UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-07816
PIMCO Commercial Mortgage Securities Trust, Inc.
(Exact name of registrant as specified in charter)
840 Newport Center Drive, Newport Beach, CA 92660
(Address of principal executive offices)
John P. Hardaway
Treasurer
PIMCO Funds
840 Newport Center Drive
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
Brendan C. Fox
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006
Registrant’s telephone number, including area code: (866) 746-2606
Date of fiscal year end: December 31
Date of reporting period: January 1, 2007 to March 31, 2007
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1.5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
Schedule of Investments
Commercial Mortgage Securities Trust, Inc.
March 31, 2007 (Unaudited)
| Principal Amount (000s) |
Value (000s) | |||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 116.9% |
||||||
| Healthcare 2.1% |
||||||
| RMF Commercial Mortgage Pass-Through Certificates |
||||||
| 7.072% due 01/15/2019 (g) |
$ | 2,000 | $ | 1,957 | ||
| 7.471% due 01/15/2019 (g) |
1,000 | 297 | ||||
| 9.012% due 01/15/2019 (a)(g) |
317 | 47 | ||||
| 9.150% due 11/28/2027 (g) |
484 | 477 | ||||
| 2,778 | ||||||
| Hospitality 8.7% |
||||||
| Bear Stearns Commercial Mortgage Securities |
||||||
| 5.817% due 05/14/2016 (d)(g) |
1,500 | 1,492 | ||||
| Commercial Mortgage Pass-Through Certificates |
||||||
| 5.756% due 02/05/2019 (g) |
2,000 | 1,969 | ||||
| Hilton Hotel Pool Trust |
||||||
| 0.608% due 10/03/2015 (b)(d)(g) |
31,628 | 694 | ||||
| Host Marriot Pool Trust |
||||||
| 8.310% due 08/03/2015 (d)(g) |
2,000 | 2,118 | ||||
| Office Portfolio Trust |
||||||
| 6.778% due 02/03/2016 (g) |
1,000 | 1,035 | ||||
| Times Square Hotel Trust |
||||||
| 8.528% due 08/01/2026 (g) |
3,666 | 4,270 | ||||
| 11,578 | ||||||
| Multi-Class 94.6% |
||||||
| Asset Securitization Corp. |
||||||
| 7.384% due 08/13/2029 (d) |
750 | 755 | ||||
| 10.115% due 02/14/2043 |
4,390 | 4,479 | ||||
| Banc of America Commercial Mortgage, Inc. |
||||||
| 5.272% due 03/11/2041 (g) |
2,000 | 1,957 | ||||
| 5.918% due 04/11/2036 (d)(g) |
937 | 964 | ||||
| 6.290% due 06/11/2035 (g) |
700 | 721 | ||||
| 7.224% due 04/15/2036 |
2,500 | 2,680 | ||||
| 7.688% due 11/15/2031 (d) |
2,800 | 2,980 | ||||
| Bear Stearns Commercial Mortgage Securities |
||||||
| 5.060% due 11/15/2016 |
9 | 9 | ||||
| 5.533% due 02/11/2041 (g) |
1,000 | 973 | ||||
| 5.685% due 05/11/2039 (g) |
1,000 | 1,029 | ||||
| 6.500% due 02/15/2032 |
1,332 | 1,367 | ||||
| 6.625% due 10/15/2032 (g) |
1,258 | 1,126 | ||||
| 7.000% due 05/20/2030 (d) |
1,570 | 1,729 | ||||
| Carey Commercial Mortgage Trust |
||||||
| 5.970% due 09/20/2019 (d)(g) |
1,347 | 1,359 | ||||
| Chase Commercial Mortgage Securities Corp. |
||||||
| 5.857% due 02/12/2016 (d)(g) |
1,000 | 1,044 | ||||
| 6.650% due 07/15/2032 (g) |
