PIMCO Corporate & Income Strategy Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:

811-10555

PIMCO Corporate & Income Strategy Fund

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

650 Newport Center Drive, Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

David C. Sullivan

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Registrant’s telephone number, including area code: (844) 337-4626

Date of fiscal year end: June 30

Date of reporting period: December 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Shareholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).

PIMCO CLOSED-END FUNDS

Semiannual Report

December 31, 2023

PIMCO Corporate & Income Opportunity Fund | PTY | NYSE

PIMCO Corporate & Income Strategy Fund | PCN | NYSE

PIMCO High Income Fund | PHK | NYSE

PIMCO Income Strategy Fund | PFL | NYSE

PIMCO Income Strategy Fund II | PFN | NYSE

Table of Contents



			Page


Market Insights				2

Important Information About the Funds				3

Index Descriptions				12

Financial Highlights				14

Statements of Assets and Liabilities				18

Statements of Operations				19

Statements of Changes in Net Assets				20

Statements of Cash Flows				22

Notes to Financial Statements				82

Glossary				113

Distribution Information				114

Investment Strategy Updates				115

Changes to Portfolio Managers				116


Fund	Fund Summary		Schedule of Investments


PIMCO Corporate & Income Opportunity Fund		7		23

PIMCO Corporate & Income Strategy Fund		8		37

PIMCO High Income Fund		9		49

PIMCO Income Strategy Fund		10		60

PIMCO Income Strategy Fund II		11		71


Market Insights

Dear Shareholder,

This semiannual report covers the

six-month

reporting period ended December 31, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

The global economy continued to grow despite inflation that remains elevated, interest rate increases, tighter credit conditions, and geopolitical concerns affecting many countries. This resilience was particularly evident in the United States (“U.S.”). Some European economies experienced slower growth and generally continued to expand over the reporting period.

Central banks slowed interest rate hikes

Inflation eased over the reporting period, and several bank officials suggested that central banks may slow aggressive interest-rate hikes. From March 2022 through July 2023, the U.S. Federal Reserve (the “Fed”) raised the federal funds rate a total of 5.25 percentage points. In September, November and December 2023, the Fed did not increase interest rates. In December 2023, Fed communications conveyed a belief that the policy rate may be likely at or near its peak for the tightening cycle. From July 2022 through September 2023, the European Central Bank (“ECB”) raised its deposit facility overnight rate a total of 4.50 percentage points and then held rates steady at its October and December 2023 meetings. Meanwhile, from December 2019 through July 2023, the Bank of England (“BoE”) raised its Bank Rate a total of 5.15 percentage points and then held rates steady in September, November and December 2023. Both the ECB and BoE acknowledged the possibility of rate cuts in 2024.

Mixed financial market returns

The yield on the benchmark

10-year

U.S. Treasury increased during the reporting period. In many other developed markets, yields on

10-year

government bonds fluctuated. Overall, the global bond market rallied toward the end of 2023, bolstered by central bank officials’ policy pronouncements signaling a possible end to monetary tightening. During the reporting period, lower-rated bonds generally outperformed their higher-rated counterparts. Global equities and commodities rose amid market volatility. The U.S. dollar weakened relative to the euro, British pound and Japanese yen.

We continue to work diligently to navigate dynamic global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals and visit global.pimco.com for our latest insights.

Sincerely,





Deborah A. DeCotis		Joshua D. Ratner
Chair of the Board of Trustees		President



Total Returns of Certain Asset Classes for the Period Ended December 31, 2023

Asset Class (as measured by, currency)		Six-Month

U.S. large cap equities (S&P 500 Index, USD)		8.04%

Global equities (MSCI World Index, USD)		7.56%

European equities (MSCI Europe Index, EUR)		4.24%

Emerging market equities (MSCI Emerging Markets Index, EUR)		4.71%

Japanese equities (Nikkei 225 Index, JPY)		1.74%

Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)		4.55%

Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)		6.40%

Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)		7.90%

Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)		5.52%

Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)		3.48%

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.


2		PIMCO CLOSED-END FUNDS


Important Information About the Funds

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. A Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and 2023. Thus, bond funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets”.

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause a Fund to incur losses.

A Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a 10-year U.S. treasury) that have different effective dates with respect to interest accrual time periods also for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of a Fund’s duration or yield curve management strategies. In such a “paired swap transaction”, a Fund would generally enter into one or more interest rate swap agreements whereby a Fund agrees to make regular payments starting at the time the Fund enters into the agreements equal to a floating interest rate in return for payments equal to a fixed interest rate (the “initial leg”). A Fund would also enter into one or more interest rate swap agreements on the same underlying instrument, but take the

opposite position (i.e., in this example, a Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the “forward leg”).

A Fund may engage in investment strategies, including those that employ the use of paired swaps transactions, the use of interest rate swaps to seek to capitalize on differences between short-term and long-term interest rates and other derivatives transactions, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s net asset value (“NAV”). A Fund’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when a Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or a Fund’s debt investments, or arising from its use of derivatives. For instance, a portion of a Fund’s monthly distributions may be sourced from paired swap transactions utilized to produce current distributable ordinary income for tax purposes on the initial leg, with a substantial possibility that a Fund will later realize a corresponding capital loss and potential decline in its NAV with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund’s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions) may be economically similar to a taxable return of capital when considered together with such capital losses.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments or Consolidated Schedule of Investments, as applicable, sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign

(non-U.S.)

securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.

SEMIANNUAL REPORT

DECEMBER 31, 2023


Important Information About the Funds		(Cont.)

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

The Funds may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on the Secured Overnight Financing Rate (“SOFR”) for tough legacy contracts. On February 27, 2023, the Federal Reserve System’s final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts governed by U.S. law. In addition, the FCA has announced

that it will require the publication of synthetic LIBOR for the one-month, three-month and six-month U.S. Dollar LIBOR settings after June 30, 2023 through at least September 30, 2024. The possible scope and effect of synthetic LIBOR for U.S. Dollar LIBOR contracts and the LIBOR transition is unknown at this time. Moreover, certain aspects of the transition from LIBOR will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; PIMCO cannot guarantee the performance of such market participants and any failure on the part of such market participants to manage their part of the LIBOR transition could impact a Fund. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of a Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of

closed-end

management investment companies, such as the Funds, frequently trade at a discount from their NAV and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.


4		PIMCO CLOSED-END FUNDS

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total return for a period of more than one year represents the average annual total return. Performance at market price will differ from results at NAV. Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends. Performance shown is net of fees and expenses. Historical NAV performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future.

The following table discloses the inception date and diversification status of each Fund:

Fund Name

Inception
Date

Diversification
Status

PIMCO Corporate & Income Opportunity Fund

12/27/02

Diversified

PIMCO Corporate & Income Strategy Fund

12/21/01

Diversified

PIMCO High Income Fund

04/30/03

Diversified

PIMCO Income Strategy Fund

08/29/03

Diversified

PIMCO Income Strategy Fund II

10/29/04

Diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with Pacific Investment Management Company LLC (“PIMCO”) and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus or Statement of Additional Information (“SAI”), any press release or shareholder report, any contracts filed as exhibits to a Fund’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of a Fund creates a contract between or among any shareholders of a Fund, on the one hand, and the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand.

The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent prospectus or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement was specifically disclosed in a Fund’s then-current prospectus, SAI or shareholder report and is otherwise still in effect.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule

206(4)-6

under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when

SEMIANNUAL REPORT

DECEMBER 31, 2023


Important Information About the Funds		(Cont.)

voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Funds at (844)

33-PIMCO,

on the Funds’ website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and upon request by calling PIMCO at (844)

33-PIMCO.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (844) 33-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary, such as a broker-dealer or bank.

In April 2020, the SEC adopted amended rules modifying the registration, communications, and offering processes for registered

closed-end

funds and interval funds. Among other things, the amendments: (1) permit qualifying

closed-end

funds to use a short-form registration statement to offer securities in eligible transactions and certain funds to qualify as Well Known Seasoned Issuers; (2) permit interval funds to pay registration fees based on net issuance of shares in a manner similar to mutual funds; (3) require

closed-end

funds and interval funds to include additional disclosures in their annual reports; and (4) require certain information to be filed in interactive data format. The new rules had phased compliance, with the latest requirement taking effect as of February 1, 2023.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (

i.e.

, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

In September 2023, the SEC adopted amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion). At this time, management is evaluating the implications of these changes on the financial statements.


6		PIMCO CLOSED-END FUNDS

PIMCO Corporate & Income Opportunity Fund

Symbol on NYSE -

PTY

Cumulative Returns Through December 31, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2023

†


Corporate Bonds & Notes			30.2%

Loan Participations and Assignments			28.4%

Non-Agency Mortgage-Backed Securities			11.4%

Short-Term Instruments ‡			8.7%

Common Stocks			7.3%

Asset-Backed Securities			6.6%

Sovereign Issues			3.1%

Municipal Bonds & Notes			1.7%

U.S. Government Agencies			1.1%

Other			1.5%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

‡

Includes Central Funds Used for Cash Management Purposes.



Average Annual Total Return (1) for the period ended December 31, 2023

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (12/27/02)
	Market Price		(0.07)%		23.21%		7.59%		8.55%		11.94%
	NAV		10.93%		17.55%		8.28%		9.99%		12.49%
	ICE BofAML US High Yield Index		7.63%		13.46%		5.21%		4.51%		7.41%	¨

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

* Cumulative return.

Average annual total return since 12/31/2002.

It is not possible to invest directly in an unmanaged index.

(1)

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. The NAV presented may differ from the NAV reported for the same period in other Fund materials. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The index is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

(2)

Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or market price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (‘‘ROC’’) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each January.

(3)

Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Fund Information (as of December 31, 2023)

(1)


Market Price			$13.24

NAV			$11.26

Premium/(Discount) to NAV			17.58%

Market Price Distribution Rate (2)			10.77%

NAV Distribution Rate (2)			12.66%

Total Effective Leverage (3)			26.35%

Investment Objective and Strategy Overview

PIMCO Corporate & Income Opportunity Fund’s investment objective is to seek maximum total return through a combination of current income and capital appreciation.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges or significant transition, contributed to absolute performance, as select securities posted positive returns.

Exposure to corporate credit, notably bank loans and high yield, contributed to absolute performance, as the asset classes posted positive returns.

At-the-market shelf offerings contributed to performance, as the capital raised was accretive to net asset value.

The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage.

Holdings related to emerging market special situation investments detracted from absolute performance, as select securities posted negative returns.

Security selection within the municipal bonds sector detracted from performance, as select municipal securities posted negative returns.

SEMIANNUAL REPORT

DECEMBER 31, 2023

PIMCO Corporate & Income Strategy Fund


		Symbol on NYSE - PCN

Cumulative Returns Through December 31, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2023

†


Corporate Bonds & Notes			30.1%

Loan Participations and Assignments			25.7%

Non-Agency Mortgage-Backed Securities			9.4%

Short-Term Instruments ‡			9.3%

Common Stocks			8.8%

Asset-Backed Securities			8.6%

Sovereign Issues			2.9%

Municipal Bonds & Notes			1.8%

U.S. Government Agencies			1.4%

Preferred Securities			1.2%

Other			0.8%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

‡

Includes Central Funds Used for Cash Management Purposes.



Average Annual Total Return (1) for the period ended December 31, 2023

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (12/21/01)
	Market Price		0.13%		16.94%		6.06%		7.64%		10.04%
	NAV		10.14%		16.08%		7.26%		8.30%		10.63%
	ICE BofAML US High Yield Index		7.63%		13.46%		5.21%		4.51%		6.97%	¨

* Cumulative return.

Average annual total return since 12/31/2001.

It is not possible to invest directly in an unmanaged index.

(1)

(2)

(3)

Fund Information (as of December 31, 2023)

(1)


Market Price			$12.41

NAV			$11.57

Premium/(Discount) to NAV			7.26%

Market Price Distribution Rate (2)			10.88%

NAV Distribution Rate (2)			11.67%

Total Effective Leverage (3)			18.85%

Investment Objective and Strategy Overview

PIMCO Corporate & Income Strategy Fund’s primary investment objective is to seek high current income, with secondary objectives of capital preservation and appreciation.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Holdings related to corporate special situation investments, which include companies undergoing stress, distress, challenges or significant transition contributed to absolute performance, as select securities posted positive returns.

Exposure to corporate credit, notably bank loans and high yield, contributed to performance, as the asset classes posted positive returns.

Exposure to emerging market debt contributed to performance, as the asset class posted positive returns.

Holdings related to emerging market special situation investments detracted from absolute performance, as select securities posted negative returns.

Security selection within municipal bonds detracted from performance, as a select taxable municipal security posted negative returns.


8		PIMCO CLOSED-END FUNDS

PIMCO High Income Fund


		Symbol on NYSE - PHK

Cumulative Returns Through December 31, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2023

†


Corporate Bonds & Notes			31.3%

Loan Participations and Assignments			18.9%

Non-Agency Mortgage-Backed Securities			11.6%

Short-Term Instruments			9.6%

Common Stocks			9.5%

Asset-Backed Securities			6.5%

Municipal Bonds & Notes			4.4%

Preferred Securities			3.1%

Sovereign Issues			2.6%

U.S. Government Agencies			1.7%

Other			0.8%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.



Average Annual Total Return (1) for the period ended December 31, 2023

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (04/30/03)
	Market Price		6.27%		19.39%		1.57%		3.65%		7.75%
	NAV		9.30%		13.58%		7.02%		9.42%		10.33%
	ICE BofAML US High Yield Index		7.63%		13.46%		5.21%		4.51%		6.88%

* Cumulative return.

It is not possible to invest directly in an unmanaged index.

(1)

(2)

(3)

Fund Information (as of December 31, 2023)

(1)


Market Price			$4.99

NAV			$4.64

Premium/(Discount) to NAV			7.54%

Market Price Distribution Rate (2)			11.54%

NAV Distribution Rate (2)			12.41%

Total Effective Leverage (3)			20.15%

Investment Objective and Strategy Overview

PIMCO High Income Fund’s primary investment objective is to seek high current income, with capital appreciation as a secondary objective.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to corporate credit, notably bank loans and investment grade credit, contributed to absolute performance, as the asset classes posted positive returns.

Exposure to emerging market debt contributed to absolute performance, as the sector posted positive performance.

Holdings related to emerging market special situation investments detracted from absolute performance, as select securities posted negative returns.

Security selection within municipal bonds detracted from performance, as select municipal securities posted negative returns.

SEMIANNUAL REPORT

DECEMBER 31, 2023

PIMCO Income Strategy Fund


		Symbol on NYSE - PFL

Cumulative Returns Through December 31, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2023

†


Corporate Bonds & Notes			32.2%

Loan Participations and Assignments			30.1%

Common Stocks			9.4%

Short-Term Instruments ‡			8.6%

Non-Agency Mortgage-Backed Securities			8.2%

Asset-Backed Securities			4.3%

Sovereign Issues			2.5%

Municipal Bonds & Notes			1.9%

U.S. Government Agencies			1.3%

Other			1.5%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

‡

Includes Central Funds Used for Cash Management Purposes.



Average Annual Total Return (1) for the period ended December 31, 2023

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (08/29/03)
	Market Price		9.73%		17.76%		5.77%		7.69%		6.41%
	NAV		10.55%		13.85%		6.07%		7.13%		6.55%
	ICE BofAML US High Yield Index		7.63%		13.46%		5.21%		4.51%		6.80% ¨

* Cumulative return.

Average annual total return since 8/31/2003.

It is not possible to invest directly in an unmanaged index.

(1)

(2)

(3)

Fund Information (as of December 31, 2023)

(1)


Market Price			$8.44

NAV			$8.08

Premium/(Discount) to NAV			4.46%

Market Price Distribution Rate (2)			11.57%

NAV Distribution Rate (2)			12.09%

Total Effective Leverage (3)			23.11%

Investment Objective and Strategy Overview

PIMCO Income Strategy Fund’s investment objective is to seek high current income, consistent with the preservation of capital.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to corporate credit, notably bank loans and high yield, contributed to absolute performance, as the asset classes posted positive returns.

Exposure to the emerging market debt sector contributed to absolute performance, as the sector posted positive performance.

Holdings related to emerging market special situation investments detracted from absolute performance, as select securities posted negative returns.

Security selection within municipal bonds detracted from performance, as select municipal securities posted negative returns.


10		PIMCO CLOSED-END FUNDS

PIMCO Income Strategy Fund II


		Symbol on NYSE - PFN

Cumulative Returns Through December 31, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown as of December 31, 2023

†


Corporate Bonds & Notes			30.8%

Loan Participations and Assignments			28.6%

Non-Agency Mortgage-Backed Securities			11.4%

Common Stocks			9.9%

Short-Term Instruments ‡			6.1%

Asset-Backed Securities			5.0%

Municipal Bonds & Notes			2.7%

Sovereign Issues			2.4%

U.S. Government Agencies			1.4%

Other			1.7%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

‡

Includes Central Funds Used for Cash Management Purposes.



Average Annual Total Return (1) for the period ended December 31, 2023

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (10/29/04)
	Market Price		6.80%		15.77%		5.31%		7.58%		5.58%
	NAV		10.32%		13.64%		5.53%		7.14%		5.78%
	ICE BofAML US High Yield Index		7.63%		13.46%		5.21%		4.51%		6.32% ¨

* Cumulative return.

Average annual total return since 10/31/2004.

It is not possible to invest directly in an unmanaged index.

(1)

(2)

(3)

Fund Information (as of December 31, 2023)

(1)


Market Price			$7.23

NAV			$7.11

Premium/(Discount) to NAV			1.69%

Market Price Distribution Rate (2)			11.92%

NAV Distribution Rate (2)			12.12%

Total Effective Leverage (3)			23.46%

Investment Objective and Strategy Overview

PIMCO Income Strategy Fund II’s investment objective is to seek high current income, consistent with the preservation of capital.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to corporate credit, notably bank loans and investment grade credit, contributed to absolute performance, as the asset classes posted positive returns.

Exposure to the emerging market debt sector contributed to absolute performance, as the sector posted positive performance.

Holdings related to emerging market special situation investments detracted from absolute performance, as select securities posted negative returns.

Exposure to a select corporate special situation investment detracted from absolute performance, as the security posted negative returns.

SEMIANNUAL REPORT

DECEMBER 31, 2023


Index Descriptions


Index*		Index Description

ICE BofAML US High Yield Index		ICE BofAML U.S. High Yield Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds must have at least one year remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of USD 100 million. Bonds must be rated below investment grade based on a composite of Moody’s and S&P.

* It is not possible to invest directly in an unmanaged index.


12		PIMCO CLOSED-END FUNDS

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT

DECEMBER 31, 2023


Financial Highlights


				Investment Operations					Less Distributions to ARPS (c)								Less Distributions to Common Shareholders (d)

Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period (a)			Net Investment Income (Loss) (b)		Net Realized/ Unrealized Gain (Loss)			From Net Investment Income			From Net Realized Capital Gains		Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations			From Net Investment Income			From Net Realized Capital Gains		Tax Basis Return of Capital			Total

PIMCO Corporate & Income Opportunity Fund

07/01/2023 - 12/31/2023 +	$	10.83		$	0.58	$	0.44		$	(0.05	)	$	0.00	$	0.97		$	(0.71	)	$	0.00	$	0.00		$	(0.71	)

06/30/2023		11.21			1.32		(0.25	)		(0.12	)		0.00		0.95			(1.58	)		0.00		0.00			(1.58	)

08/01/2021 - 6/30/2022 (i)		14.40			1.21		(3.22	)		(0.01	)		0.00		(2.02	)		(1.32	)		0.00		0.00			(1.32	) (j)

07/31/2021		12.44			1.32		1.78			0.00			0.00		3.10			(1.22	)		0.00		(0.34	)		(1.56	)

07/31/2020		14.66			1.36		(2.41	)		(0.05	)		0.00		(1.10	)		(1.59	)		0.00		0.00			(1.59	)

07/31/2019		14.80	(h)		1.36		0.09			(0.13	)		0.00		1.32			(1.63	)		0.00		0.00			(1.63	)

07/31/2018		14.87			1.30		0.16			(0.09	)		0.00		1.37			(1.56	)		0.00		0.00			(1.56	)

PIMCO Corporate & Income Strategy Fund

07/01/2023 - 12/31/2023 +	$	11.14		$	0.52	$	0.51		$	(0.01	)	$	0.00	$	1.02		$	(0.68	)	$	0.00	$	0.00		$	(0.68	)

06/30/2023		11.60			1.19		(0.27	)		(0.03	)		0.00		0.89			(1.50	)		0.00		0.00			(1.50	)

08/01/2021 - 6/30/2022 (i)		14.54			1.11		(2.93	)		0.00			0.00		(1.82	)		(1.24	)		0.00		0.00			(1.24	) (j)

07/31/2021		12.76			1.24		1.77			0.00			0.00		3.01			(1.35	)		0.00		0.00			(1.35	)

07/31/2020		14.94			1.31		(2.07	)		(0.01	)		0.00		(0.77	)		(1.41	)		0.00		0.00			(1.41	)

07/31/2019		14.90	(h)		1.22		0.20			(0.05	)		0.00		1.37			(1.43	)		0.00		0.00			(1.43	)

07/31/2018		15.32			1.20		(0.24	)		(0.03	)		0.00		0.93			(1.35	)		0.00		0.00			(1.35	)

PIMCO High Income Fund

07/01/2023 - 12/31/2023 +	$	4.51		$	0.21	$	0.22		$	(0.01	)	$	0.00	$	0.42		$	(0.29	)	$	0.00	$	0.00		$	(0.29	)

06/30/2023		4.72			0.48		(0.10	)		(0.03	)		0.00		0.35			(0.58	)		0.00		0.00			(0.58	)

08/01/2021 - 6/30/2022 (i)		5.92			0.47		(1.14	)		0.00			0.00		(0.67	)		(0.53	)		0.00		0.00			(0.53	) (j)

07/31/2021		5.01			0.56		0.93			0.00			0.00		1.49			(0.44	)		0.00		(0.14	)		(0.58	)

07/31/2020		6.38			0.65		(1.30	)		(0.01	)		0.00		(0.66	)		(0.68	)		0.00		(0.03	)		(0.71	)

07/31/2019		6.54	(h)		0.61		0.11			(0.03	)		0.00		0.69			(0.73	)		0.00		(0.16	)		(0.89	)

07/31/2018		6.90			0.62		0.01			(0.02	)		0.00		0.61			(0.84	)		0.00		(0.13	)		(0.97	)

PIMCO Income Strategy Fund

07/01/2023 - 12/31/2023 +	$	7.77		$	0.40	$	0.38		$	(0.03	)	$	0.00	$	0.75		$	(0.49	)	$	0.00	$	0.00		$	(0.49	)

06/30/2023		8.39			0.86		(0.44	)		(0.09	)		0.00		0.33			(0.98	)		0.00		0.00			(0.98	)

08/01/2021 - 6/30/2022 (i)		10.66			0.75		(2.11	)		(0.02	)		0.00		(1.38	)		(0.90	)		0.00		0.00			(0.90	) (j)

07/31/2021		9.46			0.91		1.32			(0.02	)		0.00		2.21			(0.84	)		0.00		(0.24	)		(1.08	)

07/31/2020		11.00			1.01		(1.52	)		(0.04	)		0.00		(0.55	)		(0.97	)		0.00		(0.11	)		(1.08	)

07/31/2019		11.14	(h)		0.90		0.02			(0.07	)		0.00		0.85			(0.99	)		0.00		(0.09	)		(1.08	)

07/31/2018		11.60			0.87		(0.19	)		(0.06	)		0.00		0.62			(1.07	)		0.00		(0.01	)		(1.08	)

PIMCO Income Strategy Fund II

07/01/2023 - 12/31/2023 +	$	6.85		$	0.35	$	0.39		$	(0.04	)	$	0.00	$	0.70		$	(0.43	)	$	0.00	$	0.00		$	(0.43	)

06/30/2023		7.38			0.76		(0.37	)		(0.08	)		0.00		0.31			(0.86	)		0.00		0.00			(0.86	)

08/01/2021 - 6/30/2022 (i)		9.42			0.67		(1.90	)		(0.02	)		0.00		(1.25	)		(0.80	)		0.00		0.00			(0.80	) (j)

07/31/2021		8.53			0.78		1.05			(0.02	)		0.00		1.81			(0.75	)		0.00		(0.21	)		(0.96	)

07/31/2020		9.91			0.86		(1.32	)		(0.03	)		0.00		(0.49	)		(0.90	)		0.00		(0.06	)		(0.96	)

07/31/2019		10.07	(h)		0.83		0.04			(0.05	)		0.00		0.82			(1.03	)		0.00		0.00			(1.03	)

07/31/2018		10.33			0.79		(0.05	)		(0.04	)		0.00		0.70			(0.96	)		0.00		0.00			(0.96	)


14		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						Common Share								Ratios/Supplemental Data
																Ratios to Average Net Assets (f) (k)
Increase Resulting from Common Share Offering		Offering Cost Charged to Paid in Capital		Increase Resulting from Tender of ARPS (c)		Net Asset Value End of Year or Period (a)			Market Price End of Year or Period		Total Investment Return (e)			Net Assets Applicable to Common Shareholders End of Year (000s)		Expense (g)			Expenses Excluding Waivers (g)			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate



$	0.13	$	0.00	$	0.04	$	11.26		$	13.24		(0.07	)%	$	1,680,845		2.34	%*		2.34	%*		0.77	%*		0.77	%*		10.79	%*		10	%

	0.25		0.00		0.00		10.83			14.00		27.06			1,532,891		2.23			2.23			0.78			0.78			11.80			35

	0.15		0.00		0.00		11.21			12.51		(33.71	)		1,361,439		1.13	*		1.13	*		0.77	*		0.77	*		9.86	*		58

	0.42		0.00		0.00		14.40			20.56		46.75			1,643,538		1.06			1.06			0.76			0.76			9.60			58

	0.47		(0.00)		0.00		12.44			15.34		(8.77	)		1,248,837		1.30			1.30			0.82			0.82			10.20			34

	0.15		0.00		0.02		14.66			18.60		14.48			1,291,233		1.35			1.35			0.80			0.80			9.44			22

	0.12		0.00		0.00		14.80	(h)		17.95		16.78			1,219,515		1.26			1.26			0.81			0.81			8.73			19



$	0.08	$	0.00	$	0.01	$	11.57		$	12.41		0.13	%	$	610,230		2.37	%*		2.37	%*		0.89	%*		0.89	%*		9.39	%*		10	%

	0.15		0.00		0.00		11.14			13.11		17.15			551,441		2.40			2.40			0.89			0.89			10.38			29

	0.12		0.00		0.00		11.60			12.65		(27.59	)		509,542		1.22	*		1.22	*		0.88	*		0.88	*		8.89	*		47

	0.12		(0.00)		0.00		14.54			18.93		34.41			605,830		1.15			1.15			0.87			0.87			8.95			48

	N/A		N/A		0.00		12.76			15.29		(7.72	)		509,488		1.57			1.57			0.87			0.87			9.57			31

	N/A		N/A		0.10		14.94			18.08		9.20			591,931		1.60			1.60			0.94			0.94			8.39			18

	N/A		N/A		0.00		14.90	(h)		18.09		9.61			586,592		1.36			1.36			0.94			0.94			7.97			20



$	0.00	$	0.00	$	0.00	$	4.64		$	4.99		6.27	%	$	704,727		2.86	%*		2.86	%*		0.86	%*		0.86	%*		9.52	%*		12	%

	0.02		0.00		0.00		4.51			5.00		9.20			667,041		2.70			2.70			0.92			0.92			10.14			27

	0.00		0.00		0.00		4.72			5.17		(18.39	)		640,448		1.18	*		1.18	*		0.86	*		0.86	*		9.30	*		37

	N/A		N/A		0.00		5.92			6.95		47.82			792,773		1.14			1.14			0.86			0.86			9.96			60

	N/A		N/A		0.00		5.01			5.18		(27.55	)		664,144		1.73			1.73			0.86			0.86			11.42			40

	N/A		N/A		0.04		6.38			8.03		3.57			835,988		1.86			1.86			0.91			0.91			9.74			20

	N/A		N/A		0.00		6.54	(h)		8.67		13.13			847,052		1.48			1.48			0.90			0.90			9.30			27



$	0.00	$	0.00	$	0.05	$	8.08		$	8.44		9.73	%	$	314,027		3.30	%*		3.30	%*		1.23	%*		1.23	%*		10.47	%*		9	%

	0.03		0.00		0.00		7.77			8.19		2.64			296,531		2.81			2.81			1.26			1.26			10.58			35

	0.01		0.00		0.00		8.39			8.99		(21.16	)		297,796		1.64	*		1.64	*		1.37	*		1.37	*		8.31	*		47

	0.07		0.00		0.00		10.66			12.47		38.31			365,580		1.62			1.62			1.36			1.36			8.81			42

	0.09		(0.00)		0.00		9.46			9.95		(7.65	)		295,167		1.69			1.69			1.21			1.21			10.03			21

	0.06		0.00		0.03		11.00			11.99		8.10			305,453		1.69			1.69			1.18			1.18			8.39			17

	N/A		N/A		0.00		11.14	(h)		12.23		10.37			284,677		1.48			1.48			1.17			1.17			7.67			21



$	0.00	$	0.00	$	0.00	$	7.12		$	7.23		6.80	%	$	603,305		3.07	%*		3.07	%*		1.17	%*		1.17	%*		10.45	%*		9	%

	0.02		0.00		0.00		6.85			7.21		2.62			577,280		2.57			2.57			1.22			1.22			10.60			33

	0.01		0.00		0.00		7.38			7.92		(21.31	)		581,955		1.54	*		1.54	*		1.29	*		1.29	*		8.32	*		45

	0.04		0.00		0.00		9.42			11.01		37.03			723,617		1.54			1.54			1.29			1.29			8.58			38

	0.07		(0.00)		0.00		8.53			8.88		(7.75	)		605,851		1.62			1.62			1.15			1.15			9.49			21

	0.04		0.00		0.01		9.91			10.70		11.03			632,927		1.66			1.66			1.12			1.12			8.57			17

	N/A		N/A		0.00		10.07	(h)		10.70		9.19			600,890		1.41			1.41			1.10			1.10			7.79			18

SEMIANNUAL REPORT

DECEMBER 31, 2023


Financial Highlights		(Cont.)


Ratios/Supplemental Data
	ARPS
Selected Per Share Data for the Year or Period Ended^:	Total Amount Outstanding		Asset Coverage per Preferred Share (1)		Involuntary Liquidating Preference per Preferred Share (2)		Average Market Value per ARPS (3)

PIMCO Corporate & Income Opportunity Fund
7/1/2023 - 12/31/2023+	$	85,525,000	$	514,740	$	25,000		N/A
6/30/2023		212,650,000		204,962		25,000		N/A
8/1/2021 - 6/30/2022 (i)		212,650,000		184,988		25,000		N/A
7/31/2021		212,650,000		218,218		25,000		N/A
7/31/2020		212,650,000		171,815		25,000		N/A
7/31/2019		212,650,000		176,730		25,000		N/A
7/31/2018		237,950,000		153,072		25,000		N/A

PIMCO Corporate & Income Strategy Fund
7/1/2023 - 12/31/2023+	$	12,975,000	$	1,198,363	$	25,000		N/A
6/30/2023		23,525,000		610,350		25,000		N/A
8/1/2021 - 6/30/2022 (i)		23,525,000		566,333		25,000		N/A
7/31/2021		23,525,000		668,805		25,000		N/A
7/31/2020		23,525,000		566,423		25,000		N/A
7/31/2019		23,525,000		653,838		25,000		N/A
7/31/2018		55,525,000		289,023		25,000		N/A

PIMCO High Income Fund
7/1/2023 - 12/31/2023+	$	43,525,000	$	429,128	$	25,000		N/A
6/30/2023		58,050,000		311,948		25,000		N/A
8/1/2021 - 6/30/2022 (i)		58,050,000		300,723		25,000		N/A
7/31/2021		58,050,000		366,413		25,000		N/A
7/31/2020		58,050,000		311,018		25,000		N/A
7/31/2019		58,050,000		384,900		25,000		N/A
7/31/2018		101,975,000		232,587		25,000		N/A

PIMCO Income Strategy Fund
7/1/2023 - 12/31/2023+	$	10,100,000	$	799,725	$	25,000		N/A
6/30/2023		45,200,000		188,823		25,000		N/A
8/1/2021 - 6/30/2022 (i)		45,200,000		189,645		25,000		N/A
7/31/2021		45,200,000		227,165		25,000		N/A
7/31/2020		45,200,000		188,225		25,000		N/A
7/31/2019		45,200,000		193,873		25,000		N/A
7/31/2018		51,275,000		163,725		25,000		N/A

PIMCO Income Strategy Fund II
7/1/2023 - 12/31/2023+	$	38,900,000	$	411,598	$	25,000		N/A
6/30/2023		87,425,000		189,850		25,000		N/A
8/1/2021 - 6/30/2022 (i)		87,425,000		191,350		25,000		N/A
7/31/2021		87,425,000		231,880		25,000		N/A
7/31/2020		87,425,000		198,210		25,000		N/A
7/31/2019		87,425,000		205,928		25,000		N/A
7/31/2018		92,450,000		187,429		25,000		N/A

^	A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

Unaudited

*	Annualized, except for organizational expense, if any.

(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

(b)	Per share amounts based on average number of common shares outstanding during the year or period.

(c)	Auction Rate Preferred Shareholders (“ARPS”). See Note 14, Auction Rate Preferred Shares, in the Notes to Financial Statements for more information.

(d)

The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

(e)

Total investment return is calculated assuming a purchase of a common share at the market price on the first day and a sale of a common share at the market price on the last day of each year or period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds’ dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.

(f)	Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. The expense ratio and net investment income do not reflect the effects of dividend payments to preferred shareholders.

(g)	Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes to Financial Statements for more information.


16		PIMCO CLOSED-END FUNDS			See Accompanying Notes

(h)	The NAV presented may differ from the NAV reported for the same period in other Fund materials.

(i)	Fiscal year end changed from July 31st to June 30th.

(j)	Total distributions for the period ended June 30, 2022 may be lower than prior fiscal years due to fiscal year end change resulting in a reduction of the amount of days in the period ended June 30, 2022.

(k)	Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

1	“Asset Coverage per Preferred Share” means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by ARPS, bears to the aggregate of the involuntary liquidation preference of ARPS, expressed as a dollar amount per ARPS.

2	“Involuntary Liquidating Preference“ means the amount to which a holder of ARPS would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share.

The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a third-party market sale. The liquidation value of the ARPS represents its liquidation preference, which approximates fair value of the shares less any accumulated unpaid dividends. See Note 14, Auction-Rate Preferred Shares, in the notes to Financial Statements for more information.

SEMIANNUAL REPORT

DECEMBER 31, 2023


Statements of Assets and Liabilities				December 31, 2023		(Unaudited)


(Amounts in thousands † , except per share amounts)	PIMCO Corporate & Income Opportunity Fund			PIMCO Corporate & Income Strategy Fund			PIMCO High Income Fund			PIMCO Income Strategy Fund			PIMCO Income Strategy Fund II

Assets:

Investments, at value
Investments in securities*	$	1,951,459		$	657,639		$	777,023		$	353,549		$	712,867
Investments in Affiliates		172,175			60,652			76,487			30,831			43,551
Financial Derivative Instruments
Exchange-traded or centrally cleared		2,217			983			2,533			693			1,363
Over the counter		1,046			325			407			182			360
Cash		3,747			1,111			813			585			1,287
Deposits with counterparty		47,168			17,114			15,550			10,692			16,314
Foreign currency, at value		799			1,314			2,378			546			172
Receivable for investments sold		4,668			7,567			4,638			8,832			13,555
Receivable for Fund shares sold		1,685			1,084			483			0			0
Interest and/or dividends receivable		31,714			10,713			12,994			5,903			11,632
Dividends receivable from Affiliates		575			227			295			105			121
Other assets		1,474			1,191			1,042			795			870
Total Assets		2,218,727			759,920			894,643			412,713			802,092

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	400,267		$	121,590		$	128,915		$	79,851		$	140,308
Financial Derivative Instruments
Exchange-traded or centrally cleared		716			417			1,870			344			742
Over the counter		6,139			793			790			349			861
Payable for investments purchased		2,936			462			392			1,207			5,138
Payable for investments in Affiliates purchased		653			263			340			119			137
Payable for TBA investments purchased		0			0			83			0			0
Payable for unfunded loan commitments		6,882			1,332			1,430			1,253			1,491
Deposits from counterparty		15,581			5,449			4,696			1,893			4,329
Distributions payable to common shareholders		17,651			5,884			7,237			3,157			6,087
Distributions payable to auction rate preferred shareholders		278			27			71			33			114
Accrued management fees		986			432			489			292			554
Foreign Capital Gains tax payable		32			11			15			8			14
Other liabilities		236			55			63			80			112
Total Liabilities		452,357			136,715			146,391			88,586			159,887

Commitments and contingent liabilities ^

Auction Rate Preferred Shares ^^		85,525			12,975			43,525			10,100			38,900

Net Assets Applicable to Common Shareholders	$	1,680,845		$	610,230		$	704,727		$	314,027		$	603,305

Net Assets Applicable to Common Shareholders Consist of:

Par value ^^^	$	1		$	1		$	2		$	0		$	1
Paid in capital in excess of par		2,201,068			771,704			1,064,740			421,159			829,612
Distributable earnings (accumulated loss)		(520,224	)		(161,475	)		(360,015	)		(107,132	)		(226,308	)

Net Assets Applicable to Common Shareholders	$	1,680,845		$	610,230		$	704,727		$	314,027		$	603,305

Net Asset Value per Common Share (a)	$	11.26		$	11.57		$	4.64		$	8.08		$	7.12

Common Shares Outstanding		149,328			52,744			151,760			38,862			84,781

Auction Rate Preferred Shares Issued and Outstanding		3			1			2			0			2

Cost of investments in securities	$	2,198,095		$	737,258		$	915,176		$	407,606		$	809,284
Cost of investments in Affiliates	$	172,146		$	60,640		$	76,469		$	30,823		$	43,545
Cost of foreign currency held	$	788		$	1,309		$	2,368		$	550		$	193
Cost or premiums of financial derivative instruments, net	$	(13,147	)	$	(12,978	)	$	49,090		$	(981	)	$	(6,127	)

* Includes repurchase agreements of:	$	133		$	2,307		$	406		$	233		$	0

†	A zero balance may reflect actual amounts rounding to less than one thousand.

^	See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

^^	($0.00001 par value and $25,000 liquidation preference per share)

^^^	($0.00001 per share)

(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.


18		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Statements of Operations


Six Months Ended December 31, 2023 (Unaudited)
(Amounts in thousands † )	PIMCO Corporate & Income Opportunity Fund			PIMCO Corporate & Income Strategy Fund			PIMCO High Income Fund			PIMCO Income Strategy Fund			PIMCO Income Strategy Fund II

Investment Income:

Interest, net of foreign taxes*	$	99,998		$	32,036		$	39,234		$	19,930		$	37,913
Dividends		662			245			852			150			287
Dividends from Investments in Affiliates		765			406			425			210			227
Miscellaneous income		178			102			411			0			152
Total Income		101,603			32,789			40,922			20,290			38,579

Expenses:

Management fees		5,486			2,331			2,703			1,646			3,108
Trustee fees and related expenses		100			33			42			20			39
Interest expense		12,129			4,133			6,598			3,046			5,423
Auction agent fees and commissions		363			99			91			118			173
Auction rate preferred shares related expenses		0			0			0			7			8
Miscellaneous expense		9			1			4			13			1
Total Expenses		18,087			6,597			9,438			4,850			8,752

Net Investment Income (Loss)		83,516			26,192			31,484			15,440			29,827

Net Realized Gain (Loss):

Investments in securities		(48,721	)		(15,911	)		(23,959	)		(11,062	)		(23,422	)
Investments in Affiliates		3			(1	)		(2	)		0			2
Exchange-traded or centrally cleared financial derivative instruments		(28,573	)		(15,899	)		(5,007	)		(15,822	)		(20,306	)
Over the counter financial derivative instruments		(14,570	)		(940	)		(940	)		(446	)		(923	)
Foreign currency		9,864			(181	)		(865	)		(555	)		(924	)

Net Realized Gain (Loss)		(81,997	)		(32,932	)		(30,773	)		(27,885	)		(45,573	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		105,310			39,254			49,961			23,048			48,569
Investments in Affiliates		30			12			18			8			6
Exchange-traded or centrally cleared financial derivative instruments		40,194			19,831			11,603			18,960			25,989
Over the counter financial derivative instruments		2,948			895			1,425			844			1,403
Foreign currency assets and liabilities		4			(349	)		248			(249	)		(404	)

Net Change in Unrealized Appreciation (Depreciation)		148,486			59,643			63,255			42,611			75,563

Net Increase (Decrease) in Net Assets Resulting from Operations	$	150,005		$	52,903		$	63,966		$	30,166		$	59,817

Distributions on Auction Rate Preferred Shares from Net Investment Income and/or Realized Capital Gains	$	(7,520	)	$	(748	)	$	(2,118	)	$	(1,343	)	$	(3,211	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations	$	142,485		$	52,155		$	61,848		$	28,823		$	56,606

* Foreign tax withholdings - Interest	$	75		$	27		$	36		$	18		$	33

†	A zero balance may reflect actual amounts rounding to less than one thousand.

SEMIANNUAL REPORT

DECEMBER 31, 2023


Statements of Changes in Net Assets


	PIMCO Corporate & Income Opportunity Fund						PIMCO Corporate & Income Strategy Fund

(Amounts in thousands † )	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	83,516		$	172,905		$	26,192		$	55,626
Net realized gain (loss)		(81,997	)		(35,606	)		(32,932	)		17,516
Net change in unrealized appreciation (depreciation)		148,486			(2,083	)		59,643			(31,090	)

Net Increase (Decrease) in Net Assets Resulting from Operations		150,005			135,216			52,903			42,052
Distributions on auction rate preferred shares from net investment income and/or realized capital gains		(7,520	)		(16,159	)		(748	)		(1,430	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations		142,485			119,057			52,155			40,622

Distributions to Common Shareholders:

From net investment income and/or net realized capital gains		(103,034	)		(206,451	)		(34,212	)		(69,905	)

Total Distributions to Common Shareholders (a)		(103,034	)		(206,451	)		(34,212	)		(69,905	)

Auction-Rate Preferred Share Transactions*:

Net Increase (Decrease) resulting from tender of Auction Rate Preferred Shares		5,085			0			712			0

Common Share Transactions**:

Net proceeds from at-the-market offering		90,511			231,908			36,411			63,275
Net at-the-market offering costs		(83	)		0			0			0
Issued as reinvestment of distributions		12,990			26,938			3,723			7,907

Total increase (decrease) resulting from common share transactions		103,418			258,846			40,134			71,182

Total increase (decrease) in net assets applicable to common shareholders		147,954			171,452			58,789			41,899

Net Assets Applicable to Common Shareholders:

Beginning of period		1,532,891			1,361,439			551,441			509,542
End of period	$	1,680,845		$	1,532,891		$	610,230		$	551,441

**Common Share Transactions:

Shares sold		6,806			17,855			2,923			4,922
Shares issued as reinvestment of distributions		1,000			2,199			307			650

Net increase (decrease) in common shares outstanding		7,806			20,054			3,230			5,572

†	A zero balance may reflect actual amounts rounding to less than one thousand.

*	See Note 13 in the Notes to Financial Statements.

(a)


20		PIMCO CLOSED-END FUNDS			See Accompanying Notes


PIMCO High Income Fund						PIMCO Income Strategy Fund						PIMCO Income Strategy Fund II

Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023





$	31,484		$	67,015		$	15,440		$	31,979		$	29,827		$	62,080
	(30,773	)		48,873			(27,885	)		(7,689	)		(45,573	)		(19,897	)
	63,255			(65,222	)		42,611			(9,012	)		75,563			(10,669	)

	63,966			50,666			30,166			15,278			59,817			31,514
	(2,118	)		(3,528	)		(1,343	)		(3,420	)		(3,211	)		(6,612	)

	61,848			47,138			28,823			11,858			56,606			24,902



	(42,969	)		(81,236	)		(18,789	)		(36,222	)		(36,449	)		(70,331	)

	(42,969	)		(81,236	)		(18,789	)		(36,222	)		(36,449	)		(70,331	)



	980			0			2,018			0			2,790			0



	13,586			51,682			3,609			19,502			295			33,369
	0			0			0			0			0			0
	4,241			9,009			1,835			3,597			2,783			7,385

	17,827			60,691			5,444			23,099			3,078			40,754

	37,686			26,593			17,496			(1,265	)		26,025			(4,675	)



	667,041			640,448			296,531			297,796			577,280			581,955
$	704,727		$	667,041		$	314,027		$	296,531		$	603,305		$	577,280



	2,860			10,509			455			2,223			43			4,415
	928			1,908			238			439			409			1,025

	3,788			12,417			693			2,662			452			5,440

SEMIANNUAL REPORT

DECEMBER 31, 2023


Statements of Cash Flows


Six Months Ended December 31, 2023 (Unaudited)
(Amounts in thousands†)	PIMCO Corporate & Income Opportunity Fund			PIMCO Corporate & Income Strategy Fund			PIMCO High Income Fund			PIMCO Income Strategy Fund			PIMCO Income Strategy Fund II

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	150,005		$	52,903		$	63,966		$	30,166		$	59,817

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of long-term securities		(315,368	)		(96,355	)		(119,988	)		(34,005	)		(73,500	)
Proceeds from sales of long-term securities		272,479			85,850			113,127			57,233			98,883
(Purchases) Proceeds from sales of short-term portfolio investments, net		(45,695	)		(25,013	)		(24,987	)		(8,096	)		(12,530	)
(Increase) decrease in deposits with counterparty		8,212			2,344			1,656			2,579			2,665
(Increase) decrease in receivable for investments sold		55,541			(523	)		4,900			(5,800	)		(8,438	)
(Increase) decrease in interest and/or dividends receivable		4,709			1,940			3,067			1,087			1,743
(Increase) decrease in dividends receivable from Affiliates		(575	)		(227	)		(295	)		(105	)		(121	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		10,114			3,333			5,339			2,795			4,839
Proceeds from (Payments on) over the counter financial derivative instruments		(14,873	)		(784	)		(764	)		(369	)		(768	)
(Increase) decrease in other assets		(34	)		(146	)		93			(46	)		(45	)
Increase (decrease) in payable for investments purchased		(25,236	)		(3,876	)		(10,762	)		(408	)		2,613
Increase (decrease) in payable for unfunded loan commitments		(11,816	)		(2,775	)		(4,058	)		(2,394	)		(3,963	)
Increase (decrease) in deposits from counterparty		13,988			4,462			3,446			1,730			3,971
Increase (decrease) in accrued management fees		(11	)		22			4			(10	)		(1	)
Proceeds from (Payments on) foreign currency transactions		10,194			(134	)		(576	)		(507	)		(832	)
Increase (decrease) in foreign capital gains tax payable		(30	)		(11	)		(15	)		(7	)		(13	)
Increase (decrease) in other liabilities		234			55			62			79			111
Net Realized (Gain) Loss
Investments in securities		48,721			15,911			23,959			11,062			23,422
Investments in Affiliates		(3	)		1			2			0			(2	)
Exchange-traded or centrally cleared financial derivative instruments		28,573			15,899			5,007			15,822			20,306
Over the counter financial derivative instruments		14,570			940			940			446			923
Foreign currency		(9,864	)		181			865			555			924
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		(105,310	)		(39,254	)		(49,961	)		(23,048	)		(48,569	)
Investments in Affiliates		(30	)		(12	)		(18	)		(8	)		(6	)
Exchange-traded or centrally cleared financial derivative instruments		(40,194	)		(19,831	)		(11,603	)		(18,960	)		(25,989	)
Over the counter financial derivative instruments		(2,948	)		(895	)		(1,425	)		(844	)		(1,403	)
Foreign currency assets and liabilities		(4	)		349			(248	)		249			404
Net amortization (accretion) on investments		(17,077	)		(5,234	)		(6,397	)		(3,077	)		(6,102	)

Net Cash Provided by (Used for) Operating Activities		28,272			(10,880	)		(4,664	)		26,119			38,339

Cash Flows Received from (Used for) Financing Activities:

Payments resulting from tender of Auction Rate Preferred Shares		(122,040	)		(9,838	)		(13,545	)		(33,082	)		(45,735	)
Net proceeds from at-the-market offering		88,826			35,327			13,103			3,609			295
Net at-the-market offering cost		(83	)		0			0			0			0
Increase (decrease) in overdraft due to custodian		(488	)		0			(244	)		0			0
Cash distributions paid*		(89,187	)		(30,170	)		(38,586	)		(16,904	)		(33,631	)
Cash distributions paid to auction rate preferred shareholders		(7,538	)		(748	)		(2,112	)		(1,362	)		(3,218	)
Proceeds from reverse repurchase agreements		1,171,219			384,533			444,475			237,995			513,438
Payments on reverse repurchase agreements		(1,067,570	)		(366,597	)		(397,795	)		(215,960	)		(469,110	)

Net Cash Received from (Used for) Financing Activities		(26,861	)		12,507			5,296			(25,704	)		(37,961	)

Net Increase (Decrease) in Cash and Foreign Currency		1,411			1,627			632			415			378

Cash and Foreign Currency:

Beginning of period		3,135			798			2,559			716			1,081
End of period	$	4,546		$	2,425		$	3,191		$	1,131		$	1,459

*Reinvestment of distributions	$	12,990		$	3,723		$	4,241		$	1,835		$	2,783

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the period	$	11,255		$	3,924		$	6,198		$	3,038		$	5,391
Non-Cash Payment In-Kind	$	4,145		$	1,027		$	1,276		$	606		$	1,184

†	A zero balance may reflect actual amounts rounding to less than one thousand.

