NEW YORK, Feb. 7, 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 ended November 30, 2005.
At November 30, 2005
Net Assets (a) $1,259,833,647
Common Shares Outstanding 41,582,884
Net Asset Value ("NAV") $18.75
Market Price $17.67
Discount to NAV (5.76)%
Quarter ended
November 30, 2005
Net Investment Income $16,282,288 (b)
Per Common Share $0.39 (b)
Net Realized and Change in
Unrealized Loss $(6,473,964)(b)
Per Common Share $(0.16)(b)
3 Month Average Overdistributed
Net Investment Income Per
Common Share (0.0362)(c)
(a) Net assets are inclusive of $480 million Preferred Shares
issuance.
(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 quarter ended November 30, 2005 was
$4,019,422 ($0.10 per common share) lower and the Net Realized
and Change in Unrealized Loss correspondingly lower than those
figures would be if the swap amounts were treated as net income
(loss) in accordance with federal income tax treatment.
(c) Calculated using the month-end balances for the three months ended
November 30, 2005. 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 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 net investment income balance will
remain constant. Inclusive of amounts accrued under swap
agreements, in accordance with federal income tax treatment.
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 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.