PIMCO Corporate & Income Opportunity Fund NCSRS Certified semi-annual shareholder report (management investment company)

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: 811-21238

PIMCO Corporate & Income Opportunity Fund

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

Bradley Todd

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: July 31

Date of reporting period: January 31, 2020

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).

LOGO

PIMCO CLOSED-END FUNDS

Semiannual Report

January 31, 2020

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, pimco.com/literature, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by visiting pimco.com/edelivery or by contacting your financial intermediary, such as a broker-dealer or bank.

You may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 844.337.4626. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank.

Table of Contents



			Page


Letter from the Chair of the Board & President				2

Important Information About the Funds				4

Financial Highlights				16

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				86

Changes to the Boards of Trustees				108

Glossary				109


Fund	Fund Summary		Schedule of Investments


PIMCO Corporate & Income Opportunity Fund		11		23

PIMCO Corporate & Income Strategy Fund		12		37

PIMCO High Income Fund		13		50

PIMCO Income Strategy Fund		14		62

PIMCO Income Strategy Fund II		15		74

Letter from the Chair of the Board & President

Dear Shareholder,

Following this letter is the PIMCO Closed-End Funds Semiannual Report, which covers the six-month reporting period ended January 31, 2020. On the subsequent pages, you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended January 31, 2020

The U.S. economy continued to expand during the reporting period. U.S. gross domestic product (“GDP”) grew at an annual pace of 2.0% and 2.1% during the second and third quarters of 2019, respectively. The Commerce Department’s second reading for fourth quarter 2019 GDP, released after the reporting period ended, showed that the U.S. economy grew at a 2.1% annual pace.

After raising rates four times in 2018, the Federal Reserve (the “Fed”) reversed course and had a “dovish pivot.” Following the Fed’s meeting that concluded on July 31, 2019, the Fed lowered the federal funds rate by 0.25% to a range between 2.00% and 2.25%. This represented the Fed’s first rate cut since 2008. At the Fed’s meeting that ended on September 18, 2019, the Fed again reduced the federal funds rate by 0.25% to a range between 1.75% and 2.00%. At the Fed’s meeting that concluded on October 30, 2019, the Fed lowered the federal funds rate to a range between 1.50% and 1.75%. Since that time, the Fed has remained on hold and, at its meeting that concluded on January 29, 2020, the Fed said, “The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate.”

Economic activity outside the U.S. continued to expand, but the pace of expansion generally moderated. According to the International Monetary Fund’s (“IMF”) January 2020 World Economic Outlook Update, global growth is projected to have been 2.9% in 2019, versus 3.6% in 2018. From a regional perspective, the IMF expects the U.S. economy to expand 2.3% in 2019, compared to 2.9% in the prior calendar year. Elsewhere, the IMF anticipates that 2019 GDP growth in the eurozone, U.K. and Japan will be 1.2%, 1.3% and 1.0%, respectively. For comparison purposes, these economies expanded 1.9%, 1.3% and 0.3%, respectively, in 2018.

Against this backdrop, in September 2019, the European Central Bank (the “ECB”) cut its deposit rate from -0.4% to -0.5% — a record low — and restarted bond purchases of €20 billion a month in November 2019. Elsewhere, the Bank of Japan largely maintained its highly accommodative monetary policies. The Bank of England kept rates on hold, although there was speculation that it may reduce rates given the uncertainties related to Brexit. However, in December 2019, Prime Minister Boris Johnson won the general election, likely paving the way for a faster Brexit resolution.

The U.S. Treasury yield curve steepened as two-year Treasury rates declined more than their 10-year counterparts. In our view, falling rates were partially due to signs of moderating global growth, the Fed’s dovish pivot and periods of investor risk aversion. The yield on the benchmark 10-year U.S. Treasury note was 1.51% at the end of the reporting period, versus 2.02% on July 31, 2019. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local-currency government debt of investment grade countries, including both developed and emerging markets, returned 2.79%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade bonds, returned 4.54%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, also generated positive results. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.54%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 4.06%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 2.08%.

Global equities produced positive results and, despite periods of volatility, U.S. equities rose sharply. We believe the increase in U.S. equities was driven by a number of factors, including corporate profits that often exceeded lowered


2		PIMCO CLOSED-END FUNDS

expectations, a more accommodative Fed, and the “Phase 1” trade agreement between the U.S. and China. All told, U.S. equities, as represented by the S&P 500 Index, returned 9.31%. Emerging market equities, as measured by the MSCI Emerging Markets Index, returned 3.36%, whereas global equities, as represented by the MSCI World Index, returned 7.94%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 8.87% and European equities, as represented by the MSCI Europe Index (in EUR), returned 6.75%.

Commodity prices fluctuated and were mixed during the reporting period. When the reporting period began, Brent crude oil was approximately $65 a barrel and it ended the period at roughly $58 a barrel. Elsewhere, copper prices also declined, whereas gold prices moved higher.

Finally, there were periods of volatility in the foreign exchange markets, due in part, in our view, to signs of moderating global growth, trade conflicts, and changing central bank monetary policies, along with a number of geopolitical events. The U.S. dollar weakened against a number of other major currencies. For example, the U.S. dollar returned -0.15% versus the euro, -0.40% versus the Japanese yen and -8.61% versus the British pound, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding your PIMCO closed-end funds investments, please contact your financial advisor or call the funds’ shareholder servicing agent at (844) 33-PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our global viewpoints.

Sincerely,





Deborah A. DeCotis		Eric D. Johnson
Chair of the Board of Trustees		President

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.


		SEMIANNUAL REPORT		JANUARY 31, 2020		3

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 yield 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). 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 movement in interest rates.

As of the date of this report, interest rates in the U.S. and many parts of the world, including certain European countries, are at or near historically low levels. As such, bond funds may 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. In addition, in the current low interest rate environment, the market price of the Funds’ common shares may be particularly sensitive to changes in interest rates or the perception that there will be a change in interest rates. 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.

The use of derivatives may subject the Funds to greater volatility than investments in traditional securities. The Funds may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, call risk, credit risk, leverage risk, management risk and the risk that a Fund may not be able to close out a position when it would be most advantageous to do so. Changes in regulation relating to a 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 and/or adversely affect the value or performance of

derivatives and the Fund. Certain derivative transactions may have a leveraging effect on a Fund. For example, a small investment in a derivative instrument may have a significant impact on a Fund’s exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in an asset, instrument or component of the index underlying a derivative instrument may cause an immediate and substantial loss or gain, which translates into heightened volatility in a Fund’s net asset value (“NAV”). A Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying the derivative instrument. A Fund may invest a significant portion of its assets in these types of instruments. If it does, a Fund’s investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own.

Certain Funds’ monthly distributions may include, among other possible sources, interest income from its debt portfolio and payments and premiums (characterized as capital for financial accounting purposes and as ordinary income for tax purposes) generated by certain types of interest rate derivatives.

Strategies involving interest rate derivatives may attempt to capitalize on differences between short-term and long-term interest rates as part of a Fund’s duration and yield curve active management strategies. For instance, in the event that long-term interest rates are higher than short-term interest rates, the Fund may elect to pay a floating short-term interest rate and to receive a long-term fixed interest rate for a stipulated period of time, thereby generating payments as a function of the difference between current short-term interest rates and long-term interest rates, so long as the floating short-term interest rate (which may rise) is lower than the fixed long-term interest rate.

A Fund may also 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 for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) and that are not part of the Fund’s duration or yield curve management strategies (“paired swap transactions”). In a paired swap transaction, a Fund would generally enter into one or more interest rate swap agreements whereby the 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”). The 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, the Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest


4		PIMCO CLOSED-END FUNDS

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’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 a 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. For instance, a significant 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 the 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.

The notional exposure of a Fund’s interest rate derivatives may represent a multiple of the Fund’s total net assets. There can be no assurance a Fund’s strategies involving interest rate derivatives will work as intended and such strategies are subject to the risks related to the use of derivatives generally, as discussed above (see also Notes 6 and 7 in the Notes to Financial Statements for further discussion on the use of derivative instruments and certain of the risks associated therewith).

A Fund’s use of leverage creates the opportunity for increased income for the Fund’s common shareholders, but also creates special risks. Leverage is a speculative technique that may expose a Fund to greater risk and increased costs. If shorter-term interest rates rise relative to the rate of return on a Fund’s portfolio, the interest and other costs of leverage to the Fund could exceed the rate of return on the debt obligations and other investments held by the Fund, thereby reducing return to the Fund’s common shareholders. In addition, fees and expenses of any form of leverage used by a Fund will be borne entirely by its common shareholders (and not by preferred shareholders, if any) and will reduce the investment return of the Fund’s common shares.

In addition, because the fees received by PIMCO are based on the average weekly total managed assets (including any assets attributable to any preferred shares or other forms of leverage that may be

outstanding) minus any accrued liabilities (other than liabilities representing leverage) of PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II, and on the average daily net asset value (including daily net assets attributable to any preferred shares that may be outstanding) of PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund and PIMCO High Income Fund, PIMCO has a financial incentive for a Fund to use certain forms of leverage, which may create a conflict of interest between PIMCO, on the one hand, and the common shareholders of a Fund, on the other hand.

There can be no assurance that a Fund’s use of leverage will result in a higher yield on its common shares, and it may result in losses. Leverage creates several major types of risks for a Fund’s common shareholders, including: (1) the likelihood of greater volatility of NAV and market price of the Fund’s common shares, and of the investment return to the Fund’s common shareholders, than a comparable portfolio without leverage; (2) the possibility either that the Fund’s common share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on the Fund’s common shares will fluctuate because such costs vary over time; and (3) the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Fund’s common shares than if the Fund were not leveraged and may result in a greater decline in the market value of the Fund’s common shares. Moreover, to make payments of interest and other loan costs, a Fund may be forced to sell portfolio securities when it is not otherwise advantageous to do so.

A Fund’s investments in and exposure to foreign securities involve special risks. For example, the value of these investments may decline in response to unfavorable political and legal developments, unreliable or untimely information or economic and financial instability. Foreign securities may experience more rapid and extreme changes in value than investments in securities of U.S. issuers. The securities markets of certain foreign countries are relatively small, with a limited number of companies representing a small number of industries. Issuers of foreign securities are usually not subject to the same degree of regulation as U.S. issuers. Reporting, accounting, auditing and custody standards of foreign countries differ, in some cases significantly, from U.S. standards. Also, nationalization, expropriation or other confiscation, currency blockage, political changes or diplomatic developments could adversely affect a Fund’s investments in foreign securities. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire investment in foreign securities. Investing in foreign (non-U.S.) securities may entail risk due to foreign (non-U.S.) economic and political developments; this risk may be increased when investing in emerging markets. For example, if a Fund invests in emerging market debt, it may face increased exposure to interest rate, liquidity, volatility, and redemption risk due to the specific economic, political, geographical, or legal background of the foreign (non-U.S.) issuer.


		SEMIANNUAL REPORT		JANUARY 31, 2020		5

Important Information About the Funds (Cont.)

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 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.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The global economy, the economies of certain nations and individual issuers have been and may continue to be adversely affected by COVID-19, particularly in light of the interconnectivity between economies and financial markets, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Funds may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is 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 phase out the use of LIBOR by the end of 2021. The transition may 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. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities), and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests are not known and could result in losses to a Fund.

Under the direction of the Federal Housing Finance Agency, the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the “Single Security Initiative”) that aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was implemented on June 3, 2019 and the effects it may have on the market for mortgage-backed securities are uncertain.

Investments in loans (including whole 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, as applicable, risks associated with mortgage-related securities. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. In the case of a loan participation or assignment, 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 lender that is selling the loan agreement. In the event of the insolvency of the lender selling a loan participation, 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. A Fund 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, lender liability, environmental and other laws and regulations, and risks and costs associated with debt servicing and taking foreclosure actions associated with the loans.

Mortgage-related and other asset-backed securities represent interests in “pools” of mortgages or other assets such as consumer loans or receivables held in trust and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if a Fund holds mortgage-related securities, it may exhibit additional volatility since individual mortgage holders are less likely to exercise


6		PIMCO CLOSED-END FUNDS

prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even small movements can cause an investing Fund to lose value. Mortgage-backed securities, and in particular those not backed by a government guarantee, are subject to credit risk. In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Funds because the Funds may have to reinvest that money at the lower prevailing interest rates. The Funds’ investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. Payment of principal and interest on asset-backed securities may be largely dependent upon the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets. Additionally, investments in subordinate mortgage-backed and other asset-backed instruments will be subject to risks arising from delinquencies and foreclosures, thereby exposing a Fund’s investment portfolio to potential losses. Subordinate securities of mortgage-backed and other asset-backed instruments are also subject to greater credit risk than those mortgage-backed or other asset-backed securities that are more highly rated.

A Fund may also invest in the residual or equity tranches of mortgage-related and other asset-backed instruments, which may be referred to as subordinate mortgage-backed or asset-backed instruments and interest-only mortgage-backed or asset-backed instruments. Because an investment in the residual or equity tranche of a mortgage-related or other asset-backed instrument will be the first to bear losses incurred by such instrument, these investments may involve a significantly greater degree of risk than investments in other tranches of a mortgage-related or other asset-backed instrument.

The risk of investing in collateralized loan obligations (“CLOs”), include prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk. CLOs may 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 quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; 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.

High-yield bonds (commonly referred to as “junk bonds”) typically have a lower credit rating than other bonds. Lower-rated bonds generally

involve a greater risk to principal than higher-rated bonds. Further, markets for lower-rated bonds are typically less liquid than for higher-rated bonds, and public information is usually less abundant in markets for lower-rated bonds. Thus, high yield investments increase the chance that a Fund will lose money. PIMCO does not rely solely on credit ratings, and develops its own analysis of issuer credit quality. A Fund may purchase unrated securities (which are not rated by a rating agency) if PIMCO determines that the security is of comparable quality to a rated security that a Fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that PIMCO may not accurately evaluate the security’s comparative credit quality, which could result in a Fund’s portfolio having a higher level of credit and/or high yield risk than PIMCO has estimated or desires for the Fund, and could negatively impact the Fund’s performance and/or returns. Certain Funds may invest a substantial portion of their assets in unrated securities and therefore may be particularly subject to the associated risks. To the extent that a Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objectives may depend more heavily on the portfolio manager’s creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. The Funds may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds’ ability to trade, and the availability of prices from independent pricing services or dealer quotations. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. Defaulted securities are often illiquid and may not be actively traded. Sales of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds could be material. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

Contingent convertible securities (“CoCos”) are a form of hybrid debt security issued primarily by non-U.S. issuers, which have loss absorption mechanisms built into their terms. CoCos have no stated maturity, have fully discretionary coupons and are typically issued in the form of subordinated debt instruments. CoCos generally either convert into equity of the issuer or have their principal written down upon the occurrence of certain triggering events (“triggers”) linked to regulatory capital thresholds or regulatory actions relating to the issuer’s continued viability. As a result, an investment by a Fund in CoCos is subject to 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 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


		SEMIANNUAL REPORT		JANUARY 31, 2020		7

Important Information About the Funds (Cont.)

equity, the risk that the principal amount due can be written down to a lesser amount, 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. CoCos may experience a loss absorption mechanism trigger event, which would likely be the result of, or related to, the deterioration of the issuer’s financial condition (e.g., a decrease in the issuer’s capital ratio) and status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the trigger event, the market price of the issuer’s common stock received by the Fund will have likely declined, perhaps substantially, and may continue to decline, which may adversely affect the Fund’s NAV. In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. There is no guarantee that a Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have an adverse effect on the market price of CoCos. CoCos are often rated below investment grade and are subject to the risks of high yield securities. Because CoCos are issued primarily by financial institutions, CoCos may present substantially increased risks at times of financial turmoil, which could affect financial institutions more than companies in other sectors and industries. Further, the value of an investment in CoCos is unpredictable and will be influenced by many factors and risks, including interest rate risk, credit risk, market risk and liquidity risk. An investment by a Fund in CoCos may result in losses to the Fund.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When a Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.

As the use of technology has become more prevalent in the course of 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 that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or 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 NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; 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 Funds and their shareholders could be negatively impacted as a result.

The Funds may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, and unpredictable taxation. Investments in Russia are particularly subject to the risk that economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact the Funds’ performance and/or ability to achieve their investment objectives. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities.

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.

The Funds may be subject to various risks, including, but not limited to, the following: asset allocation risk, credit risk, stressed securities risk, distressed and defaulted securities risk, corporate bond risk, contingent


8		PIMCO CLOSED-END FUNDS

convertible securities risk, high yield risk, market risk, issuer risk, liquidity risk, equity securities and related market risk, mortgage-related and other asset-backed securities risk, extension risk, prepayment risk, privately issued mortgage-related securities risk, mortgage market/ subprime risk, foreign (non-U.S.) investment risk, emerging markets risk, currency risk, redenomination risk, non-diversification risk, management risk, municipal bond risk, inflation-indexed security risk, senior debt risk, loans, participations and assignments risk, reinvestment risk, real estate risk, U.S. Government securities risk, foreign (non-U.S.) government securities risk, valuation risk, segregation and cover risk, focused investment risk, credit default swaps risk, event-linked securities risk, counterparty risk, preferred securities risk, confidential information access risk, other investment companies risk, private placements risk, inflation/deflation risk, regulatory risk, regulatory risk — LIBOR, tax risk, recent economic conditions risk, market disruptions and geopolitical risk, potential conflicts of interest involving allocation of investment opportunities, repurchase agreements risk, securities lending risk, zero-coupon bond and payment-in-kind securities risk, portfolio turnover risk, smaller company risk, short sale risk, convertible securities risk, market discount risk, interest rate risk, leverage risk, call risk, derivatives risk, synthetic convertible securities risk, operational risk, cyber security risk, structured investments risk, collateralized loan obligations risk, and Rule 144A securities risk. A description of certain of these risks is available in the Notes to Financial Statements of this Report.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table measures performance assuming that all 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 following table discloses the commencement of operations and diversification status of each Fund:

Fund Name

Commencement
of Operations

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 deposit of a bank 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 the Funds.

The Trustees are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with the Investment Manager 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 original or any subsequent 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 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 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 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. The Proxy Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the


		SEMIANNUAL REPORT		JANUARY 31, 2020		9

Important Information About the Funds (Cont.)

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 30, 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 portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (844) 33-PIMCO.

The SEC has adopted a rule that, beginning in 2021, generally will allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may still elect to receive a complete shareholder report in the mail. Instructions for electing to receive paper copies of a Fund’s shareholder reports going forward may be found on the front cover of this report.

The SEC has issued a proposed rule relating to a registered investment company’s use of derivatives and related instruments that, if adopted, could potentially require funds to reduce their use of leverage and/or observe more stringent asset coverage and related requirements than are currently imposed by the Investment Company Act of 1940, as amended, and the rules and regulations thereunder.


10		PIMCO CLOSED-END FUNDS

PIMCO Corporate & Income Opportunity Fund


		Symbol on NYSE - PTY

Allocation Breakdown as of January 31, 2020^†^§


Corporate Bonds & Notes			38.9%

Loan Participations and Assignments			15.6%

Asset-Backed Securities			12.9%

Non-Agency Mortgage-Backed Securities			11.0%

Preferred Securities			4.9%

Sovereign Issues			4.3%

Short-Term Instruments			4.0%

Municipal Bonds & Notes			2.9%

U.S. Government Agencies			2.5%

Real Estate Investment Trusts			1.2%

Other			1.8%

^†

% of Investments, at value.

^§

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

Fund Information as of January 31, 2020⁽¹⁾


Market Price			$19.57

NAV			$14.80

Premium/(Discount) to NAV			32.23%

Market Price Distribution Rate⁽²⁾			7.97%

NAV Distribution Rate⁽²⁾			10.54%

Total Effective Leverage⁽³⁾			32.32%



Average Annual Total Return⁽¹⁾ for the period ended January 31, 2020

	6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (12/27/02)
Market Price		10.13%		31.21%		14.65%		16.27%		14.71%
NAV		6.83%		16.00%		13.45%		14.99%		14.16%

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

⁽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.

⁽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).

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:

Issuance of additional shares through at-the-market offerings at a premium to net asset value contributed to absolute performance.

Exposure to corporate credit contributed to absolute performance as investment grade and high yield corporate bonds posted positive returns during the reporting period.

Exposure to bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

Exposure to Argentinian debt detracted from absolute performance as Argentinian debt posted negative returns during the reporting period.

Currency hedges on the British pound detracted from absolute performance as the British pound strengthened versus the U.S. dollar during the reporting period.


		SEMIANNUAL REPORT		JANUARY 31, 2020		11

PIMCO Corporate & Income Strategy Fund


		Symbol on NYSE - PCN

Allocation Breakdown as of January 31, 2020^†^§


Corporate Bonds & Notes			39.0%

Asset-Backed Securities			13.8%

Non-Agency Mortgage-Backed Securities			12.9%

Loan Participations and Assignments			11.0%

Sovereign Issues			4.7%

Preferred Securities			4.1%

Short-Term Instruments			3.9%

Municipal Bonds & Notes			3.5%

U.S. Government Agencies			3.2%

Real Estate Investment Trusts			1.4%

Common Stocks			1.2%

Other			1.3%

^†

% of Investments, at value.

^§

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

Fund Information as of January 31, 2020⁽¹⁾


Market Price			$19.80

NAV			$14.89

Premium/(Discount) to NAV			32.98%

Market Price Distribution Rate⁽²⁾			6.82%

NAV Distribution Rate⁽²⁾			9.07%

Total Effective Leverage⁽³⁾			27.76%



Average Annual Total Return⁽¹⁾ for the period ended January 31, 2020

	6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (12/21/01)
Market Price		14.09%		37.35%		15.62%		14.45%		12.83%
NAV		4.80%		14.70%		10.87%		13.00%		11.94%

* Cumulative return

⁽¹⁾

⁽²⁾

⁽³⁾

Investment Objective and Strategy Overview

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

Fund Insights at NAV

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

Exposure to corporate credit contributed to absolute performance as investment grade and high yield corporate bonds posted positive returns during the reporting period.

Exposure to bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

Exposure to U.S. non-agency residential mortgage backed securities contributed to absolute performance as the asset class posted positive returns during the reporting period.

Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

Exposure to Argentinian debt detracted from absolute performance as Argentinian debt posted negative returns during the reporting period.

Currency hedges on the British pound detracted from absolute performance as the British pound strengthened versus the U.S. dollar during the reporting period.


12		PIMCO CLOSED-END FUNDS

PIMCO High Income Fund

Symbol on NYSE - PHK

Allocation Breakdown as of January 31, 2020^†^§


Corporate Bonds & Notes			41.1%

Non-Agency Mortgage-Backed Securities			12.2%

Loan Participations and Assignments			9.8%

Asset-Backed Securities			9.4%

Preferred Securities			8.5%

Municipal Bonds & Notes			6.4%

Sovereign Issues			2.8%

Short-Term Instruments			2.7%

U.S. Government Agencies			2.4%

Real Estate Investment Trusts			2.3%

Common Stocks			1.1%

Other			1.3%

^†

% of Investments, at value.

^§

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

Fund Information as of January 31, 2020⁽¹⁾


Market Price			$7.59

NAV			$6.28

Premium/(Discount) to NAV			20.86%

Market Price Distribution Rate⁽²⁾			9.70%

NAV Distribution Rate⁽²⁾			11.72%

Total Effective Leverage⁽³⁾			29.98%



Average Annual Total Return⁽¹⁾ for the period ended January 31, 2020

	6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (04/30/03)
Market Price		(0.60)%		(1.85)%		3.27%		8.93%		9.51%
NAV		4.46%		16.31%		13.34%		15.19%		11.89%

* Cumulative return

⁽¹⁾

⁽²⁾

⁽³⁾

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 contributed to absolute performance as investment grade and high yield corporate bonds posted positive returns during the reporting period.