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.


22		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO Corporate & Income Opportunity Fund				December 31, 2023		(Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 116.1%

LOAN PARTICIPATIONS AND ASSIGNMENTS 35.9%

Altar Bidco, Inc.
10.813% due 02/01/2030	$		3,450	$		3,424

American Airlines, Inc.
10.427% due 04/20/2028			7,557			7,775

Amsurg
13.258% due 09/15/2028 «			22,926			22,926

AP Core Holdings LLC
10.970% due 09/01/2027			34,377			33,671

BDO U.S.A. PC
11.356% due 08/31/2028 «			6,876			6,848

Carnival Corp.
7.593% (EUR001M + 3.750%) due 06/30/2025 ~	EUR		17,380			19,246

Comexposium
4.969% (EUR012M + 4.000%) due 03/28/2026 ~			24,800			23,737

Diamond Sports Group LLC
TBD% - 15.420% due 05/25/2026	$		30,875			23,387

DirecTV Financing LLC
10.650% due 08/02/2027			5,157			5,167

Encina Private Credit LLC
TBD% - 9.241% due 11/30/2025 «µ			10,787			10,561

Endure Digital, Inc.
9.422% due 02/10/2028			6,929			6,807

Envalior Finance GmbH
9.448% (EUR003M + 5.500%) due 03/29/2030 ~	EUR		5,400			5,476
10.883% due 03/29/2030	$		8,436			7,786

Finastra U.S.A., Inc.
0.500% - 12.616% due 09/13/2029 «µ			282			282
0.500% - 12.616% due 09/13/2029 «			2,718			2,714

Forward Air Corp.
9.856% due 12/19/2030			7,400			7,036

Gateway Casinos & Entertainment Ltd.
13.548% due 10/15/2027			15,218			15,230
13.588% (CDOR03M + 8.000%) due 10/18/2027 ~	CAD		9,116			6,885

GIP Blue Holding LP
9.970% due 09/29/2028	$		1			1

iHeartCommunications, Inc.
8.720% due 05/01/2026			2,010			1,733

Incora
TBD% - 13.988% due 03/01/2024 «			15,294			16,228

Ivanti Software, Inc.
9.907% due 12/01/2027			30,756			29,278

Lealand Finance Co. BV
8.470% due 06/28/2024 «			189			132

Lealand Finance Co. BV (6.431% Cash and 3.000% PIK)
9.431% due 06/30/2025 (c)			2,181			912

Lifepoint Health, Inc.
11.168% due 11/16/2028			9,267			9,257

Magenta Buyer LLC
10.645% due 07/27/2028			2,494			1,785

Market Bidco Ltd.
10.042% (SONIA03M + 4.750%) due 11/04/2027 ~	GBP		24,749			30,617

MPH Acquisition Holdings LLC
9.900% due 09/01/2028	$		22,787			22,033

Naked Juice LLC
11.448% due 01/24/2030			2,200			1,792

Obol France 3 SAS
8.864% (EUR006M + 4.750%) due 12/31/2025 ~	EUR		14,192			14,564

Oi SA
TBD% - 14.000% due 09/07/2024 µ	$		12,731			12,731


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Poseidon Bidco SASU
9.175% (EUR003M + 5.250%) due 09/30/2028 ~	EUR		15,800	$		17,464

Promotora de Informaciones SA
9.192% (EUR003M + 5.220%) due 12/31/2026 ~			43,000			45,274

Promotora de Informaciones SA (6.942% Cash and 5.000% PIK)
11.942% (EUR003M + 5.305%) due 06/30/2027 «~(c)			3,640			3,710

PUG LLC
8.970% due 02/12/2027	$		14,254			14,061
9.720% due 02/12/2027 «			9,849			9,800

Radiate Holdco LLC
8.720% due 09/25/2026			7,227			5,821

Rising Tide Holdings, Inc.
14.356% due 06/01/2026 «			144			138

Star Parent, Inc.
9.348% due 09/27/2030			7,400			7,331

Steenbok Lux Finco 2 SARL
10.000% due 06/30/2026	EUR		61,987			28,630

Syniverse Holdings, Inc.
12.348% due 05/13/2027	$		41,548			36,744

Team Health Holdings, Inc.
10.633% due 03/02/2027			7,000			5,366

Telemar Norte Leste SA
1.750% due 02/26/2035			17,631			882
1.750% (LIBOR06M + 1.750%) due 02/26/2035 ~			17,324			866

U.S. Renal Care, Inc.
10.470% due 06/20/2028			44,684			34,072

Veritas U.S., Inc.
10.470% due 09/01/2025			23,767			19,831

Westmoreland Mining Holdings LLC
8.000% due 03/15/2029			1,735			1,284

Windstream Services LLC
9.448% due 02/23/2027			14,910			14,761
11.706% due 09/21/2027			7,410			7,031

Total Loan Participations and Assignments (Cost $624,712)						603,087


CORPORATE BONDS & NOTES 38.1%

BANKING & FINANCE 13.5%

ADLER Real Estate AG
3.000% due 04/27/2026	EUR		400			337

Agps Bondco PLC
4.625% due 01/14/2026			12,300			4,803
5.500% due 11/13/2026			8,000			3,111

AIB Group PLC
6.608% due 09/13/2029 (l)	$		1,000			1,055

Ally Financial, Inc.
6.848% due 01/03/2030			2,800			2,879

Armor Holdco, Inc.
8.500% due 11/15/2029 (l)			14,000			12,713

Banca Monte dei Paschi di Siena SpA
2.625% due 04/28/2025	EUR		15,890			17,125
7.708% due 01/18/2028 •			8,500			9,408
8.000% due 01/22/2030 •			3,909			4,353
8.500% due 09/10/2030 •			4,500			5,007
10.500% due 07/23/2029 (l)			6,159			7,484

Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		1,600			420

Barclays PLC
2.894% due 11/24/2032 •(l)	$		200			164
6.224% due 05/09/2034 (l)			2,980			3,092
6.490% due 09/13/2029			700			729
6.692% due 09/13/2034 (l)			1,500			1,605
7.437% due 11/02/2033 •(l)			4,870			5,457

BOI Finance BV
7.500% due 02/16/2027 (l)	EUR		7,100			7,225

BPCE SA
7.003% due 10/19/2034 (l)	$		6,000			6,528


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Brandywine Operating Partnership LP
3.950% due 11/15/2027	$		200	$		179
7.800% due 03/15/2028			200			203

CaixaBank SA
6.208% due 01/18/2029 •(l)			2,300			2,348
6.840% due 09/13/2034			1,300			1,374

CBRE Services, Inc.
5.950% due 08/15/2034 (l)			2,100			2,208

Corsair International Ltd.
8.802% due 01/28/2027 •	EUR		1,300			1,435
9.152% due 01/28/2029 •			1,100			1,214

Cosaint Re Pte. Ltd.
15.172% (T-BILL 1MO + 9.250%) due 04/03/2028 ~	$		1,900			1,897

Country Garden Holdings Co. Ltd.
2.700% due 07/12/2026 ^(d)			300			23
3.125% due 10/22/2025 ^(d)			200			17
4.800% due 08/06/2030 ^(d)			200			17
6.150% due 09/17/2025 ^(d)			200			17
8.000% due 01/27/2024 ^(d)			300			24

Credit Suisse AG AT1 Claim			6,636			796

Deutsche Bank AG
6.720% due 01/18/2029 •(l)			1,300			1,362
6.819% due 11/20/2029 (l)			1,200			1,264

East Lane Re Ltd.
14.582% due 03/31/2026			300			301

EPR Properties
3.600% due 11/15/2031			100			83
3.750% due 08/15/2029			100			88
4.500% due 06/01/2027			400			378
4.950% due 04/15/2028			200			190

Essential Properties LP
2.950% due 07/15/2031 (l)			500			394

GSPA Monetization Trust
6.422% due 10/09/2029			4,416			4,288

Hampton Roads PPV LLC
6.171% due 06/15/2053			1,800			1,535

Hestia Re Ltd.
14.702% (T-BILL 1MO + 9.500%) due 04/22/2025 ~			1,878			1,773

Highwoods Realty LP
3.050% due 02/15/2030			100			83

Hudson Pacific Properties LP
3.250% due 01/15/2030			300			221
3.950% due 11/01/2027			200			168
4.650% due 04/01/2029 (l)			400			325
5.950% due 02/15/2028 (l)			1,100			974

Intesa Sanpaolo SpA
7.200% due 11/28/2033			1,400			1,493
7.800% due 11/28/2053 (l)			2,400			2,637
8.248% due 11/21/2033 •(l)			14,304			15,534

Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025	EUR		1,300			1,304

Kilroy Realty LP
2.650% due 11/15/2033	$		200			152
4.250% due 08/15/2029			100			92
4.750% due 12/15/2028			200			191

Long Walk Reinsurance Ltd.
9.750% due 01/30/2031			1,900			1,901

LPL Holdings, Inc.
6.750% due 11/17/2028			2,400			2,560

Sanders Re Ltd.
17.092% (T-BILL 3MO + 11.750%) due 04/09/2029 ~			3,241			2,553

Seazen Group Ltd.
6.000% due 08/12/2024			200			112

Societe Generale SA
6.446% due 01/10/2029 •(l)			3,400			3,520
6.691% due 01/10/2034 •(l)			7,100			7,505

SVB Financial Group
1.800% due 02/02/2031 ^(d)			3,224			2,141
2.100% due 05/15/2028 ^(d)			500			329
3.125% due 06/05/2030 ^(d)			500			329
3.500% due 01/29/2025 ^(d)			200			132

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Opportunity Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.345% due 04/29/2028 ^(d)	$		1,300	$		862
4.570% due 04/29/2033 ^(d)			4,200			2,777

UBS Group AG
5.959% due 01/12/2034 •(l)			4,700			4,863
6.442% due 08/11/2028 •(l)			4,000			4,157
6.537% due 08/12/2033 •(l)			2,300			2,456

Uniti Group LP
6.000% due 01/15/2030 (l)			20,566			14,394
10.500% due 02/15/2028 (l)			10,171			10,320

Ursa Re Ltd.
14.582% due 12/07/2026			2,300			2,289

VICI Properties LP
3.875% due 02/15/2029 (l)			3,300			3,034
4.500% due 09/01/2026 (l)			4,050			3,923
4.500% due 01/15/2028 (l)			3,050			2,912
5.750% due 02/01/2027 (l)			600			602

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(d)			20,412			11,099

Yosemite Re Ltd.
15.310% (T-BILL 3MO + 9.750%) due 06/06/2025 ~			1,790			1,844

						226,691


INDUSTRIALS 21.4%

Air Canada Pass-Through Trust
5.250% due 10/01/2030 (l)			997			978

Altice Financing SA
5.750% due 08/15/2029 (l)			1,351			1,201

Altice France Holding SA
10.500% due 05/15/2027 (l)			12,200			7,913

American Airlines Pass-Through Trust
3.350% due 04/15/2031 (l)			1,053			953
3.375% due 11/01/2028 (l)			403			369
3.700% due 04/01/2028 (l)			1,690			1,574

British Airways Pass-Through Trust
4.250% due 05/15/2034			50			47

CAB SELAS
3.375% due 02/01/2028	EUR		5,430			5,358

Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (c)(l)	$		1,779			1,440

Carvana Co. (13.000% PIK)
13.000% due 06/01/2030 (c)(l)			15,885			12,684

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (c)(l)			15,522			12,543

CGG SA
7.750% due 04/01/2027 (l)	EUR		13,419			13,710
7.750% due 04/01/2027			3,100			3,167
8.750% due 04/01/2027 (l)	$		8,648			7,886

CVS Pass-Through Trust
7.507% due 01/10/2032 (l)			1,258			1,324

DISH DBS Corp.
5.250% due 12/01/2026 (l)			10,002			8,588
5.750% due 12/01/2028 (l)			17,500			13,991

Exela Intermediate LLC (11.500% PIK)
11.500% due 04/15/2026 (c)			134			24

Ford Motor Co.
7.700% due 05/15/2097 (l)			18,556			20,083

GN Bondco LLC
9.500% due 10/15/2031 (l)			4,700			4,595

Greene King Finance PLC
7.139% (SONIO/N + 1.919%) due 12/15/2034 ~	GBP		350			352

HCA, Inc.
7.500% due 11/15/2095 (l)	$		4,800			5,431

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (l)			33,857			32,337

Inter Media & Communication SpA
6.750% due 02/09/2027 (l)	EUR		7,000			7,469

Legacy LifePoint Health LLC
4.375% due 02/15/2027 (l)	$		1,000			924

LifePoint Health, Inc.
9.875% due 08/15/2030 (l)			2,600			2,631
11.000% due 10/15/2030 (l)			6,600			6,959


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Market Bidco Finco PLC
4.750% due 11/04/2027 (l)	EUR		1,800	$		1,787

Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029 (l)	$		1,700			1,286
11.750% due 10/15/2028 (l)			1,500			1,615

Nissan Motor Co. Ltd.
4.810% due 09/17/2030 (l)			21,100			19,739

NPC Ukrenergo
6.875% due 11/09/2028			1,000			272

Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/29/2024 (g)(i)			1,279			44

Olympus Water U.S. Holding Corp.
5.375% due 10/01/2029 (l)	EUR		6,300			5,970

Petroleos Mexicanos
6.700% due 02/16/2032 (l)	$		9,094			7,557
6.840% due 01/23/2030 (l)			2,300			1,997

Prime Healthcare Services, Inc.
7.250% due 11/01/2025 (l)			3,412			3,330

Prosus NV
1.985% due 07/13/2033 (l)	EUR		1,100			901
2.778% due 01/19/2034 (l)			1,600			1,382

Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(d)	GBP		1,500			1,243

Topaz Solar Farms LLC
4.875% due 09/30/2039 (l)	$		3,656			3,376
5.750% due 09/30/2039 (l)			24,109			24,004

Transocean Aquila Ltd.
8.000% due 09/30/2028 (l)			1,200			1,219

U.S. Renal Care, Inc.
10.625% due 06/28/2028			3,751			2,879

United Airlines Pass-Through Trust
4.150% due 02/25/2033			73			67

Valaris Ltd.
8.375% due 04/30/2030 (l)			7,821			8,020

Vale SA
0.000% due 12/29/2049 ~(i)	BRL		250,000			18,195

Venture Global LNG, Inc.
8.125% due 06/01/2028	$		200			202
8.375% due 06/01/2031 (l)			700			701
9.500% due 02/01/2029			1,300			1,376

Veritas U.S., Inc.
7.500% due 09/01/2025 (l)			7,630			6,305

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^(c)(d)			62,397			56,781

Windstream Escrow LLC
7.750% due 08/15/2028 (l)			17,165			15,052

						359,831


UTILITIES 3.2%

FORESEA Holding SA
7.500% due 06/15/2030 (l)			562			521
7.500% due 06/15/2030			784			726

Mountain States Telephone & Telegraph Co.
7.375% due 05/01/2030			6,900			3,489

NGD Holdings BV
6.750% due 12/31/2026			1,261			897

Oi SA
10.000% due 07/27/2025 ^(d)			64,484			3,224

Pacific Gas & Electric Co.
3.750% due 08/15/2042			46			34
4.000% due 12/01/2046			1,006			739
4.200% due 03/01/2029 (l)			4,200			3,974
4.300% due 03/15/2045 (l)			257			202
4.450% due 04/15/2042			2,491			2,016
4.500% due 12/15/2041			65			51
4.750% due 02/15/2044 (l)			9,791			8,197
4.950% due 07/01/2050 (l)			7,538			6,455
6.950% due 03/15/2034			1,200			1,320

Peru LNG SRL
5.375% due 03/22/2030 (l)			18,496			15,322


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Vistra Operations Co. LLC
6.950% due 10/15/2033 (l)	$		6,600	$		6,954

						54,121

Total Corporate Bonds & Notes (Cost $727,724)						640,643


CONVERTIBLE BONDS & NOTES 0.2%

INDUSTRIALS 0.2%

DISH Network Corp.
3.375% due 08/15/2026			5,900			3,157

Total Convertible Bonds & Notes (Cost $5,900)						3,157


MUNICIPAL BONDS & NOTES 2.2%

CALIFORNIA 0.2%

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.850% due 06/01/2050			890			825
4.214% due 06/01/2050			2,400			1,813

						2,638


MICHIGAN 0.2%

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044			4,560			3,388


PUERTO RICO 1.4%

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043 (l)			10,174			5,558
0.000% due 11/01/2051 (l)			36,078			18,165

						23,723


WEST VIRGINIA 0.4%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)			78,700			6,974

Total Municipal Bonds & Notes (Cost $37,074)						36,723


U.S. GOVERNMENT AGENCIES 1.4%

Fannie Mae
3.000% due 01/25/2042 (a)			105			4
3.500% due 02/25/2033 (a)			823			69
4.500% due 07/25/2050 (a)(l)			4,288			898
5.000% due 02/25/2036 ~(a)			196			27

Freddie Mac
0.000% due 02/15/2036 - 03/15/2044 •(l)			9,257			7,706
0.000% due 09/15/2042 ~(l)			711			391
0.000% due 03/15/2043 •			69			47
1.647% due 02/15/2034 •(a)			820			79
3.000% due 12/25/2050 (a)(l)			7,117			1,108
3.500% due 10/15/2035 (a)(l)			849			83
5.992% due 11/25/2055 «~(l)			13,435			8,435
13.002% due 12/25/2027 •			3,766			3,963

Ginnie Mae
1.278% due 01/20/2042 •(a)			785			78
3.500% due 09/16/2041 - 06/20/2042 (a)			333			41

Total U.S. Government Agencies (Cost $25,545)						22,929


NON-AGENCY MORTGAGE-BACKED SECURITIES 14.4%

Adjustable Rate Mortgage Trust
5.810% due 05/25/2036 •			1,433			564
6.620% due 01/25/2035 •			2,340			2,115

Atrium Hotel Portfolio Trust
7.159% due 12/15/2036 ~			12,835			11,790


24		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Banc of America Funding Trust
5.500% due 01/25/2036 «	$		47	$		45
5.710% due 06/26/2036 •			4,242			3,605
6.000% due 07/25/2037			303			247

BCAP LLC Trust
3.544% due 03/27/2036 ~			2,262			1,607
4.533% due 03/26/2037 þ			1,190			1,689
4.786% due 02/26/2036 ~			1,279			1,153
7.000% due 12/26/2036 ~			1,782			1,092

Bear Stearns ALT-A Trust
4.235% due 08/25/2036 ~			1,973			998
4.492% due 11/25/2036 ~			464			242
4.517% due 08/25/2046 ~			2,506			1,775
4.708% due 09/25/2035 ~			432			236
5.132% due 11/25/2034 «~			171			156

Bear Stearns Asset-Backed Securities Trust
5.870% due 04/25/2037 •			7,493			6,277

Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			111			109

Benchmark Mortgage Trust
2.760% due 02/15/2054 ~			8,388			4,285

Beneria Cowen & Pritzer Collateral Funding Corp.
6.673% due 06/15/2038 (l)			450			383

BFLD Trust
8.426% due 10/15/2035			930			235
9.176% due 10/15/2035 •			4,700			500
9.676% due 10/15/2035			2,900			95

Braemar Hotels & Resorts Trust
7.934% due 06/15/2035 •			3,910			3,677

BX Trust
7.063% due 10/15/2036 (l)			2,200			2,132

CALI Mortgage Trust
3.957% due 03/10/2039 (l)			8,200			6,897

CD Mortgage Trust
5.688% due 10/15/2048			549			492

Chase Mortgage Finance Trust
4.876% due 12/25/2035 «~			7			6
6.000% due 02/25/2037			1,188			474
6.000% due 03/25/2037			280			158
6.000% due 07/25/2037			1,016			475

Citigroup Commercial Mortgage Trust
5.442% due 12/10/2049 ~			212			137

Citigroup Mortgage Loan Trust
4.203% due 03/25/2037 ~			233			200
4.752% due 04/25/2037 ~			1,211			1,030
4.984% due 11/25/2035 ~			10,404			5,781
6.000% due 11/25/2036 ~			8,870			5,029

CitiMortgage Alternative Loan Trust
5.750% due 04/25/2037			1,000			911
5.750% due 04/25/2037 «			124			110

Colony Mortgage Capital Ltd.
7.151% due 11/15/2038 •			1,125			1,047
7.500% due 11/15/2038 •			4,100			3,769
8.196% due 11/15/2038 ~			3,150			2,833

Commercial Mortgage Loan Trust
6.589% due 12/10/2049 ~			717			79

Countrywide Alternative Loan Resecuritization Trust
6.000% due 08/25/2037 ~			1,356			753

Countrywide Alternative Loan Trust
0.000% due 04/25/2037 •(a)			13,395			1,068
1.575% due 02/25/2036 •			834			680
4.120% due 06/25/2037 ~			704			648
5.500% due 03/25/2035			377			164
5.500% due 09/25/2035			2,808			1,894
5.750% due 01/25/2035			216			208
5.750% due 02/25/2035			321			222
5.892% due 03/20/2046 •			2,374			1,928
6.000% due 02/25/2035			440			329
6.000% due 04/25/2036			1,184			577
6.000% due 05/25/2036			2,782			1,407
6.000% due 02/25/2037			1,976			1,018
6.000% due 04/25/2037			4,030			1,953
6.000% due 08/25/2037 •			6,398			3,363
6.010% due 08/25/2035 •			215			110
6.250% due 10/25/2036			1,406			819
6.250% due 12/25/2036 •			2,343			1,000


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.500% due 08/25/2036	$		657	$		214
6.500% due 09/25/2036			315			169

Countrywide Home Loan Mortgage Pass-Through Trust
5.500% due 07/25/2037			409			183
6.000% due 04/25/2036 «			244			142

Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.750% due 04/25/2036			904			487

Credit Suisse Mortgage Capital Trust
6.876% due 07/15/2038 •			1,000			885
9.794% due 07/15/2032 ~			2,227			1,970

DBGS Mortgage Trust
6.871% due 10/15/2036 •(l)			1,000			949

Eurosail PLC
6.689% due 06/13/2045 •	GBP		4,487			4,453
9.339% due 06/13/2045 •			1,394			1,426

First Horizon Alternative Mortgage Securities Trust
6.250% due 11/25/2036	$		940			294

Freddie Mac
10.837% due 01/25/2034 •			5,000			5,326
13.137% due 11/25/2041 ~			8,800			9,345

GS Mortgage Securities Corp. Trust
4.591% due 10/10/2032 ~			9,200			8,258
6.609% due 07/15/2035 (l)			1,298			981
8.762% due 08/15/2039 ~(l)			2,600			2,622

GSR Mortgage Loan Trust
3.948% due 03/25/2037 ~			1,180			652
4.579% due 11/25/2035 ~			461			385

Hilton USA Trust
2.828% due 11/05/2035 (l)			2,100			1,688

HomeBanc Mortgage Trust
6.670% due 03/25/2035 «•			67			43

IndyMac IMSC Mortgage Loan Trust
6.500% due 07/25/2037			6,485			2,071

Jackson Park Trust
3.242% due 10/14/2039 ~			3,368			2,576

JP Morgan Alternative Loan Trust
3.948% due 03/25/2037 ~			3,907			3,565

JP Morgan Chase Commercial Mortgage Securities Trust
5.958% due 04/15/2037 •(l)			976			900
6.469% due 04/15/2037 •			5,858			5,176
7.235% due 10/05/2040 (l)			1,600			1,643
8.726% due 02/15/2035 •			5,066			4,833

JP Morgan Mortgage Trust
4.048% due 06/25/2036 «~			303			200
4.704% due 02/25/2036 ~			842			573
5.099% due 01/25/2037 ~			381			332
5.330% due 10/25/2035 «~			10			10

Lehman Mortgage Trust
6.000% due 07/25/2037 «			45			40

Lehman XS Trust
5.910% due 06/25/2047 •			1,397			1,242

MASTR Alternative Loan Trust
6.750% due 07/25/2036			2,815			1,007

Merrill Lynch Mortgage Investors Trust
3.853% due 03/25/2036 ~			1,977			1,072

Morgan Stanley Bank of America Merrill Lynch Trust
3.708% due 05/15/2046			2,170			1,713

Morgan Stanley Capital Trust
7.276% due 12/15/2036 •(l)			8,125			3,008
8.209% due 07/15/2035 ~			4,296			4,134

Natixis Commercial Mortgage Securities Trust
3.790% due 11/15/2032 (l)			7,797			6,062
3.790% due 11/15/2032 ~			1,000			849

New Orleans Hotel Trust
6.998% due 04/15/2032 •			2,200			2,074

NYO Commercial Mortgage Trust
6.571% due 11/15/2038 •(l)			1,000			925
8.021% due 11/15/2038 •			2,500			1,630

RBSSP Resecuritization Trust
5.690% due 10/27/2036 •			3,609			1,128
5.697% due 08/27/2037 •			8,000			3,804

Residential Accredit Loans, Inc. Trust
5.850% due 08/25/2036 •			291			287


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.930% due 05/25/2037 «•	$		162	$		137
6.000% due 08/25/2036			282			233
6.000% due 05/25/2037			993			763

Residential Asset Securitization Trust
5.750% due 02/25/2036			295			115
6.000% due 02/25/2037			1,464			597
6.250% due 09/25/2037			4,631			1,959

Residential Funding Mortgage Securities, Inc. Trust
4.745% due 02/25/2037 ~			1,384			967

SG Commercial Mortgage Securities Trust
2.937% due 03/15/2037			3,400			3,022

Stratton Mortgage Funding PLC
8.221% due 07/20/2060 •	GBP		9,600			12,228
8.471% due 07/20/2060			11,607			14,781

Structured Adjustable Rate Mortgage Loan Trust
4.540% due 01/25/2036 ~	$		3,788			1,910
4.562% due 07/25/2035 ~			792			674
5.448% due 11/25/2036 ~			1,988			1,661

Structured Asset Mortgage Investments Trust
5.590% due 08/25/2036 •			70			60

SunTrust Adjustable Rate Mortgage Loan Trust
4.150% due 04/25/2037 ~			192			116
4.848% due 02/25/2037 ~			145			122
5.068% due 02/25/2037 ~			1,412			1,229

VASA Trust
6.376% due 07/15/2039 •(l)			1,000			906

Wachovia Mortgage Loan Trust LLC
1.823% due 08/25/2036 •			2,254			793

WaMu Mortgage Pass-Through Certificates Trust
3.704% due 02/25/2037 ~			479			402
3.769% due 07/25/2037 ~			381			311
3.972% due 10/25/2036 ~			682			593
4.549% due 07/25/2037 ~			824			688

Washington Mutual Mortgage Pass-Through Certificates Trust
5.852% due 05/25/2047 «•			114			15
6.000% due 10/25/2035			862			648
6.000% due 03/25/2036			960			899
6.000% due 02/25/2037			2,291			1,851

WSTN Trust
7.690% due 07/05/2037 (l)			3,700			3,662
8.455% due 07/05/2037			3,700			3,673
9.835% due 07/05/2037			3,000			2,969

Total Non-Agency Mortgage-Backed Securities (Cost $267,224)						241,886


ASSET-BACKED SECURITIES 8.3%

Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,800			623

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
6.820% due 03/25/2033 «•	$		34			31

Apidos CLO
0.000% due 01/20/2031 ~			8,800			2,783

Belle Haven ABS CDO Ltd.
5.926% due 07/05/2046 •			324,260			32

Carlyle Global Market Strategies CLO Ltd.
0.000% due 04/17/2031 ~			6,000			1,012

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			4,100			850
0.000% due 10/22/2031 ~			3,000			665

Cork Street CLO DAC
0.000% due 11/27/2028 ~	EUR		700			129

Countrywide Asset-Backed Certificates Trust
5.815% due 05/25/2037	$		7,766			5,110

Crown City CLO
0.000% due 04/20/2035 ~			1,600			977

Dryden CLO Ltd.
0.000% due 07/17/2031 ~			14,311			5,009

First Franklin Mortgage Loan Trust
5.790% due 10/25/2036 ~			2,759			1,778

Fremont Home Loan Trust
5.620% due 01/25/2037 •			5,229			2,376
5.950% due 02/25/2036 •			12,441			8,371

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Opportunity Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Glacier Funding CDO Ltd.
8.770% due 08/04/2035 •	$		7,164	$		833

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		477			0

GSAMP Trust
5.610% due 12/25/2036 •	$		1,295			681

Home Equity Mortgage Loan Asset-Backed Trust
5.630% due 07/25/2037 •			2,467			1,333

JP Morgan Mortgage Acquisition Trust
6.330% due 07/25/2036 þ			97			28

LNR CDO Ltd.
5.751% due 02/28/2043 •			3,114			32

Long Beach Mortgage Loan Trust
6.070% due 01/25/2036 •			3,912			3,649

MAN GLG U.S. CLO Ltd.
0.000% due 07/15/2034 ~			1,100			726

Marble Point CLO Ltd.
0.000% due 01/22/2052			5,200			3,216

Marlette Funding Trust
0.000% due 09/17/2029 «(g)			15			424

Merrill Lynch Mortgage Investors Trust
3.900% due 03/25/2037 þ			5,970			1,330
5.790% due 04/25/2037 •			1,535			746

Morgan Stanley ABS Capital, Inc. Trust
5.620% due 10/25/2036 •			5,541			2,895

Morgan Stanley Mortgage Loan Trust
6.250% due 02/25/2037 ~			719			404

N-Star REL CDO Ltd.
5.877% due 02/01/2041 •			415			232

Orient Point CDO Ltd.
5.863% due 10/03/2045 •			114,425			36,416

Pagaya AI Debt Selection Trust
3.270% due 05/15/2029			6,025			5,074
8.491% due 06/16/2031			6,200			6,289

PRET LLC
8.112% due 11/25/2053 þ			986			1,002

Renaissance Home Equity Loan Trust
5.612% due 04/25/2037 þ			11,496			3,116
7.238% due 09/25/2037 þ			7,761			3,308

Securitized Asset-Backed Receivables LLC Trust
5.890% due 03/25/2036 •			11,151			10,313

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(g)			8			4,251

SLM Student Loan Trust
0.000% due 01/25/2042 «(g)			7			1,577

SMB Private Education Loan Trust
0.000% due 09/18/2046 «(g)			3			819
0.000% due 10/15/2048 «(g)			3			933

SoFi Professional Loan Program LLC
0.000% due 05/25/2040 (g)			7,500			617
0.000% due 07/25/2040 «(g)			38			403
0.000% due 09/25/2040 «(g)			3,226			392

Structured Asset Investment Loan Trust
6.445% due 06/25/2035 ~			3,670			3,100

Taberna Preferred Funding Ltd.
6.014% due 12/05/2036 •			9,925			8,684
6.034% due 08/05/2036 •			8,813			7,932

Total Asset-Backed Securities (Cost $229,396)						140,501


SOVEREIGN ISSUES 3.9%

Argentina Government International Bond
0.750% due 07/09/2030 þ			9,499			3,647
1.000% due 07/09/2029			1,352			540
3.500% due 07/09/2041 þ			17,491			5,975
3.625% due 07/09/2035 þ			355			121
3.625% due 07/09/2035 þ(l)			9,105			3,005
3.625% due 07/09/2046 þ			115			40
4.250% due 01/09/2038 þ			22,691			9,021

Argentina Treasury Bond BONCER
4.000% due 10/14/2024	ARS		194,594			321

Dominican Republic Central Bank Notes
13.000% due 12/05/2025	DOP		352,800			6,372
13.000% due 01/30/2026			369,300			6,688


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Dominican Republic International Bond
11.250% due 09/15/2035	DOP		204,300	$		3,807
13.625% due 02/03/2033			51,300			1,078

Ghana Government International Bond
6.375% due 02/11/2027 ^(d)	$		1,100			494
7.875% due 02/11/2035 ^(d)			1,300			572
8.750% due 03/11/2061 ^(d)			400			174
10.750% due 10/14/2030			800			506

Provincia de Buenos Aires
129.126% due 04/12/2025	ARS		857,105			713

Romania Government International Bond
5.500% due 09/18/2028	EUR		2,600			2,956
6.375% due 09/18/2033			2,600			3,041

Russia Government International Bond
5.625% due 04/04/2042 ^(d)	$		13,400			9,010
5.875% due 09/16/2043 ^(d)			200			126

State Agency of Roads of Ukraine
6.250% due 06/24/2030			1,300			335

Ukraine Government International Bond
4.375% due 01/27/2032	EUR		17,523			4,024
7.750% due 09/01/2024	$		9,800			3,009

Venezuela Government International Bond
8.250% due 10/13/2024 ^(d)			70			11
9.250% due 09/15/2027 ^(d)			598			114

Total Sovereign Issues (Cost $95,960)						65,700


		SHARES
COMMON STOCKS 9.2%

COMMUNICATION SERVICES 0.2%

Clear Channel Outdoor Holdings, Inc. (e)			1,167,686			2,125

iHeartMedia, Inc. ‘A’ (e)			275,106			735

iHeartMedia, Inc. ‘B’ «(e)			213,502			513

Promotora de Informaciones SA (e)			1,233,318			395

						3,768


CONSUMER DISCRETIONARY 0.0%

Steinhoff International Holdings NV «(e)(j)			97,336,701			0


ENERGY 0.0%

Axis Energy Services ‘A’ «(j)			6,085			180


FINANCIALS 1.2%

Banca Monte dei Paschi di Siena SpA (e)			2,152,500			7,238

Intelsat Emergence SA «(e)(j)			460,477			13,119

UBS Group AG			4,114			128

						20,485


HEALTH CARE 3.9%

Amsurg Equity «(e)(j)			1,271,774			65,231


INDUSTRIALS 1.8%

Drillco Holding Lux SA «(e)			28,527			708

Drillco Holding Lux SA «(e)(j)			76,260			1,893

Forsea Holding SA «(e)			3,169			79

Mcdermott International Ltd. (e)			57,729			5

Neiman Marcus Group Ltd. LLC «(e)(j)			152,491			22,854

Syniverse Holdings, Inc. «(j)			5,630,026			4,929

Voyager Aviation Holdings LLC «(e)			2,841			0


	SHARES			MARKET VALUE (000S)

Westmoreland Mining Holdings «(e)(j)		44,693	$		179

Westmoreland Mining LLC «(e)(j)		45,087			158

					30,805


REAL ESTATE 0.0%

Stearns Holding LLC ‘B’ «(e)		42,113			0


UTILITIES 2.1%

West Marine New «(e)(j)		13,000			137

Windstream Units «(e)		1,181,266			34,955

					35,092

Total Common Stocks (Cost $131,728)					155,561


WARRANTS 0.0%

FINANCIALS 0.0%

Guaranteed Rate, Inc. - Exp. 12/31/2060 «		202			0

Intelsat Emergence SA - Exp. 02/17/2027 «		1,383			3

					3


UTILITIES 0.0%

West Marine - Exp. 09/08/2028 «		1,687			0

Total Warrants (Cost $10,190)					3


PREFERRED SECURITIES 1.2%

FINANCIALS 1.2%

AGFC Capital Trust
7.405% (US0003M + 1.750%) due 01/15/2067 ~(l)		1,800,000			915

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)		110,000			101

Compeer Financial ACA
4.875% due 08/15/2026 •(i)		4,400,000			4,180

Farm Credit Bank of Texas
5.700% due 09/15/2025 •(i)		1,000,000			949

Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 þ(i)		11,912,400			13,204

SVB Financial Group
4.000% due 05/15/2026 ^(d)(i)		500,000			5
4.250% due 11/15/2026 ^(d)(i)		300,000			4
4.700% due 11/15/2031 ^(d)(i)		498,000			7

					19,365


INDUSTRIALS 0.0%

Voyager Aviation Holdings LLC
9.500% «		17,047			0

Total Preferred Securities (Cost $27,832)					19,365


REAL ESTATE INVESTMENT TRUSTS 0.6%

REAL ESTATE 0.6%

CBL & Associates Properties, Inc.		11,978			293

Uniti Group, Inc.		424,278			2,452

VICI Properties, Inc.		210,228			6,702

Total Real Estate Investment Trusts (Cost $4,366)					9,447


26		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.7%

REPURCHASE AGREEMENTS (k) 0.0%
				$		133


SHORT-TERM NOTES 0.0%

Argentina Treasury Bond BONCER
3.750% due 05/20/2024	ARS		211,261			223


HUNGARY TREASURY BILLS 0.1%
10.900% due 01/04/2024 (g)(h)	HUF		704,000			2,028


U.S. TREASURY BILLS 0.6%
5.387% due 01/25/2024 - 02/22/2024 (f)(g)(o)	$		10,136			10,073

Total Short-Term Instruments (Cost $12,491)						12,457



Total Investments in Securities (Cost $2,198,095)						1,951,459


	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.2%

SHORT-TERM INSTRUMENTS 10.2%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.2%

PIMCO Short-Term Floating NAV Portfolio III		17,700,775	$		172,175

Total Short-Term Instruments (Cost $172,146)					172,175



Total Investments in Affiliates (Cost $172,146)					172,175


Total Investments 126.3% (Cost $2,370,241)			$		2,123,634

Financial Derivative Instruments (m)(n) (0.2)% (Cost or Premiums, net $(13,147))					(3,592	)

Auction-Rate Preferred Shares (5.1)%					(85,525	)

Other Assets and Liabilities, net (21.0)%					(353,672	)

Net Assets Applicable to Common Shareholders 100.0%			$		1,680,845

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).

µ	All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Security is an Interest Only (“IO”) or IO Strip.

(b)	When-issued security.

(c)	Payment in-kind security.

(d)	Security is not accruing income as of the date of this report.

(e)	Security did not produce income within the last twelve months.

(f)	Coupon represents a weighted average yield to maturity.

(g)	Zero coupon security.

(h)	Coupon represents a yield to maturity.

(i)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) RESTRICTED SECURITIES:


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Amsurg Equity		11/02/2023 - 11/06/2023	$	53,141	$	65,231		3.88	%
Axis Energy Services ‘A’		07/01/2021		90		180		0.01
Drillco Holding Lux SA		06/08/2023		1,523		1,893		0.11
Intelsat Emergence SA		06/19/2017 - 07/03/2023		31,412		13,119		0.78
Neiman Marcus Group Ltd. LLC		09/25/2020		4,910		22,854		1.36

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Opportunity Fund		(Cont.)


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Steinhoff International Holdings NV		06/30/2023 - 10/30/2023	$	0	$	0		0.00	%
Syniverse Holdings, Inc.		05/12/2022 - 11/30/2023		5,537		4,929		0.29
West Marine New		09/12/2023		187		137		0.01
Westmoreland Mining Holdings		07/29/2015 - 03/26/2019		1,161		179		0.02
Westmoreland Mining LLC		06/30/2023		299		158		0.01

			$	98,260	$	108,680		6.47	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
FICC		2.600	%		12/29/2023		01/02/2024	$	133	U.S. Treasury Notes 4.875% due 11/30/2025	$	(136	)	$	133	$	133

Total Repurchase Agreements											$	(136	)	$	133	$	133

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate (2)			Settlement Date		Maturity Date			Amount Borrowed (2)				Payable for Reverse Repurchase Agreements
BMO		5.730	%		12/22/2023		02/20/2024			$	(17,942	)	$	(17,973	)
BOS		5.970			10/10/2023		01/08/2024				(3,027	)		(3,069	)
		6.240			12/15/2023		02/02/2024				(13,296	)		(13,338	)
		6.400			12/15/2023		04/15/2024				(2,762	)		(2,771	)
BPS		4.205			12/22/2023		03/22/2024			EUR	(1,136	)		(1,256	)
		4.400			12/22/2023		03/22/2024				(3,377	)		(3,734	)
		4.432			11/17/2023		02/19/2024				(6,391	)		(7,095	)
		5.870			10/13/2023		01/12/2024			$	(5,876	)		(5,953	)
		6.000			12/13/2023		03/14/2024				(1,644	)		(1,649	)
		6.120			07/31/2023		01/29/2024				(981	)		(1,007	)
		6.120			08/04/2023		01/29/2024				(4,210	)		(4,316	)
		6.120			11/07/2023		02/23/2024				(2,544	)		(2,567	)
		6.120			11/14/2023		02/23/2024				(10,220	)		(10,305	)
		6.180			10/10/2023		04/08/2024				(8,179	)		(8,297	)
BRC		3.500			11/03/2023		TBD	(3)			(1,115	)		(1,121	)
		6.320			10/24/2023		TBD	(3)			(14,988	)		(15,172	)
BYR		6.100			11/20/2023		05/20/2024				(318	)		(320	)
		6.100			12/28/2023		05/20/2024				(851	)		(851	)
CDC		5.800			12/29/2023		04/29/2024				(5,222	)		(5,225	)
		5.880			07/28/2023		01/24/2024				(14,987	)		(15,374	)
		5.880			10/02/2023		01/24/2024				(3,163	)		(3,211	)
		5.930			01/02/2024		04/02/2024				(765	)		(765	)
		5.990			10/03/2023		01/02/2024				(788	)		(800	)
		6.100			11/07/2023		03/06/2024				(3,989	)		(4,026	)
		6.100			12/07/2023		04/05/2024				(37,241	)		(37,403	)
		6.100			12/18/2023		04/12/2024				(5,855	)		(5,870	)
		6.100			12/29/2023		04/29/2024				(10,690	)		(10,697	)
		6.130			07/28/2023		01/24/2024				(3,208	)		(3,294	)
IND		5.960			11/08/2023		04/08/2024				(7,935	)		(8,007	)
		6.020			11/06/2023		05/06/2024				(16,092	)		(16,246	)
		6.030			11/08/2023		04/08/2024				(1,117	)		(1,127	)
MEI		6.070			11/17/2023		02/15/2024				(1,174	)		(1,183	)
MSB		6.100			10/25/2023		04/25/2024				(13,543	)		(13,700	)
		6.200			10/25/2023		04/25/2024				(6,477	)		(6,552	)
		6.300			10/25/2023		04/25/2024				(4,908	)		(4,965	)
RCY		6.110			09/15/2023		03/18/2024				(8,008	)		(8,156	)
SAL		5.890			11/22/2023		01/22/2024				(9,410	)		(9,473	)
SCX		4.207			10/11/2023		01/11/2024			EUR	(660	)		(736	)
SOG		5.690			12/07/2023		01/12/2024			$	(2,244	)		(2,253	)
		5.690			12/13/2023		01/12/2024				(927	)		(929	)
		5.790			11/22/2023		01/12/2024				(1,664	)		(1,675	)
		5.790			12/07/2023		01/12/2024				(966	)		(970	)


28		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


Counterparty	Borrowing Rate (2)			Settlement Date		Maturity Date			Amount Borrowed (2)				Payable for Reverse Repurchase Agreements
		5.830	%		10/13/2023		01/11/2024			$	(21,617	)	$	(21,900	)
		5.830			10/16/2023		01/16/2024				(2,300	)		(2,329	)
		5.930			10/16/2023		01/16/2024				(2,565	)		(2,598	)
		5.930			10/30/2023		01/16/2024				(1,467	)		(1,483	)
		5.930			11/07/2023		01/16/2024				(994	)		(1,003	)
		5.930			11/08/2023		01/16/2024				(1,027	)		(1,036	)
		5.930			11/15/2023		01/16/2024				(1,729	)		(1,742	)
		5.930			12/15/2023		01/16/2024				(1,093	)		(1,096	)
		5.950			10/24/2023		01/19/2024				(2,529	)		(2,558	)
		5.970			10/12/2023		04/12/2024				(593	)		(601	)
		6.070			08/17/2023		02/20/2024				(1,600	)		(1,638	)
		6.070			10/19/2023		02/22/2024				(1,629	)		(1,650	)
		6.100			10/12/2023		04/12/2024				(6,185	)		(6,271	)
		6.100			12/15/2023		04/11/2024				(546	)		(548	)
		6.120			07/27/2023		01/29/2024				(5,501	)		(5,648	)
		6.120			10/10/2023		04/10/2024				(30,901	)		(31,337	)
		6.120			10/17/2023		04/10/2024				(577	)		(585	)
		6.120			10/24/2023		04/10/2024				(869	)		(879	)
		6.120			11/08/2023		04/10/2024				(735	)		(742	)
		6.120			12/15/2023		01/29/2024				(3,161	)		(3,170	)
TDM		5.650			07/28/2023		TBD	(3)			(16,851	)		(17,269	)
		5.710			12/19/2023		02/20/2024				(7,823	)		(7,840	)
UBS		4.150			12/11/2023		TBD	(3)		EUR	(1,371	)		(1,518	)
		4.230			07/05/2023		TBD	(3)			(3,637	)		(4,096	)
		4.261			12/06/2023		02/06/2024				(1,707	)		(1,891	)
		4.276			11/27/2023		02/27/2024				(9,977	)		(11,061	)
		5.680			09/08/2023		TBD	(3)		$	(4,269	)		(4,347	)

Total Reverse Repurchase Agreements													$	(400,267	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure (4)
Global/Master Repurchase Agreement
BMO	$	0	$	(17,973	)	$	0	$	(17,973	)	$	18,741		$	768
BOS		0		(19,178	)		0		(19,178	)		25,437			6,259
BPS		0		(46,179	)		0		(46,179	)		54,014			7,835
BRC		0		(16,293	)		0		(16,293	)		25,248			8,955
BYR		0		(1,171	)		0		(1,171	)		1,546			375
CDC		0		(86,665	)		0		(86,665	)		97,796			11,131
FICC		133		0			0		133			(136	)		(3	)
IND		0		(25,380	)		0		(25,380	)		30,200			4,820
MEI		0		(1,183	)		0		(1,183	)		1,433			250
MSB		0		(25,217	)		0		(25,217	)		29,493			4,276
RCY		0		(8,156	)		0		(8,156	)		10,187			2,031
SAL		0		(9,473	)		0		(9,473	)		8,434			(1,039	)
SCX		0		(736	)		0		(736	)		901			165
SOG		0		(94,641	)		0		(94,641	)		108,549			13,908
TDM		0		(25,109	)		0		(25,109	)		26,323			1,214
UBS		0		(22,913	)		0		(22,913	)		26,667			3,754

Total Borrowings and Other Financing Transactions	$	133	$	(400,267	)	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(87,350	)	$	(87,206	)	$	(162,236	)	$	(336,792	)
Municipal Bonds & Notes		0		0			0			(15,172	)		(15,172	)
U.S. Government Agencies		0		(9,473	)		(8,156	)		0			(17,629	)

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Opportunity Fund		(Cont.)


	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Non-Agency Mortgage-Backed Securities	$	0	$	0		$	0		$	(27,988	)	$	(27,988	)
Sovereign Issues		0		0			0			(1,121	)		(1,121	)
Preferred Securities		0		(800	)		0			0			(800	)

Total Borrowings	$	0	$	(97,623	)	$	(95,362	)	$	(206,517	)	$	(399,502	)

Payable for reverse repurchase agreements (5)												$	(399,502	)

(l)	Securities with an aggregate market value of $480,586 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

(1)	Includes accrued interest.

(2)	The average amount of borrowings outstanding during the period ended December 31, 2023 was $(327,572) at a weighted average interest rate of 5.699%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3)	Open maturity reverse repurchase agreement.

