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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 FSUQozZOTQveVt+6TVz25g==

<SEC-DOCUMENT>0001181431-10-029518.txt : 20100526
<SEC-HEADER>0001181431-10-029518.hdr.sgml : 20100526
<ACCEPTANCE-DATETIME>20100526155606
ACCESSION NUMBER:		0001181431-10-029518
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100525
FILED AS OF DATE:		20100526
DATE AS OF CHANGE:		20100526

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GROSS WILLIAM H
		CENTRAL INDEX KEY:			0001201891

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21601
		FILM NUMBER:		10859634

	MAIL ADDRESS:	
		STREET 1:		840 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Income Strategy Fund II
		CENTRAL INDEX KEY:			0001296250
		IRS NUMBER:				201619298
		FISCAL YEAR END:			0731

	BUSINESS ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105
		BUSINESS PHONE:		212 739-3502

	MAIL ADDRESS:	
		STREET 1:		1345 AVENUE OF THE AMERICAS 3RD FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO Floating Rate Strategy Fund
		DATE OF NAME CHANGE:	20040701
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd277079.xml
<DESCRIPTION>F4 GROSS FAM TRUST PFN 5/25/10
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-05-25</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001296250</issuerCik>
        <issuerName>PIMCO Income Strategy Fund II</issuerName>
        <issuerTradingSymbol>PFN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001201891</rptOwnerCik>
            <rptOwnerName>GROSS WILLIAM H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PIMCO</rptOwnerStreet1>
            <rptOwnerStreet2>840 NEWPORT CENTER DRIVE, SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>NEWPORT BEACH</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92660</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-05-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>23538</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.7699</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>766972</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>27732</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <remarks>Mr. Gross is Portfolio Manager of the Issuer.  Mr. Gross is the Co-Chief Information Officer of Pacific Investment Management Company LLC (PIMCO) and is a member of PIMCO's Executive Committee.  PIMCO serves as sub-adviser for the Issuer.</remarks>

    <ownerSignature>
        <signatureName>/s/ Michael Flaherty, Attorney-in-Fact for William H. Gross</signatureName>
        <signatureDate>2010-05-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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