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The purpose of this article is to evaluate the PIMCO Income Strategy Fund II (PFN) as an investment option. While PFN has not soared to high premium levels like many PIMCO funds, I view this positively going forward. It is one of the few CEFs offered by PIMCO that is trading at a reasonable valuation, and its underlying performance is strong. Furthermore, PFN has a current yield and year-to-date performance that bests the majority of PIMCO CEFs at the moment, further compounding why the fund looks attractive on a relative basis.