(4)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(5)	Unsettled reverse repurchase agreements liability of $(765) is outstanding at period end.

(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)


Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value (4)			Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value (4)			Asset		Liability
AT&T, Inc.		1.000	%	Quarterly		06/20/2028		0.750	%		$	900	$	(10	)	$	19	$	9		$	0	$	0
Jaguar Land Rover Automotive		5.000		Quarterly		06/20/2026		1.875			EUR	300		21			4		25			0		0
Jaguar Land Rover Automotive		5.000		Quarterly		12/20/2026		2.236				11,447		424			572		996			12		0
Rolls-Royce PLC		1.000		Quarterly		12/20/2028		1.154				10,200		(487	)		412		(75	)		8		0

													$	(52	)	$	1,007	$	955		$	20	$	0

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay (5)	1-Day GBP-SONIO Compounded-OIS		5.000	%	Annual		03/20/2029		GBP	48,800	$	4,796		$	34		$	4,830		$	0	$	(155	)
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2032			15,700		1,524			2,485			4,009			133		0
Receive	1-Day GBP-SONIO Compounded-OIS		2.000		Annual		03/15/2033			8,000		891			365			1,256			74		0
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2052			3,900		800			1,634			2,434			76		0
Receive	1-Day USD-SOFR Compounded-OIS		0.250		Semi-Annual		06/16/2024		$	10,000		9			255			264			6		0
Receive	1-Day USD-SOFR Compounded-OIS		2.450		Annual		12/20/2024			58,200		(4	)		1,363			1,359			15		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.350		Annual		01/17/2025			29,400		3			664			667			0		(4	)
Pay	1-Day USD-SOFR Compounded-OIS		2.750		Semi-Annual		06/17/2025			8,580		135			(380	)		(245	)		0		(2	)
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.300		Annual		01/17/2026			4,600		2			149			151			0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		06/15/2026			44,400		722			(2,786	)		(2,064	)		0		(4	)
Receive	1-Day USD-SOFR Compounded-OIS		0.500		Semi-Annual		06/16/2026			35,000		328			2,738			3,066			6		0
Receive	1-Day USD-SOFR Compounded-OIS		1.360		Semi-Annual		02/15/2027			12,450		(2	)		995			993			4		0
Pay	1-Day USD-SOFR Compounded-OIS		1.600		Semi-Annual		02/15/2027			49,800		(123	)		(3,456	)		(3,579	)		0		(12	)
Receive	1-Day USD-SOFR Compounded-OIS		1.450		Semi-Annual		02/17/2027			20,600		(5	)		1,584			1,579			6		0
Pay (5)	1-Day USD-SOFR Compounded-OIS		4.250		Annual		02/17/2027			90,000		(893	)		2,514			1,621			21		0
Receive	1-Day USD-SOFR Compounded-OIS		1.420		Semi-Annual		02/24/2027			6,000		(2	)		465			463			2		0
Pay	1-Day USD-SOFR Compounded-OIS		1.650		Semi-Annual		02/24/2027			19,900		(51	)		(1,334	)		(1,385	)		0		(6	)
Pay	1-Day USD-SOFR Compounded-OIS		2.500		Semi-Annual		12/20/2027			73,900		280			(4,113	)		(3,833	)		9		0
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2027			83,700		(7,417	)		2,399			(5,018	)		9		0
Receive	1-Day USD-SOFR Compounded-OIS		1.420		Semi-Annual		08/17/2028			47,100		(11	)		4,881			4,870			0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		1.380		Semi-Annual		08/24/2028			71,000		(17	)		7,451			7,434			0		(3	)
Pay	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/20/2028			175,700		1,523			145			1,668			64		0
Pay	1-Day USD-SOFR Compounded-OIS		3.000		Semi-Annual		06/19/2029			263,700		8,727			(19,222	)		(10,495	)		15		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2029			38,700		(732	)		(14	)		(746	)		0		(14	)
Pay (5)	1-Day USD-SOFR Compounded-OIS		4.500		Annual		12/21/2029			384,000		353			21,327			21,680			84		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Semi-Annual		12/16/2030			3,600		(60	)		673			613			2		0
Receive	1-Day USD-SOFR Compounded-OIS		1.160		Semi-Annual		04/12/2031			6,100		(1	)		1,067			1,066			3		0
Receive	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031			19,700		1,152			2,719			3,871			12		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		12/15/2031			97,600		(1,365	)		14,965			13,600			53		0
Receive	1-Day USD-SOFR Compounded-OIS		1.350		Semi-Annual		02/09/2032			128,200		870			20,941			21,811			86		0


30		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		2.000	%	Annual		12/21/2032	$		69,800	$	(9,546	)	$	1,679		$	(7,867	)	$	0	$	(59	)
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Semi-Annual		06/19/2044			161,500		(4,025	)		(1,811	)		(5,836	)		0		(450	)
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		12/11/2049			2,200		(3	)		530			527			8		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		01/15/2050			19,800		(137	)		5,749			5,612			67		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/22/2050			28,200		(69	)		9,275			9,206			93		0
Receive	1-Day USD-SOFR Compounded-OIS		1.875		Semi-Annual		02/07/2050			29,300		(114	)		8,996			8,882			98		0
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		03/12/2050			9,800		(29	)		2,329			2,300			35		0
Receive	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		12/16/2050			17,000		1,539			5,538			7,077			55		0
Receive	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		02/01/2052			144,400		962			48,720			49,682			517		0
Pay	1-Year BRL-CDI		11.157		Maturity		01/02/2025		BRL	2,200		0			(9	)		(9	)		0		0
Pay	1-Year BRL-CDI		11.177		Maturity		01/02/2025			1,500		0			(6	)		(6	)		0		0
Pay	1-Year BRL-CDI		11.367		Maturity		01/02/2025			1,800		0			(6	)		(6	)		0		0
Pay	1-Year BRL-CDI		12.018		Maturity		01/02/2025			4,900		0			0			0			0		(1	)
Pay	1-Year BRL-CDI		12.098		Maturity		01/02/2025			8,200		0			3			3			0		(1	)
Pay	1-Year BRL-CDI		12.158		Maturity		01/02/2025			4,100		0			3			3			0		0
Pay	1-Year BRL-CDI		12.163		Maturity		01/02/2025			4,000		0			3			3			0		0
Pay	1-Year BRL-CDI		12.178		Maturity		01/02/2025			8,200		0			6			6			0		(1	)
Pay	1-Year BRL-CDI		11.250		Maturity		01/04/2027			2,600		0			5			5			0		0
Pay	1-Year BRL-CDI		11.275		Maturity		01/04/2027			1,300		0			3			3			0		0
Pay	1-Year BRL-CDI		11.290		Maturity		01/04/2027			1,300		0			3			3			0		0
Pay	1-Year BRL-CDI		11.731		Maturity		01/04/2027			700		0			4			4			0		0
Pay	1-Year BRL-CDI		11.746		Maturity		01/04/2027			3,000		0			16			16			0		0
Pay	1-Year BRL-CDI		11.901		Maturity		01/04/2027			7,100		0			45			45			0		(1	)
Pay	6-Month AUD-BBR-BBSW		3.500		Semi-Annual		06/17/2025		AUD	13,400		332			(428	)		(96	)		3		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030		EUR	21,400		392			3,408			3,800			110		0
Receive	6-Month EUR-EURIBOR		0.250		Annual		09/21/2032			17,200		1,607			1,899			3,506			146		0
Receive	6-Month EUR-EURIBOR		1.750		Annual		03/15/2033			1,900		149			(28	)		121			18		0
Receive	6-Month EUR-EURIBOR		0.500		Annual		09/21/2052			8,100		702			2,793			3,495			165		0
Receive (5)	6-Month EUR-EURIBOR		0.830		Annual		12/09/2052			39,800		480			2,072			2,552			201		0
Receive	28-Day MXN-TIIE		8.675		Lunar		04/03/2024		MXN	27,500		0			14			14			1		0
Receive	28-Day MXN-TIIE		8.660		Lunar		04/04/2024			11,400		0			6			6			0		0
Receive	28-Day MXN-TIIE		8.750		Lunar		04/05/2024			8,700		0			4			4			0		0
Receive	28-Day MXN-TIIE		8.410		Lunar		03/31/2027			3,300		0			3			3			0		0
Receive	28-Day MXN-TIIE		8.730		Lunar		04/06/2027			3,700		0			2			2			0		0
Receive	28-Day MXN-TIIE		7.495		Lunar		01/14/2032			1,800		7			(1	)		6			0		0
Receive	28-Day MXN-TIIE		7.498		Lunar		01/15/2032			7,400		30			(6	)		24			0		0
Receive	28-Day MXN-TIIE		8.732		Lunar		03/30/2032			1,800		0			(2	)		(2	)		0		0
Receive	28-Day MXN-TIIE		8.701		Lunar		03/31/2032			4,300		0			(4	)		(4	)		0		0

											$	3,709		$	151,315		$	155,024		$	2,197	$	(716	)

Total Swap Agreements											$	3,657		$	152,322		$	155,979		$	2,217	$	(716	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	2,217	$	2,217	$	0	$	0	$	(716)	$	(716)

Cash of $47,168 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1)

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(5)	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Opportunity Fund		(Cont.)

(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2024	GBP	2,026	$	2,573	$	0	$	(9	)
		02/2024	$	3	CNY	25		0		0
		03/2024	INR	325	$	4		0		0

BPS		01/2024	EUR	4,357		4,756		0		(55	)
		01/2024	GBP	7,723		9,796		0		(48	)
		01/2024	HUF	142,920		406		0		(5	)
		01/2024	$	3,798	EUR	3,432		0		(9	)
		01/2024		2	HUF	609		0		0
		02/2024		5	CNY	34		0		0
		03/2024	INR	332	$	4		0		0
		03/2024	$	412	IDR	6,350,440		0		0

BRC		01/2024	EUR	236,758	$	260,382		0		(1,048	)
		03/2024	$	7,170	TRY	224,593		0		(73	)
		04/2024		26,200		846,745		0		(393	)

CBK		01/2024	GBP	317	$	402		0		(3	)
		01/2024	HUF	65,987		188		0		(2	)
		01/2024	$	1,477	EUR	1,369		35		0

GLM		01/2024	CAD	9,133	$	6,721		0		(173	)
		01/2024	DOP	448,411		7,866		177		0
		01/2024	MXN	1,254		71		0		(2	)
		02/2024	DOP	106,559		1,851		23		0
		03/2024		88,455		1,546		33		0
		03/2024	IDR	9,891,268		642		0		0
		03/2024	$	555	IDR	8,515,989		0		(2	)

JPM		01/2024	HUF	249,199	$	712		0		(6	)
		03/2024	IDR	15,153,873		981		0		(2	)
		03/2024	INR	338		4		0		0

MBC		01/2024	AUD	315		209		0		(6	)
		01/2024	EUR	4,944		5,379		0		(80	)
		01/2024	GBP	570		722		0		(5	)
		01/2024	HUF	96,343		274		0		(4	)
		03/2024	IDR	18,457,680		1,197		0		0

MYI		01/2024	HUF	147,636		420		0		(6	)
		02/2024	$	4	CNY	26		0		0
		03/2024	IDR	3,086,642	$	200		0		0
		03/2024	$	1,840	IDR	28,297,944		0		(3	)

SCX		03/2024	INR	737	$	9		0		0
		03/2024		$363	IDR	5,557,430		0		(2	)

UAG		01/2024	GBP	41,959	$	53,099		0		(385	)

Total Forward Foreign Currency Contracts							$	268	$	(2,321	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value (4)
Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
DUB	Eskom«		4.650	%		Quarterly		06/30/2029		0.075	%		$	7,400	$	0		$	643		$	643	$	0
GST	Equinix, Inc.		5.000			Quarterly		06/20/2027		1.349				1,000		140			(22	)		118		0
JPM	Banca Monte Dei Paschi Di		5.000			Quarterly		06/20/2025		1.588			EUR	300		(6	)		23			17		0
MYC	Petroleos Mexicanos		1.000			Quarterly		12/20/2028		5.188			$	2,600		(507	)		73			0		(434	)

															$	(373	)	$	717		$	778	$	(434	)


32		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION

(1)


Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount (3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value (4)
Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount (3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BRC	ABX.HE.AAA.6-2 Index«		0.110	%		Monthly		05/25/2046	$	20,428	$	(5,226	)	$	4,419		$	0	$	(807	)

GST	ABX.HE.AA.6-1 Index«		0.320			Monthly		07/25/2045		7,234		(344	)		(200	)		0		(544	)
	ABX.HE.AAA.6-2 Index«		0.110			Monthly		05/25/2046		1,728		(439	)		371			0		(68	)

MEI	ABX.HE.AAA.6-2 Index«		0.110			Monthly		05/25/2046		23,810		(6,074	)		5,133			0		(941	)

MYC	ABX.HE.AAA.6-2 Index«		0.110			Monthly		05/25/2046		25,921		(4,348	)		3,324			0		(1,024	)

											$	(16,431	)	$	13,047		$	0	$	(3,384	)

Total Swap Agreements											$	(16,804	)	$	13,764		$	778	$	(3,818	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure (5)
BOA	$	0	$	0	$	0	$	0	$	(9	)	$	0	$	0		$	(9	)	$	(9	)	$	0		$	(9	)
BPS		0		0		0		0		(117	)		0		0			(117	)		(117	)		0			(117	)
BRC		0		0		0		0		(1,514	)		0		(807	)		(2,321	)		(2,321	)		3,876			1,555
CBK		35		0		0		35		(5	)		0		0			(5	)		30			0			30
DUB		0		0		643		643		0			0		0			0			643			(520	)		123
GLM		233		0		0		233		(177	)		0		0			(177	)		56			0			56
GST		0		0		118		118		0			0		(612	)		(612	)		(494	)		584			90
JPM		0		0		17		17		(8	)		0		0			(8	)		9			0			9
MBC		0		0		0		0		(95	)		0		0			(95	)		(95	)		0			(95	)
MEI		0		0		0		0		0			0		(941	)		(941	)		(941	)		1,078			137
MYC		0		0		0		0		0			0		(1,458	)		(1,458	)		(1,458	)		1,518			60
MYI		0		0		0		0		(9	)		0		0			(9	)		(9	)		0			(9	)
SCX		0		0		0		0		(2	)		0		0			(2	)		(2	)		0			(2	)
UAG		0		0		0		0		(385	)		0		0			(385	)		(385	)		591			206

Total Over the Counter	$	268	$	0	$	778	$	1,046	$	(2,321	)	$	0	$	(3,818	)	$	(6,139	)

(o)	Securities with an aggregate market value of $7,647 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2023.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Opportunity Fund		(Cont.)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	20	$	0	$	0	$	2,197	$	2,217

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	268	$	0	$	268
Swap Agreements		0		778		0		0		0		778

	$	0	$	778	$	0	$	268	$	0	$	1,046

	$	0	$	798	$	0	$	268	$	2,197	$	3,263


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	716	$	716

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,321	$	0	$	2,321
Swap Agreements		0		3,818		0		0		0		3,818

	$	0	$	3,818	$	0	$	2,321	$	0	$	6,139

	$	0	$	3,818	$	0	$	2,321	$	716	$	6,855

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	671		$	0	$	0		$	(29,244	)	$	(28,573	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(15,628	)	$	0		$	(15,628	)
Swap Agreements		0		1,058			0		0			0			1,058

	$	0	$	1,058		$	0	$	(15,628	)	$	0		$	(14,570	)

	$	0	$	1,729		$	0	$	(15,628	)	$	(29,244	)	$	(43,143	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	1,138		$	0	$	0		$	39,056		$	40,194

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	3,125		$	0		$	3,125
Swap Agreements		0		(177	)		0		0			0			(177	)

	$	0	$	(177	)	$	0	$	3,125		$	0		$	2,948

	$	0	$	961		$	0	$	3,125		$	39,056		$	43,142


34		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	543,390	$	59,697	$	603,087
Corporate Bonds & Notes
Banking & Finance		0		215,592		11,099		226,691
Industrials		0		359,831		0		359,831
Utilities		0		54,121		0		54,121
Convertible Bonds & Notes
Industrials		0		3,157		0		3,157
Municipal Bonds & Notes
California		0		2,638		0		2,638
Michigan		0		3,388		0		3,388
Puerto Rico		0		23,723		0		23,723
West Virginia		0		6,974		0		6,974
U.S. Government Agencies		0		14,494		8,435		22,929
Non-Agency Mortgage-Backed Securities		0		240,873		1,013		241,886
Asset-Backed Securities		0		131,671		8,830		140,501
Sovereign Issues		0		65,700		0		65,700
Common Stocks
Communication Services		3,255		0		513		3,768
Energy		0		0		180		180
Financials		7,238		128		13,119		20,485
Health Care		0		0		65,231		65,231
Industrials		5		0		30,800		30,805
Utilities		0		0		35,092		35,092
Warrants
Financials		0		0		3		3
Preferred Securities
Financials		0		19,365		0		19,365
Real Estate Investment Trusts
Real Estate		9,447		0		0		9,447


Category and Subcategory	Level 1		Level 2			Level 3			Fair Value at 12/31/2023
Short-Term Instruments
Repurchase Agreements	$	0	$	133		$	0		$	133
Short-Term Notes		0		223			0			223
Hungary Treasury Bills		0		2,028			0			2,028
U.S. Treasury Bills		0		10,073			0			10,073

	$	19,945	$	1,697,502		$	234,012		$	1,951,459


Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	172,175	$	0		$	0		$	172,175


Total Investments	$	192,120	$	1,697,502		$	234,012		$	2,123,634


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		2,217			0			2,217
Over the counter		0		403			643			1,046

	$	0	$	2,620		$	643		$	3,263


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(716	)		0			(716	)
Over the counter		0		(2,755	)		(3,384	)		(6,139	)

	$	0	$	(3,471	)	$	(3,384	)	$	(6,855	)


Total Financial Derivative Instruments	$	0	$	(851	)	$	(2,741	)	$	(3,592	)


Totals	$	192,120	$	1,696,651		$	231,271		$	2,120,042

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2023:


Category and Subcategory	Beginning Balance at 06/30/2023		Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)
Investments in Securities, at Value
Loan Participations and Assignments	$	185,455	$	43,270	$	(86,931	)	$	3,977	$	(14,179	)	$	9,277		$	882	$	(82,054	)	$	59,697	$	2,223
Corporate Bonds & Notes
Banking & Finance		0		0		0			0		0			0			11,099		0			11,099		0
Utilities (3)		1,189		0		(1	)		5		0			54			0		(1,247	)		0		0
U.S. Government Agencies		7,814		0		(110	)		19		36			676			0		0			8,435		665
Non-Agency Mortgage-Backed Securities		956		13		(65	)		7		6			(13	)		109		0			1,013		(15	)
Asset-Backed Securities		10,424		0		(3	)		26		0			(1,617	)		0		0			8,830		(1,616	)
Common Stocks
Communication Services		700		0		0			0		0			(187	)		0		0			513		(187	)
Energy		183		0		0			0		0			(3	)		0		0			180		(3	)
Financials		10,567		0		0			0		0			2,552			0		0			13,119		2,552
Health Care		0		53,141		0			0		0			12,090			0		0			65,231		12,090
Industrials		30,975		331		(2	)		0		0			(504	)		0		0			30,800		(146	)
Utilities		0		9,982		0			0		0			25,110			0		0			35,092		25,110
Rights
Financials		231		0		(448	)		0		448			(231	)		0		0			0		0

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Opportunity Fund		(Cont.)		December 31, 2023		(Unaudited)


Category and Subcategory	Beginning Balance at 06/30/2023			Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023			Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)
Warrants
Financials	$	351		$	0	$	(459	)	$	0	$	459		$	(348	)	$	0	$	0		$	3		$	1
Information Technology		18,085			0		(9,795	)		0		0			(8,290	)		0		0			0			0
Preferred Securities
Industrials		4,110			0		0			0		0			(4,110	)		0		0			0			0

	$	271,040		$	106,737	$	(97,814	)	$	4,034	$	(13,230	)	$	34,456		$	12,090	$	(83,301	)	$	234,012		$	40,674


Financial Derivative Instruments - Assets
Over the counter	$	319		$	0	$	0		$	0	$	0		$	324		$	0	$	0		$	643		$	324


Financial Derivative Instruments - Liabilities
Over the counter	$	(3,550	)	$	371	$	(269	)	$	0	$	550		$	(486	)	$	0	$	0		$	(3,384	)	$	(13	)


Totals	$	267,809		$	107,108	$	(98,083	)	$	4,034	$	(12,680	)	$	34,294		$	12,090	$	(83,301	)	$	231,271		$	40,985

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 12/31/2023			Valuation Technique	Unobservable Inputs			(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 12/31/2023			Valuation Technique	Unobservable Inputs			Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	22,925		Comparable Companies		EBITDA Multiple	X		14.500		—
		36,772		Discounted Cash Flow		Discount Rate			9.190-26.490		17.271
Corporate Bonds & Notes
Banking & Finance		11,099		Expected Recovery		Recovery Rate			54.375		—
U.S. Government Agencies		8,435		Discounted Cash Flow		Discount Rate			12.112		—
Non-Agency Mortgage-Backed Securities		1,013		Fair Valuation of Odd Lot Positions		Adjustment Factor			2.500		—
Asset-Backed Securities		8,799		Discounted Cash Flow		Discount Rate			12.000-20.000		17.321
		31		Fair Valuation of Odd Lot Positions		Adjustment Factor			2.500		—
Common Stocks
Communication Services		513		Reference Instrument		Stock Price w/ Liquidity Discount			10.000		—
Energy		180		Comparable Companies		EBITDA Multiple	X		4.000		—
Financials		13,119		Comparable Companies		EBITDA Multiple	X		4.000		—
Healthcare		65,231		Comparable Companies		EBITDA Multiple	X		14.500		—
Industrials		22,854		Comparable Companies/ Discounted Cash Flow		Revenue Multiple/ EBITDA Multiple/ Discount Rate	X/X/%		0.550/6.500/10.000		—
		4,929		Discounted Cash Flow		Discount Rate			17.280		—
		3,017		Indicative Market Quotation		Broker Quote	$		3.500-24.833		22.483
Utilities		34,955		Comparable Companies		EBITDA Multiple	X		5.860		—
		137		Discounted Cash Flow/ Comparable Companies		Discount Rate/ Revenue Multiple	X/%		17.250/0.550		—
Warrants
Financials		3		Option Pricing Model		Volatility			40.000		—

Financial Derivative Instruments - Assets
Over the counter		643		Indicative Market Quotation		Broker Quote			7.505		—

Financial Derivative Instruments - Liabilities
Over the counter		(3,384	)	Indicative Market Quotation		Broker Quote			92.500-96.000		112.636

Total	$	231,271

(1)	Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2)	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2023 may be due to an investment no longer held or categorized as Level 3 at period end.

(3)	Sector type updated from Banking & Finance to Utilities since prior fiscal year end.


36		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO Corporate & Income Strategy Fund				December 31, 2023		(Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 107.8%

LOAN PARTICIPATIONS AND ASSIGNMENTS 30.3%

American Airlines, Inc.
10.427% due 04/20/2028	$		1,416	$		1,457

Amsurg
13.258% due 09/15/2028 «			8,393			8,393

AP Core Holdings LLC
10.970% due 09/01/2027			12,258			12,006

BDO U.S.A. PC
11.356% due 08/31/2028 «			2,443			2,433

Carnival Corp.
7.593% (EUR001M + 3.750%) due 06/30/2025 ~	EUR		2,142			2,372

Diamond Sports Group LLC
TBD% - 15.420% due 05/25/2026	$		11,896			9,011

DirecTV Financing LLC
10.650% due 08/02/2027			1,933			1,936

Envalior Finance GmbH
9.448% (EUR003M + 5.500%) due 03/29/2030 ~	EUR		1,900			1,927
10.883% due 03/29/2030	$		2,978			2,748

Finastra U.S.A., Inc.
TBD% - 12.616% due 09/13/2029 «µ			103			103
0.500% - 12.616% due 09/13/2029 «			997			995

Forward Air Corp.
9.856% due 12/19/2030			2,600			2,472

Gateway Casinos & Entertainment Ltd.
13.548% due 10/15/2027			5,659			5,664
13.588% (CDOR03M + 8.000%) due 10/18/2027 ~	CAD		3,404			2,571

iHeartCommunications, Inc.
8.720% due 05/01/2026	$		570			492

Incora
TBD% - 13.988% due 03/01/2024 «			4,726			5,014

Ivanti Software, Inc.
9.907% due 12/01/2027			11,043			10,512

Lealand Finance Co. BV
8.470% due 06/28/2024			75			52

Lealand Finance Co. BV (6.431% Cash and 3.000% PIK)
9.431% due 06/30/2025 (c)			375			157

Lifepoint Health, Inc.
11.168% due 11/16/2028			3,000			2,997

Magenta Buyer LLC
10.645% due 07/27/2028			997			714

Market Bidco Ltd.
10.042% (SONIA03M + 4.750%) due 11/04/2027 ~	GBP		8,839			10,935

MPH Acquisition Holdings LLC
9.900% due 09/01/2028	$		8,344			8,068

Oi SA
TBD% - 14.000% due 09/07/2024 µ			4,872			4,872
7.362% (LIBOR03M + 1.750%) due 02/26/2035 ~			7,419			371

Poseidon Bidco SASU
9.175% (EUR003M + 5.250%) due 09/30/2028 ~	EUR		5,900			6,521

Promotora de Informaciones SA
9.192% (EUR003M + 5.220%) due 12/31/2026 ~			15,591			16,415

Promotora de Informaciones SA (6.942% Cash and 5.000% PIK)
11.942% (EUR003M + 5.305%) due 06/30/2027 ~(c)			1,242			1,266

PUG LLC
8.970% due 02/12/2027	$		8,314			8,201
9.720% due 02/12/2027			365			364

Rising Tide Holdings, Inc.
14.356% due 06/01/2026 «			747			720

Star Parent, Inc.
9.348% due 09/27/2030			2,600			2,576

Steenbok Lux Finco 2 SARL
10.000% due 06/30/2026	EUR		13,600			6,281


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Syniverse Holdings, Inc.
12.348% due 05/13/2027	$		15,437	$		13,652

Telemar Norte Leste SA
1.750% due 02/26/2035			377			19
1.750% (LIBOR06M + 1.750%) due 02/26/2035 ~			5,740			287

U.S. Renal Care, Inc.
10.470% due 06/20/2028			16,796			12,807

Veritas U.S., Inc.
10.470% due 09/01/2025			9,752			8,137

Westmoreland Mining Holdings LLC
8.000% due 03/15/2029			1,944			1,439

Windstream Services LLC
9.448% due 02/23/2027			5,480			5,425
11.706% due 09/21/2027			2,398			2,275

Total Loan Participations and Assignments (Cost $190,692)						184,657


CORPORATE BONDS & NOTES 35.3%

BANKING & FINANCE 10.6%

Agps Bondco PLC
4.625% due 01/14/2026	EUR		3,700			1,445
5.000% due 04/27/2027			2,300			856
5.500% due 11/13/2026			200			78

Armor Holdco, Inc.
8.500% due 11/15/2029 (l)	$		3,400			3,087

Banca Monte dei Paschi di Siena SpA
2.625% due 04/28/2025 (l)	EUR		6,592			7,104
7.708% due 01/18/2028 •			600			664
8.000% due 01/22/2030 •(l)			2,296			2,557
8.500% due 09/10/2030 •			2,300			2,559
10.500% due 07/23/2029 (l)			2,167			2,633

Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		700			184

Barclays PLC
6.224% due 05/09/2034 (l)	$		1,100			1,141
6.490% due 09/13/2029			300			313
6.692% due 09/13/2034			600			642
7.437% due 11/02/2033 •(l)			1,708			1,914

BOI Finance BV
7.500% due 02/16/2027 (l)	EUR		2,600			2,646

BPCE SA
7.003% due 10/19/2034	$		2,200			2,394

CaixaBank SA
6.840% due 09/13/2034			400			423

Corsair International Ltd.
8.802% due 01/28/2027 •	EUR		1,000			1,104

Cosaint Re Pte. Ltd.
15.172% (T-BILL 1MO + 9.250%) due 04/03/2028 ~	$		700			699

Credit Suisse AG AT1 Claim			1,150			138

East Lane Re Ltd.
14.582% due 03/31/2026			250			251

GSPA Monetization Trust
6.422% due 10/09/2029			2,373			2,305

Hestia Re Ltd.
14.702% (T-BILL 1MO + 9.500%) due 04/22/2025 ~			704			665

Hudson Pacific Properties LP
3.950% due 11/01/2027			100			84

Intesa Sanpaolo SpA
7.200% due 11/28/2033			500			533
7.800% due 11/28/2053			800			879

Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025	EUR		400			401

Long Walk Reinsurance Ltd.
9.750% due 01/30/2031	$		700			700

LPL Holdings, Inc.
6.750% due 11/17/2028			800			853

Park Aerospace Holdings Ltd.
5.500% due 02/15/2024			6			6

Sanders Re Ltd.
17.092% (T-BILL 3MO + 11.750%) due 04/09/2029 ~			1,207			951


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Societe Generale SA
6.446% due 01/10/2029 •(l)	$		1,000	$		1,035

SVB Financial Group
1.800% due 02/02/2031 ^(d)			1,149			763
2.100% due 05/15/2028 ^(d)			200			132
3.125% due 06/05/2030 ^(d)			200			131
3.500% due 01/29/2025 ^(d)			100			66
4.345% due 04/29/2028 ^(d)			500			332
4.570% due 04/29/2033 ^(d)			1,500			992

UBS Group AG
6.442% due 08/11/2028 •(l)			600			623

Uniti Group LP
4.750% due 04/15/2028 (l)			2,200			1,898
6.000% due 01/15/2030 (l)			7,721			5,404
6.500% due 02/15/2029 (l)			2,600			1,879

Ursa Re Ltd.
14.582% due 12/07/2026			800			796

VICI Properties LP
3.875% due 02/15/2029 (l)			5,800			5,333
5.750% due 02/01/2027 (l)			700			703

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(d)			7,150			3,888

Yosemite Re Ltd.
15.310% (T-BILL 3MO + 9.750%) due 06/06/2025 ~			660			680

						64,864


INDUSTRIALS 21.7%

Altice Financing SA
5.750% due 08/15/2029 (l)			525			467

Altice France Holding SA
10.500% due 05/15/2027 (l)			4,500			2,919

CAB SELAS
3.375% due 02/01/2028	EUR		1,240			1,224

Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (c)	$		593			480

Carvana Co. (13.000% PIK)
13.000% due 06/01/2030 (c)			5,851			4,672

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (c)			5,574			4,504

CGG SA
7.750% due 04/01/2027	EUR		300			306
7.750% due 04/01/2027 (l)			2,250			2,299
8.750% due 04/01/2027 (l)	$		6,964			6,350

CVS Pass-Through Trust
7.507% due 01/10/2032 (l)			538			566

DISH DBS Corp.
5.250% due 12/01/2026 (l)			3,700			3,177
5.750% due 12/01/2028 (l)			5,720			4,573

Exela Intermediate LLC (11.500% PIK)
11.500% due 04/15/2026 (c)			72			13

Ford Motor Co.
7.700% due 05/15/2097 (l)			4,915			5,319

GN Bondco LLC
9.500% due 10/15/2031 (l)			1,700			1,662

HCA, Inc.
7.500% due 11/15/2095 (l)			1,200			1,358

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (l)			12,686			12,116

Inter Media & Communication SpA
6.750% due 02/09/2027 (l)	EUR		2,600			2,774

Legacy LifePoint Health LLC
4.375% due 02/15/2027	$		300			277

LifePoint Health, Inc.
9.875% due 08/15/2030 (l)			800			809
11.000% due 10/15/2030 (l)			2,900			3,058

Market Bidco Finco PLC
4.750% due 11/04/2027	EUR		700			695

New Albertsons LP
6.570% due 02/23/2028	$		5,600			5,231

Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029			300			227
11.750% due 10/15/2028 (l)			2,100			2,261

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Strategy Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nissan Motor Co. Ltd.
4.810% due 09/17/2030 (l)	$		11,300	$		10,571

Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/29/2024 (g)(i)			753			26

Olympus Water U.S. Holding Corp.
5.375% due 10/01/2029 (l)	EUR		2,400			2,274

Petroleos Mexicanos
6.700% due 02/16/2032 (l)	$		1,688			1,403
6.840% due 01/23/2030			800			694
8.750% due 06/02/2029 (l)			1,444			1,405

Prime Healthcare Services, Inc.
7.250% due 11/01/2025 (l)			1,315			1,283

Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(d)	GBP		1,000			828

Times Square Hotel Trust
8.528% due 08/01/2026	$		633			632

Topaz Solar Farms LLC
4.875% due 09/30/2039 (l)			1,873			1,730
5.750% due 09/30/2039 (l)			7,790			7,756

Transocean Aquila Ltd.
8.000% due 09/30/2028 (l)			500			508

U.S. Renal Care, Inc.
10.625% due 06/28/2028			842			647

Valaris Ltd.
8.375% due 04/30/2030 (l)			1,566			1,606

Vale SA
0.000% due 12/29/2049 ~(i)	BRL		90,000			6,550

Venture Global LNG, Inc.
8.375% due 06/01/2031	$		200			200
9.500% due 02/01/2029			600			635

Veritas U.S., Inc.
7.500% due 09/01/2025 (l)			2,040			1,686

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^(c)(d)			19,281			17,546

Windstream Escrow LLC
7.750% due 08/15/2028 (l)			8,500			7,454

						132,771


UTILITIES 3.0%

FORESEA Holding SA
7.500% due 06/15/2030			782			725

Mountain States Telephone & Telegraph Co.
7.375% due 05/01/2030			3,600			1,820

NGD Holdings BV
6.750% due 12/31/2026			377			268

Oi SA
10.000% due 07/27/2025 ^(d)			24,519			1,226

Pacific Gas & Electric Co.
3.750% due 08/15/2042			22			16
4.200% due 03/01/2029 (l)			1,500			1,420
4.450% due 04/15/2042 (l)			213			172
4.500% due 12/15/2041 (l)			275			216
4.750% due 02/15/2044 (l)			2,440			2,043
4.950% due 07/01/2050 (l)			3,090			2,646
6.950% due 03/15/2034			400			440

Peru LNG SRL
5.375% due 03/22/2030 (l)			6,860			5,683

Vistra Operations Co. LLC
6.950% due 10/15/2033			1,500			1,581

						18,256

Total Corporate Bonds & Notes (Cost $248,779)						215,891


CONVERTIBLE BONDS & NOTES 0.3%

INDUSTRIALS 0.3%

DISH Network Corp.
3.375% due 08/15/2026			3,400			1,819

Total Convertible Bonds & Notes (Cost $3,400)						1,819


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MUNICIPAL BONDS & NOTES 2.2%

CALIFORNIA 0.1%

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
3.000% due 06/01/2046	$		475	$		433


ILLINOIS 0.0%

Illinois State General Obligation Bonds, (BABs), Series 2010
7.350% due 07/01/2035			17			19


MICHIGAN 0.1%

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044			600			446


PUERTO RICO 1.4%

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			1,149			627
0.000% due 11/01/2051			16,726			7,829

						8,456


WEST VIRGINIA 0.6%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)			44,400			3,934

Total Municipal Bonds & Notes (Cost $13,079)						13,288


U.S. GOVERNMENT AGENCIES 1.7%

Fannie Mae
3.000% due 02/25/2043 - 06/25/2050 (a)(l)			14,226			2,139

Freddie Mac
3.500% due 05/25/2050 (a)(l)			1,698			335
5.992% due 11/25/2055 «~			7,574			4,755
13.002% due 12/25/2027 •			2,793			2,939

Total U.S. Government Agencies (Cost $14,740)						10,168


NON-AGENCY MORTGAGE-BACKED SECURITIES 11.1%

Atrium Hotel Portfolio Trust
7.159% due 12/15/2036 ~			4,600			4,226

Banc of America Funding Trust
6.000% due 07/25/2037			157			128

Banc of America Mortgage Trust
6.000% due 03/25/2037			116			94

BCAP LLC Trust
3.544% due 03/27/2036 ~			1,307			929
3.619% due 08/28/2037 ~			1,214			1,200
4.533% due 03/26/2037 þ			622			883

Bear Stearns ALT-A Trust
4.097% due 11/25/2035 ~			1,966			1,720
4.140% due 09/25/2047 ~			3,564			1,707
4.235% due 08/25/2036 ~			550			278
4.492% due 11/25/2036 ~			2,371			1,237
4.708% due 09/25/2035 ~			224			122
5.970% due 01/25/2036 ~			408			375

Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 «þ			60			58

Braemar Hotels & Resorts Trust
7.934% due 06/15/2035 •			1,400			1,316

CALI Mortgage Trust
3.957% due 03/10/2039			2,900			2,439

CD Mortgage Trust
5.688% due 10/15/2048			306			275

Chase Mortgage Finance Trust
4.876% due 12/25/2035 «~			3			3
6.000% due 07/25/2037			523			244

Citigroup Mortgage Loan Trust
4.752% due 04/25/2037 ~			89			76


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Colony Mortgage Capital Ltd.
7.500% due 11/15/2038 •	$		1,500	$		1,379
8.196% due 11/15/2038 ~			1,100			989

Commercial Mortgage Loan Trust
6.589% due 12/10/2049 ~			393			43

Countrywide Alternative Loan Resecuritization Trust
6.000% due 08/25/2037 ~			688			382

Countrywide Alternative Loan Trust
5.500% due 03/25/2035			194			85
5.750% due 01/25/2035			117			113
5.750% due 02/25/2035			174			120
5.750% due 03/25/2037			381			210
6.000% due 02/25/2035			618			462
6.000% due 04/25/2036			673			328
6.000% due 02/25/2037			3,871			1,567
6.000% due 04/25/2037			702			340
6.250% due 12/25/2036 •			1,010			431
6.500% due 08/25/2036			368			120

Countrywide Home Loan Mortgage Pass-Through Trust
4.126% due 09/20/2036 ~			116			100
6.000% due 07/25/2037			1,085			469

Credit Suisse Mortgage Capital Certificates
4.982% due 10/26/2036 ~			5,209			4,340

DBGS Mortgage Trust
7.776% due 10/15/2036			2,270			1,653

GS Mortgage Securities Corp. Trust
4.591% due 10/10/2032 ~			4,600			4,129
8.762% due 08/15/2039 ~			950			958

GSR Mortgage Loan Trust
4.268% due 08/25/2034 «~			215			191
6.000% due 02/25/2036			1,274			560

HarborView Mortgage Loan Trust
4.082% due 06/19/2036 ~			3,400			1,488
5.950% due 01/19/2036 •			376			367

Hilton USA Trust
2.828% due 11/05/2035			800			643

IndyMac IMSC Mortgage Loan Trust
6.500% due 07/25/2037			3,335			1,065

Jackson Park Trust
3.242% due 10/14/2039 ~			1,272			973

Jefferies Resecuritization Trust
6.000% due 05/26/2036			6,793			2,886

JP Morgan Alternative Loan Trust
4.127% due 03/25/2037 ~			651			591
6.000% due 12/25/2035			791			545

JP Morgan Chase Commercial Mortgage Securities Trust
7.476% due 12/15/2036 •			1,000			245
8.226% due 12/15/2036 •			2,500			296

JP Morgan Mortgage Trust
4.661% due 04/25/2037 «~			3			2
4.704% due 02/25/2036 ~			895			609
5.099% due 01/25/2037 ~			198			173

Lehman Mortgage Trust
6.000% due 07/25/2037 «			31			27

Lehman XS Trust
5.910% due 06/25/2047 •			822			731

MASTR Alternative Loan Trust
6.750% due 07/25/2036			1,447			518

Merrill Lynch Mortgage Investors Trust
3.853% due 03/25/2036 ~			408			221

Morgan Stanley Bank of America Merrill Lynch Trust
3.708% due 05/15/2046			765			603

Natixis Commercial Mortgage Securities Trust
3.790% due 11/15/2032			2,806			2,182

New Orleans Hotel Trust
6.998% due 04/15/2032 •			800			754

Residential Accredit Loans, Inc. Trust
5.172% due 12/26/2034 ~			777			279
5.930% due 05/25/2037 «•			80			68
6.000% due 08/25/2036			135			112

Residential Asset Securitization Trust
6.000% due 11/25/2036			2,383			860
6.250% due 09/25/2037			2,395			1,013


38		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Residential Funding Mortgage Securities, Inc. Trust
4.745% due 02/25/2037 ~	$		733	$		512
6.500% due 03/25/2032 «			76			72

Sequoia Mortgage Trust
3.675% due 07/20/2037 ~			214			156
4.306% due 02/20/2047 ~			122			99

SG Commercial Mortgage Securities Trust
2.937% due 03/15/2037			1,200			1,067

Stratton Mortgage Funding PLC
8.221% due 07/20/2060 •	GBP		3,471			4,421

Structured Adjustable Rate Mortgage Loan Trust
4.540% due 01/25/2036 ~	$		1,192			601
4.562% due 07/25/2035 ~			273			233
5.448% due 11/25/2036 ~			1,039			868

SunTrust Adjustable Rate Mortgage Loan Trust
4.150% due 04/25/2037 ~			146			88
4.848% due 02/25/2037 ~			75			64

WaMu Mortgage Pass-Through Certificates Trust
3.704% due 02/25/2037 ~			240			201
3.769% due 07/25/2037 ~			200			163
3.972% due 10/25/2036 ~			909			791
4.549% due 07/25/2037 ~			437			365

Washington Mutual Mortgage Pass-Through Certificates Trust
5.852% due 05/25/2047 «•			56			7
6.000% due 10/25/2035			908			682

WSTN Trust
7.690% due 07/05/2037			1,300			1,287
8.455% due 07/05/2037			1,300			1,290
9.835% due 07/05/2037			1,100			1,089

Total Non-Agency Mortgage-Backed Securities (Cost $81,631)						67,586


ASSET-BACKED SECURITIES 10.1%

ACE Securities Corp. Home Equity Loan Trust
6.055% due 02/25/2036 ~			24,171			20,525

Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,800			623

Apidos CLO
0.000% due 01/20/2031 ~	$		4,500			1,423

Argent Securities Trust
5.850% due 03/25/2036 •			2,968			1,588

Avoca CLO DAC
0.000% due 04/15/2034 ~	EUR		1,600			1,046

Bear Stearns Asset-Backed Securities Trust
5.002% due 10/25/2036 •	$		1,642			2,538
6.500% due 10/25/2036			340			145

Belle Haven ABS CDO Ltd.
5.926% due 07/05/2046 •			175,347			18

Carlyle U.S. CLO Ltd.
0.000% due 07/20/2029 ~			1,895			283

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			2,300			477
0.000% due 10/22/2031 ~			1,500			333

Citigroup Mortgage Loan Trust
5.790% due 12/25/2036 •			1,245			695

First Franklin Mortgage Loan Trust
6.415% due 09/25/2035 •			3,443			3,048
6.445% due 05/25/2036 •			6,543			5,878

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		318			0

Home Equity Mortgage Loan Asset-Backed Trust
5.630% due 07/25/2037 •	$		7,608			4,109

JP Morgan Mortgage Acquisition Trust
4.470% due 10/25/2030 þ			3,393			1,794

Lehman XS Trust
5.670% due 08/25/2035 «þ			16			15

LNR CDO Ltd.
5.751% due 02/28/2043 •			1,558			16

MAN GLG U.S. CLO Ltd.
0.000% due 07/15/2034 ~			400			264

Marble Point CLO Ltd.
0.000% due 01/22/2052			2,150			1,330


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Marlette Funding Trust
0.000% due 09/17/2029 «(g)	$		7	$		196

Merrill Lynch Mortgage Investors Trust
5.790% due 04/25/2037 •			368			179

Morgan Stanley ABS Capital, Inc. Trust
5.770% due 06/25/2036 •			245			203

Morgan Stanley Mortgage Loan Trust
6.250% due 02/25/2037 ~			383			215

Pagaya AI Debt Selection Trust
8.491% due 06/16/2031			2,200			2,231

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
7.240% due 10/25/2034 •			573			536

Residential Asset Mortgage Products Trust
6.670% due 01/25/2035 ~			1,771			1,649

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(g)			3			1,731

SLM Student Loan Trust
0.000% due 01/25/2042 «(g)			4			901

SMB Private Education Loan Trust
0.000% due 09/18/2046 «(g)			1			384
0.000% due 10/15/2048 «(g)			1			296

SoFi Professional Loan Program LLC
0.000% due 05/25/2040 (g)			4,300			354
0.000% due 07/25/2040 «(g)			21			219
0.000% due 09/25/2040 «(g)			1,718			209

Taberna Preferred Funding Ltd.
6.034% due 08/05/2036 •			5,000			4,500
6.146% due 07/05/2035 •			1,876			1,707

Total Asset-Backed Securities (Cost $81,009)						61,658


SOVEREIGN ISSUES 3.4%

Argentina Government International Bond
0.750% due 07/09/2030 þ			2,782			1,068
1.000% due 07/09/2029			669			267
3.500% due 07/09/2041 þ			5,955			2,035
3.625% due 07/09/2035 þ			3,003			991
3.625% due 07/09/2046 þ			115			40
4.250% due 01/09/2038 þ(l)			10,995			4,371

Argentina Treasury Bond BONCER
4.000% due 10/14/2024	ARS		56,522			93

Autonomous City of Buenos Aires
122.642% (BADLARPP + 3.750%) due 02/22/2028 ~			22,091			19

Dominican Republic Central Bank Notes
13.000% due 12/05/2025	DOP		128,800			2,326
13.000% due 01/30/2026			133,500			2,418

Dominican Republic International Bond
11.250% due 09/15/2035			73,300			1,366
13.625% due 02/03/2033			16,900			355

Ghana Government International Bond
6.375% due 02/11/2027 ^(d)	$		600			270
7.875% due 02/11/2035 ^(d)			600			264
8.750% due 03/11/2061 ^(d)			200			87

Provincia de Buenos Aires
129.126% due 04/12/2025	ARS		136,752			114

Republic of Greece Government International Bond
2.000% due 04/22/2027	EUR		314			345
3.900% due 01/30/2033			693			815
4.000% due 01/30/2037			543			634
4.200% due 01/30/2042			678			801

Romania Government International Bond
5.500% due 09/18/2028			900			1,023
6.375% due 09/18/2033			900			1,053

Russia Government International Bond
1.125% due 11/20/2027 ^(d)			100			45

Ukraine Government International Bond
4.375% due 01/27/2032			1,054			242

Venezuela Government International Bond
8.250% due 10/13/2024 ^(d)	$		28			4
9.250% due 09/15/2027 ^(d)			308			59

Total Sovereign Issues (Cost $27,129)						21,105


	SHARES			MARKET VALUE (000S)
COMMON STOCKS 10.4%

COMMUNICATION SERVICES 0.3%

Clear Channel Outdoor Holdings, Inc. (e)		531,903	$		968

iHeartMedia, Inc. ‘A’ (e)		126,306			337

iHeartMedia, Inc. ‘B’ «(e)		98,039			236

Promotora de Informaciones SA (e)		454,519			145

					1,686


CONSUMER DISCRETIONARY 0.0%

Steinhoff International Holdings NV «(e)(j)		21,355,531			0


ENERGY 0.0%

Axis Energy Services ‘A’ «(j)		1,070			32


FINANCIALS 1.2%

Banca Monte dei Paschi di Siena SpA (e)		687,000			2,310

Intelsat Emergence SA «(e)(j)		173,216			4,935

					7,245


HEALTH CARE 4.1%

Amsurg Equity «(e)(j)		488,175			25,039


INDUSTRIALS 2.4%

Drillco Holding Lux SA «(e)		16,570			411

Drillco Holding Lux SA «(e)(j)		44,290			1,100

Forsea Holding SA «(e)		1,841			46

Neiman Marcus Group Ltd. LLC «(e)(j)		73,491			11,014

Syniverse Holdings, Inc. «(j)		2,080,319			1,821

Voyager Aviation Holdings LLC «(e)		995			0

Westmoreland Mining Holdings «(e)(j)		50,075			200

Westmoreland Mining LLC «(e)(j)		50,516			177

					14,769


UTILITIES 2.4%

West Marine New «(e)(j)		2,500			26

Windstream Units «(e)		493,740			14,611

					14,637

Total Common Stocks (Cost $53,182)					63,408


WARRANTS 0.0%

FINANCIALS 0.0%

Intelsat Emergence SA - Exp. 02/17/2027 «		605			2


UTILITIES 0.0%

West Marine - Exp. 09/08/2028 «		324			0

Total Warrants (Cost $4,161)					2


PREFERRED SECURITIES 1.4%

FINANCIALS 1.4%

AGFC Capital Trust
7.405% (US0003M + 1.750%) due 01/15/2067 ~(l)		2,300,000			1,170

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)		70,000			64

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Strategy Fund		(Cont.)


