Schedule of Investments PIMCO Income Strategy Fund II

March 31, 2026

(Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 133.9% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 41.5%

 

 

 

 

Aligned Data Centers International LP
7.223% due 12/18/2029 «~

$

3,300

$

3,321

Altice France SA

 

 

 

 

7.797% (TSFR3M + 4.125%) due 04/30/2028 ~

 

296

 

295

8.735% (TSFR3M + 5.063%) due 10/30/2028 ~

 

4,044

 

4,033

8.891% (EUR003M + 6.875%) due 05/30/2031 ~

EUR

75

 

87

9.047% (TSFR3M + 5.375%) due 05/14/2029 ~

$

3,847

 

3,830

10.547% (TSFR3M + 6.875%) due 05/31/2031 ~

 

2,141

 

2,149

AP Core Holdings II LLC
9.428% (TSFR3M + 5.500%) due 09/01/2027 ~

 

13,945

 

13,626

Bausch Health Cos., Inc.
9.918% (TSFR1M + 6.250%) due 10/08/2030 ~

 

5,356

 

5,183

BDO USA PC

 

 

 

 

8.166% (TSFR3M + 4.500%) due 08/31/2028 «~

 

190

 

188

8.640% (TSFR3M + 5.000%) due 08/31/2028 «~

 

2,476

 

2,473

Central Parent, Inc.
6.950% (TSFR3M + 3.250%) due 07/06/2029 ~

 

9,977

 

7,147

Clover Holdings 2 LLC

 

 

 

 

TBD% - 3.500% due 12/10/2029 ~µ

 

772

 

711

7.676% (TSFR1M + 4.000%) due 12/09/2031 ~

 

3,082

 

2,959

Coreweave Compute Acquisition Co. IV LLC
9.669% - 9.700% (TSFR3M + 6.000%) due 05/16/2029 «~

 

5,298

 

5,460

Databricks, Inc.

 

 

 

 

1.000% due 01/05/2032 ~µ

 

344

 

343

8.171% (TSFR1M + 4.500%) due 01/05/2032 ~

 

1,556

 

1,548

Dun & Bradstreet Corp.

 

 

 

 

0.500% - 5.500% due 08/26/2032 «~µ

 

149

 

149

0.500% - 5.500% (TSFR1M + 5.500%) due 08/26/2032 «~

 

1,487

 

1,458

Electronic Arts, Inc.
TBD% due 03/24/2033

 

3,400

 

3,383

Envalior Finance GmbH
7.526% (EUR003M + 5.500%) due 03/29/2030 ~

EUR

2,100

 

2,183

Envision Healthcare Corp.

 

 

 

 

11.641% (TSFR3M + 7.875%) due 07/20/2026 «~

$

759

 

760

11.641% (TSFR3M + 7.875%) due 11/03/2028 «~

 

13,518

 

13,923

Finastra USA, Inc.

 

 

 

 

7.671% (TSFR3M + 4.000%) due 09/15/2032 ~

 

9,850

 

9,273

10.674% (TSFR3M + 7.000%) due 09/15/2033 ~

 

3,055

 

2,643

Forward Air Corp.
8.167% (TSFR3M + 4.500%) due 12/19/2030 ~

 

8,619

 

8,413

FPS Finance Co. 1 LLC
6.610% (EUR003M + 2.950%) due 05/26/2028 «~

 

200

 

200

Galaxy U.S. Opco, Inc.
9.467% (TSFR3M + 5.250%) due 07/31/2030 ~

 

4,720

 

4,097

Gateway Casinos & Entertainment Ltd.
9.936% (TSFR3M + 6.250%) due 12/18/2030 ~

 

6,038

 

6,053

iHeartCommunications, Inc.
9.557% (TSFR1M + 5.775%) due 05/01/2029 ~

 

516

 

454

Ineos U.S. Finance LLC
6.918% (TSFR1M + 3.250%) due 02/18/2030 ~

 

6,694

 

5,870

ION Platform Finance U.S., Inc.
7.450% (TSFR3M + 3.750%) due 10/07/2032 ~

 

3,500

 

2,832

Ivanti Software, Inc.

 

 

 

 

8.411% (TSFR3M + 4.750%) due 06/01/2029 ~

 

9,237

 

6,269

9.411% (TSFR3M + 5.750%) due 06/01/2029 ~µ

 

1,231

 

1,233

J&J Ventures Gaming LLC
8.782% (TSFR1M + 5.000%) due 04/26/2028 «~

 

1,054

 

1,054

Lealand Finance Co. BV
6.782% (TSFR1M + 3.000%) due 06/30/2027 ~

 

88

 

74

Lealand Finance Co. BV (7.782% Cash)
7.782% (TSFR1M + 4.000%) due 12/31/2027 ~

 

929

 

777

Magenta Security Holdings LLC

 

 

 

 

9.917% (TSFR3M + 6.250%) due 07/27/2028 ~

 

113

 

113

10.177% (TSFR3M + 6.250%) due 07/27/2028 ~

 

552

 

123

10.677% (TSFR3M + 6.750%) due 07/27/2028 ~

 

119

 

85

10.927% (TSFR3M + 7.000%) due 07/27/2028 ~

 

155

 

65

McAfee LLC
6.668% (TSFR1M + 3.000%) due 03/01/2029 ~

 

2,686

 

2,408

Mercury Aggregator LP
TBD% due 04/03/2027 «~

 

2,450

 

0

MH Sub I LLC
7.918% (TSFR1M + 4.250%) due 12/31/2031 ~

 

1,876

 

1,259

 

 

 

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

March 31, 2026

(Unaudited)

 

MPH Acquisition Holdings LLC

 

 

 

 

7.417% (TSFR3M + 3.750%) due 12/31/2030 ~

 

4,742

 

4,741

8.528% (TSFR3M + 4.600%) due 12/31/2030 ~

 

8,127

 

7,237

Newfold Digital Holdings Group, Inc.

 

 

 

 

7.269% - 9.442% (TSFR1M + 3.500%) due 04/30/2029 ~

 

2,863

 

1,912

7.269% - 9.442% (TSFR3M + 5.750%) due 04/30/2029 «~

 

202

 

154

Nexstar Broadcasting, Inc.
TBD% due 03/18/2033

 

500

 

495

Nscale AS
TBD% - 8.700% (TSFR3M + 5.000%) due 08/11/2032 «~µ

 

3,000

 

3,000

Obol France 3 SAS
7.103% (EUR006M + 5.000%) due 12/31/2028 ~

EUR

4,743

 

5,437

OCS Group Holdings Ltd.
8.980% due 11/28/2031 ~

GBP

1,600

 

2,110

Peraton Corp.

 

 

 

 

7.517% (TSFR3M + 3.750%) due 02/01/2028 ~

$

16,126

 

13,801

11.523% (TSFR3M + 7.750%) due 02/01/2029 ~

 

463

 

336

Polaris Newco LLC

 

 

 

 

6.026% (EUR003M + 4.000%) due 06/02/2028 ~

EUR

4,389

 

4,320

7.928% (TSFR3M + 4.000%) due 06/02/2028 ~

$

7,302

 

6,446

Poseidon Bidco SASU
7.504% (EUR006M + 5.000%) due 03/13/2030 ~

EUR

2,700

 

936

Promotora de Informaciones SA
7.499% (EUR003M + 5.470%) due 12/31/2029 «~

 

21,913

 

24,758

SCUR-Alpha 1503 GmbH
9.167% (TSFR3M + 5.500%) due 03/29/2030 ~

$

3,202

 

2,818

Softbank Vision Fund II
7.350% (TSFR3M + 3.650%) due 04/25/2029 «~

 

4,929

 

5,011

Spruce Bidco II, Inc.

 

 

 

 

0.500% - 8.371% (TSFR6M + 4.750%) due 01/30/2032 «~µ

 

244

 

244

0.500% - 8.371% (JY0003M + 5.000%) due 01/30/2032 «~

JPY

20,889

 

131

0.500% - 8.371% (CDOR06 + 4.750%) due 01/30/2032 «~

CAD

195

 

139

0.500% - 8.371% (TSFR6M + 4.750%) due 01/30/2032 «~

$

1,076

 

1,068

Steenbok Lux Finco 2 SARL
10.000% due 12/31/2028 ~

EUR

18,796

 

6,567

Stepstone Group Midco 2 GmbH

 

 

 

 

6.599% (EUR006M + 4.500%) due 04/26/2032 ~

 

6,700

 

6,803

8.199% (TSFR6M + 4.500%) due 12/19/2031 ~

$

1,290

 

1,135

Subcalidora 2
7.877% (EUR003M + 5.750%) due 08/14/2029 «~

EUR

5,900

 

6,666

Syniverse Holdings, Inc.
10.700% (TSFR3M + 7.000%) due 05/13/2027 «~

$

16,787

 

15,549

U.S. Renal Care, Inc.

 

 

 

 

1.500% - 9.675% (TSFR1M + 6.000%) due 09/25/2030 «~

 

5,425

 

5,527

8.782% (TSFR1M + 5.000%) due 06/28/2028 ~

 

17,827

 

16,838

Unicorn Bay
13.000% due 12/31/2026 «~

HKD

29,668

 

3,831

Upfield BV
TBD% due 10/31/2030

GBP

3,500

 

4,436

Westmoreland Coal Co.
8.000% due 03/15/2029 «~

$

1,492

 

649

Total Loan Participations and Assignments (Cost $306,943)

 

 

 

281,599

CORPORATE BONDS & NOTES 45.0%

 

 

 

 

BANKING & FINANCE 9.6%

 

 

 

 

Alamo Re Ltd.

 

 

 

 

12.590% (FHMMUSTF + 9.080%) due 06/07/2026 ~

 

250

 

253

15.390% (FHMMUSTF + 11.880%) due 06/08/2026 ~

 

2,500

 

2,549

Antares Holdings LP
6.350% due 10/23/2029 (m)

 

400

 

396

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

 

2,700

 

2,468

BOI Finance BV
7.500% due 02/16/2027 (m)

EUR

2,700

 

3,184

Cape Lookout Re Ltd.

 

 

 

 

8.760% (FHMMUSTF + 5.250%) due 03/21/2033 ~

$

250

 

250

9.510% (FHMMUSTF + 6.000%) due 03/21/2033 ~

 

250

 

250

12.239% (GSMMUSTF + 8.702%) due 04/05/2027 ~

 

800

 

813

Commonwealth RE Ltd.
7.417% (JMMMUSTF + 3.857%) due 07/08/2030 ~

 

2,600

 

2,617

Credicorp Capital Sociedad Titulizadora SA
9.700% due 03/05/2045

PEN

900

 

275

Credit Suisse AG AT1 Claim

$

8,393

 

2,938

East Lane Re VII Ltd.
12.160% (BRMMUSDF + 8.500%) due 03/31/2032 ~

 

250

 

250

Everglades Re II Ltd.