Exposure to bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

Exposure to emerging market debt ex-Argentina contributed to absolute performance as external and local debt posted positive returns during the reporting period.

Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

Exposure to Argentinian debt detracted from absolute performance as Argentinian debt posted negative returns during the reporting period.

Currency hedges on the British pound detracted from absolute performance as the British pound strengthened versus the U.S. dollar during the reporting period.


		SEMIANNUAL REPORT		JANUARY 31, 2020		13

PIMCO Income Strategy Fund

Symbol on NYSE - PFL

Allocation Breakdown as of January 31, 2020^†^§


Corporate Bonds & Notes			44.2%

Asset-Backed Securities			14.6%

Loan Participations and Assignments			12.1%

Non-Agency Mortgage-Backed Securities			7.2%

Sovereign Issues			4.1%

Municipal Bonds & Notes			3.9%

Preferred Securities			3.9%

Short-Term Instruments			3.6%

U.S. Government Agencies			2.8%

Real Estate Investment Trusts			1.3%

Common Stocks			1.1%

Other			1.2%

^†

% of Investments, at value.

^§

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

Fund Information as of January 31, 2020⁽¹⁾


Market Price			$12.05

NAV			$10.97

Premium/(Discount) to NAV			9.85%

Market Price Distribution Rate⁽²⁾			8.96%

NAV Distribution Rate⁽²⁾			9.85%

Total Effective Leverage⁽³⁾			22.63%



Average Annual Total Return⁽¹⁾ for the period ended January 31, 2020

	6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (08/29/03)
Market Price		5.51%		16.68%		10.96%		10.61%		7.52%
NAV		4.88%		13.88%		9.78%		11.28%		7.32%

* Cumulative return

⁽¹⁾

⁽²⁾

⁽³⁾

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 bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

Exposure to corporate credit contributed to absolute performance as investment grade and high yield corporate bonds posted positive returns during the reporting period.

Exposure to emerging market debt ex-Argentina contributed to absolute performance as external and local debt posted positive returns during the reporting period.

Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

Exposure to Argentinian debt detracted from absolute performance as Argentinian debt posted negative returns during the reporting period.

Currency hedges on the British pound detracted from absolute performance as the British pound strengthened versus the U.S. dollar during the reporting period.


14		PIMCO CLOSED-END FUNDS

PIMCO Income Strategy Fund II

Symbol on NYSE - PFN

Allocation Breakdown as of January 31, 2020^†^§


Corporate Bonds & Notes			43.2%

Asset-Backed Securities			12.1%

Non-Agency Mortgage-Backed Securities			11.7%

Loan Participations and Assignments			11.3%

Municipal Bonds & Notes			4.2%

Sovereign Issues			4.2%

Preferred Securities			4.1%

Short-Term Instruments			3.1%

U.S. Government Agencies			2.4%

Real Estate Investment Trusts			1.3%

Common Stocks			1.1%

Other			1.3%

^†

% of Investments, at value.

^§

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

Fund Information as of January 31, 2020⁽¹⁾


Market Price			$10.73

NAV			$9.85

Premium/(Discount) to NAV			8.93%

Market Price Distribution Rate⁽²⁾			8.95%

NAV Distribution Rate⁽²⁾			9.75%

Total Effective Leverage⁽³⁾			22.70%



Average Annual Total Return⁽¹⁾ for the period ended January 31, 2020

	6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (10/29/04)
Market Price		5.20%		17.18%		11.63%		11.59%		6.81%
NAV		4.46%		13.41%		10.02%		11.51%		6.54%

* Cumulative return

⁽¹⁾

⁽²⁾

⁽³⁾

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 contributed to absolute performance as investment grade and high yield corporate bonds posted positive returns during the reporting period.

Exposure to bank capital contributed to absolute performance as the asset class posted positive returns during the reporting period.

Exposure to U.S. non-agency residential mortgage backed securities contributed to absolute performance as the asset class posted positive returns during the reporting period.

Interest rate hedges on the long end of the U.S. yield curve detracted from absolute performance as U.S. interest rates decreased during the reporting period.

Exposure to Argentinian debt detracted from absolute performance as Argentinian debt posted negative returns during the reporting period.

Currency hedges on the British pound detracted from absolute performance as the British pound strengthened versus the U.S. dollar during the reporting period.


		SEMIANNUAL REPORT		JANUARY 31, 2020		15

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

08/01/2019 - 01/31/2020+	$	14.66		$	0.72	$	(0.03	)	$	(0.04	)	$	0.00		$	0.65		$	(0.81	)	$	0.00		$	0.00		$	(0.81	)

07/31/2019		14.80	⁽ⁿ⁾		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	)

07/31/2017		13.27			1.21		2.06			(0.04	)		0.00			3.23			(1.59	)		0.00			(0.14	)		(1.73	)

07/31/2016		14.23			1.30		(0.65	)		(0.02	)		0.00			0.63			(1.59	)		0.00			0.00			(1.59	)

12/01/2014 - 07/31/2015^(h)		15.41			0.68		(0.33	)		(0.00	)		0.00			0.35			(1.69	)		0.00			0.00			(1.69	)⁽ⁱ⁾

11/30/2014		16.62			1.14		1.06			0.00			(0.01	)		2.19			(1.56	)		(1.84	)		0.00			(3.40	)

PIMCO Corporate & Income Strategy Fund

08/01/2019 - 01/31/2020+	$	14.94		$	0.69	$	0.01		$	(0.01	)	$	0.00		$	0.69		$	(0.74	)	$	0.00		$	0.00		$	(0.74	)

07/31/2019		14.90	⁽ⁿ⁾		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	)

07/31/2017		14.28			1.12		1.70			(0.01	)		0.00			2.81			(1.75	)		0.00			(0.02	)		(1.77	)

07/31/2016		14.75			1.24		(0.84	)^(j)		(0.01	)		0.00			0.39	^(k)		(1.37	)		0.00			0.00			(1.37	)

11/01/2014 - 07/31/2015^(l)		15.60			0.73		(0.21	)		(0.00	)		0.00			0.52			(1.37	)		0.00			0.00			(1.37	)⁽ⁱ⁾

10/31/2014		16.04			0.99		0.87			(0.00	)		(0.00	)		1.86			(1.35	)		(0.95	)		0.00			(2.30	)

PIMCO High Income Fund

08/01/2019 - 01/31/2020+	$	6.38		$	0.36	$	(0.08	)	$	(0.01	)	$	0.00		$	0.27		$	(0.37	)	$	0.00		$	0.00		$	(0.37	)

07/31/2019		6.54	⁽ⁿ⁾		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	)

07/31/2017		6.63			0.67		0.71			(0.01	)		0.00			1.37			(0.91	)		0.00			(0.19	)		(1.10	)

07/31/2016		7.37			0.74		(0.48	)^(j)		(0.00	)		0.00			0.26	^(k)		(1.18	)		0.00			(0.08	)		(1.26	)

04/01/2015 - 07/31/2015^(m)		7.59			0.21		0.06			(0.00	)		0.00			0.27			(0.33	)		0.00			(0.16	)		(0.49	)⁽ⁱ⁾

03/31/2015		8.23			0.94		(0.12	)		(0.00	)		0.00			0.82			(1.46	)		0.00			0.00			(1.46	)

PIMCO Income Strategy Fund

08/01/2019 - 01/31/2020+	$	11.00		$	0.52	$	(0.05	)	$	(0.02	)	$	0.00		$	0.45		$	(0.54	)	$	0.00		$	0.00		$	(0.54	)

07/31/2019		11.14	⁽ⁿ⁾		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	)

07/31/2017		10.53			0.88		1.31			(0.04	)		0.00			2.15			(1.08	)		0.00			0.00			(1.08	)

07/31/2016		11.46			0.88		(0.70	)		(0.03	)		0.00			0.15			(1.08	)		0.00			0.00			(1.08	)

07/31/2015		12.15			0.79		(0.34	)		(0.03	)		0.00			0.42			(1.22	)		0.00			0.00			(1.22	)

PIMCO Income Strategy Fund II

08/01/2019 - 01/31/2020+	$	9.91		$	0.45	$	(0.06	)	$	(0.02	)	$	0.00		$	0.37		$	(0.48	)	$	0.00		$	0.00		$	(0.48	)

07/31/2019		10.07	⁽ⁿ⁾		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	)

07/31/2017		9.42			0.80		1.10			(0.03	)		0.00			1.87			(0.96	)		0.00			0.00			(0.96	)

07/31/2016		10.27			0.87		(0.67	)		(0.02	)		0.00			0.18			(1.03	)		0.00			0.00			(1.03	)

07/31/2015		10.88			0.70		(0.29	)		(0.03	)		0.00			0.38			(1.11	)		0.00			0.00			(1.11	)

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

Unaudited

*	Annualized

^(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.

^(h)	Fiscal year end changed from November 30^th to July 31^st.

⁽ⁱ⁾	Total distributions for the period ended July 31, 2015 may be lower than prior fiscal years due to fiscal year end changes resulting in a reduction of the amount of days in the period ended July 31, 2015.

^(j)

The amount previously reported in the Funds’ 2016 Annual Report has been revised due to a misstatement. The misstatement was not considered material to the prior period Annual Report. In the Funds’ 2016 Annual Report, PIMCO Corporate & Income Strategy Fund and PIMCO High Income Fund reported amounts of (0.33) and (0.22), respectively.

^(k)

^(l)	Fiscal year end changed from October 31^st to July 31^st.

^(m)	Fiscal year end changed from March 31^st to July 31^st.

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


16		PIMCO CLOSED-END FUNDS					See Accompanying Notes


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



$	0.30	$	0.00	$	0.00	$	14.80		$	19.57		10.13	%	$	1,411,100		1.38	%*		1.38	%*		0.78	%*		0.78	%*		9.85	%*	$	190,825		11	%

	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			176,730		22

	0.12		0.00		0.00		14.80	⁽ⁿ⁾		17.95		16.78			1,219,515		1.26			1.26			0.81			0.81			8.73			153,072		19

	0.10		0.00		0.00		14.87			16.92		29.18			1,140,768		1.08			1.08			0.83			0.83			8.68			144,819		39

	N/A		N/A		0.00		13.27			14.75		16.09			946,843		0.89			0.89			0.85			0.85			9.93			124,468		45

	N/A		N/A		0.16		14.23			14.31		(13.61	)		1,006,484		0.91	*		0.91	*		0.90	*		0.90	*		7.01	*		130,743		34

	N/A		N/A		0.00		15.41			18.50		26.04			1,082,000		0.91			0.91			0.91			0.91			7.36			108,229		44



$	N/A	$	N/A	$	0.00	$	14.89		$	19.80		14.09	%	$	592,341		1.74	%*		1.74	%*		0.87	%*		0.87	%*		9.32	%*	$	654,275		8	%

	N/A		N/A		0.10		14.94			18.08		9.20			591,931		1.60			1.60			0.94			0.94			8.39			653,838		18

	N/A		N/A		0.00		14.90	⁽ⁿ⁾		18.09		9.61			586,592		1.36			1.36			0.94			0.94			7.97			289,023		20

	N/A		N/A		0.00		15.32			17.92		30.63			599,266		1.17			1.17			0.93			0.93			7.65			294,755		38

	N/A		N/A		0.51		14.28			15.43		24.21			553,569		1.10			1.10			1.02			1.02			8.91			274,223		43

	N/A		N/A		0.00		14.75			13.71		(7.12	)		570,122		1.07	*		1.07	*		1.07	*		1.07	*		6.51	*		109,336		40

	N/A		N/A		0.00		15.60			16.18		8.84			599,980		1.09			1.09			1.09			1.09			6.32			113,753		48



$	N/A	$	N/A	$	0.00	$	6.28		$	7.59		(0.60	)%	$	827,254		1.93	%*		1.93	%*		0.84	%*		0.84	%*		11.44	%*	$	381,148		9	%

	N/A		N/A		0.04		6.38			8.03		3.57			835,988		1.86			1.86			0.91			0.91			9.74			384,900		20

	N/A		N/A		0.00		6.54	⁽ⁿ⁾		8.67		13.13			847,052		1.48			1.48			0.90			0.90			9.30			232,587		27

	N/A		N/A		0.00		6.90			8.71		(1.45	)		884,912		1.25			1.25			0.90			0.90			10.08			241,894		32

	N/A		N/A		0.26		6.63			10.03		19.92			841,102		1.08			1.08			0.95			0.95			11.20			231,185		42

	N/A		N/A		0.00		7.37			9.71		(18.40	)		925,598		1.05	*		1.05	*		1.03	*		1.03	*		8.14	*		104,245		8

	N/A		N/A		0.00		7.59			12.48		12.30			949,880		1.18			1.18			1.02			1.02			11.53			106,324		58



$	0.06	$	0.00	$	0.00	$	10.97		$	12.05		5.51	%	$	329,148		1.77	%*		1.77	%*		1.18	%*		1.18	%*		9.55	%*	$	206,993		11	%

	0.06		0.00		0.03		11.00			11.99		8.10			305,453		1.69			1.69			1.18			1.18			8.39			193,873		17

	N/A		N/A		0.00		11.14	⁽ⁿ⁾		12.23		10.37			284,677		1.48			1.48			1.17			1.17			7.67			163,725		21

	N/A		N/A		0.00		11.60			12.17		28.11			294,525		1.35			1.35			1.17			1.17			8.01			168,552		40

	N/A		N/A		0.00		10.53			10.48		12.41			266,347		1.17			1.17			1.13			1.13			8.49			154,837		38

	N/A		N/A		0.11		11.46			10.39		(2.62	)		289,909		1.30			1.30			1.25			1.25			6.67			166,328		67



$	0.05	$	0.00	$	0.00	$	9.85		$	10.73		5.20	%	$	678,713		1.73	%*		1.73	%*		1.13	%*		1.13	%*		9.10	%*	$	219,010		10	%

	0.04		0.00		0.01		9.91			10.70		11.03			632,927		1.66			1.66			1.12			1.12			8.57			205,928		17

	N/A		N/A		0.00		10.07	⁽ⁿ⁾		10.70		9.19			600,890		1.41			1.41			1.10			1.10			7.79			187,429		18

	N/A		N/A		0.00		10.33			10.76		26.32			612,310		1.26			1.26			1.09			1.09			8.15			190,527		26

	N/A		N/A		0.00		9.42			9.39		11.92			556,840		1.14			1.14			1.07			1.07			9.25			175,544		38

	N/A		N/A		0.12		10.27			9.41		(0.12	)		606,974		1.16			1.16			1.13			1.13			6.58			189,105		63


		SEMIANNUAL REPORT		JANUARY 31, 2020		17

Statements of Assets and Liabilities

January 31, 2020 (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*	$	1,893,280		$	779,975	$	1,086,585		$	418,638		$	849,424
Financial Derivative Instruments
Exchange-traded or centrally cleared		5,022			2,679		9,375			1,400			3,220
Over the counter		12,577			1,999		9,024			998			2,099
Cash		0			0		35			0			0
Deposits with counterparty		20,002			9,320		23,572			5,807			11,926
Foreign currency, at value		1,709			953		2,116			582			1,050
Receivable for investments sold		24,829			53,139		74,792			3,451			16,290
Receivable for Fund shares sold		3,077			0		0			760			669
Interest and/or dividends receivable		18,540			7,229		11,583			4,138			8,352
Other assets		505			129		18			228			232
Total Assets		1,979,541			855,423		1,217,100			436,002			893,262

Liabilities:

Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	225,768		$	198,023	$	284,481		$	45,166		$	97,409
Financial Derivative Instruments
Exchange-traded or centrally cleared		4,411			1,981		8,740			1,085			2,660
Over the counter		13,149			2,264		3,476			1,189			2,436
Payable for investments purchased		65,325			26,985		17,565			6,940			15,948
Payable for unfunded loan commitments		24,115			847		1,189			3,596			990
Deposits from counterparty		9,654			4,312		7,520			551			1,393
Distributions payable to common shareholders		12,249			4,474		8,076			2,679			5,481
Distributions payable to auction rate preferred shareholders		89			8		19			14			34
Overdraft due to custodian		0			83		0			48			61
Accrued management fees		911			435		586			312			625
Other liabilities		120			145		144			74			87
Total Liabilities		355,791			239,557		331,796			61,654			127,124

Auction Rate Preferred Shares^{^}		212,650			23,525		58,050			45,200			87,425

Net Assets Applicable to Common Shareholders	$	1,411,100		$	592,341	$	827,254		$	329,148		$	678,713

Net Assets Applicable to Common Shareholders Consist of:

Par value^{^^}	$	1		$	0	$	1		$	0		$	1
Paid in capital in excess of par		1,436,571			590,397		986,609			343,166			707,654
Distributable earnings (accumulated loss)		(25,472	)		1,944		(159,356	)		(14,018	)		(28,942	)

Net Assets Applicable to Common Shareholders	$	1,411,100		$	592,341	$	827,254		$	329,148		$	678,713

Net Asset Value Per Common Share^(a)	$	14.80		$	14.89	$	6.28		$	10.97		$	9.85

Common Shares Outstanding		95,322			39,771		131,679			29,994			68,902

Auction Rate Preferred Shares Issued and Outstanding		9			1		2			2			3

Cost of investments in securities	$	1,848,918		$	754,300	$	1,073,061		$	410,967		$	829,591
Cost of foreign currency held	$	1,714		$	948	$	2,120		$	626		$	1,121
Cost or premiums of financial derivative instruments, net	$	(22,905	)	$	2,708	$	109,374		$	1,791		$	3,465

* Includes repurchase agreements of:	$	58,609		$	28,652	$	24,537		$	14,146		$	24,280

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

^{^}	($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 January 31, 2020 (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	$	73,110		$	32,157		$	53,454		$	17,521		$	34,755
Dividends		1,301			476			1,757			229			488
Total Income		74,411			32,633			55,211			17,750			35,243

Expenses:

Management fees		5,011			2,486			3,362			1,776			3,572
Trustee fees and related expenses		79			34			49			18			37
Interest expense		3,950			2,573			4,497			920			1,962
Auction agent fees and commissions		89			26			39			26			46
Auction rate preferred shares related expenses		14			35			28			28			28
Miscellaneous expense		8			8			9			4			8
Total Expenses		9,151			5,162			7,984			2,772			5,653

Net Investment Income (Loss)		65,260			27,471			47,227			14,978			29,590

Net Realized Gain (Loss):

Investments in securities		6,725			1,235			3,756			2,505			5,803
Exchange-traded or centrally cleared financial derivative instruments		(123,723	)		(45,348	)		(148,067	)		(27,556	)		(64,136	)
Over the counter financial derivative instruments		16,530			978			11,298			975			2,370
Foreign currency		(2,915	)		(1,031	)		(1,475	)		(490	)		(1,378	)

Net Realized Gain (Loss)		(103,383	)		(44,166	)		(134,488	)		(24,566	)		(57,341	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		6,734			3,919			(5,615	)		(544	)		(627	)
Exchange-traded or centrally cleared financial derivative instruments		111,220			45,251			142,846			26,765			60,553
Over the counter financial derivative instruments		(12,102	)		(5,080	)		(12,675	)		(2,356	)		(4,766	)
Foreign currency assets and liabilities		(3,236	)		5			(1,667	)		(91	)		(943	)

Net Change in Unrealized Appreciation (Depreciation)		102,616			44,095			122,889			23,774			54,217

Net Increase (Decrease) in Net Assets Resulting from Operations	$	64,493		$	27,400		$	35,628		$	14,186		$	26,466

Distributions on Auction Rate Preferred Shares from Net Investment Income and/or Realized Capital Gains	$	(3,900	)	$	(325	)	$	(852	)	$	(705	)	$	(1,364	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations	$	60,593		$	27,075		$	34,776		$	13,481		$	25,102

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


		SEMIANNUAL REPORT		JANUARY 31, 2020		19

Statements of Changes in Net Assets


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

(Amounts in thousands^†)	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019			Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	65,260		$	116,749		$	27,471		$	48,079
Net realized gain (loss)		(103,383	)		33,475			(44,166	)		(2,543	)
Net change in unrealized appreciation (depreciation)		102,616			(27,223	)		44,095			9,743

Net Increase (Decrease) in Net Assets Resulting from Operations		64,493			123,001			27,400			55,279
Distributions on auction rate preferred shares from net investment income and/or realized capital gains		(3,900	)		(10,757	)		(325	)		(1,879	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations		60,593			112,244			27,075			53,400

Distributions to Common Shareholders:

From net investment income and/or net realized capital gains		(73,740	)		(139,693	)		(29,187	)		(56,489	)
Tax basis return of capital		0			0			0			0

Total Distributions to Common Shareholders^(a)		(73,740	)		(139,693	)		(29,187	)		(56,489	)

*Auction-Rate Preferred Share Transactions:**

Net Increase (Decrease) resulting from tender of Auction Rate Preferred Shares		0			1,771			0			4,160

Common Share Transactions:**

Net proceeds from at-the-market offering		125,638			83,316			0			0
Net at-the-market offering costs		36			16			0			0
Issued as reinvestment of distributions		7,340			14,064			2,522			4,268

Total increase (decrease) resulting from common share transactions		133,014			97,396			2,522			4,268

Total increase (decrease) in net assets applicable to common shareholders		119,867			71,718			410			5,339

Net Assets Applicable to Common Shareholders:

Beginning of period		1,291,233			1,219,515			591,931			586,592
End of period	$	1,411,100		$	1,291,233		$	592,341		$	591,931

** Common Share Transactions:

Shares sold		6,795			4,849			0			0
Shares issued as reinvestment of distributions		418			865			142			263

Net increase (decrease) in common shares outstanding		7,213			5,714			142			263

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

*	See Note 14, Auction Rate Preferred Shares, in the Notes to Financial Statements for more information.

^(a)	The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.


