Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
March 30 2022 - 4:07PM
Edgar (US Regulatory)
PIMCO INCOME STRATEGY FUND II
(the Fund)
Supplement dated March 30, 2022 to the Funds Prospectus dated November 25, 2020,
as supplemented from time to time
(the Prospectus)
On March 25, 2022, the Funds Board of Trustees (the Board) approved a change to the Funds
fiscal year end from July 31 to June 30, beginning with the current fiscal year, which will now end on June 30, 2022, effective April 1, 2022. The change will be reflected in the Funds annual report on Form N-CSR for the period August 1, 2021 to June 30, 2022.
In addition, on
March 25, 2022, the Board approved the removal of the Funds non-fundamental investment guideline limiting the Funds investments in securities denominated in foreign (non-U.S.) currencies to 25% of the Funds total assets, effective April 29, 2022. Accordingly, effective April 29, 2022, (i) the second sentence of the second paragraph of the Portfolio
Contents section on the cover pages of the Prospectus; (ii) the second sentence of the second paragraph of the Prospectus Summary Portfolio Contents and Portfolio Contents sections of the Prospectus;
and (iii) the second sentence of the first paragraph of the Portfolio Contents Foreign (Non-U.S.) Investments section of the Prospectus are deleted and replaced with the following:
Subject to the limitations set forth in this prospectus, including the limit on investments in
emerging market securities and instruments, the Fund may invest without limit in non-U.S. dollar denominated securities (of both developed and emerging market countries), including obligations of non-U.S. governments and their respective sub-divisions, agencies and government-sponsored enterprises.
In addition, on March 25, 2022, the Funds Board of Trustees approved the Funds investment in PIMCO Funds:
Private Account Portfolio Series PIMCO Short-Term Floating NAV Portfolio III and PIMCO Funds: Private Account Portfolio Series PIMCO Short Asset Portfolio, each a series of PIMCO Funds. Accordingly, effective immediately, the
Portfolio Contents Other Investment Companies section of the Prospectus is deleted and replaced with the following:
The Fund may invest in securities of other open- or closed-end
investment companies (including those advised by PIMCO), including, without limitation, ETFs, to the extent that such investments are consistent with the Funds investment objectives, strategies and policies and permissible under the 1940 Act.
The Fund may invest in other investment companies to gain broad market or sector exposure or for cash management purposes, including during periods when it has large amounts of uninvested cash or when PIMCO believes share prices of other investment
companies offer attractive values. The Fund may invest in certain money market funds and/or short-term bond funds (Central Funds), to the extent permitted by the 1940 Act, the rules thereunder or exemptive relief therefrom. The Central
Funds are registered investment companies created for use by certain registered investment companies advised by PIMCO in connection with their cash management activities. The Fund treats its investments in other investment companies that invest
primarily in types of securities in which the Fund may invest directly as investments in such types of securities for purposes of the Funds investment policies (e.g., the Funds investment in an investment company that invests
primarily in debt securities will be treated by the Fund as an investment in a debt security). As a shareholder in an investment company, the Fund would bear its ratable share of that investment companys expenses and would remain subject to
payment of the Funds management fees and other expenses with respect to assets so invested. Common
Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. The securities of other investment companies may be leveraged, in
which case the NAV and/or market value of the investment companys shares will be more volatile than unleveraged investments. See Principal Risks of the FundLeverage Risk.
Investors Should Retain This Supplement for Future Reference
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