	SHARES			MARKET VALUE (000S)

Compeer Financial ACA
4.875% due 08/15/2026 •(i)(l)		1,600,000	$		1,520

Farm Credit Bank of Texas
5.700% due 09/15/2025 •(i)		1,000,000			949

Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 þ(i)(l)		4,282,000			4,746

SVB Financial Group
4.000% due 05/15/2026 ^(d)(i)		200,000			2
4.250% due 11/15/2026 ^(d)(i)		100,000			1
4.700% due 11/15/2031 ^(d)(i)		171,000			2

					8,454


INDUSTRIALS 0.0%

Voyager Aviation Holdings LLC
9.500% «		5,971			0

Total Preferred Securities (Cost $11,918)					8,454


REAL ESTATE INVESTMENT TRUSTS 0.6%

REAL ESTATE 0.6%

CBL & Associates Properties, Inc.		2,634			64

Uniti Group, Inc.		177,493			1,026

VICI Properties, Inc.		77,566			2,473

Total Real Estate Investment Trusts (Cost $1,488)					3,563


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 1.0%

REPURCHASE AGREEMENTS (k) 0.4%
				$		2,307


SHORT-TERM NOTES 0.0%

Argentina Treasury Bond BONCER
3.750% due 05/20/2024	ARS		65,043			69


HUNGARY TREASURY BILLS 0.1%
10.900% due 01/04/2024 (g)(h)	HUF		246,000			709


U.S. TREASURY BILLS 0.5%
5.394% due 01/25/2024 - 02/22/2024 (f)(g)(o)	$		2,970			2,955

Total Short-Term Instruments (Cost $6,050)						6,040



Total Investments in Securities (Cost $737,258)						657,639


	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 9.9%

SHORT-TERM INSTRUMENTS 9.9%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.9%

PIMCO Short-Term Floating NAV Portfolio III		6,235,457	$		60,652

Total Short-Term Instruments (Cost $60,640)					60,652



Total Investments in Affiliates (Cost $60,640)					60,652


Total Investments 117.7% (Cost $797,898)			$		718,291

Financial Derivative Instruments (m)(n) 0.0% (Cost or Premiums, net $(12,978))					98

Auction-Rate Preferred Shares (2.1)%					(12,975	)

Other Assets and Liabilities, net (15.6)%					(95,184	)

Net Assets Applicable to Common Shareholders 100.0%			$		610,230

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).

µ	All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Security is an Interest Only (“IO”) or IO Strip.

(b)	When-issued security.

(c)	Payment in-kind security.

(d)	Security is not accruing income as of the date of this report.

(e)	Security did not produce income within the last twelve months.

(f)	Coupon represents a weighted average yield to maturity.

(g)	Zero coupon security.

(h)	Coupon represents a yield to maturity.

(i)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) RESTRICTED SECURITIES:


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Amsurg Equity		11/02/2023 - 11/06/2023	$	20,398	$	25,039		4.10	%
Axis Energy Services ‘A’		07/01/2021		16		32		0.01
Drillco Holding Lux SA		06/08/2023		886		1,100		0.18
Intelsat Emergence SA		06/19/2017 - 07/03/2023		12,540		4,935		0.81
Neiman Marcus Group Ltd. LLC		09/25/2020		2,408		11,014		1.81
Steinhoff International Holdings NV		06/30/2023 - 10/30/2023		0		0		0.00
Syniverse Holdings, Inc.		05/12/2022 - 11/30/2023		2,046		1,821		0.30
West Marine New		09/12/2023		36		26		0.00
Westmoreland Mining Holdings		12/08/2014 - 10/19/2016		1,442		200		0.03
Westmoreland Mining LLC		06/30/2023		335		177		0.03

			$	40,107	$	44,344		7.27	%


40		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
FICC		2.600	%		12/29/2023		01/02/2024	$	2,307	U.S. Treasury Notes 0.375% due 11/30/2025	$	(2,353	)	$	2,307	$	2,307

Total Repurchase Agreements											$	(2,353	)	$	2,307	$	2,307

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate (2)			Settlement Date		Maturity Date			Amount Borrowed (2)				Payable for Reverse Repurchase Agreements
BMO		5.730	%		12/22/2023		02/20/2024			$	(605	)	$	(606	)
BOS		5.970			10/10/2023		01/08/2024				(1,129	)		(1,145	)
BPS		4.322			12/22/2023		03/22/2024			EUR	(2,425	)		(2,681	)
		4.352			12/12/2023		03/12/2024				(1,570	)		(1,737	)
		4.380			09/20/2023		TBD	(3)			(319	)		(356	)
		6.080			07/21/2023		01/17/2024			$	(1,738	)		(1,787	)
		6.080			10/17/2023		01/17/2024				(1,261	)		(1,278	)
		6.100			09/18/2023		03/14/2024				(1,649	)		(1,678	)
		6.100			12/26/2023		03/14/2024				(348	)		(348	)
		6.120			07/31/2023		01/29/2024				(6,658	)		(6,830	)
		6.180			10/10/2023		04/08/2024				(5,269	)		(5,344	)
		6.180			11/24/2023		04/08/2024				(851	)		(857	)
BRC		4.250			09/20/2023		TBD	(3)		EUR	(205	)		(229	)
		4.350			11/06/2023		01/11/2024				(3,129	)		(3,478	)
		4.850			12/21/2023		TBD	(3)		$	(3,365	)		(3,370	)
BYR		6.100			09/08/2023		03/06/2024				(2,052	)		(2,091	)
		6.100			11/20/2023		05/20/2024				(6,397	)		(6,443	)
CDC		5.760			01/02/2024		04/02/2024				(1,168	)		(1,168	)
		5.820			10/03/2023		01/02/2024				(1,121	)		(1,138	)
		5.880			07/28/2023		01/24/2024				(3,227	)		(3,310	)
		5.930			01/02/2024		04/02/2024				(3,017	)		(3,017	)
		5.990			10/03/2023		01/02/2024				(2,910	)		(2,954	)
		6.100			12/07/2023		04/05/2024				(13,835	)		(13,895	)
		6.100			12/18/2023		04/12/2024				(1,326	)		(1,329	)
		6.100			12/29/2023		04/29/2024				(935	)		(936	)
		6.130			07/28/2023		01/24/2024				(2,198	)		(2,257	)
IND		5.930			12/04/2023		02/29/2024				(403	)		(405	)
		5.940			12/04/2023		02/29/2024				(825	)		(829	)
		5.980			11/06/2023		05/06/2024				(3,517	)		(3,551	)
		6.020			11/06/2023		05/06/2024				(3,417	)		(3,450	)
MEI		4.410			11/10/2023		02/12/2024			EUR	(1,717	)		(1,907	)
RCY		6.110			09/15/2023		03/18/2024			$	(2,210	)		(2,251	)
SOG		5.830			10/13/2023		01/11/2024				(1,895	)		(1,920	)
		5.930			11/22/2023		01/16/2024				(1,700	)		(1,712	)
		5.950			10/24/2023		01/19/2024				(2,212	)		(2,238	)
		6.070			09/26/2023		02/22/2024				(853	)		(867	)
		6.100			10/11/2023		04/11/2024				(2,566	)		(2,602	)
		6.100			10/12/2023		04/12/2024				(5,492	)		(5,568	)
		6.120			07/24/2023		01/24/2024				(482	)		(496	)
		6.120			08/08/2023		01/24/2024				(2,000	)		(2,049	)
		6.120			10/10/2023		04/10/2024				(7,647	)		(7,755	)
		6.120			10/16/2023		04/10/2024				(859	)		(870	)
		6.120			11/01/2023		04/10/2024				(1,939	)		(1,959	)
		6.120			11/08/2023		04/10/2024				(649	)		(655	)
TDM		5.710			12/19/2023		02/20/2024				(1,933	)		(1,938	)
UBS		4.100			11/10/2023		TBD	(3)		EUR	(5,401	)		(5,991	)
		4.276			11/27/2023		02/27/2024				(2,088	)		(2,315	)

Total Reverse Repurchase Agreements													$	(121,590	)

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Strategy Fund		(Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure (4)
Global/Master Repurchase Agreement
BMO	$	0	$	(606	)	$	0	$	(606	)	$	623		$	17
BOS		0		(1,145	)		0		(1,145	)		1,447			302
BPS		0		(22,896	)		0		(22,896	)		26,733			3,837
BRC		0		(7,077	)		0		(7,077	)		8,579			1,502
BYR		0		(8,534	)		0		(8,534	)		10,328			1,794
CDC		0		(30,004	)		0		(30,004	)		29,953			(51	)
FICC		2,307		0			0		2,307			(2,353	)		(46	)
IND		0		(8,235	)		0		(8,235	)		10,179			1,944
MEI		0		(1,907	)		0		(1,907	)		2,299			392
RCY		0		(2,251	)		0		(2,251	)		2,475			224
SOG		0		(28,691	)		0		(28,691	)		33,595			4,904
TDM		0		(1,938	)		0		(1,938	)		2,041			103
UBS		0		(8,306	)		0		(8,306	)		9,435			1,129

Total Borrowings and Other Financing Transactions	$	2,307	$	(121,590	)	$	0

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(30,249	)	$	(17,402	)	$	(61,790	)	$	(109,441	)
U.S. Government Agencies		0		0			(2,251	)		0			(2,251	)
Sovereign Issues		0		0			0			(3,370	)		(3,370	)
Preferred Securities		0		(2,343	)		0			0			(2,343	)

Total Borrowings	$	0	$	(32,592	)	$	(19,653	)	$	(65,160	)	$	(117,405	)

Payable for reverse repurchase agreements (5)												$	(117,405	)

(l)	Securities with an aggregate market value of $142,320 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

(1)	Includes accrued interest.

(2)	The average amount of borrowings outstanding during the period ended December 31, 2023 was $(107,990) at a weighted average interest rate of 5.468%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3)	Open maturity reverse repurchase agreement.

(4)

(5)	Unsettled reverse repurchase agreements liability of $(4,185) is outstanding at period end.

(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
December 31, 2023

(2)

Notional
Amount

(3)

Premiums
Paid(Received)

Unrealized
Appreciation/
(Depreciation)

Market
Value

(4)

Variation Margin

Asset

Liability

Jaguar Land Rover Automotive

5.000

Quarterly

12/20/2026

2.236

EUR

3,363

123

170

293


42		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay (5)	1-Day GBP-SONIO Compounded-OIS		5.000	%	Annual		03/20/2029		GBP	20,800	$	2,044		$	15		$	2,059		$	0	$	(66	)
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2032			7,800		757			1,235			1,992			66		0
Receive	1-Day GBP-SONIO Compounded-OIS		2.000		Annual		03/15/2033			2,800		311			129			440			26		0
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2052			1,600		328			670			998			31		0
Receive	1-Day USD-SOFR Compounded-OIS		2.450		Annual		12/20/2024		$	21,800		(1	)		510			509			6		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.350		Annual		01/17/2025			11,000		1			249			250			0		(1	)
Pay (5)	1-Day USD-SOFR Compounded-OIS		5.250		Annual		06/17/2025			97,000		212			1,003			1,215			20		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.300		Annual		01/17/2026			1,700		1			55			56			0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		12/15/2026			56,800		(705	)		5,236			4,531			3		0
Pay	1-Day USD-SOFR Compounded-OIS		2.500		Semi-Annual		12/20/2027			44,900		172			(2,501	)		(2,329	)		5		0
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2027			32,300		(2,862	)		926			(1,936	)		3		0
Pay	1-Day USD-SOFR Compounded-OIS		3.250		Annual		06/21/2028			19,200		(257	)		(208	)		(465	)		6		0
Receive	1-Day USD-SOFR Compounded-OIS		1.370		Semi-Annual		08/25/2028			16,898		(5	)		1,776			1,771			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/20/2028			84,700		740			67			807			30		0
Pay (5)	1-Day USD-SOFR Compounded-OIS		4.500		Annual		06/19/2029			69,900		34			3,571			3,605			27		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2029			16,500		(312	)		(6	)		(318	)		0		(6	)
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2029			118,700		(12,228	)		2,653			(9,575	)		0		(22	)
Receive	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031			57,200		3,442			7,801			11,243			36		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		12/15/2031			36,100		(505	)		5,535			5,030			20		0
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2032			23,900		(3,269	)		575			(2,694	)		0		(20	)
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Semi-Annual		06/19/2044			93,400		(2,328	)		(1,047	)		(3,375	)		0		(260	)
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		01/15/2050			8,300		(57	)		2,409			2,352			28		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/22/2050			14,500		(35	)		4,768			4,733			48		0
Receive	1-Day USD-SOFR Compounded-OIS		1.875		Semi-Annual		02/07/2050			15,100		(58	)		4,636			4,578			51		0
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		03/12/2050			10,800		(33	)		2,568			2,535			38		0
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		12/15/2051			10,900		775			(3,929	)		(3,154	)		0		(41	)
Receive	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		02/01/2052			76,450		(1,210	)		27,512			26,302			274		0
Receive	1-Day USD-SOFR Compounded-OIS		2.750		Annual		06/21/2053			8,000		755			200			955			33		0
Pay	6-Month AUD-BBR-BBSW		3.500		Semi-Annual		06/17/2025		AUD	7,600		188			(242	)		(54	)		1		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030		EUR	8,700		159			1,386			1,545			45		0
Receive	6-Month EUR-EURIBOR		0.250		Annual		09/21/2032			6,200		583			681			1,264			53		0
Receive	6-Month EUR-EURIBOR		0.500		Annual		09/21/2052			2,600		225			897			1,122			53		0
Receive (5)	6-Month EUR-EURIBOR		0.830		Annual		12/09/2052			15,300		192			789			981			77		0

											$	(12,946	)	$	69,919		$	56,973		$	980	$	(417	)

Total Swap Agreements											$	(12,823	)	$	70,089		$	57,266		$	983	$	(417	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	983	$	983	$	0	$	0	$	(417)	$	(417)

Cash of $17,114 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Strategy Fund		(Cont.)

(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2024	GBP	516	$	656	$	0	$	(3	)

BPS		01/2024	EUR	2,182		2,385		0		(24	)
		01/2024	GBP	1,969		2,498		0		(12	)
		01/2024	HUF	33,846		96		0		(1	)
		01/2024	$	619	EUR	559		0		(2	)
		01/2024		2	HUF	638		0		0

BRC		03/2024		2,588	TRY	81,067		0		(26	)
		04/2024		9,455		305,571		0		(142	)

CBK		01/2024	HUF	5,468	$	16		0		0
		03/2024	$	210	PEN	792		3		0

GLM		01/2024	DOP	163,094	$	2,861		65		0
		01/2024	$	114	MXN	1,996		3		0
		02/2024	DOP	38,598	$	671		8		0
		03/2024		30,158		527		11		0

JPM		01/2024	HUF	151,163		431		0		(5	)

MBC		01/2024	AUD	169		112		0		(3	)
		01/2024	CAD	2,856		2,110		0		(45	)
		01/2024	GBP	244		309		0		(2	)
		01/2024	HUF	48,172		137		0		(2	)

MYI		01/2024	EUR	57,833		63,565		0		(294	)
		01/2024	HUF	7,142		20		0		0

UAG		01/2024	GBP	10,698		13,538		0		(98	)

Total Forward Foreign Currency Contracts							$	90	$	(659	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value (4)
Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
DUB	Eskom «		4.650	%		Quarterly		06/30/2029		0.075	%		$ 2,700	$	0		$	235	$	235	$	0

GST	Petroleos Mexicanos		1.000			Quarterly		12/20/2028		5.188			800		(155	)		21		0		(134	)

Total Swap Agreements														$	(155	)	$	256	$	235	$	(134	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure (5)
BOA	$	0	$	0	$	0	$	0	$	(3	)	$	0	$	0		$	(3	)	$	(3	)	$	0	$	(3	)
BPS		0		0		0		0		(39	)		0		0			(39	)		(39	)		0		(39	)
BRC		0		0		0		0		(168	)		0		0			(168	)		(168	)		0		(168	)
CBK		3		0		0		3		0			0		0			0			3			0		3
DUB		0		0		235		235		0			0		0			0			235			0		235
GLM		87		0		0		87		0			0		0			0			87			0		87
GST		0		0		0		0		0			0		(134	)		(134	)		(134	)		0		(134	)
JPM		0		0		0		0		(5	)		0		0			(5	)		(5	)		0		(5	)
MBC		0		0		0		0		(52	)		0		0			(52	)		(52	)		0		(52	)
MYI		0		0		0		0		(294	)		0		0			(294	)		(294	)		694		400
UAG		0		0		0		0		(98	)		0		0			(98	)		(98	)		0		(98	)

Total Over the Counter	$	90	$	0	$	235	$	325	$	(659	)	$	0	$	(134	)	$	(793	)


44		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

(o)	Securities with an aggregate market value of $694 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2023.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	3	$	0	$	0	$	980	$	983

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	90	$	0	$	90
Swap Agreements		0		235		0		0		0		235

	$	0	$	235	$	0	$	90	$	0	$	325

	$	0	$	238	$	0	$	90	$	980	$	1,308


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	417	$	417

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	659	$	0	$	659
Swap Agreements		0		134		0		0		0		134

	$	0	$	134	$	0	$	659	$	0	$	793

	$	0	$	134	$	0	$	659	$	417	$	1,210

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	86	$	0	$	0		$	(15,985	)	$	(15,899	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(1,005	)	$	0		$	(1,005	)
Swap Agreements		0		65		0		0			0			65

	$	0	$	65	$	0	$	(1,005	)	$	0		$	(940	)

	$	0	$	151	$	0	$	(1,005	)	$	(15,985	)	$	(16,839	)

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Strategy Fund		(Cont.)


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total

Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	326	$	0	$	0	$	19,505	$	19,831

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	755	$	0	$	755
Swap Agreements		0		140		0		0		0		140

	$	0	$	140	$	0	$	755	$	0	$	895

	$	0	$	466	$	0	$	755	$	19,505	$	20,726

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	166,999	$	17,658	$	184,657
Corporate Bonds & Notes
Banking & Finance		0		60,976		3,888		64,864
Industrials		0		132,771		0		132,771
Utilities		0		18,256		0		18,256
Convertible Bonds & Notes
Industrials		0		1,819		0		1,819
Municipal Bonds & Notes
California		0		433		0		433
Illinois		0		19		0		19
Michigan		0		446		0		446
Puerto Rico		0		8,456		0		8,456
West Virginia		0		3,934		0		3,934
U.S. Government Agencies		0		5,413		4,755		10,168
Non-Agency Mortgage-Backed Securities		0		67,158		428		67,586
Asset-Backed Securities		0		57,707		3,951		61,658
Sovereign Issues		0		21,105		0		21,105
Common Stocks
Communication Services		1,450		0		236		1,686
Energy		0		0		32		32
Financials		2,310		0		4,935		7,245
Health Care		0		0		25,039		25,039
Industrials		0		0		14,769		14,769
Utilities		0		0		14,637		14,637
Warrants
Financials		0		0		2		2
Preferred Securities
Financials		0		8,454		0		8,454
Real Estate Investment Trusts
Real Estate		3,563		0		0		3,563


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Short-Term Instruments
Repurchase Agreements	$	0	$	2,307		$	0	$	2,307
Short-Term Notes		0		69			0		69
Hungary Treasury Bills		0		709			0		709
U.S. Treasury Bills		0		2,955			0		2,955

	$	7,323	$	559,986		$	90,330	$	657,639


Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	60,652	$	0		$	0	$	60,652


Total Investments	$	67,975	$	559,986		$	90,330	$	718,291


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		983			0		983
Over the counter		0		90			235		325

	$	0	$	1,073		$	235	$	1,308


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(417	)		0		(417	)
Over the counter		0		(793	)		0		(793	)

	$	0	$	(1,210	)	$	0	$	(1,210	)


Total Financial Derivative Instruments	$	0	$	(137	)	$	235	$	98


Totals	$	67,975	$	559,849		$	90,565	$	718,389


46		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2023:


Category and Subcategory	Beginning Balance at 06/30/2023		Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)
Investments in Securities, at Value
Loan Participations and Assignments	$	51,338	$	13,020	$	(27,645	)	$	789	$	(5,331	)	$	5,344		$	0	$	(19,857	)	$	17,658	$	558
Corporate Bonds & Notes
Banking & Finance		0		0		0			0		0			0			3,888		0			3,888		0
Utilities (3)		691		0		0			3		0			30			0		(724	)		0		0
U.S. Government Agencies		4,405		0		(62	)		10		20			382			0		0			4,755		376
Non-Agency Mortgage-Backed Securities		378		6		(21	)		3		1			3			58		0			428		3
Asset-Backed Securities		4,684		0		(2	)		14		0			(745	)		0		0			3,951		(745	)
Common Stocks
Communication Services		321		0		0			0		0			(85	)		0		0			236		(85	)
Energy		32		0		0			0		0			0			0		0			32		0
Financials		3,975		0		0			0		0			960			0		0			4,935		960
Health Care		0		20,399		0			0		0			4,640			0		0			25,039		4,640
Industrials		15,132		122		0			0		0			(485	)		0		0			14,769		84
Utilities		0		4,130		0			0		0			10,507			0		0			14,637		10,507
Rights
Financials		87		0		(169	)		0		169			(87	)		0		0			0		0
Warrants
Financials		132		0		(173	)		0		173			(130	)		0		0			2		1
Information Technology		7,559		0		(4,093	)		0		0			(3,466	)		0		0			0		0
Preferred Securities
Industrials		1,440		0		0			0		0			(1,440	)		0		0			0		0

	$	90,174	$	37,677	$	(32,165	)	$	819	$	(4,968	)	$	15,428		$	3,946	$	(20,581	)	$	90,330	$	16,299


Financial Derivative Instruments - Assets
Over the counter	$	116	$	0	$	0		$	0	$	0		$	119		$	0	$	0		$	235	$	119


Totals	$	90,290	$	37,677	$	(32,165	)	$	819	$	(4,968	)	$	15,547		$	3,946	$	(20,581	)	$	90,565	$	16,418

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 12/31/2023		Valuation Technique	Unobservable Inputs		(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 12/31/2023		Valuation Technique	Unobservable Inputs		Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	8,393	Comparable Companies	EBITDA Multiple	X		14.500		—
		9,265	Discounted Cash Flow	Discount Rate			10.440-26.490		19.711
Corporate Bonds & Notes
Banking & Finance		3,888	Expected Recovery	Recovery Rate			54.375		—
U.S. Government Agencies		4,755	Discounted Cash Flow	Discount Rate			12.112		—
Non-Agency Mortgage-Backed Securities		428	Fair Valuation of Odd Lot Positions	Adjustment Factor			2.500		—
Asset-Backed Securities		3,936	Discounted Cash Flow	Discount Rate			12.000-20.000		17.377
		15	Fair Valuation of Odd Lot Positions	Adjustment Factor			2.500		—
Common Stocks
Communication Services		236	Reference Instrument	Stock Price w/Liquidity Discount			10.000		—
Energy		32	Comparable Companies	EBITDA Multiple	X		4.000		—
Financials		4,935	Comparable Companies	EBITDA Multiple	X		4.000		—
Health Care		25,039	Comparable Companies	EBITDA Multiple	X		14.500		—
Industrials		11,014	Comparable Companies/ Discounted Cash Flow	Revenue Multiple/EBITDA Multiple/Discount Rate	X/X/%		0.550/6.500/10.000		—
		1,821	Discounted Cash Flow	Discount Rate			17.280		—
		1,934	Indicative Market Quotation	Broker Quote	$		3.500-24.833		20.725

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Corporate & Income Strategy Fund		(Cont.)		December 31, 2023		(Unaudited)

Category and Subcategory

Ending
Balance
at 12/31/2023

Valuation
Technique

Unobservable
Inputs

(% Unless Noted
Otherwise)

Input Value(s)

Weighted
Average

Utilities

14,611

Comparable Companies

EBITDA Multiple

5.860

—

Discounted Cash Flow/
Comparable Companies

Discount Rate/Revenue Multiple

%/X

17.250/0.550

—

Warrants

Financials

Option Pricing Model

Volatility

40.000

—

Financial Derivative Instruments

- Assets

Over the counter

235

Indicative
Market Quotation

Broker Quote

7.505

—

Total

90,565

(1)	Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2)	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2023 may be due to an investment no longer held or categorized as Level 3 at period end.

(3)	Sector type updated from Banking & Finance to Utilities since prior fiscal year end.


48		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO High Income Fund				December 31, 2023		(Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 110.3%

LOAN PARTICIPATIONS AND ASSIGNMENTS 22.9%

Amsurg
13.258% due 09/15/2028 «	$		10,747	$		10,747

AP Core Holdings LLC
10.970% due 09/01/2027			8,251			8,078

Carnival Corp.
7.593% (EUR001M + 3.750%) due 06/30/2025 ~	EUR		2,437			2,699

Diamond Sports Group LLC
TBD% - 15.420% due 05/25/2026	$		13,889			10,521

Gateway Casinos & Entertainment Ltd.
13.548% due 10/15/2027			7,291			7,297
13.588% (CDOR03M + 8.000%) due 10/18/2027 ~	CAD		1,591			1,202

iHeartCommunications, Inc.
8.720% due 05/01/2026	$		490			423

Incora
TBD% - 13.988% due 03/01/2024 «			6,727			7,137

Lealand Finance Co. BV
8.470% due 06/28/2024 «			105			73

Lealand Finance Co. BV (6.431% Cash and 3.000% PIK)
9.431% due 06/30/2025 (c)			529			221

Lifepoint Health, Inc.
11.168% due 11/16/2028			1,900			1,898

Market Bidco Ltd.
10.042% (SONIA03M + 4.750%) due 11/04/2027 ~	GBP		11,739			14,522

MPH Acquisition Holdings LLC
9.900% due 09/01/2028	$		7,527			7,277

Oi SA
TBD% - 14.000% due 09/07/2024 µ			5,549			5,549
7.362% (LIBOR03M + 1.750%) due 02/26/2035 ~			3,485			175

Poseidon Bidco SASU
9.175% (EUR003M + 5.250%) due 09/30/2028 ~	EUR		7,400			8,179

Promotora de Informaciones SA
9.192% (EUR003M + 5.220%) due 12/31/2026 ~			11,663			12,280

Promotora de Informaciones SA (6.942% Cash and 5.000% PIK)
11.942% (EUR003M + 5.305%) due 06/30/2027 ~«(c)			773			787

PUG LLC
8.970% due 02/12/2027	$		10,379			10,238

Rising Tide Holdings, Inc.
14.356% due 06/01/2026 «			187			180

Steenbok Lux Finco 2 SARL
10.000% due 06/30/2026	EUR		17,429			8,050

Syniverse Holdings, Inc.
12.348% due 05/13/2027	$		19,590			17,325

Telemar Norte Leste SA
1.750% due 02/26/2035			8,442			422
1.750% (LIBOR06M + 1.750%) due 02/26/2035 ~			10,818			541

U.S. Renal Care, Inc.
10.470% due 06/20/2028			21,439			16,347

Veritas U.S., Inc.
10.470% due 09/01/2025			5,344			4,459

Westmoreland Mining Holdings LLC
8.000% due 03/15/2029			3,399			2,515

Windstream Services LLC
11.706% due 09/21/2027			2,619			2,485

Total Loan Participations and Assignments (Cost $172,716)						161,627


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CORPORATE BONDS & NOTES 37.9%

BANKING & FINANCE 12.0%

Agps Bondco PLC
4.625% due 01/14/2026	EUR		4,500	$		1,757
5.000% due 04/27/2027			2,700			1,004
5.500% due 11/13/2026			700			272

Armor Holdco, Inc.
8.500% due 11/15/2029 (l)	$		1,900			1,725

Atlantic Marine Corps Communities LLC
5.383% due 02/15/2048 (l)			4,143			3,279

Banca Monte dei Paschi di Siena SpA
2.625% due 04/28/2025	EUR		5,970			6,434
7.708% due 01/18/2028 •			1,700			1,882
8.000% due 01/22/2030 •			2,230			2,483
8.500% due 09/10/2030 •			3,500			3,895
10.500% due 07/23/2029			2,067			2,512

Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		1,000			263

Barclays PLC
6.224% due 05/09/2034 (l)	$		1,320			1,370
6.490% due 09/13/2029			300			313
6.692% due 09/13/2034			700			749
7.437% due 11/02/2033 •(l)			2,112			2,366

BOI Finance BV
7.500% due 02/16/2027 (l)	EUR		3,300			3,358

BPCE SA
7.003% due 10/19/2034	$		2,500			2,720

CaixaBank SA
6.840% due 09/13/2034			500			528

CBRE Services, Inc.
5.950% due 08/15/2034 (l)			6,700			7,045

Claveau Re Ltd.
22.582% (T-BILL 3MO + 17.250%) due 07/08/2028 ~			997			797

Corsair International Ltd.
8.802% due 01/28/2027 •	EUR		1,000			1,104

Cosaint Re Pte. Ltd.
15.172% (T-BILL 1MO + 9.250%) due 04/03/2028 ~	$		1,000			999

Credit Suisse AG AT1 Claim			600			72

East Lane Re Ltd.
14.582% due 03/31/2026			250			251

GSPA Monetization Trust
6.422% due 10/09/2029			3,919			3,806

Hestia Re Ltd.
14.702% (T-BILL 1MO + 9.500%) due 04/22/2025 ~			939			886

Hudson Pacific Properties LP
5.950% due 02/15/2028			100			89

Intesa Sanpaolo SpA
7.200% due 11/28/2033			600			640
7.800% due 11/28/2053			1,000			1,099

Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025	EUR		500			502

Long Walk Reinsurance Ltd.
9.750% due 01/30/2031	$		800			800

LPL Holdings, Inc.
6.750% due 11/17/2028			1,000			1,067

Sanders Re Ltd.
17.092% (T-BILL 3MO + 11.750%) due 04/09/2029 ~			1,545			1,217

Societe Generale SA
6.691% due 01/10/2034 •(l)			1,200			1,269

SVB Financial Group
1.800% due 02/02/2031 ^(d)			1,375			913
2.100% due 05/15/2028 ^(d)			200			132
3.125% due 06/05/2030 ^(d)			200			132
3.500% due 01/29/2025 ^(d)			100			66
4.345% due 04/29/2028 ^(d)			600			398
4.570% due 04/29/2033 ^(d)			1,800			1,190

UBS Group AG
6.442% due 08/11/2028 •(l)			700			727


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Uniti Group LP
4.750% due 04/15/2028 (l)	$		2,800	$		2,416
6.000% due 01/15/2030 (l)			8,363			5,853
6.500% due 02/15/2029 (l)			3,100			2,240

Ursa Re Ltd.
14.582% due 12/07/2026			1,000			995

VICI Properties LP
3.875% due 02/15/2029 (l)			6,900			6,344

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(d)			7,250			3,942

Yosemite Re Ltd.
15.310% (T-BILL 3MO + 9.750%) due 06/06/2025 ~			840			866

						84,767


INDUSTRIALS 22.5%

American Airlines Pass-Through Trust
3.375% due 11/01/2028 (l)			1,266			1,161
3.700% due 04/01/2028 (l)			898			836

BAT Capital Corp.
6.343% due 08/02/2030			800			841

CAB SELAS
3.375% due 02/01/2028	EUR		1,440			1,421

Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (c)	$		200			162

Carvana Co. (13.000% PIK)
13.000% due 06/01/2030 (c)			5,923			4,730

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (c)			6,580			5,317

CGG SA
7.750% due 04/01/2027	EUR		1,400			1,431
8.750% due 04/01/2027	$		7,789			7,103

Directv Financing LLC
5.875% due 08/15/2027			1,600			1,505

DISH DBS Corp.
5.250% due 12/01/2026 (l)			4,800			4,121
5.750% due 12/01/2028 (l)			7,850			6,276

Exela Intermediate LLC (11.500% PIK)
11.500% due 04/15/2026 (c)			106			19

Ford Motor Co.
7.700% due 05/15/2097 (l)			10,545			11,413

General Shopping Investments Ltd.
17.440% due 03/20/2024 (i)			1,500			68
17.467% due 03/20/2024 (i)			1,000			45

GN Bondco LLC
9.500% due 10/15/2031 (l)			2,000			1,955

HCA, Inc.
7.500% due 11/15/2095 (l)			3,262			3,691

Incora
1.000% due 11/15/2026 ^			162			147

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (l)			16,312			15,580

Inter Media & Communication SpA
6.750% due 02/09/2027 (l)	EUR		3,300			3,521

Legacy LifePoint Health LLC
4.375% due 02/15/2027	$		400			370

LifePoint Health, Inc.
9.875% due 08/15/2030			1,100			1,113
11.000% due 10/15/2030 (l)			4,800			5,061

Market Bidco Finco PLC
4.750% due 11/04/2027	EUR		900			894

New Albertsons LP
6.570% due 02/23/2028	$		4,021			3,756

Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029			300			227
11.750% due 10/15/2028 (l)			2,500			2,691

Nissan Motor Co. Ltd.
4.810% due 09/17/2030 (l)			8,700			8,139

Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/29/2024 (g)(i)			3,371			116

Petroleos Mexicanos
6.700% due 02/16/2032			1,663			1,382

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO High Income Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.750% due 09/21/2047	$		1,098	$		720
6.840% due 01/23/2030			1,100			955
8.750% due 06/02/2029			1,257			1,223

Prime Healthcare Services, Inc.
7.250% due 11/01/2025 (l)			1,604			1,566

Topaz Solar Farms LLC
4.875% due 09/30/2039 (l)			2,070			1,911
5.750% due 09/30/2039 (l)			6,760			6,730

Transocean Aquila Ltd.
8.000% due 09/30/2028			600			609

U.S. Renal Care, Inc.
10.625% due 06/28/2028			1,001			768

Valaris Ltd.
8.375% due 04/30/2030 (l)			1,868			1,915

Vale SA
0.000% due 12/29/2049 ~(i)	BRL		120,000			8,733

Venture Global LNG, Inc.
8.125% due 06/01/2028	$		100			101
8.375% due 06/01/2031			400			400
9.500% due 02/01/2029			400			424

Veritas U.S., Inc.
7.500% due 09/01/2025 (l)			4,280			3,537

Wesco Aircraft Holdings, Inc.
10.500% due 11/15/2026 ^(d)			662			602

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^(c)(d)			27,010			24,579

Windstream Escrow LLC
7.750% due 08/15/2028 (l)			9,423			8,263

						158,128


UTILITIES 3.4%

FORESEA Holding SA
7.500% due 06/15/2030			1,244			1,153
7.500% due 06/15/2030 (l)			1,756			1,628

Mountain States Telephone & Telegraph Co.
7.375% due 05/01/2030			5,130			2,594

NGD Holdings BV
6.750% due 12/31/2026			846			602

Oi SA
10.000% due 07/27/2025 ^(d)			20,600			1,030

Pacific Gas & Electric Co.
4.000% due 12/01/2046 (l)			600			441
4.200% due 03/01/2029 (l)			2,000			1,893
4.450% due 04/15/2042 (l)			1,203			974
4.750% due 02/15/2044 (l)			5,076			4,249
6.950% due 03/15/2034			500			550

Peru LNG SRL
5.375% due 03/22/2030			8,700			7,207

Vistra Operations Co. LLC
6.950% due 10/15/2033 (l)			1,800			1,896

						24,217

Total Corporate Bonds & Notes (Cost $300,264)						267,112


CONVERTIBLE BONDS & NOTES 0.4%

INDUSTRIALS 0.4%

DISH Network Corp.
3.375% due 08/15/2026			5,100			2,729

Total Convertible Bonds & Notes (Cost $5,100)						2,729


MUNICIPAL BONDS & NOTES 5.3%

DISTRICT OF COLUMBIA 1.6%

District of Columbia Revenue Bonds, Series 2011
7.625% due 10/01/2035			9,740			10,897


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MICHIGAN 0.2%

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044	$		2,300	$		1,709


PUERTO RICO 1.5%

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			1,527			834
0.000% due 11/01/2051			21,761			9,499

						10,333


TEXAS 1.2%

El Paso Downtown Development Corp., Texas Revenue Bonds, Series 2013
7.250% due 08/15/2043			7,390			8,303


WEST VIRGINIA 0.8%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)			66,200			5,866

Total Municipal Bonds & Notes (Cost $35,902)						37,108


U.S. GOVERNMENT AGENCIES 2.0%

Fannie Mae
0.648% due 07/25/2050 •(a)(l)			3,131			359
3.500% due 09/25/2027 (a)			58			2
4.000% due 06/25/2050 (a)(l)			1,959			347
10.000% due 01/25/2034 •(l)			128			135

Freddie Mac
0.647% due 07/15/2035 •(a)			414			29
0.648% due 06/25/2050 •(a)(l)			3,388			409
0.747% due 02/15/2042 •(a)			631			38
1.687% due 08/15/2036 ~(a)			235			31
2.094% due 05/15/2033 •			20			19
5.000% due 06/15/2033 ~(a)			487			60
5.992% due 11/25/2055 «~			13,074			8,208
14.652% due 10/25/2027 •			4,295			4,603

Ginnie Mae
3.500% due 06/20/2042 (a)			35			5
3.500% due 03/20/2043 (a)(l)			462			86
4.500% due 07/20/2042 (a)			77			9
5.000% due 09/20/2042 (a)			136			20

Uniform Mortgage-Backed Security, TBA
3.000% due 01/01/2054			100			88

Total U.S. Government Agencies (Cost $16,145)						14,448


NON-AGENCY MORTGAGE-BACKED SECURITIES 14.1%

Adjustable Rate Mortgage Trust
5.810% due 05/25/2036 •			3,048			1,199

Atrium Hotel Portfolio Trust
7.159% due 12/15/2036 ~			5,500			5,052

Banc of America Alternative Loan Trust
0.130% due 06/25/2046 •(a)			2,371			143
1.170% due 06/25/2037 •(a)			2,005			189
5.830% due 06/25/2037 •			1,846			1,378

Banc of America Funding Trust
6.000% due 07/25/2037			272			221
6.250% due 10/26/2036			3,984			1,700

Banc of America Mortgage Trust
3.887% due 02/25/2036 ~			5			5

BCAP LLC Trust
4.533% due 03/26/2037 þ			1,170			1,661
6.000% due 05/26/2037 ~			4,218			1,795

Benchmark Mortgage Trust
3.440% due 08/15/2052			1,500			1,245

Braemar Hotels & Resorts Trust
7.934% due 06/15/2035 •			1,600			1,505

BWAY Mortgage Trust
2.917% due 01/10/2035			4,444			2,847


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

CALI Mortgage Trust
3.957% due 03/10/2039	$		3,600	$		3,028

CD Mortgage Trust
5.688% due 10/15/2048			126			113

Chase Mortgage Finance Trust
4.371% due 09/25/2036 ~			36			29
4.876% due 12/25/2035 «~			7			7

Citigroup Commercial Mortgage Trust
5.442% due 12/10/2049 ~			1,845			1,190

Citigroup Mortgage Loan Trust
4.504% due 07/25/2037 ~			59			51
4.984% due 11/25/2035 ~			9,520			5,290
6.500% due 09/25/2036			2,241			1,250

Colony Mortgage Capital Ltd.
7.500% due 11/15/2038 •			1,700			1,563
8.196% due 11/15/2038 ~			1,300			1,169

Commercial Mortgage Loan Trust
6.589% due 12/10/2049 ~			2,023			223

Countrywide Alternative Loan Trust
0.000% due 04/25/2035 •(a)			1,893			79
4.174% due 02/25/2037 ~			79			69
5.970% due 12/25/2046 •			1,541			1,263
6.000% due 02/25/2037			4,005			1,644
6.250% due 12/25/2036 •			2,118			904
6.500% due 06/25/2036			596			285

Countrywide Home Loan Mortgage Pass-Through Trust
0.000% due 12/25/2036 •(a)			1,652			115
4.126% due 09/20/2036 ~			204			177
4.430% due 09/25/2047 ~			15			13

Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036			1,262			780

Credit Suisse Mortgage Capital Trust
3.431% due 11/10/2032			1,200			991
9.794% due 07/15/2032 ~			950			841

DBGS Mortgage Trust
7.776% due 10/15/2036			2,760			2,010

Eurosail PLC
6.689% due 06/13/2045 •	GBP		3,347			3,322
9.339% due 06/13/2045 •			988			1,011

GS Mortgage Securities Corp. Trust
8.762% due 08/15/2039 ~	$		1,200			1,210

HarborView Mortgage Loan Trust
3.888% due 08/19/2036 «~			93			80
4.725% due 08/19/2036 «~			1			1

Hilton USA Trust
2.828% due 11/05/2035			900			723

IM Pastor Fondo de Titluzacion Hipotecaria
4.056% due 03/22/2043 ~	EUR		2,278			2,191

Jackson Park Trust
3.242% due 10/14/2039 ~	$		1,811			1,385

JP Morgan Alternative Loan Trust
4.127% due 03/25/2037 ~			2,556			2,321

JP Morgan Chase Commercial Mortgage Securities Trust
7.226% due 03/15/2036 ~			1,750			921

JP Morgan Mortgage Trust
1.150% due 01/25/2037 •(a)			13,210			2,301
3.750% due 07/27/2037 ~			3,929			2,838

Lehman XS Trust
5.910% due 06/25/2047 •			1,270			1,129

Morgan Stanley Bank of America Merrill Lynch Trust
3.708% due 05/15/2046			941			743

Natixis Commercial Mortgage Securities Trust
3.790% due 11/15/2032			3,340			2,597

New Orleans Hotel Trust
6.998% due 04/15/2032 •			1,000			943

Nomura Asset Acceptance Corp. Alternative Loan Trust
4.391% due 04/25/2036 ~			2,733			2,340

Nomura Resecuritization Trust
3.576% due 07/26/2035 ~			4,209			3,639

Residential Asset Securitization Trust
5.870% due 01/25/2046 •			165			48
6.250% due 09/25/2037			4,519			1,912
6.500% due 08/25/2036			787			227


50		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

SG Commercial Mortgage Securities Trust
2.937% due 03/15/2037	$		1,400	$		1,244

Stratton Mortgage Funding PLC
8.221% due 07/20/2060 •	GBP		4,100			5,222
8.471% due 07/20/2060			5,000			6,367

Structured Adjustable Rate Mortgage Loan Trust
4.236% due 04/25/2047 ~	$		264			125
4.540% due 01/25/2036 ~			95			48

Structured Asset Mortgage Investments Trust
5.850% due 07/25/2046 ~			4,744			3,585

WaMu Mortgage Pass-Through Certificates Trust
3.315% due 05/25/2037 ~			60			47

Washington Mutual Mortgage Pass-Through Certificates Trust
1.210% due 04/25/2037 •(a)			6,874			1,136
6.500% due 03/25/2036			4,144			2,949

WSTN Trust
7.690% due 07/05/2037			1,600			1,583
8.455% due 07/05/2037			1,600			1,588
9.835% due 07/05/2037			1,300			1,287

Total Non-Agency Mortgage-Backed Securities (Cost $108,167)						99,087


ASSET-BACKED SECURITIES 7.9%

ACE Securities Corp. Home Equity Loan Trust
5.750% due 07/25/2036 •			1,560			1,212

Avoca CLO DAC
0.000% due 04/15/2034 ~	EUR		2,150			1,406

Belle Haven ABS CDO Ltd.
5.926% due 07/05/2046 •	$		185,947			19

Carlyle Global Market Strategies Euro CLO DAC
0.000% due 04/15/2027 ~	EUR		800			202
0.000% due 01/25/2032 ~			2,200			801

Carlyle U.S. CLO Ltd.
0.000% due 10/15/2031 ~	$		4,200			1,277

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			4,000			829
0.000% due 10/22/2031 ~			3,000			665

Cork Street CLO DAC
0.000% due 11/27/2028 ~	EUR		700			129

Countrywide Asset-Backed Certificates Trust
5.875% due 09/25/2046 •	$		12,502			9,846

CVC Cordatus Loan Fund DAC
0.000% due 04/15/2032 ~	EUR		2,500			815

Duke Funding Ltd.
9.140% due 08/07/2033 •	$		13,523			2,070

First Franklin Mortgage Loan Trust
6.340% due 06/25/2036			3,065			2,732

Glacier Funding CDO Ltd.
8.770% due 08/04/2035 •			6,310			734

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		635			0

Jay Park CLO Ltd.
0.000% due 10/20/2027 ~	$		7,503			103

Man GLG Euro CLO DAC
0.000% due 10/15/2030 ~	EUR		4,150			305

Marlette Funding Trust
0.000% due 12/15/2028 «(g)	$		24			169
0.000% due 04/16/2029 «(g)			7			63
0.000% due 07/16/2029 «(g)			10			225

Merrill Lynch Mortgage Investors Trust
5.790% due 04/25/2037 •			614			298

Morgan Stanley Mortgage Loan Trust
6.465% due 09/25/2046 þ			6,087			2,027
7.049% due 11/25/2036 •			660			235

Pagaya AI Debt Selection Trust
8.491% due 06/16/2031			2,700			2,739

People’s Financial Realty Mortgage Securities Trust
5.630% due 09/25/2036 •			19,780			3,690

Renaissance Home Equity Loan Trust
6.998% due 09/25/2037 þ			6,390			2,725
7.238% due 09/25/2037 þ			5,529			2,356


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Segovia European CLO DAC
0.000% due 04/15/2035 ~	EUR		1,100	$		590

Sherwood Funding CDO Ltd.
8.860% due 11/06/2039 •	$		31,208			7,244

SLM Student Loan Trust
0.000% due 01/25/2042 «(g)			2			359

SMB Private Education Loan Trust
0.000% due 10/15/2048 «(g)			5			1,336

Specialty Underwriting & Residential Finance Trust
6.445% due 06/25/2036 •			8,070			5,441

Truman Capital Mortgage Loan Trust
9.595% due 01/25/2034			2,613			2,584

Washington Mutual Asset-Backed Certificates Trust
5.770% due 05/25/2036 •			139			103

Total Asset-Backed Securities (Cost $127,773)						55,329


SOVEREIGN ISSUES 3.2%

Argentina Government International Bond
0.750% due 07/09/2030 þ			9,019			3,462
1.000% due 07/09/2029			163			65
3.500% due 07/09/2041 þ			9,486			3,241
3.625% due 07/09/2035 þ			8,535			2,821
3.625% due 07/09/2046 þ			115			40
4.250% due 01/09/2038 þ			1,326			527

Argentina Treasury Bond BONCER
4.000% due 10/14/2024	ARS		97,009			160

Autonomous City of Buenos Aires
122.642% (BADLARPP + 3.750%) due 02/22/2028 ~			34,626			30

Dominican Republic Central Bank Notes
13.000% due 12/05/2025	DOP		158,800			2,868
13.000% due 01/30/2026			163,300			2,957

Dominican Republic International Bond
11.250% due 09/15/2035			87,600			1,633
13.625% due 02/03/2033			19,300			406

Ghana Government International Bond
6.375% due 02/11/2027 ^(d)	$		600			270
7.875% due 02/11/2035 ^(d)			600			264
8.750% due 03/11/2061 ^(d)			200			87

Provincia de Buenos Aires
129.126% due 04/12/2025	ARS		270,895			225

Republic of Greece Government International Bond
2.000% due 04/22/2027	EUR		55			60
3.900% due 01/30/2033			122			144
4.000% due 01/30/2037			96			112
4.200% due 01/30/2042			119			141

Romania Government International Bond
5.500% due 09/18/2028			1,100			1,251
6.375% due 09/18/2033			1,100			1,286

Ukraine Government International Bond
4.375% due 01/27/2032			1,471			338

Venezuela Government International Bond
8.250% due 10/13/2024 ^(d)	$		34			5
9.250% due 09/15/2027 ^(d)			452			87

Total Sovereign Issues (Cost $34,076)						22,480


		SHARES
COMMON STOCKS 11.5%

COMMUNICATION SERVICES 0.3%

Clear Channel Outdoor Holdings, Inc. (e)			754,306			1,373

iHeartMedia, Inc. ‘A’ (e)			178,528			477

iHeartMedia, Inc. ‘B’ «(e)			138,545			333

Promotora de Informaciones SA (e)			282,619			90

						2,273


CONSUMER DISCRETIONARY 0.0%

Steinhoff International Holdings NV «(e)(j)			27,368,642			0


	SHARES			MARKET VALUE (000S)
ENERGY 0.0%

Axis Energy Services ‘A’ «(j)		6,207	$		184


FINANCIALS 1.3%

Banca Monte dei Paschi di Siena SpA (e)		886,500			2,981

Intelsat Emergence SA «(e)(j)		222,366			6,335

					9,316


HEALTH CARE 4.4%

Amsurg Equity «(e)(j)		603,876			30,973


INDUSTRIALS 3.2%

Drillco Holding Lux SA «(e)		63,110			1,567

Drillco Holding Lux SA «(e)(j)		170,549			4,236

Forsea Holding SA «(e)		7,011			174

Neiman Marcus Group Ltd. LLC «(e)(j)		90,604			13,579

Syniverse Holdings, Inc. «(j)		2,634,016			2,306

Voyager Aviation Holdings LLC «(e)		1,009			0

Westmoreland Mining Holdings «(e)(j)		87,552			350

Westmoreland Mining LLC «(e)(j)		88,323			309

					22,521


UTILITIES 2.3%

West Marine New «(e)(j)		3,250			34

Windstream Units «(e)		537,548			15,907

					15,941

Total Common Stocks (Cost $70,104)					81,208


WARRANTS 0.0%

FINANCIALS 0.0%

Intelsat Emergence SA - Exp. 02/17/2027 «		250			1

Total Warrants (Cost $8,992)					1


PREFERRED SECURITIES 3.7%

FINANCIALS 3.7%

AGFC Capital Trust
7.405% (US0003M + 1.750%) due 01/15/2067 ~(l)		27,410,000			13,940

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)		70,000			64

Compeer Financial ACA
4.875% due 08/15/2026 •(i)		2,100,000			1,995

OCP CLO Ltd.
0.000% due 04/26/2028 (g)		8,700			4,498

Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 þ(i)		5,035,475			5,581

SVB Financial Group
4.000% due 05/15/2026 ^(d)(i)		200,000			2
4.250% due 11/15/2026 ^(d)(i)		100,000			1
4.700% due 11/15/2031 ^(d)(i)		188,000			3

					26,084


INDUSTRIALS 0.0%

Voyager Aviation Holdings LLC
9.500% «		6,055			0

Total Preferred Securities (Cost $28,903)					26,084

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO High Income Fund		(Cont.)