 

 

 

 

14.041% (GSMMUSTI + 10.500%) due 05/13/2027 ~

 

500

 

507

15.041% (GSMMUSTI + 11.500%) due 05/13/2031 ~

 

500

 

508

16.291% (GSMMUSTI + 12.750%) due 05/13/2027 ~

 

500

 

509

Ford Motor Credit Co. LLC
5.676% (SOFRRATE + 2.030%) due 03/20/2028 ~(m)

 

700

 

701

Gateway Re Ltd.
5.560% (BRMMUSDF + 2.000%) due 07/06/2029 ~

 

700

 

700

 

 

 

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

March 31, 2026

(Unaudited)

 

Golden Bear Re Ltd.

 

 

 

 

13.162% (T-BILL 1MO + 9.500%) due 03/08/2032 ~

 

250

 

250

13.412% (JMMMUSTF + 9.750%) due 01/08/2029 ~

 

420

 

428

Greengrove RE Ltd.
11.290% (BNMMDTSC + 7.750%) due 04/08/2032 ~

 

250

 

259

GSPA Monetization Trust
6.422% due 10/09/2029

 

1,616

 

1,627

Hestia Re Ltd.
3.640% (BNMMDTSC + 0.100%) due 04/22/2029 ~

 

20

 

11

Integrity RE III Ltd.
29.010% (FHMMUSTF + 25.500%) due 06/06/2027 ~

 

250

 

275

Integrity Re Ltd.

 

 

 

 

20.744% (FHMMUSTF + 17.234%) due 06/08/2026 ~

 

400

 

412

26.306% (FHMMUSTF + 22.796%) due 06/08/2026 ~

 

400

 

415

ION Platform Finance SARL

 

 

 

 

6.500% due 09/30/2030 (m)

EUR

600

 

579

6.500% due 09/30/2030

 

100

 

97

6.875% due 09/30/2032 (m)

 

1,300

 

1,202

7.875% due 05/01/2029 (m)

 

5,420

 

5,847

ION Platform Finance U.S., Inc.
7.875% due 09/30/2032 (m)

$

1,800

 

1,395

ION Platform Finance U.S., Inc./ION Platform Finance SARL

 

 

 

 

9.000% due 08/01/2029 (m)

 

1,380

 

1,281

9.500% due 05/30/2029 (m)

 

800

 

754

Long Point Re IV Ltd.
7.810% (BRMMUSDF + 4.250%) due 06/01/2026 ~

 

3,400

 

3,409

Lower Ferry Re Ltd.

 

 

 

 

8.176% (MSMMUSTF + 4.646%) due 07/08/2030 ~

 

500

 

505

9.034% (MSMMUSTF + 5.504%) due 07/08/2030 ~

 

3,600

 

3,645

Luca RE Ltd.
10.810% (JMMMUSTF + 7.250%) due 07/22/2031 ~

 

300

 

309

Marex Group PLC
6.404% due 11/04/2029 (m)

 

200

 

206

Mayflower Re Ltd.

 

 

 

 

8.555% (FHMMUSTF + 5.045%) due 07/08/2030 ~

 

800

 

808

10.023% (FHMMUSTF + 6.513%) due 07/08/2030 ~

 

4,800

 

4,862

Nature Coast Re Ltd.

 

 

 

 

11.661% (T-BILL 3MO + 8.000%) due 02/26/2030 ~

 

250

 

249

13.291% (GSMMUSTI + 9.750%) due 04/10/2033 ~

 

250

 

259

Polestar Re Ltd.

 

 

 

 

14.150% (BRMMUSDF + 10.590%) due 01/07/2028 ~

 

250

 

262

16.810% (BRMMUSDF + 13.250%) due 01/07/2027 ~

 

800

 

827

Purple Re Ltd.
14.140% (JMMMUSTF + 10.580%) due 06/05/2026 ~

 

1,000

 

1,017

Quercus II Re DAC
13.079% (EUR003M + 11.000%) due 01/07/2028 ~

EUR

250

 

289

Sanders Re III Ltd.

 

 

 

 

11.280% (BRMMUSDF + 7.720%) due 06/05/2029 ~

$

1,500

 

1,517

15.880% (BRMMUSDF + 12.320%) due 04/09/2029 ~

 

732

 

476

Titanium 2l Bondco SARL
6.250% due 01/14/2031

EUR

7,027

 

1,320

Torrey Pines Re Ltd.

 

 

 

 

9.596% (JMMMUSTF + 6.036%) due 06/07/2027 ~

$

250

 

258

10.666% (JMMMUSTF + 7.106%) due 06/07/2027 ~

 

250

 

259

Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC
6.000% due 01/15/2030 (m)

 

9,365

 

8,818

Ursa Re II Ltd.
11.411% (MSMMUSTF + 7.750%) due 06/07/2028 ~

 

250

 

252

Ursa Re Ltd.

 

 

 

 

11.041% (GSMMUSTI + 7.500%) due 02/22/2028 ~

 

300

 

307

12.810% (JMMMUSTF + 9.250%) due 12/07/2028 ~

 

800

 

823

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

 

3,688

 

0

Winston RE Ltd.
15.230% (BNMMDTSC + 11.690%) due 02/26/2031 ~

 

600

 

626

 

 

 

 

65,303

INDUSTRIALS 29.6%

 

 

 

 

Altice France Lux 3/Altice Holdings 1
10.000% due 01/15/2033 (m)

 

1,933

 

1,759

Altice France SA

 

 

 

 

6.875% due 10/15/2030 (m)

 

524

 

502

9.500% due 11/01/2029 (m)

 

1,424

 

1,440

ams-OSRAM AG

 

 

 

 

10.500% due 03/30/2029 (m)

EUR

1,100

 

1,336

12.250% due 03/30/2029 (m)

$

450

 

479

APLD ComputeCo 2 LLC
6.750% due 03/15/2031 (m)

 

400

 

397

Aston Martin Capital Holdings Ltd.
10.000% due 03/31/2029 (m)

 

1,400

 

1,055

Beignet Investor LLC
6.581% due 05/30/2049 (m)

 

13,510

 

13,901

Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.
8.000% due 06/15/2029 (m)

 

850

 

633

 

 

 

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

March 31, 2026

(Unaudited)

 

Central Parent, Inc./CDK Global, Inc.
7.250% due 06/15/2029 (m)

 

1,630

 

1,175

Cerdia Finanz GmbH
9.375% due 10/03/2031 (m)

 

1,900

 

1,892

Cheplapharm Arzneimittel GmbH

 

 

 

 

6.750% due 02/15/2032 (m)

EUR

800

 

906

7.500% due 05/15/2030 (m)

 

10,400

 

12,144

Cogent Communications Group LLC/Cogent Finance, Inc.

 

 

 

 

6.500% due 07/01/2032 (m)

$

5,400

 

4,714

7.000% due 06/15/2027 (m)

 

1,600

 

1,584

CoreWeave, Inc.
9.000% due 02/01/2031 (m)

 

400

 

381

CVR Energy, Inc.
7.500% due 02/15/2031 (m)

 

900

 

908

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

 

484

 

512

DISH DBS Corp.

 

 

 

 

5.250% due 12/01/2026

 

9,200

 

9,126

5.750% due 12/01/2028

 

7,260

 

7,026

7.750% due 07/01/2026

 

4,500

 

4,490

Ecopetrol SA

 

 

 

 

4.625% due 11/02/2031 (m)

 

2,500

 

2,223

7.750% due 02/01/2032 (m)

 

11,800

 

11,926

Flora Food Management BV

 

 

 

 

6.875% due 07/02/2029 (m)

EUR

800

 

869

7.500% due 10/31/2030

 

500

 

573

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

$

6,155

 

6,227

GSG Bidco Ltd.
5.375% due 06/15/2036

EUR

900

 

1,033

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

$

1,000

 

1,066

HF Sinclair Corp.
6.250% due 01/15/2035 (m)

 

1,500

 

1,550

Incora Intermediate II LLC (0.500% PIK)
0.500% due 01/31/2030 «(c)

 

8,061

 

8,061

Incora Top Holdco LLC
6.000% due 01/30/2033 «(l)

 

7,019

 

10,630

Intralot Capital Luxembourg SA

 

 

 

 

6.513% due 10/15/2031 •(m)

EUR

1,500

 

1,661

6.750% due 10/15/2031 (m)

 

2,700

 

2,989

JetBlue Airways Corp./JetBlue Loyalty LP
9.875% due 09/20/2031 (m)

$

1,365

 

1,292

Kronos International, Inc.
9.500% due 03/15/2029 (m)

EUR

2,500

 

2,500

Motion Finco SARL
8.375% due 02/15/2032 (m)

$

300

 

248

National Mentor Holdings, Inc.
10.500% due 12/15/2030 (m)

 

1,200

 

1,240

New Albertsons LP
6.570% due 02/23/2028 (m)

 

6,800

 

6,839

Newfold Digital Holdings Group, Inc.
7.269% due 04/30/2029

 

1,173

 

643

Nexstar Media, Inc.

 

 

 

 

6.500% due 09/15/2033

 

900

 

907

7.250% due 04/15/2034 (b)

 

700

 

703

Nissan Motor Co. Ltd.

 

 

 

 

4.810% due 09/17/2030 (m)

 

4,200

 

3,818

7.500% due 07/17/2030 (m)

 

1,600

 

1,614

Noble Finance II LLC
8.000% due 04/15/2030 (m)

 

8,300

 

8,550

OAK-Eagle Acquireco, Inc.

 

 

 

 

7.250% due 07/01/2033 (b)

 

700

 

726

8.750% due 07/01/2034 (b)

 

400

 

419

Ocado Group PLC

 

 

 

 

10.500% due 08/08/2029 (m)

GBP

1,950

 

2,552

11.000% due 06/15/2030 (m)

 

3,550

 

4,693

Petroleos de Venezuela SA

 

 

 

 

6.000% due 11/15/2026 ^(d)

$

3,200

 

1,101

9.750% due 05/17/2035 ^(d)

 

1,600

 

669

Petroleos Mexicanos

 

 

 

 

6.700% due 02/16/2032 (m)

 

3,232

 

3,166

6.840% due 01/23/2030 (m)

 

800

 

802

Prime Healthcare Services, Inc.
9.375% due 09/01/2029 (m)

 

1,400

 

1,453

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

GBP

1,300

 

1,204

Topaz Solar Farms LLC

 

 

 

 

4.875% due 09/30/2039 (m)

$

1,510

 

1,366

5.750% due 09/30/2039 (m)

 

3,659

 

3,642

Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC
8.250% due 05/15/2030 (m)

EUR

1,200

 

1,202

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

$

1,704

 

1,423

Ubisoft Entertainment SA
0.878% due 11/24/2027 (m)

EUR

1,400

 

1,307

 

 

 

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

March 31, 2026

(Unaudited)

 

Valaris Ltd.
8.375% due 04/30/2030 (m)

$

5,883

 

6,099

Vale SA
0.000% due 12/29/2049 ~(j)

BRL

110,000

 

9,306

Venture Global LNG, Inc.