2,600 | 2,689 | ||||
| 6.887% due 10/15/2032 (g) |
1,500 | 1,545 | ||||
| Commercial Mortgage Asset Trust |
||||||
| 6.975% due 01/17/2032 (d) |
2,500 | 2,712 | ||||
| Commercial Mortgage Pass-Through Certificates |
||||||
| 6.586% due 07/16/2034 (d)(g) |
1,500 | 1,607 | ||||
| 6.812% due 07/16/2034 (g) |
1,500 | 1,648 | ||||
| 6.830% due 02/14/2034 (d)(g) |
2,893 | 3,057 | ||||
| 8.174% due 08/15/2033 (g) |
1,500 | 1,634 | ||||
| CS First Boston Mortgage Securities Corp. |
||||||
| 0.525% due 12/15/2035 (b)(d)(g) |
26,921 | 980 | ||||
| 5.322% due 08/15/2036 (g) |
2,000 | 1,953 | ||||
| 5.380% due 12/15/2036 (g) |
2,600 | 2,590 | ||||
| 7.170% due 05/17/2040 (d) |
3,000 | 3,179 | ||||
| 7.460% due 01/17/2035 (d) |
2,000 | 2,208 | ||||
| CVS Lease Pass-Through |
||||||
| 5.880% due 01/10/2028 (g) |
1,948 | 1,931 | ||||
| DLJ Commercial Mortgage Corp. |
||||||
| 7.042% due 11/12/2031 |
135 | 139 | ||||
| Federal Housing Administration |
||||||
| 7.380% due 04/01/2041 |
2,410 | 2,430 | ||||
| FFCA Secured Lending Corp. |
||||||
| 1.366% due 09/18/2027 (b)(g) |
6,435 | 277 | ||||
| First Union-Bank of America |
||||||
| 6.000% due 01/15/2011 (g) |
1,000 | 1,018 | ||||
| First Union-Lehman Brothers-Bank of America |
||||||
| 6.778% due 11/18/2035 (d) |
2,000 | 2,149 | ||||
| GE Capital Commercial Mortgage Corp. |
||||||
| 5.275% due 07/10/2045 (g) |
1,000 | 956 | ||||
| 5.309% due 05/10/2043 (d) |
1,000 | 980 | ||||
| GMAC Commercial Mortgage Securities, Inc. |
||||||
| 6.500% due 05/15/2035 (d) |
4,520 | 4,669 | ||||
| 7.084% due 05/15/2030 (g) |
1,500 | 1,376 | ||||
| 8.081% due 09/15/2035 (g) |
1,500 | 1,638 | ||||
| Greenwich Capital Commercial Funding Corp. |
||||||
| 4.859% due 08/10/2042 (d) |
1,500 | 1,452 | ||||
| 5.419% due 01/05/2036 (g) |
1,500 | 1,499 | ||||
| 5.965% due 03/10/2039 (g) |
1,000 | 969 | ||||
| GS Mortgage Securities Corp. II |
||||||
| 6.615% due 02/14/2016 (d)(g) |
3,500 | 3,694 | ||||
| 7.644% due 08/05/2018 (g) |
3,480 | 3,676 | ||||
| GSMPS Mortgage Loan Trust |
||||||
| 8.000% due 09/19/2027 (d)(g) |
1,453 | 1,537 | ||||
| JPMorgan Chase Commercial Mortgage Securities Corp. |
||||||
| 0.293% due 03/12/2039 (b)(g) |
12,204 | 456 | ||||
| 5.269% due 05/15/2041 (g) |
1,500 | 1,462 | ||||
| 5.300% due 12/15/2044 (d) |
5,325 | 5,320 | ||||
| 5.489% due 12/12/2043 |
1,000 | 1,002 | ||||
| 6.162% due 05/12/2034 (d) |
2,000 | 2,085 | ||||
| 6.465% due 11/15/2035 (d) |
3,000 | 3,153 | ||||
| LB-UBS Commercial Mortgage Trust |
||||||
| 5.683% due 07/15/2035 (g) |
1,500 | 1,510 | ||||
| 6.950% due 03/15/2034 (d)(g) |
1,572 | 1,679 | ||||
| 7.290% due 09/15/2034 (g) |
2,000 | 2,156 | ||||
| Merrill Lynch Mortgage Investors, Inc. |
||||||
| 4.861% due 08/25/2033 |
803 | 741 | ||||
| 6.508% due 12/15/2030 |
1,500 | 1,631 | ||||
| 6.790% due 02/15/2030 (d) |
2,000 | 2,073 | ||||
| Morgan Stanley Capital I, Inc. |
||||||