	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 0.6%

REAL ESTATE 0.6%

CBL & Associates Properties, Inc.		14,084	$		344

Uniti Group, Inc.		193,839			1,120

VICI Properties, Inc.		95,221			3,036

Total Real Estate Investment Trusts (Cost $1,709)					4,500


SHORT-TERM INSTRUMENTS 0.8%

REPURCHASE AGREEMENTS (k) 0.1%
					406


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM NOTES 0.0%

Argentina Treasury Bond BONCER
3.750% due 05/20/2024	ARS		92,675	$		98


HUNGARY TREASURY BILLS 0.1%
10.900% due 01/04/2024 (g)(h)	HUF		281,000			809


U.S. TREASURY BILLS 0.6%
5.394% due 01/25/2024 - 02/22/2024 (f)(g)(o)	$		4,018			3,997

Total Short-Term Instruments (Cost $5,325)						5,310



Total Investments in Securities (Cost $915,176)						777,023


	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.9%

SHORT-TERM INSTRUMENTS 10.9%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.9%

PIMCO Short-Term Floating NAV Portfolio III		7,863,339	$		76,487

Total Short-Term Instruments (Cost $76,469)					76,487



Total Investments in Affiliates (Cost $76,469)					76,487



Total Investments 121.2% (Cost $991,645)			$		853,510

Financial Derivative Instruments (m)(n) 0.0% (Cost or Premiums, net $49,090)					280

Auction-Rate Preferred Shares (6.2)%					(43,525	)

Other Assets and Liabilities, net (15.0)%					(105,538	)

Net Assets Applicable to Common Shareholders 100.0%			$		704,727

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).

µ	All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Security is an Interest Only (“IO”) or IO Strip.

(b)	When-issued security.

(c)	Payment in-kind security.

(d)	Security is not accruing income as of the date of this report.

(e)	Security did not produce income within the last twelve months.

(f)	Coupon represents a weighted average yield to maturity.

(g)	Zero coupon security.

(h)	Coupon represents a yield to maturity.

(i)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) RESTRICTED SECURITIES:


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Amsurg Equity		11/02/2023 - 11/06/2023	$	25,233	$	30,973		4.40	%
Axis Energy Services ‘A’		07/01/2021		91		184		0.03
Drillco Holding Lux SA		06/08/2023		3,411		4,236		0.60
Intelsat Emergence SA		06/19/2017 - 07/03/2023		15,920		6,335		0.90
Neiman Marcus Group Ltd. LLC		09/25/2020		2,918		13,579		1.93
Steinhoff International Holdings NV		06/30/2023 - 10/30/2023		0		0		0.00
Syniverse Holdings, Inc.		05/12/2022 - 11/30/2023		2,590		2,306		0.32
West Marine New		09/12/2023		47		34		0.00
Westmoreland Mining Holdings		07/11/2016 - 10/19/2016		2,141		350		0.05
Westmoreland Mining LLC		06/30/2023		585		309		0.04

			$	52,936	$	58,306		8.27	%


52		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
FICC		2.600	%		12/29/2023		01/02/2024	$	406	U.S. Treasury Notes 4.875% due 11/30/2025	$	(414	)	$	406	$	406

Total Repurchase Agreements											$	(414	)	$	406	$	406

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate (2)			Settlement Date		Maturity Date		Amount Borrowed (2)				Payable for Reverse Repurchase Agreements
BMO		5.730	%		12/22/2023		02/20/2024		$	(6,774	)	$	(6,786	)
BPS		4.322			12/22/2023		03/22/2024		EUR	(3,078	)		(3,403	)
		6.100			09/18/2023		03/14/2024		$	(21,865	)		(22,252	)
BYR		6.100			11/20/2023		05/20/2024			(4,130	)		(4,159	)
CDC		5.850			12/07/2023		04/05/2024			(3,239	)		(3,253	)
		5.880			07/28/2023		01/24/2024			(887	)		(911	)
		6.100			11/07/2023		03/06/2024			(1,888	)		(1,905	)
		6.100			12/07/2023		04/05/2024			(12,336	)		(12,390	)
		6.100			12/18/2023		04/12/2024			(23,934	)		(23,994	)
		6.130			07/28/2023		01/24/2024			(2,013	)		(2,067	)
RCY		6.110			09/15/2023		03/18/2024			(1,027	)		(1,046	)
SOG		5.980			10/10/2023		04/10/2024			(1,001	)		(1,015	)
		6.070			08/17/2023		02/20/2024			(1,327	)		(1,357	)
		6.100			10/11/2023		04/11/2024			(3,117	)		(3,161	)
		6.100			10/12/2023		04/12/2024			(5,173	)		(5,245	)
		6.120			10/10/2023		04/10/2024			(7,012	)		(7,110	)
		6.120			10/19/2023		04/10/2024			(1,382	)		(1,400	)
		6.120			12/01/2023		04/10/2024			(2,520	)		(2,534	)
TDM		5.650			07/28/2023		01/03/2024			(3,521	)		(3,608	)
		5.710			12/19/2023		02/20/2024			(6,965	)		(6,981	)
UBS		4.276			11/27/2023		02/27/2024		EUR	(2,651	)		(2,939	)
		6.070			08/28/2023		02/26/2024		$	(4,598	)		(4,696	)
WFS		5.870			10/11/2023		01/09/2024			(6,614	)		(6,703	)

Total Reverse Repurchase Agreements												$	(128,915	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure (3)
Global/Master Repurchase Agreement
BMO	$	0	$	(6,786	)	$	0	$	(6,786	)	$	7,045		$	259
BPS		0		(25,655	)		0		(25,655	)		28,452			2,797
BYR		0		(4,159	)		0		(4,159	)		4,550			391
CDC		0		(44,520	)		0		(44,520	)		51,725			7,205
FICC		406		0			0		406			(414	)		(8	)
RCY		0		(1,046	)		0		(1,046	)		1,336			290
SOG		0		(21,822	)		0		(21,822	)		25,638			3,816
TDM		0		(10,589	)		0		(10,589	)		10,990			401
UBS		0		(7,635	)		0		(7,635	)		8,913			1,278
WFS		0		(6,703	)		0		(6,703	)		7,431			728

Total Borrowings and Other Financing Transactions	$	406	$	(128,915	)	$	0

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO High Income Fund		(Cont.)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(13,289	)	$	(50,319	)	$	(52,323	)	$	(115,931	)
U.S. Government Agencies		0		0			(1,046	)		0			(1,046	)
Preferred Securities		0		0			0			(11,938	)		(11,938	)

Total Borrowings	$	0	$	(13,289	)	$	(51,365	)	$	(64,261	)	$	(128,915	)

Payable for reverse repurchase agreements												$	(128,915	)

(l)	Securities with an aggregate market value of $149,686 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

(1)	Includes accrued interest.

(2)	The average amount of borrowings outstanding during the period ended December 31, 2023 was $(107,824) at a weighted average interest rate of 5.786%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3)

(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)

Reference Entity

Fixed
Receive Rate

Payment
Frequency

Maturity
Date

Implied
Credit Spread at
December 31, 2023

(2)

Notional
Amount

(3)

Premiums
Paid/(Received)

Unrealized
Appreciation/
(Depreciation)

Market
Value

(4)

Variation Margin

Asset

Liability

Jaguar Land Rover Automotive

5.000

Quarterly

06/20/2026

1.875

EUR

900

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay (5)	1-Day GBP-SONIO Compounded-OIS		5.000	%	Annual		03/20/2029	GBP	39,000	$	3,833		$	27		$	3,860		$	0	$	(124	)
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2032		13,400		1,297			2,125			3,422			113		0
Receive	1-Day GBP-SONIO Compounded-OIS		2.000		Annual		03/15/2033		6,900		768			315			1,083			64		0
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2052		2,700		(7	)		1,692			1,685			53		0
Receive	1-Day USD-SOFR Compounded-OIS		0.250		Semi-Annual		06/16/2024	$	14,250		13			363			376			9		0
Receive	1-Day USD-SOFR Compounded-OIS		3.000		Semi-Annual		06/19/2024		1,900		(8	)		33			25			1		0
Receive	1-Day USD-SOFR Compounded-OIS		0.400		Semi-Annual		12/18/2024		72,000		(99	)		3,423			3,324			37		0
Receive	1-Day USD-SOFR Compounded-OIS		2.450		Annual		12/20/2024		27,200		(2	)		637			635			7		0
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2024		370,800		(16,297	)		5,991			(10,306	)		0		(105	)
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.350		Annual		01/17/2025		13,700		1			310			311			0		(2	)
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.300		Annual		01/17/2026		2,200		1			71			72			0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		0.850		Semi-Annual		02/01/2027		43,700		253			4,008			4,261			16		0
Pay	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2027		112,200		(2,687	)		(6,536	)		(9,223	)		10		0
Pay	1-Day USD-SOFR Compounded-OIS		3.250		Annual		06/21/2028		23,400		(313	)		(254	)		(567	)		8		0
Receive	1-Day USD-SOFR Compounded-OIS		1.370		Semi-Annual		08/25/2028		27,135		(8	)		2,852			2,844			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/20/2028		89,500		784			68			852			32		0
Pay	1-Day USD-SOFR Compounded-OIS		3.000		Semi-Annual		06/19/2029		79,200		1,112			(4,265	)		(3,153	)		5		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2029		31,000		(587	)		(10	)		(597	)		0		(11	)
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2029		53,300		(5,501	)		1,202			(4,299	)		0		(10	)
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Semi-Annual		12/16/2030		127		0			21			21			0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031		7,300		427			1,007			1,434			5		0
Receive	1-Day USD-SOFR Compounded-OIS		1.350		Semi-Annual		02/09/2032		139,800		492			23,293			23,785			94		0
Receive	1-Day USD-SOFR Compounded-OIS		1.250		Annual		06/15/2032		87,000		4,224			11,792			16,016			60		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032		59,500		2,570			6,054			8,624			37		0
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Semi-Annual		06/19/2044		395,600		59,600			(73,896	)		(14,296	)		0		(1,101	)
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		01/15/2050		35,600		(247	)		10,337			10,090			121		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/22/2050		55,100		(135	)		18,120			17,985			179		0
Receive	1-Day USD-SOFR Compounded-OIS		1.875		Semi-Annual		02/07/2050		42,480		(165	)		13,041			12,876			141		0
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		12/15/2051		29,200		2,061			(10,510	)		(8,449	)		0		(110	)
Receive	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		02/01/2052		223,450		(4,208	)		81,087			76,879			800		0
Receive	1-Day USD-SOFR Compounded-OIS		2.750		Annual		06/21/2053		9,700		916			242			1,158			40		0


54		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Receive	6-Month EUR-EURIBOR		0.270	%	Annual		09/11/2024		EUR	25,600	$	4		$	987		$	991		$	13	$	0
Pay	6-Month EUR-EURIBOR		0.650		Annual		02/26/2029			65,500		66			(6,854	)		(6,788	)		0		(253	)
Receive	6-Month EUR-EURIBOR		0.150		Annual		06/17/2030			24,100		(1,059	)		4,697			3,638			141		0
Receive	6-Month EUR-EURIBOR		0.250		Annual		09/21/2032			3,200		290			362			652			27		0
Receive	6-Month EUR-EURIBOR		1.250		Annual		08/19/2049			18,200		76			4,512			4,588			387		0
Pay	6-Month EUR-EURIBOR		0.500		Annual		06/17/2050			7,700		1,317			(4,422	)		(3,105	)		0		(153	)
Receive (5)	6-Month EUR-EURIBOR		0.830		Annual		12/09/2052			26,400		424			1,269			1,693			133		0

											$	49,206		$	93,191		$	142,397		$	2,533	$	(1,870	)

Total Swap Agreements											$	49,269		$	93,203		$	142,472		$	2,533	$	(1,870	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	2,533	$	2,533	$	0	$	0	$	(1,870)	$	(1,870)

Cash of $15,004 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2024	GBP	955	$	1,213	$	0	$	(4	)

BPS		01/2024	EUR	1,974		2,162		0		(18	)
		01/2024	GBP	3,642		4,619		0		(23	)
		01/2024	HUF	45,539		130		0		(1	)
		01/2024	$	1,015	EUR	921		4		(2	)
		01/2024		2	HUF	827		0		0

CBK		01/2024	GBP	285	$	361		0		(3	)
		01/2024	HUF	5,468		16		0		0

GLM		01/2024	DOP	200,948		3,525		80		0
		02/2024		47,145		819		10		0
		03/2024		42,015		734		15		0

JPM		01/2024	HUF	174,478		497		0		(6	)

MBC		01/2024	CAD	1,190		879		0		(19	)
		01/2024	EUR	403		435		0		(10	)
		01/2024	GBP	286		362		0		(2	)
		01/2024	HUF	48,172		137		0		(2	)

MYI		01/2024	EUR	72,524		79,713		0		(369	)
		01/2024	HUF	7,178		20		0		0

UAG		01/2024	GBP	19,786		25,040		0		(181	)

Total Forward Foreign Currency Contracts							$	109	$	(640	)

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO High Income Fund		(Cont.)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value (4)
Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
DUB	Eskom «		4.650	%	Quarterly		06/30/2029		0.075	%		$	3,300	$	0		$	287	$	287	$	0

JPM	Banca Monte Dei Paschi Di		5.000		Quarterly		06/20/2025		1.588			EUR	200		(4	)		15		11		0

MYC	Petroleos Mexicanos		1.000		Quarterly		12/20/2028		5.188			$	900		(175	)		25		0		(150	)

Total Swap Agreements														$	(179	)	$	327	$	298	$	(150	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure (5)
BOA	$	0	$	0	$	0	$	0	$	(4	)	$	0	$	0		$	(4	)	$	(4	)	$	0		$	(4	)
BPS		4		0		0		4		(44	)		0		0			(44	)		(40	)		0			(40	)
CBK		0		0		0		0		(3	)		0		0			(3	)		(3	)		0			(3	)
DUB		0		0		287		287		0			0		0			0			287			(260	)		27
GLM		105		0		0		105		0			0		0			0			105			0			105
JPM		0		0		11		11		(6	)		0		0			(6	)		5			0			5
MBC		0		0		0		0		(33	)		0		0			(33	)		(33	)		0			(33	)
MYC		0		0		0		0		0			0		(150	)		(150	)		(150	)		0			(150	)
MYI		0		0		0		0		(369	)		0		0			(369	)		(369	)		876			507
UAG		0		0		0		0		(181	)		0		0			(181	)		(181	)		281			100

Total Over the Counter	$	109	$	0	$	298	$	407	$	(640	)	$	0	$	(150	)	$	(790	)

(o)	Securities with an aggregate market value of $1,157 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2023.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)


56		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	2,533	$	2,533

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	109	$	0	$	109
Swap Agreements		0		298		0		0		0		298

	$	0	$	298	$	0	$	109	$	0	$	407

	$	0	$	298	$	0	$	109	$	2,533	$	2,940


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	1,870	$	1,870

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	640	$	0	$	640
Swap Agreements		0		150		0		0		0		150

	$	0	$	150	$	0	$	640	$	0	$	790

	$	0	$	150	$	0	$	640	$	1,870	$	2,660

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	27	$	0	$	0		$	(5,034	)	$	(5,007	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(1,025	)	$	0		$	(1,025	)
Swap Agreements		0		85		0		0			0			85

	$	0	$	85	$	0	$	(1,025	)	$	0		$	(940	)

	$	0	$	112	$	0	$	(1,025	)	$	(5,034	)	$	(5,947	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	65	$	0	$	0		$	11,538		$	11,603

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,249		$	0		$	1,249
Swap Agreements		0		176		0		0			0			176

	$	0	$	176	$	0	$	1,249		$	0		$	1,425

	$	0	$	241	$	0	$	1,249		$	11,538		$	13,028

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO High Income Fund		(Cont.)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December

31, 2023 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	143,563	$	18,064	$	161,627
Corporate Bonds & Notes
Banking & Finance		0		80,825		3,942		84,767
Industrials		0		158,128		0		158,128
Utilities		0		24,217		0		24,217
Convertible Bonds & Notes
Industrials		0		2,729		0		2,729
Municipal Bonds & Notes
District of Columbia		0		10,897		0		10,897
Michigan		0		1,709		0		1,709
Puerto Rico		0		10,333		0		10,333
Texas		0		8,303		0		8,303
West Virginia		0		5,866		0		5,866
U.S. Government Agencies		0		6,240		8,208		14,448
Non-Agency Mortgage-Backed Securities		0		98,999		88		99,087
Asset-Backed Securities		0		53,177		2,152		55,329
Sovereign Issues		0		22,480		0		22,480
Common Stocks
Communication Services		1,940		0		333		2,273
Energy		0		0		184		184
Financials		2,981		0		6,335		9,316
Health Care		0		0		30,973		30,973
Industrials		0		0		22,521		22,521
Utilities		0		0		15,941		15,941
Warrants
Financials		0		0		1		1
Preferred Securities
Financials		0		26,084		0		26,084
Real Estate Investment Trusts
Real Estate		4,500		0		0		4,500


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Short-Term Instruments
Repurchase Agreements	$	0	$	406		$	0	$	406
Short-Term Notes		0		98			0		98
Hungary Treasury Bills		0		809			0		809
U.S. Treasury Bills		0		3,997			0		3,997

	$	9,421	$	658,860		$	108,742	$	777,023


Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	76,487	$	0		$	0	$	76,487


Total Investments	$	85,908	$	658,860		$	108,742	$	853,510


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		2,533			0		2,533
Over the counter		0		120			287		407

	$	0	$	2,653		$	287	$	2,940


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(1,870	)		0		(1,870	)
Over the counter		0		(790	)		0		(790	)

	$	0	$	(2,660	)	$	0	$	(2,660	)


Total Financial Derivative Instruments	$	0	$	(7	)	$	287	$	280


Totals	$	85,908	$	658,853		$	109,029	$	853,790

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2023:


Category and Subcategory	Beginning Balance at 06/30/2023		Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)
Investments in Securities, at Value
Loan Participations and Assignments	$	49,954	$	11,557	$	(27,525	)	$	874	$	(7,761	)	$	7,981		$	423	$	(17,439	)	$	18,064	$	715
Corporate Bonds & Notes
Banking & Finance		2,651		0		0			11		0			119			3,942		(2,781	)		3,942		120
U.S. Government Agencies		7,605		0		(108	)		17		36			658			0		0			8,208		650
Non-Agency Mortgage-Backed Securities		98		0		(11	)		0		2			(1	)		0		0			88		(1	)
Asset-Backed Securities		3,905		4,835		0			31		0			(1,178	)		0		(5,441	)		2,152		(1,449	)
Common Stocks
Communication Services		454		0		0			0		0			(121	)		0		0			333		(121	)
Energy		186		0		0			0		0			(2	)		0		0			184		(2	)
Financials		5,103		0		0			0		0			1,232			0		0			6,335		1,232
Health Care		0		25,233		0			0		0			5,740			0		0			30,973		5,740
Industrials		22,347		155		0			0		0			19			0		0			22,521		18
Utilities		0		4,502		0			0		0			11,439			0		0			15,941		11,439
Rights
Financials		110		0		(215	)		0		215			(110	)		0		0			0		0
Warrants
Financials		169		0		(222	)		0		222			(168	)		0		0			1		0
Information Technology		8,230		0		(4,455	)		0		0			(3,775	)		0		0			0		0
Preferred Securities
Industrials		1,460		0		0			0		0			(1,460	)		0		0			0		0

	$	102,272	$	46,282	$	(32,536	)	$	933	$	(7,286	)	$	20,373		$	4,365	$	(25,661	)	$	108,742	$	18,341


58		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


Category and Subcategory	Beginning Balance at 06/30/2023		Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)		Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)

Financial Derivative Instruments - Assets
Over the counter	$	142	$	0	$	(1	)	$	0	$	0		$	146	$	0	$	0		$	287	$	146


Totals	$	102,414	$	46,282	$	(32,537	)	$	933	$	(7,286	)	$	20,519	$	4,365	$	(25,661	)	$	109,029	$	18,487

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 12/31/2023		Valuation Technique	Unobservable Inputs		(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 12/31/2023		Valuation Technique	Unobservable Inputs		Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	10,747	Comparable Companies	EBITDA Multiple	X		14.500		—
		7,317	Discounted Cash Flow	Discount Rate			16.390-26.490		26.242
Corporate Bonds & Notes
Banking & Finance		3,942	Expected Recovery	Recovery Rate			54.375		—
U.S. Government Agencies		8,208	Discounted Cash Flow	Discount Rate			12.112		—
Non-Agency Mortgage-Backed Securities		88	Fair Valuation of Odd Lot Positions	Adjustment Factor			2.500		—
Asset-Backed Securities		2,152	Discounted Cash Flow	Discount Rate			12.000-20.000		13.336
Common Stocks
Communication Services		333	Reference Instrument	Stock Price w/Liquidity Discount			10.000		—
Energy		184	Comparable Companies	EBITDA Multiple	X		4.000		—
Financials		6,335	Comparable Companies	EBITDA Multiple	X		4.000		—
Health Care		30,973	Comparable Companies	EBITDA Multiple	X		14.500		—
Industrials		13,579	Comparable Companies/ Discounted Cash Flow	Revenue Multiple/ EBITDA Multiple/Discount Rate	X/X/%		0.550/6.500/10.000		—
		2,306	Discounted Cash Flow	Discount Rate			17.280		—
		6,636	Indicative Market Quotation	Broker Quote	$		3.500-24.833		22.740
Utilities		15,907	Comparable Companies	EBITDA Multiple	X		5.860		—
		34	Discounted Cash Flow/ Comparable Companies	Discount Rate/ Revenue Multiple	%/X		17.250/0.550		—
Warrants
Financials		1	Option Pricing Model	Volatility			40.000		—

Financial Derivative Instruments - Assets
Over the counter		287	Indicative Market Quotation	Broker Quote			7.505		—

Total	$	109,029

(1)	Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2)	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2023 may be due to an investment no longer held or categorized as Level 3 at period end.

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 112.6%

LOAN PARTICIPATIONS AND ASSIGNMENTS 36.8%

Amsurg
10.110% due 11/03/2026 «	$		542	$		542
13.258% due 09/15/2028 «			6,417			6,417

AP Core Holdings LLC
10.970% due 09/01/2027			7,172			7,025

AVSC Holding Corp. (8.681% Cash and 0.250% PIK)
8.931% due 03/03/2025 (c)			1,909			1,877

BDO U.S.A. PC
11.356% due 08/31/2028 «			1,357			1,352

Carnival Corp.
7.593% (EUR001M + 3.750%) due 06/30/2025 ~	EUR		3,144			3,482

Diamond Sports Group LLC
TBD% - 15.420% due 05/25/2026	$		9,349			7,082

DirecTV Financing LLC
10.650% due 08/02/2027			1,153			1,155

Encina Private Credit LLC
TBD% - 9.241% due 11/30/2025 «µ			1,551			1,518

Envalior Finance GmbH
9.448% (EUR003M + 5.500%) due 03/29/2030 ~	EUR		1,100			1,115
10.883% due 03/29/2030	$		1,687			1,557

Finastra U.S.A., Inc.
0.500% - 12.616% due 09/13/2029 «µ			56			56
0.500% - 12.616% due 09/13/2029 «			544			543

Gateway Casinos & Entertainment Ltd.
13.548% due 10/15/2027			3,364			3,367
13.588% (CDOR03M + 8.000%) due 10/18/2027 ~	CAD		1,917			1,448

iHeartCommunications, Inc.
8.720% due 05/01/2026	$		320			276

Incora
TBD% - 13.988% due 03/01/2024 «			3,373			3,579

Ivanti Software, Inc.
9.907% due 12/01/2027			5,789			5,511

Lealand Finance Co. BV
8.470% due 06/28/2024			40			28

Lealand Finance Co. BV (6.431% Cash and 3.000% PIK)
9.431% due 06/30/2025 (c)			194			81

Lifepoint Health, Inc.
11.168% due 11/16/2028			2,640			2,637

Magenta Buyer LLC
10.645% due 07/27/2028			499			357

Market Bidco Ltd.
10.042% (SONIA03M + 4.750%) due 11/04/2027 ~	GBP		4,878			6,035

MPH Acquisition Holdings LLC
9.900% due 09/01/2028	$		4,819			4,660

Obol France 3 SAS
8.864% (EUR006M + 4.750%) due 12/31/2025 ~	EUR		3,100			3,181

Oi SA
TBD% - 14.000% due 09/07/2024 µ	$		2,810			2,810
7.362% (LIBOR03M + 1.750%) due 02/26/2035 ~			2,162			108

Poseidon Bidco SASU
9.175% (EUR003M + 5.250%) due 09/30/2028 ~	EUR		3,500			3,869

Promotora de Informaciones SA
9.192% (EUR003M + 5.220%) due 12/31/2026 ~			8,567			9,020

Promotora de Informaciones SA (6.942% Cash and 5.000% PIK)
11.942% (EUR003M + 5.305%) due 06/30/2027 ~(c)			356			363

PUG LLC
8.970% due 02/12/2027	$		3,209			3,165
9.720% due 02/12/2027			1,380			1,373

Radiate Holdco LLC
8.720% due 09/25/2026			1,385			1,116


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Rising Tide Holdings, Inc.
14.356% due 06/01/2026 «	$		948	$		913

Steenbok Lux Finco 2 SARL
10.000% due 06/30/2026	EUR		8,147			3,763

Syniverse Holdings, Inc.
12.348% due 05/13/2027	$		9,027			7,983

Telemar Norte Leste SA
1.750% (LIBOR06M + 1.750%) due 02/26/2035 ~			6,166			308
1.750% due 02/26/2035			110			6

U.S. Renal Care, Inc.
10.470% due 06/20/2028			9,616			7,333

Veritas U.S., Inc.
10.470% due 09/01/2025			5,250			4,380

Westmoreland Mining Holdings LLC
8.000% due 03/15/2029			979			725

Windstream Services LLC
9.448% due 02/23/2027			3,130			3,099
11.706% due 09/21/2027			420			398

Total Loan Participations and Assignments (Cost $119,918)						115,613


CORPORATE BONDS & NOTES 39.4%

BANKING & FINANCE 9.9%

Agps Bondco PLC
4.625% due 01/14/2026	EUR		2,100			820
5.000% due 04/27/2027			1,300			484
5.500% due 11/13/2026			100			39

Armor Holdco, Inc.
8.500% due 11/15/2029 (l)	$		2,000			1,816

Banca Monte dei Paschi di Siena SpA
1.875% due 01/09/2026 (l)	EUR		100			105
2.625% due 04/28/2025 (l)			913			984
7.708% due 01/18/2028 •(l)			1,211			1,340
8.000% due 01/22/2030 •(l)			918			1,022
8.500% due 09/10/2030 •(l)			1,138			1,266
10.500% due 07/23/2029 (l)			2,342			2,846

Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		400			105

Barclays PLC
6.490% due 09/13/2029	$		200			208
6.692% due 09/13/2034			300			321
7.437% due 11/02/2033 •(l)			970			1,087

BOI Finance BV
7.500% due 02/16/2027	EUR		1,500			1,526

Brandywine Operating Partnership LP
3.950% due 11/15/2027	$		100			89

CaixaBank SA
6.840% due 09/13/2034			200			211

CBRE Services, Inc.
5.950% due 08/15/2034 (l)			400			421

Claveau Re Ltd.
22.582% (T-BILL 3MO + 17.250%) due 07/08/2028 ~			498			399

Cosaint Re Pte. Ltd.
15.172% (T-BILL 1MO + 9.250%) due 04/03/2028 ~			400			399

Credit Suisse AG AT1 Claim			3,840			461

GSPA Monetization Trust
6.422% due 10/09/2029			1,104			1,072

Hestia Re Ltd.
14.702% (T-BILL 1MO + 9.500%) due 04/22/2025 ~			469			443

Long Walk Reinsurance Ltd.
9.750% due 01/30/2031			400			400

Sanders Re Ltd.
17.092% (T-BILL 3MO + 11.760%) due 04/09/2029 ~			714			562

Societe Generale SA
6.691% due 01/10/2034 •(l)			400			423

SVB Financial Group
1.800% due 02/02/2031 ^(d)			607			403


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.100% due 05/15/2028 ^(d)	$		100	$		66
3.125% due 06/05/2030 ^(d)			100			66
4.345% due 04/29/2028 ^(d)			300			199
4.570% due 04/29/2033 ^(d)			800			529

UBS Group AG
6.442% due 08/11/2028 •(l)			300			312
6.537% due 08/12/2033 •(l)			250			267
9.016% due 11/15/2033 •			250			308

Uniti Group LP
6.000% due 01/15/2030 (l)			4,868			3,407
6.500% due 02/15/2029 (l)			1,400			1,012

Ursa Re Ltd.
14.582% due 12/07/2026			400			398

VICI Properties LP
3.875% due 02/15/2029 (l)			1,800			1,655
4.500% due 01/15/2028 (l)			1,280			1,222

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(d)			3,865			2,102

Yosemite Re Ltd.
15.310% (T-BILL 3MO + 9.978%) due 06/06/2025 ~			390			402

						31,197


INDUSTRIALS 24.8%

BAT Capital Corp.
6.421% due 08/02/2033			600			628

CAB SELAS
3.375% due 02/01/2028	EUR		650			641

Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (c)	$		371			300

Carvana Co. (13.000% PIK)
13.000% due 06/01/2030 (c)			3,307			2,641

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (c)			2,622			2,119

CGG SA
7.750% due 04/01/2027	EUR		2,900			2,963
8.750% due 04/01/2027 (l)	$		1,944			1,773

CVS Pass-Through Trust
7.507% due 01/10/2032			303			319

DISH DBS Corp.
5.250% due 12/01/2026 (l)			3,520			3,022
5.750% due 12/01/2028 (l)			3,560			2,846

Exela Intermediate LLC (11.500% PIK)
11.500% due 04/15/2026 (c)			36			6

Ford Motor Co.
7.700% due 05/15/2097 (l)			5,005			5,417

HCA, Inc.
7.500% due 11/15/2095 (l)			1,050			1,188

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (l)			8,343			7,968

Inter Media & Communication SpA
6.750% due 02/09/2027 (l)	EUR		900			960

Legacy LifePoint Health LLC
4.375% due 02/15/2027	$		200			185

LifePoint Health, Inc.
9.875% due 08/15/2030 (l)			400			405
11.000% due 10/15/2030 (l)			1,400			1,476

Market Bidco Finco PLC
4.750% due 11/04/2027	EUR		400			397

New Albertsons LP
6.570% due 02/23/2028	$		2,800			2,615

Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029			200			151
11.750% due 10/15/2028 (l)			1,100			1,184

Nissan Motor Co. Ltd.
4.810% due 09/17/2030 (l)			5,300			4,958

Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/29/2024 (g)(i)			450			16

Olympus Water U.S. Holding Corp.
5.375% due 10/01/2029 (l)	EUR		1,400			1,327

Petroleos Mexicanos
6.700% due 02/16/2032	$		830			690
6.840% due 01/23/2030 (l)			400			347
8.750% due 06/02/2029			765			744


60		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Topaz Solar Farms LLC
4.875% due 09/30/2039 (l)	$		856	$		790
5.750% due 09/30/2039 (l)			4,425			4,405

Transocean Aquila Ltd.
8.000% due 09/30/2028 (l)			300			305

U.S. Renal Care, Inc.
10.625% due 06/28/2028			843			647

Valaris Ltd.
8.375% due 04/30/2030 (l)			2,001			2,052

Vale SA
0.000% due 12/29/2049 ~(i)	BRL		60,000			4,367

Venture Global Calcasieu Pass LLC
3.875% due 08/15/2029	$		200			182
4.125% due 08/15/2031			100			88

Venture Global LNG, Inc.
8.375% due 06/01/2031			100			100
9.500% due 02/01/2029			100			106

Veritas U.S., Inc.
7.500% due 09/01/2025 (l)			1,110			917

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^(c)(d)			13,761			12,523

Windstream Escrow LLC
7.750% due 08/15/2028 (l)			4,700			4,122

						77,890


UTILITIES 4.7%

FORESEA Holding SA
7.500% due 06/15/2030			467			432

NGD Holdings BV
6.750% due 12/31/2026			188			133

Northwestern Bell Telephone
7.750% due 05/01/2030			7,000			3,438

Oi SA
10.000% due 07/27/2025 ^(d)			13,514			676

Pacific Gas & Electric Co.
3.750% due 08/15/2042			10			7
4.000% due 12/01/2046 (l)			1,004			738
4.200% due 03/01/2029 (l)			900			852
4.450% due 04/15/2042 (l)			322			261
4.500% due 12/15/2041			10			8
4.750% due 02/15/2044 (l)			1,826			1,529
4.950% due 07/01/2050 (l)			2,172			1,859

Peru LNG SRL
5.375% due 03/22/2030 (l)			4,800			3,976

Vistra Operations Co. LLC
6.950% due 10/15/2033			800			843

						14,752

Total Corporate Bonds & Notes (Cost $143,885)						123,839


CONVERTIBLE BONDS & NOTES 0.3%

INDUSTRIALS 0.3%

DISH Network Corp.
3.375% due 08/15/2026			1,600			856

Total Convertible Bonds & Notes (Cost $1,600)						856


MUNICIPAL BONDS & NOTES 2.3%

MICHIGAN 0.2%

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044			800			594


PUERTO RICO 1.5%

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043 (l)			295			162
0.000% due 11/01/2051 (l)			9,187			4,592

						4,754


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WEST VIRGINIA 0.6%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)	$		21,900	$		1,941

Total Municipal Bonds & Notes (Cost $7,359)						7,289


U.S. GOVERNMENT AGENCIES 1.7%

Fannie Mae
0.000% due 12/25/2040 •(l)			126			118
0.598% due 02/25/2049 •(a)			220			25
3.500% due 12/25/2032 - 12/25/2049 (a)			412			68
3.500% due 03/25/2042 (a)(l)			870			71
4.000% due 11/25/2042 (a)(l)			652			79

Freddie Mac
0.000% due 11/15/2040 •(l)			112			94
0.700% due 11/25/2055 ~(a)			15,960			954
3.000% due 11/15/2033 (a)			891			48
5.992% due 11/25/2055 «~(l)			3,787			2,378
13.002% due 12/25/2027 •			1,269			1,336

Total U.S. Government Agencies (Cost $5,622)						5,171


NON-AGENCY MORTGAGE-BACKED SECURITIES 10.0%

Banc of America Funding Trust
6.000% due 08/25/2036 «			406			358

BCAP LLC Trust
3.544% due 03/27/2036 ~			613			435
4.533% due 03/26/2037 þ			299			424

Bear Stearns ALT-A Trust
4.140% due 09/25/2047 ~			1,703			816
4.492% due 11/25/2036 ~			133			69
4.708% due 09/25/2035 ~			109			60
5.790% due 06/25/2046 •			774			683

Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 «þ			29			28

CALI Mortgage Trust
3.957% due 03/10/2039 (l)			1,600			1,346

CD Mortgage Trust
5.688% due 10/15/2048			149			134

Chase Mortgage Finance Trust
4.876% due 12/25/2035 «~			2			1
6.000% due 02/25/2037			297			119
6.000% due 07/25/2037			203			95
6.250% due 10/25/2036			528			219

Citicorp Mortgage Securities Trust
5.500% due 04/25/2037 «			4			4

Commercial Mortgage Loan Trust
6.589% due 12/10/2049 ~			143			16

Countrywide Alternative Loan Resecuritization Trust
6.000% due 05/25/2036			691			396
6.000% due 08/25/2037 ~			344			191

Countrywide Alternative Loan Trust
4.450% due 04/25/2036 ~			133			115
5.500% due 03/25/2035			97			42
5.500% due 12/25/2035			846			467
5.750% due 01/25/2035			57			54
5.820% due 05/25/2037 •			116			40
6.000% due 02/25/2035			112			83
6.000% due 08/25/2036 •			120			71
6.000% due 12/25/2036			1,326			409
6.000% due 04/25/2037			351			170
6.250% due 11/25/2036			196			149
6.250% due 12/25/2036 •			614			262
6.500% due 08/25/2036			184			60

Countrywide Home Loan Mortgage Pass-Through Trust
5.003% due 02/20/2035 ~			1			1
5.500% due 10/25/2035			150			87
6.250% due 09/25/2036			157			63

Credit Suisse Mortgage Capital Trust
9.794% due 07/15/2032 ~			3,147			2,785

Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
7.420% due 06/25/2034 •			2,030			1,976

Eurosail PLC
9.339% due 06/13/2045 •	GBP		239			245


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Freddie Mac
13.137% due 11/25/2041 ~	$		1,900	$		2,018

GS Mortgage Securities Corp. Trust
8.762% due 08/15/2039 ~(l)			550			555

GSR Mortgage Loan Trust
6.000% due 02/25/2036			1,016			447

HarborView Mortgage Loan Trust
4.209% due 07/19/2035 ~			12			9
6.190% due 01/19/2035 «•			18			15

Hilton USA Trust
2.828% due 11/05/2035 (l)			400			321

IndyMac IMSC Mortgage Loan Trust
6.500% due 07/25/2037			1,630			521

Jackson Park Trust
3.242% due 10/14/2039 ~			733			561

JP Morgan Alternative Loan Trust
4.115% due 03/25/2036 ~			345			248
4.127% due 03/25/2037 ~			325			295

JP Morgan Chase Commercial Mortgage Securities Trust
7.085% due 07/05/2033 •(l)			1,182			1,016
9.726% due 02/15/2035 •			2,009			1,931

JP Morgan Mortgage Trust
4.704% due 02/25/2036 ~			79			54
5.099% due 01/25/2037 ~			76			66

Lehman XS Trust
5.910% due 06/25/2047 •			393			350

Merrill Lynch Mortgage Investors Trust
3.853% due 03/25/2036 ~			535			290

Morgan Stanley Bank of America Merrill Lynch Trust
3.708% due 05/15/2046			412			325

Morgan Stanley Capital Trust
10.009% due 11/15/2034 •			1,200			1,113

Morgan Stanley Mortgage Loan Trust
5.962% due 06/25/2036 ~			2,050			595

Residential Asset Securitization Trust
5.750% due 02/25/2036			374			146
6.000% due 07/25/2037			621			251
6.250% due 09/25/2037			1,159			490

Residential Funding Mortgage Securities, Inc. Trust
6.000% due 09/25/2036 «			43			31
6.000% due 06/25/2037			571			426

Stratton Mortgage Funding PLC
8.221% due 07/20/2060 •	GBP		1,800			2,293

Structured Adjustable Rate Mortgage Loan Trust
4.540% due 01/25/2036 ~	$		408			206
5.448% due 11/25/2036 ~			354			296

SunTrust Adjustable Rate Mortgage Loan Trust
4.150% due 04/25/2037 ~			207			125
4.848% due 02/25/2037 ~			31			27

WaMu Mortgage Pass-Through Certificates Trust
3.704% due 02/25/2037 ~			120			101
3.972% due 10/25/2036 ~			174			151
4.185% due 12/25/2046 ~			152			131
6.370% due 10/25/2045 •			1,557			1,300

Wells Fargo Mortgage-Backed Securities Trust
6.000% due 06/25/2037			14			13

WSTN Trust
7.690% due 07/05/2037 (l)			800			792
8.455% due 07/05/2037			800			794
9.835% due 07/05/2037			600			594

Total Non-Agency Mortgage-Backed Securities (Cost $35,016)						31,370


ASSET-BACKED SECURITIES 5.3%

ABFC Trust
5.620% due 10/25/2036 •			655			654

Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,750			606

Apidos CLO
0.000% due 01/20/2031 ~	$		2,200			696

Argent Securities Trust
5.850% due 03/25/2036 •			5,808			3,108

Avoca CLO DAC
0.000% due 07/15/2032 ~	EUR		1,070			821

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Bear Stearns Asset-Backed Securities Trust
6.500% due 10/25/2036	$		213	$		91

Belle Haven ABS CDO Ltd.
5.926% due 07/05/2046 •			85,896			9

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			1,200			249
0.000% due 10/22/2031 ~			1,000			222

Citigroup Mortgage Loan Trust
5.770% due 12/25/2036 •			2,626			1,049

Dryden CLO Ltd.
0.000% due 07/17/2031 ~			5,689			1,991

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		159			0

Jay Park CLO Ltd.
0.000% due 10/20/2027 ~	$		2,700			37

Marlette Funding Trust
0.000% due 07/16/2029 «(g)			6			147
0.000% due 03/15/2030 «(g)			3			90

Merrill Lynch Mortgage Investors Trust
5.790% due 04/25/2037 •			184			90

Morgan Stanley Mortgage Loan Trust
5.710% due 04/25/2037 •			2,452			686
6.250% due 02/25/2037 ~			192			108

Residential Asset Mortgage Products Trust
6.030% due 09/25/2036 ~			95			91

Securitized Asset-Backed Receivables LLC Trust
5.750% due 05/25/2036 •			3,854			2,021

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(g)			1			692

SLM Student Loan Trust
0.000% due 01/25/2042 «(g)			2			450

SoFi Professional Loan Program LLC
0.000% due 05/25/2040 (g)			2,100			173
0.000% due 09/25/2040 «(g)			846			103

Taberna Preferred Funding Ltd.
6.034% due 08/05/2036 •			2,532			2,278

Total Asset-Backed Securities (Cost $38,592)						16,462


SOVEREIGN ISSUES 3.1%

Argentina Government International Bond
0.750% due 07/09/2030 þ			1,735			666
1.000% due 07/09/2029			366			146
3.500% due 07/09/2041 þ			2,872			981
3.625% due 07/09/2035 þ			1,948			654
3.625% due 07/09/2046 þ			115			40
4.250% due 01/09/2038 þ(l)			6,188			2,460

Argentina Treasury Bond BONCER
4.000% due 10/14/2024	ARS		120,286			198

Dominican Republic Central Bank Notes
13.000% due 12/05/2025	DOP		73,000			1,318
13.000% due 01/30/2026			75,200			1,362

Ghana Government International Bond
6.375% due 02/11/2027 ^(d)	$		300			135
7.875% due 02/11/2035 ^(d)			400			176
8.750% due 03/11/2061 ^(d)			200			87

Provincia de Buenos Aires
129.126% due 04/12/2025	ARS		217,314			181

Romania Government International Bond
5.500% due 09/18/2028	EUR		500			568
6.375% due 09/18/2033			500			585

Venezuela Government International Bond
8.250% due 10/13/2024 ^(d)	$		12			2
9.250% due 09/15/2027 ^(d)			151			29

Total Sovereign Issues (Cost $15,894)						9,588


		SHARES
COMMON STOCKS 11.5%

COMMUNICATION SERVICES 0.2%

Clear Channel Outdoor Holdings, Inc. (e)			261,329			476

iHeartMedia, Inc. ‘A’ (e)			62,317			166

iHeartMedia, Inc. ‘B’ «(e)			48,387			116


	SHARES			MARKET VALUE (000S)

Promotora de Informaciones SA (e)		130,203	$		42

					800


CONSUMER DISCRETIONARY 0.0%

Steinhoff International Holdings NV «(e)(j)		12,793,342			0


ENERGY 0.0%

Axis Energy Services ‘A’ «(j)		1,253			37


FINANCIALS 1.6%

Banca Monte dei Paschi di Siena SpA (e)		523,500			1,760

Intelsat Emergence SA «(e)(j)		113,713			3,240

					5,000


HEALTH CARE 4.5%

Amsurg Equity «(e)(j)		275,005			14,105


INDUSTRIALS 2.6%

Drillco Holding Lux SA «(e)		9,882			245

Drillco Holding Lux SA «(e)(j)		26,444			657

Forsea Holding SA «(e)		1,098			27

Neiman Marcus Group Ltd. LLC «(e)(j)		39,846			5,972

Syniverse Holdings, Inc. «(j)		1,230,329			1,077

Voyager Aviation Holdings LLC «(e)		538			0

Westmoreland Mining Holdings «(e)(j)		25,226			101

Westmoreland Mining LLC «(e)(j)		25,448			89

					8,168


UTILITIES 2.6%

West Marine New «(e)(j)		1,500			16

Windstream Units «(e)		272,031			8,050

					8,066

Total Common Stocks (Cost $30,559)					36,176


WARRANTS 0.0%

FINANCIALS 0.0%

Intelsat Emergence SA - Exp. 02/17/2027 «		277			1


UTILITIES 0.0%

West Marine - Exp. 09/08/2028 «		195			0

Total Warrants (Cost $2,268)					1


PREFERRED SECURITIES 0.8%

FINANCIALS 0.8%

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)		35,000			32

Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 þ(i)(l)		2,246,400			2,490

SVB Financial Group
4.000% due 05/15/2026 ^(d)(i)		100,000			1
4.250% due 11/15/2026 ^(d)(i)		100,000			1
4.700% due 11/15/2031 ^(d)(i)		140,000			2

					2,526


		SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.0%

Voyager Aviation Holdings LLC
9.500% «			3,228	$		0

Total Preferred Securities (Cost $3,421)						2,526


REAL ESTATE INVESTMENT TRUSTS 0.7%

REAL ESTATE 0.7%

CBL & Associates Properties, Inc.			9,309			227

Uniti Group, Inc.			98,821			571

VICI Properties, Inc.			45,844			1,462

Total Real Estate Investment Trusts (Cost $1,063)						2,260


		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.7%

REPURCHASE AGREEMENTS (k) 0.1%
						233


SHORT-TERM NOTES 0.0%

Argentina Treasury Bond BONCER
3.750% due 05/20/2024	ARS		86,321			91


HUNGARY TREASURY BILLS 0.1%
10.900% due 01/04/2024 (g)(h)	HUF		140,000			403


U.S. TREASURY BILLS 0.5%
5.392% due 01/25/2024 - 02/15/2024 (f)(g)(o)	$		1,679			1,671

Total Short-Term Instruments (Cost $2,409)						2,398



Total Investments in Securities (Cost $407,606)						353,549


		SHARES
INVESTMENTS IN AFFILIATES 9.8%

SHORT-TERM INSTRUMENTS 9.8%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.8%

PIMCO Short-Term Floating NAV Portfolio III			3,169,644			30,831

Total Short-Term Instruments (Cost $30,823)						30,831



Total Investments in Affiliates (Cost $30,823)						30,831


Total Investments 122.4% (Cost $438,429)				$		384,380

Financial Derivative Instruments (m)(n) 0.0% (Cost or Premiums, net $(981))						182

Auction-Rate Preferred Shares (3.2)%						(10,100	)

Other Assets and Liabilities, net (19.2)%						(60,435	)

Net Assets Applicable to Common Shareholders 100.0%				$		314,027


62		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).