 

 

 

 

8.125% due 06/01/2028 (m)

$

800

 

819

9.500% due 02/01/2029 (m)

 

4,225

 

4,571

Viridien

 

 

 

 

8.500% due 10/15/2030 (m)

EUR

1,266

 

1,540

10.000% due 10/15/2030 (m)

$

2,069

 

2,203

Vmed O2 U.K. Financing I PLC

 

 

 

 

5.625% due 04/15/2032 (m)

EUR

1,700

 

1,811

6.750% due 01/15/2033 (m)

$

2,500

 

2,237

VZ Secured Financing BV
7.500% due 01/15/2033 (m)

 

1,500

 

1,415

Wayfair LLC
7.750% due 09/15/2030 (m)

 

1,300

 

1,354

 

 

 

 

200,602

UTILITIES 5.8%

 

 

 

 

Altice Holdings 1 SARL
0.010% due 12/31/2099 «

EUR

9

 

124

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

$

1,171

 

1,150

NGD Holdings BV
6.750% due 12/31/2026

 

256

 

239

Nova Securitisation SARL

 

 

 

 

5.750% due 02/03/2031 (m)

 

2,900

 

2,809

6.500% due 02/03/2036 (m)

 

1,400

 

1,334

OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK)
10.000% due 06/30/2027 ^(c)(d)

 

14,272

 

6,922

OI SA (8.500% PIK)
8.500% due 12/31/2028 ^(c)(d)

 

29,596

 

315

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

 

5,228

 

5,078

Qwest Corp.
7.750% due 05/01/2030 (m)

 

12,625

 

12,542

SW Finance I PLC

 

 

 

 

1.625% due 03/30/2027

GBP

1,900

 

2,414

2.375% due 05/28/2028

 

2,900

 

3,571

Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC
6.500% due 02/15/2029 (m)

$

3,000

 

2,916

 

 

 

 

39,414

Total Corporate Bonds & Notes (Cost $340,520)

 

 

 

305,319

CONVERTIBLE BONDS & NOTES 2.8%

 

 

 

 

INDUSTRIALS 2.8%

 

 

 

 

ams-OSRAM AG
2.125% due 11/03/2027 (m)

EUR

11,300

 

12,620

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

$

3,400

 

3,303

Ubisoft Entertainment SA
2.375% due 11/15/2028

EUR

2,700

 

2,981

Total Convertible Bonds & Notes (Cost $19,188)

 

 

 

18,904

MUNICIPAL BONDS & NOTES 0.9%

 

 

 

 

MICHIGAN 0.3%

 

 

 

 

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

$

2,088

 

1,610

WEST VIRGINIA 0.6%

 

 

 

 

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

 

45,700

 

4,246

Total Municipal Bonds & Notes (Cost $8,109)

 

 

 

5,856

U.S. GOVERNMENT AGENCIES 3.6%

 

 

 

 

Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates

 

 

 

 

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

 

31,807

 

1,899

6.153% due 11/25/2055 «~

 

7,713

 

5,024

Federal Home Loan Mortgage Corp. REMICS

 

 

 

 

1.912% due 09/15/2035 •

 

776

 

696

3.000% due 02/15/2033 (a)

 

398

 

21

Federal Home Loan Mortgage Corp. STACR REMICS Trust

 

 

 

 

11.162% due 10/25/2041 •(m)

 

4,500

 

4,629

11.462% due 11/25/2041 •(m)

 

6,800

 

7,033

12.162% due 02/25/2042 •

 

1,800

 

1,896

 

 

 

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

March 31, 2026

(Unaudited)

 

Federal Home Loan Mortgage Corp. STRIPS
3.500% due 12/15/2032 (a)

 

565

 

46

Federal National Mortgage Association Connecticut Avenue Securities Trust

 

 

 

 

9.162% due 12/25/2041 •

 

1,000

 

1,024

9.662% due 12/25/2041 •(m)

 

2,300

 

2,361

Federal National Mortgage Association REMICS

 

 

 

 

2.474% due 01/25/2040 •(a)

 

71

 

5

3.500% due 02/25/2042 (a)

 

184

 

12

4.500% due 11/25/2042 (a)

 

390

 

35

Government National Mortgage Association REMICS

 

 

 

 

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

 

108

 

8

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

 

70

 

6

Total U.S. Government Agencies (Cost $25,588)

 

 

 

24,695

U.S. TREASURY OBLIGATIONS 0.1%

 

 

 

 

U.S. Treasury Bonds

 

 

 

 

4.875% due 08/15/2045 (q)

 

380

 

379

U.S. Treasury Notes

 

 

 

 

4.250% due 08/15/2035 (o)

 

586

 

584

Total U.S. Treasury Obligations (Cost $991)

 

 

 

963

NON-AGENCY MORTGAGE-BACKED SECURITIES 8.9%

 

 

 

 

Atrium Hotel Portfolio Trust

 

 

 

 

5.470% due 12/15/2036 •(m)

 

1,700

 

1,671

5.920% due 12/15/2036 •(m)

 

3,200

 

3,068

Banc of America Funding Corp.
6.000% due 01/25/2037 (m)

 

1,880

 

1,695

Banc of America Funding Trust
4.751% due 01/20/2047 ~

 

253

 

221

BCAP LLC Trust

 

 

 

 

1.138% due 05/26/2037 ~

 

708

 

363

3.477% due 08/28/2037 ~

 

466

 

463

4.179% due 08/26/2037 ~(m)

 

7,693

 

5,346

4.311% due 09/26/2036 ~(m)

 

2,636

 

2,509

4.447% due 03/26/2037 þ

 

577

 

988

4.517% due 07/26/2037 ~(m)

 

3,387

 

3,120

5.750% due 12/26/2035 ~

 

1,398

 

819

6.250% due 11/26/2036

 

1,982

 

1,422

Bear Stearns ALT-A Trust

 

 

 

 

4.293% due 01/25/2036 •

 

304

 

298

4.414% due 11/25/2035 ~

 

2,194

 

1,363

4.433% due 11/25/2036 ~

 

243

 

121

4.625% due 09/25/2035 ~

 

190

 

82

Bear Stearns ALT-A Trust II
4.164% due 09/25/2047 ~

 

3,388

 

1,584

CD Mortgage Trust
5.688% due 10/15/2048

 

64

 

61

Chase Mortgage Finance Trust

 

 

 

 

4.658% due 12/25/2035 ~

 

2

 

2

CHL Mortgage Pass-Through Trust

 

 

 

 

4.373% due 03/25/2035 •(m)

 

1,593

 

1,482

6.000% due 07/25/2037

 

1,158

 

470

6.250% due 09/25/2036

 

322

 

106

Citicorp Mortgage Securities Trust
6.000% due 09/25/2037

 

164

 

167

CLNY Trust
6.755% due 11/15/2038 •(m)

 

1,200

 

1,131

Countrywide Alternative Loan Trust

 

 

 

 

5.500% due 03/25/2035

 

199

 

80

5.500% due 01/25/2036

 

239

 

126

5.750% due 01/25/2035

 

80

 

80

5.750% due 02/25/2035

 

160

 

104

5.750% due 12/25/2036

 

545

 

199

5.935% due 04/25/2036 ~

 

109

 

103

6.000% due 02/25/2035

 

210

 

171

6.000% due 04/25/2036

 

327

 

138

6.000% due 04/25/2037

 

1,172

 

483

6.250% due 11/25/2036

 

367

 

265

6.250% due 12/25/2036 •

 

397

 

157

6.500% due 08/25/2036

 

367

 

104

Countrywide Alternative Loan Trust Resecuritization

 

 

 

 

6.000% due 05/25/2036

 

1,310

 

689

6.000% due 08/25/2037 ~

 

688

 

335

CSFB Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035

 

198

 

144

CSMC Mortgage-Backed Trust
5.750% due 04/25/2036

 

90

 

40

CSMC Trust
8.044% due 07/15/2032 •(m)

 

5,379

 

5,369

CSMC Trust Capital Certificates
4.807% due 10/26/2036 ~(m)

 

3,687

 

3,165

First Horizon Mortgage Pass-Through Trust

 

 

 

 

0.000% due 11/25/2035 ~

 

1

 

0

 

 

 

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

March 31, 2026

(Unaudited)

 

4.930% due 05/25/2037 ~

 

122

 

48

Hilton USA Trust
2.828% due 11/05/2035 (m)

 

800

 

686

IndyMac IMSC Mortgage Loan Trust
6.500% due 07/25/2037

 

3,471

 

1,007

JP Morgan Alternative Loan Trust

 

 

 

 

4.108% due 03/25/2037 ~

 

409

 

362

4.203% due 05/25/2036 ~

 

668

 

357

4.341% due 03/25/2036 ~(m)

 

595

 

435

JP Morgan Chase Commercial Mortgage Securities Trust

 

 

 

 

5.160% due 07/05/2033 •(m)

 

2,275

 

1,994

7.970% due 02/15/2035 •(m)

 

3,538

 

3,076

JP Morgan Mortgage Trust

 

 

 

 

5.299% due 02/25/2036 ~

 

107

 

70

5.502% due 10/25/2035 ~

 

26

 

25

6.500% due 09/25/2035

 

30

 

18

Lehman Mortgage Trust

 

 

 

 

6.000% due 07/25/2037

 

22

 

20

6.500% due 09/25/2037

 

1,741

 

641

Lehman XS Trust
4.233% due 06/25/2047 •

 

607

 

582

MASTR Asset Securitization Trust
6.500% due 11/25/2037

 

323

 

50

Merrill Lynch Mortgage Investors Trust
4.342% due 03/25/2036 ~

 

783

 

359

Nomura Asset Acceptance Corp. Alternative Loan Trust
5.476% due 05/25/2035 þ

 

5

 

3

PRPM LLC
5.503% due 08/25/2030 þ(m)

 

729

 

727

RALI Trust

 

 

 

 

3.510% due 12/26/2034 ~

 

469

 

152

6.000% due 08/25/2036

 

103

 

90

Residential Asset Securitization Trust

 

 

 

 

5.750% due 02/25/2036

 

770

 

274

6.000% due 07/25/2037

 

1,309

 

466

6.250% due 09/25/2037

 

2,485

 

882

RFMSI Trust
4.747% due 09/25/2035 ~

 

405

 

330

STARM Mortgage Loan Trust
5.644% due 02/25/2037 ~

 

50

 

43

Structured Adjustable Rate Mortgage Loan Trust

 

 

 

 

4.219% due 01/25/2036 ~

 

1,067

 

564

4.960% due 11/25/2036 ~(m)

 

811

 

629

WaMu Mortgage Pass-Through Certificates Trust

 

 

 

 

3.707% due 10/25/2036 ~

 

216

 

192

3.867% due 05/25/2037 ~

 

351

 

311

3.996% due 02/25/2037 ~

 

197

 

172

4.647% due 07/25/2037 ~

 

349

 

321

Worldwide Plaza Trust
3.526% due 11/10/2036

 

1,622

 

1,297

WSTN Trust

 

 

 

 

7.690% due 07/05/2037 ~(m)

 

1,400

 

1,412

8.455% due 07/05/2037 ~(m)

 

1,400

 

1,402

9.835% due 07/05/2037 ~(m)

 

1,100

 

1,105

Total Non-Agency Mortgage-Backed Securities (Cost $69,414)

 

 

 

60,406

ASSET-BACKED SECURITIES 5.5%

 

 

 

 

AUTOMOBILE ABS OTHER 0.3%

 

 

 

 

Ally Bank Auto Credit-Linked Notes

 

 

 

 

6.066% due 06/15/2033

 

1,034

 

1,037

10.219% due 06/15/2033

 

812

 

817

 

 

 

 

1,854

HOME EQUITY OTHER 1.9%

 

 

 

 

Argent Securities Trust
4.173% due 03/25/2036 •(m)

 

2,813

 

1,591

Bear Stearns Asset-Backed Securities I Trust
4.073% due 10/25/2036 •

 

910

 

898

Citigroup Mortgage Loan Trust, Inc.

