Edgar Filing: PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC

PIMCO Strategic Global Government 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 811-08216

PIMCO Strategic Global Government Fund, Inc.

(Exact name of registrant as specified in charter)


		1633 Broadway, New York, NY 10019
		(Address of principal executive offices) (Zip code)

Lawrence G. Altadonna

1633 Broadway,

New York, NY 10019

(Name and address of agent for service)

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

Date of fiscal year end: January 31, 2013

Date of reporting period: April 30, 2012

Item 1. Schedule of Investments

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited)


Principal Amount (000s)			Value*

	U.S. GOVERNMENT AGENCY SECURITIES—223.0%
		Fannie Mae—183.3%
	$218	2.19%, 12/1/30, FRN, MBS (l)		$219,119
	2	2.20%, 4/1/30, FRN, MBS		2,071
	20	2.308%, 9/1/28, FRN, MBS		20,740
	97	2.40%, 3/1/32, FRN, MBS		98,299
	9	2.415%, 2/1/32, FRN, MBS		9,150
	68	2.45%, 11/1/27, FRN, MBS		72,557
	87	2.494%, 12/1/28, FRN, MBS		92,542
	28	2.515%, 2/1/27, FRN, MBS		30,527
	7	2.723%, 12/1/25, FRN, MBS		7,268
	79	2.75%, 3/1/31, FRN, MBS		83,793
	50,000	3.50%, MBS, TBA, 30 Year (e)		51,789,060
	94,000	4.00%, MBS, TBA, 30 Year (e)		99,463,750
	453	4.25%, 11/25/24, CMO (l)		527,818
	8	4.25%, 3/25/33, CMO		8,349
	4,560	4.50%, 7/25/40, CMO (l)		4,891,306
	22,000	4.50%, MBS, TBA, 30 Year (e)		23,533,125
	9	5.00%, 12/1/18, MBS		9,992
	23,451	5.00%, 7/1/35, MBS (l)		25,511,388
	30,456	5.00%, 1/25/38-7/25/38, CMO (l)		34,555,252
	13	5.50%, 12/25/16, CMO		14,135
	18,432	5.50%, 7/25/24-4/25/35, CMO (l)		21,040,252
	297,000	5.50%, MBS, TBA, 30 Year (e)		324,797,418
	100	5.75%, 6/25/33, CMO (l)		115,603
	2,500	5.807%, 8/25/43, CMO (l)		2,910,379
	4,987	6.00%, 2/25/17-1/25/44, CMO (l)		5,630,852
	25,952	6.00%, 12/1/32-4/1/39, MBS (l)		28,925,984
	70	6.259%, 12/25/42, CMO, VRN (l)		80,698
	43	6.495%, 10/25/42, CMO, VRN (l)		49,108
	475	6.50%, 5/1/13-10/1/34, MBS		528,636
	12,534	6.50%, 2/1/14-11/1/47, MBS (l)		14,295,292
	10,924	6.50%, 6/25/23-6/25/44, CMO (l)		12,587,063
	1,000	6.50%, MBS, TBA, 30 Year (e)		1,125,469
	45	6.85%, 12/18/27, CMO (l)		52,787
	387	7.00%, 2/1/15-8/1/32, MBS		447,420
	10,238	7.00%, 2/1/15-1/1/47, MBS (l)		11,887,561
	3,181	7.00%, 6/18/27-3/25/45, CMO (l)		3,664,146
	1,390	7.00%, 9/25/41, CMO, VRN (l)		1,605,986
	1,155	7.084%, 2/25/42, CMO, VRN (l)		1,355,054
	1,059	7.281%, 10/25/42, CMO, VRN (l)		1,238,751
	85	7.50%, 4/1/24, MBS		90,733
	717	7.50%, 6/1/17-5/1/32, MBS (l)		803,531
	7	7.50%, 8/25/42, CMO		8,669
	4,018	7.50%, 10/25/22-6/25/44, CMO (l)		4,665,208
	186	7.50%, 6/19/30, CMO, VRN (l)		215,232
	66	7.70%, 3/25/23, CMO (l)		77,301
	174	8.00%, 4/1/19-1/1/35, MBS		196,931
	974	8.00%, 9/1/24-11/1/31, MBS (l)		1,179,332
	228	8.00%, 9/25/21, CMO (l)		263,361
	1,658	8.00%, 7/19/30, CMO, VRN (l)		1,882,066
	300	8.50%, 4/1/16-6/1/36, MBS (l)		342,287
	2,401	8.50%, 9/25/21-6/25/30, CMO (l)		2,790,282
	629	9.425%, 5/15/21, MBS (l)		734,473