| 5.204% due 11/14/2042 (d) |
500 | 493 | ||||
| 5.379% due 08/13/2042 (g) |
100 | 99 | ||||
| 7.005% due 12/15/2031 (d) |
200 | 206 | ||||
| 7.570% due 04/30/2039 (d)(g) |
1,999 | 2,002 | ||||
| 7.695% due 10/03/2030 (g) |
2,000 | 1,854 | ||||
| Nationslink Funding Corp. |
||||||
| 7.050% due 03/20/2030 (g) |
2,000 | 2,014 | ||||
| 7.105% due 08/20/2030 (g) |
2,500 | 2,646 | ||||
| Prudential Securities Secured Financing Corp. |
||||||
| 6.755% due 06/16/2031 (g) |
2,000 | 2,093 | ||||
| Trizec Hahn Office Properties |
||||||
| 7.604% due 05/15/2016 (g) |
3,000 | 3,251 | ||||
| Wachovia Bank Commercial Mortgage Trust |
||||||
| 0.143% due 10/15/2041 (b)(g) |
47,714 | 1,039 | ||||
| 4.982% due 02/15/2035 (g) |
1,020 | 962 | ||||
| 5.188% due 02/15/2041 (g) |
2,500 | 2,390 | ||||
| 5.339% due 01/15/2041 (g) |
1,500 | 1,456 | ||||
| 5.698% due 11/15/2048 (g) |
1,000 | 969 | ||||
| 6.290% due 04/15/2034 (g) |
2,000 | 2,076 | ||||
| 126,182 | ||||||
See Accompanying Notes
1
Schedule of Investments
Commercial Mortgage Securities Trust, Inc. (Cont.)
March 31, 2007 (Unaudited)
| Principal Amount (000s) |
Value (000s) | |||||
| Multi-Family 5.3% |
||||||
| Commercial Capital Access One, Inc. |
||||||
| 7.706% due 11/15/2028 (g) |
$ | 3,000 | $ | 3,116 | ||
| Fannie Mae |
||||||
| 8.356% due 12/25/2015 (j) |
1,084 | 1,083 | ||||
| Federal Housing Administration |
||||||
| 8.360% due 01/01/2012 |
158 | 161 | ||||
| Multi-Family Capital Access One, Inc. |
||||||
| 7.400% due 01/15/2024 (d) |
602 | 609 | ||||
| 9.459% due 01/15/2024 |
2,000 | 2,073 | ||||
| 7,042 | ||||||
| Other Mortgaged-Backed Securities 6.2% |
||||||
| County of Dickinson, Iowa Revenue Bonds, Series 2006 |
||||||
| 5.440% due 12/01/2012 |
345 | 344 | ||||
| Denver Arena Trust |
||||||
| 6.940% due 11/15/2019 |
1,835 | 1,872 | ||||
| Iowa State Finance Authority Revenue Bonds, Series 2006 |
||||||
| 7.500% due 11/01/2007 |
90 | 90 | ||||
| LB Commercial Conduit Mortgage Trust |
||||||
| 6.000% due 10/15/2035 (d)(g) |
5,000 | 5,044 | ||||
| Little Rock, Arkansas Municipal Property Owners Multi-purpose Improvement District Special Tax Bonds, (GO OF DIST Insured), Series 2007 7.200% due 03/01/2032 |
1,000 | 989 | ||||
| 8,339 | ||||||
| Total Commercial Mortgage-Backed Securities (Cost $156,637) |
155,919 | |||||
| CORPORATE BONDS & NOTES 9.3% |
||||||
| Banking & Finance 1.1% |
||||||
| Ford Motor Credit Co. |
||||||
| 8.000% due 12/15/2016 |
500 | 482 | ||||
| GMAC LLC |
||||||
| 6.000% due 09/15/2008 |
180 | 176 | ||||
| Tenneco, Inc. |
||||||
| 8.625% due 11/15/2014 |
750 | 786 | ||||
| 1,444 | ||||||
| Industrials 7.5% |
||||||
| Bon-Ton Stores, Inc. |
||||||
| 10.250% due 03/15/2014 |
500 | 539 | ||||
| CCO Holdings LLC |
||||||
| 8.750% due 11/15/2013 |
500 | 520 | ||||
| CSC Holdings, Inc. |
||||||
| 7.875% due 02/15/2018 |
500 | 516 | ||||
| Dynegy Holdings, Inc. |
||||||
| 7.125% due 05/15/2018 |
