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PCM Fund, Inc. Reports Results For The Fiscal Quarter And Nine Months Ended

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, 2012.

 

At September 30,

2012

 

2011

Net Assets $129,533,565 $110,644,076
Shares Outstanding 11,490,711 11,468,136
Net Asset Value ("NAV") $11.27 $9.65
Market Price $12.41 $10.10
Premium to NAV 10.12% 4.66%
Undistributed Net Investment
Income Per Share (b) $0.3189 $0.2375
 

Quarter ended September 30,

2012

2011

Net Investment Income (a) $1,931,027 $2,255,880
Per Share (a) $0.17 $0.19
Net Realized and Change in Unrealized Gain (Loss) (a) $12,514,100 $(6,615,087)
Per Share (a) $1.08 $(0.57)
 

Nine Months ended September 30,

2012

2011

Net Investment Income (a) $8,055,899 $8,776,057
Per Share (a) $0.70 $0.76
Net Realized and Change in Unrealized Gain (Loss) (a) $20,757,100 $(3,145,858)
Per Share (a) $1.81 $(0.27)

(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, 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. By using GAAP, Net Investment Income for the fiscal quarter and nine months ended September 30, 2011 was $86,862 ($0.01 per share) and $224,396 ($0.02 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.

 

(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.

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