202		10.006%, 7/15/27, MBS (l)	235,369
—	(h)	10.30%, 4/25/19, CMO	389

			686,763,864

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

		Federal Housing Administration —0.8%
	$3,059	7.25%, 8/1/31 (g)		$3,014,617

		Freddie Mac—29.9%
	9	2.262%, 12/1/26, FRN, MBS		8,966
	71	2.374%, 9/1/31, FRN, MBS		72,138
	8	2.859%, 4/1/33, FRN, MBS		8,102
	3,000	4.00%, MBS, TBA, 30 Year (e)		3,165,469
	39	5.00%, 2/15/24, CMO (l)		43,679
	12,824	5.50%, 4/1/39, MBS (l)		14,229,558
	6,000	5.50%, 6/15/41, CMO (l)		7,094,979
	20	6.00%, 3/15/17, CMO		21,426
	13,290	6.00%, 9/15/16-3/15/35, CMO (l)		14,771,247
	4	6.00%, 2/1/33, MBS		4,542
	1,713	6.00%, 4/1/17-2/1/34, MBS (l)		1,862,305
	19	6.50%, 8/1/21-6/1/29, MBS		21,414
	2,701	6.50%, 11/1/16-9/1/48, MBS (l)		2,989,786
	25,497	6.50%, 9/15/23-3/25/44, CMO (l)		29,429,939
	97	6.50%, 9/25/43, CMO, VRN (l)		110,535
	916	6.619%, 7/25/32, CMO, VRN (l)		1,055,176
	1,029	6.90%, 9/15/23, CMO (l)		1,189,978
	525	6.95%, 7/15/21, CMO (l)		596,815
	222	6.966%, 7/25/32, CMO, VRN (l)		256,706
	107	7.00%, 1/1/14-3/1/32, MBS		116,460
	11,968	7.00%, 7/1/13-1/1/37, MBS (l)		13,586,466
	9,664	7.00%, 5/15/23-10/25/43, CMO (l)		11,537,863
	220	7.50%, 6/1/25-7/1/34, MBS		240,126
	5,409	7.50%, 1/1/16-3/1/37, MBS (l)		6,464,269
	1,533	7.50%, 5/15/24-2/25/42, CMO (l)		1,783,652
	200	8.00%, 8/15/22-4/15/30, CMO (l)		239,485
	37	8.00%, 7/1/24, MBS		39,204
	650	8.00%, 8/1/24-12/1/26, MBS (l)		782,668
	73	8.50%, 4/15/22, CMO (l)		74,002
	253	8.50%, 10/1/30, MBS (l)		296,852

				112,093,807

		Ginnie Mae—6.4%
	7,000	4.50%, MBS, TBA, 30 Year (e)		7,658,438
	193	5.50%, 6/20/35, FRN, MBS		205,197
	70	6.00%, 8/15/31-12/15/38, MBS		79,518
	6,607	6.00%, 4/15/29-12/15/38, MBS (l)		7,508,973
	1,824	6.50%, 11/20/24-10/20/38, MBS (l)		2,112,271
	48	6.50%, 6/20/32, CMO (l)		55,648
	98	7.00%, 4/15/24-5/15/26, MBS		116,082
	35	7.00%, 6/15/26, MBS (l)		41,017
	2,939	7.00%, 3/20/31, CMO (l)		3,439,802
	50	7.50%, 1/15/17-3/15/29, MBS		53,439
	1,625	7.50%, 6/15/26-2/15/29, MBS (l)		1,852,251
	120	7.50%, 6/20/26, CMO (l)		139,578
	64	8.00%, 6/15/16-11/15/22, MBS		65,756
	14	8.50%, 10/15/16-2/15/31, MBS		16,292
	46	9.00%, 6/15/16-6/15/18, MBS		46,210
	456	9.00%, 11/15/16-1/15/20, MBS (l)		491,523

				23,881,995

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

		Small Business Administration Participation Certificates—0.8%
	$480	4.625%, 2/1/25, ABS		$524,533
	349	4.754%, 8/10/14, ABS		368,560
	236	5.038%, 3/10/15, ABS		250,076
	1,237	5.51%, 11/1/27, ABS		1,397,906
	121	5.78%, 8/1/27, ABS		139,583
	116	5.82%, 7/1/27, ABS		132,834
	242	6.30%, 7/1/13-6/1/18		261,132
	43	6.40%, 8/1/13		44,529
	28	7.20%, 6/1/17		30,585
	20	7.70%, 7/1/16		21,652

				3,171,390

		Vendee Mortgage Trust—1.8%
	390	6.50%, 3/15/29, CMO		461,665
	259	6.75%, 2/15/26-6/15/26, CMO		304,983
	4,909	7.50%, 9/15/30, CMO		5,836,291

				6,602,939

		Total U.S. Government Agency Securities (cost—$810,863,034)		835,528,612


	CORPORATE BONDS & NOTES—57.4%
	Airlines—3.0%
	3,000	American Airlines, Inc., 10.50%, 10/15/12 (f)		3,157,500
	678	Northwest Airlines, Inc., 1.243%, 11/20/15, FRN (MBIA) (l)		643,982
		United Air Lines Pass Through Trust,
	2,338	6.636%, 1/2/24		2,448,756
	835	9.75%, 7/15/18		953,857
	3,455	10.40%, 5/1/18 (l)		3,943,594

				11,147,689

	Banking—11.4%
	£1,300	Barclays Bank PLC, 14.00%, 6/15/19 (i)		2,531,724
		BPCE S.A., (i)
	€50	9.00%, 3/17/15		58,905
	€300	9.25%, 4/22/15		341,763
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA,
	€2,000	6.875%, 3/19/20		2,562,684
	$5,900	11.00%, 6/30/19 (a)(d)(i)(l)		7,531,385
	7,700	Discover Bank, 7.00%, 4/15/20 (l)		8,964,332
	£800	DnB NOR Bank ASA, 6.012%, 3/29/17 (i)		1,226,912
	$5,000	ICICI Bank Ltd., 5.75%, 11/16/20 (a)(d)		4,951,135
	13,000	Regions Financial Corp., 7.75%, 11/10/14 (l)		14,332,500

				42,501,340

	Construction & Engineering—0.9%
	3,700	Alion Science and Technology Corp., 12.00%, 11/1/14, PIK		3,422,500

	Energy—0.7%
	2,100	Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (a)(d)		2,100,000
	625	Consol Energy, Inc., 8.25%, 4/1/20		659,375