20		PIMCO CLOSED-END FUNDS					See Accompanying Notes


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

Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019			Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019			Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019





$	47,227		$	78,975		$	14,978		$	23,760		$	29,590		$	50,953
	(134,488	)		10,555			(24,566	)		(2,326	)		(57,341	)		794
	122,889			2,511			23,774			3,405			54,217			2,770

	35,628			92,041			14,186			24,839			26,466			54,517
	(852	)		(3,684	)		(705	)		(1,813	)		(1,364	)		(3,268	)

	34,776			88,357			13,481			23,026			25,102			51,249



	(48,354	)		(94,727	)		(15,557	)		(25,874	)		(31,815	)		(62,813	)
	0			(21,383	)		0			(2,473	)		0			0

	(48,354	)		(116,110	)		(15,557	)		(28,347	)		(31,815	)		(62,813	)

	0			5,271			0			790			0			653



	0			0			24,340			22,788			49,319			37,505
	0			0			56			4			8			65
	4,844			11,418			1,375			2,515			3,172			5,378

	4,844			11,418			25,771			25,307			52,499			42,948

	(8,734	)		(11,064	)		23,695			20,776			45,786			32,037


	835,988			847,052			305,453			284,677			632,927			600,890
$	827,254		$	835,988		$	329,148		$	305,453		$	678,713		$	632,927


	0			0			2,099			1,981			4,736			3,618
	658			1,431			124			228			318			546

	658			1,431			2,223			2,209			5,054			4,164


		SEMIANNUAL REPORT		JANUARY 31, 2020		21

Statements of Cash Flows


Six Months Ended January 31, 2020 (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	$	64,493		$	27,400		$	35,628		$	14,186		$	26,466

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		(339,111	)		(88,108	)		(91,830	)		(67,532	)		(124,140	)
Proceeds from sales of long-term securities		231,707			84,561			122,350			49,909			99,863
(Purchases) Proceeds from sales of short-term portfolio investments, net		(21,564	)		(17,495	)		(7,516	)		3,807			8,124
(Increase) decrease in deposits with counterparty		8,615			1,561			1,344			(419	)		543
(Increase) decrease in receivable for investments sold		32,008			(33,111	)		(29,526	)		16,071			2,045
(Increase) decrease in interest and/or dividends receivable		(228	)		(19	)		783			(315	)		(410	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		(14,388	)		(1,309	)		(6,644	)		(1,343	)		(4,870	)
Proceeds from (Payments on) over the counter financial derivative instruments		10,711			955			9,949			973			2,348
(Increase) decrease in other assets		(169	)		(7	)		(12	)		(67	)		(81	)
Increase (decrease) in payable for investments purchased		48,507			18,360			3,017			3,096			7,715
Increase (decrease) in payable for unfunded loan commitments		23,865			847			1,189			3,596			990
Increase (decrease) in deposits from counterparty		(12,455	)		(568	)		(11,238	)		(1,584	)		(4,407	)
Increase (decrease) in accrued management fees		74			(6	)		(12	)		19			44
Proceeds from (Payments on) foreign currency transactions		(2,658	)		(959	)		(1,230	)		(532	)		(1,437	)
Increase (decrease) in other liabilities		112			(93	)		(103	)		(59	)		(95	)
Net Realized (Gain) Loss
Investments in securities		(6,725	)		(1,235	)		(3,756	)		(2,505	)		(5,803	)
Exchange-traded or centrally cleared financial derivative instruments		123,723			45,348			148,067			27,556			64,136
Over the counter financial derivative instruments		(16,530	)		(978	)		(11,298	)		(975	)		(2,370	)
Foreign currency		2,915			1,031			1,475			490			1,378
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		(6,734	)		(3,919	)		5,615			544			627
Exchange-traded or centrally cleared financial derivative instruments		(111,220	)		(45,251	)		(142,846	)		(26,765	)		(60,553	)
Over the counter financial derivative instruments		12,102			5,080			12,675			2,356			4,766
Foreign currency assets and liabilities		3,236			(5	)		1,667			91			943
Net amortization (accretion) on investments		(6,377	)		(2,805	)		(5,074	)		(1,535	)		(2,809	)

Net Cash Provided by (Used for) Operating Activities		23,909			(10,725	)		32,674			19,063			13,013

Cash Flows Received from (Used for) Financing Activities:

Net proceeds from at-the-market offering		123,400			0			0			23,919			49,344

Net at-the-market offering cost		36			0			0			56			8

Increase (decrease) in overdraft due to custodian		(3,456	)		(186	)		(277	)		48			61

Cash distributions paid to common shareholders*		(65,520	)		(26,649	)		(43,469	)		(13,983	)		(28,230	)

Cash distributions paid to auction rate preferred shareholders		(3,914	)		(325	)		(854	)		(711	)		(1,361	)

Proceeds from reverse repurchase agreements		1,045,625			700,367			905,772			202,827			491,938

Payments on reverse repurchase agreements		(1,127,595	)		(662,386	)		(897,978	)		(231,299	)		(525,105	)

Net Cash Received from (Used for) Financing Activities		(31,424	)		10,821			(36,806	)		(19,143	)		(13,345	)

Net Increase (Decrease) in Cash and Foreign Currency		(7,515	)		96			(4,132	)		(80	)		(332	)

Cash and Foreign Currency:

Beginning of period		9,224			857			6,283			662			1,382
End of period	$	1,709		$	953		$	2,151		$	582		$	1,050

* Reinvestment of distributions to common shareholders	$	7,340		$	2,522		$	4,844		$	1,375		$	3,172

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the period	$	4,184		$	2,679		$	4,654		$	1,117		$	2,140

Non Cash Payment in Kind	$	659		$	443		$	999		$	252		$	566

^†	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

January 31, 2020 (Unaudited)

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 134.2%

LOAN PARTICIPATIONS AND ASSIGNMENTS 20.9%

Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		10,067	$		9,564

Al Convoy (Luxembourg) S.a.r.l.
TBD% due 01/29/2027			161			160

Alphabet Holding Co., Inc.
5.145% (LIBOR03M + 3.500%) due 09/26/2024 ~			98			94

Altice France S.A.
5.676% (LIBOR03M + 4.000%) due 08/14/2026 ~			494			495

Ancestry.com Operations, Inc.
5.400% (LIBOR03M + 3.750%) due 10/19/2023 ~			100			96
5.900% (LIBOR03M + 4.250%) due 08/27/2026 ~			199			191

API Group, Inc.
4.145% (LIBOR03M + 2.500%) due 10/01/2026 ~			100			101

Avantor, Inc.
3.895% (LIBOR03M + 2.250%) due 11/21/2024 ~			38			38

Axalta Coating Systems U.S. Holdings, Inc.
3.695% (LIBOR03M + 1.750%) due 06/01/2024 ~			326			327

Bausch Health Cos., Inc.
4.420% (LIBOR03M + 2.750%) due 11/27/2025 ~			128			128
4.670% (LIBOR03M + 3.000%) due 06/02/2025 ~			363			365

BWAY Holding Co.
5.084% (LIBOR03M + 3.250%) due 04/03/2024 ~			1,043			1,037

Caesars Entertainment Operating Co.
3.645% (LIBOR03M + 2.000%) due 10/07/2024 ~			81			82

CenturyLink, Inc.
TBD% due 03/15/2027			1,632			1,632

Charter Communications Operating LLC
3.400% (LIBOR03M + 1.750%) due 02/01/2027 ~			360			362

Clay Holdco BV
TBD% due 11/30/2025	EUR		6,197			6,845

Clear Channel Outdoor Holdings, Inc.
5.145% (LIBOR03M + 3.500%) due 08/21/2026 ~	$		100			100

CommScope, Inc.
4.895% (LIBOR03M + 3.250%) due 04/06/2026 ~			200			200

Diamond Resorts Corp.
5.395% (LIBOR03M + 3.750%) due 09/02/2023 ~			12,242			12,058

DTEK Holdings Ltd.
TBD% due 08/01/2026 «	EUR		2,646			2,721

Dubai World (3.000% Cash and 1.750% PIK)
4.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(d)	$		11,091			10,370

Emerald TopCo, Inc.
5.145% (LIBOR03M + 3.500%) due 07/24/2026 ~			232			233

Encina Private Credit LLC
TBD% - 4.881% (LIBOR03M + 3.205%) due 11/30/2025 «~µ			32,000			32,000

Envision Healthcare Corp.
5.395% (LIBOR03M + 3.750%) due 10/10/2025 ~			33,250			28,131

Financial & Risk U.S. Holdings, Inc.
TBD% due 10/01/2025	EUR		1,000			1,119
TBD% (LIBOR03M + 3.250%) due 10/01/2025 ~	$		1,492			1,511


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

Forbes Energy Services LLC (6.909% Cash and 11.000% PIK)
17.909% (LIBOR03M + 5.000%) due 04/13/2021 ~(d)	$		1,012	$		1,013

Forest City Enterprises LP
5.145% (LIBOR03M + 3.500%) due 12/08/2025 ~			297			299

Froneri Ltd.
TBD% due 01/31/2027			252			253
TBD% due 01/28/2028 «			16			16

Frontier Communications Corp.
5.400% (LIBOR03M + 3.750%) due 06/15/2024 ~			1,173			1,185

iHeartCommunications, Inc.
5.781% (LIBOR03M + 4.000%) due 05/01/2026 ~			7,739			7,769

Ineos Finance PLC
2.500% (EUR003M + 2.000%) due 04/01/2024 ~	EUR		4,998			5,549

Intelsat Jackson Holdings S.A.
5.682% (LIBOR03M + 3.750%) due 11/27/2023 ~	$		3,180			3,170
6.305% (LIBOR03M + 4.500%) due 01/02/2024 ~			100			102

IRB Holding Corp.
4.384% (LIBOR03M + 2.750%) due 02/05/2025 ~			1,866			1,871

Jefferies Finance LLC
5.063% (LIBOR03M + 3.250%) due 06/03/2026 ~			47			47

McDermott Technology Americas, Inc.
TBD% due 10/21/2021 ^µ(e)			5,560			5,820
TBD% due 05/09/2025 ^(e)			9,601			6,119

Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			142			142

MH Sub LLC
5.395% (LIBOR03M + 3.750%) due 09/13/2024 ~			215			215

Nascar Holdings, Inc.
4.408% (LIBOR03M + 2.750%) due 10/19/2026 ~			148			150

NCI Building Systems, Inc.
5.434% (LIBOR03M + 3.750%) due 04/12/2025 ~			288			288

Neiman Marcus Group Ltd. LLC
7.734% (LIBOR03M + 6.000%) due 10/25/2023 ~			22,928			19,489

Neiman Marcus Group Ltd. LLC (7.234 - 7.277% Cash and 1.000% PIK)
8.234% - 8.277% (LIBOR03M + 5.500%) due 10/25/2023 ~(d)			16,996			14,383

Ortho-Clinical Diagnostics S.A.
5.013% (LIBOR03M + 3.250%) due 06/30/2025 ~			4,477			4,430

Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^(e)			300			315

Parexel International Corp.
4.395% (LIBOR03M + 2.750%) due 09/27/2024 ~			188			185

PetSmart, Inc.
5.670% (LIBOR03M + 4.000%) due 03/11/2022 ~			21,211			21,195

Playtika Holding Corp.
7.645% (LIBOR03M + 6.000%) due 12/10/2024 ~			8,494			8,587

Prestige Brands, Inc.
3.645% (LIBOR03M + 2.000%) due 01/26/2024 ~			103			104

Pug LLC
TBD% due 01/15/2027			76			76

Reynolds Consumer Products, Inc.
TBD% due 01/29/2027			100			101


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

SBA Senior Finance LLC
3.400% (LIBOR03M + 1.750%) due 04/11/2025 ~	$		493	$		494

Sequa Mezzanine Holdings LLC
6.904% (LIBOR03M + 5.000%) due 11/28/2021 ~			2,290			2,303
10.770% (LIBOR03M + 9.000%) due 04/28/2022 «~			5,370			5,404

Sinclair Television Group, Inc.
4.180% (LIBOR03M + 2.500%) due 09/30/2026 ~			129			129

Sotera Health Holdings LLC
6.145% (LIBOR03M + 4.500%) due 12/11/2026 ~			296			297

Sprint Communications, Inc.
4.188% (LIBOR03M + 2.500%) due 02/02/2024 ~			2,723			2,690

Starfruit Finco BV
4.699% (LIBOR03M + 3.000%) due 10/01/2025 ~			458			459

State of Rio de Janeiro
6.024% (LIBOR03M + 3.250%) due 12/20/2020 «~			5,373			5,405

Summer (BC) Holdco B SARL
TBD% due 10/15/2026 «			5,384			5,243
TBD% due 12/04/2026 «			1,346			1,311

Sunshine Luxembourg SARL
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~			524			527

Syniverse Holdings, Inc.
6.873% (LIBOR03M + 5.000%) due 03/09/2023 ~			14,487			13,267

TransDigm, Inc.
4.145% (LIBOR03M + 2.500%) due 08/22/2024 ~			585			586

U.S. Renal Care, Inc.
6.645% (LIBOR03M + 5.000%) due 06/26/2026 ~			925			920

Univision Communications, Inc.
4.395% (LIBOR03M + 2.750%) due 03/15/2024 ~			12,190			12,066

West Corp.
5.645% (LIBOR03M + 4.000%) due 10/10/2024 ~			53			45

Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			1,017			1,028

Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 «(d)			2,944			2,223

Whatabrands LLC
4.984% (LIBOR03M + 3.250%) due 08/02/2026 ~			47			47

Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			14,660			13,982
9.750% (PRIME + 5.000%) due 03/29/2021 ~			13,678			13,412

Total Loan Participations and Assignments (Cost $301,708)						294,671


CORPORATE BONDS & NOTES 52.2%

BANKING & FINANCE 19.8%

Ally Financial, Inc.
8.000% due 11/01/2031			2,407			3,400
8.000% due 11/01/2031 (l)			3,550			5,001

Ambac LSNI LLC
6.945% due 02/12/2023 •			1,059			1,079

Ardonagh Midco PLC
8.375% due 07/15/2023 (l)	GBP		25,482			34,333

Banco BTG Pactual S.A.
4.500% due 01/10/2025	$		400			411

Banco de Credito del Peru
4.650% due 09/17/2024	PEN		1,600			483


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		23

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


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

Bank of Ireland
7.375% due 06/18/2020 •(i)(l)	EUR		1,200	$		1,363

Barclays Bank PLC
7.625% due 11/21/2022	$		450			508

Barclays PLC
3.250% due 01/17/2033	GBP		400			571
7.125% due 06/15/2025 •(i)			2,200			3,339
7.250% due 03/15/2023 •(i)			10,405			15,197
7.750% due 09/15/2023 •(i)	$		2,000			2,191
7.875% due 09/15/2022 •(i)	GBP		4,625			6,796
8.000% due 06/15/2024 •(i)	$		1,000			1,129

BGC Partners, Inc.
5.375% due 07/24/2023 (l)			490			529

BNP Paribas S.A.
7.625% due 03/30/2021 •(i)			200			211

Brookfield Finance, Inc.
3.900% due 01/25/2028			28			31
4.700% due 09/20/2047			464			566

Cantor Fitzgerald LP
4.875% due 05/01/2024			64			69
6.500% due 06/17/2022 (l)			10,000			10,923

CBL & Associates LP
4.600% due 10/15/2024			6			3
5.950% due 12/15/2026			4,986			2,506

Cooperatieve Rabobank UA
5.500% due 06/29/2020 •(i)	EUR		200			226

Credit Agricole S.A.
7.875% due 01/23/2024 •(i)(l)	$		400			456

Credit Suisse Group AG
7.250% due 09/12/2025 •(i)			200			227
7.500% due 07/17/2023 •(i)			600			662
7.500% due 12/11/2023 •(i)			2,336			2,654

Deutsche Bank AG
3.961% due 11/26/2025 •			2,400			2,511

Emerald Bay S.A.
0.000% due 10/08/2020 (h)	EUR		1,162			1,271

EPR Properties
4.750% due 12/15/2026	$		3,711			4,135

Equitable Holdings, Inc.
5.000% due 04/20/2048			16			18

ESH Hospitality, Inc.
4.625% due 10/01/2027			118			119

Flagstar Bancorp, Inc.
6.125% due 07/15/2021			6,000			6,258

Ford Motor Credit Co. LLC
0.303% due 12/01/2024 •	EUR		100			105
3.087% due 01/09/2023	$		700			706

Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025			785			836
6.750% due 03/15/2022			1,572			1,622

GE Capital International Funding Co. Unlimited Co.
4.418% due 11/15/2035			200			226

Growthpoint Properties International Pty. Ltd.
5.872% due 05/02/2023			200			216

GSPA Monetization Trust
6.422% due 10/09/2029			6,166			7,216

Hampton Roads PPV LLC
6.171% due 06/15/2053			1,800			2,183

HSBC Bank PLC
6.330% due 05/18/2023			12,400			13,112

HSBC Holdings PLC
5.875% due 09/28/2026 •(i)(l)	GBP		400			591
6.000% due 09/29/2023 •(i)(l)	EUR		2,830			3,633
6.500% due 03/23/2028 •(i)	$		1,000			1,115

Hunt Cos., Inc.
6.250% due 02/15/2026			56			54

ING Groep NV
5.750% due 11/16/2026 •(i)			700			750

Kennedy-Wilson, Inc.
5.875% due 04/01/2024			134			138

Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			129			129

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(i)			700			801


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.625% due 06/27/2023 •(i)	GBP		4,610	$		6,857
7.875% due 06/27/2029 •(i)			7,415			12,589

LoanCore Capital Markets LLC
6.875% due 06/01/2020	$		11,610			11,632

Nationstar Mortgage LLC
6.500% due 07/01/2021			961			963

Navient Corp.
5.625% due 08/01/2033			74			67
6.125% due 03/25/2024			289			309
6.500% due 06/15/2022			600			639
7.250% due 01/25/2022			1,100			1,182
7.250% due 09/25/2023			77			85

Newmark Group, Inc.
6.125% due 11/15/2023			128			140

Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			2,133			2,202

Royal Bank of Scotland Group PLC
8.000% due 08/10/2025 •(i)(l)			15,325			17,910

Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(i)(l)	GBP		13,505			19,898
7.375% due 06/24/2022 •(i)			1,640			2,380

SBA Communications Corp.
3.875% due 02/15/2027 (c)	$		362			368

Sberbank of Russia Via SB Capital S.A.
6.125% due 02/07/2022			500			535

Societe Generale S.A.
6.750% due 04/06/2028 •(i)			400			450
7.375% due 10/04/2023 •(i)			1,300			1,435

Springleaf Finance Corp.
5.375% due 11/15/2029			40			42
6.875% due 03/15/2025			270			305

Stearns Holdings LLC
5.000% due 11/05/2024			15			10
9.375% due 08/15/2020 «			578			0

Tesco Property Finance PLC
5.411% due 07/13/2044	GBP		1,103			1,921
5.661% due 10/13/2041			510			908
5.744% due 04/13/2040			454			805
5.801% due 10/13/2040			1,664			2,981
6.052% due 10/13/2039			1,210			2,153

TP ICAP PLC
5.250% due 01/26/2024 (l)			9,020			13,228

UniCredit SpA
7.830% due 12/04/2023 (l)	$		8,660			10,224

Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP		5,214			7,924

Voyager Aviation Holdings LLC
8.500% due 08/15/2021	$		17,047			17,480

						280,231


INDUSTRIALS 24.3%

AA Bond Co. Ltd.
2.750% due 07/31/2043	GBP		950			1,227
2.875% due 07/31/2043 (l)			2,700			3,600
4.249% due 07/31/2043 (l)			220			294

Aker BP ASA
3.000% due 01/15/2025	$		200			202
3.750% due 01/15/2030			175			178

Albertsons Cos., Inc.
3.500% due 02/15/2023 (c)			113			115
4.625% due 01/15/2027			114			116
4.875% due 02/15/2030 (c)			129			133

Altice Financing S.A.
2.250% due 01/15/2025	EUR		300			327
7.500% due 05/15/2026 (l)	$		6,150			6,584

Altice France S.A.
2.125% due 02/15/2025 (c)	EUR		900			981
5.500% due 01/15/2028	$		2,000			2,040
7.375% due 05/01/2026			3,000			3,197

Associated Materials LLC
9.000% due 01/01/2024			2,792			2,443

Avon International Capital PLC
6.500% due 08/15/2022			52			54


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

B.C. Unlimited Liability Co.
4.375% due 01/15/2028	$		70	$		70

Baffinland Iron Mines Corp.
8.750% due 07/15/2026			2,700			2,810

Bausch Health Cos., Inc.
5.000% due 01/30/2028			190			193
5.250% due 01/30/2030			190			194

BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			155			160

Bioceanico Sovereign Certificate Ltd.
0.000% due 06/05/2034 (h)			150			106

Bombardier, Inc.
5.750% due 03/15/2022			2,300			2,298
6.000% due 10/15/2022			164			161
6.125% due 01/15/2023			3,546			3,507
7.500% due 12/01/2024			1,368			1,330
7.500% due 03/15/2025			1,580			1,521
7.875% due 04/15/2027			2,107			2,002

Camelot Finance S.A.
4.500% due 11/01/2026			15			15

CCO Holdings LLC
4.750% due 03/01/2030			362			373

Centene Corp.
4.250% due 12/15/2027			126			132
4.625% due 12/15/2029			253			273
4.750% due 01/15/2025			362			375

Charter Communications Operating LLC
4.800% due 03/01/2050			438			473

Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024 (l)			3,788			4,132

Community Health Systems, Inc.
5.125% due 08/01/2021			106			106
6.250% due 03/31/2023 (l)			16,432			16,802
6.625% due 02/15/2025 (c)			76			77
8.000% due 03/15/2026			3,672			3,834
8.625% due 01/15/2024			1,445			1,539

Connect Finco SARL
6.750% due 10/01/2026			126			134

Corning, Inc.
5.450% due 11/15/2079			157			181

CSC Holdings LLC
6.500% due 02/01/2029			300			336

Dealer Tire LLC
8.000% due 02/01/2028 (c)			64			65

Dell International LLC
6.020% due 06/15/2026 (l)			5,180			6,055

Diamond Resorts International, Inc.
7.750% due 09/01/2023			1,628			1,678
10.750% due 09/01/2024 (l)			4,300			4,485

DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (l)			14,929			15,144

Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (d)			35			35

EI Group PLC
6.375% due 09/26/2031	GBP		1,000			1,340

Eldorado Resorts, Inc.
6.000% due 09/15/2026	$		4,400			4,832

Energy Transfer Operating LP
2.900% due 05/15/2025			80			81
3.750% due 05/15/2030			176			180
5.000% due 05/15/2050			160			165

Envision Healthcare Corp.
8.750% due 10/15/2026			4,951			3,000

Exela Intermediate LLC
10.000% due 07/15/2023			217			84

Fair Isaac Corp.
4.000% due 06/15/2028			20			20

Ferroglobe PLC
9.375% due 03/01/2022			2,500			1,882

First Quantum Minerals Ltd.
6.500% due 03/01/2024			3,088			2,981
6.875% due 03/01/2026			2,082			2,003
7.000% due 02/15/2021			318			318


24		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

Flex Ltd.
4.875% due 06/15/2029	$		170	$		191

Ford Motor Co.
7.700% due 05/15/2097 (l)			29,796			35,656

Fresh Market, Inc.
9.750% due 05/01/2023			12,200			6,039

Frontier Finance PLC
8.000% due 03/23/2022	GBP		8,800			11,976

Full House Resorts, Inc.
8.575% due 01/31/2024	$		684			673
9.738% due 02/02/2024			58			57

Garda World Security Corp.
4.625% due 02/15/2027			193			192

General Electric Co.
5.875% due 01/14/2038			22			28
6.150% due 08/07/2037			82			108
6.875% due 01/10/2039			16			23

Greene King Finance PLC
5.702% due 12/15/2034	GBP		350			431

HCA, Inc.
7.500% due 11/15/2095	$		4,800			5,920

iHeartCommunications, Inc.
6.375% due 05/01/2026			2,493			2,697
8.375% due 05/01/2027			3,089			3,364

IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (d)	EUR		500			571

IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (d)			300			345

IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (d)	$		974			1,038

IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (d)			718			785

Intelsat Connect Finance S.A.
9.500% due 02/15/2023			196			104

Intelsat Jackson Holdings S.A.
5.500% due 08/01/2023			2,220			1,819
8.000% due 02/15/2024			156			160
8.500% due 10/15/2024			1,828			1,548
9.750% due 07/15/2025			1,584			1,371

Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^			20,100			13,065
8.125% due 06/01/2023 (l)			1,939			805

Kinder Morgan, Inc.
7.750% due 01/15/2032			3,100			4,324
7.800% due 08/01/2031 (l)			6,000			8,310

Lamar Media Corp.
3.750% due 02/15/2028 (c)			125			126
4.000% due 02/15/2030 (c)			53			54

Laredo Petroleum, Inc.
9.500% due 01/15/2025			57			52
10.125% due 01/15/2028			80			72

Mallinckrodt International Finance S.A.
5.500% due 04/15/2025 (l)			2,142			787

Mattel, Inc.
5.875% due 12/15/2027			40			42

MEG Energy Corp.
7.125% due 02/01/2027			160			159

Melco Resorts Finance Ltd.
5.375% due 12/04/2029			1,830			1,835
5.625% due 07/17/2027			400			406

