PIMCO Income Strategy Fund II Reports Results for the Fiscal Quarter and Six Months Ended January 31, 2013
March 27 2013 - 4:00PM
Business Wire
PIMCO Income Strategy Fund II (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 six months
ended January 31, 2013.
At January 31,
2013 2012 Net Assets (a)
$786,488,400 $709,863,759 Common Shares Outstanding 58,738,320
58,307,433 Net Asset Value ("NAV") $10.65 $9.41 Market Price $11.52
$9.93 Premium to NAV 8.17% 5.53% Undistributed (Overdistributed)
Net Investment Income Per Common Share (c) $(0.0503) $0.2840
Quarter ended January 31,
2013 2012 Net Investment Income (b)
$15,694,895 $15,907,976 Per Common Share (b) $0.27 $0.27 Net
Realized and Change in Unrealized Gain (b) $14,274,365 $1,038,160
Per Common Share (b) $0.24 $0.01
Six Months
ended January 31, 2013 2012 Net
Investment Income (b) $29,074,811 $30,756,881 Per Common Share (b)
$0.50 $0.53 Net Realized and Change in Unrealized Gain (Loss) (b)
$53,927,420 $(43,358,334) Per Common Share (b) $0.92 $(0.75)
(a)
Net assets are inclusive of Preferred
Shares of $161 million.
(b)
The information provided is in accordance
with Generally Accepted Accounting Principles ("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 investment income (loss) for
federal income tax purposes. By using GAAP, Net Investment Income
for the fiscal quarter and six months ended January 31, 2013 was
$1,932,521 ($0.03 per common share) and $3,462,647 ($0.06 per
common share) lower, respectively, and Net Realized and Change in
Unrealized Gain correspondingly higher than those figures would
have been if swap amounts were treated as net investment income.
The Fund did not engage in swap transactions during the fiscal
quarter and six months ended January 31,2012.
(c)
Since the Fund’s net earning rates
fluctuate from month to month, there will be periods when the Fund
may over-earn or under-earn its monthly dividend rate. This
fluctuation will 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 monthly dividend rate will remain at its current levels or that
the undistributed net investment income balance, if any, will be
sufficient to cover any shortfall in earnings to meet the current
dividend rate. The undistributed (overdistributed) net investment
income balance is inclusive of swap income (or loss), paydown gains
and net gain (or loss) from foreign currency transactions in
accordance with federal income tax treatment of these items.
Allianz Global Investors Fund Management LLC ("AGIFM"), an
indirect, wholly-owned subsidiary of Allianz Asset Management of
America L.P., serves as the Fund's investment manager and is a
member of Munich-based Allianz Group. Pacific Investment Management
Company LLC, an AGIFM affiliate, serves as the Fund's
sub-adviser.
The Fund's daily New York Stock Exchange closing market price,
NAV, as well as other information, are available at
http://www.us.allianzgi.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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