				2,759,375

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

	Financial Services—23.9%
		Ally Financial, Inc., (l)
	$3,000	6.75%, 12/1/14		$3,158,760
	6,100	8.30%, 2/12/15		6,710,000
	1,800	C10 Capital SPV Ltd., 6.722%, 12/31/16 (i)		1,215,000
	3,000	Cantor Fitzgerald L.P., 6.375%, 6/26/15 (a)(d)(l)		3,044,136
	3,900	CIT Group, Inc., 5.25%, 4/1/14 (a)(d)(l)		4,036,500
	9,000	Citigroup, Inc., 5.00%, 9/15/14 (l)		9,312,606
		Credit Agricole S.A., (i),
	£250	5.136%, 2/24/16		269,807
	£800	8.125%, 10/26/19		993,215
		Ford Motor Credit Co. LLC,
	$1,000	6.625%, 8/15/17		1,150,468
	10,000	8.70%, 10/1/14 (l)		11,473,990
	£3,000	General Electric Capital Corp.,
		6.50%, 9/15/67, (converts to FRN on 9/15/17)		4,600,921
	$4,000	HSBC Finance Corp., 6.676%, 1/15/21 (l)		4,324,824
		International Lease Finance Corp., (a)(d)
	2,000	6.75%, 9/1/16		2,170,000
	7,000	7.125%, 9/1/18		7,735,000
	£300	LBG Capital No.2 PLC, 15.00%, 12/21/19		584,244
	$4,000	Merrill Lynch & Co., Inc., 0.927%, 1/15/15, FRN (l)		3,718,360
		Morgan Stanley,
	8,000	0.916%, 10/18/16, FRN (l)		6,872,616
	1,000	6.625%, 4/1/18		1,046,263
		Royal Bank of Scotland PLC, FRN,
	2,000	1.169%, 4/11/16		1,614,500
	3,000	1.211%, 9/29/15		2,509,500
		SLM Corp.,
	150	0.766%, 1/27/14, FRN		143,730
	570	4.975%, 2/1/14, FRN		571,761
	1,050	5.00%, 10/1/13		1,078,875
	1,000	5.375%, 5/15/14		1,045,057
	1,000	8.00%, 3/25/20		1,067,500
	2,500	8.45%, 6/15/18		2,750,000
	1,800	UBS AG, 5.875%, 12/20/17 (l)		1,997,163
	4,250	Waha Aerospace BV, 3.925%, 7/28/20 (a)(d)		4,409,375

				89,604,171

	Healthcare & Hospitals—0.5%
	1,500	HCA, Inc., 9.00%, 12/15/14		1,657,500

	Hotels/Gaming—0.0%
	100	MGM Resorts International, 9.00%, 3/15/20		112,000

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

	Insurance—5.7%
		American International Group, Inc.,
	$6,300	5.85%, 1/16/18 (l)		$6,943,973
	3,000	6.25%, 5/1/36		3,363,795
	3,600	6.40%, 12/15/20 (l)		4,139,924
	£819	6.765%, 11/15/17 (a)(d)		1,453,670
	$3,400	8.25%, 8/15/18 (l)		4,128,923
	£850	8.625%, 5/22/68, (converts to FRN on 5/22/18)		1,372,568

				21,402,853

	Oil & Gas—8.2%
		Anadarko Petroleum Corp.,
	$600	6.20%, 3/15/40		701,347
	3,600	6.375%, 9/15/17		4,282,261
	4,500	6.45%, 9/15/36 (l)		5,347,296
	7,000	BP Capital Markets PLC, 4.75%, 3/10/19 (l)		7,953,960
		Gaz Capital S.A. for Gazprom,
	€1,000	5.875%, 6/1/15 (a)(d)		1,426,287
	$2,600	8.625%, 4/28/34		3,345,082
	1,250	Ras Laffan Liquefied Natural Gas Co., Ltd. III, 6.332%, 9/30/27 (b)		1,392,537
	5,000	Shell International Finance BV, 5.50%, 3/25/40 (l)		6,261,450

				30,710,220

	Real Estate Investment Trust—2.2%
	4,500	SL Green Realty Corp., 7.75%, 3/15/20 (l)		5,186,290
	3,000	Wells Operating Partnership II L.P., 5.875%, 4/1/18 (l)		3,066,414

				8,252,704

	Retail—0.3%
	957	CVS Pass Through Trust, 7.507%, 1/10/32 (a)(d)		1,189,197

	Utilities—0.6%
	2,000	Energy Future Holdings Corp., 10.00%, 1/15/20		2,187,500

		Total Corporate Bonds & Notes (cost—$187,021,000)		214,947,049


	MORTGAGE-BACKED SECURITIES—45.8%
		Adjustable Rate Mortgage Trust, CMO, FRN
	1,713	2.798%, 7/25/35		1,264,883
	4,120	3.164%, 8/25/35		3,471,610
		Banc of America Large Loan, Inc., CMO (a)(d)
	4,711	1.991%, 11/15/15, FRN		4,423,210
	2,833	5.686%, 4/24/49, VRN		2,802,106
	69	Banc of America Mortgage Securities, Inc., 3.002%, 2/25/35, CMO, FRN		59,691
		BCAP LLC Trust, CMO, FRN (a)(d)
	211	0.441%, 7/26/36		50,041
	130	2.666%, 10/26/33 (b)(m)
		(acquisition cost-$25,974; purchased 1/20/12)		26,398
	43	2.689%, 6/26/35		24,599
	574	5.039%, 3/26/36		514,642

