162

108

6.000% due 05/25/2037 ^

6

6

MASTR Adjustable Rate Mortgages Trust

4.108% due 11/25/2035 ^~

227

133

MASTR Asset Securitization Trust

6.000% due 06/25/2036 ^•

155

103

Merrill Lynch Mortgage Investors Trust

2.969% due 05/25/2033 ~

2

2

3.821% due 02/25/2034 ~

3

3

4.124% due 11/25/2035 ~

39

37

5.265% due 07/25/2030 •

18

17

5.505% due 11/25/2029 •

47

41

MFA Trust

3.744% due 08/25/2061 ~(j)

1,000

854

4.280% due 12/25/2066 ~(j)

1,000

729

Morgan Stanley Capital Trust

0.000% due 11/12/2049 ~(a)

1,000

0

9.159% due 11/15/2034 •

400

380

Morgan Stanley Mortgage Loan Trust

4.334% due 01/25/2035 ^~

171

133

6.000% due 08/25/2037 ^

136

58

Morgan Stanley Re-REMIC Trust

4.026% due 03/26/2037 ~(j)

1,797

1,538

Mortgage Equity Conversion Asset Trust

4.000% due 07/25/2060

100

90

Natixis Commercial Mortgage Securities Trust

4.058% due 04/10/2037 ~(j)

1,197

837

8.772% due 03/15/2035 •(j)

304

291

10.020% due 03/15/2035 •(j)

608

577

New Residential Mortgage Loan Trust

3.882% due 11/25/2059 ~(j)

2,900

1,389

Nomura Asset Acceptance Corp. Alternative Loan Trust

5.915% due 02/25/2035 •(j)

210

202

Regal Trust

3.357% due 09/29/2031 •

11

10

Residential Accredit Loans, Inc. Trust

4.930% due 01/25/2036 ^~

167

127

6.000% due 08/25/2035 ^

126

107

6.000% due 06/25/2036 ^

67

54

6.500% due 09/25/2037 ^

122

98

Residential Asset Securitization Trust

6.000% due 03/25/2037 ^

181

57

Residential Funding Mortgage Securities, Inc. Trust

6.000% due 06/25/2036 ^

92

78

Structured Adjustable Rate Mortgage Loan Trust

3.624% due 04/25/2036 ^~

157

94

3.939% due 09/25/2036 ^

26

23

4.115% due 01/25/2036 ^~

175

106

Structured Asset Mortgage Investments Trust

5.265% due 08/25/2036 ^~(j)

308

243

TBW Mortgage-Backed Trust

6.000% due 07/25/2036 ^

102

41

Tharaldson Hotel Portfolio Trust

8.190% due 11/11/2034 •(j)

1,126

1,061

Wachovia Bank Commercial Mortgage Trust

0.675% due 10/15/2041 ~(a)

17

0

WaMu Mortgage Pass-Through Certificates Trust

3.489% due 12/25/2036 ^~(j)

157

137

4.638% due 10/25/2046 ~

699

614

4.638% due 11/25/2046 ~(j)

456

388

5.745% due 10/25/2045 •(j)

2,463

2,007