NEW YORK, June 15, 2005 (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, 2005.
At March 31, 2005 At March 31, 2004
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Net Assets(a) $ 2,616,258,978 $ 2,665,101,648
Common Shares Outstanding 114,263,164 114,263,164
Net Asset Value ("NAV") $ 15.02 $ 15.45
Market Price $ 14.08 $ 14.78
Discount to NAV 6.26% 4.34%
(a) Net assets are inclusive of $900 million Preferred
shares issuance.
Quarter ended
March 31, 2005 March 31, 2004
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Net Investment Income $ 43,422,812 $ 42,011,732
Per Common Share $ 0.39 $ 0.37
Net Realized and Unrealized Loss $ (79,252,216) $ (29,524,295)
Per Common Share $ (0.70) $ (0.26)
3 Month Average Undistributed
Net Investment Income Per
Common Share(b) $ (0.003) NA
(b) Calculated using the month-end balances for the three months
ended March 31, 2005. 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 Fund's 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.
Year ended March 31, 2005
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Net Investment Income $187,853,199
Per Share(c) $ 1.65
Net Realized and Unrealized Gain $ 4,427,147
Per Share(c) $ 0.03
(c) Reported in the Fund's Annual Report as $1.67 and $0.01,
respectively, due to a subsequently identified computational
error.
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 www.allianzinvestors.com/closed-endfunds/ or by calling the Fund's transfer agent at 1-800-331-1710.
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.