PCM Fund, Inc. Reports Results for the Fiscal Quarter and Year Ended December 31, 2013
February 28 2014 - 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 year ended December 31,
2013.
At December
31,
2013
2012
Net Assets $ 128,671,805 $ 130,461,125 Shares Outstanding
11,515,125 11,495,429 Net Asset Value ("NAV") $ 11.17 $ 11.35
Market Price $ 11.65 $ 12.02 Premium to NAV 4.30 % 5.90 %
Undistributed Net Investment Income Per Share (b) $ 0.0921 $ 0.0660
Quarter ended
December 31,
2013
2012
Net Investment Income (a) $ 3,132,867 $ 4,108,329 Per Share (a) $
0.28 $ 0.36 Net Realized and Change in Unrealized Gain (a) $ 58,662
$ 1,305,078 Per Share (a) $
0.00
*
$ 0.12
Year Ended December
31,
2013
2012
Net Investment Income (a) $ 12,858,877 $ 12,164,228 Per Share (a) $
1.12 $ 1.06 Net Realized and Change in Unrealized Gain (Loss) (a) $
(2,277,060 ) $ 22,062,178 Per Share (a) $ (0.20 ) $ 1.93 *
Less than $0.005 per share.
(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 year
ended December 31, 2013 was $48,256 (less than $0.01 per share) and
$201,827 ($0.02 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. By using GAAP, Net Investment Income for the
fiscal quarter and year ended December 31, 2012 was $83,740 ($0.01
per share) and $322,362 ($0.03 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
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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