NEW YORK, Jan. 4, 2007 (PRIME NEWSWIRE) -- 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 October 31, 2006(a).
At October 31, 2006
-------------------
Net Assets (b) $1,266,300,099
Common Shares Outstanding 41,897,353
Net Asset Value ("NAV") $18.77
Market Price $18.80
Premium to NAV 0.16%
Quarter ended
October 31, 2006
----------------
Net Investment Income $21,766,178(c)
Per Common Share $0.52(c)
Net Realized and Change in Unrealized Gain $2,796,489(c)
Per Common Share $0.07(c)
3 Month Average Accumulated Overdistributed
Net Investment Income Per Common Share $(0.0389)(d)
(a) In December 2005, the Fund changed its fiscal year-end from
August 31 to July 31. Accordingly, the fiscal quarter ended
October 31, 2006 is being reported and prior period 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 ended October 31,
2006 was $1,799,011 ($0.04 per common share) lower and Net
Realized and Change in Unrealized Gain correspondingly higher
than those figures would have been if swap amounts were treated
as net income (loss) in accordance with federal income tax
treatment.
(d) Calculated using the accumulated month-end balances for the
three months ended October 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.
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.