PFN PIMCO Income Strategy Fund II

Schedule of Investments PIMCO Income Strategy Fund II

March 31, 2024

(Unaudited)

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)

PRINCIPAL
AMOUNT
(000s)

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 116.1% ¤

LOAN PARTICIPATIONS AND ASSIGNMENTS 35.5%

AI Silk Midco Ltd.
TBD% due 02/24/2031

EUR

1,000

$

1,050

Air Canada
7.833% (TSFR03M + 2.500%) due 03/14/2031 ~

$

300

301

Amsurg

10.123% (TSFR03M + 4.750%) due 11/03/2028 «~

735

735

14.248% due 07/20/2026 «~

12,402

12,402

AP Core Holdings LLC
10.945% due 09/01/2027

14,406

14,141

AVSC Holding Corp. (8.676% Cash and 0.250% PIK)
8.926% due 03/03/2025 (c)

4,962

4,989

BDO U.S.A. PC
11.330% (TSFR1M + 6.000%) due 08/31/2028 «~

2,527

2,542

Cengage Learning, Inc.
TBD% due 03/22/2031

2,100

2,100

Chromalloy Corp.
TBD% due 03/27/2031

2,000

1,997

Cohesity

TBD% due 03/08/2031 «µ

772

772

TBD% due 03/08/2031 «

7,300

7,300

Diamond Sports Group LLC
TBD% due 05/25/2026

7,988

7,689

DirecTV Financing LLC
10.445% (TSFR1M + 5.000%) due 08/02/2027 ~

382

383

Envalior Finance GmbH

9.412% (EUR003M + 5.500%) due 03/29/2030 ~

EUR

2,100

2,098

10.813% (TSFR03M + 5.500%) due 03/29/2030 ~

$

3,267

3,045

Finastra U.S.A., Inc.

0.500% - 12.575% (TSFR1M + 7.250%) due 09/13/2029 «~µ

103

103

12.459% - 12.575% (TSFR03M + 7.250%) due 09/13/2029 «~

997

1,005

Forward Air Corp.
9.827% (TSFR1M + 4.500%) due 12/19/2030 ~

1,800

1,777

Gateway Casinos & Entertainment Ltd.

13.413% (CDOR03 + 8.000%) due 10/18/2027 ~

CAD

3,821

2,828

13.469% due 10/15/2027

$

6,666

6,683

iHeartCommunications, Inc.
8.695% due 05/01/2026

550

481

Ivanti Software, Inc.
9.839% due 12/01/2027

9,175

8,613

Lealand Finance Co. BV
8.442% (TSFR1M + 3.000%) due 06/28/2024 ~

88

48

Lealand Finance Co. BV (6.441% Cash and 3.000% PIK)
9.441% due 06/30/2025 (c)

837

347

Lifepoint Health, Inc.
11.087% due 11/16/2028

3,200

3,212

Magenta Buyer LLC
10.574% (TSFR03M + 5.000%) due 07/27/2028 ~

995

597

Market Bidco Ltd.
10.044% due 11/04/2027

GBP

9,371

11,833

MPH Acquisition Holdings LLC
9.855% due 09/01/2028

$

9,596

9,297

Obol France 3 SAS
8.864% (EUR006M + 4.750%) due 12/31/2025 ~

EUR

5,900

6,141

Oi SA

1.750% (LIBOR03M + 1.750%) due 02/26/2035 ~

$

4,206

74

12.500% due 09/07/2024

8,929

8,884

Poseidon Bidco SASU
8.902% (EUR003M + 5.000%) due 03/13/2030 ~

EUR

2,700

2,868

Promotora de Informaciones SA
9.123% (EUR003M + 5.220%) due 12/31/2026 ~

16,447

17,537

Promotora de Informaciones SA (6.873% Cash and 5.000% PIK)
11.873% (EUR003M + 2.970%) due 06/30/2027 ~(c)

715

733

Proofpoint, Inc.
TBD% due 08/31/2028

$

200

200

PUG LLC
10.075% (TSFR03M + 4.750%) due 03/15/2030 ~

3,100

3,108

Red Rock Resorts
TBD% due 03/14/2031

1,700

1,700

Rising Tide Holdings, Inc.
14.329% (TSFR1M + 9.000%) due 06/01/2026 «~

405

393

Steenbok Lux Finco 2 SARL
10.000% due 06/30/2026

EUR

21,403

8,833

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)

March 31, 2024

(Unaudited)