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

	$789	Bear Stearns Alt-A Trust, 5.602%, 8/25/36, CMO, VRN		$467,808
	3,853	Bear Stearns Commercial Mortgage Securities, 7.00%, 5/20/30, CMO, VRN		4,288,941
	17	Citigroup Mortgage Loan Trust, Inc., 7.00%, 9/25/33, CMO		17,449
	2,500	Commercial Mortgage Pass Through Certificates, 5.605%, 6/9/28, CMO (a)(d)		2,557,108
		Countrywide Alternative Loan Trust, CMO
	308	5.50%, 5/25/22		273,676
	1,549	6.25%, 8/25/37		962,711
	2,453	6.50%, 7/25/35		1,104,764
		Countrywide Home Loan Mortgage Pass Through Trust, CMO
	1,351	3.659%, 8/25/34, FRN		985,994
	4,173	7.50%, 11/25/34 (a)(d)		4,299,275
	580	7.50%, 6/25/35 (a)(d)		579,060
		Credit Suisse First Boston Mortgage Securities Corp., CMO
	427	1.389%, 3/25/34, FRN		368,161
	1,148	7.00%, 2/25/34		1,200,965
		Credit Suisse Mortgage Capital Certificates, CMO
	2,501	0.410%, 10/15/21, FRN (a)(d)		2,354,974
	2,306	5.695%, 9/15/40, VRN		2,534,198
	€2,620	DECO Series, 0.884%, 10/27/20, CMO, FRN		3,155,795
	$6,770	Deutsche Mortgage Securities, Inc., 5.00%, 6/26/35, CMO, VRN (a)(d)		4,758,944
	441	GMAC Mortgage Corp. Loan Trust, 5.128%, 8/19/34, CMO, FRN		375,060
	2,762	GSAA Trust, 6.00%, 4/1/34, CMO		2,856,890
		GSMPS Mortgage Loan Trust, CMO (a)(d)
	6,302	7.00%, 6/25/43,		6,397,251
	96	7.50%, 6/19/27, VRN		98,572
	1,471	8.00%, 9/19/27, VRN		1,531,059
		GSR Mortgage Loan Trust, CMO
	1,075	0.569%, 12/25/34, FRN		949,569
	581	0.579%, 12/25/34, FRN		510,691
	5,222	5.133%, 11/25/35, FRN		5,015,721
	5,000	5.50%, 11/25/35		4,591,863
	951	6.50%, 1/25/34		1,005,360
		Harborview Mortgage Loan Trust, CMO, FRN
	3,036	0.610%, 10/19/33		2,628,809
	3,006	5.531%, 6/19/36		1,852,480
	335	JPMorgan Alternative Loan Trust, 5.95%, 9/25/36, CMO, VRN		331,722
		JPMorgan Chase Commercial Mortgage Securities Corp., CMO (a)(d)
	5,000	0.690%, 7/15/19, FRN		4,582,225
	4,000	5.714%, 3/18/51, VRN		3,935,218
		JPMorgan Mortgage Trust, CMO
	6,457	2.659%, 10/25/36, FRN		5,011,186
	322	5.50%, 8/25/22		306,403
	1,508	5.50%, 6/25/37		1,351,141
	572	Lehman Mortgage Trust, 5.00%, 8/25/21, CMO		529,217
	3,876	Luminent Mortgage Trust, 0.409%, 12/25/36, CMO, FRN		2,258,904

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

	$1,661	MASTR Adjustable Rate Mortgage Trust, 3.319%, 10/25/34, CMO, FRN		$1,186,813
		MASTR Alternative Loans Trust, CMO
	1,043	6.25%, 7/25/36		792,490
	1,351	6.50%, 3/25/34		1,413,543
	101	7.00%, 4/25/34		101,642
		MASTR Reperforming Loan Trust, CMO (a)(d)
	7,863	7.00%, 5/25/35		7,547,554
	4,251	7.50%, 7/25/35		4,310,072
	118	Merrill Lynch Mortgage Investors, Inc., 5.25%, 8/25/36, CMO, VRN		119,697
	2	Morgan Stanley Dean Witter Capital I, 5.50%, 4/25/17, CMO		1,636
		Newgate Fund PLC, CMO, FRN
	£4,200	2.039%, 12/15/50		5,338,104
	€3,050	2.126%, 12/15/50		2,109,482
	£3,450	2.289%, 12/15/50		3,363,602
	€3,050	2.376%, 12/15/50		1,803,874
		Nomura Asset Acceptance Corp., CMO (a)(d)
	$2,171	7.00%, 10/25/34		2,199,618
	5,546	7.50%, 3/25/34		5,922,158
	6,512	7.50%, 10/25/34		6,763,397
		Residential Accredit Loans, Inc., CMO
	3,277	0.419%, 6/25/46, FRN		1,238,020
	3,969	6.00%, 8/25/35		3,330,678
		Residential Asset Mortgage Products, Inc., CMO
	34	6.50%, 11/25/31		34,174
	443	7.00%, 8/25/16		448,510
	999	8.50%, 10/25/31		1,068,533
	1,584	8.50%, 11/25/31		1,659,885
	563	Structured Adjustable Rate Mortgage Loan Trust,
		2.824%, 3/25/34, CMO, FRN		542,956
	5,767	Structured Asset Mortgage Investments, Inc.,
		1.659%, 8/25/47, CMO, FRN		3,050,696
	5,207	Structured Asset Securities Corp., 7.50%, 10/25/36, CMO (a)(d)		4,931,371
	5,600	UBS Commercial Mortgage Trust,
		0.815%, 7/15/24, CMO, FRN (a)(d)		4,483,736
	5,000	Wachovia Bank Commercial Mortgage Trust, 0.360%, 9/15/21, CMO, FRN (a)(d)		4,603,520
	575	WaMu Mortgage Pass Through Certificates, 2.537%, 5/25/35, CMO, FRN		469,662
		Washington Mutual MSC Mortgage Pass Through Certificates, CMO
	1,334	6.50%, 8/25/34		1,376,179
	560	7.00%, 3/25/34		597,799
	1,244	7.50%, 4/25/33		1,275,952
		Wells Fargo Mortgage-Backed Securities Trust, CMO, FRN
	1,122	2.655%, 6/25/35		1,069,462
	2,172	2.667%, 4/25/36		1,794,264
	123	2.686%, 4/25/36		93,726

