Pimco Floating Rate Income Fund Reports Results for the Fiscal Quarter and Year Ended July 31, 2009
October 14 2009 - 4:24PM
Business Wire
PIMCO Floating Rate Income Fund (the "Fund") (NYSE: PFL), a
diversified 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 year ended
July 31, 2009.
At
July 31,
2009
2008
Net Assets (a) $244,956,685 $479,140,444 Common Shares Outstanding
18,307,756 18,265,782 Net Asset Value ("NAV") $9.07 $14.73 Market
Price $8.98 $13.98 Discount to NAV (0.99 )% (5.09 )% Undistributed
Net Investment Income Per Common Share (c) $1.3964 $0.1469
Quarter ended July 31,
2009
2008
Net Investment Income (b) $6,184,617 $6,824,695 Per Common Share
(b) $0.34 $0.37 Net Realized and Change in Unrealized Gain (Loss)
(b) $38,807,234 $(12,217,219 ) Per Common Share (b) $2.12 $(0.68 )
Year ended July 31,
2009
2008
Net Investment Income (b) $28,081,101 $33,021,100 Per Common Share
(b) $1.54 $1.81 Net Realized and Change in Unrealized Loss (b)
$(106,285,900 ) $(37,828,573 ) Per Common Share (b) $(5.81 ) $(2.08
) (a) Net assets are inclusive of market value of Preferred
Shares of $78,975,000 and $210,000,000 at July 31, 2009 and July
31, 2008, respectively. (b) The information provided is in
accordance with generally accepted accounting principals ("GAAP"),
which requires the Fund to treat amounts accrued by the Fund 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 year ended July 31, 2009 was $795,936 ($0.04 per
common share) and $3,330,039 ($0.18 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 in accordance with
federal income tax treatment. By using GAAP, Net Investment Income
for the fiscal quarter and year ended July 31, 2008 was $1,518,678
($0.08 per common share) and $8,239,121 ($0.45 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) 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.
Inclusive of amounts accrued under swap agreements, in accordance
with federal income tax treatment. Inclusive of net realized gains
from foreign currency transactions of $0.52 per common share at
July 31, 2009.
Allianz Global Investors Fund Management LLC ("AGIFM"), 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 affiliate of AGIFM, serves as the Fund's
sub-adviser.
The Fund's daily New York Stock Exchange closing price, 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) 254-5197.
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 stated objective. The
Fund's ability to pay dividends to common shareholders is subject
to the restrictions in its registration statement, 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.
Allianz Aktiengesell (NYSE:AZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Allianz Aktiengesell (NYSE:AZ)
Historical Stock Chart
From Apr 2023 to Apr 2024