NEW YORK, Sept. 12, 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 ended June 30, 2006.
At June 30, 2006 At June 30, 2005
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Net Assets (a) $2,561,504,356 $2,649,703,705
Common Shares
Outstanding 114,721,793 114,263,164
Net Asset Value
("NAV") $14.48 $15.31
Market Price $15.02 $14.74
Premium (Discount)
to NAV 3.73% (3.72)%
Quarter ended Quarter ended
June 30, 2006 June 30, 2005
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Net Investment
Income (b) $46,549,158 $47,264,381
Per Common Share (b) $0.41 $0.41
Net Realized and
Change in Unrealized
Gain (Loss)(b) $(55,900,464) $34,351,938
Per Common Share (b) $(0.49) $0.30
3 Month Average
Undistributed
(Overdistributed) Net
Investment Income Per
Common Share (c) $(0.001) $(0.006)
(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 ended June 30, 2006 was
$3,962,377 ($0.035 per common share) lower (and Net Realized
and Change in Unrealized Loss correspondingly lower) than those
figures would be 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 ended June
30, 2005 was $4,216,045 ($0.037 per common share) lower (and Net
Realized and Change in Unrealized Gain correspondingly higher)
than those figures would be if 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 June 30, 2006 and June 30, 2005, 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 Trustees
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.