NEW YORK, April 2, 2007 (PRIME NEWSWIRE) -- 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, 2007.
At January 31, At January 31,
2007 2006
-------------- --------------
Net Assets (a) $561,027,723 $558,124,627
Common Shares Outstanding 18,143,895 18,024,012
Net Asset Value ("NAV") $19.35 $19.31
Market Price $20.78 $18.60
Premium (Discount) to NAV 7.39% (3.68)%
Quarter ended Quarter ended
January 31, 2007 January 31, 2006
---------------- ----------------
Net Investment Income (b) $9,906,126 $8,456,262
Per Common Share (b) $0.55 $0.47
Net Realized and Change in
Unrealized Gain (Loss) (b) $7,835,588 $2,406,135
Per Common Share (b) $0.43 $0.13
3 Month Average Accumulated
Undistributed (Overdistributed)
Net Investment Income Per
Common Share (c) $(0.0093) $0.0862
Six Months Six Months
ended ended
January 31, 2007 January 31, 2006
---------------- ----------------
Net Investment Income (b) $19,619,962 $16,478,942
Per Common Share (b) $1.08 $0.92
Net Realized and Change in
Unrealized Gain (Loss) (b) $9,968,372 $(1,186,727)
Per Common Share (b) $0.55 $(0.07)
(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 six months ended
January 31, 2007 was $1,023,948 ($0.06 per common share) and
$1,807,327 ($0.10 per common share) lower, respectively (and Net
Realized and Change in Unrealized Gain (Loss) correspondingly
higher (lower)) than those figures would have been if the swap
amounts were treated as net income (loss) in accordance with
federal income tax treatment. By using GAAP, Net Investment
Income for the fiscal quarter and six months ended January 31,
2006 was $642,322 ($0.04 per common share) and $1,554,566 ($0.09
per common share) lower, respectively (and Net Realized and
Change in Unrealized Gain (Loss) correspondingly higher (lower))
than those figures would have been if swap amounts were treated
as net income (loss) in accordance with federal income tax
treatment.
(c) Calculated using the estimated accumulated month-end balances
for the three months ended January 31, 2007 and January 31, 2006,
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 (overdistributed) 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
(overdistributed) 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.