PIMCO Floating Rate Strategy Fund Reports Results for the Fiscal Quarter and Year Ended July 31, 2009
14 Octobre 2009 - 10:23PM
Business Wire
PIMCO Floating Rate Strategy Fund (the "Fund") (NYSE: PFN), a
diversified 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 year ended
July 31, 2009.
At
July 31,
2009
2008
Net Assets (a) $502,949,264 $1,084,631,669 Common Shares
Outstanding 42,875,265 42,698,659 Net Asset Value ("NAV") $7.98
$14.16 Market Price $7.78 $12.80 Discount to NAV (2.51 )% (9.60 )%
Undistributed (Overdistributed) Net Investment Income Per Common
Share (c) $1.0754 $(0.1153 )
Quarter ended July 31,
2009
2008
Net Investment Income (b) $12,544,441 $16,532,483 Per Common Share
(b) $0.30 $0.39
Net Realized and Change in
Unrealized Gain (Loss) (b)
$83,458,369 $(33,553,776 ) Per Common Share (b) $1.95 $(0.79 )
Year ended July 31,
2009
2008
Net Investment Income (b) $61,443,492 $77,230,711 Per Common Share
(b) $1.44 $1.81 Net Realized and Change in Unrealized Loss (b)
$(273,422,078 ) $(100,742,033 ) Per Common Share (b) $(6.40 )
$(2.37 )
(a) Net assets are inclusive of market value of Preferred Shares
of $161 million and $480 million at July 31, 2009 and July 31,
2008, respectively.
(b) The information provided is in accordance with generally
accepted accounting principals ("GAAP"), which requires the Fund to
treat amounts accrued by the Fund under swap agreements as net
realized and unrealized 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 year
ended July 31, 2009 was $1,747,128 ($0.04 per common share) and
$8,550,235 ($0.20 per common share) lower, respectively and Net
Realized and Change in Unrealized Gain (Loss) correspondingly
higher (lower) than those figures would have been if swap amounts
were treated as net income in accordance with federal income tax
treatment. By using GAAP, Net Investment Income for the fiscal
quarter and year ended July 31, 2008 was $3,958,915 ($0.10 per
common share) and $18,159,152 ($0.43 per common share) lower,
respectively and Net Realized and Change in Unrealized Loss
correspondingly lower than those figures would have been if swap
amounts were treated as net income in accordance with federal
income tax treatment.
(c) Since net earning rates fluctuate from month to month, there
will be periods when the Fund may 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 Fund's
current and projected net earnings 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 accrued under swap
agreements, in accordance with federal income tax treatment.
Inclusive of net realized gains from foreign currency transactions
of $0.65 per common share at July 31, 2009.
Allianz Global Investors Fund Management LLC ("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). Pacific Investment
Management Company LLC, an affiliate of AGIFM, 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) 254-5197.
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. There can
be no assurance that the Fund will meet its stated objective. The
Fund's ability to pay dividends to common shareholders is subject
to the restrictions in its registration statement, By-laws and
other governing documents as well as the Investment Company Act of
1940. In making any investment decision, individuals should utilize
other information sources and the advice of their own professional
adviser.
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