NEW YORK, July 12, 2006 (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 nine months ended April 30, 2006.
At April 30, At April 30,
2006 2005
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Net Assets (a) $560,566,420 $557,283,595
Common Shares Outstanding 18,047,096 18,013,174
Net Asset Value ("NAV") $19.43 $19.28
Market Price $18.79 $19.85
Premium (Discount) to NAV (3.29)% 2.96%
Quarter ended Quarter ended
April 30, 2006 April 30, 2005
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Net Investment Income $8,675,637 (b) $9,186,447
Per Common Share $0.47 (b) $0.51
Net Realized and Change
in Unrealized Gain (Loss) $2,395,927 (b) $(9,790,910)
Per Common Share $0.14 (b) $(0.55)
3 Month Average Undistributed
Net Investment
Income Per Common Share (c) $0.0493 $0.0165
Nine Months ended Nine Months ended
April 30, 2006 April 30, 2005
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Net Investment Income $25,154,579 (b) $20,147,380
Per Share $1.39 (b) $1.12
Net Realized and Change in
Unrealized Gain (Loss) $1,209,200 (b) $(546,549)
Per Share $0.07 (b) $(0.03)
(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 quarter and nine months ended
April 30, 2006 was $469,350 ($0.03 per common share) and
$2,023,916 ($0.11 per common share) lower, respectively,
(and Net Realized and Change in Unrealized Gain (Loss)
correspondingly higher (lower) than those figures would
be if 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 April 30, 2006 and April 30, 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
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 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.