NEW YORK, Sept. 10, 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 ended June 30, 2007.
At June 30, 2007 At June 30, 2006
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Net Assets (a) $2,597,091,675 $2,561,504,356
Common Shares Outstanding 115,805,101 114,721,793
Net Asset Value ("NAV") $14.65 $14.48
Market Price $15.44 $15.02
Premium to NAV 5.39% 3.73%
Quarter ended Quarter ended
June 30, 2007 June 30, 2006
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Net Investment Income (b) $50,379,888 $46,549,158
Per Common Share (b) $0.44 $0.41
Net Realized and Change
in Unrealized Loss (b) $(58,196,386) $(55,900,464)
Per Common Share (b) $(0.50) $(0.49)
Undistributed (Overdistributed)
Net Investment Income Per
Common Share (e) $0.0210(c) $(0.0010)(d)
(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 ended June 30, 2007 was
$5,834,509 ($0.05 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 in
accordance with federal income tax treatment. By using GAAP, Net
Investment Income for the fiscal quarter ended June 30, 2006 was
$4,216,045 ($0.037 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 in
accordance with federal income tax treatment.
(c) Calculated using the accumulated balance at June 30, 2007.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended June 30, 2006.
(e) 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 Fund's 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 (overdistributed) 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.