Syniverse Holdings, Inc.
12.302% (TSFR03M + 7.000%) due 05/13/2027 ~

$

17,640

16,886

Telemar Norte Leste SA

1.750% (LIBOR06M + 1.750%) due 02/26/2035 ~

12,167

213

1.750% due 02/26/2035

214

4

U.S. Renal Care, Inc.
10.442% (TSFR1M + 5.000%) due 06/20/2028 ~

18,240

15,899

Veritas U.S., Inc.
10.445% due 09/01/2025

10,612

9,848

Wesco Aircraft Holdings, Inc.
TBD% due 05/01/2024

6,695

7,166

Westmoreland Mining Holdings LLC
8.000% due 03/15/2029

2,023

1,315

Windstream Services LLC

9.430% due 02/23/2027

6,060

5,999

11.680% due 09/21/2027

2,741

2,684

Total Loan Participations and Assignments (Cost $224,964)

218,853

CORPORATE BONDS & NOTES 37.5%

BANKING & FINANCE 9.7%

Agps Bondco PLC

4.625% due 01/14/2026

EUR

3,900

1,648

5.000% due 04/27/2027

2,400

1,003

5.500% due 11/13/2026

200

84

Armor Holdco, Inc.
8.500% due 11/15/2029 (k)

$

2,700

2,552

Banca Monte dei Paschi di Siena SpA

7.708% due 01/18/2028 •(k)

EUR

2,100

2,377

8.000% due 01/22/2030 •(k)

2,361

2,581

10.500% due 07/23/2029 (k)

5,318

6,771

Banco Bilbao Vizcaya Argentaria SA
6.033% due 03/13/2035 •

$

600

609

Banco de Credito del Peru SA
4.650% due 09/17/2024

PEN

800

213

Banco do Brasil SA
6.000% due 03/18/2031

$

400

402

Barclays PLC

6.692% due 09/13/2034 •(k)

600

639

7.437% due 11/02/2033 •(k)

2,282

2,537

BOI Finance BV
7.500% due 02/16/2027

EUR

3,000

3,069

CaixaBank SA
6.840% due 09/13/2034 •(k)

$

500

535

Cape Lookout Re Ltd.
13.362% (T-BILL 1MO + 8.000%) due 04/05/2027 «~

800

802

Cosaint Re Pte. Ltd.
15.202% (T-BILL 1MO + 9.250%) due 04/03/2028 ~

900

898

Credit Suisse AG AT1 Claim

8,393

964

Deutsche Bank AG

3.547% due 09/18/2031 •(k)

400

352

6.720% due 01/18/2029 •(k)

300

310

East Lane Re Ltd.
14.612% (T-BILL 3MO + 9.250%) due 03/31/2026 ~

250

251

Ford Motor Credit Co. LLC

5.800% due 03/08/2029 (k)

800

804

6.125% due 03/08/2034 (k)

1,700

1,710

GSPA Monetization Trust
6.422% due 10/09/2029

2,297

2,210

Hestia Re Ltd.
14.732% (T-BILL 1MO + 9.370%) due 04/22/2025 ~

704

696

Hudson Pacific Properties LP
3.950% due 11/01/2027

100

89

Integrity Re Ltd.

22.362% (T-BILL 1MO + 17.000%) due 06/06/2026 ~

400

400

28.362% (T-BILL 1MO + 23.000%) due 06/06/2026 ~

400

400

Intesa Sanpaolo SpA

6.625% due 06/20/2033 (k)

3,200

3,323

7.200% due 11/28/2033 (k)

2,100

2,264

Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025

EUR

500

508

Lazard Group LLC
6.000% due 03/15/2031

$

200

202

Lloyds Banking Group PLC
5.679% due 01/05/2035 •(k)

600

604

Long Walk Reinsurance Ltd.
15.112% (T-BILL 3MO + 9.750%) due 01/30/2031 ~

700

709

Sanders Re Ltd.
17.122% (T-BILL 3MO + 11.760%) due 04/09/2029 ~

1,405

1,262

Societe Generale SA
6.691% due 01/10/2034 •(k)

500

525

SVB Financial Group

1.800% due 02/02/2031 ^(d)

1,298

810

2.100% due 05/15/2028 ^(d)

200

128

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)

March 31, 2024

(Unaudited)

3.125% due 06/05/2030 ^(d)

200

129

3.500% due 01/29/2025 ^(d)

100

64

4.345% due 04/29/2028 ^(d)

500

317

4.570% due 04/29/2033 ^(d)

1,600

1,015

UBS Group AG

3.091% due 05/14/2032 •(k)

300

255

4.194% due 04/01/2031 •(k)

400

372

9.016% due 11/15/2033 •(k)

250

304

Uniti Group LP

6.000% due 01/15/2030 (k)

9,565

7,142

6.500% due 02/15/2029 (k)

2,900

2,250

Ursa Re Ltd.
14.612% (T-BILL 3MO + 9.250%) due 12/07/2026 ~

800

810

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(d)

