NEW YORK, Dec. 30, 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 ended October 31, 2005.
At October 31, 2005 At October 31, 2004
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Net Assets (a) $557,887,113 $562,591,117
Common Shares
Outstanding 18,024,012 17,930,645
Net Asset Value
("NAV") $19.30 $19.66
Market Price $18.23 $20.92
Premium
(Discount) to
NAV (5.54)% 6.41%
(a) Net assets are inclusive of $210 million Preferred Shares
issuance.
Quarter ended Quarter ended
October 31, 2005 October 31, 2004
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Net Investment
Income $8,022,680 (b) $5,643,766
Per Common
Share $0.45 (b) $0.31
Net Realized
and Change in
Unrealized Gain
(Loss) $(3,592,862) (b) $5,146,405
Per Common
Share $(0.20) (b) $0.28
3 Month Average
Undistributed
Net Investment
Income Per
Common Share $0.0707 (c) N/A
(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 ended October
31, 2005 was, $912,244 ($0.05 per common share) lower (and Net
Realized and Change in Unrealized Gain (Loss) 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 October 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.