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

	$2,800	5.667%, 10/25/36		$2,484,215
	5,500	WFDB Commercial Mortgage Trust, 6.403%, 7/5/24, CMO (a)(d)		5,679,096

		Total Mortgage-Backed Securities (cost—$169,804,025)		171,872,460


	SENIOR LOANS (a)(c)—4.5%
	Financial Services—3.3%
	621	iStar Financial, Inc., 5.00%, 6/28/13, Term A1		620,750
	12,500	Springleaf Finance Corp., 5.50%, 5/10/17		11,865,625

				12,486,375

	Healthcare & Hospitals—0.5%
	1,900	HCA, Inc., 2.739%, 5/2/16, Term A2		1,858,200

	Oil & Gas—0.4%
	1,406	Petroleum Export, 3.474%, 12/20/12, Term B		1,386,668

	Utilities—0.3%
	1,913	Texas Competitive Electric Holdings Co. LLC, 4.741%, 10/10/17		1,053,053

		Total Senior Loans (cost—$17,764,031)		16,784,296


	ASSET-BACKED SECURITIES—3.3%
	588	Access Financial Manufactured Housing Contract Trust, 7.65%, 5/15/21		480,299
		Advanta Business Card Master Trust, FRN
	255	0.490%, 6/20/14		236,859
	255	0.490%, 12/22/14		236,859
		Ameriquest Mortgage Securities, Inc., FRN
	1,413	3.764%, 11/25/32		125,941
	372	5.864%, 2/25/33		26,988
	1,478	Bear Stearns Asset-Backed Securities Trust, 0.739%, 9/25/34, FRN		1,033,482
		Conseco Finance Securitizations Corp.,
	615	7.96%, 5/1/31		503,394
	315	7.97%, 5/1/32		217,377
		Conseco Financial Corp.,
	248	6.53%, 2/1/31, VRN		247,883
	461	7.05%, 1/15/27		478,524
	1,128	Credit-Based Asset Servicing and Securitization LLC, 6.02%, 12/25/37 (a)(d)		912,691
	5,000	Green Tree, 8.97%, 4/25/38, VRN (a)(d)		5,506,043
	1,000	Greenpoint Manufactured Housing, 8.30%, 10/15/26, VRN		1,104,098
	1,216	Morgan Stanley ABS Capital I, 0.419%, 1/25/36, FRN		1,143,569
	39	Oakwood Mortgage Investors, Inc., 0.470%, 5/15/13, FRN		31,134
	30	Residential Asset Mortgage Products, Inc., 8.50%, 12/25/31		30,675

		Total Asset-Backed Securities (cost—$12,713,757)		12,315,816


Shares
	CONVERTIBLE PREFERRED STOCK—0.4%
	Utilities—0.4%
	27,200	PPL Corp., 9.50%, 7/1/13 (cost—$1,360,000)		1,452,208

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

	MUNICIPAL BOND—0.4%
	West Virginia—0.4%
	$1,880	Tobacco Settlement Finance Auth. Rev., 7.467%, 6/1/47, Ser. A (cost—$1,769,533)		$1,403,740


	SOVEREIGN DEBT OBLIGATIONS—0.1%

	Ireland—0.1%
	200	VEB Finance PLC for Vnesheconombank, 5.375%, 2/13/17 (a)(d) (cost—$200,000)		209,500


Shares
	COMMON STOCK—0.0%
	Oil, Gas & Consumable Fuels—0.0%
	3,881	SemGroup Corp., Class A (k) (cost—$100,913)		123,424


Units
	WARRANTS—0.0%
	Construction & Engineering—0.0%
	3,675	Alion Science and Technology Corp., expires 11/1/14 (a)(d)(g)(k)		37

	Oil, Gas & Consumable Fuels—0.0%
	4,086	SemGroup Corp., expires 11/30/14 (k)		36,259

		Total Warrants (cost—$18,422)		36,296


Principal Amount (000s)
	SHORT-TERM INVESTMENTS—8.9%
	Corporate Notes—4.7%
	Financial Services—4.1%
	$10,000	Citigroup, Inc., 5.625%, 8/27/12 (l)		10,136,200
	AUD 2,700	Morgan Stanley, 4.788%, 3/1/13, FRN		2,778,996
		SLM Corp.,
	€1,500	3.125%, 9/17/12		1,990,383
	$500	5.125%, 8/27/12		505,289
	200	5.375%, 1/15/13		204,479

				15,615,347

	Oil & Gas—0.6%
	2,000	Royal Bank of Scotland AG for Gazprom, 9.625%, 3/1/13		2,130,160

		Total Corporate Notes (cost—$16,696,937)		17,745,507

	U.S. Treasury Obligations (j)(n)—2.2%
	8,268	U.S. Treasury Bills, 0.039%-0.15%, 6/7/12-1/10/13 (cost—$8,266,191)		8,266,191

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*

	U.S. Government Agency Securities—0.0%
		Fannie Mae
	$1	7.00%, 7/18/12, CMO		$1,278
	3	7.00%, 1/1/13, MBS		2,874
		Freddie Mac
	12	7.00%, 9/1/12-11/1/12, MBS		11,916

