NEW YORK, June 22, 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 nine months ended April 30, 2005.
At April 30, 2005 At April 30, 2004
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Net Assets* $557,283,595 $554,548,653
Common Shares
Outstanding 18,013,174 17,855,309
Net Asset Value ("NAV") $19.28 $19.30
Market Price $19.85 $20.20
Premium to NAV 2.96% 4.66%
* Net assets are inclusive of $210 million Preferred Shares issuance.
Quarter ended Quarter ended
April 30, 2005 April 30, 2004
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Net Investment
Income $9,186,447 $5,984,776
Per Common Share $0.51 $0.33
Net Realized and
Unrealized Loss $(9,790,910) $(3,354,918)
Per Common Share $(0.55) $(0.19)
3 Month Average
Undistributed
Net Investment Income
Per Common Share** $0.0165 N/A
** Calculated using the month-end balances for the three months ended April 30, 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 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.
Nine months
ended
April 30, 2005
Net Investment Income $20,147,380
Per Common Share $1.12
Net Realized and Unrealized Loss $(546,549)
Per Common Share $(0.03)
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 www.allianzinvestors.com/closedendfunds or by calling the Fund's transfer agent at 1-800-331-1710.
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.