NEW YORK, June 9, 2008 (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 and year ended March 31, 2008.
At March 31,
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2008 2007
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Net Assets (a) $2,219,725,728 $2,656,272,802
Common Shares Outstanding 117,007,308 115,589,567
Net Asset Value ("NAV") $11.28 $15.19
Market Price $11.72 $15.96
Premium to NAV 3.90% 5.07%
Quarter ended March 31,
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2008 2007
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Net Investment Income (b) $46,306,309 $48,500,098
Per Common Share (b) $0.40 $0.43
Net Realized and Change in
Unrealized Gain (Loss) (b) $(134,437,859) $20,166,578
Per Common Share (b) $(1.15) $0.17
Undistributed Net Investment
Income Per Common Share (c) $0.0145 (d) $0.0102 (e)
Year ended March 31,
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2008 2007
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Net Investment Income (b) $198,212,253 $193,219,352
Per Common Share (b) $1.71 $1.68
Net Realized and Change in
Unrealized Gain (Loss) (b) $(307,200,453) $77,583,473
Per Common Share (b) $(2.64) $0.67
(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 and year ended March 31, 2008 was
$5,556,737 ($0.05 per common share) and $27,958,496 ($0.24 per
common share) lower, respectively (and Net Realized and Change
in Unrealized Gain (Loss) correspondingly higher (lower)) than
those figures would have been 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
and year ended March 31, 2007 was $3,255,874 ($0.03 per common
share) and $18,088,085 ($0.16 per common share) lower,
respectively (and Net Realized and Change in Unrealized Gain
(Loss) correspondingly higher (lower)) than those figures would
have been if swap amounts treated as net income (loss) in
accordance with federal income tax treatment.
(c) 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 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 Trustee 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.
(d) Calculated using the accumulated balance at March 31, 2008.
(e) Calculated using the average year-to-date month-end balances
for the three months ended March 31, 2007.
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.