NEW YORK, Jan. 4, 2007 (PRIME NEWSWIRE) -- PIMCO Floating Rate Income Fund (the "Fund") (NYSE:PFL), a closed-end management investment company which seeks high current income consistent with the preservation of capital, today announced its results for the fiscal quarter ended October 31, 2006.
At October 31,
--------------
2006 2005
---- ----
Net Assets (a) $557,518,939 $557,887,113
Common Shares Outstanding 18,096,931 18,024,012
Net Asset Value ("NAV") $19.20 $19.30
Market Price $19.86 $18.23
Premium (Discount) to NAV 3.44% (5.54)%
Quarter ended October 31,
-------------------------
2006 2005
---- ----
Net Investment Income (b) $9,713,836 $8,022,680
Per Common Share (b) $0.53 $0.45
Net Realized and Change in
Unrealized Gain (Loss) (b) $2,132,784 $(3,592,862)
Per Common Share (b) $0.12 $(0.20)
3 Month Average Accumulated
Undistributed (Overdistributed)
Net Investment Income Per
Common Share (c) $(0.0071) $0.0707
(a) Net assets are inclusive of market value of Preferred shares of
$210 million.
(b) The information provided is in accordance with generally accepted
accounting principals ("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 fiscal quarters ended
October 31, 2006 and October 31, 2005 was $783,379 ($0.04 per
common share) and $912,244 ($0.05 per common share),
respectively, lower (and Net Realized and Change in Unrealized
Gain (Loss) correspondingly higher (lower)) than those figures
would have been if the swap amounts were treated as net income
(loss) in accordance with federal income tax treatment.
(c) Calculated using the accumulated month-end balances for the three
months ended October 31, 2006 and October 31, 2005, respectively.
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
(overdistributed) net investment income balance. Fund Management
analyzes the Fund's current and projected net earnings 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 (overdistributed) net
investment income 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 investment adviser.
The Fund's daily New York Stock Exchange closing price, weekly net asset value per share, as well as other information, is available at 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.