NEW YORK, Oct. 10, 2006 (PRIMEZONE) -- PIMCO Floating Rate Strategy Fund (the "Fund") (NYSE:PFN), 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 fiscal period ended July 31, 2006(a).
At July 31, 2006
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Net Assets (b) $1,262,370,931
Common Shares Outstanding 41,713,152
Net Asset Value ("NAV") $18.76
Market Price $18.87
Premium to NAV 0.59%
Quarter ended
July 31, 2006
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Net Investment Income $20,474,419 (c)
Per Common Share $0.49 (c)
Net Realized and Change in Unrealized Loss $(4,745,585)(c)
Per Common Share $(0.12)(c)
3 Month Average Overdistributed
Net Investment Income Per Common Share $(0.0275)(d)
Eleven months ended
July 31, 2006 (a)
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Net Investment Income $68,228,533 (c)
Per Common Share $1.64 (c)
Net Realized and Change in Unrealized Gain $329,983 (c)
Per Common Share $0.00 (c) (e)
(a) In December 2005, the Fund changed its fiscal year-end from
August 31 to July 31. Accordingly, the fiscal quarter and fiscal
year ended July 31, 2006 is being reported and prior periods
comparative information is not included.
(b) Net assets are inclusive of market value of Preferred Shares
outstanding of $480 million.
(c) The information provided is in accordance with generally accepted
accounting principles ("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 fiscal period ended
July 31, 2006 was $3,965,140 ($0.09 per common share) and
$11,685,229 ($0.28 per common share) lower, respectively (and Net
Realized and Change in Unrealized Gain (Loss) correspondingly
higher (lower)) than those figures would be if swap amounts were
treated as net income (loss) in accordance with federal income
tax treatment.
(d) Calculated using the month-end balances for the three months
ended July 31, 2006. 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 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 (overdistributed) net
investment income balance will remain constant. Inclusive of
amounts earned under swap agreements, in accordance with federal
income tax treatment.
(e) Less than $0.01 per share.
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 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.