NEW YORK, June 27, 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(a) $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%
(a) 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 $11,875,569
Per Common Share $0.26 $0.33
Net Realized and Unrealized Loss $(15,404,326) $(19,698,323)
Per Common Share $(0.43) $(0.55)
3 Month Average Undistributed
Net Investment Income Per Common
Share(b) $0.0620 N/A
(b) 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 $25,093,880
Per Common Share $0.64 $0.70
Net Realized and Unrealized Loss $(15,742,916) $(780,135)
Per Common Share $(0.44) $(0.02)
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 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.