PCM Fund, Inc. Reports Results for the Fiscal Quarter and Six Months Ended June 30, 2013
August 30 2013 - 4:00PM
Business Wire
PCM Fund, Inc. (the "Fund") (NYSE: PCM), a non-diversified,
closed-end management investment company, which seeks high current
income as a primary objective and capital gain from the disposition
of investments as a secondary objective, today announced its
results for the fiscal quarter and six months ended June 30,
2013.
At June
30,
2013
2012
Net Assets $129,975,457 $117,799,162 Shares Outstanding 11,506,846
11,486,496 Net Asset Value ("NAV") $11.30 $10.26 Market Price
$11.73 $11.12 Premium to NAV 3.81 % 8.38 % Undistributed Net
Investment Income Per Share (b) $0.1417 $0.2439
Quarter ended June
30,
2013
2012
Net Investment Income (a) $3,147,510 $3,540,100 Per Share (a) $0.27
$0.30 Net Realized and Change in Unrealized Loss (a) $(4,393,827 )
$(354,401 ) Per Share (a) $(0.37 ) $(0.02 )
Six Months Ended
June 30,
2013
2012
Net Investment Income (a) $6,379,164 $6,124,872 Per Share (a) $0.55
$0.53 Net Realized and Change in Unrealized Gain (Loss) (a)
$(1,480,473 ) $8,243,000 Per Share (a) $(0.12 ) $0.73
(a) The information provided is in accordance
with generally accepted accounting principles ("GAAP"), which
requires the Fund to treat amounts accrued by the Fund under swap
agreements as net realized and unrealized gain (loss). However,
these amounts are treated as net income (loss) for federal income
tax purposes. By using GAAP, Net Investment Income for the fiscal
quarter and six months ended June 30, 2013 was $47,990 (less than
$0.01 per share) and $105,352 ($0.01 per share) lower,
respectively, and Net Realized and Change in Unrealized Loss
correspondingly lower than those figures would have been if swap
amounts were treated as net investment income. By using GAAP, Net
Investment Income for the fiscal quarter and six months ended June
30, 2012 was $80,193 (less than $0.01 per share) and $156,136
($0.01 per share) lower, respectively, and Net Realized and Change
in Unrealized Gain (Loss) correspondingly higher (lower) than those
figures would have been if swap amounts were treated as net
investment income.
(b) Since the Fund’s net earning rates
fluctuate from month to month, there will be periods when the Fund
may over-earn or under-earn its monthly dividend rate. This
fluctuation will have the effect of adding to or subtracting from
the Fund's undistributed net investment income balance. Fund
management analyzes the current and projected net earning rates
prior to recommending dividend amounts to the Fund's Board of
Directors for declaration. There can be no assurance that the
monthly dividend rate will remain at its current level or that the
undistributed net investment income balance will be sufficient to
cover any shortfall in earnings to meet the current dividend rate.
The undistributed net investment income balance is inclusive of
swap income (loss) and paydown gains in accordance with federal
income tax treatment of these items.
Allianz Global Investors Fund Management LLC ("AGIFM"), an
indirect, wholly-owned subsidiary of Allianz Asset Management of
America L.P., serves as the Fund's investment manager and is a
member of Munich-based Allianz Group. Pacific Investment Management
Company LLC, an AGIFM affiliate, serves as the Fund's
sub-adviser.
The Fund's daily New York Stock Exchange closing market price,
NAV, as well as other information, is available at
http://us.allianzgi.com/closedendfunds or by calling the Fund's
shareholder servicing agent at (800) 254-5197.
The financial information contained herein is solely based upon
the data available at the time of publication of this press
release, and there is no assurance that any future results will be
the same or similar to what is reported herein. Information that
was obtained from third party sources we believe to be reliable is
not guaranteed as to its accuracy or completeness. This press
release contains no recommendations to buy or sell any specific
securities and should not be considered investment advice of any
kind. Past performance is no guarantee of future results and the
investment returns generated by the Fund will fluctuate. There can
be no assurance the Fund will meet its stated objective. In making
any investment decision, individuals should utilize other
information sources and the advice of their own professional
adviser.
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