500 | 482 | ||||
| EchoStar DBS Corp. |
||||||
| 7.125% due 02/01/2016 |
500 | 519 | ||||
| HCA, Inc. |
||||||
| 6.750% due 07/15/2013 |
1,250 | 1,156 | ||||
| 9.250% due 11/15/2016 (g) |
600 | 649 | ||||
| Intelsat Bermuda Ltd. |
||||||
| 9.250% due 06/15/2016 (g) |
1,000 | 1,113 | ||||
| Lyondell Chemical Co. |
||||||
| 8.250% due 09/15/2016 |
500 | 538 | ||||
| Northwest Airlines, Inc. |
||||||
| 7.041% due 04/01/2022 |
562 | 563 | ||||
| Primedia, Inc. |
||||||
| 8.875% due 05/15/2011 |
500 | 516 | ||||
| RH Donnelley Corp. |
||||||
| 8.875% due 01/15/2016 |
950 | 1,014 | ||||
| SemGroup LP |
||||||
| 8.750% due 11/15/2015 (g) |
500 | 510 | ||||
| SunGard Data Systems, Inc. |
||||||
| 9.125% due 08/15/2013 |
500 | 539 | ||||
| U.S. Airways Group, Inc. |
||||||
| 9.330% due 01/01/2049 |
633 | 5 | ||||
| Verso Paper Holdings LLC |
||||||
| 9.125% due 08/01/2014 (g) |
800 | 836 | ||||
| 10,015 | ||||||
| Utilities 0.7% |
||||||
| Cincinnati Bell, Inc. |
||||||
| 8.375% due 01/15/2014 |
500 | 514 | ||||
| NRG Energy, Inc. |
||||||
| 7.250% due 02/01/2014 |
350 | 360 | ||||
| 7.375% due 02/01/2016 |
150 | 154 | ||||
| 1,028 | ||||||
| Total Corporate Bonds & Notes (Cost $12,091) |
12,487 | |||||
| REAL ESTATE ASSET-BACKED SECURITIES 23.3% |
||||||
| Access Financial Manufactured Housing Contract Trust |
||||||
| 7.650% due 05/15/2021 |
2,500 | 2,123 | ||||
| Asset-Backed Securities Corp. Home Equity |
||||||
| 8.070% due 06/21/2029 |
421 | 321 | ||||
| Bear Stearns Second Lien Trust |
||||||
| 7.820% due 02/25/2035 (g) |
2,316 | 797 | ||||
| CCCA LLC |
||||||
| 7.800% due 10/15/2008 (g) |
826 | 840 | ||||
| CDC Mortgage Capital Trust |
||||||
| 9.977% due 03/25/2033 |
368 | 52 | ||||
| Conseco Finance Securitizations Corp. |
||||||
| 7.960% due 02/01/2032 |
2,000 | 1,808 | ||||
| 7.970% due 05/01/2032 |
1,000 | 836 | ||||
| CS First Boston Mortgage Securities Corp. |
||||||
| 7.000% due 02/25/2033 (d) |
596 | 596 | ||||
| Fannie Mae |
||||||
| 5.000% due 11/25/2035 (d) |
429 | 349 | ||||
| 5.237% due 06/01/2023 (d) |
1,442 | 1,447 | ||||
| 6.063% due 07/01/2012 (d) |
6,679 | 6,978 | ||||
| 6.494% due 09/25/2023 |
49 | 50 | ||||
| 7.000% due 08/01/2033 - 10/01/2033 (d) |
863 | 889 | ||||
| 7.875% due 11/01/2018 |
20 | 20 | ||||
| 8.000% due 07/01/2009 - 07/25/2022 (d) |
402 | 415 | ||||
| 8.500% due 07/01/2008 - 04/01/2032 (d) |
769 | 824 | ||||
| 9.000% due 03/25/2020 (d) |
316 | 344 | ||||
| 9.375% due 04/01/2016 (d) |
171 | 175 | ||||
| Federal Housing Administration |
||||||
| 7.430% due 07/01/2018 |
238 | 240 | ||||
| First International Bank N.A. |
||||||
| 11.070% due 04/15/2026 |
1,856 | 168 | ||||
| Freddie Mac |
||||||
| 5.000% due 02/15/2036 (d) |
343 | 291 | ||||
| 7.000% due 08/01/2007 - 08/01/2032 (d) |
1,166 | 1,210 | ||||
See Accompanying Notes
2
Schedule of Investments
Commercial Mortgage Securities Trust, Inc. (Cont.)
