From the FAA's Pilot's Handbook of Aeronautical Knowledge, Chapter 1, comes the following (the bolding is mine):[ QUOTE ]
As speed increases, drag increases, until a point is reached where drag again equals thrust, and the airplane will continue in steady flight at a higher speed. As another example, if power is applied while in level flight, and a climb attitude is established, the force of lift would increase during the time back elevator pressure is applied; but after a steady-state climb is established, the force of lift would be approximately equal to the force of weight. The airplane does not climb because lift is greater than in level flight, but because thrust is greater than drag, and because a component of thrust is developed which acts upward, perpendicular to the flightpath.
[/ QUOTE ] If that thrust component were kept from acting upward, by holding or trimming the nose down, you would get additional speed rather than altitude. Or, you can get additional altitude by exchanging airspeed for altitude; that is, hold or trim the nose up to establish a climb at a slower airspeed. It's your choice whether to use your current or additional thrust to climb or to go faster.