 

 

 

 

4.093% due 12/25/2036 •(m)

 

10,190

 

3,792

4.113% due 12/25/2036 •

 

1,136

 

639

Fremont Home Loan Trust
4.093% due 01/25/2037 •(m)

 

10,132

 

4,643

Home Equity Mortgage Loan Asset-Backed Trust
4.113% due 07/25/2037 •

 

2,079

 

1,161

Merrill Lynch Mortgage Investors Trust
4.113% due 04/25/2037 •

 

302

 

137

 

 

 

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

March 31, 2026

(Unaudited)

 

Morgan Stanley Mortgage Loan Trust
6.250% due 02/25/2037 ~

 

345

 

194

 

 

 

 

13,055

WHOLE LOAN COLLATERAL 0.6%

 

 

 

 

Bear Stearns Asset-Backed Securities Trust
6.500% due 10/25/2036

 

343

 

109

Pretium Mortgage Credit Partners LLC

 

 

 

 

5.184% due 11/25/2055 þ

 

844

 

839

5.193% due 10/25/2055 þ(m)

 

1,439

 

1,439

5.510% due 04/25/2056 þ

 

1,000

 

1,001

RCO X Mortgage LLC
5.418% due 10/25/2030 þ

 

550

 

549

 

 

 

 

3,937

OTHER ABS 2.7%

 

 

 

 

Adagio VI CLO DAC
0.000% due 04/30/2031 ~

EUR

1,343

 

336

Apidos CLO XXVIII
0.000% due 10/20/2038 ~

$

5,183

 

1,485

Avoca CLO XX DAC
0.000% due 07/15/2032 ~

EUR

2,230

 

1,440

Belle Haven ABS CDO Ltd.
7.000% due 07/05/2046 •

$

180,259

 

394

CIFC Funding Ltd.

 

 

 

 

0.000% due 04/24/2030 ~

 

2,400

 

262

0.000% due 03/31/2038 ~

 

1,221

 

626

Cork Street CLO DAC
0.000% due 11/27/2028 ~

EUR

621

 

88

KKR CLO 30 Ltd.
0.000% due 04/17/2037 ~

$

3,000

 

1,135

Magnetite VII Ltd.
0.000% due 01/15/2028 ~

 

5,650

 

268

Marlette Funding Trust

 

 

 

 

0.000% due 09/17/2029 (g)

 

7

 

0

0.000% due 03/15/2030 «(g)

 

6

 

2

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(g)

 

1

 

444

SLM Student Loan Trust
0.000% due 01/25/2042 «(g)

 

4

 

741

SMB Private Education Loan Trust

 

 

 

 

0.000% due 09/18/2046 «(g)

 

1

 

313

0.000% due 10/15/2048 «(g)

 

1

 

238

Taberna Preferred Funding V Ltd.
4.305% due 08/05/2036 •

 

3,090

 

2,904

Taberna Preferred Funding VI Ltd.
4.285% due 12/05/2036 •

 

2,863

 

2,662

THL Credit Wind River CLO Ltd.
4.872% due 04/15/2035 •(m)

 

5,000

 

5,007

 

 

 

 

18,345

Total Asset-Backed Securities (Cost $73,764)

 

 

 

37,191

SOVEREIGN ISSUES 10.9%

 

 

 

 

Angola Government International Bonds

 

 

 

 

8.000% due 11/26/2029 (m)

 

1,200

 

1,188

8.250% due 05/09/2028 (m)

 

2,800

 

2,827

9.375% due 03/31/2033

 

2,800

 

2,774

9.875% due 03/31/2037

 

2,800

 

2,774

Argentina Bonar Bonds
0.750% due 07/09/2030 þ(m)

 

2,611

 

2,122

Argentina Republic Government International Bonds

 

 

 

 

1.000% due 07/09/2029

 

478

 

421

3.500% due 07/09/2041 þ(m)

 

1,792

 

1,202

4.125% due 07/09/2046 þ

 

107

 

74

5.000% due 01/09/2038 þ(m)

 

11,605

 

8,773

Avenir Issuer IV Ireland DAC
6.000% due 10/25/2027

 

713

 

691

Colombia Government International Bonds

 

 

 

 

1.000% due 03/26/2031

COP

185,000

 

39

3.750% due 09/19/2028 (m)

EUR

400

 

453

5.000% due 09/19/2032 (m)

 

300

 

327

5.375% due 01/21/2029 (m)

$

1,200

 

1,190

5.625% due 02/19/2036 (m)

EUR

400

 

424

6.125% due 01/21/2031

$

300

 

296

Colombia TES

 

 

 

 

1.000% due 08/22/2029

COP

300,900

 

76

9.250% due 05/28/2042

 

82,000

 

17

11.000% due 08/22/2029

 

1,642,700

 

414

11.500% due 07/25/2046

 

652,200

 

157

11.750% due 01/24/2035

 

49,902,600

 

12,373

12.000% due 03/13/2058

 

600

 

0

12.750% due 11/28/2040

 

1,635,200

 

433

 

 

 

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

March 31, 2026

(Unaudited)

 

Costa Rica Government International Bonds
5.500% due 11/21/2030 (m)

EUR

1,000

 

1,183

Development Bank of Kazakhstan JSC
18.400% due 10/16/2028

KZT

251,100

 

540

Dominican Republic International Bonds

 

 

 

 

10.500% due 03/15/2037 (m)

DOP

335,700

 

5,764

10.750% due 06/01/2036 (m)

 

32,800

 

571

Egypt Government Bonds
19.698% due 10/14/2030

EGP

616,900

 

11,112

El Salvador Government International Bonds
8.625% due 02/28/2029 (m)

$

1,300

 

1,357

Ghana Government International Bonds

 

 

 

 

0.000% due 07/03/2026 (g)

 

10

 

10

0.000% due 01/03/2030 (g)

 

56

 

47

5.000% due 07/03/2029 þ

 

275

 

263

Republic of Kenya Government International Bonds

 

 

 

 

7.875% due 02/26/2034 (m)

 

1,900

 

1,730

8.700% due 02/26/2039

 

1,900

 

1,724

Romania Government International Bonds

 

 

 

 

5.125% due 09/24/2031 (m)

EUR

800

 

918

5.875% due 07/11/2032 (m)

 

3,000

 

3,518

Turkiye Government Bonds

 

 

 

 

39.740% (BISTREFI) due 05/20/2026 ~

TRY

200

 

5

39.740% (BISTREFI) due 08/19/2026 ~

 

200

 

5

39.740% (BISTREFI) due 05/17/2028 ~(m)

 

32,800

 

736

40.299% (BISTREFI) due 09/06/2028 ~(m)

 

163,600

 

3,667

Ukraine Government International Bonds

 

 

 

 

0.000% due 02/01/2030 þ(i)

$

33

 

19

0.000% due 02/01/2034 þ(i)

 

122

 

53

0.000% due 02/01/2035 þ(i)

 

103

 

48

0.000% due 02/01/2036 þ(i)

 

86

 

40

4.500% due 02/01/2034 þ

 

150

 

80

4.500% due 02/01/2035 þ

 

210

 

110

4.500% due 02/01/2036 þ

 

240

 

124

Venezuela Government International Bonds

 

 

 

 

6.000% due 12/09/2049 ^(d)

 

248

 

95

9.250% due 09/15/2027 ^(d)

 

1,215

 

583

9.250% due 05/07/2028 ^(d)

 

700

 

322

11.950% due 08/05/2031 ^(d)

 

400

 

206

Total Sovereign Issues (Cost $74,911)

 

 

 

73,875

 

 

SHARES

 

 

COMMON STOCKS 9.2%

 

 

 

 

COMMUNICATION SERVICES 1.0%

 

 

 

 

Clear Channel Outdoor Holdings, Inc. (e)

 

549,096

 

1,301

iHeartMedia, Inc. Class A (e)

 

129,909

 

379

iHeartMedia, Inc. Class B «(e)

 

100,822

 

259

Promotora de Informaciones SA Class A (e)

 

258,261

 

90

SES SA «(e)

 

233,715

 

3,506

Uniti Group, Inc. (e)

 

122,600

 

1,150

 

 

 

 

6,685

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

Steinhoff International Holdings NV «(e)(l)

 

24,971,388

 

0

West Marine «(e)(l)

 

2,750

 

18

 

 

 

 

18

FINANCIALS 2.3%

 

 

 

 

Banca Monte dei Paschi di Siena SpA

 

1,043,000

 

9,101

Windstream Services LLC (e)

 

678,188

 

6,361

XBP Global Holdings, Inc. (e)

 

681

 

3

 

 

 

 

15,465

HEALTH CARE 3.6%

 

 

 

 

AmSurg Corp. «(e)(l)

 

563,629

 

24,786

INDUSTRIALS 2.3%

 

 

 

 

Drillco Holdings Luxembourg SA «(l)

 

66,318

 

1,526

Foresea Holdings SA «

 

27,587

 

634

Incora New Equity «(e)(l)

 

308,198

 

11,673

Luxco Co. Ltd. «(e)(l)

 

43,423

 

803

Westmoreland Mining Holdings «(e)(l)

 

52,802

 

31

 

 

 

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

March 31, 2026

(Unaudited)

 

Westmoreland Mining LLC «(e)(l)

 

166,397

 

707

 

 

 

 

15,374

REAL ESTATE 0.0%

 

 

 

 

MNSN Holdings, Inc. «(e)(l)

 

3,425

 

212

Total Common Stocks (Cost $57,707)

 

 