March 31, 2007 (Unaudited)
| Principal Amount (000s) |
Value (000s) |
||||||
| 8.000% due 07/01/2010 - 06/01/2015 |
$ | 33 | $ | 35 | |||
| 8.500% due 11/15/2021 (d) |
635 | 674 | |||||
| Ginnie Mae |
|||||||
| 6.000% due 04/16/2031 |
6 | 6 | |||||
| Green Tree Financial Corp. |
|||||||
| 6.180% due 04/01/2030 |
145 | 146 | |||||
| 6.220% due 03/01/2030 (d) |
579 | 586 | |||||
| 6.530% due 02/01/2031 |
811 | 753 | |||||
| 6.760% due 03/01/2030 |
445 | 460 | |||||
| 6.810% due 12/01/2027 |
497 | 515 | |||||
| 7.050% due 01/15/2027 |
922 | 807 | |||||
| 7.070% due 01/15/2029 |
146 | 151 | |||||
| Greenpoint Manufactured Housing |
|||||||
| 7.590% due 11/15/2028 |
102 | 105 | |||||
| 8.300% due 10/15/2026 |
2,000 | 2,091 | |||||
| Keystone Owner Trust |
|||||||
| 9.000% due 01/25/2029 (g) |
511 | 465 | |||||
| Mego Mortgage Home Loan Trust |
|||||||
| 8.010% due 08/25/2023 |
10 | 10 | |||||
| Oakwood Mortgage Investors, Inc. |
|||||||
| 5.550% due 05/15/2013 |
138 | 128 | |||||
| 6.890% due 11/15/2032 |
1,000 | 514 | |||||
| Ocwen Residential Mortgage-Backed Securities Corp. |
|||||||
| 6.815% due 06/25/2039 (g) |
626 | 496 | |||||
| 7.000% due 10/25/2040 (g) |
1,344 | 1,038 | |||||
| PPM America High Yield CBO Ltd. |
|||||||
| 6.198% due 06/01/2011 |
267 | 202 | |||||
| Saxon Asset Securities Trust |
|||||||
| 8.640% due 12/25/2032 |
547 | 306 | |||||
| Structured Asset Investment Loan Trust |
|||||||
| 8.320% due 10/25/2033 |
68 | 17 | |||||
| UCFC Manufactured Housing Contract |
|||||||
| 7.900% due 01/15/2028 |
1,000 | 465 | |||||
| Wilshire Mortgage Loan Trust |
|||||||
| 8.990% due 05/25/2028 (g) |
353 | 351 | |||||
| Total Real Estate Asset-Backed Securities (Cost $32,690) |
31,094 | 31,094 | |||||
| SHORT-TERM INSTRUMENTS 2.6% |
|||||||
| U.S. Treasury Bills 2.6% |
|||||||
| 4.956% due 05/31/2007 - 06/14/2007 (c)(e) |
3,540 | 3,503 | |||||
| Total Short-Term Instruments (Cost $3,506) |
3,503 | ||||||
| Purchased Options (i) 0.1% (Cost $104) |
94 | ||||||
| Total Investments (f) 152.2% (Cost $205,028) |
$ | 203,097 | |||||
| Other Assets and Liabilities (Net) (52.2%) |
(69,699 | ) | |||||
| Net Assets 100.0% |
$ | 133,398 | |||||
See Accompanying Notes
3
Notes to Schedule of Investments (amounts in thousands):
(a) Security is in default.
(b) Interest only security.
(c) Coupon represents a weighted average rate.
(d) On March 31, 2007, securities valued at $79,471 were pledged as collateral for reverse repurchase agreements.
(e) Securities with an aggregate market value of $3,464 have been pledged as collateral for swap and swaption contracts on March 31, 2007.
(f) As of March 31, 2007, portfolio securities with an aggregate value of $6,308 were valued in good faith and pursuant to the guidelines established by the Board of Directors.
