NEW YORK, June 6, 2007 (PRIME NEWSWIRE) -- PIMCO High Income Fund (the "Fund") (NYSE:PHK), a diversified, closed-end management investment company which seeks high current income with capital appreciation as a secondary objective, today announced its results for the fiscal quarter and year ended March 31, 2007.
At March 31, 2007 At March 31, 2006
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Net Assets (a) $2,656,272,802 $2,620,102,627
Common Shares Outstanding 115,589,567 114,495,332
Net Asset Value ("NAV") $15.19 $15.02
Market Price $15.96 $15.07
Premium to NAV 5.07% 0.33%
Quarter ended Quarter ended
March 31, 2007 March 31, 2006
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Net Investment Income (b) $48,500,098 $48,515,102
Per Common Share (b) $0.43 $0.43
Net Realized and Change
in Unrealized Gain (b) $20,166,578 $25,267,618
Per Common Share (b) $0.17 $0.21
3 Month Average
Undistributed Net
Investment Income Per
Common Share (c) $0.0102 $0.0040
Year ended Year ended
March 31, 2007 March 31, 2006
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Net Investment Income (b) $193,219,352 $189,307,177
Per Common Share (b) $1.68 $1.66
Net Realized and Change
in Unrealized Gain (b) $77,583,473 $15,664,537
Per Common Share (b) $0.67 $0.13
(a) Net assets are inclusive of market value of Preferred shares of
$900 million.
(b) The information provided is in accordance with generally
accepted accounting principles ("GAAP"), which requires the Fund
to treat amounts received (paid) 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 quarter and year ended March 31, 2007 was
$3,255,874 ($0.03 per common share) and $18,088,085 ($0.16 per
common share), respectively, lower (and Net Realized and Change in
Unrealized Gain correspondingly higher) 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 quarter and year ended March 31,
2006 was $2,511,650 ($0.02 per common share) and $12,796,266
($0.11 per common share), respectively, lower (and Net Realized
and Change in Unrealized Gain correspondingly higher) than those
figures would have been if swap amounts were treated as net income
(loss) in accordance with federal income tax treatment.
(c) Calculated using the estimated accumulated month-end tax
basis balances for the three months ended March 31, 2007 and
March 31, 2006, respectively. 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
Trustee for declaration. There can be no assurance that the
current dividend rate or the undistributed net investment income
balance will remain constant. Inclusive of amounts earned under
swap agreements, 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 http://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.