 

62,540

WARRANTS 0.2%

 

 

 

 

COMMUNICATION SERVICES 0.2%

 

 

 

 

Windstream Holdings II LLC - Exp. 08/01/2035

 

132,115

 

1,238

CONSUMER DISCRETIONARY 0.0%

 

 

 

 

West Marine - Exp. 09/08/2028 «

 

357

 

0

Total Warrants (Cost $805)

 

 

 

1,238

PREFERRED SECURITIES 2.5%

 

 

 

 

BANKING & FINANCE 1.7%

 

 

 

 

ADLER Group SA «

 

1,253,950

 

0

AGFC Capital Trust I
5.684% (US0003M + 1.750%) due 01/15/2067 ~(m)

 

1,800,000

 

1,127

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(j)

 

70,000

 

60

WAFC Voussoir «

 

5,699,280

 

5,699

Windstream Holdings II LLC
11.000% «

 

4,326

 

4,604

 

 

 

 

11,490

INDUSTRIALS 0.8%

 

 

 

 

Clover Holdings, Inc.
0.000% «(l)

 

13,544

 

257

SVB Financial Trust

 

 

 

 

0.000% due 11/07/2032 (g)

 

19,120

 

1

11.000% due 11/07/2032

 

3,903

 

1,844

Syniverse Holdings, Inc.
12.500% «(l)

 

3,063,173

 

2,577

Venture Global LNG, Inc.
9.000% due 09/30/2029 •(j)

 

460,000

 

458

 

 

 

 

5,137

Total Preferred Securities (Cost $17,048)

 

 

 

16,627

REAL ESTATE INVESTMENT TRUSTS 0.4%

 

 

 

 

REAL ESTATE 0.4%

 

 

 

 

VICI Properties, Inc.

 

89,142

 

2,435

Total Real Estate Investment Trusts (Cost $546)

 

 

 

2,435

SHORT-TERM INSTRUMENTS 2.4%

 

 

 

 

MUTUAL FUNDS 0.1%

 

 

 

 

State Street Institutional U.S. Government Money Market Fund, Premier Class 3.720(k)

 

915,498

 

916

 

 

PRINCIPAL
AMOUNT
(000s)

 

 

EGYPT TREASURY BILLS 0.0%

 

 

 

 

24.060% due 10/20/2026 (g)(h)

EGP

10,100

 

162

NIGERIA TREASURY BILLS 2.2%

 

 

 

 

20.606% due 01/14/2027 - 01/28/2027 (f)(g)

NGN

23,617,600

 

14,845

TURKEY TREASURY BILLS 0.0%

 

 

 

 

38.679% due 04/07/2026 (f)(g)(h)

TRY

10,000

 

223

U.S. TREASURY BILLS 0.1%

 

 

 

 

3.696% due 06/09/2026 - 07/21/2026 (f)(g)(q)

$

601

 

596

 

 

 

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

March 31, 2026

(Unaudited)

 

Total Short-Term Instruments (Cost $16,470)

 

 

 

16,742

Total Investments in Securities (Cost $1,012,004)

 

 

 

908,390

 

 

SHARES

 

 

INVESTMENTS IN AFFILIATES 4.8%

 

 

 

 

SHORT-TERM INSTRUMENTS 4.8%

 

 

 

 

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8%

 

 

 

 

PIMCO Short-Term Floating NAV Portfolio III

 

3,306,179

 

32,199

Total Short-Term Instruments (Cost $32,199)

 

 

 

32,199

Total Investments in Affiliates (Cost $32,199)

 

 

 

32,199

Total Investments 138.7% (Cost $1,044,203)

 

 

$

940,589

Financial Derivative Instruments (n)(p) 0.3%(Cost or Premiums, net $(13,038))

 

 

 

2,516

Other Assets and Liabilities, net (39.0)%

 

 

 

(264,741)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

678,364

 

 

 

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

March 31, 2026

(Unaudited)

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

* A zero balance may reflect actual amounts rounding to less than one thousand.

 

¤

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

^

Security is in default.

«

Security valued using significant unobservable inputs (Level 3).

µ

All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.

~

Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

•

Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ

Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)

Security is an Interest Only ("IO") or IO Strip.

(b)

When-issued security.

(c)

Payment in-kind security.

(d)

Security is not accruing income as of the date of this report.

(e)

Security did not produce income within the last twelve months.

(f)

Coupon represents a weighted average yield to maturity.

(g)

Zero coupon security.

(h)

Coupon represents a yield to maturity.

(i)

Security becomes interest bearing at a future date.

(j)

Perpetual maturity; date shown, if applicable, represents next contractual call date.

(k)

Coupon represents a 7-Day Yield.

(l)

RESTRICTED SECURITIES:

Issuer Description

 

 

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets Applicable to Common Shareholders

         

AmSurg Corp.

 

 

11/02/2023 - 11/06/2023

$

23,551

$

24,786

3.65

%

Clover Holdings, Inc.

 

 

12/09/2024

 

203

 

257

0.04

 

Drillco Holdings Luxembourg SA

 

 

06/08/2023

 

1,326

 

1,526

0.22

 

Incora New Equity

 

 

01/31/2025

 

14,971

 

11,673

1.72

 

Incora Top Holdco LLC6.000% due 01/30/2033

 

 

01/31/2025 - 01/31/2026

 

7,019

 

10,630

1.57

 

Luxco Co. Ltd.

 

 

10/01/2025

 

764

 

803

0.12

 

MNSN Holdings, Inc.

 

 

03/16/2023-03/29/2023

 

38

 

212

0.03

 

Steinhoff International Holdings NV

 

 

06/30/2023 - 10/30/2023

 

0

 

0

0.00

 

Syniverse Holdings, Inc.

 

 

05/12/2022 - 11/30/2025

 

3,023

 

2,577

0.38

 

West Marine

 

 

09/12/2023

 

40

 

18

0.00

 

Westmoreland Mining Holdings

 

 

12/08/2014 - 10/19/2016

 

1,522

 

31

0.00

 

Westmoreland Mining LLC

 

 

06/30/2023

 

692

 

707

0.10

 

 

 

 

 

$

53,149

$

53,220

7.85%  

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty

Borrowing Rate(1)

Settlement Date

Maturity Date

 

Amount
Borrowed(1)

 

Payable for
Reverse
Repurchase
Agreements

BPS

(0.500)%

01/26/2026

TBD(2)

EUR

(171)

$

(198)

 

2.270

01/29/2026

TBD(2)

 

(289)

 

(335)

 

2.391

03/13/2026

05/13/2026

 

(9,647)

 

(11,165)

 

3.920

12/12/2025

TBD(2)

$

(2,240)

 

(2,267)

 

4.050

01/29/2026

TBD(2)

GBP

(1,038)

 

(1,383)

 

4.173

03/26/2026

06/26/2026

 

(1,720)

 

(2,278)

 

4.310

03/13/2026

06/12/2026

$

(5,698)

 

(5,711)

BRC

1.400

02/24/2026

TBD(2)

EUR

(2,324)

 

(2,690)

 

1.550

02/03/2026

TBD(2)

 

(185)

 

(214)

 

 

 

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

March 31, 2026

(Unaudited)

 

 

1.550

03/17/2026

TBD(2)

 

(2,303)

 

(2,664)

 

2.150

01/29/2026

TBD(2)

 

(2,000)

 

(2,320)

 

2.250

01/29/2026

TBD(2)

 

(2,279)

 

(2,644)

 

2.250

03/27/2026

06/29/2026

 

(9,459)

 

(10,936)

 

3.250

12/19/2025

TBD(2)

GBP

(300)

 

(401)

 

3.580

03/05/2026

TBD(2)

$

(1,184)

 

(1,186)

 

3.700

12/19/2025

TBD(2)

GBP

(2,149)

 

(2,875)

 

4.050

03/19/2026

04/17/2026

$

(7,731)

 

(7,743)

 

4.780

03/30/2026

07/27/2026

 

(15,436)

 

(15,440)

BYR

3.850

12/12/2025

TBD(2)

 

(391)

 

(396)

 

4.130

03/10/2026

04/21/2026

 

(1,200)

 

(1,203)

 

4.130

03/16/2026

06/16/2026

 

(1,268)

 

(1,271)

 

4.130

03/23/2026

06/16/2026

 

(1,540)

 

(1,542)

 

4.170

02/26/2026

05/27/2026

 

(4,604)

 

(4,622)

 

4.180

03/10/2026

04/06/2026

 

(559)

 

(561)

CDC

4.030

03/23/2026

07/21/2026

 

(461)

 

(461)

 

4.080

01/28/2026

04/28/2026

 

(1,033)

 

(1,041)

 

4.130

03/10/2026

07/08/2026

 

(1,041)

 

(1,044)

 

4.130

03/20/2026

04/02/2026

 

(2,353)

 

(2,356)

 

4.130

03/23/2026

07/21/2026

 

(1,368)

 

(1,369)

 

4.130

03/30/2026

04/02/2026

 

(1,164)

 

(1,164)

 

4.130

03/30/2026

07/21/2026

 

(3,019)

 

(3,020)

 

4.140

03/02/2026

06/01/2026

 

(2,694)

 

(2,703)

 

4.150

01/05/2026

04/06/2026

 

(969)

 

(979)

 

4.170

03/02/2026

04/02/2026

 

(1,844)

 

(1,850)

 

4.180

01/28/2026

04/28/2026

 

(4,955)

 

(4,991)

DBL

4.135

03/20/2026

06/26/2026

 

(1,499)

 

(1,501)

 

4.273

02/27/2026

05/29/2026

 

(3,471)

 

(3,485)

 

4.323

02/27/2026

05/29/2026

 

(4,213)

 

(4,230)

 

4.335

03/20/2026

06/26/2026

 

(1,197)

 

(1,198)

 

4.373

02/27/2026

05/29/2026

 

(8,087)

 

(8,119)

 

4.473

02/27/2026

05/29/2026

 

(900)

 

(904)

 

4.523

02/27/2026

05/29/2026

 

(527)

 

(529)

IND

4.080

02/12/2026

05/13/2026

 

(1,450)

 

(1,458)

 

4.090

03/04/2026

06/04/2026

 

(3,220)

 

(3,230)

 

4.110

03/17/2026

06/16/2026

 

(50)

 

(50)

 

4.160

03/16/2026

06/16/2026

 

(328)

 

(329)

 

4.190

01/16/2026

04/15/2026

 

(632)

 

(638)

 

4.380

03/23/2026

05/26/2026

 

(1,132)

 

(1,133)

MYI

1.200

02/27/2026

TBD(2)

EUR

(2,268)

 

(2,624)

 

1.400

03/24/2026

TBD(2)

 

(892)

 

(1,032)

RTA

4.155

02/20/2026

08/20/2026

 

(3,158)

 

(3,173)

 

4.155

03/02/2026

09/02/2026

 

(235)

 

