PIMCO High Income Fund (Fund) is a diversified, closed-end management investment company. The primary investment objective of Fund is to seek high current income. Capital appreciation is a secondary objective. The Fund normally attempts to achieve these objectives by investing at least 50% of its net assets in debt securities that are, at the time of purchase, rated below investment grade, and which may be represented by forward contracts or derivatives such as options, futures contracts or swap agreements. The Fund�s investments in index and other derivative instruments are backed by an actively-managed debt portfolio that will have a low-to-intermediate average portfolio duration, ranging from one year to a duration that is two years above the duration of the Barclays Capital U.S. Aggregate Index. The Fund�s investment manager is Allianz Global Investors Fund Management LLC, which is an indirect, wholly owned subsidiary of Allianz Asset Management of America L.P. (AAM).