NEW YORK, Aug. 1, 2005 (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 period ended May 31, 2005.
At May 31, 2005
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Net Assets (a) $1,256,588,432
Common Shares Outstanding 41,582,884
Net Asset Value ("NAV") $18.68
Market Price $17.78
Discount to NAV (4.82)%
(a) Net assets are inclusive of $480 million
Preferred Shares issuance.
Quarter ended May 31, 2005
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Net Investment Income $12,788,674 (b)
Per Common Share $0.31 (b)
Net Realized and Unrealized Loss $(15,781,212)(b)
Per Common Share $(0.37)(b)
For the period
October 29, 2004(c)
through May 31, 2005
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Net Investment Income $22,341,510 (b)
Per Common Share $0.54 (b)
Net Realized and Unrealized Loss $(2,989,733)(b)
Per Common Share $(0.07)(b)
(b) 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 three and six months ended May 31,
2005 was, respectively $3,224,930 ($0.08 per common share) and
$6,067,544 ($0.15 per common share) lower (and the Net Realized
and Unrealized Loss correspondingly higher) than those figures
would be if the swap amounts were treated as net income (loss) in
accordance with federal income tax treatment.
(c) Commencement of operations
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, net asset value per share as well as other information is available at www.allianzinvestors.com/closedendfunds or by calling the Fund's transfer agent at 1-800-331-1710.
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.