PIMCO Dynamic Income Fund : Reports Results for the Fiscal Quarter Ended June 30, 2014
August 29, 2014 at 04:01 pm EDT
Share
PIMCO Dynamic Income Fund (the "Fund") (NYSE:PDI), a non-diversified,
closed-end management investment company which seeks current income as a
primary objective and capital appreciation as a secondary
objective,today announced its results for the fiscal quarter ended June
30, 2014.
At June 30,
2014
2013
Net Assets
$
1,517,010,593
$
1,388,076,858
Shares Outstanding
45,447,839
45,416,921
Net Asset Value ("NAV")
$
33.38
$
30.56
Market Price
$
34.09
$
29.25
Premium (Discount) to NAV
2.13
%
(4.29
)%
Undistributed Ordinary Income Per Share (b)
$
0.4299
$
0.9709
Quarter ended June 30,
2014
2013
Net Investment Income (a)
$
41,558,449
$
43,592,008
Per Share (a)
$
0.91
$
0.96
Net Realized and Change in Unrealized Gain (Loss) (a)
$
42,223,708
$
(25,207,650
)
Per Share (a)
$
0.93
$
(0.56
)
(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 investment income (loss) for federal income tax purposes. By
using GAAP, Net Investment Income for the fiscal quarter ended June
30, 2014 was $2,779,541 ($0.06 per share) higher and Net Realized
and Change in Unrealized Gain correspondingly lower than those
figures would have been if swap amounts were treated as net
investment loss. By using GAAP, Net Investment Income for the fiscal
quarter ended June 30, 2013 was $2,020,868 ($0.04 per share) higher
and Net realized and Change in Unrealized Loss correspondingly
higher than those figures would have been if swap amounts were
treated as net investment loss.
(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 ordinary
income balance. Fund management analyzes the current and projected
net earnings rates prior to recommending dividend amounts to the
Fund's Board of Trustees for declaration. There can be no assurance
that the monthly dividend rate will remain at its current level or
that the undistributed ordinary income balance will be sufficient to
cover any shortfall in earnings to meet the current dividend rate.
The undistributed ordinary income balance is inclusive of swap
income (or loss), paydown gains and net gain (or loss) from foreign
currency transactions in accordance with federal income tax
treatment of these items. The balance may also include net
short-term gains, if any, from the sale of portfolio securities.
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 that 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.
PIMCO Dynamic Income Fund (the Fund) is a diversified closed-end management investment company. The Funds primary investment objective is to seek current income and secondary objective is capital appreciation. The Fund normally invests worldwide in a portfolio of debt obligations and other income-producing securities of any type and credit quality, with varying maturities and related derivative instruments. The Fundâs investment universe includes mortgage-backed securities, investment grade and high-yield corporates, developed and emerging markets corporate and sovereign bonds, other income-producing securities, and related derivative instruments. The Fund normally invests at least 25% of its total assets in privately issued (non-agency) mortgage-related securities. The Fund may normally invest up to 40% of its total assets in securities of issuers economically tied to emerging market countries. Pacific Investment Management Company LLC serves as the Fundâs investment manager.