On July 22, 2014, Brigade Capital Management, LP issued a press release announcing that Institutional Shareholder Services (ISS) recommends change at the board of PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II. Brigade Capital stated that Institutional Shareholder Services (ISS) is recommending that the preferred shareholders of PIMCO Income Strategy Fund (PFL) vote in favor of the election of Alan Bruce Miller and Marti Murray, Brigade's nominees, to serve as the preferred shares trustees of PFL and that the preferred shareholders of PIMCO Income Strategy Fund II (PFN) vote in favor of the election of Marti Murray, Brigade's nominee, to serve as the preferred shares trustee of PFN.