MGM China Holdings Ltd.
5.875% due 05/15/2026			200			207

Micron Technology, Inc.
5.327% due 02/06/2029			330			387

NCL Corp. Ltd.
3.625% due 12/15/2024			152			151

NCR Corp.
5.750% due 09/01/2027			3			3

Netflix, Inc.
3.625% due 06/15/2030	EUR		400			461
3.875% due 11/15/2029			1,333			1,563
4.625% due 05/15/2029			500			619
4.875% due 06/15/2030	$		300			313
5.375% due 11/15/2029			130			142


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

Noble Holding International Ltd.
7.875% due 02/01/2026	$		536	$		385

Odebrecht Oil & Gas Finance Ltd.
0.000% due 03/02/2020 (h)(i)			1,279			12

Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022			1,713			1,711
7.250% due 02/01/2028			2,012			2,053

Pacific Drilling SA
8.375% due 10/01/2023			683			575

Pan American Energy LLC
40.063% (BADLARPP) due 11/20/2020 «~	ARS		57,610			659

Par Pharmaceutical, Inc.
7.500% due 04/01/2027	$		232			237

Pelabuhan Indonesia Persero PT
4.500% due 05/02/2023			200			212

Petroleos Mexicanos
2.750% due 04/21/2027	EUR		400			430
4.750% due 02/26/2029			3,519			4,178
4.875% due 02/21/2028 (l)			7,947			9,532
5.350% due 02/12/2028	$		1,406			1,430
5.950% due 01/28/2031			402			407
6.490% due 01/23/2027			160			174
6.500% due 03/13/2027			13,470			14,642
6.750% due 09/21/2047			90			91
6.840% due 01/23/2030			470			510
6.950% due 01/28/2060			660			671
7.690% due 01/23/2050			240			265

PetSmart, Inc.
5.875% due 06/01/2025			167			172

Platin 1426 GmbH
5.375% due 06/15/2023	EUR		3,000			3,321
6.875% due 06/15/2023			900			1,020

Prime Security Services Borrower LLC
6.250% due 01/15/2028	$		210			209
9.250% due 05/15/2023			926			972

PTC, Inc.
3.625% due 02/15/2025 (c)			65			66
4.000% due 02/15/2028 (c)			32			32

QVC, Inc.
5.950% due 03/15/2043			4,866			4,949

Radiate Holdco LLC
6.875% due 02/15/2023			7			7

Radiology Partners, Inc.
9.250% due 02/01/2028			128			134

Range Resources Corp.
9.250% due 02/01/2026			96			85

Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026	EUR		400			483

Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		1,500			2,797

Sands China Ltd.
4.600% due 08/08/2023	$		400			424
5.125% due 08/08/2025			400			443
5.400% due 08/08/2028 (l)			5,000			5,696

Sealed Air Corp.
4.000% due 12/01/2027			19			19

Sensata Technologies, Inc.
4.375% due 02/15/2030			64			65

Silgan Holdings, Inc.
4.125% due 02/01/2028			4			4

Spanish Broadcasting System, Inc.
12.500% due 04/15/2049 ^(e)			999			1,043

Spirit Issuer PLC
3.492% (BP0003M + 2.700%) due 12/28/2031 ~	GBP		1,855			2,429

Staples, Inc.
7.500% due 04/15/2026	$		27			28

Station Casinos LLC
4.500% due 02/15/2028 (c)			129			129

Syngenta Finance NV
4.892% due 04/24/2025			200			219
5.182% due 04/24/2028			200			225


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

TEGNA, Inc.
4.625% due 03/15/2028	$		385	$		388

Telesat Canada
4.875% due 06/01/2027			70			72

Tenet Healthcare Corp.
4.625% due 09/01/2024			33			34

Teva Pharmaceutical Finance BV
3.650% due 11/10/2021			2,220			2,199

Teva Pharmaceutical Finance Co. BV
2.950% due 12/18/2022			2,369			2,278

Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020	EUR		4,117			4,554
2.200% due 07/21/2021	$		884			872
2.800% due 07/21/2023			3,710			3,457
3.250% due 04/15/2022 (l)	EUR		700			783
6.000% due 01/31/2025			200			238

Topaz Solar Farms LLC
4.875% due 09/30/2039	$		3,473			3,723
5.750% due 09/30/2039			19,184			22,032

TransDigm, Inc.
5.500% due 11/15/2027			236			238

Transocean Pontus Ltd.
6.125% due 08/01/2025			267			276

Transocean, Inc.
7.250% due 11/01/2025			216			204
8.000% due 02/01/2027			372			347

Trident TPI Holdings, Inc.
9.250% due 08/01/2024			39			40

Triumph Group, Inc.
5.250% due 06/01/2022			51			50
6.250% due 09/15/2024			152			158

Unigel Luxembourg S.A.
8.750% due 10/01/2026			300			312

United Group BV
3.125% due 02/15/2026 (c)	EUR		500			551
3.250% due 02/15/2026 •(c)			200			223
3.625% due 02/15/2028 (c)			600			661
4.375% due 07/01/2022			6,700			7,594
4.875% due 07/01/2024			200			230

Univision Communications, Inc.
5.125% due 02/15/2025	$		3,900			3,900

Valaris PLC
5.750% due 10/01/2044			184			77
7.750% due 02/01/2026			24			12

Vale Overseas Ltd.
6.250% due 08/10/2026			579			686
6.875% due 11/21/2036			320			422
6.875% due 11/10/2039			90			120

Vale S.A.
3.750% due 01/10/2023	EUR		100			121

ViaSat, Inc.
5.625% due 09/15/2025	$		158			161
5.625% due 04/15/2027			28			29

Western Midstream Operating LP
2.698% (US0003M + 0.850%) due 01/13/2023 ~			96			96
3.100% due 02/01/2025			64			64
4.050% due 02/01/2030			64			64
5.250% due 02/01/2050			64			61

WPX Energy, Inc.
4.500% due 01/15/2030			144			145

Wyndham Destinations, Inc.
3.900% due 03/01/2023			155			157
4.625% due 03/01/2030			95			98
5.400% due 04/01/2024			20			21
5.750% due 04/01/2027			1,535			1,679

Wynn Macau Ltd.
5.125% due 12/15/2029			1,000			993
5.500% due 10/01/2027			600			612

YPF S.A.
48.005% (BADLARPP + 4.000%) due 09/24/2020 «~	ARS		11,480			127
52.818% (BADLARPP + 6.000%) due 03/04/2021 «~(a)			15,730			187

						342,443


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		25

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 8.1%

Centrais Eletricas Brasileiras S.A.
3.625% due 02/04/2025 (c)	$		200	$		202
4.625% due 02/04/2030 (c)			200			203

CenturyLink, Inc.
4.000% due 02/15/2027			128			129

DTEK Finance PLC (10.750% Cash and 0.000% PIK)
10.750% due 12/31/2024 (d)			3,986			4,146

Edison International
2.400% due 09/15/2022			126			127
2.950% due 03/15/2023			11			11
3.125% due 11/15/2022			142			145
3.550% due 11/15/2024			157			165
5.750% due 06/15/2027			121			140

Frontier Communications Corp.
8.000% due 04/01/2027			226			236

Mountain States Telephone & Telegraph Co.
7.375% due 05/01/2030			8,511			9,270

Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			329			330

Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(d)			313			184

Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^			6,300			6,269

Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)
7.720% due 12/01/2026 ^(d)			7,953			1,988

Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(e)			766			812
2.950% due 03/01/2026 ^(e)			1,422			1,461
3.250% due 09/15/2021 ^(e)			180			191
3.300% due 03/15/2027 ^(e)			4,507			4,710
3.300% due 12/01/2027 ^(e)			2,610			2,711
3.400% due 08/15/2024 ^(e)			710			753
3.500% due 06/15/2025 ^(e)			1,489			1,571
3.750% due 02/15/2024 ^(e)			443			474
3.750% due 08/15/2042 ^(e)			46			46
3.850% due 11/15/2023 ^(e)			717			769
4.000% due 12/01/2046 ^(e)			6			6
4.250% due 05/15/2021 ^(e)			1,909			2,029
4.300% due 03/15/2045 ^(e)			57			60
4.500% due 12/15/2041 ^(e)			65			71
4.600% due 06/15/2043 ^(e)			36			40
4.650% due 08/01/2028 ^(e)			1,989			2,313
4.750% due 02/15/2044 ^(e)			1,650			1,877
5.125% due 11/15/2043 ^(e)			2,822			3,220
5.400% due 01/15/2040 ^(e)			36			42
5.800% due 03/01/2037 ^(e)			8,363			9,639
6.050% due 03/01/2034 ^(e)			4,549			5,240
6.250% due 03/01/2039 ^(e)			1,376			1,584
6.350% due 02/15/2038 ^(e)			1,751			2,028

Petrobras Global Finance BV
5.093% due 01/15/2030			1,272			1,397
6.250% due 12/14/2026 (l)	GBP		4,976			7,872
6.625% due 01/16/2034			800			1,290

Plains All American Pipeline LP
6.650% due 01/15/2037	$		150			180

RCS & RDS S.A.
2.500% due 02/05/2025 (c)	EUR		400			445

Rio Oil Finance Trust
8.200% due 04/06/2028	$		4,060			4,762
9.250% due 07/06/2024			3,674			4,125
9.250% due 07/06/2024 (l)			3,495			3,925
9.750% due 01/06/2027			507			601

Southern California Edison Co.
2.850% due 08/01/2029			32			33
3.650% due 03/01/2028			11			12
3.650% due 02/01/2050			64			67
4.125% due 03/01/2048			76			86
4.650% due 10/01/2043			1,110			1,329
4.875% due 03/01/2049			316			391
5.750% due 04/01/2035			22			29
6.000% due 01/15/2034			34			46
6.650% due 04/01/2029			142			179


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

Southern California Gas Co.
2.550% due 02/01/2030	$		160	$		165

Sprint Communications, Inc.
6.000% due 11/15/2022			908			939
11.500% due 11/15/2021			200			223

Sprint Corp.
7.125% due 06/15/2024			1,395			1,444
7.250% due 09/15/2021			2,101			2,207
7.250% due 02/01/2028 (c)			661			656
7.625% due 03/01/2026			2,182			2,281
7.875% due 09/15/2023			10,903			11,606

Talen Energy Supply LLC
6.625% due 01/15/2028			64			64

Transocean Phoenix Ltd.
7.750% due 10/15/2024			2,037			2,165

Transocean Poseidon Ltd.
6.875% due 02/01/2027			238			249

Transocean Proteus Ltd.
6.250% due 12/01/2024			280			289

Transocean Sentry Ltd.
5.375% due 05/15/2023			100			101

						114,350

Total Corporate Bonds & Notes (Cost $698,757)						737,024


CONVERTIBLE BONDS & NOTES 0.6%

INDUSTRIALS 0.6%

Caesars Entertainment Corp.
5.000% due 10/01/2024			1,050			2,030

DISH Network Corp.
3.375% due 08/15/2026			5,900			5,742

						7,772


UTILITIES 0.0%

Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			100			65

Total Convertible Bonds & Notes (Cost $7,928)						7,837


MUNICIPAL BONDS & NOTES 3.9%

CALIFORNIA 0.3%

Riverside County, California Redevelopment Successor Agency Tax Allocation Bonds, Series 2010
7.500% due 10/01/2030			3,425			3,554


ILLINOIS 2.4%

Chicago, Illinois General Obligation Bonds, (BABs), Series 2010
7.517% due 01/01/2040			23,700			31,686

Chicago, Illinois General Obligation Bonds, Series 2015
7.750% due 01/01/2042			51			59

Chicago, Illinois General Obligation Bonds, Series 2017
7.045% due 01/01/2029			200			231

Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			60			73
7.350% due 07/01/2035			40			51

Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			1,035			1,168

						33,268


IOWA 0.0%

Iowa Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023			445			452


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TEXAS 0.1%

Texas Public Finance Authority Revenue Notes, Series 2014
8.250% due 07/01/2024	$		1,865	$		1,902


VIRGINIA 0.1%

Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			1,360			1,375


WEST VIRGINIA 1.0%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (h)			78,700			3,651
7.467% due 06/01/2047			10,085			10,855

						14,506

Total Municipal Bonds & Notes (Cost $46,135)						55,057


U.S. GOVERNMENT AGENCIES 3.3%

Fannie Mae
3.000% due 01/25/2042 (a)			713			31
3.500% due 02/25/2033 (a)			2,010			216
4.439% due 07/25/2040 •(a)			712			50
5.211% due 07/25/2029 •			1,490			1,574
7.411% due 07/25/2029 •			2,010			2,419

Freddie Mac
0.000% due 02/25/2046 (b)(h)			12,790			11,954
0.100% due 02/25/2046 (a)			153,449			89
2.550% due 11/25/2055 «~			14,227			8,635
3.336% due 03/15/2043			403			405
3.500% due 10/15/2035 (a)			2,423			274
5.178% due 07/15/2039 •			2,207			2,525
5.360% due 02/15/2034 •(a)			1,667			314
6.173% due 03/15/2044 •			1,822			2,410
7.251% due 02/15/2036 •			5,228			6,927
9.211% due 12/25/2027 •			4,418			5,307
12.411% due 03/25/2025 •			2,305			3,015

Ginnie Mae
3.000% due 12/20/2042 (a)			74			3
3.500% due 09/16/2041 - 06/20/2042 (a)			1,120			131
5.092% due 01/20/2042 •(a)			1,831			307

Total U.S. Government Agencies (Cost $42,768)						46,586


NON-AGENCY MORTGAGE-BACKED SECURITIES 14.8%

Adjustable Rate Mortgage Trust
2.001% due 05/25/2036 •			1,688			929
2.811% due 01/25/2035 •			4,499			4,261

Banc of America Alternative Loan Trust
6.000% due 01/25/2036 ^			155			155
6.000% due 04/25/2036 ^			2,394			2,452

Banc of America Funding Trust
5.500% due 01/25/2036			218			197
6.000% due 07/25/2037 ^			505			492

BCAP LLC Trust
3.783% due 03/27/2036 ~			3,887			3,435
4.850% due 03/26/2037 þ			1,421			1,733
7.000% due 12/26/2036 ~			3,853			3,754

Bear Stearns ALT-A Trust
3.656% due 08/25/2046 ^~			3,822			3,745
3.801% due 11/25/2036 ^~			663			554
3.943% due 08/25/2036 ^~			2,832			2,012
4.229% due 09/25/2035 ^~			894			740
4.327% due 11/25/2034 ~			207			207

Bear Stearns Commercial Mortgage Securities Trust
5.919% due 04/12/2038 ~			370			375

Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			1,252			1,210

CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			3			2


26		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

CD Mortgage Trust
5.688% due 10/15/2048	$		9,958	$		6,025

Chase Mortgage Finance Trust
3.794% due 12/25/2035 ^~			14			14
6.000% due 02/25/2037 ^			1,619			1,138
6.000% due 03/25/2037 ^			398			318
6.000% due 07/25/2037 ^			1,413			1,129

Citigroup Commercial Mortgage Trust
5.775% due 12/10/2049 ~			640			410

Citigroup Mortgage Loan Trust
3.856% due 04/25/2037 ^~			2,685			2,412
4.125% due 11/25/2035 ~			16,218			12,695
4.425% due 03/25/2037 ^~			592			590
6.000% due 11/25/2036 ~			12,694			10,651

CitiMortgage Alternative Loan Trust
5.750% due 04/25/2037 ^			2,187			2,168

Commercial Mortgage Loan Trust
6.254% due 12/10/2049 ~			4,066			2,701

Countrywide Alternative Loan Resecuritization Trust
6.000% due 08/25/2037 ^~			1,882			1,466

Countrywide Alternative Loan Trust
1.864% due 03/20/2046 •			4,549			4,214
2.201% due 08/25/2035 •			302			209
3.589% due 04/25/2037 ^•(a)			18,937			4,300
3.973% due 06/25/2037 ^~			2,464			2,367
5.250% due 05/25/2021 ^			8			8
5.500% due 03/25/2035			518			371
5.500% due 09/25/2035 ^			4,454			4,096
5.750% due 01/25/2035			454			469
5.750% due 02/25/2035			593			587
6.000% due 02/25/2035			677			674
6.000% due 04/25/2036			1,580			1,119
6.000% due 05/25/2036 ^			1,840			1,418
6.000% due 02/25/2037			2,079			1,706
6.000% due 02/25/2037 ^			653			401
6.000% due 04/25/2037 ^			5,693			4,025
6.000% due 08/25/2037 ^•			8,624			7,139
6.250% due 10/25/2036 ^			2,205			1,867
6.250% due 12/25/2036 ^•			3,180			2,261
6.500% due 08/25/2036 ^			813			487
6.500% due 09/25/2036 ^			397			320
15.543% due 02/25/2036 •			1,509			2,107

Countrywide Home Loan Mortgage Pass-Through Trust
5.500% due 07/25/2037 ^			633			498
6.000% due 04/25/2036 ^			346			294

Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.750% due 04/25/2036 ^			1,345			1,040

Eurosail PLC
2.150% due 06/13/2045 •	GBP		4,487			4,589
4.800% due 06/13/2045 •			1,394			1,668

GS Mortgage Securities Corp. Trust
4.744% due 10/10/2032 ~	$		9,200			9,104

GS Mortgage Securities Trust
5.622% due 11/10/2039			1,154			904

GSR Mortgage Loan Trust
3.928% due 03/25/2037 ^~			2,093			1,832
4.217% due 11/25/2035 ^~			1,240			1,220
5.500% due 05/25/2036 ^			134			233

HomeBanc Mortgage Trust
2.461% due 03/25/2035 •			166			154

IndyMac Mortgage Loan Trust
6.500% due 07/25/2037 ^			6,602			3,761

JPMorgan Alternative Loan Trust
3.491% due 03/25/2037 ~			7,217			7,104

JPMorgan Chase Commercial Mortgage Securities Trust
5.411% due 05/15/2047			2,022			2,366
5.623% due 05/12/2045			192			175

JPMorgan Mortgage Trust
3.640% due 02/25/2036 ^~			1,311			1,082
4.024% due 01/25/2037 ^~			896			866
4.083% due 10/25/2035 ~			35			35
4.337% due 06/25/2036 ^~			735			660

LB-UBS Commercial Mortgage Trust
5.407% due 11/15/2038 ^			5,765			3,430

Lehman Mortgage Trust
6.000% due 07/25/2037 ^			178			169


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

Lehman XS Trust
1.881% due 06/25/2047 •	$		2,731	$		2,519

MASTR Alternative Loan Trust
6.750% due 07/25/2036			3,277			2,144

Merrill Lynch Mortgage Investors Trust
4.081% due 03/25/2036 ^~			2,944			2,093

Motel 6 Trust
8.603% due 08/15/2024 •			11,091			11,287

RBSSP Resecuritization Trust
1.881% due 10/27/2036 •			3,609			932
2.032% due 08/27/2037 •			8,000			3,595

Residential Accredit Loans, Inc. Trust
1.851% due 08/25/2036 ^•			820			775
1.891% due 05/25/2037 ^•			238			170
6.000% due 08/25/2036 ^			574			561
6.000% due 05/25/2037 ^			1,910			1,857

Residential Asset Securitization Trust
5.750% due 02/25/2036 ^			383			265
6.000% due 02/25/2037 ^			1,841			1,322
6.250% due 09/25/2037 ^			4,887			2,978

Residential Funding Mortgage Securities, Inc. Trust
4.426% due 02/25/2037 ~			2,475			2,083

Structured Adjustable Rate Mortgage Loan Trust
3.731% due 11/25/2036 ^~			3,490			3,356
3.856% due 01/25/2036 ^~			5,930			4,405
4.212% due 07/25/2035 ^~			1,568			1,492

Structured Asset Mortgage Investments Trust
1.781% due 08/25/2036 •			168			156

SunTrust Adjustable Rate Mortgage Loan Trust
4.049% due 02/25/2037 ^~			457			439
4.117% due 02/25/2037 ^~			4,850			4,732
4.452% due 04/25/2037 ^~			462			387

WaMu Mortgage Pass-Through Certificates Trust
3.618% due 07/25/2037 ^~			651			602
3.688% due 10/25/2036 ^~			1,435			1,352
3.813% due 02/25/2037 ^~			966			934
3.990% due 07/25/2037 ^~			1,586			1,518

Washington Mutual Mortgage Pass-Through Certificates Trust
2.985% due 05/25/2047 ^•			136			13
6.000% due 10/25/2035 ^			1,485			1,227
6.000% due 03/25/2036 ^			1,840			1,894
6.000% due 02/25/2037			4,312			3,973

Total Non-Agency Mortgage-Backed Securities (Cost $189,776)						208,360


ASSET-BACKED SECURITIES 17.3%

Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,800			1,359

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
3.011% due 03/25/2033 •	$		63			64

Apidos CLO
0.000% due 01/20/2031 ~			8,800			6,050

Bear Stearns Asset-Backed Securities Trust
2.061% due 04/25/2037 •			13,180			10,821

Belle Haven ABS CDO Ltd.
2.539% due 07/05/2046 •			324,260			454

BlueMountain CLO Ltd.
7.298% due 04/13/2027 •			1,000			1,000

California Street CLO Ltd.
6.731% due 10/15/2025 •			1,400			1,380

Carlyle Global Market Strategies CLO Ltd.
0.000% due 04/17/2031 ~			6,000			3,352

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			4,100			1,996
0.000% due 10/22/2031 ~			3,000			1,301

Citigroup Mortgage Loan Trust
1.821% due 12/25/2036 •			3,119			2,154
2.061% due 11/25/2046 •			5,844			5,777

Cork Street CLO Designated Activity Co.
0.000% due 11/27/2028 ~	EUR		2,667			2,831


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

Countrywide Asset-Backed Certificates
1.831% due 03/25/2037 •	$		2,012	$		1,904
1.861% due 06/25/2047 ^•			14,994			13,871
1.971% due 09/25/2037 ^•			17,757			14,202

Credit-Based Asset Servicing & Securitization LLC
3.563% due 12/25/2035 ^þ			21			22

Dryden CLO Ltd.
0.000% due 07/17/2031 ~			14,311			11,010

First Franklin Mortgage Loan Trust
1.821% due 10/25/2036 •			4,390			3,445

Flagship Credit Auto Trust
0.000% due 05/15/2025 «(h)			16			1,743

Fremont Home Loan Trust
1.811% due 01/25/2037 •			6,522			3,747
1.981% due 02/25/2036 •			12,163			7,911

Glacier Funding CDO Ltd.
2.172% due 08/04/2035 •			7,822			1,884

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		750			514

Home Equity Mortgage Loan Asset-Backed Trust
1.821% due 07/25/2037 •	$		3,130			2,122

Hyundai Auto Receivables Trust
1.000% due 12/15/2022 «			7,010			5,359

JPMorgan Mortgage Acquisition Trust
5.830% due 07/25/2036 ^þ			123			60

Lehman XS Trust
6.290% due 06/24/2046 þ			2,199			2,206

LNR CDO Ltd.
2.758% due 02/28/2043 •			4,976			735

Long Beach Mortgage Loan Trust
1.961% due 01/25/2036 •			6,523			6,225

Marlette Funding Trust
0.000% due 09/17/2029 «(h)			15			5,383

Merrill Lynch Mortgage Investors Trust
5.895% due 03/25/2037 þ			6,830			2,617

Morgan Stanley ABS Capital, Inc. Trust
1.811% due 10/25/2036 •			7,267			4,700

Morgan Stanley Mortgage Loan Trust
6.250% due 02/25/2037 ^~			1,143			799

N-Star REL CDO Ltd.
2.940% due 02/01/2041 •			847			790

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
2.636% due 07/25/2035 •			6,000			5,716

Renaissance Home Equity Loan Trust
5.612% due 04/25/2037 þ			11,504			5,102
7.238% due 09/25/2037 ^þ			9,028			5,264

Residential Asset Securities Corp. Trust
2.241% due 08/25/2034 •			7,559			6,848

Securitized Asset-Backed Receivables LLC Trust
1.941% due 03/25/2036 •			10,833			9,038

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(h)			8			8,892

SLM Student Loan Trust
0.000% due 01/25/2042 «(h)			7			4,603

SMB Private Education Loan Trust
0.000% due 09/18/2046 «(h)			3			1,952
0.000% due 10/15/2048 «(h)			3			2,362

SoFi Consumer Loan Program LLC
0.000% due 11/25/2026 «(h)			96			4,557

SoFi Professional Loan Program LLC
0.000% due 05/25/2040 (h)			7,500			2,647
0.000% due 07/25/2040 «(h)			38			1,542
0.000% due 09/25/2040 (h)			3,226			1,562

South Coast Funding Ltd.
2.501% due 08/10/2038 •			19,591			3,289

Symphony CLO Ltd.
6.438% due 07/14/2026 •			3,600			3,475

Taberna Preferred Funding Ltd.
2.251% due 12/05/2036 •			11,186			9,854
2.271% due 08/05/2036 •			532			474
2.271% due 08/05/2036 ^•			10,303			9,183
2.291% due 02/05/2036 •			5,048			4,556


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		27

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


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

Tropic CDO Ltd.
2.731% due 04/15/2034 •	$		25,000	$		23,625

Total Asset-Backed Securities (Cost $250,206)						244,329


SOVEREIGN ISSUES 5.8%

Argentina Government International Bond
2.500% due 07/22/2021	ARS		32,644			280
3.375% due 01/15/2023	EUR		300			151
3.380% due 12/31/2038 þ			7,755			3,590
3.875% due 01/15/2022			300			155
4.000% due 03/06/2020	ARS		219,562			2,273
5.250% due 01/15/2028	EUR		200			94
6.250% due 11/09/2047			100			46
7.820% due 12/31/2033			19,140			11,331
15.500% due 10/17/2026	ARS		92,410			373
38.154% (BADLARPP + 2.000%) due 04/03/2022 ~			121,504			924
42.524% (BADLARPP + 3.250%) due 03/01/2020 ~			2,400			26
42.781% (BADLARPP) due 10/04/2022 ~			116			1
53.323% (ARLLMONP) due 06/21/2020 ~(a)			314,440			2,602

Autonomous City of Buenos Aires Argentina
39.421% due 03/29/2024 •			191,280			1,997
39.745% (BADLARPP + 5.000%) due 01/23/2022 ~			171,140			1,901

Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR		2,650			3,162
4.950% due 02/11/2020			50			56

Export-Credit Bank of Turkey
8.250% due 01/24/2024	$		200			223

Ghana Government International Bond
10.750% due 10/14/2030			800			1,031

Peru Government International Bond
5.400% due 08/12/2034	PEN		26			8
5.940% due 02/12/2029			7,574			2,570
6.150% due 08/12/2032			806			276
6.350% due 08/12/2028			11,063			3,846
6.900% due 08/12/2037			118			43
6.950% due 08/12/2031			1,725			626
8.200% due 08/12/2026			9,093			3,441

Provincia de Buenos Aires
39.293% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS		862,385			5,680

South Africa Government International Bond
4.850% due 09/30/2029 (l)	$		2,400			2,429
5.750% due 09/30/2049 (l)			2,000			1,972

Turkey Government International Bond
3.250% due 06/14/2025	EUR		200			228
4.625% due 03/31/2025			3,600			4,385
5.200% due 02/16/2026			1,200			1,494
5.600% due 11/14/2024	$		5,800			6,120
7.625% due 04/26/2029			4,000			4,657

Ukraine Government International Bond
4.375% due 01/27/2030	EUR		2,495			2,752
7.750% due 09/01/2022 (l)	$		9,800			10,701


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

Venezuela Government International Bond
6.000% due 12/09/2020 ^(e)	$		490	$		62
8.250% due 10/13/2024 ^(e)			70			9
9.250% due 09/15/2027 ^(e)			598			76

Total Sovereign Issues (Cost $119,346)						81,591


		SHARES
COMMON STOCKS 1.1%

COMMUNICATION SERVICES 0.3%

Clear Channel Outdoor Holdings, Inc. (f)			1,167,686			3,188

iHeartMedia, Inc. (f)			872			14

iHeartMedia, Inc. ‘A’ (f)			64,921			1,148

						4,350


CONSUMER DISCRETIONARY 0.7%

Caesars Entertainment Corp. (f)			754,964			10,320


ENERGY 0.0%

Forbes Energy Services Ltd. (f)(j)			64,837			10


INDUSTRIALS 0.1%

Westmoreland Mining Holdings LLC «(f)(j)			45,070			563

Total Common Stocks (Cost $19,008)						15,243


WARRANTS 0.7%

COMMUNICATION SERVICES 0.5%

iHeartMedia, Inc.			422,815			7,475


INDUSTRIALS 0.2%

Sequa Corp. - Exp. 04/28/2024 «			1,355,000			3,000

Total Warrants (Cost $8,503)						10,475


PREFERRED SECURITIES 6.6%

BANKING & FINANCE 3.8%

AGFC Capital Trust
3.581% (US0003M + 1.750%) due 01/15/2067 ~			1,800,000			902

Banco Bilbao Vizcaya Argentaria S.A.
6.750% due 02/18/2020 •(i)(l)			14,000,000			15,568
8.875% due 04/14/2021 •(i)(l)			600,000			727

Banco Santander S.A.
6.250% due 09/11/2021 •(i)(l)			2,200,000			2,617

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)			110,000			116

Nationwide Building Society
10.250% ~			119,250			26,612


		SHARES			MARKET VALUE (000S)

Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 (i)			4,773,000	$		7,027

						53,569


INDUSTRIALS 2.8%

General Electric Co.
5.000% due 01/21/2021 •(i)			1,343,000			1,331

Sequa Corp. (12.000% PIK)
12.000% «(d)			32,507			38,216

						39,547

Total Preferred Securities (Cost $76,893)						93,116


REAL ESTATE INVESTMENT TRUSTS 1.6%

REAL ESTATE 1.6%

VICI Properties, Inc.			858,541			23,009

Total Real Estate Investment Trusts (Cost $10,754)						23,009


SHORT-TERM INSTRUMENTS 5.4%

REPURCHASE AGREEMENTS (k) 4.2%
						58,609


		PRINCIPAL AMOUNT (000S)
ARGENTINA TREASURY BILLS 0.1%
38.342% due 04/03/2020 ~	ARS		12,390			143
38.686% due 06/22/2020 ~			34,330			399
46.139% due 04/28/2020 - 08/27/2020 (g)(h)			82,622			976

						1,518


U.S. TREASURY BILLS 1.1%
1.562% due 02/06/2020 - 04/30/2020 (g)(h)(n)(p)	$		15,858			15,855

Total Short-Term Instruments (Cost $77,136)						75,982



Total Investments in Securities (Cost $1,848,918)						1,893,280


Total Investments 134.2% (Cost $1,848,918)				$		1,893,280

Financial Derivative Instruments (m)(o) 0.0% (Cost or Premiums, net $(22,905))						39

Auction Rate Preferred Shares (15.1)%						(212,650	)

Other Assets and Liabilities, net (19.1)%						(269,569	)

Net Assets Applicable to Common Shareholders 100.0%				$		1,411,100

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.


28		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

(a)

Interest only security.

(b)

Principal only security.

(c)

When-issued security.

(d)

Payment in-kind security.

(e)

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

(f)

Security did not produce income within the last twelve months.

(g)

Coupon represents a weighted average yield to maturity.

(h)

Zero coupon security.

(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
Forbes Energy Services Ltd.		10/09/2014 - 11/18/2016		$ 2,472	$	10		0.00	%
Westmoreland Mining Holdings LLC		07/29/2015 - 03/26/2019		1,172		563		0.04

				$ 3,644	$	573		0.04	%

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		1.250	%		01/31/2020		02/03/2020	$	4,309	U.S. Treasury Inflation Protected Securities 1.250% due 07/15/2020	$	(4,396	)	$	4,309	$	4,309
JPS		1.640			01/31/2020		02/03/2020		5,700	U.S. Treasury Bonds 2.250% due 08/15/2046		(5,850	)		5,700		5,701
MBC		1.640			01/31/2020		02/03/2020		24,300	U.S. Treasury Notes 1.875% due 01/31/2022		(25,106	)		24,300		24,304
NOM		1.640			01/31/2020		02/03/2020		24,300	U.S. Treasury Bonds 6.250% due 08/15/2023		(24,848	)		24,300		24,303

Total Repurchase Agreements											$	(60,200	)	$	58,609	$	58,617

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
BCY		2.000	%		11/01/2019		TBD	⁽³⁾	$	(4,102	)	$	(4,123	)
BOS		1.970			01/09/2020		02/11/2020			(3,745	)		(3,750	)
BPS		(0.180	)		11/14/2019		02/14/2020		EUR	(1,175	)		(1,302	)
		0.950			01/16/2020		04/16/2020		GBP	(2,012	)		(2,658	)
		2.250			01/17/2020		02/18/2020		$	(3,468	)		(3,472	)
		2.330			01/10/2020		02/11/2020			(422	)		(423	)
BRC		(7.000	)		01/22/2020		TBD	⁽³⁾		(859	)		(857	)
		1.000			01/31/2020		TBD	⁽³⁾		(761	)		(761	)
		2.250			01/03/2020		03/03/2020			(3,794	)		(3,801	)
CEW		2.170			01/22/2020		02/24/2020			(8,097	)		(8,103	)
		2.250			01/17/2020		02/20/2020			(20,379	)		(20,401	)
CIW		1.930			01/17/2020		02/18/2020			(15,411	)		(15,425	)
JML		(0.300	)		01/15/2020		04/15/2020		EUR	(2,828	)		(3,135	)
		(0.300	)		01/22/2020		04/22/2020			(609	)		(676	)
		0.000			01/10/2020		04/08/2020			(1,897	)		(2,104	)
		0.850			01/23/2020		04/23/2020		GBP	(12,675	)		(16,741	)
		0.950			01/14/2020		04/14/2020			(204	)		(270	)
		0.950			01/15/2020		04/15/2020			(11,383	)		(15,038	)
		0.950			01/17/2020		04/17/2020			(383	)		(506	)
		0.950			01/28/2020		04/28/2020			(8,474	)		(11,192	)
NOM		2.450			01/13/2020		02/18/2020		$	(1,900	)		(1,903	)
RDR		1.900			01/22/2020		TBD	⁽³⁾		(510	)		(510	)
		1.950			01/06/2020		02/07/2020			(5,154	)		(5,162	)
RTA		2.297			01/07/2020		04/06/2020			(24,872	)		(24,915	)


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		29

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


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
UBS		(0.150	)%		10/10/2019		02/10/2020	EUR	(12,605	)	$	(13,973	)
		(0.150	)		12/09/2019		02/10/2020		(1,975	)		(2,190	)
		1.150			10/10/2019		02/10/2020	GBP	(5,207	)		(6,901	)
		2.000			02/04/2020		03/06/2020	$	(14,641	)		(14,641	)
		2.350			01/07/2020		02/10/2020		(9,954	)		(9,972	)
		2.450			11/06/2019		02/04/2020		(11,113	)		(11,180	)
		2.450			12/04/2019		03/03/2020		(16,174	)		(16,241	)
		2.450			01/09/2020		02/04/2020		(3,436	)		(3,442	)

Total Reverse Repurchase Agreements											$	(225,768	)

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 January 31, 2020:


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
BCY	$	0	$	(4,123	)	$	0	$	(4,123	)	$	4,485		$	362
BOS		0		(3,750	)		0		(3,750	)		3,907			157
BPS		0		(7,855	)		0		(7,855	)		8,843			988
BRC		0		(5,419	)		0		(5,419	)		5,792			373
CEW		0		(28,504	)		0		(28,504	)		30,906			2,402
CIW		0		(15,425	)		0		(15,425	)		16,279			854
FICC		4,309		0			0		4,309			(4,396	)		(87	)
JML		0		(49,662	)		0		(49,662	)		58,162			8,500
JPS		5,701		0			0		5,701			(5,850	)		(149	)
MBC		24,304		0			0		24,304			(25,106	)		(802	)
NOM		24,303		(1,903	)		0		22,400			(22,665	)		(265	)
RDR		0		(5,672	)		0		(5,672	)		5,991			319
RTA		0		(24,915	)		0		(24,915	)		28,072			3,157
UBS		0		(78,540	)		0		(78,540	)		71,422			(7,118	)

Total Borrowings and Other Financing Transactions	$	58,617	$	(225,768	)	$	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	$	(89,532	)	$	(93,476	)	$	(6,251	)	$	(189,259	)
Sovereign Issues		0		(1,903	)		(3,801	)		0			(5,704	)
Preferred Securities		0		(16,164	)		0			0			(16,164	)

Total Borrowings	$	0	$	(107,599	)	$	(97,277	)	$	(6,251	)	$	(211,127	)

Payable for reverse repurchase agreements⁽⁵⁾												$	(211,127	)

(l)

Securities with an aggregate market value of $238,271 and cash of $1 have been pledged as collateral under the terms of the above master agreements as of January 31, 2020.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended January 31, 2020 was $(262,903) at a weighted average interest rate of 1.883%. 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 $(14,641) is outstanding at period end.


30		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

(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 January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
Bombardier, Inc.		5.000	%		Quarterly		06/20/2024		4.893	%		$	4,700	$	(9	)	$	56		$	47		$	0	$	(12	)
Bombardier, Inc.		5.000			Quarterly		12/20/2024		5.130				1,000		(2	)		3			1			0		(2	)
Frontier Communications Corp.		5.000			Quarterly		06/20/2020		357.443				17,570		(724	)		(7,689	)		(8,413	)		214		0
Frontier Communications Corp.		5.000			Quarterly		06/20/2022		190.949				1,000		(135	)		(372	)		(507	)		4		0

														$	(870	)	$	(8,002	)	$	(8,872	)	$	218	$	(14	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION⁽¹⁾


Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Variation Margin
Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount⁽³⁾		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾		Asset		Liability
CDX.HY-33 5-Year Index		0.000	%	Quarterly		12/20/2024	$	15,345	$	1,471	$	(106	)	$	1,365	$	0	$	(65	)

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
Receive	3-Month USD-LIBOR		3.000	%	Semi-Annual		06/19/2022		$	170,500	$	(5,405	)	$	(1,345	)	$	(6,750	)	$	0	$	(265	)
Pay	3-Month USD-LIBOR		2.750		Semi-Annual		06/17/2025			8,580		541			97			638			24		0
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		06/15/2026			44,400		2,099			335			2,434			141		0
Pay	3-Month USD-LIBOR		2.500		Semi-Annual		12/20/2027			73,900		530			5,605			6,135			282		0
Pay	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2029			263,700		13,372			23,177			36,549			1,196		0
Pay	3-Month USD-LIBOR		3.500		Semi-Annual		06/19/2044			305,100		(9,953	)		125,679			115,726			3,132		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049			20,700		(83	)		(2,789	)		(2,872	)		0		(195	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050			42,900		(309	)		(3,024	)		(3,333	)		0		(383	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050			177,200		41			2,426			2,467			0		(1,474	)
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050			28,200		(65	)		(406	)		(471	)		0		(240	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050			123,200		(439	)		2,121			1,682			0		(1,027	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.875		Semi-Annual		02/07/2050			29,300		(114	)		(1,275	)		(1,389	)		0		(257	)
Receive⁽⁵⁾	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050			9,800		(29	)		(1,333	)		(1,362	)		0		(93	)
Pay	6-Month AUD-BBR-BBSW		3.500		Semi-Annual		06/17/2025		AUD	13,400		332			959			1,291			29		0
Receive⁽⁵⁾	6-Month EUR-EURIBOR		(0.150	)	Annual		03/18/2030		EUR	38,000		695			(250	)		445			0		(256	)
Receive⁽⁵⁾	6-Month EUR-EURIBOR		0.150		Annual		06/17/2030			4,100		(3	)		(79	)		(82	)		0		(29	)
Receive⁽⁵⁾	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030		GBP	68,700		715			(905	)		(190	)		0		(78	)
Receive⁽⁵⁾	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2050			7,800		190			27			217			0		(35	)

											$	2,115		$	149,020		$	151,135		$	4,804	$	(4,332	)

Total Swap Agreements											$	2,716		$	140,912		$	143,628		$	5,022	$	(4,411	)

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 January 31, 2020:

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

5,022

(4,411)

(n)

Securities with an aggregate market value of $3,876 and cash of $20,001 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of January 31, 2020. 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.


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		31

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

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign 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.

(o) 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			02/2020	$	86,727	EUR	78,678	$	531	$	0
			02/2020		9,072	MXN	169,752		0		(97	)
			03/2020	EUR	78,678	$	86,876		0		(531	)
			03/2020	$	157	IDR	2,151,783		0		0

BPS			02/2020	PEN	6,536	$	1,926		0		(4	)
			02/2020	$	1,045	GBP	803		15		0
			02/2020		3,037	IDR	41,530,445		1		(2	)
			02/2020		5,887	INR	419,735		0		(17	)

BRC	��		02/2020	EUR	72,411	$	81,100		793		0
			03/2020	$	65	IDR	894,165		0		0

CBK			02/2020	BRL	26,029	$	6,176		98		0
			02/2020	EUR	3,769		4,182		5		(3	)
			02/2020	$	6,395	BRL	26,029		0		(317	)
			02/2020		1,959	PEN	6,536		0		(29	)
			03/2020		6,169	BRL	26,028		0		(100	)
			04/2020	PEN	6,536	$	1,954		29		0

FBF			03/2020	$	4,077	BRL	17,192		0		(69	)

GLM			02/2020	CLP	964,978	$	1,206		1		0
			02/2020	$	1,249	CLP	964,978		0		(44	)
			02/2020		2,189	RUB	140,330		2		0
			04/2020		11,137		689,379		0		(442	)
			06/2020		1,206	CLP	964,978		0		(1	)

HUS			02/2020	EUR	2,498	$	2,754		0		(16	)
			02/2020	$	545	INR	38,837		0		(2	)
			03/2020		70		4,996		0		0
			05/2020		11,824	MXN	231,978		291		0

JPM			02/2020	GBP	112,054	$	146,695		0		(1,272	)

MYI			03/2020	$	6,494	RUB	421,951		74		0

RBC			03/2020		3,558	IDR	48,805,620		3		0

SCX			02/2020	AUD	197	$	136		4		0
			03/2020	$	209	IDR	2,871,055		0		0
			03/2020		436	INR	31,161		0		(1	)

SSB			02/2020		144,467	GBP	111,251		2,440		0
			03/2020	GBP	111,251	$	144,589		0		(2,427	)

Total Forward Foreign Currency Contracts								$	4,287	$	(5,374	)

SWAP AGREEMENTS:

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION⁽¹⁾


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
BPS	Petrobras Global Finance BV		1.000	%		Quarterly		12/20/2024		1.357	%	$	1,800	$	(352	)	$	325		$	0	$	(27	)

BRC	Springleaf Finance Corp.		5.000			Quarterly		12/20/2021		0.432			2,700		(40	)		288			248		0
	Ukraine Government International Bond		5.000			Quarterly		12/20/2022		3.052			16,900		1,036			(36	)		1,000		0


32		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Asset		Liability
DUB	Petroleos Mexicanos		1.000	%		Quarterly		12/20/2021		0.854	%	$	100	$	(9	)	$	9		$	0	$	0

GST	Petrobras Global Finance BV		1.000			Quarterly		09/20/2020		0.245			20		(3	)		3			0		0
	Petrobras Global Finance BV		1.000			Quarterly		12/20/2024		1.357			2,400		(476	)		439			0		(37	)

HUS	Petrobras Global Finance BV		1.000			Quarterly		09/20/2020		0.245			60		(9	)		9			0		0
	Petrobras Global Finance BV		1.000			Quarterly		12/20/2024		1.357			3,000		(623	)		577			0		(46	)

JPM	Russia Government International Bond		1.000			Quarterly		12/20/2020		0.175			1,300		(149	)		160			11		0
	Springleaf Finance Corp.		5.000			Quarterly		06/20/2022		0.623			6,570		620			98			718		0

UAG	Avolon Holdings Ltd. «		5.000			Quarterly		07/01/2020		0.599			1,900		111			(66	)		45		0

														$	106		$	1,806		$	2,022	$	(110	)

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	$	39,946	$	(8,283	)	$	6,390		$	0	$	(1,893	)

GST	ABX.HE.AA.6-1 Index		0.320		Monthly		07/25/2045		18,379		(873	)		(131	)		0		(1,004	)
	ABX.HE.AAA.6-2 Index		0.110		Monthly		05/25/2046		3,379		(701	)		541			0		(160	)

MEI	ABX.HE.AAA.6-2 Index		0.110		Monthly		05/25/2046		46,560		(9,475	)		7,269			0		(2,206	)

MYC	ABX.HE.AAA.6-2 Index		0.110		Monthly		05/25/2046		50,687		(6,463	)		4,061			0		(2,402	)

										$	(25,795	)	$	18,130		$	0	$	(7,665	)

INTEREST RATE SWAPS

Counterparty

Pay/ Receive
Floating Rate

Floating Rate Index

Fixed Rate

Payment
Frequency

Maturity
Date

Notional
Amount

Premiums
Paid/(Received)

Unrealized
Appreciation/
(Depreciation)

Swap Agreements,
at Value

Asset

Liability

DUB

Pay

3-Month USD-LIBOR

3.850%

Semi-Annual

07/13/2022

600,000

6,200

6,268

Total Swap Agreements

(25,621

)

26,136

8,290

(7,775

)

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 January 31, 2020:


	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	$	531	$	0	$	0	$	531	$	(628	)	$	0	$	0		$	(628	)	$	(97	)	$	0		$	(97	)
BPS		16		0		0		16		(23	)		0		(27	)		(50	)		(34	)		73			39
BRC		793		0		1,248		2,041		0			0		(1,893	)		(1,893	)		148			(780	)		(632	)
CBK		132		0		0		132		(449	)		0		0			(449	)		(317	)		281			(36	)
DUB		0		0		6,268		6,268		0			0		0			0			6,268			(6,250	)		18
FBF		0		0		0		0		(69	)		0		0			(69	)		(69	)		0			(69	)
GLM		3		0		0		3		(487	)		0		0			(487	)		(484	)		291			(193	)
GST		0		0		0		0		0			0		(1,201	)		(1,201	)		(1,201	)		1,690			489
HUS		291		0		0		291		(18	)		0		(46	)		(64	)		227			(290	)		(63	)
JPM		0		0		729		729		(1,272	)		0		0			(1,272	)		(543	)		(880	)		(1,423	)
MEI		0		0		0		0		0			0		(2,206	)		(2,206	)		(2,206	)		2,309			103
MYC		0		0		0		0		0			0		(2,402	)		(2,402	)		(2,402	)		2,154			(248	)
MYI		74		0		0		74		0			0		0			0			74			(130	)		(56	)
RBC		3		0		0		3		0			0		0			0			3			0			3
SCX		4		0		0		4		(1	)		0		0			(1	)		3			0			3
SSB		2,440		0		0		2,440		(2,427	)		0		0			(2,427	)		13			0			13
UAG		0		0		45		45		0			0		0			0			45			(280	)		(235	)

Total Over the Counter	$	4,287	$	0	$	8,290	$	12,577	$	(5,374	)	$	0	$	(7,775	)	$	(13,149	)

(p)

Securities with an aggregate market value of $7,117 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of January 31, 2020.


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		33

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

⁽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.

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 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 January 31, 2020:


	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	$	218	$	0	$	0	$	4,804	$	5,022

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4,287	$	0	$	4,287
Swap Agreements		0		2,022		0		0		6,268		8,290

	$	0	$	2,022	$	0	$	4,287	$	6,268	$	12,577

	$	0	$	2,240	$	0	$	4,287	$	11,072	$	17,599


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	79	$	0	$	0	$	4,332	$	4,411

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5,374	$	0	$	5,374
Swap Agreements		0		7,775		0		0		0		7,775

	$	0	$	7,775	$	0	$	5,374	$	0	$	13,149

	$	0	$	7,854	$	0	$	5,374	$	4,332	$	17,560

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended January 31, 2020:


	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	$	1,491	$	0	$	0	$	(125,214	)	$	(123,723	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	5,018	$	0		$	5,018
Swap Agreements		0		6,611		0		0		4,901			11,512

	$	0	$	6,611	$	0	$	5,018	$	4,901		$	16,530

	$	0	$	8,102	$	0	$	5,018	$	(120,313	)	$	(107,193	)


34		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


	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	$	(3,632	)	$	0	$	0		$	114,852		$	111,220

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(9,961	)	$	0		$	(9,961	)
Swap Agreements		0		(107	)		0		0			(2,034	)		(2,141	)

	$	0	$	(107	)	$	0	$	(9,961	)	$	(2,034	)	$	(12,102	)

	$	0	$	(3,739	)	$	0	$	(9,961	)	$	112,818		$	99,118

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 01/31/2020
Investments in Securities, at Value
Loan Participations and Assignments	$	236	$	239,084	$	55,351	$	294,671
Corporate Bonds & Notes
Banking & Finance		0		280,231		0		280,231
Industrials		0		341,470		973		342,443
Utilities		0		114,350		0		114,350
Convertible Bonds & Notes
Industrials		0		7,772		0		7,772
Utilities		0		65		0		65
Municipal Bonds & Notes
California		0		3,554		0		3,554
Illinois		0		33,268		0		33,268
Iowa		0		452		0		452
Texas		0		1,902		0		1,902
Virginia		0		1,375		0		1,375
West Virginia		0		14,506		0		14,506
U.S. Government Agencies		0		37,951		8,635		46,586
Non-Agency Mortgage-Backed Securities		0		208,360		0		208,360
Asset-Backed Securities		0		207,936		36,393		244,329
Sovereign Issues		0		81,591		0		81,591
Common Stocks
Communication Services		4,336		14		0		4,350
Consumer Discretionary		10,320		0		0		10,320
Energy		10		0		0		10
Industrials		0		0		563		563
Warrants
Communication Services		0		7,475		0		7,475
Industrials		0		0		3,000		3,000


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 01/31/2020
Preferred Securities
Banking & Finance	$	0	$	53,569		$	0	$	53,569
Industrials		0		1,331			38,216		39,547
Real Estate Investment Trusts
Real Estate		23,009		0			0		23,009
Short-Term Instruments
Repurchase Agreements		0		58,609			0		58,609
Argentina Treasury Bills		0		1,518			0		1,518
U.S. Treasury Bills		0		15,855			0		15,855


Total Investments	$	37,911	$	1,712,238		$	143,131	$	1,893,280


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		5,022			0		5,022
Over the counter		0		12,532			45		12,577

	$	0	$	17,554		$	45	$	17,599


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(4,411	)		0		(4,411	)
Over the counter		0		(13,149	)		0		(13,149	)

	$	0	$	(17,560	)	$	0	$	(17,560	)


Total Financial Derivative Instruments	$	0	$	(6	)	$	45	$	39


Totals	$	37,911	$	1,712,232		$	143,176	$	1,893,319

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended January 31, 2020:


Category and Subcategory	Beginning Balance at 07/31/2019		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 01/31/2020		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 01/31/2020⁽²⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	9,171	$	41,202	$	(624	)	$	(79	)	$	(1	)	$	278		$	5,404	$	0	$	55,351	$	283
Corporate Bonds & Notes
Industrials		0		1,219		0			10			0			(256	)		0		0		973		(256	)
U.S. Government Agencies		8,631		0		(86	)		250			29			(189	)		0		0		8,635		(193	)
Asset-Backed Securities		46,486		0		(7,852	)		0			689			(2,930	)		0		0		36,393		(3,419	)
Common Stocks
Industrials		654		0		0			0			0			(91	)		0		0		563		(90	)


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		35

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

January 31, 2020 (Unaudited)


Category and Subcategory	Beginning Balance at 07/31/2019		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 01/31/2020		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 01/31/2020⁽²⁾
Warrants
Industrials	$	2,513	$	0	$	0		$	0	$	0	$	487		$	0	$	0	$	3,000	$	487
Preferred Securities
Industrials		36,716		2,130		0			0		0		(630	)		0		0		38,216		(630	)

	$	104,171	$	44,551	$	(8,562	)	$	181	$	717	$	(3,331	)	$	5,404	$	0	$	143,131	$	(3,818	)


Financial Derivative Instruments- Assets
Over the counter	$	80	$	0	$	0		$	0	$	0	$	(35	)	$	0	$	0	$	45	$	(17	)


Totals	$	104,251	$	44,551	$	(8,562	)	$	181	$	717	$	(3,366	)	$	5,404	$	0	$	143,176	$	(3,835	)

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 01/31/2020		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 01/31/2020		Valuation Technique	Unobservable Inputs	Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	32,000	Market Based Approach	Recovery Value		100.000		—
		8,126	Proxy Pricing	Base Price		92.606-101.080		98.242
		15,225	Third Party Vendor	Broker Quote		75.500-102.000		95.584
Corporate Bonds & Notes
Industrials		973	Other Valuation Techniques⁽³⁾	—		—		—
U.S. Government Agencies		8,635	Proxy Pricing	Base Price		60.540		—
Asset-Backed Securities		36,393	Proxy Pricing	Base Price		76.154-100,937.971		48,442.426
Common Stocks
Industrials		563	Other Valuation Techniques⁽³⁾	—		—		—
Warrants
Industrials		3,000	Other Valuation Techniques⁽³⁾	—		—		—
Preferred Securities
Industrials		38,216	Fundamental Valuation	Company Equity Value	$	948,002,602.394		—

Financial Derivative Instruments- Assets
Over the counter		45	Indicative Market Quotation	Broker Quote		1.718		—

Total	$	143,176

⁽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 January 31, 2020 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽³⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.


36		PIMCO CLOSED-END FUNDS					See Accompanying Notes

Schedule of Investments PIMCO Corporate & Income Strategy Fund

January 31, 2020 (Unaudited)

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 131.7%

LOAN PARTICIPATIONS AND ASSIGNMENTS 14.5%

Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		4,516	$		4,290

Al Convoy (Luxembourg) S.a.r.l.
TBD% due 01/29/2027			68			68

Alphabet Holding Co., Inc.
5.145% (LIBOR03M + 3.500%) due 09/26/2024 ~			98			94

Altice France S.A.
5.676% (LIBOR03M + 4.000%) due 08/14/2026 ~			296			297

CenturyLink, Inc.
TBD% due 03/15/2027			271			271

Clay Holdco BV
TBD% due 11/06/2026	EUR		2,700			3,005

Diamond Resorts Corp.
5.395% (LIBOR03M + 3.750%) due 09/02/2023 ~	$		557			549

Dubai World (3.000% Cash and 1.750% PIK)
4.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(d)			497			465

Emerald TopCo, Inc.
5.145% (LIBOR03M + 3.500%) due 07/24/2026 ~			107			107

Envision Healthcare Corp.
5.395% (LIBOR03M + 3.750%) due 10/10/2025 ~			15,686			13,271

Financial & Risk U.S. Holdings, Inc.
4.895% (LIBOR03M + 3.250%) due 10/01/2025 ~			687			696

Forbes Energy Services LLC (6.909% Cash and 11.000% PIK)
17.909% (LIBOR03M + 5.000%) due 04/13/2021 ~(d)			178			178

Froneri Ltd.
TBD% due 01/28/2028 «			7			7

Frontier Communications Corp.
5.400% (LIBOR03M + 3.750%) due 06/15/2024 ~			586			593

iHeartCommunications, Inc.
5.781% (LIBOR03M + 4.000%) due 05/01/2026 ~			3,553			3,567

IRB Holding Corp.
4.384% (LIBOR03M + 2.750%) due 02/05/2025 ~			928			931

Jefferies Finance LLC
5.063% (LIBOR03M + 3.250%) due 06/03/2026 ~			21			21

McDermott Technology Americas, Inc.
TBD% due 10/21/2021 ^µ(e)			2,203			2,306
TBD% due 05/09/2025 ^(e)			2,082			1,327

Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			64			64

MH Sub LLC
5.395% (LIBOR03M + 3.750%) due 09/13/2024 ~			117			117

Nascar Holdings, Inc.
4.408% (LIBOR03M + 2.750%) due 10/19/2026 ~			68			69

NCI Building Systems, Inc.
5.434% (LIBOR03M + 3.750%) due 04/12/2025 ~			39			40

Neiman Marcus Group Ltd. LLC
7.734% (LIBOR03M + 6.000%) due 10/25/2023 ~			9,839			8,363

Neiman Marcus Group Ltd. LLC (7.234% - 7.277% Cash and 1.000% PIK)
8.234% - 8.277% (LIBOR03M + 5.500%) due 10/25/2023 ~(d)			7,502			6,348


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

Ortho-Clinical Diagnostics S.A.
5.013% (LIBOR03M + 3.250%) due 06/30/2025 ~	$		574	$		568

Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^(e)			100			105

Parexel International Corp.
4.395% (LIBOR03M + 2.750%) due 09/27/2024 ~			88			87

PetSmart, Inc.
5.670% (LIBOR03M + 4.000%) due 03/11/2022 ~			62			62

PG&E Corp.
TBD% due 04/16/2020			1,186			1,216

Playtika Holding Corp.
7.645% (LIBOR03M + 6.000%) due 12/10/2024 ~			3,734			3,775

Pug LLC
TBD% due 01/15/2027			32			32

Reynolds Consumer Products, Inc.
TBD% due 01/29/2027			100			101

Sotera Health Holdings LLC
6.145% (LIBOR03M + 4.500%) due 12/11/2026 ~			131			132

Sprint Communications, Inc.
4.188% (LIBOR03M + 2.500%) due 02/02/2024 ~			1,556			1,537

Starfruit Finco BV
4.699% (LIBOR03M + 3.000%) due 10/01/2025 ~			183			183

Summer (BC) Holdco B SARL
TBD% due 10/15/2026 «			2,384			2,321
TBD% due 12/04/2026 «			596			580

Sunshine Luxembourg SARL
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~			194			195

Syniverse Holdings, Inc.
6.873% (LIBOR03M + 5.000%) due 03/09/2023 ~			6,095			5,582

U.S. Renal Care, Inc.
6.645% (LIBOR03M + 5.000%) due 06/26/2026 ~			420			418

Univision Communications, Inc.
4.395% (LIBOR03M + 2.750%) due 03/15/2024 ~			3,938			3,898

West Corp.
5.645% (LIBOR03M + 4.000%) due 10/10/2024 ~			32			27

Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			1,124			1,135

Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 «(d)			3,299			2,490

Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			12,100			11,540
9.750% (PRIME + 5.000%) due 03/29/2021 ~			3,070			3,010

Total Loan Participations and Assignments (Cost $90,505)						86,038


CORPORATE BONDS & NOTES 51.4%

BANKING & FINANCE 22.0%

Ally Financial, Inc.
4.250% due 04/15/2021			50			51
8.000% due 11/01/2031 (l)			1,767			2,492

Ambac LSNI LLC
6.945% due 02/12/2023 •(l)			482			491

Ardonagh Midco PLC
8.375% due 07/15/2023	GBP		11,067			14,911
8.625% due 07/15/2023	$		200			206

Banco BTG Pactual S.A.
4.500% due 01/10/2025			200			206


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

Banco de Credito del Peru
4.650% due 09/17/2024	PEN		700	$		211

Barclays PLC
3.250% due 01/17/2033	GBP		200			285
7.125% due 06/15/2025 •(i)			1,300			1,973
7.250% due 03/15/2023 •(i)			6,300			9,202
7.750% due 09/15/2023 •(i)(l)	$		800			877

Brookfield Finance, Inc.
3.900% due 01/25/2028			12			13
4.700% due 09/20/2047			138			168

Cantor Fitzgerald LP
4.875% due 05/01/2024			29			31
6.500% due 06/17/2022 (l)			8,000			8,738

CBL & Associates LP
5.250% due 12/01/2023			112			68
5.950% due 12/15/2026 (l)			986			496

Credit Agricole S.A.
7.875% due 01/23/2024 •(i)(l)			200			228

Credit Suisse Group AG
7.500% due 07/17/2023 •(i)			200			221

Deutsche Bank AG
3.961% due 11/26/2025 •(l)			1,050			1,098

Emerald Bay S.A.
0.000% due 10/08/2020 (h)	EUR		1,657			1,812

EPR Properties
4.750% due 12/15/2026 (l)	$		2,130			2,373

Equitable Holdings, Inc.
5.000% due 04/20/2048			9			10

ESH Hospitality, Inc.
4.625% due 10/01/2027			56			56

Flagstar Bancorp, Inc.
6.125% due 07/15/2021 (l)			3,500			3,651

Ford Motor Credit Co. LLC
3.087% due 01/09/2023			400			404

Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025 (l)			361			384
6.750% due 03/15/2022 (l)			476			491

GSPA Monetization Trust
6.422% due 10/09/2029			3,314			3,879

HSBC Bank PLC
6.330% due 05/18/2023			5,800			6,133

HSBC Holdings PLC
5.875% due 09/28/2026 •(i)(l)	GBP		200			296
6.000% due 09/29/2023 •(i)(l)	EUR		2,100			2,696
6.500% due 03/23/2028 •(i)	$		480			535

Hunt Cos., Inc.
6.250% due 02/15/2026			24			23

ING Groep NV
5.750% due 11/16/2026 •(i)			300			321

Kennedy-Wilson, Inc.
5.875% due 04/01/2024			66			68

Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			55			55

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(i)(l)			300			343
7.625% due 06/27/2023 •(i)	GBP		2,166			3,222
7.875% due 06/27/2029 •(i)			5,655			9,601

LoanCore Capital Markets LLC
6.875% due 06/01/2020 (l)	$		6,100			6,111

Nationstar Mortgage LLC
6.500% due 07/01/2021 (l)			591			592

Navient Corp.
5.625% due 08/01/2033 (l)			686			624

Newmark Group, Inc.
6.125% due 11/15/2023			62			68

Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			1,122			1,159

Park Aerospace Holdings Ltd.
5.500% due 02/15/2024			20			22

Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 •(i)			3,070			3,146
8.000% due 08/10/2025 •(i)(l)			6,390			7,468


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		37

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


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

Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(i)	GBP			3,795	$		5,591
7.375% due 06/24/2022 •(i)				3,520			5,109

SBA Communications Corp.
3.875% due 02/15/2027 (c)	$			154			157

Societe Generale S.A.
6.750% due 04/06/2028 •(i)				200			225
7.375% due 10/04/2023 •(i)(l)				600			662

Springleaf Finance Corp.
5.375% due 11/15/2029				17			18
5.625% due 03/15/2023 (l)				1,172			1,257
6.875% due 03/15/2025				93			105

Tesco Property Finance PLC
7.623% due 07/13/2039	GBP			233			462

TP ICAP PLC
5.250% due 01/26/2024 (l)				2,939			4,310

UniCredit SpA
7.830% due 12/04/2023	$			4,050			4,782

Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP			2,793			4,245

Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (l)	$			5,971			6,123
		��
							130,555


INDUSTRIALS 22.3%

Albertsons Cos., Inc.
3.500% due 02/15/2023 (c)				48			49
4.625% due 01/15/2027				48			49
4.875% due 02/15/2030 (c)				54			56

Altice Financing S.A.
2.250% due 01/15/2025	EUR			100			109
7.500% due 05/15/2026 (l)	$			1,400			1,499

Altice France S.A.
7.375% due 05/01/2026 (l)				3,501			3,731

Associated Materials LLC
9.000% due 01/01/2024 (l)				774			677

Avon International Capital PLC
6.500% due 08/15/2022				24			25

B.C. Unlimited Liability Co.
4.375% due 01/15/2028				33			33

Baffinland Iron Mines Corp.
8.750% due 07/15/2026 (l)				1,400			1,457

Bausch Health Cos., Inc.
5.000% due 01/30/2028				84			85
5.250% due 01/30/2030				84			86

BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027				71			73

Bioceanico Sovereign Certificate Ltd.
0.000% due 06/05/2034 (h)				150			106

Bombardier, Inc.
6.000% due 10/15/2022				28			28
6.125% due 01/15/2023				345			341
7.500% due 03/15/2025				11			11
7.875% due 04/15/2027 (l)				6,633			6,301

Camelot Finance S.A.
4.500% due 11/01/2026				8			8

CCO Holdings LLC
4.750% due 03/01/2030				160			165

Centene Corp.
4.250% due 12/15/2027				56			59
4.625% due 12/15/2029				114			123
4.750% due 01/15/2025				160			166

Charter Communications Operating LLC
4.800% due 03/01/2050				192			208

Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024 (l)				1,869			2,039

Community Health Systems, Inc.
6.250% due 03/31/2023 (l)				9,499			9,713
8.000% due 03/15/2026 (l)				753			786
8.625% due 01/15/2024 (l)				1,160			1,235

Connect Finco SARL
6.750% due 10/01/2026				58			62


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

Continental Airlines Pass-Through Trust
9.798% due 10/01/2022	$		161	$		165

Corning, Inc.
5.450% due 11/15/2079			70			81

DAE Funding LLC
5.250% due 11/15/2021			268			279
5.750% due 11/15/2023			268			282

Dealer Tire LLC
8.000% due 02/01/2028 (c)			28			28

Dell International LLC
6.020% due 06/15/2026 (l)			2,514			2,939

Diamond Resorts International, Inc.
7.750% due 09/01/2023 (l)			2,730			2,815

DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (l)			4,100			4,159

Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (d)			16			16

Eldorado Resorts, Inc.
6.000% due 09/15/2026 (l)			2,000			2,196

Energy Transfer Operating LP
2.900% due 05/15/2025			34			34
3.750% due 05/15/2030			75			77
5.000% due 05/15/2050			69			71

Exela Intermediate LLC
10.000% due 07/15/2023 (l)			117			45

Fair Isaac Corp.
4.000% due 06/15/2028			8			8

Ferroglobe PLC
9.375% due 03/01/2022 (l)			1,550			1,167

First Quantum Minerals Ltd.
6.500% due 03/01/2024 (l)			1,414			1,365
6.875% due 03/01/2026 (l)			958			921
7.000% due 02/15/2021			156			156

Flex Ltd.
4.875% due 06/15/2029			78			88

Ford Motor Co.
7.700% due 05/15/2097 (l)			7,315			8,754

Fresh Market, Inc.
9.750% due 05/01/2023 (l)			5,650			2,797

Frontier Finance PLC
8.000% due 03/23/2022	GBP		4,600			6,260

Full House Resorts, Inc.
8.575% due 01/31/2024	$		292			287
9.738% due 02/02/2024			25			25

Garda World Security Corp.
4.625% due 02/15/2027			82			81

General Electric Co.
0.375% due 05/17/2022	EUR		200			223
5.875% due 01/14/2038	$		22			28
6.150% due 08/07/2037			17			22
6.875% due 01/10/2039			10			14

HCA, Inc.
7.500% due 11/15/2095 (l)			1,200			1,480

iHeartCommunications, Inc.
6.375% due 05/01/2026 (l)			1,143			1,237
8.375% due 05/01/2027 (l)			1,422			1,549

IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (d)	EUR		300			342

IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (d)			100			115

IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (d)	$		444			473

IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (d)			327			357

Intelsat Connect Finance S.A.
9.500% due 02/15/2023			86			46

Intelsat Jackson Holdings S.A.
8.000% due 02/15/2024			44			45
8.500% due 10/15/2024 (l)			550			466
9.750% due 07/15/2025			487			422

Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(l)			10,499			6,824
8.125% due 06/01/2023 (l)			1,121			465


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

Kinder Morgan, Inc.
7.800% due 08/01/2031 (l)	$		3,580	$		4,959

Lamar Media Corp.
3.750% due 02/15/2028 (c)			53			54
4.000% due 02/15/2030 (c)			23			23

Laredo Petroleum, Inc.
9.500% due 01/15/2025			20			18
10.125% due 01/15/2028			34			30

Mallinckrodt International Finance S.A.
5.500% due 04/15/2025 (l)			474			174

Mattel, Inc.
5.875% due 12/15/2027			17			18

MEG Energy Corp.
7.125% due 02/01/2027			68			68

Micron Technology, Inc.
5.327% due 02/06/2029			152			178

NCL Corp. Ltd.
3.625% due 12/15/2024			70			70

NCR Corp.
5.750% due 09/01/2027			2			2

Netflix, Inc.
3.625% due 06/15/2030	EUR		200			231
3.875% due 11/15/2029			604			708
4.625% due 05/15/2029			200			248
4.875% due 06/15/2030	$		100			105
5.375% due 11/15/2029			60			65

New Albertson’s LP
6.570% due 02/23/2028 (l)			5,600			5,504

Noble Holding International Ltd.
7.875% due 02/01/2026			239			172

Odebrecht Oil & Gas Finance Ltd.
0.000% due 03/02/2020 (h)(i)			753			8

Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022			79			79
7.250% due 02/01/2028			92			94

Pacific Drilling SA
8.375% due 10/01/2023			367			309

Pan American Energy LLC
40.063% (BADLARPP) due 11/20/2020 «~	ARS		49,770			569

Par Pharmaceutical, Inc.
7.500% due 04/01/2027	$		105			107

Petroleos Mexicanos
2.750% due 04/21/2027	EUR		7,322			7,873
4.750% due 02/26/2029			600			712
5.950% due 01/28/2031	$		170			172
6.490% due 01/23/2027			70			76
6.500% due 03/13/2027			190			207
6.750% due 09/21/2047			50			51
6.840% due 01/23/2030			220			239
6.950% due 01/28/2060			300			305
7.690% due 01/23/2050			110			121

PetSmart, Inc.
5.875% due 06/01/2025			91			94

Platin 1426 GmbH
6.875% due 06/15/2023	EUR		750			850

Prime Security Services Borrower LLC
6.250% due 01/15/2028	$		88			87
9.250% due 05/15/2023 (l)			454			476

PTC, Inc.
3.625% due 02/15/2025 (c)			27			27
4.000% due 02/15/2028 (c)			14			14

QVC, Inc.
5.950% due 03/15/2043 (l)			2,647			2,692

Radiate Holdco LLC
6.875% due 02/15/2023			3			3

Radiology Partners, Inc.
9.250% due 02/01/2028			54			57

Range Resources Corp.
9.250% due 02/01/2026			42			37

Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026	EUR		200			241

Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		1,000			1,865


38		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

Sands China Ltd.
4.600% due 08/08/2023 (l)	$		200	$		212
5.125% due 08/08/2025 (l)			200			222
5.400% due 08/08/2028 (l)			2,129			2,425