(g) Securities purchased under Rule 144A of the 1933 Securities Act and, unless registered under the Act or exempt from registration, may only be sold to qualified institutional investors.
(h) Swap agreements outstanding on March 31, 2007:
Interest Rate Swaps
| Counterparty | Floating Rate Index | Pay/Receive Floating Rate |
Fixed Rate | Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||
| Barclays Bank PLC |
3-Month USD-LIBOR | Receive | 5.700 | % | 06/21/2025 | $ | 242,800 | $ | (8,762 | ) | ||||||
| Barclays Bank PLC |
3-Month USD-LIBOR | Pay | 5.600 | % | 06/21/2026 | 28,000 | 756 | |||||||||
| Barclays Bank PLC |
3-Month USD-LIBOR | Pay | 5.650 | % | 06/21/2026 | 165,000 | 5,364 | |||||||||
| Barclays Bank PLC |
3-Month USD-LIBOR | Receive | 5.000 | % | 12/20/2026 | 1,300 | (45 | ) | ||||||||
| Royal Bank of Scotland Group PLC |
3-Month USD-LIBOR | Receive | 4.660 | % | 02/25/2017 | 62,900 | (6 | ) | ||||||||
| Royal Bank of Scotland Group PLC |
3-Month USD-LIBOR | Pay | 5.840 | % | 02/25/2017 | 62,900 | 79 | |||||||||
| UBS Warburg LLC |
3-Month USD-LIBOR | Pay | 5.700 | % | 06/21/2025 | 40,000 | 1,663 | |||||||||
| UBS Warburg LLC |
3-Month USD-LIBOR | Receive | 5.000 | % | 12/20/2026 | 4,200 | (196 | ) | ||||||||
| $ | (1,147 | ) | ||||||||||||||
(i) Purchased options outstanding on March 31, 2007:
Interest Rate Swaptions
| Description | Counterparty | Floating Rate Index | Pay/Receive Floating Rate |
Exercise Rate |
Expiration Date |
Notional Amount |
Cost | Value | ||||||||||||
| Call - OTC 9-Year Interest Rate Swap |
Royal Bank of Scotland Group PLC | 3-Month USD-LIBOR | Pay | 4.660 | % | 02/21/2008 | $ | 9,400 | $ | 62 | $ | 58 | ||||||||
| Put - OTC 9-Year Interest Rate Swap |
Royal Bank of Scotland Group PLC | 3-Month USD-LIBOR | Receive | 5.840 | % | 02/21/2008 | 9,400 | 42 | 36 | |||||||||||
| $ | 104 | $ | 94 | |||||||||||||||||
(j) Restricted securities as of March 31, 2007:
| Issuer Description |
Coupon | Maturity Date |
Acquisition Date |
Cost | Market Value |
Market Value as Percentage of Net Assets |
||||||||||
| Fannie Mae |
8.356 | % | 12/25/2015 | 12/08/1995 | $ | 1,084 | $ | 1,083 | 0.81 | % | ||||||
(k) On March 31, 2006 the aggregate cost of investments was the same for federal income tax and financial statement purposes. The net unaudited appreciation (depreciation) of investments for federal income tax purposes were as follows:
| Aggregate Gross Unrealized Appreciation |
Aggregate Gross Unrealized (Depreciation) |
Net Unrealized (Depreciation) |
|||||||||
| $ | 5,474 | $ | (7,405 | ) | $ | (1,931 | ) | ||||
4
Item 2. Controls and Procedures
| (a) | The principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. |
| (b) | There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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 separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act 1940 is attached as Exhibit 99.CERT.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| PIMCO Commercial Mortgage Securities Trust, Inc. | ||
| By: |
/s/ ERNEST L. SCHMIDER | |
| Ernest L. Schmider | ||
| President, Principal Executive Officer | ||
| Date: |
May 29, 2007 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, 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/ ERNEST L. SCHMIDER | |
| Ernest L. Schmider | ||
| President, Principal Executive Officer | ||
| Date: |
May 29, 2007 | |
| By: |
/s/ JOHN P. HARDAWAY | |
| John P. Hardaway | ||
| Treasurer, Principal Financial Officer | ||
| Date: |
May 29, 2007 | |