(236)

 

4.155

03/26/2026

09/18/2026

 

(411)

 

(411)

 

4.380

03/05/2026

05/04/2026

 

(629)

 

(631)

 

4.430

03/02/2026

04/02/2026

 

(5,450)

 

(5,471)

 

4.430

03/05/2026

05/04/2026

 

(1,093)

 

(1,097)

SCX

4.020

03/03/2026

04/02/2026

 

(1,651)

 

(1,657)

 

4.050

12/12/2025

TBD(2)

 

(8,325)

 

(8,428)

 

4.050

02/17/2026

TBD(2)

 

(4,181)

 

(4,201)

 

4.100

02/10/2026

TBD(2)

 

(5,102)

 

(5,132)

 

4.100

03/18/2026

TBD(2)

 

(513)

 

(513)

SOG

2.110

01/28/2026

TBD(2)

EUR

(630)

 

(731)

 

2.110

02/26/2026

TBD(2)

 

(809)

 

(937)

 

2.120

01/23/2026

TBD(2)

 

(2,513)

 

(2,917)

 

2.170

10/31/2025

TBD(2)

 

(2,604)

 

(3,037)

 

2.170

11/11/2025

TBD(2)

 

(1,032)

 

(1,203)

 

2.180

02/26/2026

TBD(2)

 

(715)

 

(828)

 

2.200

02/27/2026

TBD(2)

 

(1,489)

 

(1,724)

 

2.220

01/29/2026

TBD(2)

 

(4,758)

 

(5,521)

 

2.220

03/17/2026

TBD(2)

 

(353)

 

(408)

 

3.950

12/12/2025

TBD(2)

$

(4,886)

 

(4,945)

 

3.950

03/10/2026

TBD(2)

 

(1,902)

 

(1,906)

 

3.990

03/10/2026

TBD(2)

 

(28,165)

 

(28,233)

 

3.990

03/26/2026

03/25/2028

 

(1,269)

 

(1,270)

 

4.020

03/18/2026

TBD(2)

 

(7,105)

 

(7,115)

 

4.190

01/08/2026

04/08/2026

 

(1,407)

 

(1,420)

 

4.190

03/17/2026

04/08/2026

 

(336)

 

(337)

 

4.220

01/16/2026

04/16/2026

 

(2,130)

 

(2,149)

 

4.220

03/26/2026

04/16/2026

 

(593)

 

(593)

 

4.630

01/29/2026

07/29/2026

 

(5,989)

 

(6,037)

TDM

3.800

12/12/2025

TBD(2)

 

(13,781)

 

(13,941)

 

3.850

12/12/2025

TBD(2)

 

(197)

 

(200)

 

3.950

12/12/2025

TBD(2)

 

(1,590)

 

(1,609)

UBS

4.110

02/05/2026

05/06/2026

 

(8,481)

 

(8,534)

 

4.110

03/03/2026

05/06/2026

 

(425)

 

(426)

 

4.120

01/20/2026

04/20/2026

 

(3,479)

 

(3,507)

 

4.160

02/05/2026

05/06/2026

 

(775)

 

(780)

 

4.170

01/20/2026

04/20/2026

 

(11,170)

 

(11,262)

Total Reverse Repurchase Agreements

 

 

 

 

 

$

(276,003)

(m)

Securities with an aggregate market value of $313,870 and cash of $5,388 have been pledged as collateral under the terms of master agreements as of March 31, 2026.

(1)

The average amount of borrowings outstanding during the period ended March 31, 2026 was $(183,428) at a weighted average interest rate of 4.037% Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

 

 

 

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

March 31, 2026

(Unaudited)

 

(2)

Open maturity reverse repurchase agreement.

(n)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1)

 

Variation Margin

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(2)

 

Notional
Amount(3)

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value(4)

 

Asset

 

Liability

Worldline SA/France

5.000%

Quarterly

12/20/2027

10.088

%

EUR

300

$

(29)

$

3

$

(26)

$

0

$

(4)

Worldline SA/France

5.000

Quarterly

12/20/2028

10.418

 

 

100

 

(14)

 

1

 

(13)

 

0

 

(1)

 

 

 

 

 

 

$

(43)

$

4

$

(39)

$

0

$

(5)

INTEREST RATE SWAPS

 

Variation Margin

Pay/
Receive
Floating Rate

Floating Rate Index

Fixed Rate

Payment
Frequency

Maturity
Date

 

Notional
Amount

 

Premiums
Paid/
(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Market
Value

 

Asset

 

Liability

Pay

1-Day GBP-SONIO Compounded-OIS

3.500%

Annual

03/18/2031

GBP

22,530

$

(99)

$

(862)

$

(961)

$

72

$

0

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2032

 

8,700

 

845

 

1,604

 

2,449

 

0

 

(25)

Receive

1-Day GBP-SONIO Compounded-OIS

2.000

Annual

03/15/2033

 

4,600

 

512

 

321

 

833

 

0

 

(15)

Receive

1-Day GBP-SONIO Compounded-OIS

0.750

Annual

09/21/2052

 

2,300

 

171

 

1,735

 

1,906

 

0

 

(4)

Pay

1-Day USD-SOFR Compounded-OIS

2.250

Semi-Annual

06/15/2026

$

26,800

 

436

 

(404)

 

32

 

0

 

(2)

Receive

1-Day USD-SOFR Compounded-OIS

1.350

Semi-Annual

01/20/2027

 

8,100

 

(2)

 

213

 

211

 

0

 

0

Pay

1-Day USD-SOFR Compounded-OIS

1.550

Semi-Annual

01/20/2027

 

35,800

 

(84)

 

(778)

 

(862)

 

2

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.360

Semi-Annual

02/15/2027

 

5,430

 

(1)

 

141

 

140

 

0

 

(1)

Pay

1-Day USD-SOFR Compounded-OIS

1.600

Semi-Annual

02/15/2027

 

21,700

 

(53)

 

(455)

 

(508)

 

2

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.450

Semi-Annual

02/17/2027

 

9,000

 

(2)

 

227

 

225

 

0

 

(1)

Pay

1-Day USD-SOFR Compounded-OIS

1.700

Semi-Annual

02/17/2027

 

35,800

 

(95)

 

(711)

 

(806)

 

4

 

0

Pay

1-Day USD-SOFR Compounded-OIS

2.500

Semi-Annual

12/20/2027

 

49,000

 

182

 

(1,078)

 

(896)

 

17

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.420

Semi-Annual

08/17/2028

 

29,500

 

(7)

 

1,738

 

1,731

 

0

 

(14)

Receive

1-Day USD-SOFR Compounded-OIS

1.380

Semi-Annual

08/24/2028

 

32,500

 

(8)

 

1,942

 

1,934

 

0

 

(16)

Pay

1-Day USD-SOFR Compounded-OIS

4.500

Annual

06/19/2029

 

76,800

 

101

 

2,298

 

2,399

 

68

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

06/20/2029

 

21,600

 

(409)

 

353

 

(56)

 

0

 

(18)

Pay

1-Day USD-SOFR Compounded-OIS

2.000

Annual

12/21/2029

 

106,500

 

(10,975)

 

4,624

 

(6,351)

 

92

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.250

Annual

06/18/2030

 

195,600

 

(1,978)

 

(1,919)

 

(3,897)

 

190

 

0

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Annual

03/18/2031

 

60,800

 

453

 

(785)

 

(332)

 

64

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.160

Semi-Annual

04/12/2031

 

2,800

 

(1)

 

362

 

361

 

0

 

(3)

Receive

1-Day USD-SOFR Compounded-OIS

0.750

Semi-Annual

06/16/2031

 

38,000

 

2,575

 

3,072

 

5,647

 

0

 

(33)

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Semi-Annual

12/15/2031

 

40,600

 

(568)

 

4,978

 

4,410

 

0

 

(38)

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Annual

12/20/2033

 

43,900

 

398

 

(1,195)

 

(797)

 

50

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2035

 

8,170

 

(134)

 

202

 

68

 

0

 

(7)

Pay

1-Day USD-SOFR Compounded-OIS

3.500

Semi-Annual

06/19/2044

 

201,500

 

(5,022)

 

(17,124)

 

(22,146)

 

309

 

0

Receive

1-Day USD-SOFR Compounded-OIS

3.750

Annual

12/17/2045

 

5,150

 

100

 

191

 

291

 

9

 

0

Receive

1-Day USD-SOFR Compounded-OIS

2.000

Semi-Annual

01/15/2050

 

1,400

 

(10)

 

538

 

528

 

3

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.750

Semi-Annual

01/22/2050

 

21,100

 

(52)

 

8,819

 

8,767

 

50

 

0

 

 

 

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

March 31, 2026

(Unaudited)

 

Receive

1-Day USD-SOFR Compounded-OIS

1.875

Semi-Annual

02/07/2050

 

22,000

 

(85)

 

8,789

 

8,704

 

52

 

0

Receive

1-Day USD-SOFR Compounded-OIS

2.250

Semi-Annual

03/12/2050

 

6,000

 

(18)

 

2,044

 

2,026

 

14

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.250

Semi-Annual

12/16/2050

 

2,400

 

217

 

970

 

1,187

 

6

 

0

Receive

1-Day USD-SOFR Compounded-OIS

1.700

Semi-Annual

02/01/2052

 

187,400

 

1,316

 

80,681

 

81,997

 

0

 

(50)

Receive

6-Month EUR-EURIBOR

0.150

Annual

03/18/2030

EUR

8,300

 

152

 

927

 

1,079

 

0

 

(28)

Receive

6-Month EUR-EURIBOR

0.250

Annual

09/21/2032

 

9,600

 

903

 

835

 

1,738

 

0

 

(52)

Receive(5)

6-Month EUR-EURIBOR

0.830

Annual

12/09/2052

 

18,000

 

240

 

1,983

 

2,223

 

21

 

0

Pay

Venture Global LNG, Inc.

5.000

Quarterly

12/20/2030

$

700

 

21

 

52

 

73

 

3

 

0

Pay

Worldline SA/France

5.000

Quarterly

12/20/2030

EUR

10,500

 

(1,704)

 

(483)

 

(2,187)

 

0

 

(155)

 

 

 

 

 

 

$

(12,685)

$

103,845

$

91,160

$

1,028

$

(462)

Total Swap Agreements

$

(12,728)

$

103,849

$

91,121

$

1,028

$

(467)

(o)

Securities with an aggregate market value of $584 and cash of $18,742 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

(1)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5)

This instrument has a forward starting effective date.

