NEW YORK, March 4, 2009 (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 year ended December 31, 2008.
At December 31, 2008
--------------------
Net Assets $65,571,638
Shares Outstanding 11,373,952
Net Asset Value ("NAV") $5.77
Market Price $6.13
Premium to NAV 6.42%
Quarter ended
December 31, 2008
--------------------
Net Investment Loss (a) ($369,391)
Per Share (a) $(0.04)
Net Realized and Change in Unrealized Loss (a) $(28,094,323)
Per Share (a) $(2.46)
Undistributed Net Investment Income
Per Share (b) (c) $0.0026
Year ended
December 31, 2008
--------------------
Net Investment Income (a) $5,505,191
Per Share (a) $0.48
Net Realized and Change in Unrealized Loss (a) $(55,107,656)
Per Share (a) $(4.84)
(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 year ended
December 31, 2008 was $428,972 ($0.04 per share) and
$1,876,880 ($0.17 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 Directors 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 year-to-date "tax" basis
balance at December 31, 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.