PCM Fund, Inc. Reports Results for the Fiscal Quarter and Nine Months Ended September 30, 2013
November 29 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 nine months ended September 30,
2013.
At September
30,
2013
2012
Net Assets $129,755,373 $129,533,565 Shares Outstanding 11,511,352
11,490,711 Net Asset Value ("NAV") $11.27 $11.27 Market Price
$11.45 $12.41 Premium to NAV 1.60% 10.12% Undistributed Net
Investment Income Per Share (b) $0.1789 $0.3189
Quarter ended
September 30,
2013
2012
Net Investment Income (a) $3,346,846 $1,931,027 Per Share (a) $0.29
$0.17 Net Realized and Change in Unrealized Gain (Loss) (a)
$(855,249) $12,514,100 Per Share (a) $(0.08) $1.08
Nine Months Ended
September 30,
2013
2012
Net Investment Income (a) $9,726,010 $8,055,899 Per Share (a) $0.84
$0.70 Net Realized and Change in Unrealized Gain (Loss) (a)
$(2,335,722) $20,757,100 Per Share (a) $(0.20) $1.81 (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 nine
months ended September 30, 2013 was $48,219 (less than $0.01 per
share) and $153,571 ($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 nine months ended September 30, 2012 was $82,486
($0.01 per share) and $238,622 ($0.02 per share) lower,
respectively, and Net Realized and Change in Unrealized Gain
correspondingly higher 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.
For Information on PIMCO Closed-End Funds:Financial
Advisors: 800-628-1237Shareholder: 800-254-5197Media Relations:
212-739-3501
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