8-30-13 4:00 PM EDT | Email Article

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, 2013.

   

At June 30,

2013

2012

Net Assets (a) $1,310,785,222 $1,245,979,476
Common Shares Outstanding 123,259,161 122,234,673
Net Asset Value ("NAV") $8.27 $7.80
Market Price $11.71 $13.54
Premium to NAV 41.60% 73.59%
Undistributed (Overdistributed) Net Investment
Income per Common Share (c) $(0.0847) $0.0012
 

Quarter ended June 30,

2013

2012

Net Investment Income (b) $13,203,197 $29,327,889
Per Common Share (b) $0.11 $0.24
Net Realized and Change in Unrealized Gain (Loss) (b) $(16,279,960) $6,106,716
Per Common Share (b) $(0.12) $0.05

(a)

 

Net assets are inclusive of Preferred Shares of $292 million.

 

(b)

The information provided is in accordance with Generally Accepted Accounting Principles ("GAAP"), which requires the Fund to treat amounts accrued by the Fund under swap agreements as net realized and unrealized gain (loss). However, these amounts are treated as net investment income (loss) for federal income tax purposes. By using GAAP, Net Investment Income for the fiscal quarter ended June 30, 2013 was $24,722,250 ($0.20 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 investment income in accordance with federal income tax treatment. By using GAAP, Net Investment Income for the fiscal quarter and year ended June 30, 2012 was $11,205,185 ($0.09 per common share) lower and Net Realized and Change in Unrealized Gain correspondingly higher than those figures would have been if swap amounts were treated as net investment income.

 

(c)

Since the Fund’s net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund's undistributed (overdistributed) 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 monthly dividend rate will remain at its current level or that the undistributed net investment income balance, if any, will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The undistributed (overdistributed) net investment income balance is inclusive of swap income (loss), paydown gains and net gain (loss) from foreign currency transactions in accordance with federal income tax treatment of these items.

 

Allianz Global Investors Fund Management LLC ("AGIFM"), an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group. Pacific Investment Management Company LLC, an AGIFM affiliate, serves as the Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing market price, NAV, as well as other information, is available at us.allianzgi.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 254-5197.

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. There can be no assurance that the Fund will meet its stated objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, by-laws and other governing documents, as well as the professional adviser.

For Information on PIMCO Closed-End Funds:
Financial Advisors: 800-628-1237
Shareholders: 800-254-5197
Media Relations: 212-739-3501

Copyright Business Wire 2013
Add a Comment

News   More...

Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - 2013/8/30 - PIMCO High Income Fund Reports Results for the Fiscal Quarter Ended June 30, 2013
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: PIMCO High Income Fund Reports Results for the Fiscal Quarter and Six Months Ended September 30, 2013  |  Next: Pimco Hires Maisonneuve as Managing Director, Head of Equities Portfolio Management