(p)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

 

Unrealized Appreciation/(Depreciation)

Counterparty

Settlement
Month

 

Currency to
be Delivered

 

Currency to
be Received

 

Asset

 

Liability

BOA

04/2026

BRL

2,074

$

397

$

0

$

(3)

 

04/2026

DOP

150,254

 

2,459

 

11

 

(11)

 

04/2026

JPY

70,547

 

442

 

0

 

(2)

 

04/2026

$

398

BRL

2,074

 

3

 

0

 

04/2026

 

1,730

EUR

1,488

 

0

 

(10)

 

05/2026

DOP

3,245

$

50

 

0

 

(3)

 

05/2026

$

442

JPY

70,334

 

2

 

0

BPS

04/2026

BRL

6

$

1

 

0

 

0

 

04/2026

CAD

198

 

146

 

4

 

0

 

04/2026

$

1

BRL

6

 

0

 

0

 

08/2030

KWD

48

$

162

 

4

 

0

 

01/2031

 

1,712

 

5,768

 

126

 

0

BRC

04/2026

HKD

1,945

 

249

 

0

 

0

 

04/2026

TRY

244,026

 

5,297

 

0

 

(82)

 

04/2026

$

6,050

TRY

273,271

 

36

 

0

 

05/2026

TRY

65,935

$

1,415

 

0

 

(9)

 

05/2026

$

229

TRY

10,639

 

0

 

0

BSH

04/2026

JPY

389,934

$

2,443

 

0

 

(14)

 

04/2026

$

8,332

GBP

6,259

 

0

 

(48)

 

05/2026

GBP

6,259

$

8,332

 

48

 

0

 

05/2026

$

2,443

JPY

388,759

 

14

 

0

CBK

04/2026

EUR

2,545

$

2,948

 

6

 

0

 

04/2026

$

968

EUR

833

 

0

 

(5)

 

04/2026

 

7,142

GBP

5,388

 

0

 

(11)

 

06/2026

COP

7,898,983

$

2,101

 

0

 

(14)

 

08/2026

 

42,678,244

 

11,211

 

0

 

(53)

 

09/2026

 

2,354,953

 

608

 

0

 

(9)

DUB

04/2026

HKD

9,437

 

1,206

 

2

 

0

 

06/2026

KZT

21,785

 

42

 

0

 

(2)

FAR

04/2026

GBP

13,392

 

18,098

 

372

 

0

 

04/2026

JPY

485,503

 

3,042

 

0

 

(17)

 

04/2026

$

2,466

GBP

1,823

 

0

 

(53)

 

04/2026

 

970

JPY

151,584

 

0

 

(15)

 

05/2026

 

3,042

 

484,037

 

17

 

0

GLM

04/2026

BRL

5,870

$

1,105

 

0

 

(29)

 

04/2026

DOP

76,234

 

1,181

 

0

 

(69)

 

 

 

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

March 31, 2026

(Unaudited)

 

 

04/2026

KZT

14,672

 

30

 

0

 

0

 

04/2026

$

1,125

BRL

5,870

 

9

 

0

 

05/2026

DOP

76,619

$

1,185

 

0

 

(76)

 

06/2026

 

13,378

 

218

 

0

 

(1)

 

06/2026

$

1,105

BRL

5,949

 

29

 

0

 

08/2026

DOP

13,459

$

215

 

0

 

(4)

 

09/2026

 

12,132

 

192

 

0

 

(5)

IND

04/2026

EUR

95,965

 

113,314

 

2,393

 

0

JPM

04/2026

HKD

11,012

 

1,409

 

3

 

0

 

04/2026

$

1,323

EUR

1,127

 

0

 

(20)

 

04/2026

 

368

MXN

6,587

 

0

 

(1)

MBC

04/2026

GBP

78

$

104

 

1

 

0

 

04/2026

JPY

150,076

 

938

 

0

 

(7)

 

04/2026

$

2,832

EUR

2,454

 

6

 

(2)

 

04/2026

 

1,074

JPY

166,997

 

0

 

(22)

 

05/2026

EUR

502

$

576

 

0

 

(5)

 

05/2026

JPY

1,111,700

 

6,988

 

0

 

(38)

 

05/2026

$

939

JPY

149,623

 

7

 

0

MYI

04/2026

EUR

2,197

$

2,596

 

57

 

0

NGF

04/2026

$

3,249

TRY

149,022

 

26

 

0

 

05/2026

 

734

 

33,908

 

0

 

(2)

SCX

04/2026

 

143

CAD

198

 

0

 

(1)

 

04/2026

 

764

JPY

119,215

 

0

 

(13)

 

05/2026

CAD

198

$

143

 

1

 

0

SOG

04/2026

$

109,929

EUR

94,805

 

142

 

(491)

 

04/2026

 

4,226

JPY

657,546

 

0

 

(83)

 

05/2026

EUR

76,822

$

88,790

 

0

 

(139)

 

06/2026

EGP

3,013

 

56

 

3

 

0

SSB

04/2026

$

725

BRL

3,764

 

2

 

0

 

04/2026

 

5

JPY

771

 

0

 

0

UAG

04/2026

TRY

24,033

$

520

 

0

 

(9)

 

05/2026

 

3,724

 

80

 

0

 

(1)

Total Forward Foreign Currency Contracts

$

3,324

$

(1,379)

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty

Description

 

Strike
Price

Expiration
Date

 

Notional
Amount(1)

 

Premiums
(Received)

 

Market
Value

UAG

Call - OTC USD versus TRY

TRY

49.510

04/15/2026

 

1,600

$

(25)

$

(4)

 

Call - OTC USD versus TRY

 

49.650

04/17/2026

 

2,400

 

(37)

 

(8)

 

Call - OTC USD versus TRY

 

49.650

04/21/2026

 

800

 

(12)

 

(4)

 

Call - OTC USD versus TRY

 

49.600

04/24/2026

 

400

 

(6)

 

(2)

 

Call - OTC USD versus TRY

 

49.990

05/01/2026

 

800

 

(12)

 

(7)

Total Written Options

$

(92)

$

(25)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(2)

 

Swap Agreements, at Value(5)

Counterparty

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
March 31, 2026(3)

 

Notional
Amount(4)

 

Premiums
Paid/(Received)

 

Unrealized
Appreciation/
(Depreciation)

 

Asset

 

Liability

BPS

Petroleos Mexicanos

1.000%

Quarterly

12/20/2028

2.711%

$

800

$

(155)

$

121

$

0

$

(34)

CBK

Petroleos Mexicanos

1.000

Quarterly

12/20/2030

3.124

 

200

 

(16)

 

(1)

 

0

 

(17)

DUB

Eskom «

4.650

Quarterly

06/30/2029

—◆

 

2,900

 

0

 

125

 

125

 

0

 

Petroleos Mexicanos «

4.750

Monthly

07/06/2026

—◆

 

71

 

0

 

0

 

0

 

0

GST

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

13,300

 

(7)

 

1

 

0

 

(6)

 

Soft Bank Group,Inc.

1.000

Quarterly

06/20/2026

1.662

$

1,100

 

(9)

 

8

 

0

 

(1)

JPM

Nissan Motor Co. Ltd.

1.000

Quarterly

12/20/2030

2.738

JPY

13,300

 

(7)

 

1

 

0

 

(6)

 

Petroleos Mexicanos

1.000

Quarterly

12/20/2030

3.124

$

300

 

(24)

 

(2)

 

0

 

(26)

Total Swap Agreements

$

(218)

$

253

$

125

$

(90)

(q)

Securities with an aggregate market value of $777 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

◆

Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

(1)

Notional Amount represents the number of contracts.

(2)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

 

 

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

March 31, 2026

(Unaudited)

 

(4)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(5)

The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2026

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

185,886

$

95,713

$

281,599

 

Corporate Bonds & Notes

 

Banking & Finance

 

0

 

65,303

 

0

 

65,303

 

 

Industrials

 

0

 

181,911

 

18,691

 

200,602

 

 

Utilities

 

0

 

39,290

 

124

 

39,414

 

Convertible Bonds & Notes

 

Industrials

 

0

 

18,904

 

0

 

18,904

 

Municipal Bonds & Notes

 

Michigan

 

0

 

1,610

 

0

 

1,610

 

 

West Virginia

 

0

 

4,246

 

0

 

4,246

 

U.S. Government Agencies

 

0

 

19,671

 

5,024

 

24,695

 

U.S. Treasury Obligations

 

0

 

963

 

0

 

963

 

Non-Agency Mortgage-Backed Securities

 

0

 

60,406

 

0

 

60,406

 

Asset-Backed Securities

 

Automobile ABS Other

 

0

 

1,854

 

0

 

1,854

 

 

Home Equity Other

 

0

 

13,055

 

0

 

13,055

 

 

Whole Loan Collateral

 

0

 

3,937

 

0

 

3,937

 

 

Other ABS

 

0

 

16,607

 

1,738

 

18,345

 

Sovereign Issues

 

0

 

73,875

 

0

 

73,875

 

Common Stocks

 

Communication Services

 

2,830

 

90

 

3,765

 

6,685

 

 

Consumer Discretionary

 

0

 

0

 

18

 

18

 

 

Financials

 

3

 

15,462

 

0

 

15,465

 

 

Health Care

 

0

 

0

 

24,786

 

24,786

 

 

Industrials

 

0

 

0

 

15,374

 

15,374

 

 

Real Estate

 

0

 

0

 

212

 

212

 

Warrants

 

Communication Services

 

0

 

1,238

 

0

 

1,238

 

Preferred Securities

 

Banking & Finance

 

0

 

1,187

 

10,303

 

11,490

 

 

Industrials

 

0

 

2,303

 

2,834

 

5,137

 

Real Estate Investment Trusts

 

Real Estate

 

2,435

 

0

 

0

 

2,435

 

Short-Term Instruments

 

Mutual Funds

 

0

 

916

 

0

 

916

 

 

Egypt Treasury Bills

 

0

 

162

 

0

 

162

 

 

Nigeria Treasury Bills

 

0

 

14,845

 

0

 

14,845

 

 

Turkey Treasury Bills

 

0

 

223

 

0

 

223

 

 

U.S. Treasury Bills

 

0

 

596

 

0

 

596

 

 

$

5,268

$

724,540

$

178,582

$

908,390

 

Investments in Affiliates, at Value

Short-Term Instruments

 

Central Funds Used for Cash Management Purposes

$

32,199

$

0

$

0

$

32,199

 

Total Investments

$

37,467

$

724,540

$

178,582

$

940,589

 

Financial Derivative Instruments - Assets

Exchange-traded or centrally cleared

 

0

 

1,028

 

0

 

1,028

 

Over the counter

 

0

 

3,324

 

125

 

3,449

 

 

$

0

$

4,352

$

125

$

4,477

 

Financial Derivative Instruments - Liabilities

Exchange-traded or centrally cleared

 

0

 

(467)

 

0

 

(467)

 

Over the counter

 

0

 

(1,494)

 

0

 

(1,494)

 

 

$

0

$

(1,961)

$

0

$

(1,961)

 

Total Financial Derivative Instruments

$

0

$

2,391

$

125

$

2,516

 

Totals

$

37,467

$

726,931

$

178,707

$

943,105

 

 

 