µ	All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Security is an Interest Only (“IO”) or IO Strip.

(b)	When-issued security.

(c)	Payment in-kind security.

(d)	Security is not accruing income as of the date of this report.

(e)	Security did not produce income within the last twelve months.

(f)	Coupon represents a weighted average yield to maturity.

(g)	Zero coupon security.

(h)	Coupon represents a yield to maturity.

(i)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) RESTRICTED SECURITIES:


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Amsurg Equity		11/02/2023 - 11/06/2023	$	11,491	$	14,105		4.49	%
Axis Energy Services ‘A’		07/01/2021		18		37		0.01
Drillco Holding Lux SA		06/08/2023		529		657		0.21
Intelsat Emergence SA		06/19/2017 - 07/03/2023		7,942		3,240		1.03
Neiman Marcus Group Ltd. LLC		09/25/2020		1,306		5,972		1.90
Steinhoff International Holdings NV		06/30/2023 - 10/30/2023		0		0		0.00
Syniverse Holdings, Inc.		05/12/2022 - 11/30/2023		1,210		1,077		0.34
West Marine New		09/12/2023		22		16		0.01
Westmoreland Mining Holdings		12/08/2014 - 10/19/2016		727		101		0.03
Westmoreland Mining LLC		06/30/2023		169		89		0.03

			$	23,414	$	25,294		8.05	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
FICC		2.600	%		12/29/2023		01/02/2024	$	233	U.S. Treasury Notes 0.375% due 11/30/2025	$	(238	)	$	233	$	233

Total Repurchase Agreements											$	(238	)	$	233	$	233

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate (2)			Settlement Date		Maturity Date			Amount Borrowed (2)				Payable for Reverse Repurchase Agreements
BMO		5.730	%		12/22/2023		02/20/2024			$	(707	)	$	(707	)
BOS		5.970			10/10/2023		01/08/2024				(574	)		(582	)
		6.240			12/15/2023		02/02/2024				(5,148	)		(5,164	)
BPS		4.380			09/15/2023		TBD	(3)		EUR	(6,330	)		(7,078	)
		4.380			11/06/2023		TBD	(3)			(1,603	)		(1,781	)
		6.080			10/17/2023		01/17/2024			$	(660	)		(669	)
		6.100			09/18/2023		03/14/2024				(1,499	)		(1,525	)

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund		(Cont.)


Counterparty	Borrowing Rate (2)			Settlement Date		Maturity Date			Amount Borrowed (2)				Payable for Reverse Repurchase Agreements
		6.120	%		11/07/2023		02/23/2024			$	(1,052	)	$	(1,061	)
		6.180			10/10/2023		04/08/2024				(3,101	)		(3,145	)
		6.180			11/24/2023		04/08/2024				(331	)		(333	)
BRC		4.850			12/21/2023		TBD	(3)			(1,682	)		(1,685	)
		6.320			10/24/2023		TBD	(3)			(3,003	)		(3,040	)
BYR		6.100			11/20/2023		05/20/2024				(722	)		(727	)
CDC		5.930			01/02/2024		04/02/2024				(6,625	)		(6,625	)
		5.990			10/03/2023		01/02/2024				(2,704	)		(2,745	)
		5.990			11/15/2023		01/02/2024				(3,602	)		(3,631	)
		6.100			11/07/2023		03/06/2024				(784	)		(791	)
		6.100			12/07/2023		04/05/2024				(8,431	)		(8,468	)
		6.100			12/18/2023		04/12/2024				(664	)		(666	)
		6.100			12/29/2023		04/29/2024				(1,342	)		(1,343	)
IND		5.980			11/06/2023		05/06/2024				(693	)		(700	)
		6.020			12/04/2023		02/29/2024				(484	)		(486	)
		6.070			12/04/2023		02/29/2024				(1,967	)		(1,976	)
		6.120			12/04/2023		02/29/2024				(622	)		(625	)
MBC		4.200			11/10/2023		06/20/2025			EUR	(738	)		(819	)
MSB		6.200			10/25/2023		04/25/2024			$	(258	)		(261	)
RCY		6.110			09/15/2023		03/18/2024				(307	)		(313	)
SAL		5.890			11/22/2023		01/22/2024				(2,652	)		(2,670	)
SOG		5.930			10/16/2023		01/16/2024				(1,606	)		(1,627	)
		5.970			10/12/2023		04/12/2024				(1,936	)		(1,963	)
		6.100			10/12/2023		04/12/2024				(2,745	)		(2,783	)
		6.100			12/15/2023		04/11/2024				(548	)		(550	)
		6.120			08/09/2023		01/24/2024				(2,165	)		(2,218	)
		6.120			10/10/2023		04/10/2024				(1,494	)		(1,515	)
TDM		5.710			12/19/2023		02/20/2024				(4,957	)		(4,968	)
UBS		4.100			11/23/2023		06/06/2025			EUR	(78	)		(87	)
		6.070			08/28/2023		02/26/2024			$	(4,430	)		(4,524	)

Total Reverse Repurchase Agreements													$	(79,851	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net Exposure (4)
Global/Master Repurchase Agreement
BMO	$	0	$	(707	)	$	0	$	(707	)	$	732		$	25
BOS		0		(5,746	)		0		(5,746	)		7,962			2,216
BPS		0		(15,592	)		0		(15,592	)		18,805			3,213
BRC		0		(4,725	)		0		(4,725	)		6,789			2,064
BYR		0		(727	)		0		(727	)		861			134
CDC		0		(24,269	)		0		(24,269	)		20,920			(3,349	)
FICC		233		0			0		233			(238	)		(5	)
IND		0		(3,787	)		0		(3,787	)		4,567			780
MBC		0		(819	)		0		(819	)		945			126
MSB		0		(261	)		0		(261	)		321			60
RCY		0		(313	)		0		(313	)		362			49
SAL		0		(2,670	)		0		(2,670	)		2,378			(292	)
SOG		0		(10,656	)		0		(10,655	)		12,399			1,744
TDM		0		(4,968	)		0		(4,968	)		5,110			142
UBS		0		(4,611	)		0		(4,611	)		5,589			978

Total Borrowings and Other Financing Transactions	$	233	$	(79,851	)	$	0


64		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(11,472	)	$	(18,741	)	$	(31,958	)	$	(62,171	)
Municipal Bonds & Notes		0		0			0			(3,040	)		(3,040	)
U.S. Government Agencies		0		(2,670	)		(313	)		0			(2,983	)
Non-Agency Mortgage-Backed Securities		0		0			(3,087	)		(261	)		(3,348	)
Sovereign Issues		0		0			0			(1,685	)		(1,685	)

Total Borrowings	$	0	$	(14,142	)	$	(22,141	)	$	(36,944	)	$	(73,227	)

Payable for reverse repurchase agreements (5)												$	(73,227	)

(l)	Securities with an aggregate market value of $89,385 and cash of $51 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

(1)	Includes accrued interest.

(2)	The average amount of borrowings outstanding during the period ended December 31, 2023 was $(59,926) at a weighted average interest rate of 5.675%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(3)	Open maturity reverse repurchase agreement.

(4)

(5)	Unsettled reverse repurchase agreements liability of $(6,624) is outstanding at period end.

(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)


Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value (4)		Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)		Market Value (4)		Asset		Liability
Jaguar Land Rover Automotive		5.000	%		Quarterly		06/20/2026		1.875	%		EUR	200	$	14	$	3	$	17	$	0	$	0
Jaguar Land Rover Automotive		5.000			Quarterly		12/20/2026		2.236				1,986		76		97		173		2		0

														$	90	$	100	$	190	$	2	$	0

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay (5)	1-Day GBP-SONIO Compounded-OIS		5.000	%	Annual		03/20/2029		GBP	18,300	$	1,798		$	13		$	1,811		$	0	$	(58	)
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2032			7,300		709			1,155			1,864			62		0
Receive	1-Day GBP-SONIO Compounded-OIS		2.000		Annual		03/15/2033			3,700		412			169			581			34		0
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2052			300		(1	)		188			187			6		0
Receive	1-Day USD-SOFR Compounded-OIS		2.450		Annual		12/20/2024		$	12,700		(1	)		297			296			3		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.350		Annual		01/17/2025			6,400		1			144			145			0		(1	)
Pay (5)	1-Day USD-SOFR Compounded-OIS		5.250		Annual		06/17/2025			56,000		134			567			701			11		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.300		Annual		01/17/2026			1,000		0			33			33			0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		06/15/2026			15,300		249			(961	)		(712	)		0		(3	)
Receive	1-Day USD-SOFR Compounded-OIS		1.350		Semi-Annual		01/20/2027			4,900		(1	)		402			401			1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.550		Semi-Annual		01/20/2027			21,600		(51	)		(1,576	)		(1,627	)		0		(6	)
Receive	1-Day USD-SOFR Compounded-OIS		1.360		Semi-Annual		02/15/2027			2,730		(1	)		219			218			1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.600		Semi-Annual		02/15/2027			10,900		(27	)		(757	)		(784	)		0		(3	)
Receive	1-Day USD-SOFR Compounded-OIS		1.450		Semi-Annual		02/17/2027			4,500		(1	)		346			345			1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		02/17/2027			18,000		(48	)		(1,184	)		(1,232	)		0		(5	)
Pay	1-Day USD-SOFR Compounded-OIS		2.500		Semi-Annual		12/20/2027			28,100		106			(1,563	)		(1,457	)		3		0
Receive	1-Day USD-SOFR Compounded-OIS		1.420		Semi-Annual		08/17/2028			15,100		(3	)		1,564			1,561			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.380		Semi-Annual		08/24/2028			16,100		(4	)		1,690			1,686			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.000		Semi-Annual		06/19/2029			49,900		1,404			(3,390	)		(1,986	)		3		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2029			14,500		(274	)		(5	)		(279	)		0		(5	)
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2029			61,800		(6,367	)		1,382			(4,985	)		0		(12	)
Receive	1-Day USD-SOFR Compounded-OIS		1.160		Semi-Annual		04/12/2031			1,400		0			245			245			1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.380		Semi-Annual		04/12/2031			7,000		(14	)		(1,108	)		(1,122	)		0		(4	)
Receive	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031			36,300		2,460			4,690			7,150			24		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		12/15/2031			20,100		(281	)		3,083			2,802			12		0

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund		(Cont.)


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		2.000	%	Annual		12/21/2032		$	12,500	$	(1,710	)	$	301		$	(1,409	)	$	0	$	(11	)
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Annual		12/20/2033			19,000		172			(127	)		45			0		(15	)
Pay (5)	1-Day USD-SOFR Compounded-OIS		4.500		Annual		06/19/2044			75,300		(212	)		11,853			11,641			0		(221	)
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		01/15/2050			3,200		(22	)		929			907			11		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/22/2050			8,400		(21	)		2,763			2,742			28		0
Receive	1-Day USD-SOFR Compounded-OIS		1.875		Semi-Annual		02/07/2050			8,800		(34	)		2,702			2,668			30		0
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		03/12/2050			1,700		(5	)		404			399			6		0
Receive	1-Day USD-SOFR Compounded-OIS		1.150		Semi-Annual		12/11/2050			91,100		18			39,632			39,650			355		0
Pay	6-Month AUD-BBR-BBSW		3.500		Semi-Annual		06/17/2025		AUD	3,900		97			(125	)		(28	)		1		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030		EUR	3,400		62			542			604			18		0
Receive	6-Month EUR-EURIBOR		0.250		Annual		09/21/2032			3,600		326			408			734			30		0
Receive (5)	6-Month EUR-EURIBOR		0.830		Annual		12/09/2052			9,900		139			496			635			50		0
Receive	28-Day MXN-TIIE		8.675		Lunar		04/03/2024		MXN	100		0			0			0			0		0

											$	(991	)	$	65,421		$	64,430		$	691	$	(344	)

Total Swap Agreements											$	(901	)	$	65,521		$	64,620		$	693	$	(344	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	693	$	693	$	0	$	0	$	(344)	$	(344)

Cash of $10,640 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2024	GBP	273	$	347	$	0	$	(1	)

BPS		01/2024	EUR	896		980		0		(10	)
		01/2024	GBP	1,042		1,322		0		(7	)
		01/2024	HUF	46,697		133		0		(2	)
		01/2024	$	450	EUR	407		0		(1	)
		01/2024		3	HUF	907		0		0

CBK		01/2024	GBP	267	$	338		0		(2	)
		01/2024	HUF	7,356		21		0		0
		01/2024	MXN	3		0		0		0

GLM		01/2024	DOP	92,321		1,619		36		0
		01/2024	$	121	MXN	2,125		3		0
		02/2024	DOP	21,643	$	376		5		0
		03/2024		4,291		75		2		0


66		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability

JPM		01/2024	HUF	72,989	$	208	$	0	$	(2	)

MBC		01/2024	CAD	1,558		1,151		0		(25	)
		01/2024	GBP	226		286		0		(3	)
		01/2024	HUF	4,576		13		0		0

MYI		01/2024	EUR	34,913		38,374		0		(177	)
		01/2024	HUF	8,796		25		0		0

RBC		04/2024	$	0	MXN	3		0		0
UAG		01/2024	GBP	5,662	$	7,166		0		(52	)

Total Forward Foreign Currency Contracts							$	46	$	(282	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value (4)
Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
DUB	Eskom«		4.650	%	Quarterly		06/30/2029		0.075	%		$	1,500	$	0		$	130	$	130	$	0
JPM	Banca Monte Dei Paschi Di		5.000		Quarterly		06/20/2025		1.588			EUR	100		(2	)		8		6		0
MYC	Petroleos Mexicanos		1.000		Quarterly		12/20/2028		5.188			$	400		(78	)		11		0		(67	)

Total Swap Agreements														$	(80	)	$	149	$	136	$	(67	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure (5)
BOA	$	0	$	0	$	0	$	0	$	(1	)	$	0	$	0		$	(1	)	$	(1	)	$	0	$	(1	)
BPS		0		0		0		0		(20	)		0		0			(20	)		(20	)		0		(20	)
CBK		0		0		0		0		(2	)		0		0			(2	)		(2	)		0		(2	)
DUB		0		0		130		130		0			0		0			0			130			0		130
GLM		46		0		0		46		0			0		0			0			46			0		46
JPM		0		0		6		6		(2	)		0		0			(2	)		4			0		4
MBC		0		0		0		0		(28	)		0		0			(28	)		(28	)		0		(28	)
MYC		0		0		0		0		0			0		(67	)		(67	)		(67	)		0		(67	)
MYI		0		0		0		0		(177	)		0		0			(177	)		(177	)		423		246
UAG		0		0		0		0		(52	)		0		0			(52	)		(52	)		0		(52	)

Total Over the Counter	$	46	$	0	$	136	$	182	$	(282	)	$	0	$	(67	)	$	(349	)

(o)	Securities with an aggregate market value of $423 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2023.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund		(Cont.)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	2	$	0	$	0	$	691	$	693

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	46	$	0	$	46
Swap Agreements		0		136		0		0		0		136

	$	0	$	136	$	0	$	46	$	0	$	182

	$	0	$	138	$	0	$	46	$	691	$	875


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	344	$	344

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	282	$	0	$	282
Swap Agreements		0		67		0		0		0		67

	$	0	$	67	$	0	$	282	$	0	$	349

	$	0	$	67	$	0	$	282	$	344	$	693

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	60	$	0	$	0		$	(15,882	)	$	(15,822	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(484	)	$	0		$	(484	)
Swap Agreements		0		38		0		0			0			38

	$	0	$	38	$	0	$	(484	)	$	0		$	(446	)

	$	0	$	98	$	0	$	(484	)	$	(15,882	)	$	(16,268	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	196	$	0	$	0		$	18,764		$	18,960

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	765		$	0		$	765
Swap Agreements		0		79		0		0			0			79

	$	0	$	79	$	0	$	765		$	0		$	844

	$	0	$	275	$	0	$	765		$	18,764		$	19,804


68		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and

liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	100,693	$	14,920	$	115,613
Corporate Bonds & Notes
Banking & Finance		0		29,095		2,102		31,197
Industrials		0		77,890		0		77,890
Utilities		0		14,752		0		14,752
Convertible Bonds & Notes
Industrials		0		856		0		856
Municipal Bonds & Notes
Michigan		0		594		0		594
Puerto Rico		0		4,754		0		4,754
West Virginia		0		1,941		0		1,941
U.S. Government Agencies		0		2,793		2,378		5,171
Non-Agency Mortgage-Backed Securities		0		30,933		437		31,370
Asset-Backed Securities		0		14,980		1,482		16,462
Sovereign Issues		0		9,588		0		9,588
Common Stocks
Communication Services		684		0		116		800
Energy		0		0		37		37
Financials		1,760		0		3,240		5,000
Health Care		0		0		14,105		14,105
Industrials		0		0		8,168		8,168
Utilities		0		0		8,066		8,066
Warrants
Financials		0		0		1		1
Preferred Securities
Financials		0		2,526		0		2,526
Real Estate Investment Trusts
Real Estate		2,260		0		0		2,260
Short-Term Instruments
Repurchase Agreements		0		233		0		233
Short-Term Notes		0		91		0		91


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Hungary Treasury Bills	$	0	$	403		$	0	$	403
U.S. Treasury Bills		0		1,671			0		1,671


	$	4,704	$	293,793		$	55,052	$	353,549


Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	30,831	$	0		$	0	$	30,831


Total Investments	$	35,535	$	293,793		$	55,052	$	384,380


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		693			0		693
Over the counter		0		52			130		182

	$	0	$	745		$	130	$	875


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(344	)		0		(344	)
Over the counter		0		(349	)		0		(349	)

	$	0	$	(693	)	$	0	$	(693	)


Total Financial Derivative Instruments	$	0	$	52		$	130	$	182


Totals	$	35,535	$	293,845		$	55,182	$	384,562

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2023:


Category and Subcategory	Beginning Balance at 06/30/2023		Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)
Investments in Securities, at Value
Loan Participations and Assignments	$	33,820	$	11,209	$	(18,394	)	$	435	$	(3,684	)	$	4,001		$	0	$	(12,467	)	$	14,920	$	455
Corporate Bonds & Notes
Banking & Finance		412		0		0			2		0			18			2,102		(432	)		2,102		0
U.S. Government Agencies		2,203		0		(31	)		5		10			191			0		0			2,378		188
Non-Agency Mortgage-Backed Securities		55		0		(4	)		0		0			0			386		0			437		0
Asset-Backed Securities		1,990		0		0			7		0			(515	)		0		0			1,482		(515	)
Common Stocks
Communication Services		158		0		0			0		0			(42	)		0		0			116		(42	)
Energy		38		0		0			0		0			(1	)		0		0			37		(1	)
Financials		2,610		0		0			0		0			630			0		0			3,240		630
Health Care		0		11,491		0			0		0			2,614			0		0			14,105		2,614
Industrials		8,322		72		0			0		0			(226	)		0		0			8,168		(24	)
Utilities		0		2,274		0			0		0			5,792			0		0			8,066		5,792
Rights
Financials		57		0		(110	)		0		110			(57	)		0		0			0		0
Warrants
Financials		86		0		(113	)		0		113			(85	)		0		0			1		0
Information Technology		4,165		0		(2,252	)		0		0			(1,913	)		0		0			0		0
Preferred Securities
Industrials		778		0		0			0		0			(778	)		0		0			0		0

	$	54,694	$	25,046	$	(20,904	)	$	449	$	(3,451	)	$	9,629		$	2,488	$	(12,899	)	$	55,052	$	9,097

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund		(Cont.)		December 31, 2023		(Unaudited)


Category and Subcategory	Beginning Balance at 06/30/2023		Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)		Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)
Financial Derivative Instruments - Assets
Over the counter	$	65	$	0	$	0		$	0	$	0		$	65	$	0	$	0		$	130	$	65


Totals	$	54,759	$	25,046	$	(20,904	)	$	449	$	(3,451	)	$	9,694	$	2,488	$	(12,899	)	$	55,182	$	9,162

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 12/31/2023		Valuation Technique	Unobservable Inputs			(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 12/31/2023		Valuation Technique	Unobservable Inputs			Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	6,959	Comparable Companies	EBITDA Multiple	X			14.500		—
		7,961	Discounted Cash Flow	Discount Rate				9.190-26.490		18.177
Corporate Bonds & Notes
Banking & Finance		2,102	Expected Recovery	Recovery Rate				54.375		—
U.S. Government Agencies		2,378	Discounted Cash Flow	Discount Rate				12.112		—
Non-Agency Mortgage-Backed Securities		437	Fair Valuation of Odd Lot Positions	Adjustment Factor				2.500		—
Asset-Backed Securities		1,482	Discounted Cash Flow	Discount Rate				12.000-20.000		18.288
Common Stocks
Communication Services		116	Reference Instrument	Stock Price w/ Liquidity Discount				10.000		—
Energy		37	Comparable Companies	EBITDA Multiple	X			4.000		—
Financials		3,240	Comparable Companies	EBITDA Multiple	X			4.000		—
Health Care		14,105	Comparable Companies	EBITDA Multiple	X			14.500		—
Industrials		5,972	Comparable Companies/ Discounted Cash Flow	Revenue Multiple/ EBITDA Multiple/ Discount Rate	X/X/	%		0.550/6.500/10.000		—
		1,077	Discounted Cash Flow	Discount Rate				17.280		—
		1,119	Indicative Market Quotation	Broker Quote	$			3.500-24.833		21.257
Utilities		8,050	Comparable Companies	EBITDA Multiple	X			5.860		—
		16	Discounted Cash Flow/ Comparable Companies	Discount Rate/ Revenue Multiple	%/X			17.250/0.550		—
Warrants
Financials		1	Option Pricing Model	Volatility				40.000		—

Financial Derivative Instruments - Assets
Over the counter		130	Indicative Market Quotation	Broker Quote				7.505		—

Total	$	55,182

(1)	Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2)	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2023 may be due to an investment no longer held or categorized as Level 3 at period end.


70		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO Income Strategy Fund II				December 31, 2023		(Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

INVESTMENTS IN SECURITIES 118.2%

LOAN PARTICIPATIONS AND ASSIGNMENTS 35.9%

Amsurg
10.110% due 11/03/2026 «	$		735	$		735
13.258% due 09/15/2028 «			12,174			12,174

AP Core Holdings LLC
10.970% due 09/01/2027			14,463			14,166

AVSC Holding Corp. (8.681% Cash and 0.250% PIK)
8.931% due 03/03/2025 (c)			4,972			4,888

BDO U.S.A. PC
11.356% due 08/31/2028 «			2,533			2,523

Carnival Corp.
7.593% (EUR001M + 3.750%) due 06/30/2025 ~	EUR		2,242			2,483

Diamond Sports Group LLC
TBD% - 15.420% due 05/25/2026	$		17,965			13,608

DirecTV Financing LLC
10.650% due 08/02/2027			1,660			1,663

Envalior Finance GmbH
9.448% (EUR003M + 5.500%) due 03/29/2030 ~	EUR		2,100			2,129
10.883% due 03/29/2030	$		3,275			3,023

Finastra U.S.A., Inc.
TBD% - 12.616% due 09/13/2029 «µ			103			103
0.500% - 12.616% due 09/13/2029 «			997			995

Gateway Casinos & Entertainment Ltd.
13.548% due 10/15/2027			6,666			6,671
13.588% (CDOR03M + 8.000%) due 10/18/2027 ~	CAD		3,821			2,886

iHeartCommunications, Inc.
8.720% due 05/01/2026	$		550			474

Incora
TBD% - 13.988% due 03/01/2024 «			6,695			7,104

Ivanti Software, Inc.
9.907% due 12/01/2027			11,104			10,571

Lealand Finance Co. BV
8.470% due 06/28/2024			88			61

Lealand Finance Co. BV (6.431% Cash and 3.000% PIK)
9.431% due 06/30/2025 (c)			831			347

Lifepoint Health, Inc.
11.168% due 11/16/2028			3,200			3,196

Magenta Buyer LLC
10.645% due 07/27/2028			997			714

Market Bidco Ltd.
10.042% (SONIA03M + 4.750%) due 11/04/2027 ~	GBP		9,371			11,593

MPH Acquisition Holdings LLC
9.900% due 09/01/2028	$		9,596			9,279

Obol France 3 SAS
8.864% (EUR006M + 4.750%) due 12/31/2025 ~	EUR		5,900			6,055

Oi SA
TBD% - 14.000% due 09/07/2024 µ	$		5,492			5,491
7.362% (LIBOR03M + 1.750%) due 02/26/2035 ~			4,206			210

Poseidon Bidco SASU
9.175% (EUR003M + 5.250%) due 09/30/2028 ~	EUR		6,700			7,406

Promotora de Informaciones SA
9.192% (EUR003M + 5.220%) due 12/31/2026 ~			16,447			17,317

Promotora de Informaciones SA (6.942% Cash and 5.000% PIK)
11.942% (EUR003M + 5.305%) due 06/30/2027 ~(c)			706			720

PUG LLC
8.970% due 02/12/2027	$		8,548			8,433
9.720% due 02/12/2027			405			403


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Radiate Holdco LLC
8.720% due 09/25/2026	$		2,593	$		2,089

Rising Tide Holdings, Inc.
14.356% due 06/01/2026 «			405			391

Steenbok Lux Finco 2 SARL
10.000% due 06/30/2026	EUR		15,903			7,345

Syniverse Holdings, Inc.
12.348% due 05/13/2027	$		17,685			15,640

Telemar Norte Leste SA
1.750% (LIBOR06M + 1.750%) due 02/26/2035 ~			12,167			608
1.750% due 02/26/2035			214			11

U.S. Renal Care, Inc.
10.470% due 06/20/2028			18,240			13,908

Veritas U.S., Inc.
10.470% due 09/01/2025			10,640			8,877

Westmoreland Mining Holdings LLC
8.000% due 03/15/2029			2,050			1,517

Windstream Services LLC
9.448% due 02/23/2027			6,060			5,999
11.706% due 09/21/2027			2,748			2,607

Total Loan Participations and Assignments (Cost $225,758)						216,413



CORPORATE BONDS & NOTES 38.6%

BANKING & FINANCE 10.3%

Agps Bondco PLC
4.625% due 01/14/2026	EUR		3,900			1,523
5.000% due 04/27/2027			2,400			893
5.500% due 11/13/2026			200			78

Armor Holdco, Inc.
8.500% due 11/15/2029 (k)	$		2,700			2,452

Banca Monte dei Paschi di Siena SpA
1.875% due 01/09/2026 (k)	EUR		500			525
7.708% due 01/18/2028 •(k)			2,100			2,324
8.000% due 01/22/2030 •(k)			2,361			2,629
8.500% due 09/10/2030 •(k)			1,400			1,558
10.500% due 07/23/2029 (k)			5,318			6,462

Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		800			210

Barclays PLC
6.490% due 09/13/2029	$		300			313
6.692% due 09/13/2034			600			642
7.437% due 11/02/2033 •(k)			2,282			2,557

BOI Finance BV
7.500% due 02/16/2027	EUR		3,000			3,053

CaixaBank SA
6.840% due 09/13/2034	$		500			528

CBRE Services, Inc.
5.950% due 08/15/2034 (k)			800			841

Corsair International Ltd.
8.802% due 01/28/2027 •	EUR		1,000			1,104

Cosaint Re Pte. Ltd.
15.172% (T-BILL 1MO + 9.250%) due 04/03/2028 ~	$		900			899

Credit Suisse AG AT1 Claim			8,393			1,008

Deutsche Bank AG
3.547% due 09/18/2031 •			400			351
6.720% due 01/18/2029 •(k)			300			314

East Lane Re Ltd.
14.582% due 03/31/2026			250			251

GSPA Monetization Trust
6.422% due 10/09/2029			2,373			2,305

Hestia Re Ltd.
14.702% (T-BILL 1MO + 9.500%) due 04/22/2025 ~			704			665

Hudson Pacific Properties LP
3.950% due 11/01/2027			100			84

Intesa Sanpaolo SpA
7.200% due 11/28/2033			500			533
7.800% due 11/28/2053 (k)			800			879


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Kennedy Wilson Europe Real Estate Ltd.
3.250% due 11/12/2025	EUR		500	$		502

Long Walk Reinsurance Ltd.
9.750% due 01/30/2031	$		700			700

Sanders Re Ltd.
17.092% (T-BILL 3MO + 11.750%) due 04/09/2029 ~			1,405			1,107

Societe Generale SA
6.691% due 01/10/2034 •(k)			500			529

SVB Financial Group
1.800% due 02/02/2031 ^(d)			1,298			862
2.100% due 05/15/2028 ^(d)			200			132
3.125% due 06/05/2030 ^(d)			200			131
3.500% due 01/29/2025 ^(d)			100			66
4.345% due 04/29/2028 ^(d)			500			332
4.570% due 04/29/2033 ^(d)			1,600			1,058

UBS Group AG
3.091% due 05/14/2032 •			300			256
4.194% due 04/01/2031 •			400			373
6.442% due 08/11/2028 •(k)			600			623
9.016% due 11/15/2033 •			250			307

Uniti Group LP
6.000% due 01/15/2030 (k)			9,565			6,694
6.500% due 02/15/2029 (k)			2,900			2,096

Ursa Re Ltd.
14.582% due 12/07/2026			800			796

VICI Properties LP
5.750% due 02/01/2027 (k)			5,300			5,320

Voyager Aviation Holdings LLC
8.500% due 05/09/2026 ^«(d)			8,297			4,511

Yosemite Re Ltd.
15.310% (T-BILL 3MO + 9.750%) due 06/06/2025 ~			760			783

						62,159



INDUSTRIALS 23.9%

Altice Financing SA
5.750% due 08/15/2029 (k)			539			479

CAB SELAS
3.375% due 02/01/2028	EUR		1,240			1,224

Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (c)	$		658			533

Carvana Co. (13.000% PIK)
13.000% due 06/01/2030 (c)			5,758			4,598

Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (c)			5,578			4,508

CGG SA
7.750% due 04/01/2027	EUR		5,500			5,619
8.750% due 04/01/2027 (k)	$		3,656			3,334

CVS Pass-Through Trust
7.507% due 01/10/2032			628			661

DISH DBS Corp.
5.250% due 12/01/2026 (k)			7,000			6,010
5.750% due 12/01/2028 (k)			7,260			5,804

Exela Intermediate LLC (11.500% PIK)
11.500% due 04/15/2026 (c)			74			13

Ford Motor Co.
7.700% due 05/15/2097 (k)			6,655			7,203

HCA, Inc.
7.500% due 11/15/2095 (k)			1,200			1,358

Intelsat Jackson Holdings SA
6.500% due 03/15/2030 (k)			17,148			16,378

Inter Media & Communication SpA
6.750% due 02/09/2027 (k)	EUR		1,795			1,915

Legacy LifePoint Health LLC
4.375% due 02/15/2027	$		300			277

LifePoint Health, Inc.
9.875% due 08/15/2030 (k)			800			810
11.000% due 10/15/2030 (k)			2,800			2,952

Market Bidco Finco PLC
4.750% due 11/04/2027	EUR		800			794

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund II		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New Albertsons LP
6.570% due 02/23/2028	$		6,800	$		6,352

Newfold Digital Holdings Group, Inc.
6.000% due 02/15/2029			300			227
11.750% due 10/15/2028 (k)			2,100			2,261

Nissan Motor Co. Ltd.
4.810% due 09/17/2030 (k)			10,500			9,823

Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/29/2024 (g)(i)			1,101			38

Petroleos Mexicanos
6.700% due 02/16/2032 (k)			1,732			1,439
6.840% due 01/23/2030 (k)			800			694
8.750% due 06/02/2029 (k)			1,416			1,378

Prime Healthcare Services, Inc.
7.250% due 11/01/2025 (k)			1,361			1,328

Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(d)	GBP		1,300			1,077

Topaz Solar Farms LLC
4.875% due 09/30/2039 (k)	$		1,781			1,645
5.750% due 09/30/2039 (k)			8,382			8,346

Transocean Aquila Ltd.
8.000% due 09/30/2028 (k)			500			508

U.S. Renal Care, Inc.
10.625% due 06/28/2028			1,704			1,308

Valaris Ltd.
8.375% due 04/30/2030 (k)			3,574			3,665

Vale SA
0.000% due 12/29/2049 ~(i)	BRL		110,000			8,006

Venture Global LNG, Inc.
8.375% due 06/01/2031	$		200			200
9.500% due 02/01/2029			600			635

Veritas U.S., Inc.
7.500% due 09/01/2025 (k)			1,570			1,297

Wesco Aircraft Holdings, Inc. (7.500% Cash and 3.000% PIK)
10.500% due 11/15/2026 ^(c)(d)			27,315			24,856

Windstream Escrow LLC
7.750% due 08/15/2028 (k)			4,800			4,209

						143,762



UTILITIES 4.4%

FORESEA Holding SA
7.500% due 06/15/2030 (k)			1,171			1,086

NGD Holdings BV
6.750% due 12/31/2026			396			282

Northwestern Bell Telephone
7.750% due 05/01/2030			12,625			6,201

Oi SA
10.000% due 07/27/2025 ^(d)			26,307			1,315

Pacific Gas & Electric Co.
3.750% due 08/15/2042			22			16
4.200% due 03/01/2029 (k)			1,800			1,703
4.450% due 04/15/2042 (k)			535			433
4.500% due 12/15/2041			22			17
4.750% due 02/15/2044 (k)			4,092			3,426
4.950% due 07/01/2050 (k)			4,328			3,706
6.950% due 03/15/2034			400			440

Peru LNG SRL
5.375% due 03/22/2030 (k)			7,840			6,495

Vistra Operations Co. LLC
6.950% due 10/15/2033 (k)			1,500			1,580

						26,700

Total Corporate Bonds & Notes (Cost $268,498)						232,621



CONVERTIBLE BONDS & NOTES 0.3%

INDUSTRIALS 0.3%

DISH Network Corp.
3.375% due 08/15/2026			3,400			1,819

Total Convertible Bonds & Notes (Cost $3,400)						1,819


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MUNICIPAL BONDS & NOTES 3.4%

MICHIGAN 0.3%

Detroit, Michigan General Obligation Bonds, Series 2014
4.000% due 04/01/2044	$		2,100	$		1,561



OHIO 0.9%

Ohio State University Revenue Bonds, Series 2011
4.800% due 06/01/2111			6,000			5,725



PUERTO RICO 1.5%

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043 (k)			575			314
0.000% due 11/01/2051 (k)			17,864			8,930

						9,244



WEST VIRGINIA 0.7%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (g)			45,700			4,049

Total Municipal Bonds & Notes (Cost $20,209)						20,579



U.S. GOVERNMENT AGENCIES 1.7%

Fannie Mae
0.798% due 01/25/2040 •(a)			115			9
3.500% due 02/25/2042 (a)			278			24
4.500% due 11/25/2042 (a)(k)			721			83

Freddie Mac
0.000% due 09/15/2035 •(k)			776			644
0.700% due 11/25/2055 ~(a)			33,092			1,979
3.000% due 02/15/2033 (a)			684			51
3.500% due 12/15/2032 (a)(k)			953			97
5.992% due 11/25/2055 «~			8,025			5,038
13.002% due 12/25/2027 •			2,454			2,582

Ginnie Mae
3.500% due 06/20/2042 - 10/20/2042 (a)			159			16
4.000% due 10/16/2042 - 10/20/2042 (a)			123			13

Total U.S. Government Agencies (Cost $11,403)						10,536



NON-AGENCY MORTGAGE-BACKED SECURITIES 14.3%

Atrium Hotel Portfolio Trust
7.159% due 12/15/2036 ~			1,700			1,562
7.609% due 12/15/2036 •			3,200			2,787

Banc of America Funding Trust
5.061% due 01/20/2047 ~			364			313
6.000% due 01/25/2037			2,618			2,163

BCAP LLC Trust
3.619% due 08/28/2037 ~			1,236			1,221
3.866% due 08/26/2037 ~			8,528			6,642
4.383% due 09/26/2036 ~			3,241			2,947
4.413% due 07/26/2037 ~			4,193			3,596
4.533% due 03/26/2037 þ			622			883
5.750% due 12/26/2035 ~			1,540			1,054
6.250% due 11/26/2036			2,182			1,644
51.333% due 05/26/2037 ~			720			306

Bear Stearns ALT-A Trust
4.140% due 09/25/2047 ~			3,599			1,724
4.492% due 11/25/2036 ~			265			138
4.589% due 11/25/2035 ~			2,968			2,075
4.708% due 09/25/2035 ~			229			125
5.970% due 01/25/2036 ~			413			379

Braemar Hotels & Resorts Trust
7.934% due 06/15/2035 •			1,400			1,316

BX Trust
7.063% due 10/15/2036 (k)			845			819


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

CALI Mortgage Trust
3.957% due 03/10/2039 (k)	$		3,100	$		2,607

CD Mortgage Trust
5.688% due 10/15/2048			85			76

Chase Mortgage Finance Trust
4.876% due 12/25/2035 «~			3			3
5.500% due 05/25/2036 «			1			1

Citicorp Mortgage Securities Trust
5.500% due 04/25/2037 «			8			8
6.000% due 09/25/2037 «			236			226

Colony Mortgage Capital Ltd.
8.196% due 11/15/2038 ~			1,200			1,079

Commercial Mortgage Loan Trust
6.589% due 12/10/2049 ~			329			36

Countrywide Alternative Loan Resecuritization Trust
6.000% due 05/25/2036			1,419			813
6.000% due 08/25/2037 ~			717			398

Countrywide Alternative Loan Trust
4.450% due 04/25/2036 ~			275			237
5.500% due 03/25/2035			200			87
5.500% due 01/25/2036			258			151
5.750% due 01/25/2035			117			113
5.750% due 02/25/2035			174			120
5.750% due 12/25/2036			544			214
6.000% due 02/25/2035			232			173
6.000% due 04/25/2036			348			170
6.000% due 04/25/2037 «			464			207
6.000% due 04/25/2037			723			350
6.250% due 11/25/2036			404			306
6.250% due 12/25/2036 •			396			169
6.500% due 08/25/2036			368			120

Countrywide Home Loan Mortgage Pass-Through Trust
6.000% due 07/25/2037			1,141			493
6.050% due 03/25/2035 •			1,890			1,554
6.250% due 09/25/2036			323			130

Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035			200			150

Credit Suisse Mortgage Capital Certificates
4.982% due 10/26/2036 ~			5,242			4,368

Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.750% due 04/25/2036			98			53

Credit Suisse Mortgage Capital Trust
9.794% due 07/15/2032 ~			5,379			4,759

DBGS Mortgage Trust
7.776% due 10/15/2036 (k)			2,390			1,741

First Horizon Mortgage Pass-Through Trust
0.000% due 11/25/2035 «~			1			0
4.010% due 05/25/2037 ~			122			51

Freddie Mac
13.137% due 11/25/2041 ~			3,800			4,035

GS Mortgage Securities Corp. Trust
8.762% due 08/15/2039 ~(k)			1,100			1,109

Hilton USA Trust
2.828% due 11/05/2035 (k)			800			643

IndyMac IMSC Mortgage Loan Trust
6.500% due 07/25/2037			3,446			1,101

Jackson Park Trust
3.242% due 10/14/2039 ~			1,616			1,236

JP Morgan Alternative Loan Trust
3.843% due 05/25/2036 ~			763			424
4.115% due 03/25/2036 ~			729			525
4.127% due 03/25/2037 ~			447			406

JP Morgan Chase Commercial Mortgage Securities Trust
7.085% due 07/05/2033 •(k)			2,275			1,955
9.726% due 02/15/2035 •			3,756			3,611

JP Morgan Mortgage Trust
4.704% due 02/25/2036 ~			138			94
5.330% due 10/25/2035 «~			53			49
6.500% due 09/25/2035 «			32			20

Lehman Mortgage Trust
6.000% due 07/25/2037 «			176			154
6.500% due 09/25/2037			1,751			558

Lehman XS Trust
5.910% due 06/25/2047 •			831			738


72		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

MASTR Asset Securitization Trust
6.500% due 11/25/2037 «	$		326	$		78

Merrill Lynch Mortgage Investors Trust
3.853% due 03/25/2036 ~			1,043			566

Morgan Stanley Bank of America Merrill Lynch Trust
3.708% due 05/15/2046			823			650

Morgan Stanley Capital Trust
10.009% due 11/15/2034 •			2,400			2,225

Nomura Asset Acceptance Corp. Alternative Loan Trust
5.476% due 05/25/2035 þ			7			4

Residential Accredit Loans, Inc. Trust
5.172% due 12/26/2034 ~			467			168
6.000% due 08/25/2036			135			112

Residential Asset Securitization Trust
5.750% due 02/25/2036			774			302
6.000% due 07/25/2037			1,319			534
6.250% due 09/25/2037			2,472			1,046

Residential Funding Mortgage Securities, Inc. Trust
4.721% due 09/25/2035 ~			430			321

Stratton Mortgage Funding PLC
8.221% due 07/20/2060 •	GBP		3,500			4,458

Structured Adjustable Rate Mortgage Loan Trust
4.540% due 01/25/2036 ~	$		1,225			618
5.448% due 11/25/2036 ~			1,039			868

SunTrust Adjustable Rate Mortgage Loan Trust
4.848% due 02/25/2037 ~			63			53

WaMu Mortgage Pass-Through Certificates Trust
3.704% due 02/25/2037 ~			240			201
3.847% due 05/25/2037 ~			434			371
3.972% due 10/25/2036 ~			348			302
4.549% due 07/25/2037 ~			430			359

WSTN Trust
7.690% due 07/05/2037 (k)			1,400			1,386
8.455% due 07/05/2037			1,400			1,390
9.835% due 07/05/2037			1,100			1,089

Total Non-Agency Mortgage-Backed Securities (Cost $93,365)						86,416


ASSET-BACKED SECURITIES 6.3%

Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,800			623

Apidos CLO
0.000% due 01/20/2031 ~	$		4,500			1,423

Argent Securities Trust
5.850% due 03/25/2036 •			2,989			1,599

Avoca CLO DAC
0.000% due 07/15/2032 ~	EUR		2,230			1,712

Bear Stearns Asset-Backed Securities Trust
5.002% due 10/25/2036 •	$		1,751			2,707
6.500% due 10/25/2036			340			145

Belle Haven ABS CDO Ltd.
5.926% due 07/05/2046 •			180,259			18

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			2,400			497
0.000% due 10/22/2031 ~			1,500			332

Citigroup Mortgage Loan Trust
5.770% due 12/25/2036 •(k)			11,089			4,430
5.790% due 12/25/2036 •			1,254			701

Cork Street CLO DAC
0.000% due 11/27/2028 ~	EUR		621			115

Fremont Home Loan Trust
5.620% due 01/25/2037 •	$		11,045			5,019

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		318			0

Home Equity Mortgage Loan Asset-Backed Trust
5.630% due 07/25/2037 •	$		2,313			1,249

KKR CLO Ltd.
0.000% due 10/17/2031 ~			3,000			1,951

Magnetite Ltd.
0.000% due 01/15/2028 ~			5,650			1,536

Marlette Funding Trust
0.000% due 09/17/2029 «(g)			7			207
0.000% due 03/15/2030 «(g)			6			186


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Merrill Lynch Mortgage Investors Trust
5.790% due 04/25/2037 •	$		368	$		179

Morgan Stanley Mortgage Loan Trust
6.250% due 02/25/2037 ~			383			215

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(g)			1			736

SLM Student Loan Trust
0.000% due 01/25/2042 «(g)			4			901

SMB Private Education Loan Trust
0.000% due 09/18/2046 «(g)			1			395
0.000% due 10/15/2048 «(g)			1			296

SoFi Professional Loan Program LLC
0.000% due 05/25/2040 (g)			4,400			362
0.000% due 07/25/2040 «(g)			21			226
0.000% due 09/25/2040 «(g)			1,758			214

Taberna Preferred Funding Ltd.
6.014% due 12/05/2036 •			4,395			3,846
6.034% due 08/05/2036 •			5,320			4,788
6.146% due 07/05/2035 •			1,239			1,128

Total Asset-Backed Securities (Cost $73,705)						37,736



SOVEREIGN ISSUES 3.1%

Argentina Government International Bond
0.750% due 07/09/2030 þ			3,626			1,392
1.000% due 07/09/2029			683			273
3.500% due 07/09/2041 þ			5,512			1,883
3.625% due 07/09/2035 þ			10			3
3.625% due 07/09/2035 þ(k)			3,731			1,232
3.625% due 07/09/2046 þ			115			40
4.250% due 01/09/2038 þ(k)			11,605			4,614

Argentina Treasury Bond BONCER
4.000% due 10/14/2024	ARS		159,285			263

Dominican Republic Central Bank Notes
13.000% due 12/05/2025	DOP		141,200			2,550
13.000% due 01/30/2026			145,300			2,631

Dominican Republic International Bond
13.625% due 02/03/2033			14,700			309

Ghana Government International Bond
6.375% due 02/11/2027 ^(d)	$		500			225
7.875% due 02/11/2035 ^(d)			600			264
8.750% due 03/11/2061 ^(d)			200			87

Provincia de Buenos Aires
129.126% due 04/12/2025	ARS		363,012			302

Romania Government International Bond
5.500% due 09/18/2028	EUR		900			1,023
6.375% due 09/18/2033			900			1,052

Ukraine Government International Bond
4.375% due 01/27/2032			1,205			277

Venezuela Government International Bond
8.250% due 10/13/2024 ^(d)	$		28			4
9.250% due 09/15/2027 ^(d)			315			60

Total Sovereign Issues (Cost $30,026)						18,484


		SHARES
COMMON STOCKS 12.4%

COMMUNICATION SERVICES 0.3%

Clear Channel Outdoor Holdings, Inc. (e)			549,096			999

iHeartMedia, Inc. ‘A’ (e)			129,909			347

iHeartMedia, Inc. ‘B’ «(e)			100,822			242

Promotora de Informaciones SA (e)			258,261			83

						1,671


CONSUMER DISCRETIONARY 0.0%

Steinhoff International Holdings NV «(e)(j)			24,971,388			0


ENERGY 0.0%

Axis Energy Services ‘A’ «(j)			2,048			61


	SHARES			MARKET VALUE (000S)
FINANCIALS 1.7%

Banca Monte dei Paschi di Siena SpA (e)		1,043,000	$		3,507

Intelsat Emergence SA «(e)(j)		233,715			6,659

					10,166


HEALTH CARE 4.8%

Amsurg Equity «(e)(j)		563,629			28,909


INDUSTRIALS 2.8%

Drillco Holding Lux SA «(e)		24,829			617

Drillco Holding Lux SA «(e)(j)		66,318			1,647

Forsea Holding SA «(e)		2,758			68

Neiman Marcus Group Ltd. LLC «(e)(j)		82,915			12,427

Syniverse Holdings, Inc. «(j)		2,403,564			2,104

Voyager Aviation Holdings LLC «(e)		1,155			0

Westmoreland Mining Holdings «(e)(j)		52,802			211

Westmoreland Mining LLC «(e)(j)		53,267			186

					17,260


UTILITIES 2.8%

West Marine New «(e)(j)		2,750			29

Windstream Units «(e)		565,698			16,740

					16,769

Total Common Stocks (Cost $62,721)					74,836


WARRANTS 0.0%

FINANCIALS 0.0%

Intelsat Emergence SA - Exp. 02/17/2027 «		401			1


UTILITIES 0.0%

West Marine - Exp. 09/08/2028		357			0

Total Warrants (Cost $5,389)					1


PREFERRED SECURITIES 1.1%

FINANCIALS 1.1%

AGFC Capital Trust
7.405% (US0003M + 1.750%) due 01/15/2067 ~(k)		1,800,000			915

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)		70,000			64

Farm Credit Bank of Texas
5.700% due 09/15/2025 •(i)		1,000,000			949

Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 þ(i)(k)		4,346,300			4,817

SVB Financial Group
4.000% due 05/15/2026 ^(d)(i)		200,000			2
4.250% due 11/15/2026 ^(d)(i)		100,000			1
4.700% due 11/15/2031 ^(d)(i)		178,000			3

					6,751


INDUSTRIALS 0.0%

Voyager Aviation Holdings LLC
9.500% «		6,929			0

Total Preferred Securities (Cost $10,370)					6,751


REAL ESTATE INVESTMENT TRUSTS 0.7%

REAL ESTATE 0.7%

CBL & Associates Properties, Inc.		6,516			159

Uniti Group, Inc.		203,351			1,175

VICI Properties, Inc.		89,142			2,842

Total Real Estate Investment Trusts (Cost $1,924)					4,176

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund II		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.4%

SHORT-TERM NOTES 0.0%

Argentina Treasury Bond BONCER
3.750% due 05/20/2024	ARS		125,886	$		133


HUNGARY TREASURY BILLS 0.1%
10.900% due 01/04/2024 (g)(h)	HUF		246,000			709


U.S. TREASURY BILLS 0.3%
5.389% due 02/15/2024 - 02/22/2024 (f)(g)(n)	$		1,668			1,657

Total Short-Term Instruments (Cost $2,516)						2,499



Total Investments in Securities (Cost $809,284)						712,867


	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 7.2%

SHORT-TERM INSTRUMENTS 7.2%

CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.2%

PIMCO Short-Term Floating NAV Portfolio III		4,477,313	$		43,551

Total Short-Term Instruments (Cost $43,545)					43,551



Total Investments in Affiliates (Cost $43,545)					43,551


Total Investments 125.4% (Cost $852,829)			$		756,418


		MARKET VALUE (000S)
Financial Derivative Instruments (l)(m) 0.0% (Cost or Premiums, net $(6,127))	$		120

Auction-Rate Preferred Shares (6.4)%			(38,900	)

Other Assets and Liabilities, net (19.0)%			(114,333	)

Net Assets Applicable to Common Shareholders 100.0%	$		603,305

NOTES TO SCHEDULE OF INVESTMENTS:

*	A zero balance may reflect actual amounts rounding to less than one thousand.

