PFN - PIMCO Income Strategy Fund II

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. June 24, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Pacific Investment Management Company LLC. Part of the PIMCO fund family. As of June 30, 2026, from the fund's yearly report. Original document →
• Size: about $686 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 32% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -14.3%; at +10%, about +11.8%. As of June 30, 2026, from the fund's annual report. Original document →
• Costs: 1.1% a year in management fees; 2.3% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 44 charge a lower management fee and 25 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $24 in the first year and about $266 over 10 years, assuming the holdings return 5% a year. As of June 30, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended June 30, 2026) the fund paid $0.86 a share. $0.78 of that was income; $0.08 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of June 30, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (June 30, 2026): $6.94. The shares traded at $7.13, about 2.7% above that. As of June 30, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 4.1% below to 6.8% above. As of June 30, 2026, from the fund's annual report. Original document →
• How the holdings did: up 6.7% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2004.

How this has changed

• Payouts per share: $0.86 in the fiscal year ended June 30, 2026; $0.86 in the year ended June 30, 2025; $0.86 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.08 in the year ended June 30, 2026; $0.04 in the year ended June 30, 2025; $0.29 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.33% a year in the fiscal year ended June 30, 2026; 1.71% a year in the year ended June 30, 2025; 3.09% a year in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $686 million at June 30, 2026; $670 million at June 30, 2025; $608 million at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: about 32% on top of its own money at June 30, 2026; 30% at June 30, 2025; 28% at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• The fund had about 98.8 million shares at June 30, 2026, up 12.6% from June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended June 30, 2026: the shares returned +8.9%, counting payouts. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned +16.2%, counting payouts. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned +12.6%, counting payouts. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended June 30, 2023: the shares returned +2.6%, counting payouts. As of June 30, 2023, from the fund's annual report. Original document →
• Those four years together: the shares returned +46.1%. $10,000 of shares bought at the start (July 1, 2022) would have become about $14,600 by June 30, 2026, with every payout counted, before tax. As of June 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +8.9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 51 funds that invest in bonds with a fiscal year ending within six months of this one, 15 reported a higher share return for that year and 35 a lower one. As of June 30, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (39%), the rest loans, derivatives and mortgage bonds. About 64% issued in the U.S.

1.8% of holdings are in default.

1. Derivatives - 12.2%
2. Promotora de Informaciones SA - 3.6%
3. Titulos de Tesoreria, Colombia TES - 2.7%
4. U.S. Renal Care, Inc. - 2.6%
5. Rd Michigan Prop Owner I, Road Michigan Property Owner I LLC - 2.5%
6. Peraton Corp. - 2.2%
7. Syniverse Holdings, Inc. - 2.1%
8. Beignet Investor LLC - 2%
9. Banca Monte dei Paschi di Siena SpA - 1.9%
10. Ams-Osram AG - 1.8%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →