NEW YORK, July 8, 2008 (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 and six months ended April 30, 2008.
At April 30,
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2008 2007
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Net Assets (a) $772,721,051 $838,221,297
Common Shares Outstanding 36,659,129 36,404,264
Net Asset Value ("NAV") $12.90 $14.78
Market Price $14.75 $16.00
Premium to NAV 14.34% 8.25%
Quarter ended April 30,
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2008 2007
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Net Investment Income (b) $11,962,258 $10,899,425
Per Common Share (b) $0.32 $0.30
Net Realized and Change in
Unrealized Gain (Loss) (b) $(18,399,822) $15,484,230
Per Common Share (b) $(0.50) $0.42
Undistributed (Overdistributed)
Net Investment Income Per
Common Share (c) $0.0451 (d) $(0.0639)(e)
Six Months ended April 30,
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2008 2007
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Net Investment Income (b) $23,978,359 $23,102,838
Per Common Share (b) $0.65 $0.64
Net Realized and Change in
Unrealized Gain (Loss) (b) $(25,451,739) $11,812,005
Per Common Share (b) $(0.69) $0.32
(a) Net assets are inclusive of market value of Preferred Shares of
$300 million.
(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, 2008 was
$4,386,948 ($0.12 per common share) and $7,709,087 ($0.21 per common
share), respectively, 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 and six months ended April 30,
2007 was $2,462,964 ($0.07 per common share) and $3,905,662 ($0.11 per
common share), respectively, 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.
(c) 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 (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 (overdistributed) income balance will remain
constant. Inclusive of amounts earned under swap agreements, in
accordance with federal income tax treatment.
(d) Calculated using the accumulated balance at April 30, 2008.
(e) Calculated using the average fiscal year-to-date month-end balances
for the three months ended April 30, 2007.
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.