^	Security is in default.

«	Security valued using significant unobservable inputs (Level 3).

µ	All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

•	Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ	Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a)	Security is an Interest Only (“IO”) or IO Strip.

(b)	When-issued security.

(c)	Payment in-kind security.

(d)	Security is not accruing income as of the date of this report.

(e)	Security did not produce income within the last twelve months.

(f)	Coupon represents a weighted average yield to maturity.

(g)	Zero coupon security.

(h)	Coupon represents a yield to maturity.

(i)	Perpetual maturity; date shown, if applicable, represents next contractual call date.

(j) RESTRICTED SECURITIES:


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Amsurg Equity		11/02/2023 - 11/06/2023	$	23,551	$	28,909		4.79	%
Axis Energy Services ‘A’		07/01/2021		30		61		0.01
Drillco Holding Lux SA		06/08/2023		1,326		1,647		0.27
Intelsat Emergence SA		06/19/2017 - 07/03/2023		16,395		6,659		1.10
Neiman Marcus Group Ltd. LLC		09/25/2020		2,719		12,427		2.06
Steinhoff International Holdings NV		06/30/2023 - 10/30/2023		0		0		0.00
Syniverse Holdings, Inc.		05/12/2022 - 11/30/2023		2,364		2,104		0.36
West Marine New		09/12/2023		40		29		0.00
Westmoreland Mining Holdings		12/08/2014 - 10/19/2016		1,521		211		0.04
Westmoreland Mining LLC		06/30/2023		353		186		0.03

			$	48,299	$	52,233		8.66	%


74		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate (1)			Settlement Date		Maturity Date				Amount Borrowed (1)			Payable for Reverse Repurchase Agreements
BMO		5.730	%		12/22/2023		02/20/2024		$		(733	)	$	(733	)
BOS		5.970			10/10/2023		01/08/2024				(2,630	)		(2,666	)
		6.080			12/14/2023		03/13/2024				(2,654	)		(2,663	)
		6.240			12/15/2023		02/02/2024				(7,431	)		(7,454	)
BPS		4.380			09/15/2023		TBD	(2)	EUR		(10,388	)		(11,615	)
		4.380			11/06/2023		TBD	(2)			(3,191	)		(3,545	)
		6.080			10/17/2023		01/17/2024		$		(1,848	)		(1,873	)
		6.180			10/10/2023		04/08/2024				(4,909	)		(4,980	)
		6.180			11/24/2023		04/08/2024				(394	)		(396	)
		6.690			12/20/2023		04/16/2024				(3,177	)		(3,185	)
BRC		3.500			12/01/2023		TBD	(2)			(659	)		(661	)
		4.250			09/20/2023		TBD	(2)	EUR		(563	)		(629	)
		4.850			12/21/2023		TBD	(2)	$		(3,365	)		(3,370	)
		6.320			10/24/2023		TBD	(2)			(5,840	)		(5,912	)
BYR		6.100			11/20/2023		05/20/2024				(3,492	)		(3,517	)
CDC		5.800			12/29/2023		04/29/2024				(1,306	)		(1,306	)
		5.880			07/28/2023		01/24/2024				(4,090	)		(4,195	)
		5.930			01/02/2024		04/02/2024				(1,097	)		(1,097	)
		5.990			10/02/2023		01/02/2024				(306	)		(311	)
		5.990			10/03/2023		01/02/2024				(788	)		(800	)
		6.100			12/07/2023		04/05/2024				(11,505	)		(11,555	)
		6.100			12/18/2023		04/12/2024				(1,382	)		(1,385	)
		6.100			12/29/2023		04/29/2024				(8,715	)		(8,721	)
		6.130			12/26/2023		01/24/2024				(314	)		(314	)
IND		5.870			12/15/2023		04/11/2024				(2,272	)		(2,279	)
		5.930			12/04/2023		02/29/2024				(719	)		(723	)
		6.020			12/04/2023		02/29/2024				(968	)		(973	)
		6.070			12/04/2023		02/29/2024				(3,799	)		(3,818	)
		6.120			12/04/2023		02/29/2024				(2,266	)		(2,277	)
MEI		6.250			12/21/2023		04/19/2024				(4,826	)		(4,836	)
MSB		6.200			10/25/2023		04/25/2024				(517	)		(523	)
		6.300			10/25/2023		04/25/2024				(682	)		(691	)
RCY		6.110			09/15/2023		03/18/2024				(642	)		(654	)
SOG		5.930			10/16/2023		01/16/2024				(17,721	)		(17,949	)
		5.930			11/07/2023		01/16/2024				(882	)		(890	)
		6.100			10/12/2023		04/12/2024				(1,498	)		(1,518	)
		6.120			08/07/2023		01/24/2024				(1,536	)		(1,574	)
		6.120			10/10/2023		04/10/2024				(3,018	)		(3,060	)
		6.120			10/18/2023		04/10/2024				(1,068	)		(1,082	)
		6.120			11/08/2023		04/10/2024				(649	)		(655	)
		6.120			12/14/2023		04/10/2024				(2,383	)		(2,391	)
TDM		5.710			12/19/2023		02/20/2024				(5,202	)		(5,214	)
UBS		4.100			12/15/2023		TBD	(2)	EUR		(392	)		(433	)
		6.070			08/28/2023		02/26/2024		$		(5,762	)		(5,885	)

Total Reverse Repurchase Agreements													$	(140,308	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)		Net Exposure (3)
Global/Master Repurchase Agreement
BMO	$	0	$	(733	)	$	0	$	(733	)	$	763	$	30
BOS		0		(12,783	)		0		(12,783	)		16,801		4,018
BPS		0		(25,594	)		0		(25,594	)		30,547		4,953
BRC		0		(10,572	)		0		(10,572	)		14,923		4,351
BYR		0		(3,517	)		0		(3,517	)		4,310		793
CDC		0		(29,684	)		0		(29,684	)		32,556		2,872
IND		0		(10,070	)		0		(10,070	)		11,796		1,726
MEI		0		(4,836	)		0		(4,836	)		6,495		1,659
MSB		0		(1,214	)		0		(1,214	)		1,462		248
RCY		0		(654	)		0		(654	)		824		170
SOG		0		(29,119	)		0		(29,119	)		33,856		4,737
TDM		0		(5,214	)		0		(5,214	)		5,423		209
UBS		0		(6,318	)		0		(6,318	)		7,588		1,270

Total Borrowings and Other Financing Transactions	$	0	$	(140,308	)	$	0

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund II		(Cont.)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements


	Overnight and Continuous		Up to 30 days			31-90 days			Greater Than 90 days			Total
Reverse Repurchase Agreements
Corporate Bonds & Notes	$	0	$	(29,772	)	$	(22,672	)	$	(63,903	)	$	(116,347	)
Municipal Bonds & Notes		0		0			0			(5,912	)		(5,912	)
U.S. Government Agencies		0		0			(654	)		0			(654	)
Non-Agency Mortgage-Backed Securities		0		0			(7,068	)		(1,214	)		(8,282	)
Asset-Backed Securities		0		0			0			(3,185	)		(3,185	)
Sovereign Issues		0		0			0			(4,031	)		(4,031	)
Preferred Securities		0		(800	)		0			0			(800	)

Total Borrowings	$	0	$	(30,572	)	$	(30,394	)	$	(78,245	)	$	(139,211	)

Payable for reverse repurchase agreements (4)												$	(139,211	)

(k)	Securities with an aggregate market value of $172,210 and cash of $30 have been pledged as collateral under the terms of the above master agreements as of December 31, 2023.

(1)	The average amount of borrowings outstanding during the period ended December 31, 2023 was $(114,072) at a weighted average interest rate of 5.699%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

(2)	Open maturity reverse repurchase agreement.

(3)

(4)	Unsettled reverse repurchase agreements liability of $(1,097) is outstanding at period end.

(l) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)


Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value (4)		Variation Margin
Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Market Value (4)		Asset		Liability
Jaguar Land Rover Automotive		5.000	%		Quarterly		06/20/2026		1.875	%		EUR	700	$	49	$	9	$	58	$	0	$	0
Jaguar Land Rover Automotive		5.000			Quarterly		12/20/2026		2.236				1,000		39		48		87		1		0

														$	88	$	57	$	145	$	1	$	0

INTEREST RATE SWAPS


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay (5)	1-Day GBP-SONIO Compounded-OIS		5.000	%	Annual		03/20/2029		GBP	27,100	$	2,663		$	20		$	2,683		$	0	$	(86	)
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2032			8,700		845			1,377			2,222			74		0
Receive	1-Day GBP-SONIO Compounded-OIS		2.000		Annual		03/15/2033			4,600		512			210			722			43		0
Receive	1-Day GBP-SONIO Compounded-OIS		0.750		Annual		09/21/2052			2,300		171			1,264			1,435			45		0
Receive	1-Day USD-SOFR Compounded-OIS		2.450		Annual		12/20/2024		$	24,600		(2	)		576			574			6		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.350		Annual		01/17/2025			12,500		2			282			284			0		(2	)
Pay (5)	1-Day USD-SOFR Compounded-OIS		5.250		Annual		06/17/2025			192,000		421			1,984			2,405			39		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		2.300		Annual		01/17/2026			2,000		1			65			66			0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		06/15/2026			26,800		436			(1,682	)		(1,246	)		0		(3	)
Receive	1-Day USD-SOFR Compounded-OIS		1.350		Semi-Annual		01/20/2027			8,100		(2	)		666			664			2		0
Pay	1-Day USD-SOFR Compounded-OIS		1.550		Semi-Annual		01/20/2027			35,800		(84	)		(2,612	)		(2,696	)		0		(10	)
Receive	1-Day USD-SOFR Compounded-OIS		1.360		Semi-Annual		02/15/2027			5,430		(1	)		434			433			2		0
Pay	1-Day USD-SOFR Compounded-OIS		1.600		Semi-Annual		02/15/2027			21,700		(53	)		(1,507	)		(1,560	)		0		(6	)
Receive	1-Day USD-SOFR Compounded-OIS		1.450		Semi-Annual		02/17/2027			9,000		(2	)		692			690			3		0
Pay	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		02/17/2027			35,800		(95	)		(2,355	)		(2,450	)		0		(10	)
Pay	1-Day USD-SOFR Compounded-OIS		2.500		Semi-Annual		12/20/2027			49,000		182			(2,723	)		(2,541	)		6		0
Receive	1-Day USD-SOFR Compounded-OIS		1.420		Semi-Annual		08/17/2028			29,500		(7	)		3,057			3,050			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.380		Semi-Annual		08/24/2028			32,500		(8	)		3,412			3,404			0		0
Pay (5)	1-Day USD-SOFR Compounded-OIS		4.500		Annual		06/19/2029			76,800		101			3,860			3,961			29		0
Receive (5)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2029			21,600		(409	)		(7	)		(416	)		0		(8	)
Pay	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2029			106,500		(10,975	)		2,384			(8,591	)		0		(20	)
Receive	1-Day USD-SOFR Compounded-OIS		1.160		Semi-Annual		04/12/2031			2,800		(1	)		490			489			1		0
Receive	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031			38,000		2,575			4,909			7,484			25		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		12/15/2031			40,600		(568	)		6,225			5,657			22		0


76		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Asset		Liability
Pay	1-Day USD-SOFR Compounded-OIS		3.500	%	Annual		12/20/2033		$	43,900	$	398		$	(290	)	$	108		$	0	$	(35	)
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Semi-Annual		06/19/2044			201,500		(5,022	)		(2,260	)		(7,282	)		0		(561	)
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		01/15/2050			1,400		(10	)		407			397			5		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/22/2050			21,100		(52	)		6,940			6,888			70		0
Receive	1-Day USD-SOFR Compounded-OIS		1.875		Semi-Annual		02/07/2050			22,000		(85	)		6,754			6,669			74		0
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		03/12/2050			6,000		(18	)		1,426			1,408			21		0
Receive	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		12/16/2050			2,400		217			782			999			8		0
Receive	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		02/01/2052			187,400		1,316			63,160			64,476			671		0
Pay	6-Month AUD-BBR-BBSW		3.500		Semi-Annual		06/17/2025		AUD	8,100		201			(259	)		(58	)		1		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030		EUR	8,300		152			1,322			1,474			43		0
Receive	6-Month EUR-EURIBOR		0.250		Annual		09/21/2032			9,600		903			1,054			1,957			81		0
Receive (5)	6-Month EUR-EURIBOR		0.830		Annual		12/09/2052			18,000		240			914			1,154			91		0
Receive	28-Day MXN-TIIE		8.675		Lunar		04/03/2024		MXN	200		0			0			0			0		0
Receive	28-Day MXN-TIIE		8.660		Lunar		04/04/2024			100		0			0			0			0		0

											$	(6,058	)	$	100,971		$	94,913		$	1,362	$	(742	)

Total Swap Agreements											$	(5,970	)	$	101,028		$	95,058		$	1,363	$	(742	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	1,363	$	1,363	$	0	$	0	$	(742)	$	(742)

Cash of $16,284 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

(5)	This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability
BOA		01/2024	GBP	544	$	691	$	0	$	(3	)

BPS		01/2024	EUR	1,967		2,148		0		(24	)
		01/2024	GBP	2,076		2,633		0		(13	)
		01/2024	HUF	33,881		97		0		(1	)
		01/2024	$	1,757	EUR	1,600		12		(2	)
		01/2024		2	HUF	638		0		0

BRC		03/2024		2,582	TRY	80,879		0		(26	)
		04/2024		9,434		304,893		0		(142	)

CBK		01/2024	EUR	1,205	$	1,316		0		(14	)
		01/2024	GBP	306		387		0		(3	)
		01/2024	HUF	5,468		16		0		0
		01/2024	MXN	6		0		0		0

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund II		(Cont.)


Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Asset		Liability

GLM		01/2024	DOP	178,825	$	3,137	$	71	$	0
		01/2024	$	255	MXN	4,481		7		0
		02/2024	DOP	41,907	$	728		9		0
		03/2024		8,352		146		3		0

JPM		01/2024	HUF	151,093		431		0		(5	)

MBC		01/2024	CAD	3,163		2,337		0		(50	)
		01/2024	HUF	48,172		137		0		(2	)

MYI		01/2024	EUR	66,968		73,606		0		(340	)
		01/2024	HUF	7,178		20		0		0

RBC		04/2024	$	0	MXN	6		0		0

UAG		01/2024	GBP	11,276	$	14,270		0		(103	)

Total Forward Foreign Currency Contracts							$	102	$	(728	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION

(1)


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value (4)
Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023 (2)			Notional Amount (3)			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
BPS	Petroleos Mexicanos		1.000	%		Quarterly		12/20/2028		5.188	%		$	800	$	(155	)	$	22	$	0	$	(133	)

DUB	Eskom «		4.650			Quarterly		06/30/2029		0.075				2,900		0			252		252		0

JPM	Banca Monte Dei Paschi Di		5.000			Quarterly		06/20/2025		1.588			EUR	100		(2	)		8		6		0

Total Swap Agreements															$	(157	)	$	282	$	258	$	(133	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:


	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure (5)
BOA	$	0	$	0	$	0	$	0	$	(3	)	$	0	$	0		$	(3	)	$	(3	)	$	0	$	(3	)
BPS		12		0		0		12		(40	)		0		(133	)		(173	)		(161	)		0		(161	)
BRC		0		0		0		0		(168	)		0		0			(168	)		(168	)		0		(168	)
CBK		0		0		0		0		(17	)		0		0			(17	)		(17	)		0		(17	)
DUB		0		0		252		252		0			0		0			0			252			0		252
GLM		90		0		0		90		0			0		0			0			90			0		90
JPM		0		0		6		6		(5	)		0		0			(5	)		1			0		1
MBC		0		0		0		0		(52	)		0		0			(52	)		(52	)		0		(52	)
MYI		0		0		0		0		(340	)		0		0			(340	)		(340	)		805		465
UAG		0		0		0		0		(103	)		0		0			(103	)		(103	)		0		(103	)

Total Over the Counter	$	102	$	0	$	258	$	360	$	(728	)	$	0	$	(133	)	$	(861	)

(n)	Securities with an aggregate market value of $805 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2023.

(1)

(2)

(3)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)


78		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)

(5)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	1	$	0	$	0	$	1,362	$	1,363

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	102	$	0	$	102
Swap Agreements		0		258		0		0		0		258

	$	0	$	258	$	0	$	102	$	0	$	360

	$	0	$	259	$	0	$	102	$	1,362	$	1,723


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	742	$	742

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	728	$	0	$	728
Swap Agreements		0		133		0		0		0		133

	$	0	$	133	$	0	$	728	$	0	$	861

	$	0	$	133	$	0	$	728	$	742	$	1,603

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:


	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	41	$	0	$	0		$	(20,347	)	$	(20,306	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(995	)	$	0		$	(995	)
Swap Agreements		0		72		0		0			0			72

	$	0	$	72	$	0	$	(995	)	$	0		$	(923	)

	$	0	$	113	$	0	$	(995	)	$	(20,347	)	$	(21,229	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	159	$	0	$	0		$	25,830		$	25,989

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,252		$	0		$	1,252
Swap Agreements		0		151		0		0			0			151

	$	0	$	151	$	0	$	1,252		$	0		$	1,403

	$	0	$	310	$	0	$	1,252		$	25,830		$	27,392

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Schedule of Investments		PIMCO Income Strategy Fund II		(Cont.)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Loan Participations and Assignments	$	0	$	192,388	$	24,025	$	216,413
Corporate Bonds & Notes
Banking & Finance		0		57,648		4,511		62,159
Industrials		0		143,762		0		143,762
Utilities		0		26,700		0		26,700
Convertible Bonds & Notes
Industrials		0		1,819		0		1,819
Municipal Bonds & Notes
Michigan		0		1,561		0		1,561
Ohio		0		5,725		0		5,725
Puerto Rico		0		9,244		0		9,244
West Virginia		0		4,049		0		4,049
U.S. Government Agencies		0		5,498		5,038		10,536
Non-Agency Mortgage-Backed Securities		0		85,670		746		86,416
Asset-Backed Securities		0		34,575		3,161		37,736
Sovereign Issues		0		18,484		0		18,484
Common Stocks
Communication Services		1,429		0		242		1,671
Energy		0		0		61		61
Financials		3,507		0		6,659		10,166
Health Care		0		0		28,909		28,909
Industrials		0		0		17,260		17,260
Utilities		0		0		16,769		16,769
Warrants
Financials		0		0		1		1
Preferred Securities
Financials		0		6,751		0		6,751
Real Estate Investment Trusts
Real Estate		4,176		0		0		4,176
Short-Term Instruments
Short-Term Notes		0		133		0		133


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Hungary Treasury Bills	$	0	$	709		$	0	$	709
U.S. Treasury Bills		0		1,657			0		1,657

	$	9,112	$	596,373		$	107,382	$	712,867


Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	43,551	$	0		$	0	$	43,551


Total Investments	$	52,663	$	596,373		$	107,382	$	756,418


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		1,363			0		1,363
Over the counter		0		108			252		360

	$	0	$	1,471		$	252	$	1,723


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(742	)		0		(742	)
Over the counter		0		(861	)		0		(861	)

	$	0	$	(1,603	)	$	0	$	(1,603	)


Total Financial Derivative Instruments	$	0	$	(132	)	$	252	$	120


Totals	$	52,663	$	596,241		$	107,634	$	756,538

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended December 31, 2023:


Category and Subcategory	Beginning Balance at 06/30/2023		Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)
Investments in Securities, at Value
Loan Participations and Assignments	$	60,051	$	17,700	$	(33,268	)	$	813	$	(7,543	)	$	8,144		$	0	$	(21,872	)	$	24,025	$	802
Corporate Bonds & Notes
Banking & Finance		1,034		0		0			4		0			46			4,512		(1,085	)		4,511		0
U.S. Government Agencies		4,668		0		(66	)		10		22			404			0		0			5,038		398
Non-Agency Mortgage-Backed Securities		889		0		(147	)		4		17			(17	)		0		0			746		(15	)
Asset-Backed Securities		3,815		0		0			14		0			(668	)		0		0			3,161		(668	)
Common Stocks
Communication Services		331		0		0			0		0			(89	)		0		0			242		(89	)
Energy		62		0		0			0		0			(1	)		0		0			61		(1	)
Financials		5,363		0		0			0		0			1,296			0		0			6,659		1,296
Health Care		0		23,551		0			0		0			5,358			0		0			28,909		5,358
Industrials		17,495		141		0			0		0			(376	)		0		0			17,260		46
Utilities		0		4,730		0			0		0			12,039			0		0			16,769		12,039
Rights
Financials		116		0		(226	)		0		226			(116	)		0		0			0		0
Warrants
Financials		177		0		(233	)		0		233			(176	)		0		0			1		0
Information Technology		8,661		0		(4,690	)		0		0			(3,971	)		0		0			0		0


80		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						December 31, 2023		(Unaudited)


Category and Subcategory	Beginning Balance at 06/30/2023		Net Purchases (1)		Net Sales/ Settlements (1)			Accrued Discounts/ (Premiums)		Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation) (2)			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 12/31/2023		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (2)
Preferred Securities
Industrials	$	1,671	$	0	$	0		$	0	$	0		$	(1,671	)	$	0	$	0		$	0	$	0

	$	104,333	$	46,122	$	(38,630	)	$	845	$	(7,045	)	$	20,202		$	4,512	$	(22,957	)	$	107,382	$	19,166


Financial Derivative Instruments – Assets
Over the counter	$	125	$	0	$	0		$	0	$	0		$	127		$	0	$	0		$	252	$	127


Totals	$	104,458	$	46,122	$	(38,630	)	$	845	$	(7,045	)	$	20,329		$	4,512	$	(22,957	)	$	107,634	$	19,293

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:


Category and Subcategory	Ending Balance at 12/31/2023		Valuation Technique	Unobservable Inputs		(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 12/31/2023		Valuation Technique	Unobservable Inputs		Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	12,909	Comparable Companies	EBITDA Multiple	X		14.500		—
		11,116	Discounted Cash Flow	Discount Rate			10.440-26.490		21.009
Corporate Bonds & Notes
Banking & Finance		4,511	Expected Recovery	Recovery Rate			54.375		—
U.S. Government Agencies		5,038	Discounted Cash Flow	Discount Rate			12.112		—
Non-Agency Mortgage-Backed Securities		746	Fair Valuation of Odd Lot Positions	Adjustment Factor			2.500		—
Asset-Backed Securities		3,161	Discounted Cash Flow	Discount Rate			12.000-20.000		16.296
Common Stocks
Communication Services		242	Reference Instrument	Stock Price w/Liquidity Discount			10.000		—
Energy		61	Comparable Companies	EBITDA Multiple	X		4.000		—
Financials		6,659	Comparable Companies	EBITDA Multiple	X		4.000		—
Health Care		28,909	Comparable Companies	EBITDA Multiple	X		14.500		—
Industrials		12,427	Comparable Companies/ Discounted Cash Flow	Revenue Multiple/ EBITDA Multiple/ Discount Rate	X/X/%		0.550/6.500/10.000		—
		2,104	Discounted Cash Flow	Discount Rate			17.280		—
		2,729	Indicative Market Quotation	Broker Quote	$		3.500-24.833		21.764
Utilities		16,740	Comparable Companies	EBITDA Multiple	X		5.860		—
		29	Discounted Cash Flow/ Comparable Companies	Discount Rate/Revenue Multiple	%/X		17.250/0.550		—
Warrants
Financials		1	Option Pricing Model	Volatility			40.000		—

Financial Derivative Instruments - Assets
Over the counter		252	Indicative Market Quotation	Broker Quote			7.505		—

Total	$	107,634

(1)	Net Purchases and Settlements for Financial Derivative Instruments may include payments made or received upon entering into swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions.

(2)	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2023 may be due to an investment no longer held or categorized as Level 3 at period end.

See Accompanying Notes

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements

1. ORGANIZATION

PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II (each a “Fund” and collectively the “Funds”) are organized as

closed-end

management investment companies registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the “Act”). Each Fund was organized as a Massachusetts business trust on the dates shown in the table below. Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) serves as the Funds’ investment manager.


Fund Name	Formation Date

PIMCO Corporate & Income Opportunity Fund		September 13, 2002

PIMCO Corporate & Income Strategy Fund		October 17, 2001

PIMCO High Income Fund		February 18, 2003

PIMCO Income Strategy Fund		June 19, 2003

PIMCO Income Strategy Fund II		June 30, 2004

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board”.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the

ex-dividend

date, except certain dividends from foreign securities where the

ex-dividend

date may have passed, which are recorded as soon as a Fund is informed of the

ex-dividend

date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting

effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on

non-accrual

status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from

non-accrual

status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or

non-contractual

forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes

The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report


82		PIMCO CLOSED-END FUNDS


				December 31, 2023		(Unaudited)

the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Distributions — Common Shares

The following table shows the anticipated frequency of distributions from net investment income to common shareholders.

Distribution Frequency

Fund Name

Declared

Distributed

PIMCO Corporate & Income Opportunity Fund

Monthly

PIMCO Corporate & Income Strategy Fund

Monthly

PIMCO High Income Fund

Monthly

PIMCO Income Strategy Fund

Monthly

PIMCO Income Strategy Fund II

Monthly

Each Fund intends to distribute at least annually to its shareholders all or substantially all of its net

tax-exempt

interest and any investment company taxable income, and may distribute its net capital gain. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

As of the end of the fiscal year, none of the Funds were in default on long-term debt or had any accumulated dividend in arrears.

A Fund may engage in investment strategies, including those that employ the use of derivatives, to, among other things, seek to generate current, distributable income without regard to possible declines in the Fund’s net asset value (“NAV”). A Fund’s income and gain generating strategies, including certain derivatives strategies, may generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s NAV. A Fund’s income and gain generating strategies, including certain derivatives strategies, may

generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when the Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or

non-U.S.

equity markets or the Fund’s debt investments, or arising from its use of derivatives. A Fund may enter into opposite sides of interest rate swap and other derivatives for the principal purpose of generating distributable gains on the one side (characterized as ordinary income for tax purposes) that are not part of the Fund’s duration or yield curve management strategies, and with a substantial possibility that the Fund will experience a corresponding capital loss and decline in NAV with respect to the opposite side transaction (to the extent it does not have corresponding offsetting capital gains). Consequently, common shareholders may receive distributions and owe tax on amounts that are effectively a taxable return of the shareholder’s investment in the Fund at a time when their investment in a Fund has declined in value, which may be taxed at ordinary income rates. The tax treatment of certain derivatives in which a Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by a Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or

paid-in

surplus or other capital sources, a Section 19 Notice generally would not be issued. It is

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors,

tax-related

characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where a Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates

In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU

2020-04,

Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU

2020-04

is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2024. In January 2021 and December 2022, FASB issued ASU

2021-01

and ASU

2022-06,

which include additional amendments to Topic 848. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In June 2022, the FASB issued ASU

2022-03,

Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU

2022-03

clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered

in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU

2022-03

is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds’ financial statements.

The U.S. Securities and Exchange Commission (“SEC”) made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule

15c6-1)

and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. At this time, management is evaluating the implications of these changes on the financial statements.

24-month

compliance period following the effective date for fund groups with net assets of $1 billion or more (and a

30-month

compliance period for fund groups with net assets of less than $1 billion). At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies

The NAV of a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Funds or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used


84		PIMCO CLOSED-END FUNDS


				December 31, 2023		(Unaudited)

to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that a Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign

(non-U.S.)

equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign

(non-U.S.)

equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule

2a-5

under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule

2a-5,

the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

Domestic and foreign

(non-U.S.)

fixed income securities,

non-exchange

traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those

securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more

open-end

management investment companies (other than ETFs), a Fund’s NAV will be calculated based on the NAVs of such investments.

If a foreign

(non-U.S.)

equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign

(non-U.S.)

equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign

(non-U.S.)

equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign

(non-U.S.)

securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign

(non-U.S.)

equity securities on days when a Fund is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund’s whole loan investments, including those originated by a Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that a Fund is not open for business. As a result, to the extent that a Fund holds foreign

(non-U.S.)

investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in a Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Funds’ and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, a Fund cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

∎

Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

∎

Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

∎

Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value

The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered

open-end

investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered

open-end

investment companies will be


86		PIMCO CLOSED-END FUNDS


				December 31, 2023		(Unaudited)

calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities,

non-U.S.

bonds, and short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes , reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security.

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DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Option Pricing Model is a commonly accepted method of allocating enterprise value across a capital structure. The method may be utilized when a capital structure includes multiple instruments with varying rights and preferences, there is no short term exit horizon, the nature of an exit event is unknown, or if the enterprise value is not sufficient to cover outstanding debt and preferred claims. The Option Pricing Model can also be used as a method to estimate enterprise value by ‘back-solving’ if there are recent indicative transactions for securities with the same issuer. The Option Pricing Model uses Black-Scholes option pricing, a generally accepted option model typically used to value call options, puts, warrants, and convertible preferred securities. Significant changes in unobservable inputs would result in direct changes in the fair value of the security. These securities are categorized as level 3 of the fair value hierarchy.

Securities that are smaller in size than

institutional-sized

or round lot positions of the particular security/instrument type may apply an adjustment factor to the daily vendor-provided price for the corresponding round lot position to arrive at a fair value for the applicable odd lot positions. The adjustment factor is determined by comparing the prices of internal trades with vendor prices, calculating the weighted average differences, and using that difference as an adjustment factor to vendor prices. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form NPORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s


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shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2023 (amounts in thousands

†

Investment in PIMCO Short-Term Floating NAV Portfolio III


Fund Name	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2023		Dividend Income (1)		Realized Net Capital Gain Distributions (1)

PIMCO Corporate & Income Opportunity Fund	$	0	$	205,242	$	(33,100	)	$	3		$	30	$	172,175	$	765	$	0

PIMCO Corporate & Income Strategy Fund		0		77,241		(16,600	)		(1	)		12		60,652		406		0

PIMCO High Income Fund		0		90,971		(14,500	)		(2	)		18		76,487		425		0

PIMCO Income Strategy Fund		0		51,923		(21,100	)		0			8		30,831		210		0

PIMCO Income Strategy Fund II		0		88,743		(45,200	)		2			6		43,551		227		0

†	A zero balance may reflect actual amounts rounding to less than one thousand.

(1)

The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Loans and Other Indebtedness, Loan Participations and Assignments

are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of direct investments, participations in loans or assignments of all or a portion of loans from third parties or exposure to investments in loans through investments in a mutual fund or other pooled investment vehicle. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the agent that is selling the loan agreement.

In the event of the insolvency of the agent selling a participation, a Fund may be treated as a general creditor of the agent and may not benefit from any

set-off

between the agent and the borrower. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

Investments in loans are generally subject to risks similar to those of investments in other types of debt obligations, including, among others, credit risk, interest rate risk, variable and floating rate securities risk, and risks associated with mortgage-related securities. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. The Funds may be subject to heightened or additional risks and potential liabilities and costs by investing in mezzanine and other subordinated loans, including those arising under bankruptcy, fraudulent conveyance, equitable subordination, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.

Additionally, because loans are not ordinarily registered with the SEC or any state securities commission or listed on any securities exchange, there is usually less publicly available information about such instruments. In addition, loans may not be considered “securities” for purposes of the anti-fraud provisions under the federal securities laws and, as a result, as a purchaser of these instruments, a Fund may not be entitled to the anti-fraud protections of the federal securities laws. In the course of investing in such instruments, a Fund may come into possession of material nonpublic information and, because of prohibitions on trading in securities of issuers while in possession of such information, the Fund may be unable to enter into a transaction in a publicly-traded security of that issuer when it would otherwise be advantageous for the Fund to do so. Alternatively, a Fund may choose not to receive material nonpublic information about an issuer of such loans, with the result that the Fund may have less information about such issuers than other investors who transact in such assets.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

(including second lien loans,

B-Notes

and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. Because investing in unfunded loan commitments creates a future obligation for a Fund to provide funding to a borrower upon demand in exchange for a fee, the Fund will segregate or earmark liquid assets with the Fund’s custodian in amounts sufficient to satisfy any such future obligations. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities

directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities typically provide a monthly payment which consists of both principal and interest. Interest may be determined by fixed or adjustable rates. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be

pre-paid

with the Fund being unable to reinvest the proceeds in an investment with as great a yield. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. Interest-only and principal-only securities are especially sensitive to

interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by

non-governmental

issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans. The Funds may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or “first loss” tranche.

Collateralized Debt Obligations

(“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is typically backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CBO or CLO securities as a class. The risks of an investment in a CDO depend largely on the type


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of the collateral securities and the class of the CDO in which a Fund invests. CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) the risk that a Fund may invest in CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations

(“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

As CMOs have evolved, some classes of CMO bonds have become more common. For example, a Fund may invest in

parallel-pay

and planned amortization class (“PAC”) CMOs and multi-class pass-through certificates.

Parallel-pay

CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are

parallel-pay

CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches — known as support bonds, companion bonds or

non-PAC

bonds — which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a

pre-determined

range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A Fund may invest in various tranches of CMO bonds, including support bonds and equity or “first loss” tranches (see “Collateralized Debt Obligations” above).

Stripped Mortgage-Backed Securities

(“SMBS”) are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Funds may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment

In-Kind

Securities

may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds

are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts (“REITs”)

are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs’ operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of December 31, 2023, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential

mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. Instead, they are supported only by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of

TBA-eligible

securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the


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market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no

pre-determined

repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians (in the case of

tri-party

repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral

repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no

pre-determined

repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce a Fund’s obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

PIMCO Corporate & Income Opportunity Fund is subject to regulation as a commodity pool under the Commodity Exchange Act by the Commodity Futures Trading Commission (the “CFTC”). The Manager has registered with the CFTC as a Commodity Pool Operator and a Commodity Trading Adviser with respect to the Fund, and is a member of the National Futures Association. As a result, additional CFTC-mandated disclosure, reporting and recordkeeping obligations apply to PIMCO Corporate & Income Opportunity Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Swap Agreements

are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms

of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of a Fund’s investment policy adopted pursuant to Rule

35d-1

under the Act (if any), the Fund will account for derivative instruments at market value. For purposes of applying a Fund’s other investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying


94		PIMCO CLOSED-END FUNDS


				December 31, 2023		(Unaudited)

protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (

i.e.

, to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a

cheapest-to-deliver

option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on corporate or sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a

cheapest-to-deliver

option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

securities, emerging markets, and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller

of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or ‘‘cap,’’ (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or ‘‘floor,’’ (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk).

See below for a detailed description of select principal risks. For a complete list of the principal risks the Funds may be subject to, please see the Principal Risks of the Funds section of the Funds’ annual report dated June 30, 2023.

PIMCO
Corporate &
Income
Opportunity
Fund (PTY)

PIMCO
Corporate &
Income
Strategy
Fund (PCN)

PIMCO
High
Income
Fund
(PHK)

PIMCO
Income
Strategy
Fund (PFL)

PIMCO
Income
Strategy
Fund II
(PFN)

Asset Allocation

Call

Collateralized Bond Obligations, Collateralized Loan Obligations and Collateralized Debt Obligations

—


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				December 31, 2023		(Unaudited)

PIMCO
Corporate &
Income
Opportunity
Fund (PTY)

PIMCO
Corporate &
Income
Strategy
Fund (PCN)

PIMCO
High
Income
Fund
(PHK)

PIMCO
Income
Strategy
Fund (PFL)

PIMCO
Income
Strategy
Fund II
(PFN)

Collateralized Loan Obligations

—

Confidential Information Access

Contingent Convertible Securities

Convertible Securities

Counterparty

“Covenant-lite” Obligations

Credit Default Swaps

Credit

Currency

Cyber Security

Debt Securities

Derivatives

Distressed and Defaulted Securities

Distribution Rate

Emerging Markets

Equity Securities and Related Market

Focused Investment

Foreign

(Non-U.S.)

Investment

High Yield Securities

Inflation/Deflation

Inflation-Indexed Security

Interest Rate

Issuer

Leverage

Liquidity

Loans and Other Indebtedness; Loan Participations and Assignments

Management

Market Discount

Market Disruptions

Market

Mortgage-Related and Other Asset-Backed Instruments

Mortgage-Related Derivative Instruments

—

Operational

Other Investment Companies

Platform

—

Potential Conflicts of Interest — Allocation of Investment Opportunities

Portfolio Turnover

Preferred Securities

Privacy and Data Security

Private Placements and Restricted Securities

Privately-Issued Mortgage-Related Securities

Real Estate

Reinvestment

REIT

—

Regulatory Changes

Regulatory — Commodity Pool Operator

Regulatory — London Interbank Offered Rate

Repurchase Agreements

Risk Retention Investment

—

Securities Lending

—

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

PIMCO
Corporate &
Income
Opportunity
Fund (PTY)

PIMCO
Corporate &
Income
Strategy
Fund (PCN)

PIMCO
High
Income
Fund
(PHK)

PIMCO
Income
Strategy
Fund (PFL)

PIMCO
Income
Strategy
Fund II
(PFN)

Senior Debt

Short Exposure

—

Smaller Company

—

Sovereign Debt

Special Purpose Acquisition Companies (“SPACs”)

—

Structured Investments

Subprime

Subsidiary

—

Synthetic Convertible Securities

Tax

U.S. Government Securities

Valuation

Zero-Coupon Bond,

Step-Ups

and

Payment-in-Kind

Securities

Asset Allocation Risk

is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Call Risk

is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (

e.g.

, declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security in which the Fund has invested, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Collateralized Bond Obligations, Collateralized Loan Obligations and Collateralized Debt Obligations Risk

is the risk that an investment in a CLO, CBO or other CDO depends largely on the type of the collateral securities and the class/tranche of the instrument in which the Fund invests. In addition to the normal risks associated with debt instruments (e.g., interest rate risk and credit risk), CLOs, CBOs and CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from the collateral will not be adequate to make interest or other payments; (ii) the risk that the quality of the collateral may decline in value or default; (iii) the risk that the Fund may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; and (iv) the risk that the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or others and may produce unexpected investment results.

Collateralized Loan Obligations Risk

is the risk of investing in a trust typically collateralized by a pool of loans issued by banks, corporations or any other public or private entity or person, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate or mezzanine loans, including loans that may be rated below investment grade or equivalent unrated loans (“Collateralized Loan Obligations Risk”) or (“CLOs”). In addition to the normal risks associated with debt instruments (e.g., interest rate risk and credit risk), CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from the collateral will not be adequate to make interest or other payments; (ii) the risk that the quality of the collateral may decline in value or default; (iii) the risk that the Fund may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or others and may produce unexpected investment results.

Confidential Information Access Risk

is the risk that, in managing the Fund (and other PIMCO clients), PIMCO may from time to time have the opportunity to receive material,

non-public

information (“Confidential Information”) about the issuers of certain investments, including, without limitation, senior floating rate loans, other loans and related investments being considered for acquisition by the Fund or held in the Fund’s portfolio. If PIMCO intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell investments to which such Confidential Information relates.

Contingent Convertible Securities Risk

is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a


98		PIMCO CLOSED-END FUNDS


				December 31, 2023		(Unaudited)

liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk that the principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund.

Convertible Securities Risk

is the risk that the market values of convertible securities may decline as interest rates increase and, conversely, may increase as interest rates decline. A convertible security’s market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security’s “conversion price.” The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company’s common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer’s convertible securities generally entail less risk than its common stock but more risk than its debt obligations. Convertible securities are often rated below investment grade or not rated.

Counterparty Risk

is the risk that the Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation,

winding-up,

bankruptcy, or other analogous proceeding.

“Covenant-lite” Obligations Risk

is the risk that covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans may carry more risk than traditional loans as they allow individuals and corporations to engage in activities that would otherwise be difficult or impossible under a covenant-heavy loan agreement. In the event of

default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.

Credit Default Swaps Risk

is the risk of investing in credit default swaps, including illiquidity risk, counterparty risk, leverage risk and credit risk. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller (if any), coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. When the Fund acts as a seller of a credit default swap, it is exposed to many of the same risks of leverage described herein. As the seller, a Fund would receive a stream of payments over the term of the swap agreement provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. A Fund would effectively add leverage to its portfolio because, if a default occurs, the stream of payments may stop and, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. In addition, selling credit default swaps may not be profitable for the Fund if no secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous times.

Credit Risk

is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security (including a security purchased with securities lending collateral), the counterparty to a derivatives contract, or the issuer or guarantor of collateral, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor its financial obligations. The risk that such issuer, guarantor or counterparty is less willing or able to do so is heightened in market environments where interest rates are rising. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Currency Risk

is the risk that investments denominated in foreign

(non-U.S.)

currencies or that trade in and receive revenues in, foreign

(non-U.S.)

currencies, or derivatives or other instruments that provide exposure to foreign

(non-U.S.)

currencies may decline in value, due to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

Cyber Security Risk

is the risk that, as the use of technology, including cloud-based technology, has become more prevalent in the course of

SEMIANNUAL REPORT

DECEMBER 31, 2023


Notes to Financial Statements		(Cont.)

business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders.

These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

Debt Securities Risk

is the risk that prices of bonds and other fixed income securities will generally increase as interest rates fall and decrease as interest rates rise. Income from the Fund’s portfolio may decline if the Fund invests the proceeds from matured, traded or called fixed income securities at market interest rates that are below the portfolio’s current earnings rate. The value of most bond funds and fixed income securities are impacted by changes in interest rates. Bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise.

Derivatives Risk

is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage risk, liquidity risk (which may be heightened for highly-customized derivatives), interest rate risk, market risk, counterparty (including credit) risk, operational risk (such as documentation issues, settlement issues and systems failures), legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract), counterparty risk, tax risk and management risk as well as risks arising from changes in applicable

requirements, risks arising from margin requirements and risks arising from mispricing or valuation complexity. Changes in the value of a derivative or other similar investments may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility.

Over-the-counter

(“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/ or adversely affect the value of derivatives or other similar investments and a Fund’s performance.

Distressed and Defaulted Securities Risk

is the risk of investing in the securities of financially distressed issuers, including the risk of default. These securities may fluctuate more in price and are typically less liquid. Distressed securities generally trade significantly below “par” or fall value.

The Fund also will be subject to significant uncertainty as to when, and in what manner, and for what value obligations evidenced by securities of financially distressed issuers will eventually be satisfied.

Distribution Rate Risk

is the risk that, to the extent a Fund seeks to maintain a level distribution rate, the Fund’s distribution rate may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future.

Emerging Markets Risk

is the risk of investing in emerging market securities, primarily increased foreign

(non-U.S.)

investment risk.

Equity Securities and Related Market Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically


100		PIMCO CLOSED-END FUNDS


				December 31, 2023		(Unaudited)

related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Focused Investment Risk

is the risk that, to the extent that the Fund focuses its investments in a particular industry, country or geographic region, the NAV of its common shares will be more susceptible to events or factors affecting companies in that industry, country or geographic region.

Foreign

(Non-U.S.)

Investment Risk

is the risk that investing in foreign

(non-U.S.)

securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers or securities that trade exclusively in U.S. markets due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid (particularly during market closures due to local holidays or other reasons) and more difficult to value than securities of U.S. issuers.

High Yield Securities Risk

is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks, including the risk that a court will subordinate high yield senior debt to other debt of the issuer or take other actions detrimental to holders of the senior debt. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

Inflation/Deflation Risk

is the risk that the value of assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund’s portfolio could decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio and common shares.

Inflation-Indexed Security Risk

is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed

securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income for the amount of the increase in the calendar year, even though the Fund will not receive the principal until maturity.

Interest Rate Risk

is the risk that fixed income securities and other instruments in the Fund’s portfolio will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Further, in market environments where interest rates are rising, issuers may be less willing or able to make principal and interest payments on fixed income investments when due.

Issuer Risk is the risk

that the value of a security may decline for a reason directly related to the issuer, such as management performance, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer’s goods or services.

Leverage Risk

is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. Leveraging transactions pursued by a Fund may increase its duration and sensitivity to interest rate movements. This means that leverage entails a heightened risk of loss.

Liquidity Risk

is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or possibly require a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.

Loans and Other Indebtedness; Loan Participations and Assignments Risk

is the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of a loan. Additionally, there is a risk that the

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Notes to Financial Statements		(Cont.)

collateral underlying a loan may be unavailable or insufficient to satisfy a borrower’s obligation, and the Fund could become part owner of any collateral if a loan is foreclosed, subjecting a Fund to costs associated with owning and disposing of the collateral.

In the event of the insolvency of the lender selling a participation, there is a risk that a Fund may be treated as a general creditor of the lender and may not benefit from any

set-off

between the lender and the borrower.

If a loan is foreclosed, the Fund may become owner of the loan’s collateral. The Fund may bear the costs and liabilities associated with owning and holding or disposing of the collateral.

There is the risk that a Fund may have difficulty disposing of loans and loan participations due to the lack of a liquid secondary market for loans and loan participations.

To the extent a Fund acquires loans, including bank loans, the Fund may be subject to greater levels of credit risk, call risk, settlement risk and liquidity risk than funds that do not acquire such instruments.

Management Risk

is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Market Discount Risk

is the risk that the price of the Fund’s common shares of beneficial interest will fluctuate with market conditions and other factors. Shares of

closed-end

management investment companies frequently trade at a discount from their net asset value.

Market Disruptions Risk

is the risk of investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, social unrest, recessions, supply chain disruptions, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, climate-change and climate related events, which can all negatively impact the securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation or other factors relating to the Fund’s investments or PIMCO’s operations and cause a Fund to lose value. Furthermore, events involving limited liquidity, defaults,

non-performance

or other adverse developments that affect financial institutions or the financial

services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund.

Market Risk

is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or companies.

Mortgage-Related and Other Asset-Backed Securities Risk

is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Mortgage-Related Derivative Instruments Risk

is the risk associated with mortgage-related and other asset-backed instruments, privately- issued mortgage-related securities, the mortgage market, the real estate industry, derivatives and credit default swaps. See “Mortgage- Related and Other Asset-Backed Instruments Risk,” “Privately-Issued Mortgage-Related Securities Risk,” “Derivatives Risk,” and “Credit Default Swaps Risk.”

Operational Risk

is the risk arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Other Investment Companies Risk

is the risk that Common Shareholders may be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, these other investment companies may utilize leverage, in which case an investment would subject the Fund to additional risks associated

with leverage.

