Allianz Global Investors Fund Management LLC (“AGIFM”), investment manager to PIMCO Floating Rate Income Fund (NYSE:PFL) (the “Fund”) announced that, effective November 27, 2009, an investment policy of the Fund regarding minimum investment in floating rate assets will be revised to provide that, under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of floating rate debt instruments, a substantial portion of which will be senior floating rate loans, securities with durations of less than or equal to one year, and fixed rate securities with respect to which the Fund has entered into derivative instruments to effectively convert the fixed rate interest payments into floating rate interest payments (collectively, “floating rate assets”).
The Board of Trustees approved the change based on a recommendation from AGIFM and the Fund’s sub-adviser, Pacific Investment Management Company LLC (“PIMCO”), as being in the best interests of the Fund and the Fund’s shareholders.
The change in investment policy aligns the Fund's policies regarding minimum investment in floating rate assets with those of the PIMCO Floating Rate Strategy Fund (PFN).
The Fund’s investment objective is to seek high current income, consistent with the preservation of capital. There can be no assurance that the Fund will achieve its stated objective.
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).PIMCO, an Allianz Global Investors Fund Management affiliate, serves as the Fund’s sub-adviser.
The Fund’s daily New York Stock Exchange closing prices and net asset values per share are available by calling the Fund’s shareholder servicing agent at (800) 254-5197. This information, as well as updated portfolio statistics and performance, is available at http://www.allianzinvestors.com.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from further declines in the securities markets and in the Fund’s performance, a general downturn in the economy, inability to obtain leverage to replace ARPS that have been redeemed, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Fund’s ability to maintain leverage and to pay dividends to common shareholders is subject to the restrictions in its registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940.
Contacts:
For Information on PIMCO Closed-end
Funds:
Financial Advisors: 800-628-1237
Shareholders:
800-285-4086
Media Relations: 212-739-3501
