PIMCO Income Strategy Fund II expands to invest in and originate loans, including subprime loans

PIMCO Income Strategy Fund II

Effective June 24, 2026, the Fund may invest in/originate residential, commercial, consumer loans, and more.
No borrower credit criteria restrictions; loans may be subprime or below investment grade.
Fund may originate loans to foreign entities and individuals, with added legal, currency, and tax risks.
New risks include loan origination risk, illiquidity, broken-deal costs, and potential extended settlement periods.
Fund remains subject to RIC qualification requirements; no change to dividend policy or share structure.

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