NEW YORK, Oct. 11, 2005 (PRIMEZONE) -- 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 year ended July 31, 2005.
At July 31, 2005 At July 31, 2004
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Net Assets (a) $561,708,089 $556,748,959
Common Shares Outstanding 18,024,012 17,893,774
Net Asset Value ("NAV") $19.51 $19.38
Market Price $18.75 $20.47
Premium (Discount) to NAV (3.90)% 5.62%
(a) Net assets are inclusive of $210 million Preferred Shares
issuance.
Quarter ended Quarter ended
July 31, 2005 July 31, 2004
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Net Investment Income $7,222,828 (b) $2,442,579
Per Common Share $0.40 (b) $0.13
Net Realized and Change
in Unrealized Gain $4,584,769 (b) $4,021,117
Per Common Share $0.25 (b) $0.23
3 Month Average
Undistributed Net
Investment Income
Per Common Share (c) $0.0483 N/A
Year ended
July 31, 2005
Net Investment Income $24,363,961 (b)
Per Common Share $1.36
Net Realized and Change
in Unrealized Gain $7,044,467 (b)
Per Common Share $0.39
(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 quarter and year ended July 31,
2005 was, respectively $1,062,121 ($0.06 per common share) and
$4,068,368 ($0.23 per common share) lower (and the Net Realized
and Change in Unrealized Gain correspondingly higher) than those
figures would be if the swap amounts were treated as net income
(loss) in accordance with federal income tax treatment.
(c) Calculated using the month-end balances for the three months
ended July 31, 2005. 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
earning 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 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 transfer 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.