PCM Fund, Inc. Reports Results for the Fiscal Quarter and Year Ended December 31, 2012
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, 2012.
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At December 31,
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2012
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2011
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Net Assets
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$130,461,125
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$108,810,294
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Shares Outstanding
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11,495,429
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11,473,837
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Net Asset Value ("NAV")
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$11.35
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$9.48
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Market Price
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$12.02
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$10.77
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Premium to NAV
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5.90
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%
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13.61
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%
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Undistributed Net Investment
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Income Per Share (b)
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$0.0660
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$0.1135
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Quarter ended December 31,
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2012
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2011
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Net Investment Income (a)
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$4,108,329
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$4,190,123
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Per Share (a)
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$0.36
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$0.37
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Net Realized and Change in Unrealized Gain (Loss) (a)
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$1,305,078
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$(2,180,402
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)
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Per Share (a)
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$0.12
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$(0.20
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)
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Year Ended December 31,
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2012
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2011
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Net Investment Income (a)
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$12,164,228
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$12,966,180
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Per Share (a)
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$1.06
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$1.13
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Net Realized and Change in Unrealized Gain (Loss) (a)
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$22,062,178
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$(5,326,260
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)
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Per Share (a)
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$1.93
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$(0.47
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)
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(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, 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. By
using GAAP, Net Investment Income for the fiscal quarter and year
ended December 31, 2011 was $84,461 ($0.01 per share) and $308,857
($0.03 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.
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(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.
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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://www.allianzinvestors.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. [END]
