PIMCO Income Strategy Fund II Reports Results for the Fiscal Quarter and Nine Months Ended April 30, 2014
June 30 2014 - 3:00PM
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
nine months ended April 30, 2014.
At April
30,
2014
2013
Net Assets (a) $799,129,686 $807,798,757 Common Shares Outstanding
58,961,933 58,826,932 Net Asset Value ("NAV") $10.82 $10.99 Market
Price $10.67 $11.61 Premium (Discount) to NAV (1.39)% 5.64%
Undistributed (Overdistributed) Net Investment Income Per Common
Share (c) $(0.1101) $0.0685
Quarter ended April
30,
2014
2013
Net Investment Income (b) $8,776,252 $11,485,154 Per Common Share
(b) $0.15 $0.19 Net Realized and Change in Unrealized Gain (b)
$24,031,819 $23,530,037 Per Common Share (b) $0.40 $0.40
Nine Months ended
April 30,
2014
2013
Net Investment Income (b) $31,247,209 $40,559,965 Per Common Share
(b) $0.53 $0.69 Net Realized and Change in Unrealized Gain (b)
$44,320,940 $77,457,457 Per Common Share (b) $0.75 $1.32
(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 nine months ended April 30, 2014 was
$10,475,589 ($0.18 per common share) and $21,753,442 ($0.37 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 nine
months ended April 30, 2013 was $2,982,746 ($0.05 per common share)
and $6,445,393 ($0.11 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 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 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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