NEW YORK, April 8, 2009 (GLOBE 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, 2009.
At January 31,
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2009 2008
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Net Assets (a) $581,387,663 $792,785,609
Common Shares Outstanding 36,843,369 36,591,139
Net Asset Value ("NAV") $8.45 $13.47
Market Price $11.39 $15.79
Premium to NAV 34.79% 17.22%
Overdistributed Net Investment
Income Per Common Share (c) $(0.0333) $(0.0044)
Quarter ended January 31,
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2009 2008
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Net Investment Income (b) $13,326,411 $12,016,101
Per Common Share (b) $0.36 $0.33
Net Realized and Change in Unrealized
Loss (b) $(1,681,667) $(7,051,917)
Per Common Share (b) $(0.05) $(0.19)
(a) Net assets are inclusive of market value of Preferred Shares of
$270 million and $300 million at January 31, 2009 and January 31,
2008. The Fund redeemed $62 million of its Preferred Shares from
March 16, 2009 through March 20, 2009 and respectively $39 million of
its Preferred Shares from March 30, 2009 through April 3, 2009.
(b) The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires the Fund to treat
amounts accrued 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, 2009 was $1,482,381 ($0.04
per common share), lower (and Net Realized and Change in Unrealized
Loss correspondingly 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, 2008 was $3,322,139 ($0.09
per common share), lower (and Net Realized and Change in Unrealized
Loss correspondingly 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 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 overdistributed income balance will remain constant. In
accordance with federal income tax treatment, inclusive of amounts
accrued under swap agreements. Inclusive of net realized losses from
foreign currency transactions of $0.05 per common share at January
31, 2009.
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. There can be no assurance that the Fund will meet its objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents, as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.