NEW YORK, April 9, 2009 (GLOBE NEWSWIRE) -- NEW YORK, April 9, 2009 -- 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, 2009.
At January 31,
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2009 2008
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Net Assets (a) $248,946,434 $497,309,576
Common Shares Outstanding 18,307,756 18,235,492
Net Asset Value ("NAV") $7.21 $15.76
Market Price $8.65 $16.38
Premium to NAV 19.97% 3.93%
Undistributed Net Investment
Income Per Common Share (c) $0.6626 $0.0463
Quarter ended January 31,
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2009 2008
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Net Investment Income (b) $7,736,183 $9,285,960
Per Common Share (b) $0.43 $0.51
Net Realized and Change in
Unrealized Loss (b) $(34,402,998) $(33,509,540)
Per Common Share (b) $(1.88) $(1.83)
Six Months ended January 31,
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2009 2008
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Net Investment Income (b) $14,851,560 $18,590,758
Per Common Share (b) $0.82 $1.02
Net Realized and Change in
Unrealized Loss (b) $(134,726,415) $(21,229,344)
Per Common Share (b) $(7.37) $(1.16)
(a) Net assets are inclusive of market value of Preferred Shares of
$117 million and $210 million at January 31, 2009 and January 31,
2008, respectively. The Fund redeemed $23,025,000 million of its
Preferred Shares from March 18, 2009 through March 20, 2009 and
$15 million of its Preferred Shares from April 1, 2009 to
April 3, 2009.
(b) The information provided is in accordance with generally accepted
accounting principals ("GAAP"), which requires the Fund to treat
amounts accrued under swap agreements as net realized and
unrealized 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, 2009 was $1,045,196 ($0.05 per common share) and
$1,502,122 ($0.08 per common share) lower, respectively (and Net
Realized and Change in Unrealized Loss correspondingly lower)
than those figures would have been if swap amounts were treated
as net income in accordance with federal income tax treatment. By
using GAAP, Net Investment Income for the fiscal quarter and six
months ended January 31, 2008 was $1,733,443 ($0.10 per common
share) and $3,428,185 ($0.19 per common share) lower,
respectively (and Net Realized and Change in Unrealized Loss
correspondingly lower) than those figures would have been if swap
amounts were treated as net income in accordance with federal
income tax treatment.
(c) 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, there will be periods when the Fund may 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 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 net investment income balance will remain constant.
In accordance with federal income tax treatment, inclusive of
amounts accrued under swap agreements. Inclusive of net realized
gains from foreign currency transactions of $0.59 per common
share at January 31, 2009.
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 http:\\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. There can be no assurance that the Fund will meet its objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.