		Total U.S. Government Agency Securities (cost—$15,969)		16,068


	Repurchase Agreements—2.0%
	4,500	Bank of America Corp., dated 4/30/12, 0.20%, due 5/1/12, proceeds $4,500,025; collateralized by U.S. Treasury Notes, 0.875%, due 4/30/17, valued at $4,587,121 including accrued interest		4,500,000
	2,200	Morgan Stanley & Co., dated 4/30/12, 0.20%, due 5/1/12, proceeds $2,200,012; collateralized by U.S. Treasury Bonds, 3.75%, due 8/15/41, valued at $2,245,320 including accrued interest		2,200,000
	637	State Street Bank & Trust Co., dated 4/30/12, 0.01%, due 5/1/12, proceeds $637,000; collateralized by U.S. Treasury Bills, 0.162%, due 4/4/13, valued at $654,018 including accrued interest		637,000

		Total Repurchase Agreements (cost—$7,337,000)		7,337,000

		Total Short-Term Investments (cost—$32,316,097)		33,364,766


Notional Amount (000s)
	OPTIONS PURCHASED (k)—0.0%
		Put Options—0.0%
		Fannie Mae, 3.50%-5.50%, TBA, 30 Year (OTC),
	$50,000	strike price $91.50, expires 6/6/12		—	(o)
	64,000	strike price $95.75, expires 7/5/12		1
	22,000	strike price $99.50, expires 6/6/12		—	(o)
	196,000	strike price $102.03, expires 6/6/12		2
	87,000	strike price $102.50, expires 5/7/12		1
		Freddie Mac, 4.00%, TBA, 30 Year (OTC),
	3,000	strike price $98, expires 6/6/12		—	(o)

		Total Options Purchased (cost—$49,453)		4

		Total Investments, before securities sold short (cost—$1,233,980,265) (p)—343.8%		1,288,038,171

PIMCO Strategic Global Government Fund, Inc. Schedule of Investments

April 30, 2012 (unaudited) (continued)


Principal Amount (000s)			Value*


	SECURITIES SOLD SHORT—(57.5)%
	U.S. Government Agency Securities—(57.5)%
	$197,000	Fannie Mae, 5.50%, MBS, TBA, 30 Year (proceeds received—-$215,407,188)		$(215,438,018)

		Total Investments, net of securities sold short (cost—$1,018,573,077)—286.3%		1,072,600,153
		Other liabilities in excess of other assets—(186.3)%		(697,988,602)

		Net Assets—100.0%		$374,611,551

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.

Portfolio securities and other financial instruments for which market quotations are not readily available, or for which a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures approved by the Board of Directors, or persons acting at their discretion pursuant to procedures approved by the Board of Directors, including certain fixed income securities which may be valued with reference to securities whose prices are more readily available. 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. Centrally cleared swaps are valued at the price determined by the relevant exchange. Securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. 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. Investments initially valued in currencies other than U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (“NAV”) of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.

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 NAV is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the 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 $148,834,456, representing 39.7% of net assets.

(b)

Illiquid.

(c)

These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on April 30, 2012.

(d)	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.

(e)	Delayed-delivery. To be delivered after April 30, 2012.

(f)	In default.

(g)	Fair-Valued—Securities with an net value of $3,014,654, representing 0.8% of net assets.

(h)	Principal amount less than $500.

(i)	Perpetual maturity. The date shown is the next call date. For Corporate Bonds & Notes, the interest rate is fixed until the first call date and variable thereafter.

(j)	All or partial amount segregated for the benefit of the counterparty as collateral for derivatives and delayed-delivery securities.

(k)	Non-income producing.

(l)	All or partial amount transferred for the benefit of the counterparty as collateral for reverse repurchase agreements.

(m)	Restricted. The acquisition cost of such security is $25,974 and the market value is $26,398, representing less than 0.05% of net assets.

(n)	Rates reflect the effective yields at purchase date.

(o)	Value less than $1.

(p)

At April 30, 2012, the cost basis of portfolio securities for federal income tax purposes was $1,233,990,109. Gross unrealized appreciation was $64,078,568; gross unrealized depreciation was $10,030,506; and net unrealized appreciation was $54,048,062. The difference between book and tax cost was attributable to wash sales loss deferrals.

Glossary:

ABS—Asset-Backed Securities

AUD—Australian Dollar

£—British Pound

CMO—Collateralized Mortgage Obligation

€—Euro

FRN—Floating Rate Note. The interest rate disclosed reflects the rate in effect on April 30, 2012.

LIBOR—London Inter-Bank Offered Rate

MBIA—insured by Municipal Bond Investors Assurance

MBS—Mortgage-Backed Securities

OTC—Over the Counter

PIK—Payment-in-Kind

TBA—To Be Announced

VRN—Variable Rate Note. Instruments whose interest rates change on a specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on April 30, 2012.