Platform Risk

is the risk resulting from the fact that the Alt Lending ABS in which the Fund invests are typically not listed on any securities exchange and not registered under the Securities Act. In addition, the Fund anticipates that these instruments may only be sold to a limited number of investors and may have a limited or

non-existent

secondary market. Accordingly, the Fund currently expects that certain of the investments in Alt Lending ABS will face heightened levels of liquidity risk. Although currently, there is generally no active reliable, secondary


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market for certain Alt Lending ABS, a secondary market for these Alt Lending ABS may develop. If the Fund purchases Alt Lending ABS on an alternative lending platform, the Fund will have the right to receive principal and interest payments due on loans underlying the Alt Lending ABS only if the platform servicing the loans receives the borrower’s payments on such loans and passes such payments through to the Fund. If a borrower is unable or fails to make payments on a loan for any reason, the Fund may be greatly limited in its ability to recover any outstanding principal or interest due, as (among other reasons) the Fund may not have direct recourse against the borrower or may otherwise be limited in its ability to directly enforce its rights under the loan, whether through the borrower or the platform through which such loan was originated. For example, the loan may be unsecured or under-collateralized and/or it may be impracticable to commence a legal proceeding against the defaulting borrower.

Portfolio Turnover Risk

is the risk that a high portfolio turnover will result in greater expenses to the Fund, including brokerage commissions or dealer

mark-ups

and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses) and may adversely affect the Fund’s

after-tax

returns.

Potential Conflicts of Interest Risk — Allocation of Investment Opportunities

is the risk that PIMCO’s or any of its affiliate’s interests or the interests of its clients may conflict with those of the Funds and the results of the Fund’s investment activities may differ from those of the Fund’s affiliates, or another account managed by PIMCO or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more of the Fund’s affiliates and/or other accounts managed by PIMCO or its affiliates, including proprietary accounts, achieve profits on their trading.

Preferred Securities Risk

is the risk that certain preferred securities contain provisions that allow an issuer under certain conditions to skip or defer distributions which may require the Fund to include the amount of the deferred distribution in its taxable income for tax purposes although it does not currently receive such amount in cash. Additionally, preferred securities are subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt securities. Preferred securities may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities, such as common stocks, corporate debt securities and U.S. Government securities.

Privacy and Data Security Risk

is the risk resulting from the fact that the Gramm-Leach-Bliley Act (“GLBA”) and other laws limit the disclosure of certain

non-public

personal information about a consumer to

non-affiliated

third parties and require financial institutions to disclose certain privacy policies and practices with respect to information sharing with both affiliates and

non-affiliated

third parties. Many states and a number of

non-U.S.

jurisdictions have enacted privacy and data security laws requiring safeguards on the privacy and security of consumers’ personally identifiable information. Other laws deal with obligations to safeguard and dispose of private information in a manner designed to avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade Commission and the SEC implement GLBA and other requirements and govern the disclosure of consumer financial information by certain financial institutions, ranging from banks to private investment funds. U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA and other requirements. In addition, such platforms typically have policies and procedures intended to maintain platform participants’ personal information securely and dispose of it properly.

Private Placement and Restricted Securities Risk

is the risk that securities received in a private placement may be subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities and the risk that the Fund’s investment in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act, may be relatively less liquid than registered securities traded on established securities markets. The Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks.Privately-Issued Mortgage-Related Securities Risk is the risk of nonpayment because there are no direct or indirect government or agency guarantees of payments in the pools created by

non-governmental

issuers.

Real Estate Risk

is the risk associated with investing in real estate investments, including investments in equity or debt securities issued by private and public real estate investment trusts (“REITs”), real estate operating companies (“REOCs”), private or public real estate-related loans and real estate-linked derivative instruments. The Fund will be subject to the risks associated with owning real estate and with the real estate industry generally.

Reinvestment Risk

is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio’s current earnings rate. The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the

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Notes to Financial Statements		(Cont.)

portfolio managers believe the current holdings are overvalued or for other investment-related reasons.

REIT Risk

is the risk associated with investing in REITs, which are pooled investment vehicles that own, and usually operate, income- producing real estate. Some REITs also finance real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not typically taxed on the income distributed to shareholders. Therefore, REITs may pay higher dividends than other issuers.

Regulatory Changes Risk

is the risk that is associated with the fact that financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund’s ability to achieve its investment objectives. Government regulation may change frequently and may have significant adverse consequences. The current direction of governments and regulators may have the effect of reducing market liquidity, market resiliency and money supply, whether through higher rates, tighter financial regulations or rule proposals that may prevent funds from participating in certain markets. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions. Moreover, government regulation may have unpredictable and unintended effects.

Regulatory Risk — Commodity Pool Operator

is the risk associated with the CFTC’s adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures, options on futures or commodities, swaps, or other financial instruments regulated under the Commodity Exchange Act (“CEA”) and the rules thereunder (“commodity interests”), or if the Fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered with the CFTC as a Commodity Pool Operator.

Regulatory Risk — LIBOR

is the risk related to the anticipated discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in the past in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain and could result in losses to a Fund.

Repurchase Agreements Risk

is the risk that, if the party agreeing to repurchase a security should default, the Fund will seek to sell the securities which it holds, which could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Risk Retention Investment Risk

is the risk associated with the Fund’s investments in risk retention tranches of commercial mortgage-backed securities (“CMBS”) or other eligible securitizations, if any (“risk retention tranches”), which are eligible residual interests typically held by the sponsors of such securitizations pursuant to the final rules implementing the credit risk retention requirements of Section 941 of the Dodd-Frank Act (the “U.S. Risk Retention Rules”). There can be no assurance that the applicable federal agencies charged with the implementation of the final U.S. Risk Retention Rules (the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Reserve Board, the SEC, the Department of Housing and Urban Development, and the Federal Housing Finance Agency) could not take positions in the future that differ from the interpretation of such rules taken or embodied in such securitizations, or that the final U.S. Risk Retention Rules will not change. Furthermore, if the Fund breaches any undertakings in any risk retention agreement, it will be exposed to claims by the other parties thereto, including for any losses incurred as a result of such breach, which could be significant and exceed the value of the Fund’s investments.

Securities Lending Risk

is the risk that, when a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned and lose rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party, which may be an affiliate of the Fund, arranging the loan.

Senior Debt Risk

is the risk that the Fund may be subject to greater levels of credit risk than funds that do not invest in below investment grade senior debt. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior debt. Restrictions on transfers in loan agreements, a lack of publicly available information and other factors may, in certain instances, make senior debt more difficult to sell at an advantageous time or price than other types of securities or instruments.

Short Exposure Risk

is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Smaller Company Risk

is the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and


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				December 31, 2023		(Unaudited)

unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. A Fund’s investments in smaller companies subject it to greater levels of credit, market and issuer risk.

Sovereign Debt Risk

is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

Special Purpose Acquisition Companies (“SPACs”) Risk

is the risk that, because SPACs and similar entities are in essence “blank check” companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. A SPAC’s structure may result in significant dilution of a stockholder’s share value immediately upon the completion of a business combination due to, among other reasons, interests held by the SPAC sponsor, conversion of warrants into additional shares, shares issued in connection with a business combination and/or certain embedded costs. There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, these securities, which are typically traded in the

over-the-counter

market, may be considered illiquid and/or be subject to restrictions on resale.

Structured Investments Risk

is the risk that the Fund’s investment in structured products, including, structured notes, credit-linked notes and other types of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Structured products generally entail risks associated with derivative instruments.

Subprime Risk

is the risk that loans, and debt instruments collateralized by loans (including Alt Lending ABS), acquired by the Fund may be subprime in quality, or may become subprime in quality. Although there is no specific legal or market definition of “subprime,” subprime loans are generally understood to refer to loans made to borrowers that display poor credit histories and other characteristics that correlate with a higher default risk. Accordingly, subprime loans, and debt instruments secured by such loans, have speculative characteristics and are subject to heightened risks, including the risk of nonpayment of interest or repayment of principal, and the risks

associated with investments in high yield securities. In addition, these instruments could be subject to increased regulatory scrutiny. The Fund is not restricted by any particular borrower credit risk criteria and/or qualifications when acquiring loans or debt instruments collateralized by loans.

Subsidiary Risk

is the risk that, by investing in a Fund’s subsidiary, the Fund would be indirectly exposed to the risks associated with the subsidiary’s investments. Fund subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a subsidiary will be achieved.

Synthetic Convertible Securities Risk

is the risk that the values of synthetic convertible securities will respond differently to market fluctuations than a traditional convertible security because a synthetic convertible is composed of two or more separate securities or instruments, (such as a debt security and a warrant or option to purchase another security), each with its own market value. Synthetic convertible securities are also subject to the risks associated with derivatives. In addition, if the value of the underlying common stock or the level of the index involved in the convertible element falls below the strike price of the warrant or option, the warrant or option may lose all value.

Tax Risk

is the risk that if, in any year, the Fund were to fail to qualify for treatment as a regulated investment company under the Tax Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to a further tax to the extent of the Fund’s current or accumulated earnings and profits.

U.S. Government Securities Risk

is the risk that the obligations supported by (i) the full faith and credit of the United States, (ii) the right of the issuer to borrow from the U.S. Treasury, (iii) the discretionary authority of the U.S. Government to purchase the agency’s obligations (iv) or only by the credit of the agency, instrumentality or corporation will not be satisfied in full, or that such obligations will decrease in value or default. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Valuation Risk

is the risk that fair value pricing used when market quotations are not readily available may not result in adjustments to the prices of securities or other assets, or that fair value pricing may not reflect actual market value. It is possible that the fair value determined in good faith for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.

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Notes to Financial Statements		(Cont.)

Zero-Coupon Bond,

Step-Ups

and

Payment-in-Kind

Securities Risk

is the risk presented by the market prices of

zero-coupon,

step ups and

payment-in-kind

securities generally being more volatile than the prices of securities that pay interest periodically and in cash and being likely to respond to changes in interest rates to a greater degree than other types of debt securities with similar maturities and credit quality. In addition, as these securities may not pay cash interest, the Fund’s investment exposure to these securities and their risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s Prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at

pre-arranged

exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and

U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the CFTC. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.


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Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Management Fee PIMCO is a majority-owned indirect subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”) and serves as the Manager to the Funds, pursuant to an investment management agreement.

Pursuant to the Investment Management Agreement with PIMCO (the “Agreement”), and subject to the supervision of the Board, PIMCO is responsible for providing to each Fund investment guidance and policy direction in connection with the management of the Fund, including oral and written research, analysis, advice, and statistical and economic

data and information. In addition, pursuant to the Agreement and subject to the general supervision of the Board, PIMCO, at its expense, provides or causes to be furnished most other supervisory and administrative services the Funds require, including but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, NYSE listing and related fees, tax services, valuation services and other services the Funds require for their daily operations.

Pursuant to the Agreement, PIMCO receives an annual fee, payable monthly, at the annual rates shown in the table below:


Fund Name	Annual Rate

PIMCO Corporate & Income Opportunity Fund		0.65%	(1)

PIMCO Corporate & Income Strategy Fund		0.81%	(1)

PIMCO High Income Fund		0.76%	(1)

PIMCO Income Strategy Fund		0.86%	(2)

PIMCO Income Strategy Fund II		0.83%	(2)

(1)	Management fees calculated based on the Fund’s average daily net asset value (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).

(2)

Management fees calculated based on the Fund’s average weekly “total managed assets”. Total managed assets include total assets of each Fund (including any assets attributable to any preferred shares or other forms of leverage that may be outstanding) minus accrued liabilities (other than liabilities representing leverage).

In rendering investment advisory services to each Fund, PIMCO may use the resources of one or more foreign

(non-U.S.)

affiliates that are not registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) (the “PIMCO Overseas Affiliates”), to provide portfolio management, research and trading services to a Fund under the Memorandums of Understanding (“MOUs”). Each of the PIMCO Overseas Affiliates are Participating Affiliates of PIMCO as that term is used in relief granted by the staff of the SEC allowing U.S. registered advisers to use investment advisory and trading resources of unregistered advisory affiliates subject to the regulatory supervision of the registered adviser. Each PIMCO Overseas Affiliate and any of their respective employees who provide services to the Funds are considered under the MOUs to be “associated persons” of PIMCO as that term is defined in the Advisers Act for purposes of PIMCO’s required supervision.

(b) Fund Expenses Each Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses of any of the Fund’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees

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107


Notes to Financial Statements		(Cont.)

and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, subject to specific or general authorization by the Board (for example,

so-called

“broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))); (iv) expenses of the Fund’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund’s organizational documents) associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, that may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) organizational and offering expenses of the Fund, including with respect to share offerings, such as rights offerings and shelf offerings, following the Fund’s initial offering, and expenses associated with tender offers and other share repurchases and redemptions; and (xii) expenses of the Fund which are capitalized in accordance with U.S. GAAP. Without limiting the generality or scope of the foregoing, it is understood that the Funds may bear such expenses either directly or indirectly through contracts or arrangements with PIMCO or an affiliated or unaffiliated third party.

Each of the Trustees of the Funds who is not an interested person under Section 2(a)(19) of the Act, (the “Independent Trustees”), also serves as a trustee of a number of other

closed-end

funds for which PIMCO serves as investment manager (together with the Funds, the

“PIMCO

Closed-End

Funds”), as well as PIMCO California Flexible Municipal Income Fund, PIMCO Flexible Emerging Markets Income Fund, PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund, each a closed end management investment company managed by PIMCO that is operated as an “interval fund” and PIMCO Managed Accounts Trust, an

open-end

management investment company with multiple series for which PIMCO serves as investment adviser and administrator.

The Funds pay no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Funds from the Manager or its affiliates.

10. RELATED PARTY TRANSACTIONS

The Manager is a related party. Fees payable to this party are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under each Fund’s organizational documents, each Trustee and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer

mark-ups

and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.


108		PIMCO CLOSED-END FUNDS


				December 31, 2023		(Unaudited)

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2023, were as follows (amounts in thousands

†


	U.S. Government/Agency				All Other

Fund Name	Purchases		Sales		Purchases		Sales

PIMCO Corporate & Income Opportunity Fund	$	70	$	2,350	$	302,381	$	179,852

PIMCO Corporate & Income Strategy Fund		0		1,304		95,122		59,277

PIMCO High Income Fund		423		423		117,930		85,539

PIMCO Income Strategy Fund		0		646		32,277		37,782

PIMCO Income Strategy Fund II		0		0		72,181		62,741

†	A zero balance may reflect actual amounts rounding to less than one thousand.

13. COMMON SHARES OFFERING

Each of PIMCO Corporate & Income Opportunity Fund (“PTY”), PIMCO Corporate & Income Strategy Fund (“PCN”), PIMCO High Income Fund (“PHK”), PIMCO Income Strategy Fund (“PFL”) and PIMCO Income Strategy Fund II (“PFN”) has authorized an unlimited number of Common Shares at a par value of $0.00001 per share (each of the foregoing Fund’s shares as the context requires, “Common Shares”).

As of the end of the reporting period, each Fund had an effective registration statement on file with the SEC authorizing the Fund to issue shares through the “shelf” registration process pursuant to Rule 415 under the Securities Act (each, a “Shelf Registration Statement”). Pursuant to such Shelf Registration Statements, each Fund may offer and sell Common Shares having an aggregate offering value of up to amounts shown in the table below. Each Fund may have had one or more prior Shelf Registration

Statements in effect during this and/or previous fiscal periods authorizing the sale of additional Common Shares.

Each Fund has entered into a sales agreement (a “Sales Agreement”) with JonesTrading Institutional Services LLC (“JonesTrading”), pursuant to which each Fund may offer and sell its Common Shares offered by an applicable prospectus supplement through JonesTrading as its agent in negotiated transactions or transactions that are deemed to be “at the market” as defined in Rule 415 under the Securities Act, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. Each Fund will pay JonesTrading compensation of up to 1.00% of the gross proceeds with respect to sales of the Common Shares actually effected by JonesTrading under the Sales Agreement.

The aggregate dollar amount of Common Shares registered under each Fund’s Shelf Registration Statement (or its most recent prospectus supplement, if less than such registered amount) as of the end of the periods described below, as well as number of Common Shares sold and total amount of offering proceeds (net of offering costs, if any) received by each Fund under one or more Shelf Registration Statements during the Fund’s most recent and prior fiscal periods were as follows:


	PTY				PCN				PHK
	Six Months Ended 12/31/2023		Year Ended 06/30/2023		Six Months Ended 12/31/2023		Year Ended 06/30/2023		Six Months Ended 12/31/2023		Year Ended 06/30/2023

Common Shares registered (aggregate $)	$	750,000,000	$	600,000,000	$	300,000,000	$	300,000,000	$	200,000,000	$	200,000,000

Common Shares sold		6,806,006		17,854,681		2,923,273		4,921,619		2,860,038		10,509,384

Offering proceeds (net of offering costs)	$	90,428,642	$	231,908,265	$	36,411,440	$	63,274,805	$	13,585,577	$	51,682,331


	PFL				PFN
	Six Months Ended 12/31/2023		Year Ended 06/30/2023		Six Months Ended 12/31/2023		Year Ended 06/30/2023

Common Shares registered (aggregate $)	$	200,000,000	$	200,000,000	$	250,000,000	$	250,000,000

Common Shares sold		454,837		2,223,017		42,668		4,415,162

Offering proceeds (net of offering costs)	$	3,609,121	$	19,501,911	$	294,960	$	33,368,586

A Fund may not sell any Common Shares at a price below the NAV of such Common Shares, exclusive of any distributing commission or discount. Sales of the Common Shares, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market”, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.

14. AUCTION-RATE PREFERRED SHARES

Each series of Auction-Rate Preferred Shares (“ARPS”) outstanding of each Fund has a liquidation preference of $25,000 per share plus any accumulated, unpaid dividends. Dividends are accumulated daily at an annual rate that is typically reset every seven days through auction procedures (or through default procedures in the event of failed auctions). Distributions of net realized capital gains, if any, are paid at least annually.

SEMIANNUAL REPORT

DECEMBER 31, 2023

109


Notes to Financial Statements		(Cont.)

For the period ended December 31, 2023, the annualized dividend rates on the ARPS ranged from:


Fund Name	Shares Issued Outstanding		High		Low		As of December 31, 2023
PIMCO Corporate & Income Opportunity Fund
Series M		591		10.672%		10.130%		10.632%
Series T		788		10.672%		10.110%		10.652%
Series W		641		10.672%		10.130%		10.672%
Series TH		688		10.672%		10.130%		10.672%
Series F		713		10.672%		10.130%		10.632%
PIMCO Corporate & Income Strategy Fund
Series M		140		8.538%		8.104%		8.506%
Series T		113		8.538%		8.088%		8.522%
Series W		91		8.538%		8.104%		8.538%
Series TH		86		8.538%		8.104%		8.538%
Series F		89		8.538%		8.104%		8.506%
PIMCO High Income Fund
Series M		339		8.538%		8.104%		8.506%
Series T		381		8.538%		8.088%		8.522%
Series W		276		8.538%		8.104%		8.538%
Series TH		368		8.538%		8.104%		8.538%
Series F		377		8.538%		8.104%		8.506%
PIMCO Income Strategy Fund
Series T		109		10.856%		10.176%		10.696%
Series W		172		10.816%		10.176%		10.716%
Series TH		123		10.776%		10.196%		10.776%
PIMCO Income Strategy Fund II
Series M		209		10.856%		10.196%		10.856%
Series T		394		10.856%		10.176%		10.696%
Series W		272		10.816%		10.176%		10.716%
Series TH		387		10.776%		10.196%		10.776%

Series F		294		10.856%		10.176%		10.856%

Each Fund is subject to certain limitations and restrictions while ARPS are outstanding. Failure to comply with these limitations and restrictions could preclude a Fund from declaring or paying any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of ARPS at their liquidation preference plus any accumulated, unpaid dividends.

Ratings agencies may change their methodologies for evaluating and providing ratings for shares of

closed-end

funds at any time and in their

sole discretion, which may affect the rating (if any) of a Fund’s shares. In addition, ratings downgrades may result in an increase to the Fund’s Maximum Rate, as defined below.

Auction-Rate Preferred shareholders of each Fund, who are entitled to one vote per share, generally vote together with the common shareholders of the Fund but vote separately as a class to elect two Trustees of the Fund and on certain matters adversely affecting the rights of the ARPS.

Since

mid-February

2008, holders of ARPS issued by the Funds have been directly impacted by a lack of liquidity, which has similarly affected ARPS holders in many of the nation’s

closed-end

funds. Since then, regularly scheduled auctions for ARPS issued by the Funds have consistently “failed” because of insufficient demand (bids to buy shares) to meet the supply (shares offered for sale) at each auction. In a failed auction, ARPS holders cannot sell all, and may not be able to sell any, of their shares tendered for sale. While repeated auction failures have affected the liquidity for ARPS, they do not constitute a default or automatically alter the credit quality of the ARPS, and ARPS holders have continued to receive dividends at the defined “maximum rate,” as defined for the Funds in the table below:

Fund Name

Applicable%

Reference Rate

Maximum Rate

(1)

PIMCO Corporate & Income Opportunity Fund

200%

7-day “AA” Financial Composite

Commercial Paper Rates

Maximum Rate for PTY

PIMCO Corporate & Income Strategy Fund

160%

7-day

“AA” Financial Composite
Commercial Paper Rates

Maximum Rate for PCN


110		PIMCO CLOSED-END FUNDS


				December 31, 2023		(Unaudited)

Fund Name

Applicable%

Reference Rate

Maximum Rate

(1)

PIMCO High Income Fund

160%

7-day

“AA” Financial Composite
Commercial Paper Rates

Maximum Rate for PHK

PIMCO Income Strategy Fund

The higher of

200%

2.00%

LIBOR Replacement Rate

(3)

LIBOR Replacement Rate

(3)

Maximum Rate for PFL

(2)

PIMCO Income Strategy Fund II

The higher of

200%

2.00%

LIBOR Replacement Rate

(3)

LIBOR Replacement Rate

(3)

Maximum Rate for PFN

(2)

(1)	In any event, the Maximum Rate will not be lower than 0%.

(2)	For the avoidance of doubt, the Maximum Rate for PFL and PFN may be less than the Applicable %, but will not be lower than 0%.

(3)	LIBOR Replacement Rate means prior business day’s SOFR rate plus the spread adjustment of 0.03839%.

The maximum rate is a function of short-term interest rates and is typically but not necessarily, higher than the rate that would have otherwise been set through a successful auction. If the Funds’ ARPS auctions continue to fail and the “maximum rate” payable on the ARPS rises as a result of changes in short-term interest rates, returns for the Fund’s common shareholders could be adversely affected.

On August 14, 2023, the Funds commenced a voluntary tender offer for up to 100% of each Fund’s outstanding ARPS at a price equal to

96% with respect to PTY, 93.25% with respect to PCN and PHK and 94.25% with respect to PFL and PFN, of the ARPS’ per share liquidation preference of $25,000 per share (or $24,000 per share for PTY, $23,312.50 per share for PCN and PHK, and $23,562.50 per share of PFL and PFN) and any unpaid but accrued dividends (each, a “Tender Offer”).

Each Fund’s Tender Offer expired at 5:00 p.m., New York City time, on September 18, 2023.

Details of the ARPS tendered and not withdrawn for each Fund for the reporting period ended December 31, 2023 are provided in the table below:


Fund Name	Liquidation Preference Per Share		Tender Offer Price Per Share		Price Percentage			Cash Exchanged for ARPS Tendered		ARPS Outstanding as of 12/31/2022		ARPS Tendered		ARPS Outstanding After Tender Offer as of 12/31/2023

PIMCO Corporate & Income Opportunity Fund	$	25,000	$	24,000		96	%	$	122,040,000		8,506		5,085		3,421

PIMCO Corporate & Income Strategy Fund		25,000		23,313		93			9,837,875		941		422		519

PIMCO High Income Fund		25,000		23,313		93			13,544,563		2,322		581		1,741

PIMCO Income Strategy Fund		25,000		23,563		94			33,081,750		1,808		1,404		404

PIMCO Income Strategy Fund II		25,000		23,563		94			45,734,813		3,698		1,941		1,556

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made. Due to the timing of when distributions are made by a Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. Due to the timing of when distributions are made by a Fund, the Fund may be subject to an excise

tax of 4% of the amount by which 98% of the Fund’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2023, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which

SEMIANNUAL REPORT

DECEMBER 31, 2023

111


Notes to Financial Statements		(Cont.)		December 31, 2023		(Unaudited)

can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended June 30, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands

†


	Short-Term		Long-Term

PIMCO Corporate & Income Opportunity Fund	$	194,113	$	96,919

PIMCO Corporate & Income Strategy Fund		67,788		27,478

PIMCO High Income Fund		166,350		108,779

PIMCO Income Strategy Fund		40,504		38,250

PIMCO Income Strategy Fund II		94,098		64,844

†	A zero balance may reflect actual amounts rounding to less than one thousand.

As of December 31, 2023, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands

†


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (1)

PIMCO Corporate & Income Opportunity Fund	$	2,357,094	$	338,320	$	(420,894	)	$	(82,574	)

PIMCO Corporate & Income Strategy Fund		784,920		138,644		(148,475	)		(9,831	)

PIMCO High Income Fund		1,040,735		268,116		(313,252	)		(45,136	)

PIMCO Income Strategy Fund		437,448		103,295		(91,910	)		11,385

PIMCO Income Strategy Fund II		846,702		171,999		(167,726	)		4,273

†	A zero balance may reflect actual amounts rounding to less than one thousand.

(1)	Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

17. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On January 02, 2024, the following distributions were declared to common shareholders payable February 01, 2024 to shareholders of record on January 12, 2024:


PIMCO Corporate & Income Opportunity Fund	$	0.118800 per common share
PIMCO Corporate & Income Strategy Fund	$	0.112500 per common share
PIMCO High Income Fund	$	0.048000 per common share
PIMCO Income Strategy Fund	$	0.081400 per common share
PIMCO Income Strategy Fund II	$	0.071800 per common share

On February 01, 2024, the following distributions were declared to common shareholders payable March 01, 2024 to shareholders of record on February 12, 2024:


PIMCO Corporate & Income Opportunity Fund	$	0.118800 per common share
PIMCO Corporate & Income Strategy Fund	$	0.112500 per common share
PIMCO High Income Fund	$	0.048000 per common share
PIMCO Income Strategy Fund	$	0.081400 per common share
PIMCO Income Strategy Fund II	$	0.071800 per common share

There were no other subsequent events identified that require recognition or disclosure.


112		PIMCO CLOSED-END FUNDS


Glossary:		(abbreviations that may be used in the preceding statements)				(Unaudited)



Counterparty Abbreviations:

BMO	BMO Capital Markets Corporation	FICC	Fixed Income Clearing Corporation	RBC	Royal Bank of Canada

BOA	Bank of America N.A.	GLM	Goldman Sachs Bank USA	RCY	Royal Bank of Canada

BOS	BofA Securities, Inc.	GST	Goldman Sachs International	SAL	Citigroup Global Markets, Inc.

BPS	BNP Paribas S.A.	IND	Crédit Agricole Corporate and Investment Bank S.A.	SCX	Standard Chartered Bank, London

BRC	Barclays Bank PLC	JPM	JP Morgan Chase Bank N.A.	SOG	Societe Generale Paris

BYR	The Bank of Nova Scotia - Toronto	MBC	HSBC Bank Plc	TDM	TD Securities (USA) LLC

CBK	Citibank N.A.	MEI	Merrill Lynch International	UAG	UBS AG Stamford

CDC	Natixis Securities Americas LLC	MSB	Morgan Stanley Bank, N.A	UBS	UBS Securities LLC

CDI	Natixis Singapore	MYC	Morgan Stanley Capital Services LLC	WFS	Wells Fargo Securities, LLC

DUB	Deutsche Bank AG	MYI	Morgan Stanley & Co. International PLC

Currency Abbreviations:

ARS	Argentine Peso	DOP	Dominican Peso	INR	Indian Rupee

AUD	Australian Dollar	EUR	Euro	MXN	Mexican Peso

BRL	Brazilian Real	GBP	British Pound	PEN	Peruvian New Sol

CAD	Canadian Dollar	HUF	Hungarian Forint	TRY	Turkish New Lira

CNY	Chinese Renminbi (Mainland)	IDR	Indonesian Rupiah	USD (or $)	United States Dollar

Exchange Abbreviations:

OTC	Over the Counter

Index/Spread Abbreviations:

ABX.HE	Asset-Backed Securities Index - Home Equity	EUR006M	6 Month EUR Swap Rate	SOFRRATE	Secured Overnight Financing Rate

BADLARPP	Argentina Badlar Floating Rate Notes	EUR012M	12 Month EUR Swap Rate	SONIA3M	Sterling Overnight Index Average 3 Month

CDOR03M	3 month CDN Swap Rate	LIBOR03M	3 Month USD-LIBOR	SONIO	Sterling Overnight Interbank Average Rate

EUR001M	1 Month EUR Swap Rate	LIBOR06M	6 Month USD-LIBOR	US0003M	ICE 3-Month USD LIBOR

EUR003M	3 Month EUR Swap Rate

Other Abbreviations:

ABS	Asset-Backed Security	CDO	Collateralized Debt Obligation	PIK	Payment-in-Kind

ALT	Alternate Loan Trust	CLO	Collateralized Loan Obligation	TBA	To-Be-Announced

BABs	Build America Bonds	DAC	Designated Activity Company	TBD	To-Be-Determined

BBR	Bank Bill Rate	EURIBOR	Euro Interbank Offered Rate	TBD%	Interest rate to be determined when loan settles or at the time of funding

BBSW	Bank Bill Swap Reference Rate	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”

BRL-CDI	Brazil Interbank Deposit Rate	OIS	Overnight Index Swap

SEMIANNUAL REPORT

DECEMBER 31, 2023

113


Distribution Information				(Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule

19a-1(e)

under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2023 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form

1099-DIV

(for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.


PIMCO Corporate & Income Opportunity Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

July 2023	$	0.0751	$	0.0000	$	0.0437	$	0.1188

August 2023	$	0.1067	$	0.0000	$	0.0121	$	0.1188

September 2023	$	0.0692	$	0.0000	$	0.0496	$	0.1188

October 2023	$	0.0702	$	0.0000	$	0.0486	$	0.1188

November 2023	$	0.1188	$	0.0000	$	0.0000	$	0.1188

December 2023	$	0.0995	$	0.0000	$	0.0193	$	0.1188

PIMCO Corporate & Income Strategy Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

July 2023	$	0.0510	$	0.0000	$	0.0615	$	0.1125

August 2023	$	0.1094	$	0.0000	$	0.0031	$	0.1125

September 2023	$	0.0802	$	0.0000	$	0.0323	$	0.1125

October 2023	$	0.0554	$	0.0000	$	0.0571	$	0.1125

November 2023	$	0.1125	$	0.0000	$	0.0000	$	0.1125

December 2023	$	0.0909	$	0.0000	$	0.0216	$	0.1125

PIMCO High Income Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

July 2023	$	0.0480	$	0.0000	$	0.0000	$	0.0480

August 2023	$	0.0480	$	0.0000	$	0.0000	$	0.0480

September 2023	$	0.0449	$	0.0000	$	0.0031	$	0.0480

October 2023	$	0.0275	$	0.0000	$	0.0205	$	0.0480

November 2023	$	0.0480	$	0.0000	$	0.0000	$	0.0480

December 2023	$	0.0390	$	0.0000	$	0.0090	$	0.0480

PIMCO Income Strategy Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

July 2023	$	0.0469	$	0.0000	$	0.0345	$	0.0814

August 2023	$	0.0783	$	0.0000	$	0.0031	$	0.0814

September 2023	$	0.0455	$	0.0000	$	0.0359	$	0.0814

October 2023	$	0.0496	$	0.0000	$	0.0318	$	0.0814

November 2023	$	0.0814	$	0.0000	$	0.0000	$	0.0814

December 2023	$	0.0589	$	0.0000	$	0.0225	$	0.0814

PIMCO Income Strategy Fund II	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

July 2023	$	0.0332	$	0.0000	$	0.0386	$	0.0718

August 2023	$	0.0648	$	0.0000	$	0.0070	$	0.0718

September 2023	$	0.0391	$	0.0000	$	0.0327	$	0.0718

October 2023	$	0.0331	$	0.0000	$	0.0387	$	0.0718

November 2023	$	0.0718	$	0.0000	$	0.0000	$	0.0718

December 2023	$	0.0516	$	0.0000	$	0.0202	$	0.0718

The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

**	Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.


114		PIMCO CLOSED-END FUNDS


Investment Strategy Updates				(Unaudited)

The Board of Trustees of PIMCO Corporate & Income Opportunity Fund approved the removal of the Fund’s investment guideline limiting the Fund’s investments in illiquid investments to 20% of the Fund’s total assets, effective as of October 27, 2023.

The Board of Trustees of PIMCO Corporate & Income Strategy Fund approved the removal of the Fund’s investment guideline limiting the Fund’s investments in illiquid investments to 15% of the Fund’s total assets, effective as of October 27, 2023.

SEMIANNUAL REPORT

DECEMBER 31, 2023

115


Changes to Portfolio Managers				(Unaudited)

Effective October 2, 2023, Alfred T. Murata, Mohit Mittal, and Giang Bui are primarily responsible for the day-to-day management of each Fund.


116		PIMCO CLOSED-END FUNDS

General Information

Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Custodian

State Street Bank and Trust Company

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent, Dividend Paying Agent and Registrar for Common Shares

Equiniti Trust Company, LLC (“EQ”)

48 Wall Street, Floor 23

New York, NY 10005

Auction Agent, Transfer Agent, Dividend Paying Agent and Registrar for Auction Rate Preferred Shares

Deustsche Bank Company Americas

1 Columbus Circle

New York, NY 10019

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

CEF4011SAR_123123

Item 2.

Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3.

Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4.

Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5.

Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6.

Schedule of Investments.

The information required by this Item 6 is included as part of the annual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The information required by this Item 7 is only required in an annual report on this Form N-CSR.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

(a)(1)

As of March 4, 2024, the following individuals have primary responsibility for the day-to-day management of the PIMCO Corporate & Income Strategy Fund (the “Fund”):

Alfred T. Murata

Mr. Murata has been a portfolio manager of the Fund since September 2014. Mr. Murata is a managing director in the Newport Beach office and a portfolio manager on the mortgage credit team. Prior to joining PIMCO in 2001, he researched and implemented exotic equity and interest rate derivatives at Nikko Financial Technologies.

Mohit Mittal

Mr. Mittal has been a portfolio manager of the Fund since September 2014. Mr. Mittal is a managing director and portfolio manager in the Newport Beach office. He manages investment grade credit, total return and unconstrained bond portfolios and is a member of the Americas Portfolio Committee. Previously, he was a specialist on PIMCO’s interest rates and derivatives desk.

Giang Bui

Ms. Bui has been a portfolio manager of the Fund since October 2023. Ms. Bui is an executive vice president in the Newport Beach office and a portfolio manager and trader of securitized debt instruments and bank loans, focusing on collateralized loan obligations (CLOs), leveraged loans, asset-backed collateralized debt obligations, and off-the-run sectors within structured products. Ms Bui joined PIMCO in 2000 and is a member of the bank loan portfolio management team, responsible for bank loan investments and the management of PIMCO-issued CLOs. She has 24 years of investment experience and holds an MBA from the Anderson School of Management at the University of California, Los Angeles and an undergraduate degree from the University of California, San Diego.

(a)(2)

The following summarizes information regarding each of the accounts, excluding the Fund, managed by the Portfolio Managers as of December 31, 2023, including accounts managed by a team, committee, or other group that includes a Portfolio Manager. Unless mentioned otherwise, the advisory fee charged for managing each of the accounts listed below is not based on performance.


	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	#	AUM($million)	#	AUM($million)	#	AUM($million)
Alfred T. Murata¹	22	$187,946.02	22	$46,920.92	6	$1,476.14
Mohit Mittal²	30	$98,292.84	25	$37,472.56	151	$86,855.01
Giang Bui³	7	$4,688.89	3	$7,190.21	1	$466.66

¹Of these Other Pooled Investment Vehicles, 5 accounts totaling $8,858.53 million in assets pay(s) an advisory fee that is based in part on the performance of the accounts.

²Of these Other Pooled Investment Vehicles, 4 accounts totaling $5,189.60 million in assets pay(s) an advisory fee that is based in part on the performance of the accounts. Of these Other Accounts, 10 accounts totaling $3,016.70 million in assets pay(s) an advisory fee that is based in part on the performance of the accounts.

³Of these Other Pooled Investment Vehicles, 2 account(s) totaling $6,783.38 million in assets pay(s) an advisory fee that is based in part on the performance of the accounts.

From time to time, potential and actual conflicts of interest may arise between a portfolio manager’s management of the investments of the Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO’s other business activities and PIMCO’s possession of material non-public information (“MNPI”) about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Fund, track the same index the Fund tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also have different investment objectives or strategies than the Fund. Investors should be aware that investments made by the Fund and the results achieved by the Fund at any given time are not expected to be the same as those made by other funds for which PIMCO acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to the Fund. This may be attributable to a wide variety of factors, including, but not limited to, the use of a different strategy or portfolio management team, when a particular fund commenced operations or the size of a particular fund, in each case as compared to other similar funds. Potential and actual conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the Fund or to accounts in which the Fund invests. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies, purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the investing account and/or PIMCO but detrimental to the underlying account. Such conflicts of interest could similarly in theory give rise to incentives for PIMCO to, among other things, vote proxies or purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the underlying account and/or PIMCO and that may or may not be detrimental to the investing account. For example, even if there is a fee waiver or reimbursement in place relating to the Fund’s investment in an underlying account, or relating to an investing account’s investment in the Fund, this will not necessarily eliminate all conflicts of interest, as PIMCO could nevertheless have a financial incentive to favor investments in PIMCO-affiliated funds and managers (for example, to increase the assets under management of PIMCO or a fund, product or line of business, or otherwise provide support to, certain funds, products or lines of business), which could also impact the manner in which certain transaction fees are set. Conversely, PIMCO’s duties to the Fund, as well as regulatory or other limitations applicable to the Fund, may affect the courses of action available to PIMCO-advised accounts (including the Fund) that invest in the Fund in a manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or

potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments.

Because PIMCO is affiliated with Allianz SE, a large multi-national financial institution (together with its affiliates, “Allianz”), conflicts similar to those described below may occur between the Fund or other accounts managed by PIMCO and PIMCO’s affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the Fund or other accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those conflicts, which could adversely affect the performance of the Fund or other accounts managed by PIMCO (each, a “Client,” and collectively, the “Clients”). In addition, because certain Clients are affiliates of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of these Clients over other Clients.

Knowledge and Timing of Fund Trades. A potential conflict of interest may arise as a result of a portfolio manager’s day-to-day management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund’s trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund.

Cross Trades. A potential conflict of interest may arise in instances where the Fund buys an instrument from a Client or sells an instrument to a Client (each, a “cross trade”). Such conflicts of interest may arise, among other reasons, as a result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and is in the best interests of both the buying and selling accounts.

Investment Opportunities. A potential conflict of interest may arise as a result of a portfolio manager’s management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or more Clients, but may not be available in sufficient quantities for all accounts to participate fully. In addition, regulatory issues applicable to PIMCO or the Fund or other accounts may result in the Fund not receiving securities that may otherwise be appropriate for them. Similarly, there may be limited opportunity to sell an investment held by the Fund and another Client. In addition, regulatory issues applicable to PIMCO or the Fund or other accounts may result in the Fund not receiving securities that may otherwise be appropriate for it. Similarly, there may be limited opportunity to sell an investment held by the Fund and another Client. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time. In addition, regulatory issues applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them.

PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and investment styles fairly and equitably, taking into consideration relevant factors including, among others, applicable investment restrictions and guidelines, including regulatory restrictions; Client account-specific investment objectives, restrictions and other Client instructions, as applicable; risk tolerances; amounts of available cash; the need to rebalance a Client account’s portfolio (e.g., due to investor contributions and redemptions); whether the allocation would result in a Client account receiving a trivial amount or an amount below the established minimum quantity; regulatory requirements; the origin of the investment; the bases for an issuer’s allocation to PIMCO; and other Client account-specific factors. As part of PIMCO’s trade allocation process, portions of new fixed income investment opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant to PIMCO’s trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed income investment opportunities where the investment involves a quantitative strategy or specialized asset class that matches the investment objective or focus of the Client account category. PIMCO seeks to allocate fixed income investments to Client accounts with the general purpose of maintaining consistent concentrations across similar accounts and achieving, as nearly as possible, portfolio characteristic parity among such accounts. Client accounts furthest from achieving portfolio characteristic parity typically receive priority in allocations. With respect to an order to buy or sell an equity security in the secondary market, PIMCO seeks to allocate the order across Client accounts with similar investment guidelines and investment styles fairly and equitably over time, taking into consideration the relevant factors discussed above.

Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or group of Clients, and certain allocations will, to the extent consistent with PIMCO’s fiduciary obligations, deviate from a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is appropriate or suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of investments (which may or may not outperform other types of investments) to such Clients. Further, the respective risk tolerances of different types of Clients may change over time as market conditions change. Those Clients receiving an increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of investments or asset classes will be given priority in new issue distribution and allocation with respect to the investments or asset classes that are the focus of their investment mandate. PIMCO may also take into account the bases for an issuer’s allocation to PIMCO, for example, by giving priority allocations to Client accounts holding existing positions in the issuer’s debt if the issuer’s allocation to PIMCO is based on such holdings. PIMCO also may determine not to allocate to or purchase or sell for certain Clients all investments for which all Clients may be eligible. Legal, contractual, or regulatory issues and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other similar investment opportunities; the Client account’s investment horizon and objectives; hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including the Fund, may differ from, and performance may be lower than, investments and performance of other Clients, including those that may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Fund and certain pooled investment vehicles, including investment opportunity allocation issues.

From time to time, PIMCO may take an investment position or action for one or more Clients that may be different from, or inconsistent with, an action or position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients (including Clients that are PIMCO affiliates) in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may establish a short position in that same security. The subsequent short sale may result in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client.

When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the same security held by (and therefore benefit) other Clients.

Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (e.g., a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities

of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest on a “parallel” basis (i.e., proportionately in all transactions at substantially the same time and on substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest (or invests on different terms or on a non-pro rata basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client’s governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client’s interests. To the extent an investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client.

In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets.

Further, potential conflicts may be inherent in PIMCO’s use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer’s capital structure, including circumstances in which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client.

PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance vehicle, such as a CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a different tranche of the same vehicle, which tranche’s interests may be adverse to other tranches. PIMCO may also cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured finance vehicle, in which other Clients have an interest.

In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations, decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders. In some cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if disadvantageous to a Client’s account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment.

Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation.

From time to time, PIMCO personnel may come into possession of MNPI which, if disclosed, might affect an investor’s decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients).

PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO’s business activities. PIMCO may restrict trading in an issuer’s securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer’s securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI.

PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such non-participating Clients may benefit from the results of such litigation actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client.

Co-Investments. The 1940 Act imposes significant limits on co-investment with affiliates of the Fund. The Fund has received exemptive relief from the SEC that, to the extent the Fund relies on such relief, permits it to (among other things) co-invest with certain other persons, including certain affiliates of the Investment Manager and certain public or private funds managed by the Investment Manager and its affiliates, subject to certain terms and conditions. Co-investment transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and its affiliates. The exemptive relief from the SEC with respect to co-investments imposes extensive conditions on any co-investments made in reliance on such relief that may limit or restrict the Fund’s ability to participate in an investment or participate in an investment to a lesser extent. An inability to receive the desired allocation to potential investments may affect the Fund’s ability to achieve the desired investment returns. In the event investment opportunities are allocated among the Fund and its affiliates pursuant to co-investment exemptive relief, the Fund may not be able to structure its investment portfolio in the manner desired. Although PIMCO will endeavor to allocate investment opportunities in a fair and equitable manner, the Fund will generally not be permitted to co-invest in any issuer in which a fund managed by PIMCO or any of its downstream affiliates (other than the Fund and its downstream affiliates) currently has an investment. However, the Fund would be able to co-invest with funds managed by PIMCO or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and its allocation procedures. Pursuant to co-investment exemptive relief, the Fund will be able to invest in opportunities in which PIMCO and/or its affiliates has an investment, and PIMCO and/or its affiliates will be able to invest in opportunities in which the Fund has made an investment. From time to time, the Fund and its affiliates may make investments at different levels of an issuer’s capital structure or otherwise in different classes of an issuer’s securities. Such investments inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities. PIMCO has adopted procedures governing the co-investment in securities acquired in private placements with certain clients of PIMCO.

The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a case-by-case basis as they arise. Any review will take into consideration the interests of the relevant Clients,

the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and applicable laws. Clients (and investors in the Fund) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not exist.

Conflicts like those described above may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may occur between clients of PIMCO and PIMCO’s affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to PIMCO’s Clients. In many cases, PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory or internal restrictions may prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations or internal Allianz policies applicable to PIMCO, Allianz SE or their affiliates. An account’s willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (e.g., serving as a trustee or board member thereof).

Performance Fees. A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to the Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Fund and such other accounts on a fair and equitable basis over time.

Certain service providers to the Fund are expected to be owned by or otherwise related to or affiliated with a Client, and in certain cases, such service providers are expected to be, or are owned by, employed by, or otherwise related to, PIMCO, Allianz SE, their affiliates and/or their respective employees, consultants and other personnel. PIMCO may, in its sole discretion, determine to provide, or engage or recommend an affiliate of PIMCO to provide, certain services to the Fund, instead of engaging or recommending one or more third parties to provide such services. Subject to the governance requirements of a particular fund and applicable law, PIMCO or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, PIMCO faces a conflict of interest when selecting or recommending service providers for the Fund. Fees paid to an affiliated service provider will be determined in PIMCO’s commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with PIMCO’s responsibilities. Although PIMCO has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in PIMCO’s sole discretion) will be successful.

(a)(3)

As of December 31, 2023, the following explains the compensation structure of the individuals who have primary responsibility for day-to-day portfolio management of the Fund:

Portfolio Manager Compensation

PIMCO and its affiliates approach to compensation seeks to provide professionals with a compensation process that is driven by values of collaboration, openness, responsibility and excellence.

Generally, compensation packages consist of three components. The compensation program for portfolio managers is designed to align with clients’ interests, emphasizing each portfolio manager’s ability to generate long-term

investment success for clients, among other factors. A portfolio manager’s compensation is not based solely on the performance of the Fund or any other account managed by that portfolio manager:

Base Salary – Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a significant change in market levels.

Variable Compensation – In addition to a base salary, portfolio managers have a variable component of their compensation, which is based on a combination of individual and company performance and includes both qualitative and quantitative factors. The following non-exhaustive list of qualitative and quantitative factors is considered when determining total compensation for portfolio managers:

•

Performance measured over a variety of longer- and shorter-term periods, including 5-year, 4-year, 3-year, 2-year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund) and relative to applicable industry peer groups and;

•

Amount and nature of assets managed by the portfolio manager.

The variable compensation component of an employee’s compensation may include a deferred component. The deferred portion will generally be subject to vesting and may appreciate or depreciate based on the performance of PIMCO and/or its affiliates. PIMCO’s Long-Term Incentive Plan provides participants with deferred cash awards that appreciate or depreciate based on PIMCO’s operating earnings over a rolling three-year period.

Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO’s net profits. Portfolio managers who are Managing Directors receive an amount determined by the Compensation Committee, based upon an individual’s overall contribution to the firm.

(a)(4)

The following summarizes the dollar range of securities of the Fund the Portfolio Managers beneficially owned as of December 31, 2023:


Portfolio Manager		Dollar Range of Equity Securities of the Fund Owned as of December 31, 2023
Alfred T. Murata		None
Mohit Mittal		None
Giang Bui		None

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 11.

Controls and Procedures.

(a)

The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

None.

Item 13.

Exhibits.

(a)(1)

Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2)

Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes—Oxley Act of 2002.

(a)(3)

None.

(a)(4)

There was no change in the registrant’s independent public accountant for the period covered by the report.

(b)

Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes—Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


PIMCO Corporate & Income Strategy Fund

By:		/s/ Joshua D. Ratner

		Joshua D. Ratner
		President (Principal Executive Officer)

Date:		March 4, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Joshua D. Ratner

		Joshua D. Ratner
		President (Principal Executive Officer)

Date:		March 4, 2024

By:		/s/ Bijal Y. Parikh

		Bijal Y. Parikh
		Treasurer (Principal Financial & Accounting Officer)

Date:		March 4, 2024