RegAlert2019-01-30
Added · Updated
SEC Division of Investment Management staff letter: PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II
PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II request assurance that the Staff will not recommend enforcement action under Sections 5(b) or 6(a) of the Securities Act if they utilize Rule 486(b) to file post-effective amendments to their registration statements. The Funds seek to use this rule to immediately update financial statements or make non-material changes, thereby avoiding the delays associated with Section 8(c) filings. The request specifies that shares will be sold at a price no lower than net asset value plus commissions, and that filings will comply with Rule 486(b) conditions. The Staff has not yet granted this relief in the provided text, which constitutes a request for no-action relief.
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ROPES & GRAY LLP
PRUDENTIAL TOWER
800 BOYLSTON STREET
BOSTON, MA 02199-3600
WWW,ROPESGRAY.COM
David C. Sullivan
T+l 617 951 7362
F+l 6172350463
January 30, 2019 david,sul I ivan@ropesgray com Paul G. Cellupica, Esq.
Deputy Director and Chief Counsel
Division oflnvestment Management
U.S. Securities and Exchange Commission
100 F. Street, N.E.
Washington, DC 20549
Re: PIM CO Income Strategy Fund and PIM CO Income Strategy Fund II - Request for NoAction Relief Dear Mr. Cellupica:
On behalf of PIM CO Income Strategy Fund ("PFL") and PIM CO Income Strategy Fund II ("PFN") (each, a "Fund," and collectively the "Funds"), we seek assurance that the staff of the Division oflnvestment Management (the "Staff') will not recommend enforcement action against a Fund to the Securities and Exchange Commission (the "Commission") under Section 5(b) or
Section 6(a) of the Securities Act of 1933, as amended (the "Securities Act"), if it utilizes Rule
486(b) under the Securities Act to file post-effective amendments to its registration statement in satisfaction of the undertakings contained in its registration statement under the circumstances set forth in this letter.
I. Background
Each Fund is a closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Each Fund is organized as a Massachusetts business trust and is governed by a board of trustees (each, a "Board"). Each Fund is authorized to issue common shares of beneficial interest. The Commission declared effective the PFL equity shelf registration statement on Form N-2 (Filed Nos. 333-226092 and 811-21374) and the PFN equity shelf registration statement on Form N-2 (Filed Nos. 333- 226215 and 811-2160 I) on September 6, 2018. Each Fund's common shares of beneficial interest are registered under Section 12(b) of the Securities Exchange Act of 1 934, as amended, and are listed and traded on the New York Stock Exchange. Pacific Investment Management Company
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