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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 PmYP7fQzoefqP4Y6g5didHK44DGCewIU8yMPq33nC4lwNdiQ864qGM7Hx/Pq6IAM
 hCqZihmZy0X5Vj1fF/MRrg==

<SEC-DOCUMENT>0000919574-11-000391.txt : 20110128
<SEC-HEADER>0000919574-11-000391.hdr.sgml : 20110128
<ACCEPTANCE-DATETIME>20110128155929
ACCESSION NUMBER:		0000919574-11-000391
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101019
FILED AS OF DATE:		20110128
DATE AS OF CHANGE:		20110128

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO INCOME STRATEGY FUND
		CENTRAL INDEX KEY:			0001244183
		IRS NUMBER:				000000000

	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 INCOME FUND
		DATE OF NAME CHANGE:	20030619

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Brigade Leveraged Capital Structures Fund Ltd.
		CENTRAL INDEX KEY:			0001421307
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21374
		FILM NUMBER:		11555865

	BUSINESS ADDRESS:	
		STREET 1:		C/O OGIER FIDUCIARY SERVICES (CAY) LTD.
		STREET 2:		89 NEXUS WAY, CAMANA BAY
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9007
		BUSINESS PHONE:		(345) 949-9876

	MAIL ADDRESS:	
		STREET 1:		C/O OGIER FIDUCIARY SERVICES (CAY) LTD.
		STREET 2:		89 NEXUS WAY, CAMANA BAY
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9007

	FORMER NAME:	
		FORMER CONFORMED NAME:	Brigade Leveraged Capital Structures Offshore Ltd.
		DATE OF NAME CHANGE:	20091215

	FORMER NAME:	
		FORMER CONFORMED NAME:	BRIGADE LEVERAGED CAPITAL STRUCTURES FUND LTD.
		DATE OF NAME CHANGE:	20071214
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p1161703.xml
<DESCRIPTION>BRIGADE LEVERAGES/PIMCO
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-10-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001244183</issuerCik>
        <issuerName>PIMCO INCOME STRATEGY FUND</issuerName>
        <issuerTradingSymbol>PFL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001421307</rptOwnerCik>
            <rptOwnerName>Brigade Leveraged Capital Structures Fund Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O OGIER FIDUCIARY SVCS (CAYMAN) LTD</rptOwnerStreet1>
            <rptOwnerStreet2>89 NEXUS WAY, CAMANA BAY</rptOwnerStreet2>
            <rptOwnerCity>GRAND CAYMAN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode>KY1-9007</rptOwnerZipCode>
            <rptOwnerStateDescription>CAYMAN ISLANDS</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Auction-Rate Preferred Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2010-10-19</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>608</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>88</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1037</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Consistent with the Securities and Exchange Commission's Auction Rate Securities Global Exemptive Relief no action letter issued on September 22, 2008, the shares reported herein represent the reporting person's combined holdings in the separate series of auction rate preferred shares of the issuer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Brigade Leveraged Capital Structures Fund Ltd., By: /s/ Donald E. Morgan, III, Director</signatureName>
        <signatureDate>2011-01-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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