NEW YORK, June 2, 2006 (PRIMEZONE) -- 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, 2006.
At March 31, 2006 At March 31, 2005
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Net Assets (a) $2,620,102,627 $2,616,258,978
Common Shares
Outstanding 114,495,332 114,263,164
Net Asset Value
("NAV") $15.02 $15.02
Market Price $15.07 $14.08
Premium (Discount)
to NAV 0.33% (6.26)%
Quarter ended Quarter ended
March 31, 2006 March 31, 2005
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Net Investment Income $48,515,102 (b) $43,422,812
Per Common Share $0.43 (b) $0.39
Net Realized and
Change in Unrealized
Gain (Loss) $25,267,618 (b) $(79,252,216)
Per Common Share $0.21 (b) $(0.70)
3 Month Average
Undistributed
(Overdistributed)
Net Investment
Income Per
Common Share (c) $0.004 $(0.003)
Year ended Year ended
March 31, 2006 March 31, 2005
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Net Investment
Income $189,307,177 (b) $187,853,199
Per Share $1.66 (b) $1.65
Net Realized and
Change in
Unrealized Gain $15,664,537 (b) $4,427,147
Per Share $0.13 (b) $0.03
(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 fiscal 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 (Loss) correspondingly higher) than those figures would be if the swap amounts were treated as net income (loss) in accordance with federal income tax treatment.
(c) Calculated using the month-end balances for the three months ended March 31, 2006. 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 (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) net investment income balance will remain constant. Inclusive of amounts received 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.