Other Investments:

(A) OTC credit default swap agreements outstanding at April 30, 2012:

Sell protection swap agreements ⁽¹⁾:


Swap Counterparty/ Referenced Debt Issuer	Notional Amount (000s) ⁽²⁾		Credit Spread ⁽³⁾			Termination Date		Payments Received			Market Value ⁽⁴⁾			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Bank of America:
American Express	$	8,000		0.30	%		12/20/13		4.10	%	$	538,965			—		$	538,965
MetLife		13,400		1.97	%		9/20/15		1.00	%		(406,125	)	$	(900,456	)		494,331
SLM		5,000		2.89	%		12/20/13		5.00	%		197,385			(612,500	)		809,885
BNP Paribas:
General Electric		800		0.84	%		12/20/13		4.60	%		53,533			—			53,533
Citigroup:
American Express		500		0.30	%		12/20/13		4.30	%		35,448			—			35,448
SLM		6,000		2.89	%		12/20/13		5.00	%		236,862			518,648			(281,786	)
SLM		1,300		2.89	%		12/20/13		5.00	%		51,320			(156,000	)		207,320
Deutsche Bank:
American International Group		3,000		0.65	%		3/20/13		2.10	%		46,231			—			46,231
General Electric		4,100		0.84	%		12/20/13		4.78	%		286,943			—			286,943
General Electric		8,000		0.84	%		12/20/13		4.82	%		566,202			—			566,202
SLM		2,600		2.89	%		12/20/13		5.00	%		102,640			(318,500	)		421,140
JPMorgan Chase:
ABX.HE Index 06-1		6,341	†				7/25/45		0.18	%		(700,854	)		(919,387	)		218,533
Morgan Stanley:
Merrill Lynch & Co.		5,000		2.71	%		9/20/16		1.00	%		(336,266	)		(741,654	)		405,388
Royal Bank of Scotland:
ABX.HE Index 07-1		8,955	†				8/25/37		0.09	%		(4,568,397	)		(4,432,952	)		(135,445	)
ABX.HE Index 06-1		18,050	†				7/25/45		0.32	%		(10,152,666	)		(10,608,887	)		456,221

											$	(14,048,779	)	$	(18,171,688	)	$	4,122,909

(B) Centrally cleared interest rate swap agreements outstanding at April 30, 2012:


					Rate Type
Broker (Exchange)	Notional Amount (000s)		Termination Date		Payments Made			Payments Received		Market Value			Unrealized Depreciation
Credit Suisse First Boston (CME)	$	188,000		6/20/22		2.25	%		3-Month USD-LIBOR	$	(2,941,865	)	$	(4,507,905	)

CME—Chicago Mercantile Exchange

LIBOR—London Inter-Bank Offered Rate

OTC—Over-the-Counter

^† 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 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.

⁽²⁾ 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.

⁽³⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit swap agreements as of 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.

⁽⁴⁾ The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at April 30, 2012 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 be 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.


	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value April 30, 2012		Unrealized Appreciation (Depreciation)
Purchased:
3,236,000 British Pound settling 6/12/12	Barclays Bank	$	5,141,292	$	5,250,384	$	109,092
138,000 British Pound settling 6/12/12	Royal Bank of Canada		216,575		223,904		7,329
142,000 Euro settling 6/14/12	Bank of Nova Scotia		186,073		187,999		1,926
6,159,000 Euro settling 5/2/12	JPMorgan Chase		8,083,071		8,152,670		69,599
114,000 Euro settling 7/16/12	JPMorgan Chase		150,861		150,961		100
103,000 Euro settling 6/14/12	Royal Bank of Canada		134,745		136,366		1,621
Sold:
2,370,000 Australian Dollar settling 6/7/12	Credit Suisse		2,442,285		2,460,022		(17,737	)
6,306,000 British Pound settling 6/12/12	Citigroup		10,017,765		10,231,435		(213,670	)
7,632,000 British Pound settling 6/12/12	JPMorgan Chase		12,022,795		12,382,860		(360,065	)
1,592,000 British Pound settling 6/12/12	UBS		2,509,020		2,583,007		(73,987	)
3,712,000 Euro settling 5/2/12	Citigroup		4,896,474		4,913,576		(17,102	)
2,447,000 Euro settling 5/2/12	JPMorgan Chase		3,224,417		3,239,095		(14,678	)
6,159,000 Euro settling 6/1/12	JPMorgan Chase		8,084,272		8,153,563		(69,291	)
4,051,000 Euro settling 7/16/12	UBS		5,287,730		5,364,427		(76,697	)
632,560,000 Japanese Yen settling 6/7/12	Barclays Bank		7,698,112		7,925,245		(227,133	)

						$	(880,693	)

At April 30, 2012, the Fund held $2,940,000 in cash as collateral for derivative contracts and delayed-delivery securities. Cash collateral held may be invested in accordance with the Fund’s investment strategy.

(D) Open reverse repurchase agreements at April 30, 2012:


Counterparty	Rate			Trade Date		Due Date		Principal & Interest		Principal
Barclays Bank		0.30	%		4/12/12		5/14/12	$	96,628,297	$	96,613,000
		0.32			4/12/12		5/14/12		22,251,757		22,248,000
		0.40			4/12/12		5/14/12		108,714,946		108,692,000
		0.45			4/20/12		5/21/12		1,556,214		1,556,000
		0.50			4/12/12		5/14/12		44,839,830		44,828,000
		0.674			3/19/12		6/22/12		613,494		613,000
Deutsche Bank		0.65			2/17/12		5/16/12		11,945,940		11,930,000
		0.65			2/17/12		5/17/12		14,130,855		14,112,000
		0.65			2/17/12		5/23/12		1,182,578		1,181,000
		0.65			2/23/12		5/23/12		5,666,949		5,660,000
		0.65			3/13/12		6/8/12		648,573		648,000
		0.65			4/12/12		7/11/12		3,078,056		3,077,000
		0.80			2/23/12		5/23/12		4,710,107		4,703,000
		0.80			3/21/12		6/25/12		6,241,682		6,236,000
		0.85			2/16/12		5/15/12		6,738,913		6,727,000
Goldman Sachs		0.30			4/19/12		5/21/12		10,554,055		10,553,000
JPMorgan Chase		1.00			2/24/12		8/22/12		5,163,592		5,154,000
Royal Bank of Canada		0.884			3/5/12		6/7/12		7,169,020		7,159,000
Royal Bank of Scotland		0.60			2/14/12		5/15/12		7,039,022		7,030,000
		0.60			2/15/12		5/15/12		11,519,573		11,505,000
		0.65			2/15/12		5/15/12		1,706,338		1,704,000
		0.65			4/5/12		7/5/12		13,254,219		13,248,000
UBS		0.60			3/14/12		6/15/12		2,852,280		2,850,000

										$	388,027,000

The weighted average daily balance of reverse repurchase agreements outstanding during the three months ended April 30, 2012 was $394,744,489 at a weighted average interest rate of 0.49%. The 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 April 30, 2012 was $418,586,894.

