PIMCO Floating Rate Strategy Fund Pfd Shares Rated 'AAA' by Fitch.
The PIMCO Floating Rate Strategy Fund (NYSE: PFN) is a closed-end management investment company, which invests principally in floating rate debt or securities with a duration of one year or less. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow funds through the issuance of debt and preferred stock. Under the 1940 Act, closed-end funds may borrow up to 50% of the fund's value through preferred share issuance. The fund's total leverage from the issuance of preferred shares is approximately 38% of its total assets and it has no outstanding debt.
PA Fund Management LLC (PAFM), formerly PIMCO Funds Advisors LLC, an indirect, majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P., serves as the Funds investment manager and is a member of Munich-based Allianz Group (NYSE - AZ). Allianz is a leading global financial services company. The sub-adviser to the fund, Pacific Investment Management Company LLC (PIMCO), a subsidiary of PAFM is responsible for managing the Fund's portfolio investments on a daily basis. As of September 30, 2004, Allianz Global Investors of America L.P. and its subsidiaries, including PIMCO, had approximately $502 billion in assets under management.
The preferred shares issued on Dec. 20, 2004 are comprised of 3,840 shares of each series, raising an additional $480,000,000 for the fund (before payment of sales load and estimated offering costs).
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|Date:||Dec 21, 2004|
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