4,752

831

Winston RE Ltd.
17.112% (T-BILL 3MO + 11.750%) due 02/26/2031 ~

600

596

Yosemite Re Ltd.
15.340% (T-BILL 3MO + 9.978%) due 06/06/2025 ~

760

787

60,113

INDUSTRIALS 23.8%

Altice France Holding SA

8.000% due 05/15/2027

EUR

3,300

1,191

10.500% due 05/15/2027

$

2,900

1,088

Beazer Homes USA, Inc.
7.500% due 03/15/2031

600

607

Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (c)

799

770

Carvana Co. (13.000% PIK)
13.000% due 06/01/2030 (c)

6,696

6,425

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (c)

6,359

6,284

CGG SA

7.750% due 04/01/2027

EUR

5,500

5,445

8.750% due 04/01/2027 (k)

$

3,656

3,316

CVS Pass-Through Trust
7.507% due 01/10/2032 (k)

613

635

DISH DBS Corp.

5.250% due 12/01/2026

7,000

5,525

5.750% due 12/01/2028

7,260

5,003

Ecopetrol SA
8.375% due 01/19/2036

220

222

Exela Intermediate LLC (11.500% PIK)
11.500% due 04/15/2026 (c)

77

12

Ford Motor Co.
7.700% due 05/15/2097 (k)

6,455

6,968

GN Bondco LLC
9.500% due 10/15/2031 (k)

400

400

HCA, Inc.
7.500% due 11/15/2095 (k)

1,200

1,332

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (k)

13,948

12,994

Inter Media & Communication SpA
6.750% due 02/09/2027 (k)

EUR

1,795

1,905

Legacy LifePoint Health LLC
4.375% due 02/15/2027

$

300

286

LifePoint Health, Inc.

9.875% due 08/15/2030 (k)

800

838

11.000% due 10/15/2030 (k)

2,900

3,103

Market Bidco Finco PLC
4.750% due 11/04/2027

EUR

800

815

Medline Borrower LP
6.250% due 04/01/2029

$

900

905

New Albertsons LP
6.570% due 02/23/2028

6,800

6,494

Newfold Digital Holdings Group, Inc.

6.000% due 02/15/2029

900

706

11.750% due 10/15/2028 (k)

500

542

Nissan Motor Co. Ltd.
4.810% due 09/17/2030 (k)

10,500

9,812

Odebrecht Oil & Gas Finance Ltd.
0.000% due 04/29/2024 (g)(h)

1,101

60

Petroleos Mexicanos

6.700% due 02/16/2032 (k)

1,732

1,441

6.840% due 01/23/2030 (k)

800

706

8.750% due 06/02/2029 (k)

1,416

1,382

Prime Healthcare Services, Inc.
7.250% due 11/01/2025 (k)

1,361

1,355

Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(d)

GBP

1,300

1,149

Station Casinos LLC
6.625% due 03/15/2032

$

900

910

Surgery Center Holdings, Inc.
7.250% due 04/15/2032 (b)

500

504

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)

March 31, 2024

(Unaudited)

Topaz Solar Farms LLC

4.875% due 09/30/2039 (k)

1,742

1,550

5.750% due 09/30/2039

7,045

7,041

TransDigm, Inc.
6.375% due 03/01/2029

1,300

1,306

U.S. Renal Care, Inc.
10.625% due 06/28/2028

1,704

1,495

USA Compression Partners LP
7.125% due 03/15/2029

300

304

Vale SA
1.378% due 12/29/2049 ~(h)

BRL

110,000

7,113

Venture Global LNG, Inc.

9.500% due 02/01/2029 (k)

$

2,725

2,939

9.875% due 02/01/2032 (k)

2,400

2,588

Veritas U.S., Inc.
7.500% due 09/01/2025 (k)

1,570

1,441

Vital Energy, Inc.
7.875% due 04/15/2032

400

407

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^(c)(d)

27,315

24,856

Windstream Escrow LLC
7.750% due 08/15/2028 (k)

4,800

4,447

146,617

UTILITIES 4.0%

FORESEA Holding SA
7.500% due 06/15/2030 (k)

1,171

1,102

NGD Holdings BV
6.750% due 12/31/2026

349

243

Northwestern Bell Telephone
7.750% due 05/01/2030

12,625

5,938

Oi SA
10.000% due 07/27/2025 ^(d)

26,307

460

Pacific Gas & Electric Co.

