NEW YORK, Aug. 17, 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 ended June 30, 2005.
At June 30
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2005 2004
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Net Assets(a) $2,649,703,705 $2,589,984,815
Common Shares
Outstanding 114,263,164 114,263,164
Net Asset Value
("NAV") $15.31 $14.79
Market Price $14.74 $13.73
Discount to NAV (3.72)% (7.17)%
(a) Net assets are inclusive of $900 million Preferred shares
issuance.
Quarter ended June 30
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2005 2004
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Net Investment Income $47,264,381 (b) $47,606,001
Per Common Share $0.41 (b) $0.42
Net Realized and Change
in Unrealized Gain (Loss) $34,351,938 (b) $(78,128,702)
Per Common Share $0.30 (b) $(0.68)
3 Month Average
Overdistribution of
Net Investment Income
Per Common Share(c) $(0.006) N/A
(b)The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires the Fund to treat
amounts received by the Fund 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 three months ended June 30, 2005 was
$4,216,045 ($0.037 per common share) lower (and the Net Realized
and Unrealized Gain 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
June 30, 2005. Inclusive of $4,216,045 ($0.037 per common share)
of payment received by the Fund under swap agreements. 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 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.
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 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.