NEW YORK, April 17, 2007 (PRIME NEWSWIRE) -- 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 ended January 31, 2007.
At January 31,
2007 2006
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Net Assets (a) $826,140,537 $830,537,411
Common Shares Outstanding 36,338,928 36,038,466
Net Asset Value ("NAV") $14.48 $14.72
Market Price $16.34 $15.82
Premium to NAV 12.85% 7.47%
Quarter ended January 31,
2007 2006
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Net Investment Income (b) $12,203,413 $12,736,165
Per Common Share (b) $0.34 $0.35
Net Realized and Change
in Unrealized Gain (Loss) (b) $(3,672,225) $3,697,258
Per Common Share (b) $(0.10) $0.10
3 Month Average Undistributed
(Overdistributed) Net
Investment Income Per
Common Share (c) $(0.0126) $0.0438
(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 ended January 31, 2007 was
$1,442,698 ($0.04 per common share) lower (and Net Realized and
Change in Unrealized Gain (Loss) correspondingly higher (lower)) than
those figures would have been if swap amounts were treated as net
income (loss) in accordance with federal income tax treatment. By
using GAAP, Net Investment Income for the fiscal quarter ended
January 31, 2006 was $2,548,215 ($0.07 per common share) lower (and
Net Realized and Change in Unrealized Gain correspondingly higher)
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 accumulated month-end balances for the three
months ended January 31, 2007 and January 31, 2006, 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 (overdistributed) 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
(overdistributed) 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.