In plain terms — PIMCO Income Strategy Fund II
Shares currently cost about 5.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.5% premium, so today's level is unusually wide for this fund (Z-score -2.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 13.9% a year of the share price (13.2% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.05 of assets — a ReinvestCapture™ rate of 14.6%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 3.8% over the past year including distributions (NAV total return).
Annual costs are 2.33% of assets.
Guided view hides the statistical panels. Switch to Expert view in the grey bar to see them. Nothing here is advice.
Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -0.09% | 3.53% | -1.41 | 55 |
| 6 months | +0.44% | 2.76% | -1.99 | 108 |
| 1 year | +1.50% | 2.57% | -2.55 | 206 |
| 3 years | +3.08% | — | — | — |
| 5 years | +3.15% | — | — | — |
Current contemporaneous premium/discount -5.05% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -6.50% to +5.89%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -4.92% | -12.96% | -17.60% | -18.04% | -0.95% | -9.32% |
| Market price total return | -3.82% | -10.10% | -8.65% | -7.37% | +11.53% | +1.81% |
| NAV return | -2.54% | -5.09% | -9.31% | -8.29% | +0.05% | -6.75% |
| NAV total return | -1.47% | -2.00% | +0.62% | +3.80% | +13.08% | +5.09% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
PIMCO Income Strategy Fund II, a closed-ended mutual fund dedicated to fixed income, is primarily overseen by Allianz Global Investors Fund Management LLC, with Pacific Investment Management Company LLC acting as a co-manager. This fund, previously identified as PIMCO Floating Rate Strategy Fund, commenced operations in the United States on June 30, 2004. Its investment approach focuses on the U.S. fixed income markets, particularly emphasizing floating-rate debt instruments, predominantly high-yield senior floating-rate loans, from companies spanning various sectors. The fund constructs its portfolio using a top-down strategy, underpinned by fundamental analysis and informed by its proprietary internal research.
CEF Explorer research page for PIMCO Income Strategy Fund II. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.