PIMCO Income Strategy Fund II
PFN
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- PIMCO Income Strategy Fund II (PFN) is a closed-end fixed income mutual fund that seeks high current income, consistent with the preservation of capital, through a dynamic asset allocation strategy focused on duration management, credit quality analysis, risk management techniques, and broad diversification among issuers, industries, and sectors. Launched on June 30, 2004, and domiciled in the United States with headquarters at 650 Newport Center Drive, Newport Beach, California, the fund is managed by Allianz Global Investors Fund Management LLC and co-managed by Pacific Investment Management Company LLC (PIMCO). It primarily invests in the U.S. fixed income markets, including floating-rate debt instruments such as high-yield senior floating-rate loans, corporate debt, asset- and mortgage-backed securities, emerging market debt, treasuries, and other income-producing instruments; the fund employs fundamental analysis with a top-down approach, in-house research, leverage, and derivatives to enhance yield, manage duration risk, and capitalize on market dislocations, interest rate shifts, credit spreads, and global economic conditions. The fund trades on the New York Stock Exchange under the ticker PFN and was formerly known as PIMCO Floating Rate Strategy Fund. In recent developments, as of March 2025, PFN significantly reduced its leverage from 23% to 7.7% and shifted its portfolio toward mortgages, treasuries, and emerging market bonds while cutting high-yield exposure to 19%, adopting a conservative stance ahead of potential economic downturns to limit drawdowns and maintain a premium to net asset value. In 2024, the fund participated in a tender offer initiative alongside other PIMCO closed-end funds, authorizing the repurchase of up to 100% of its outstanding preferred shares at 94.25% of liquidation preference to optimize its capital structure. Portfolio managers Alfred T. Murata, Giang Bui, and Mohit Mittal continue to oversee operations, with recent SEC filings including monthly portfolio reports and proxy statements through May 2025 reflecting ongoing compliance and transparency.