PIMCO Corporate & Income Strategy Fund Reports Results for the Fiscal Quarter Ended January 31, 2014
31 Março 2014 - 5:00PM
Business Wire
PIMCO Corporate & Income Strategy Fund (the "Fund")
(NYSE:PCN), a diversified closed-end management investment company
which seeks to provide high current income with secondary
objectives of capital preservation and appreciation, today
announced its results for the fiscal quarter ended January 31,
2014.
At January
31,
2014
2013
Net Assets (a) $757,935,571 $784,070,619 Common Shares Outstanding
38,326,560 38,034,288 Net Asset Value ("NAV") $15.37 $16.17 Market
Price $16.63 $18.73 Premium to NAV 8.20% 15.83% Undistributed
(Overdistributed) Net Investment Income Per Common Share (c)
$0.1055 $(0.0073)
Quarter ended
January 31,
2014
2013
Net Investment Income (b) $12,442,786 $12,972,266 Per Common Share
(b) $0.33 $0.34 Net Realized and Change in Unrealized Gain (b)
$10,923,561 $18,471,041 Per Common Share (b) $0.29 $0.48
(a) Net assets are inclusive of Preferred Shares of $169
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
quarters ended January 31, 2014 and January 31, 2013 was $5,427,874
($0.14 per common share) and $958,105 ($0.03 per common share)
lower, respectively, and Net Realized and Change in Unrealized Gain
is correspondingly higher than those figures would have been if
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 level 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, is 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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