NEW YORK, Dec. 9, 2008 (GLOBE NEWSWIRE) -- PCM Fund, Inc. (the "Fund") (NYSE:PCM), a non-diversified, closed-end management investment company, which seeks high current income, today announced its results for the fiscal quarter and nine months ended September 30, 2008.
At September 30, 2008
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Net Assets $99,909,889
Shares Outstanding 11,367,120
Net Asset Value ("NAV") $8.79
Market Price $7.55
Discount to NAV (14.11)%
Quarter ended
September 30, 2008
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Net Investment Income (a) $834,305
Per Share (a) $0.08
Net Realized and Change in Unrealized Loss (a) $(11,357,321)
Per Share (a) $(1.01)
Undistributed Net Investment Income
Per Share (b) (c) $0.2794
Nine Months ended
September 30, 2008
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Net Investment Income (a) $5,874,582
Per Share (a) $0.52
Net Realized and Change in Unrealized Loss (a) $(27,013,333)
Per Share (a) $(2.38)
(a) The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires the Fund to treat
amounts accrued under swap agreements as net realized gain (loss).
However, these amounts are treated as net income (loss) for federal
income tax purposes. By using GAAP, Net Investment Income for the
quarter and nine months ended September 30, 2008 was $441,885 ($0.04
per share) and $1,447,908 ($0.13 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 income (loss) in accordance with federal income tax treatment.
(b) Note that generally there is a close correlation between what the
Fund earns (net of expenses) and what it pays in monthly dividends.
However, since net earning rates fluctuate from month to month while
monthly dividends have remained relatively stable, there will be
periods when the Fund may over-earn or under-earn its monthly
dividend, which would 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 Trustee for
declaration. There can be no assurance that the current dividend rate
or the undistributed net investment income balance will remain
constant. Inclusive of amounts earned under swap agreements, in
accordance with federal income tax treatment.
(c) Calculated using the accumulated balance at September 30, 2008.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.
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 objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional advisers.