PIMCO Income Strategy Fund II Reports Results for the Fiscal Quarter and Six Months Ended January 31, 2014
March 31 2014 - 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, 2014.
At January
31,
2014
2013
Net Assets (a) $781,010,363 $786,488,400 Common Shares Outstanding
58,961,933 58,738,320 Net Asset Value ("NAV") $10.52 $10.65 Market
Price $10.22 $11.52 Premium (Discount) to NAV (2.85 )% 8.17 %
Overdistributed Net Investment Income Per Common Share (c) $(0.2143
) $(0.0503 )
Quarter ended
January 31,
2014
2013
Net Investment Income (b) $10,472,950 $15,694,895 Per Common Share
(b) $0.18 $0.27 Net Realized and Change in Unrealized Gain (b)
$16,773,647 $14,274,365 Per Common Share (b) $0.29 $0.24
Six Months ended
January 31,
2014
2013
Net Investment Income (b) $22,470,957 $29,074,811 Per Common Share
(b) $0.38 $0.50 Net Realized and Change in Unrealized Gain (b)
$20,289,121 $53,927,420 Per Common Share (b) $0.35 $0.92
(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, 2014 was $6,831,583 ($0.11
per common share) and $11,277,853 ($0.19 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. 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.
(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
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
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
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.
For Information on PIMCO Closed-End Funds:Financial
Advisors: (800) 628-1237Shareholders: (800) 254-5197Media
Relations: (212) 739-3501
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