Sealed Air Corp.
4.000% due 12/01/2027			9			9

Sensata Technologies, Inc.
4.375% due 02/15/2030			28			28

Silgan Holdings, Inc.
4.125% due 02/01/2028			2			2

Spanish Broadcasting System, Inc.
12.500% due 04/15/2049 ^(e)			1,909			1,991

Spirit Issuer PLC
3.492% (BP0003M + 2.700%) due 12/28/2031 ~	GBP		1,000			1,309

Station Casinos LLC
4.500% due 02/15/2028 (c)	$		54			54

TEGNA, Inc.
4.625% due 03/15/2028			165			166

Telesat Canada
4.875% due 06/01/2027			31			32

Tenet Healthcare Corp.
4.625% due 09/01/2024			13			13

Teva Pharmaceutical Finance BV
3.650% due 11/10/2021 (l)			1,864			1,846

Teva Pharmaceutical Finance Co. BV
2.950% due 12/18/2022 (l)			1,332			1,281

Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020	EUR		156			172
2.200% due 07/21/2021 (l)	$		296			292
3.250% due 04/15/2022	EUR		300			336
6.000% due 01/31/2025			100			119

Times Square Hotel Trust
8.528% due 08/01/2026	$		1,337			1,568

Topaz Solar Farms LLC
4.875% due 09/30/2039 (l)			1,899			2,036
5.750% due 09/30/2039 (l)			4,538			5,212

TransDigm, Inc.
5.500% due 11/15/2027			106			107

Transocean Pontus Ltd.
6.125% due 08/01/2025			130			134

Transocean, Inc.
7.250% due 11/01/2025			74			70
7.500% due 01/15/2026			26			25
8.000% due 02/01/2027			117			109

Trident TPI Holdings, Inc.
9.250% due 08/01/2024			17			17

Triumph Group, Inc.
5.250% due 06/01/2022			24			24
6.250% due 09/15/2024			67			69

Unigel Luxembourg S.A.
8.750% due 10/01/2026			400			415

United Group BV
3.125% due 02/15/2026 (c)	EUR		210			232
3.250% due 02/15/2026 •(c)			100			112
3.625% due 02/15/2028 (c)			200			220
4.375% due 07/01/2022			100			113
4.875% due 07/01/2024			100			115

Univision Communications, Inc.
5.125% due 02/15/2025 (l)	$		539			539

Valaris PLC
5.750% due 10/01/2044			130			54
7.750% due 02/01/2026			18			9

Vale Overseas Ltd.
6.250% due 08/10/2026			151			179
6.875% due 11/21/2036			59			78
6.875% due 11/10/2039			43			57

ViaSat, Inc.
5.625% due 09/15/2025			81			83

Western Midstream Operating LP
2.698% (US0003M + 0.850%) due 01/13/2023 ~			42			42
3.100% due 02/01/2025			28			28
4.050% due 02/01/2030			28			28
5.250% due 02/01/2050			28			27


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

WPX Energy, Inc.
4.500% due 01/15/2030	$		62	$		63

Wyndham Destinations, Inc.
3.900% due 03/01/2023			72			73
4.625% due 03/01/2030			42			43
5.400% due 04/01/2024			10			11
5.750% due 04/01/2027 (l)			714			781

Wynn Macau Ltd.
5.125% due 12/15/2029			200			199

YPF S.A.
52.818% (BADLARPP + 6.000%) due 03/04/2021 «~(a)	ARS		7,090			84

						131,941


UTILITIES 7.1%

Centrais Eletricas Brasileiras S.A.
3.625% due 02/04/2025 (c)	$		200			202

CenturyLink, Inc.
4.000% due 02/15/2027			54			54

DTEK Finance PLC (10.750% Cash and 0.000% PIK)
10.750% due 12/31/2024 (d)			1,192			1,240

Edison International
2.400% due 09/15/2022			58			58
2.950% due 03/15/2023			5			5
3.125% due 11/15/2022			63			64
3.550% due 11/15/2024			70			74
5.750% due 06/15/2027			51			59

Frontier Communications Corp.
8.000% due 04/01/2027			102			107

Mountain States Telephone & Telegraph Co.
7.375% due 05/01/2030			4,417			4,811

Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			225			226

Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(d)			179			105

Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^(l)			1,138			1,133

Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)
7.720% due 12/01/2026 ^(d)			4,697			1,174

Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(e)			450			477
2.950% due 03/01/2026 ^(e)			392			403
3.250% due 09/15/2021 ^(e)			607			645
3.250% due 06/15/2023 ^(e)			273			284
3.300% due 03/15/2027 ^(e)(l)			716			748
3.400% due 08/15/2024 ^(e)			378			401
3.500% due 06/15/2025 ^(e)(l)			735			775
3.750% due 02/15/2024 ^(e)(l)			691			740
3.750% due 08/15/2042 ^(e)			22			22
3.850% due 11/15/2023 ^(e)			67			72
4.000% due 12/01/2046 ^(e)			7			7
4.250% due 05/15/2021 ^(e)			1,695			1,802
4.250% due 08/01/2023 ^(e)			400			440
4.300% due 03/15/2045 ^(e)			27			29
4.500% due 12/15/2041 ^(e)			275			300
4.600% due 06/15/2043 ^(e)			118			129
4.650% due 08/01/2028 ^(e)(l)			930			1,081
4.750% due 02/15/2044 ^(e)(l)			632			719
5.125% due 11/15/2043 ^(e)(l)			817			932
5.400% due 01/15/2040 ^(e)			16			19
5.800% due 03/01/2037 ^(e)(l)			2,243			2,585
6.050% due 03/01/2034 ^(e)(l)			2,083			2,399
6.250% due 03/01/2039 ^(e)(l)			629			724
6.350% due 02/15/2038 ^(e)(l)			794			920

Petrobras Global Finance BV
5.093% due 01/15/2030			2,300			2,527
6.250% due 12/14/2026	GBP		3,966			6,275
6.625% due 01/16/2034			100			161

RCS & RDS S.A.
2.500% due 02/05/2025 (c)	EUR		200			223

Rio Oil Finance Trust
8.200% due 04/06/2028	$		250			293
9.250% due 07/06/2024			307			344


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
9.250% due 07/06/2024 (l)	$		2,230	$		2,504
9.750% due 01/06/2027 (l)			169			200
9.750% due 01/06/2027			203			240

Southern California Edison Co.
2.850% due 08/01/2029			14			15
3.650% due 03/01/2028			5			6
3.650% due 02/01/2050			27			28
5.750% due 04/01/2035			10			13
6.000% due 01/15/2034			2			3
6.650% due 04/01/2029			39			49

Southern California Gas Co.
2.550% due 02/01/2030			68			70

Sprint Communications, Inc.
6.000% due 11/15/2022			40			41

Sprint Corp.
7.125% due 06/15/2024			742			768
7.250% due 09/15/2021 (l)			420			441
7.250% due 02/01/2028 (c)			278			276
7.875% due 09/15/2023 (l)			1,180			1,256

Talen Energy Supply LLC
6.625% due 01/15/2028			30			30

Transocean Poseidon Ltd.
6.875% due 02/01/2027			110			115

Transocean Sentry Ltd.
5.375% due 05/15/2023			100			101

						41,944

Total Corporate Bonds & Notes (Cost $285,341)						304,440


CONVERTIBLE BONDS & NOTES 0.9%

INDUSTRIALS 0.9%

Caesars Entertainment Corp.
5.000% due 10/01/2024			994			1,921

DISH Network Corp.
3.375% due 08/15/2026			3,400			3,309

						5,230


UTILITIES 0.0%

Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			10			7

Total Convertible Bonds & Notes (Cost $5,262)						5,237


MUNICIPAL BONDS & NOTES 4.7%

CALIFORNIA 0.2%

Riverside County, California Redevelopment Successor Agency Tax Allocation Bonds, Series 2010
7.750% due 10/01/2037			1,220			1,268


ILLINOIS 3.0%

Chicago, Illinois General Obligation Bonds, (BABs), Series 2010
7.517% due 01/01/2040			12,700			16,980

Chicago, Illinois General Obligation Bonds, Series 2017
7.045% due 01/01/2029			110			127

Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			35			42
7.350% due 07/01/2035			20			25

Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			270			305

						17,479


VIRGINIA 0.1%

Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			760			769


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		39

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WEST VIRGINIA 1.4%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (h)	$		44,400	$		2,059
7.467% due 06/01/2047			5,655			6,087

						8,146

Total Municipal Bonds & Notes (Cost $22,989)						27,662


U.S. GOVERNMENT AGENCIES 4.2%

Fannie Mae
3.000% due 02/25/2043 (a)(l)			46,454			6,519
5.211% due 07/25/2029 •			850			898
7.411% due 07/25/2029 •			1,150			1,384

Freddie Mac
0.000% due 02/25/2046 (b)(h)			6,400			5,982
0.100% due 02/25/2046 (a)			76,789			44
2.550% due 11/25/2055 «~			8,020			4,868
9.211% due 12/25/2027 •			3,276			3,935
12.411% due 03/25/2025 •			720			942

Total U.S. Government Agencies (Cost $25,407)						24,572


NON-AGENCY MORTGAGE-BACKED SECURITIES 17.0%

Banc of America Alternative Loan Trust
5.500% due 10/25/2035 ^			2,662			2,613
6.000% due 01/25/2036 ^			83			83

Banc of America Funding Trust
6.000% due 07/25/2037 ^			261			254

Banc of America Mortgage Trust
6.000% due 03/25/2037 ^			260			261

BCAP LLC Trust
3.690% due 08/28/2037 ~			5,748			5,714
3.783% due 03/27/2036 ~			2,246			1,986
4.850% due 03/26/2037 þ			743			907

Bear Stearns ALT-A Trust
2.161% due 01/25/2036 ^•			972			1,136
3.801% due 11/25/2036 ^~			3,387			2,829
3.826% due 09/25/2047 ^~			5,287			4,269
3.886% due 11/25/2035 ^~			4,281			4,061
3.943% due 08/25/2036 ^~			789			561
4.229% due 09/25/2035 ^~			462			383

Bear Stearns Commercial Mortgage Securities Trust
5.919% due 04/12/2038 ~			210			213

Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			674			651

CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			1			1

CD Mortgage Trust
5.688% due 10/15/2048			5,556			3,362

Chase Mortgage Finance Trust
3.794% due 12/25/2035 ^~			7			7
6.000% due 07/25/2037 ^			727			581

Citigroup Mortgage Loan Trust
3.856% due 04/25/2037 ^~			198			178
4.106% due 09/25/2037 ^~			559			489

Commercial Mortgage Loan Trust
6.254% due 12/10/2049 ~			2,232			1,482

Countrywide Alternative Loan Resecuritization Trust
6.000% due 08/25/2037 ^~			955			744

Countrywide Alternative Loan Trust
5.500% due 03/25/2035			267			191
5.750% due 01/25/2035			247			255
5.750% due 02/25/2035			321			318
5.750% due 03/25/2037 ^			586			500
6.000% due 02/25/2035			951			946
6.000% due 04/25/2036			898			636
6.000% due 02/25/2037 ^			5,182			3,276
6.000% due 04/25/2037 ^			992			701
6.000% due 07/25/2037 ^			33			33
6.250% due 12/25/2036 ^•			1,371			975
6.500% due 08/25/2036 ^			455			273

Countrywide Home Loan Mortgage Pass-Through Trust
3.760% due 09/20/2036 ^~			224			211


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.000% due 07/25/2037	$		1,405	$		1,013

Credit Suisse Mortgage Capital Certificates
4.125% due 10/26/2036 ~			6,980			5,442

GS Mortgage Securities Corp. Trust
4.744% due 10/10/2032 ~			4,600			4,553

GS Mortgage Securities Trust
5.622% due 11/10/2039			641			502

GSR Mortgage Loan Trust
4.306% due 08/25/2034 ~			303			299
5.500% due 05/25/2036 ^			202			349
6.000% due 02/25/2036 ^			2,088			1,528

HarborView Mortgage Loan Trust
2.134% due 01/19/2036 ^•			1,705			1,601
3.876% due 06/19/2036 ^~			5,213			3,751

IndyMac Mortgage Loan Trust
6.500% due 07/25/2037 ^			3,396			1,934

Jefferies Resecuritization Trust
6.000% due 05/26/2036			10,501			8,172

JPMorgan Alternative Loan Trust
3.667% due 03/25/2037 ^~			1,220			1,213
6.000% due 12/25/2035 ^			1,464			1,388

JPMorgan Chase Commercial Mortgage Securities Trust
5.623% due 05/12/2045			111			101

JPMorgan Mortgage Trust
3.640% due 02/25/2036 ^~			1,582			1,306
4.024% due 01/25/2037 ^~			466			450
4.258% due 04/25/2037 ~			6			6

LB-UBS Commercial Mortgage Trust
5.407% due 11/15/2038 ^			734			437
5.562% due 02/15/2040 ^~			299			178

Lehman Mortgage Trust
6.000% due 07/25/2037 ^			122			116

Lehman XS Trust
1.881% due 06/25/2047 •			1,608			1,483

MASTR Alternative Loan Trust
6.750% due 07/25/2036			1,685			1,102

Merrill Lynch Mortgage Investors Trust
4.081% due 03/25/2036 ^~			608			432

Motel 6 Trust
8.603% due 08/15/2024 •			5,688			5,788

Residential Accredit Loans, Inc. Trust
1.891% due 05/25/2037 ^•			118			84
4.850% due 12/26/2034 ^~			1,378			954
6.000% due 08/25/2036 ^			275			270

Residential Asset Mortgage Products Trust
6.500% due 12/25/2031			22			21

Residential Asset Securitization Trust
6.000% due 11/25/2036 ^			2,703			1,704
6.250% due 09/25/2037 ^			2,528			1,540
6.250% due 06/25/2046 ~			1,120			1,111

Residential Funding Mortgage Securities, Inc. Trust
4.426% due 02/25/2037 ~			1,310			1,103
6.500% due 03/25/2032			101			105

Sequoia Mortgage Trust
3.895% due 02/20/2047 ~			271			257
4.166% due 07/20/2037 ^~			556			499

Structured Adjustable Rate Mortgage Loan Trust
3.731% due 11/25/2036 ^~			1,825			1,754
3.856% due 01/25/2036 ^~			1,866			1,386
4.212% due 07/25/2035 ^~			541			515

SunTrust Adjustable Rate Mortgage Loan Trust
4.049% due 02/25/2037 ^~			238			229
4.452% due 04/25/2037 ^~			352			295

WaMu Mortgage Pass-Through Certificates Trust
3.618% due 07/25/2037 ^~			341			315
3.688% due 10/25/2036 ^~			1,913			1,802
3.813% due 02/25/2037 ^~			483			467
3.990% due 07/25/2037 ^~			841			805

Washington Mutual Mortgage Pass-Through Certificates Trust
2.985% due 05/25/2047 ^•			67			6
6.000% due 10/25/2035 ^			1,563			1,292

Total Non-Agency Mortgage-Backed Securities (Cost $94,966)						100,738


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ASSET-BACKED SECURITIES 18.1%

ACE Securities Corp. Home Equity Loan Trust
2.051% due 02/25/2036 •	$		23,952	$		18,470

Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,800			1,359

Apidos CLO
0.000% due 01/20/2031 ~	$		4,500			3,094

Argent Securities Trust
1.851% due 03/25/2036 •			3,612			2,251

Avoca CLO DAC
0.000% due 10/15/2030 ~	EUR		1,600			1,099

Bear Stearns Asset-Backed Securities Trust
1.801% due 10/25/2036 ^•	$		3,413			4,151
6.500% due 10/25/2036 ^			342			257

Belle Haven ABS CDO Ltd.
2.539% due 07/05/2046 •			175,347			245

BlueMountain CLO Ltd.
7.298% due 04/13/2027 •			1,000			1,000

Carlyle Global Market Strategies CLO Ltd.
0.000% due 07/20/2029 ~			1,895			956

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			2,300			1,120
0.000% due 10/22/2031 ~			1,500			650

Citigroup Mortgage Loan Trust
1.821% due 12/25/2036 •			1,833			1,266

Countrywide Asset-Backed Certificates
1.801% due 06/25/2047 ^•			1,353			1,247
1.831% due 03/25/2037 •			1,188			1,124

First Franklin Mortgage Loan Trust
2.606% due 09/25/2035 •			3,441			2,840
2.636% due 05/25/2036 •			6,465			5,867

Flagship Credit Auto Trust
0.000% due 05/15/2025 «(h)			8			872

Fremont Home Loan Trust
2.591% due 06/25/2035 ^•			6,000			5,812

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		500			343

Home Equity Mortgage Loan Asset-Backed Trust
1.821% due 07/25/2037 •	$		9,652			6,542

HSI Asset Securitization Corp. Trust
0.000% due 10/25/2036 (b)(h)			2,754			1,182

JPMorgan Mortgage Acquisition Trust
4.606% due 10/25/2030 ^þ			5,093			3,818

Lehman XS Trust
5.170% due 08/25/2035 ^þ			82			82

LNR CDO Ltd.
2.758% due 02/28/2043 •			2,489			368

Long Beach Mortgage Loan Trust
1.961% due 01/25/2036 •			4,099			3,904

Marlette Funding Trust
0.000% due 09/17/2029 «(h)			7			2,484

Merrill Lynch Mortgage Investors Trust
1.821% due 04/25/2037 •			499			302

Morgan Stanley ABS Capital, Inc. Trust
1.811% due 06/25/2036 •			378			327

Morgan Stanley Mortgage Loan Trust
6.250% due 02/25/2037 ^~			609			426

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
2.181% due 08/25/2035 •			5,000			4,769
3.431% due 10/25/2034 •			573			581

Residential Asset Mortgage Products Trust
2.861% due 01/25/2035 ^•			2,751			2,563

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(h)			3			3,621

SLM Student Loan Trust
0.000% due 01/25/2042 «(h)			4			2,630

SMB Private Education Loan Trust
0.000% due 09/18/2046 «(h)			1			915
0.000% due 10/15/2048 «(h)			1			750

SoFi Professional Loan Program LLC
0.000% due 05/25/2040 (h)			4,300			1,518
0.000% due 07/25/2040 «(h)			21			839


40		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.000% due 09/25/2040 (h)	$		1,718	$		832

Soundview Home Loan Trust
1.911% due 08/25/2037 •			2,000			1,887

South Coast Funding Ltd.
2.501% due 08/10/2038 •			9,960			1,672

Symphony CLO Ltd.
6.438% due 07/14/2026 •			2,000			1,931

Taberna Preferred Funding Ltd.
2.271% due 08/05/2036 •			315			281
2.271% due 08/05/2036 ^•			5,831			5,197
2.370% due 07/05/2035 •			4,239			3,858

Total Asset-Backed Securities (Cost $103,486)						107,302


SOVEREIGN ISSUES 6.2%

Argentina Government International Bond
2.500% due 07/22/2021	ARS		14,612			125
3.375% due 01/15/2023	EUR		200			100
3.380% due 12/31/2038 þ			3,970			1,838
3.875% due 01/15/2022			200			104
4.000% due 03/06/2020	ARS		36,345			376
5.250% due 01/15/2028	EUR		200			94
6.250% due 11/09/2047			100			46
7.820% due 12/31/2033			9,275			5,491
15.500% due 10/17/2026	ARS		53,560			216
38.154% (BADLARPP + 2.000%) due 04/03/2022 ~			60,696			462
42.524% (BADLARPP + 3.250%) due 03/01/2020 ~			800			9
42.781% (BADLARPP) due 10/04/2022 ~			58			1
53.323% (ARLLMONP) due 06/21/2020 ~(a)			139,161			1,151

Autonomous City of Buenos Aires Argentina
39.421% due 03/29/2024 •			296,438			3,094
39.745% (BADLARPP + 5.000%) due 01/23/2022 ~			76,750			853

Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR		1,500			1,790

Export-Credit Bank of Turkey
8.250% due 01/24/2024	$		200			224

Peru Government International Bond
5.400% due 08/12/2034	PEN		12			4
5.940% due 02/12/2029			2,469			838
6.150% due 08/12/2032			372			127
6.350% due 08/12/2028			6,080			2,114
6.900% due 08/12/2037			54			20
6.950% due 08/12/2031			873			317
8.200% due 08/12/2026			1,856			702

Provincia de Buenos Aires
39.293% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS		136,752			901

Republic of Greece Government International Bond
3.000% due 02/24/2023 þ	EUR		142			174
3.000% due 02/24/2024 þ			142			179
3.000% due 02/24/2025 þ			142			183
3.000% due 02/24/2026 þ			142			186
3.000% due 02/24/2027 þ			142			190
3.000% due 02/24/2028 þ			142			192
3.000% due 02/24/2029 þ			142			193
3.000% due 02/24/2030 þ			142			196
3.000% due 02/24/2031 þ			142			195
3.000% due 02/24/2032 þ			142			198
3.000% due 02/24/2033 þ			142			199
3.000% due 02/24/2034 þ			142			201
3.000% due 02/24/2035 þ			142			200


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.000% due 02/24/2036 þ	EUR		142	$		203
3.000% due 02/24/2037 þ			142			204
3.000% due 02/24/2038 þ			142			204
3.000% due 02/24/2039 þ			142			205
3.000% due 02/24/2040 þ			142			206
3.000% due 02/24/2041 þ			142			207
3.000% due 02/24/2042 þ			142			209

South Africa Government International Bond
4.850% due 09/30/2029	$		1,200			1,214
5.750% due 09/30/2049			1,200			1,184

Turkey Government International Bond
3.250% due 06/14/2025	EUR		100			114
4.625% due 03/31/2025			1,700			2,071
5.200% due 02/16/2026			600			747
5.600% due 11/14/2024	$		2,600			2,743
7.625% due 04/26/2029			1,900			2,212

Ukraine Government International Bond
4.375% due 01/27/2030	EUR		1,054			1,162

Venezuela Government International Bond
6.000% due 12/09/2020 ^(e)	$		240			31
8.250% due 10/13/2024 ^(e)			28			4
9.250% due 09/15/2027 ^(e)			308			39

Total Sovereign Issues (Cost $51,927)						36,442


		SHARES
COMMON STOCKS 1.5%

COMMUNICATION SERVICES 0.3%

Clear Channel Outdoor Holdings, Inc. (f)			531,903			1,452

iHeartMedia, Inc. (f)			400			7

iHeartMedia, Inc. ‘A’ (f)			29,808			527

						1,986


CONSUMER DISCRETIONARY 1.1%

Caesars Entertainment Corp. (f)			466,592			6,378


ENERGY 0.0%

Forbes Energy Services Ltd. (f)(j)			11,400			2


INDUSTRIALS 0.1%

Westmoreland Mining Holdings LLC «(f)(j)			50,497			631

Total Common Stocks (Cost $10,617)						8,997


WARRANTS 0.9%

COMMUNICATION SERVICES 0.6%

iHeartMedia, Inc.			194,137			3,432


INDUSTRIALS 0.3%

Sequa Corp. - Exp. 04/28/2024 «			775,000			1,716

Total Warrants (Cost $4,105)						5,148


PREFERRED SECURITIES 5.4%

BANKING & FINANCE 1.7%

AGFC Capital Trust
3.581% (US0003M + 1.750%) due 01/15/2067 ~(l)			2,300,000			1,153


		SHARES			MARKET VALUE (000S)

Banco Bilbao Vizcaya Argentaria S.A.
6.750% due 02/18/2020 •(i)			600,000	$		667

Banco Santander S.A.
6.250% due 09/11/2021 •(i)			400,000			476

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)			70,000			74

Nationwide Building Society
10.250% ~			34,400			7,677

						10,047


INDUSTRIALS 3.7%

General Electric Co.
5.000% due 01/21/2021 •(i)			261,000			259

Sequa Corp. (12.000% PIK)
12.000% «(d)			18,574			21,836

						22,095

Total Preferred Securities (Cost $23,848)						32,142

REAL ESTATE INVESTMENT TRUSTS 1.9%

REAL ESTATE 1.9%

VICI Properties, Inc.			416,263			11,156

Total Real Estate Investment Trusts (Cost $5,426)						11,156


SHORT-TERM INSTRUMENTS 5.0%

REPURCHASE AGREEMENTS (k) 4.8%
						28,652


		PRINCIPAL AMOUNT (000S)
ARGENTINA TREASURY BILLS 0.1%
38.342% due 04/03/2020 ~	ARS		5,470			63
38.686% due 06/22/2020 ~			15,380			179
43.692% due 04/28/2020 - 08/27/2020 (g)(h)			30,457			341

						583


U.S. TREASURY BILLS 0.1%
1.526% due 03/26/2020 (g)(h)(o)	$		868			866

Total Short-Term Instruments (Cost $30,421)						30,101



Total Investments in Securities (Cost $754,300)						779,975


Total Investments 131.7% (Cost $754,300)				$		779,975

Financial Derivative Instruments (m)(n) 0.1% (Cost or Premiums, net $2,708)						433

Auction Rate Preferred Shares (4.0)%						(23,525	)

Other Assets and Liabilities, net (27.8)%						(164,542	)

Net Assets Applicable to Common Shareholders 100.0%				$		592,341


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		41

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

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)

Interest only security.

