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Pimco Dynamic Income Fund announces initial public offering of shares
By Toni Weeks
San Diego, March 2 - The Pimco Dynamic Income Fund announced plans for its initial public offering of shares, according to an N-1A filing with the Securities and Exchange Commission.
The fund registered 40,000 shares with the SEC at an offering price of $25.00 each for proceeds of $1 million. There is a greenshoe. The minimum purchase will be 100 shares.
The newly organized fund expects its shares to be listed on the New York Stock Exchange. The ticker symbol has not yet been determined.
The fund seeks current income as a primary objective and capital appreciation as a secondary objective by tapping into a dynamic asset allocation strategy among multiple sectors of the global credit markets, including mortgage-backed and other asset-backed securities, government and sovereign debt, corporate debt, taxable municipal bonds and other income-producing securities of U.S. and foreign issuers, including emerging market issuers. The fund will normally invest at least 25% of its total assets in privately issued mortgage-related and asset-backed securities.
Daniel J. Ivascyn will have primary responsibility for the day-to-day portfolio management of the fund. He joined Pimco in 1998 and has 19 years of investment experience. He previously held positions with Bear Stearns, T. Rowe Price and Fidelity Investments.
Shareholder fees will consist of a 4.5% sales load paid by investors. Management fees and total annual expenses have not yet been disclosed.
New York-based Allianz Global Investors Fund Management LLC serves as investment manager to the fund. Pimco, located in Newport Beach, Calif., is the subadviser.
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