NEW YORK, June 30, 2005 (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, 2005.
At April 30,
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2005 2004
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Net Assets (1) $829,871,089 $832,535,124
Common Shares
Outstanding 35,864,809 35,712,112
Net Asset Value ("NAV") $14.77 $14.91
Market Price $14.37 $13.81
Discount to NAV 2.71% 7.38%
(1) Net assets are inclusive of $300 million Preferred Shares
issuance.
Quarter ended April 30,
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2005 2004
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Net Investment
Income $9,493,888 (a) $11,875,569
Per Common Share $0.26 (a) $0.33
Net Realized and
Unrealized Loss $(15,404,326)(a) $(19,698,323)
Per Common Share $(0.43)(a) $(0.55)
3 Month Average Undistributed
Net Investment Income
Per Common Share (2) $0.0620 N/A
(2) Calculated using the month-end balances for the three months
ended April 30, 2005. 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.
Six months ended April 30,
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2005 2004
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Net Investment Income $23,063,256 (a) $25,093,880
Per Common Share $0.64 (a) $0.70
Net Realized and
Unrealized Loss $(15,742,916)(a) $(780,135)
Per Common Share $(0.44)(a) $(0.02)
(a) The information provided is in accordance with generally
accepted accounting principles ("GAAP"), which requires the
Fund to treat amounts received 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 three and six months ended
April 30, 2005 was, respectively $4,016,791 ($0.11 per common
share) and $5,706,202 ($0.16 per common share) lower (and the
Net Realized and Unrealized Loss correspondingly higher) than
those figures would be if the swap amounts were treated as net
income (loss) 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/closed-endfunds or by calling the Fund's transfer agent at 1-800-331-1710.
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.