PIMCO Floating Rate Income Fund Reports Results for the Fiscal Quarter and Six Months Ended January 31, 2009


NEW YORK, April 9, 2009 (GLOBE NEWSWIRE) -- NEW YORK, April 9, 2009 -- 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 and six months ended January 31, 2009.



                                              At January 31,
                                              --------------
                                        2009                  2008
                                        ----                  ----
 Net Assets (a)                      $248,946,434         $497,309,576
 Common Shares Outstanding             18,307,756           18,235,492
 Net Asset Value ("NAV")                    $7.21               $15.76
 Market Price                               $8.65               $16.38
 Premium to NAV                            19.97%                3.93%
 Undistributed Net Investment
   Income Per Common Share (c)            $0.6626              $0.0463


                                         Quarter ended January 31,
                                         -------------------------
                                        2009                  2008
                                        ----                  ----
 Net Investment Income (b)             $7,736,183           $9,285,960
 Per Common Share (b)                       $0.43                $0.51
 Net Realized and Change in
  Unrealized Loss (b)                $(34,402,998)        $(33,509,540)
 Per Common Share (b)                      $(1.88)              $(1.83)


                                       Six Months ended January 31,
                                       ----------------------------
                                        2009                  2008
                                        ----                  ----
 Net Investment Income (b)            $14,851,560          $18,590,758
 Per Common Share (b)                       $0.82                $1.02
 Net Realized and Change in
  Unrealized Loss (b)               $(134,726,415)        $(21,229,344)
 Per Common Share (b)                      $(7.37)              $(1.16)


 (a) Net assets are inclusive of market value of Preferred Shares of
     $117 million and $210 million at January 31, 2009 and January 31,
     2008, respectively. The Fund redeemed $23,025,000 million of its
     Preferred Shares from March 18, 2009 through March 20, 2009 and
     $15 million of its Preferred Shares from April 1, 2009 to
     April 3, 2009.

 (b) The information provided is in accordance with generally accepted
     accounting principals ("GAAP"), which requires the Fund to treat
     amounts accrued under swap agreements as net realized and
     unrealized 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 quarter and six months ended
     January 31, 2009 was $1,045,196 ($0.05 per common share) and
     $1,502,122 ($0.08 per common share) lower, respectively (and Net
     Realized and Change in Unrealized Loss correspondingly lower)
     than those figures would have been if swap amounts were treated
     as net income in accordance with federal income tax treatment. By
     using GAAP, Net Investment Income for the fiscal quarter and six
     months ended January 31, 2008 was $1,733,443 ($0.10 per common
     share) and $3,428,185 ($0.19 per common share) lower,
     respectively (and Net Realized and Change in Unrealized Loss
     correspondingly lower) than those figures would have been if swap
     amounts were treated as net income 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, 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 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 net investment income balance will remain constant.
     In accordance with federal income tax treatment, inclusive of
     amounts accrued under swap agreements. Inclusive of net realized
     gains from foreign currency transactions of $0.59 per common
     share at January 31, 2009.

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, weekly 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. There can be no assurance that the Fund will meet its objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.



            

Mot-clé


Coordonnées