NEW YORK, July 10, 2006 (PRIMEZONE) -- PIMCO Corporate Income Fund (the "Fund") (NYSE:PCN), a closed-end management investment company which seeks to provide high current income with secondary objectives of capital preservation and appreciation, today announced its results for the fiscal quarter and six months ended April 30, 2006.
At April 30,
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2006 2005
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Net Assets (a) $819,987,232 $829,871,089
Common Shares Outstanding 36,111,495 35,864,809
Net Asset Value ("NAV") $14.40 $14.77
Market Price $15.43 $14.37
Premium (Discount) to NAV 7.15% (2.71)%
Quarter ended April 30,
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2006 2005
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Net Investment Income $12,810,652 (b) $9,493,888
Per Common Share $0.36 (b) $0.26
Net Realized and Change
in Unrealized Loss $(5,773,963)(b) $(15,404,326)
Per Common Share $(0.16)(b) $(0.43)
3 Month Average Undistributed
Net Investment Income
Per Common Share (c) $0.0442 $0.0620
Six months ended April 30,
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2006 2005
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Net Investment Income $25,546,817 (b) $23,063,256
Per Common Share $0.71 (b) $0.64
Net Realized and Change
in Unrealized Loss $(2,076,705)(b) $(15,742,916)
Per Common Share $(0.06)(b) $(0.44)
(a) Net assets are inclusive of $300 million Preferred Shares
issuance.
(b) The information provided is in accordance with generally
accepted accounting principles ("GAAP"), which requires the Fund
to treat amounts received (paid) by the Fund 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 fiscal quarter and
six months ended April 30, 2006 was $5,235,719 ($0.15 per common
share) and $7,783,934 ($0.22 per common share) lower,
respectively, (and Net Realized and Change in Unrealized Loss
correspondingly lower) than those figures would be if swap
amounts were treated as net income (loss) in accordance with
federal income tax treatment.
(c) Calculated using the month-end balances for the three months
ended April 30, 2006 and April 30, 2005, respectively. Please
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 modestly 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 Trustees 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.
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 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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.