At April 30, 2012, the Fund held $414,629 in principal value of U.S. Treasury Notes and $271,712 in principal value of U.S. Treasury Bonds 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 (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges

•

Level 3 – valuations based on significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to 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 technique used.

The valuation techniques used by the Fund to measure fair value during the three months ended April 30, 2012 maximized the use of observable inputs and minimized the use of unobservable inputs. When fair-valuing securities, the Fund utilized option adjusted spread pricing techniques and multi-dimensional relational pricing model.

The inputs or methodology used for valuing securities is 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 and certain foreign equity securities 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 or note, state of issuance, benchmark yield curves, and bond or note 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.

Sovereign Debt Obligations — Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations 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 and 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 and 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, 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.

Option Contracts — Option contracts traded over the counter (“OTC”) are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Forward Foreign Currency Contracts — Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Interest Rate Swaps — OTC interest rate swaps are valued by independent pricing services using pricing models that are based on real-time intraday snapshots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps is monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable, the values of OTC interest rate swaps are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Credit Default Swaps — OTC credit default swaps 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. Centrally cleared swaps are valued at the price determined by the relevant exchange. To the extent that these inputs are observable, the values of credit default swaps are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Senior Loans — Senior loans are valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the values of senior loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

The Fund’s policy is to recognize transfers between levels at the end of the reporting period.

A summary of the inputs used at April 30, 2012 in valuing the Fund’s assets and liabilities is listed below (refer to the Schedule of Investments and Other 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 4/30/12
Investments in Securities — Assets
U.S. Government Agency Securities		—	$	832,513,995		$	3,014,617	$	835,528,612
Corporate Bonds & Notes:
Airlines		—		3,157,500			7,990,189		11,147,689
All Other		—		203,799,360			—		203,799,360
Mortgage-Backed Securities		—		171,872,460			—		171,872,460
Senior Loans		—		16,784,296			—		16,784,296
Asset-Backed Securities		—		12,315,816			—		12,315,816
Convertible Preferred Stock	$	1,452,208		—			—		1,452,208
Municipal Bonds		—		1,403,740			—		1,403,740
Sovereign Debt Obligations		—		209,500			—		209,500
Common Stock		123,424		—			—		123,424
Warrants:
Construction & Engineering		—		—			37		37
Oil, Gas & Consumable Fuels		—		36,259			—		36,259
Short-Term Investments		—		33,364,766			—		33,364,766
Options Purchased:
Interest Rate Contracts		—		—			4		4

Total Investments in Securities — Assets	$	1,575,632	$	1,275,457,692		$	11,004,847	$	1,288,038,171

Investments in Securities — Liabilities
Securities Sold Short, at value		—	$	(215,438,018	)		—	$	(215,438,018	)

*Other Financial Instruments — Assets**
Credit Contracts		—	$	4,540,140			—	$	4,540,140
Foreign Exchange Contracts		—		189,667			—		189,667

*Total Other Financial Instruments — Assets**		—	$	4,729,807			—	$	4,729,807

*Other Financial Instruments — Liabilities**
Credit Contracts		—	$	(417,231	)		—	$	(417,231	)
Foreign Exchange Contracts		—		(1,070,360	)		—		(1,070,360	)
Interest Rate Contracts		—		(4,507,905	)		—		(4,507,905	)

*Total Other Financial Instruments — Liabilities**		—	$	(5,995,496	)		—	$	(5,995,496	)

Total Investments	$	1,575,632	$	1,058,753,985		$	11,004,847	$	1,071,334,464

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

There were no significant transfers between Levels 1 and 2 during the three months ended April 30, 2012.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the three months ended April 30, 2012, was as follows:


	Beginning Balance 1/31/12		Purchases		Sales			Accrued Discounts		Net Realized Gain		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 4/30/12
Investments in Securities — Assets
U.S. Government Agency Securities	$	3,037,482		—	$	(19,603	)	$	452	$	509	$	(4,223	)		—		—	$	3,014,617
Corporate Bonds & Notes:
Airlines		7,893,394		—		(49,684	)		4,675		5,166		136,638			—		—		7,990,189
Warrants:
Construction & Engineering		—	$	37		—			—		—		—			—		—		37
Options Purchased:
Interest Rate Contracts		—		49,453		—			—		—		(49,449	)		—		—		4

Total Investments	$	10,930,876	$	49,490	$	(69,287	)	$	5,127	$	5,675	$	82,966			—		—	$	11,004,847

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at April 30, 2012 was $114,511.

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 CFR 270.30a-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 (17CFR 270.30a-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: PIMCO Strategic Global Government Fund, Inc.



By		/s/ Brian S. Shlissel
President & Chief Executive Officer

Date: June 21, 2012

By		/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: June 21, 2012

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
President & Chief Executive Officer

Date: June 21, 2012

By		/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: June 21, 2012