NEW YORK, Nov. 28, 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 six months ended September 30, 2005.
At
September 30, 2005 September 30, 2004
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Net Assets (a) $2,621,304,465 $2,680,089,990
Common Shares Outstanding 114,263,164 114,263,164
Net Asset Value ("NAV") $15.06 $15.58
Market Price $14.90 $14.75
Discount to NAV (1.06)% (5.33)%
(a) Net assets are inclusive of
$900 million Preferred
shares issuance.
Quarter ended Quarter ended
September 30, 2005 September 30, 2004
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Net Investment Income $46,111,920(b) $48,630,163
Per Common Share $0.41(b) $0.42
Net Realized and
Change in Unrealized Gain
(Loss) $(24,376,340)(b) $87,000,276
Per Common Share $(0.22)(b) $0.76
3 Month Average Undistributed
Net Investment Income
Per Common Share (c) $0.006 NA
Six Months ended Six Months ended
September 30, 2005 September 30, 2004
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Net Investment Income $93,376,301(b) $96,236,164
Per Common Share $0.82(b) $0.84
Net Realized and
Change in Unrealized Gain $9,975,598(b) $8,871,574
Per Common Share $0.08(b) $0.08
(b)The information provided is in accordance with generally accepted
accounting principles ("GAAP"), which requires the Fund to treat
amounts received (paid) 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 quarter and six months ended
September 30, 2005 was $3,435,801 ($0.030 per common share) and
$7,651,846 ($0.067 per common share), respectively, lower
(and Net Realized and Change in 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 September 30, 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 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 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 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.