4.500% due 12/15/2041

22

18

4.750% due 02/15/2044 (k)

4,092

3,457

4.950% due 07/01/2050 (k)

4,328

3,726

PacifiCorp
5.800% due 01/15/2055 (k)

700

691

Peru LNG SRL
5.375% due 03/22/2030 (k)

7,840

6,830

Raizen Fuels Finance SA
6.450% due 03/05/2034

300

308

Vistra Operations Co. LLC
6.950% due 10/15/2033 (k)

1,500

1,602

24,375

Total Corporate Bonds & Notes (Cost $266,187)

231,105

CONVERTIBLE BONDS & NOTES 0.4%

INDUSTRIALS 0.4%

DISH Network Corp.
3.375% due 08/15/2026

3,400

2,133

Total Convertible Bonds & Notes (Cost $3,400)

2,133

MUNICIPAL BONDS & NOTES 3.5%

MICHIGAN 0.3%

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044

2,100

1,666

OHIO 0.9%

Ohio State University Revenue Bonds, Series 2011
4.800% due 06/01/2111

6,000

5,400

PUERTO RICO 1.6%

Commonwealth of Puerto Rico Bonds, Series 2022

0.000% due 11/01/2043 (k)

575

333

0.000% due 11/01/2051 (k)

17,864

9,818

10,151

WEST VIRGINIA 0.7%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)

45,700

4,238

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)

March 31, 2024

(Unaudited)

Total Municipal Bonds & Notes (Cost $20,418)

21,455

U.S. GOVERNMENT AGENCIES 1.7%

Fannie Mae

0.815% due 01/25/2040 •(a)

110

8

3.500% due 02/25/2042 (a)

268

22

4.500% due 11/25/2042 (a)(k)

680

77

Freddie Mac

0.000% due 09/15/2035 •(k)

776

607

0.700% due 11/25/2055 ~(a)

33,005

1,934

3.000% due 02/15/2033 (a)

651

47

3.500% due 12/15/2032 (a)(k)

914

90

6.155% due 11/25/2055 «~

8,004

4,970

12.985% due 12/25/2027 •

2,400

2,534

Ginnie Mae

3.500% due 06/20/2042 - 10/20/2042 (a)

152

16

4.000% due 10/16/2042 - 10/20/2042 (a)

117

11

Total U.S. Government Agencies (Cost $11,294)

10,316

NON-AGENCY MORTGAGE-BACKED SECURITIES 13.8%

Atrium Hotel Portfolio Trust

7.123% due 12/15/2036 •

1,700

1,626

7.573% due 12/15/2036 •

3,200

2,945

9.023% due 06/15/2035 •

2,200

2,130

Banc of America Funding Trust

5.214% due 01/20/2047 ~

361

307

6.000% due 01/25/2037

2,549

2,089

BCAP LLC Trust

0.000% due 05/26/2037 ~

708

302

3.606% due 08/28/2037 ~

1,082

1,066

3.932% due 08/26/2037 ~

8,408

6,435

4.394% due 09/26/2036 ~

3,214

2,893

4.410% due 07/26/2037 ~

4,102

3,599

4.527% due 03/26/2037 þ

620

875

5.750% due 12/26/2035 ~

1,540

1,036

6.250% due 11/26/2036

2,171

1,614

Bear Stearns ALT-A Trust

4.207% due 09/25/2047 ~

3,575

1,703

4.522% due 11/25/2035 ~

2,707

1,808

4.576% due 11/25/2036 ~

265

140

4.701% due 09/25/2035 ~

229

125

5.944% due 01/25/2036 •

399

362

Braemar Hotels & Resorts Trust
7.898% due 06/15/2035 •

1,400

1,360

BX Trust
7.027% due 10/15/2036 •(k)

845

837

CALI Mortgage Trust
3.957% due 03/10/2039 (k)

3,100

2,773

CD Mortgage Trust
5.688% due 10/15/2048

83

76

Chase Mortgage Finance Trust

4.897% due 12/25/2035 «~

3

3

5.500% due 05/25/2036 «

1

0

Citicorp Mortgage Securities Trust

5.500% due 04/25/2037 «

8

8

6.000% due 09/25/2037 «

233

222

Colony Mortgage Capital Ltd.
8.157% due 11/15/2038 •

1,200

1,065

Commercial Mortgage Loan Trust
6.369% due 12/10/2049 ~

329

13

Countrywide Alternative Loan Resecuritization Trust

6.000% due 05/25/2036

1,415

795

6.000% due 08/25/2037 ~

713

386

Countrywide Alternative Loan Trust

5.500% due 03/25/2035

200

85

5.500% due 01/25/2036

254

146

5.750% due 01/25/2035

114

109

5.750% due 02/25/2035

173

118

5.750% due 12/25/2036

544

211

5.770% due 04/25/2036 ~

270

233

6.000% due 02/25/2035

216

157

6.000% due 04/25/2036

348

166

6.000% due 04/25/2037 «

464

204

6.000% due 04/25/2037

723

342

6.250% due 11/25/2036

402

300

6.250% due 12/25/2036 •

396

167

6.500% due 08/25/2036

368