 

 

 

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

March 31, 2026

(Unaudited)

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:

Category and Subcategory

Beginning
Balance
at 06/30/2025

Net
Purchases (1)

Net
Sales/Settlements (1)

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

Net Change in
Unrealized
Appreciation/
(Depreciation) (2)

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 03/31/2026

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2026 (2)

Investments in Securities, at Value

Loan Participations and Assignments

$

57,540

$

9,798

$

(12,878)

$

211

$

7

$

727

$

40,308

$

0

$

95,713

$

(117)

Corporate Bonds & Notes

 

Banking & Finance

 

265

 

0

 

(40)

 

0

 

2

 

48

 

0

 

(275)

 

0

 

0

 

Industrials

 

17,399

 

1,140

 

(1,253)

 

17

 

0

 

1,388

 

0

 

0

 

18,691

 

1,056

 

Utilities

 

0

 

105

 

0

 

(2)

 

0

 

21

 

0

 

0

 

124

 

21

U.S. Government Agencies

 

5,071

 

0

 

(100)

 

17

 

32

 

4

 

0

 

0

 

5,024

 

1

Asset-Backed Securities

 

Other ABS

 

2,058

 

0

 

0

 

4

 

(1,214)

 

890

 

0

 

0

 

1,738

 

(181)

Common Stocks

 

Communication Services

 

11,245

 

0

 

(9,994)

 

0

 

5,304

 

(2,790)

 

0

 

0

 

3,765

 

3,609

 

Consumer Discretionary

 

17

 

0

 

0

 

0

 

0

 

1

 

0

 

0

 

18

 

0

 

Financials

 

8,063

 

0

 

(8,262)

 

0

 

(8,134)

 

8,333

 

0

 

0

 

0

 

0

 

Health Care

 

25,446

 

0

 

 

 

0

 

0

 

(660)

 

0

 

0

 

24,786

 

(660)

 

Industrials

 

12,761

 

2,702

 

(1,969)

 

0

 

31

 

1,849

 

0

 

0

 

15,374

 

1,849

 

Real Estate(3)

 

13

 

0

 

0

 

0

 

0

 

199

 

0

 

0

 

212

 

199

Warrants

 

Communication Services

 

2,205

 

0

 

(1,987)

 

0

 

525

 

(743)

 

0

 

0

 

0

 

0

 

Financials

 

1

 

0

 

(5)

 

0

 

(5,384)

 

5,388

 

0

 

0

 

0

 

0

Preferred Securities

 

Banking & Finance

 

0

 

10,026

 

0

 

0

 

0

 

277

 

0

 

0

 

10,303

 

278

 

Industrials

 

2,968

 

180

 

0

 

0

 

0

 

(314)

 

0

 

0

 

2,834

 

(315)

 

$

145,052

$

23,951

$

(36,488)

$

247

$

(8,831)

$

14,618

$

40,308

$

(275)

$

178,582

$

5,740

Financial Derivative Instruments- Assets

Over the counter

$

173

$

0

$

0

$

0

$

0

$

(48)

$

0

$

0

$

125

$

(48)

Totals

$

145,225

$

23,951

$

(36,488)

$

247

$

(8,831)

$

14,570

$

40,308

$

(275)

$

178,707

$

5,692


The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

 

(% Unless Noted Otherwise)

 

Category and Subcategory

Ending
Balance
at 03/31/2026

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

Investments in Securities, at Value

Loan Participations and Assignments

$

14,682

Comparable Companies

EBITDA Multiple

X

16.360

—

 

 

33,089

Discounted Cash Flow

Discount Rate

 

6.312-9.745

8.225

 

 

3,831

Indicative Market Quotation

Broker Quote

 

101.250

—

 

 

3,000

Recent Transaction

Purchase Price

 

100.000

—

 

 

41,111

Third Party Vendor

Broker Quote

 

43.500-97.750

94.874

Corporate Bonds & Notes

 

Industrials

 

18,691

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X/
%

12.500/10.000

—

 

Utilities

 

124

Indicative Market Quotation

Broker Quote

EU
R

-

—

U.S. Government Agencies

 

5,024

Discounted Cash Flow

Discount Rate

 

11.670

—

Asset-Backed Securities

Other ABS

 

1,738

Discounted Cash Flow

Discount Rate

 

12.000-20.000

18.146

Common Stocks

 

Communication Services

 

3,506

Indicative Market Quotation

Broker Quote

$

15.000

—

 

 

 

259

Reference Instrument

Liquidity Discount

 

12.000

—

 

Consumer Discretionary

 

18

Comparable Companies / Discounted Cash Flow

Revenue Multiple / Discount Rate

X /
%

0.500/20.750

 

 

Health Care

 

24,786

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

 

16.360

 

 

Industrials

 

11,673

Comparable Companies / Discounted Cash Flow

EBITDA Multiple/Discount Rate

X /
%
—

12.500/10.000

 

 

 

 

2,898

Indicative Market Quotation

Broker Quote

$

0.594-23.000

18.183

 

 

 

803

Indicative Market Quotation

Broker Quote

EU
R

16.000

—

 

Real Estate

 

212

Other Valuation Techniques(4)

—

 

-

—

Preferred Securities

 

Banking & Finance

 

4,604

Discounted Cash Flow

Discount Rate

 

11.900

—

 

 

 

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

March 31, 2026

(Unaudited)

 

 

 

 

5,699

Recent transaction

Purchase price

$

0.000

—

 

Industrials

 

256

Comparable Companies

Revenue/ EBITDA Multiple

X

4.625/18.000

—

 

 

 

2,578

Discounted Cash Flow

Discount Rate

 

19.155

—

Financial Derivative Instruments- Assets

Over the counter

 

125

Indicative Market Quotation

Broker Quote

 

0.191-4.267

4.254

Total

$

178,707

(1)

Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end.

(3)

Sector type updated from Financials to Real Estate since prior fiscal year end.

(4)

Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

 

 

 

 

Notes to Financial Statements 

 

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The net asset value (“NAV”) of the Fund’s shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

 

On each day that the New York Stock Exchange (“NYSE”) is open, each Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

 

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

 

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “Act”). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds (”ETFs”), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other thanETFs), the Fund’s NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

 

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

 

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. . An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

 

Fair valuation may require subjective determinations about the value of a security. While the Fund’s and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

 

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

 

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

 

 

Notes to Financial Statements(Cont.)

 

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

 

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

 

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by pricing services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by pricing services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

 

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

 

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

 

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

 

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

 

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

 

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

 

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

 

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

 

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value

 

Notes to Financial Statements(Cont.)

 

hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

 

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indices and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

 

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

 

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

 

2. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

 

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2026, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

3. INVESTMENTS IN AFFILIATES

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund’s transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands†):

 

Investment in PIMCO Short-Term Floating NAV Portfolio III

 

 

Market Value
06/30/2025

 

Purchases at
Cost

 

Proceeds from
Sales

 

Net
Realized
Gain (Loss)

 

Change in
Unrealized
Appreciation
(Depreciation)

 

Market Value
03/31/2026

 

Dividend
Income(1)

 

Realized Net
Capital
Gain
Distributions(1)

$

31,928

$

369,470

$

(369,200)

$

5

$

(4)

$

32,199

$

470

$

0

† A zero balance may reflect actual amounts rounding to less than one thousand.

(1) The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund.

Glossary: (abbreviations that may be used in the preceding statements)       (Unaudited)
                     
Counterparty Abbreviations:                
BOA   Bank of America N.A.   DUB   Deutsche Bank AG   NGF   Nomura Global Financial Products, Inc.
BPS   BNP Paribas S.A.   FAR   Wells Fargo Bank National Association   RTA   RBC (Barbados) Trading Bank Corp.
BRC   Barclays Bank PLC   GLM   Goldman Sachs Bank USA   SCX   Standard Chartered Bank, London
                     
BSH   Banco Santander S.A. - New York Branch   GST   Goldman Sachs International   SOG   Societe Generale Paris
BYR   The Bank of Nova Scotia - Toronto   IND   Crédit Agricole Corporate and Investment Bank
S.A.		   SSB   State Street Bank and Trust Co.
CBK   Citibank N.A.   JPM   JP Morgan Chase Bank N.A.   TDM   TD Securities (USA) LLC
CDC   Natixis Securities Americas LLC   MBC   HSBC Bank Plc   UAG   UBS AG Stamford
DBL   Deutsche Bank AG London   MYI   Morgan Stanley & Co. International PLC   UBS   UBS Securities LLC
                     
Currency Abbreviations:                
BRL   Brazilian Real   GBP   British Pound   MXN   Mexican Peso
CAD   Canadian Dollar   HKD   Hong Kong Dollar   NGN   Nigerian Naira
COP   Colombian Peso   JPY   Japanese Yen   PEN   Peruvian New Sol
DOP   Dominican Peso   KWD   Kuwaiti Dinar   TRY   Turkish New Lira
EGP   Egyptian Pound   KZT   Kazakhstani Tenge   USD (or $)   United States Dollar
EUR   Euro                
                     
Exchange Abbreviations:                
OTC   Over the Counter                
                     
Index/Spread Abbreviations:                
BISTREFI   Turkish Lira Overnight Reference Rate   FHMMUSTF   Federated Hermes US Treasury Cash Reserves
Fund Yield		   SOFR   Secured Overnight Financing Rate
BNMMDTSC   Dreyfus Treasury Securites Cash Management Fund Yield   GSMMUSTF   Goldman Sachs Money Market US Treasury Fund
Index		   SONIO   Sterling Overnight Interbank Average Rate
BRMMUSDF   BlackRock Money Market US Treasury Fund Index   GSMMUSTI   Goldman Sachs Money Market US Treasury
Instrument Index		   TSFR1M   Term SOFR 1-Month
CDOR06   6 month CDN Swap Rate   JMMMUSTF   JP Morgan Money Market US Treasury Fund Index   TSFR3M   Term SOFR 3-Month
EUR003M   3 Month EUR Swap Rate   JY0003M   3 Month JPY-LIBOR   TSFR6M   Term SOFR 6-Month
EUR006M   6 Month EUR Swap Rate   MSMMUSTF   MSILF Money Market US Treasury Fund Index   US0003M   ICE 3-Month USD LIBOR
                     
Other  Abbreviations:                
ABS   Asset-Backed Security   EBITDA    Earnings before Interest, Taxes, Depreciation and Amoritization   REMIC   Real Estate Mortgage Investment Conduit
ALT   Alternate Loan Trust   EURIBOR   Euro Interbank Offered Rate   TBA   To-Be-Announced
CDO   Collateralized Debt Obligation   JSC   Joint Stock Company   TBD   To-Be-Determined
CLO   Collateralized Loan Obligation   OIS   Overnight Index Swap   TBD%   Interest rate to be determined when loan
settles or at the time of funding
DAC   Designated Activity Company   PIK   Payment-in-Kind