(b)

Principal only security.

(c)

When-issued security.

(d)

Payment in-kind security.

(e)

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

(f)

Security did not produce income within the last twelve months.

(g)

Coupon represents a weighted average yield to maturity.

(h)

Zero coupon security.

(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
Forbes Energy Services Ltd.		10/09/2014 - 11/18/2016		$ 370	$	2		0.00	%
Westmoreland Mining Holdings LLC		12/08/2014 - 10/19/2016		1,454		631		0.11

				$ 1,824	$	633		0.11	%

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		1.250	%		01/31/2020		02/03/2020	$	10,752	U.S. Treasury Inflation Protected Securities 1.250% due 07/15/2020	$	(10,972	)	$	10,752	$	10,752
JPS		1.640			01/31/2020		02/03/2020		4,000	U.S. Treasury Bonds 2.250% due 08/15/2046		(4,106	)		4,000		4,001
MBC		1.640			01/31/2020		02/03/2020		7,100	U.S. Treasury Notes 1.875% - 2.250% due 01/31/2022 - 02/15/2027		(7,336	)		7,100		7,101
RDR		1.640			01/31/2020		02/03/2020		6,800	U.S. Treasury Notes 2.875% - 3.125% due 05/31/2025 - 11/15/2028		(6,962	)		6,800		6,801

Total Repurchase Agreements											$	(29,376	)	$	28,652	$	28,655


42		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾				Payable for Reverse Repurchase Agreements
BOS		2.219	%		01/17/2020		02/19/2020		$		(4,292	)	$	(4,296	)
BPS		2.100			01/29/2020		03/02/2020				(1,051	)		(1,051	)
BRC		(7.000	)		01/22/2020		TBD	⁽³⁾			(194	)		(194	)
		1.000			01/31/2020		TBD	⁽³⁾			(440	)		(440	)
CDC		2.100			01/27/2020		04/01/2020				(6,399	)		(6,402	)
CEW		2.150			02/03/2020		03/06/2020				(4,271	)		(4,271	)
		2.170			01/22/2020		02/24/2020				(2,901	)		(2,903	)
		2.270			01/03/2020		02/03/2020				(4,237	)		(4,245	)
FOB		2.350			11/12/2019		02/10/2020				(7,242	)		(7,281	)
		2.350			12/04/2019		02/10/2020				(708	)		(711	)
JML		(0.300	)		01/15/2020		04/15/2020			EUR	(2,098	)		(2,327	)
		0.950			01/17/2020		04/17/2020			GBP	(192	)		(253	)
		0.950			01/28/2020		04/28/2020				(2,761	)		(3,647	)
NOM		2.250			02/04/2020		03/03/2020		$		(8,004	)		(8,004	)
		2.300			01/03/2020		02/04/2020				(7,933	)		(7,949	)
		2.300			01/21/2020		02/20/2020				(3,308	)		(3,311	)
		2.800			01/03/2020		02/04/2020				(1,052	)		(1,054	)
		2.800			02/04/2020		03/03/2020				(1,035	)		(1,035	)
RDR		1.950			01/06/2020		02/07/2020				(11,011	)		(11,028	)
RTA		2.101			01/14/2020		02/11/2020				(8,303	)		(8,313	)
		2.195			01/29/2020		04/28/2020				(2,574	)		(2,575	)
		2.269			12/02/2019		02/03/2020				(5,420	)		(5,441	)
		2.329			11/08/2019		02/07/2020				(1,085	)		(1,091	)
		2.329			11/27/2019		02/07/2020				(250	)		(251	)
SOG		2.110			01/14/2020		02/18/2020				(2,790	)		(2,793	)
		2.200			01/09/2020		02/11/2020				(1,065	)		(1,067	)
		2.350			11/18/2019		02/12/2020				(2,707	)		(2,721	)
		2.350			11/18/2019		02/18/2020				(4,980	)		(5,005	)
		2.360			11/14/2019		02/12/2020				(6,049	)		(6,081	)
		2.360			12/13/2019		02/12/2020				(1,718	)		(1,724	)
TDM		1.850			02/03/2020		02/18/2020				(4,904	)		(4,904	)
		1.950			01/06/2020		02/03/2020				(4,846	)		(4,853	)
UBS		1.850			02/04/2020		03/06/2020				(2,678	)		(2,678	)
		1.850			02/05/2020		03/09/2020				(2,356	)		(2,356	)
		2.000			02/03/2020		03/04/2020				(578	)		(578	)
		2.000			02/04/2020		03/06/2020				(2,887	)		(2,887	)
		2.000			02/05/2020		03/09/2020				(5,561	)		(5,561	)
		2.100			01/22/2020		02/24/2020				(5,406	)		(5,410	)
		2.100			01/27/2020		03/02/2020				(1,680	)		(1,681	)
		2.100			01/28/2020		03/02/2020				(1,292	)		(1,292	)
		2.100			02/03/2020		03/04/2020				(5,261	)		(5,261	)
		2.100			02/05/2020		03/09/2020				(1,030	)		(1,030	)
		2.250			11/01/2019		TBD	⁽³⁾			(7,282	)		(7,325	)
		2.250			01/03/2020		02/04/2020				(1,397	)		(1,400	)
		2.250			01/06/2020		02/07/2020				(2,899	)		(2,904	)
		2.250			02/05/2020		03/09/2020				(7,677	)		(7,677	)
		2.350			01/08/2020		02/11/2020				(195	)		(195	)
		2.450			11/06/2019		02/04/2020				(4,230	)		(4,256	)
		2.450			11/07/2019		02/05/2020				(17,280	)		(17,383	)
		2.450			11/13/2019		02/11/2020				(1,456	)		(1,464	)
		2.450			11/21/2019		02/19/2020				(838	)		(842	)
		2.450			12/04/2019		03/03/2020				(1,119	)		(1,124	)
		2.450			12/10/2019		02/19/2020				(901	)		(904	)
		2.450			12/31/2019		02/11/2020				(5,529	)		(5,542	)
		2.500			11/07/2019		02/05/2020				(1,046	)		(1,052	)

Total Reverse Repurchase Agreements													$	(198,023	)


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		43

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 January 31, 2020:


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
BOS	$	0	$	(4,296	)	$	0	$	(4,296	)	$	6,519		$	2,223
BPS		0		(1,051	)		0		(1,051	)		1,220			169
BRC		0		(634	)		0		(634	)		639			5
CDC		0		(6,402	)		0		(6,402	)		7,468			1,066
CEW		0		(11,419	)		0		(11,419	)		8,011			(3,408	)
FICC		10,752		0			0		10,752			(10,972	)		(220	)
FOB		0		(7,992	)		0		(7,992	)		8,960			968
JML		0		(6,227	)		0		(6,227	)		7,302			1,075
JPS		4,001		0			0		4,001			(4,106	)		(105	)
MBC		7,101		0			0		7,101			(7,336	)		(235	)
NOM		0		(21,353	)		0		(21,353	)		13,195			(8,158	)
RDR		6,801		(11,028	)		0		(4,227	)		4,715			488
RTA		0		(17,671	)		0		(17,671	)		20,224			2,553
SOG		0		(19,391	)		0		(19,391	)		20,518			1,127
TDM		0		(9,757	)		0		(9,757	)		4,958			(4,799	)
UBS		0		(80,802	)		0		(80,802	)		61,598			(19,204	)

Total Borrowings and Other Financing Transactions	$	28,655	$	(198,023	)	$	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	$	(118,120	)	$	(20,352	)	$	(7,959	)	$	(146,431	)
Preferred Securities		0		(1,054	)		0			0			(1,054	)
U.S. Government Agencies		0		(4,296	)		0			0			(4,296	)

Total Borrowings	$	0	$	(123,470	)	$	(20,352	)	$	(7,959	)	$	(151,781	)

Payable for reverse repurchase agreements⁽⁵⁾												$	(151,781	)

(l)

Securities with an aggregate market value of $173,603 and cash of $3 have been pledged as collateral under the terms of the above master agreements as of January 31, 2020.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended January 31, 2020 was $(157,200) at a weighted average interest rate of 2.391%. 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 $(46,242) 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 January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
Bombardier, Inc.		5.000	%		Quarterly		06/20/2024		4.893	%	$	600	$	(1	)	$	8		$	7		$	0	$	(1	)
Frontier Communications Corp.		5.000			Quarterly		06/20/2020		357.443			5,500		(178	)		(2,456	)		(2,634	)		67		0

													$	(179	)	$	(2,448	)	$	(2,627	)	$	67	$	(1	)


44		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (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	3-Month USD-LIBOR		2.750	%		Semi-Annual		12/19/2023	$	64,000	$	(594	)	$	4,109		$	3,515		$	144	$	0
Pay	3-Month USD-LIBOR		2.750			Semi-Annual		06/17/2025		75,590		4,663			957			5,620			210		0
Pay	3-Month USD-LIBOR		2.500			Semi-Annual		12/20/2027		44,900		325			3,402			3,727			171		0
Pay	3-Month USD-LIBOR		3.000			Semi-Annual		06/19/2029		68,300		3,736			5,731			9,467			310		0
Pay	3-Month USD-LIBOR		3.500			Semi-Annual		06/19/2044		169,400		(5,526	)		69,780			64,254			1,739		0
Receive	3-Month USD-LIBOR		2.250			Semi-Annual		12/11/2049		18,100		(54	)		(2,457	)		(2,511	)		0		(171	)
Receive	3-Month USD-LIBOR		2.000			Semi-Annual		01/15/2050		17,700		(127	)		(1,248	)		(1,375	)		0		(158	)
Receive	3-Month USD-LIBOR		1.625			Semi-Annual		01/16/2050		89,000		57			1,182			1,239			0		(740	)
Receive	3-Month USD-LIBOR		1.750			Semi-Annual		01/22/2050		14,500		(34	)		(208	)		(242	)		0		(123	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.625			Semi-Annual		02/03/2050		50,400		(180	)		868			688			0		(420	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.875			Semi-Annual		02/07/2050		15,100		(58	)		(658	)		(716	)		0		(133	)
Receive⁽⁵⁾	3-Month USD-LIBOR		2.250			Semi-Annual		03/12/2050		10,800		(33	)		(1,467	)		(1,500	)		0		(102	)
Pay	6-Month AUD-BBR-BBSW		3.500			Semi-Annual		06/17/2025	AUD	7,600		188			544			732			17		0
Receive⁽⁵⁾	6-Month EUR-EURIBOR		(0.150	)		Annual		03/18/2030	EUR	13,000		238			(86	)		152			0		(88	)
Receive⁽⁵⁾	6-Month EUR-EURIBOR		0.150			Annual		06/17/2030		2,000		(1	)		(39	)		(40	)		0		(14	)
Receive⁽⁵⁾	6-Month GBP-LIBOR		0.750			Semi-Annual		03/18/2030	GBP	22,000		229			(290	)		(61	)		0		(25	)
Receive⁽⁵⁾	6-Month GBP-LIBOR		0.750			Semi-Annual		03/18/2050		1,300		32			4			36			0		(6	)
Receive	6-Month GBP-LIBOR		0.750			Semi-Annual		03/18/2050		1,700		26			21			47			21		0

											$	2,887		$	80,145		$	83,032		$	2,612	$	(1,980	)

Total Swap Agreements											$	2,708		$	77,697		$	80,405		$	2,679	$	(1,981	)

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 January 31, 2020:

Financial Derivative Assets

Financial Derivative Liabilities

Market Value

Variation Margin
Asset

Total

Market Value

Variation Margin
Liability

Total

Purchased
Options

Futures

Swap
Agreements

Written
Options

Futures

Swap
Agreements

Total Exchange-Traded or Centrally Cleared

2,679

(1,981)

Cash of $9,317 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of January 31, 2020. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽²⁾

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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⁾

⁽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		JANUARY 31, 2020		45

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

(n) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:


	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		02/2020	$	39,384	EUR	35,729	$	241	$	0
		03/2020	EUR	35,728	$	39,451		0		(241	)
		03/2020	$	66	IDR	910,585		0		0

BPS		02/2020	PEN	2,384	$	702		0		(1	)
		02/2020	$	1,285	IDR	17,574,700		0		(1	)
		02/2020		2,491	INR	177,596		0		(7	)

BRC		02/2020	EUR	34,064	$	38,152		373		0
		03/2020	$	28	IDR	378,398		0		0
		06/2020		2,762	MXN	54,326		58		0

CBK		02/2020	EUR	485	$	539		1		0
		02/2020	$	3,165	MXN	59,224		0		(34	)
		02/2020		714	PEN	2,384		0		(11	)
		03/2020	GBP	401	$	526		0		(3	)
		04/2020	PEN	2,384		713		11		0

FBF		03/2020	$	4,425	BRL	18,660		0		(74	)

GLM		02/2020		6,182	RUB	396,344		6		0

HUS		02/2020	EUR	1,179	$	1,300		0		(8	)
		02/2020	$	231	INR	16,461		0		(1	)
		03/2020		30		2,114		0		0
		05/2020		2,877	MXN	56,435		71		0

JPM		02/2020	GBP	60,146	$	78,740		0		(683	)

MYI		03/2020	$	2,739	RUB	178,007		32		0

RBC		03/2020		1,492	IDR	20,465,988		1		0

SCX		03/2020		89		1,214,961		0		0
		03/2020		184	INR	13,187		0		(1	)

UAG		02/2020		78,218	GBP	60,146		1,205		0
		03/2020	GBP	60,146	$	78,283		0		(1,199	)

Total Forward Foreign Currency Contracts							$	1,999	$	(2,264	)

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 January 31, 2020:


	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⁽¹⁾
BOA	$	241	$	0	$	0	$	241	$	(241	)	$	0	$	0	$	(241	)	$	0		$	0		$	0
BPS		0		0		0		0		(9	)		0		0		(9	)		(9	)		18			9
BRC		431		0		0		431		0			0		0		0			431			(610	)		(179	)
CBK		12		0		0		12		(48	)		0		0		(48	)		(36	)		0			(36	)
FBF		0		0		0		0		(74	)		0		0		(74	)		(74	)		0			(74	)
GLM		6		0		0		6		0			0		0		0			6			(260	)		(254	)
HUS		71		0		0		71		(9	)		0		0		(9	)		62			0			62
JPM		0		0		0		0		(683	)		0		0		(683	)		(683	)		(50	)		(733	)
MYI		32		0		0		32		0			0		0		0			32			24			56
RBC		1		0		0		1		0			0		0		0			1			0			1
SCX		0		0		0		0		(1	)		0		0		(1	)		(1	)		0			(1	)
UAG		1,205		0		0		1,205		(1,199	)		0		0		(1,199	)		6			0			6

Total Over the Counter	$	1,999	$	0	$	0	$	1,999	$	(2,264	)	$	0	$	0	$	(2,264	)

(o)

Securities with an aggregate market value of $42 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of January 31, 2020.

⁽¹⁾


46		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of January 31, 2020:


	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	$	67	$	0	$	0	$	2,612	$	2,679

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,999	$	0	$	1,999

	$	0	$	67	$	0	$	1,999	$	2,612	$	4,678


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	1	$	0	$	0	$	1,980	$	1,981

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,264	$	0	$	2,264

	$	0	$	1	$	0	$	2,264	$	1,980	$	4,245

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended January 31, 2020:


	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	$	199		$	0	$	0		$	(45,547	)	$	(45,348	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	955		$	0		$	955
Swap Agreements		0		23			0		0			0			23

	$	0	$	23		$	0	$	955		$	0		$	978

	$	0	$	222		$	0	$	955		$	(45,547	)	$	(44,370	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(1,010	)	$	0	$	0		$	46,261		$	45,251

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(5,056	)	$	0		$	(5,056	)
Swap Agreements		0		(24	)		0		0			0			(24	)

	$	0	$	(24	)	$	0	$	(5,056	)	$	0		$	(5,080	)

	$	0	$	(1,034	)	$	0	$	(5,056	)	$	46,261		$	40,171


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		47

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 01/31/2020
Investments in Securities, at Value
Loan Participations and Assignments	$	100	$	79,405	$	6,533	$	86,038
Corporate Bonds & Notes
Banking & Finance		0		130,555		0		130,555
Industrials		0		131,288		653		131,941
Utilities		0		41,944		0		41,944
Convertible Bonds & Notes
Industrials		0		5,230		0		5,230
Utilities		0		7		0		7
Municipal Bonds & Notes
California		0		1,268		0		1,268
Illinois		0		17,479		0		17,479
Virginia		0		769		0		769
West Virginia		0		8,146		0		8,146
U.S. Government Agencies		0		19,704		4,868		24,572
Non-Agency Mortgage-Backed Securities		0		100,738		0		100,738
Asset-Backed Securities		0		95,191		12,111		107,302
Sovereign Issues		0		36,442		0		36,442
Common Stocks
Communication Services		1,979		7		0		1,986
Consumer Discretionary		6,378		0		0		6,378
Energy		2		0		0		2
Industrials		0		0		631		631
Warrants
Communication Services		0		3,432		0		3,432
Industrials		0		0		1,716		1,716
Preferred Securities
Banking & Finance		0		10,047		0		10,047
Industrials		0		259		21,836		22,095


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 01/31/2020
Real Estate Investment Trusts
Real Estate	$	11,156	$	0		$	0	$	11,156
Short-Term Instruments
Repurchase Agreements		0		28,652			0		28,652
Argentina Treasury Bills		0		583			0		583
U.S. Treasury Bills		0		866			0		866


Total Investments	$	19,615	$	712,012		$	48,348	$	779,975


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		2,679			0		2,679
Over the counter		0		1,999			0		1,999

	$	0	$	4,678		$	0	$	4,678


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(1,981	)		0		(1,981	)
Over the counter		0		(2,264	)		0		(2,264	)

	$	0	$	(4,245	)	$	0	$	(4,245	)


Total Financial Derivative Instruments	$	0	$	433		$	0	$	433


Totals	$	19,615	$	712,445		$	48,348	$	780,408

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended January 31, 2020:


Category and Subcategory	Beginning Balance at 07/31/2019		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 01/31/2020		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 01/31/2020⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	3,889	$	3,019	$	(351	)	$	(114	)	$	(2	)	$	92		$	0	$	0	$	6,533	$	93
Corporate Bonds & Notes
Industrials		0		845		0			6			0			(198	)		0		0		653		(198	)
U.S. Government Agencies		4,866		0		(49	)		140			17			(106	)		0		0		4,868		(108	)
Asset-Backed Securities		16,154		0		(3,748	)		0			329			(624	)		0		0		12,111		(860	)
Common Stocks
Industrials		732		0		0			0			0			(101	)		0		0		631		(101	)
Warrants
Industrials		1,437		0		0			0			0			279			0		0		1,716		279
Preferred Securities
Industrials		20,979		1,217		0			0			0			(360	)		0		0		21,836		(360	)


Totals	$	48,057	$	5,081	$	(4,148	)	$	32		$	344		$	(1,018	)	$	0	$	0	$	48,348	$	(1,255	)


48		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

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 01/31/2020		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 01/31/2020		Valuation Technique	Unobservable Inputs	Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	6,533	Third Party Vendor	Broker Quote		75.500-102.000		89.673
Corporate Bonds & Notes
Industrials		653	Other Valuation Techniques⁽²⁾	—		—		—
U.S. Government Agencies		4,868	Proxy Pricing	Base Price		60.540		—
Asset-Backed Securities		12,111	Proxy Pricing	Base Price		4,031.800-100,937.971		63,059.900
Common Stocks
Industrials		631	Other Valuation Techniques⁽²⁾	—		—		—
Warrants
Industrials		1,716	Other Valuation Techniques⁽²⁾	—		—		—
Preferred Securities
Industrials		21,836	Fundamental Valuation	Company Equity Value	$	948,002,602.394		—

Total	$	48,348

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at January 31, 2020 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		49

Schedule of Investments PIMCO High Income Fund

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 131.3%

LOAN PARTICIPATIONS AND ASSIGNMENTS 12.8%

Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		6,378	$		6,060

Al Convoy (Luxembourg) S.a.r.l.
TBD% due 01/29/2027			95			95

Alphabet Holding Co., Inc.
5.145% (LIBOR03M + 3.500%) due 09/26/2024 ~			98			94

Altice France S.A.
5.676% (LIBOR03M + 4.000%) due 08/14/2026 ~			395			396

Ancestry.com Operations, Inc.
5.900% (LIBOR03M + 4.250%) due 08/27/2026 ~			100			95

Diamond Resorts Corp.
5.395% (LIBOR03M + 3.750%) due 09/02/2023 ~			1,272			1,253

Dubai World (3.000% Cash and 1.750% PIK)
4.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(d)			696			651

Emerald TopCo, Inc.
5.145% (LIBOR03M + 3.500%) due 07/24/2026 ~			150			150

Envision Healthcare Corp.
5.395% (LIBOR03M + 3.750%) due 10/10/2025 ~			19,595			16,579

Financial & Risk U.S. Holdings, Inc.
4.895% (LIBOR03M + 3.250%) due 10/01/2025 ~			929			940

Forbes Energy Services LLC (6.909% Cash and 11.000% PIK)
17.909% (LIBOR03M + 5.000%) due 04/13/2021 ~(d)			1,032			1,033

Froneri Ltd.
TBD% due 01/31/2027			148			149
TBD% due 01/28/2028 «			9			9

Frontier Communications Corp.
5.400% (LIBOR03M + 3.750%) due 06/15/2024 ~			880			889

iHeartCommunications, Inc.
5.781% (LIBOR03M + 4.000%) due 05/01/2026 ~			5,022			5,042

IRB Holding Corp.
4.384% (LIBOR03M + 2.750%) due 02/05/2025 ~			1,283			1,287

Jefferies Finance LLC
5.063% (LIBOR03M + 3.250%) due 06/03/2026 ~			30			30

McDermott Technology Americas, Inc.
TBD% due 10/21/2021 ^µ(e)			3,090			3,235
TBD% due 05/09/2025 ^(e)			2,937			1,872

Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			97			97

MH Sub LLC
5.395% (LIBOR03M + 3.750%) due 09/13/2024 ~			166			166

Nascar Holdings, Inc.
4.408% (LIBOR03M + 2.750%) due 10/19/2026 ~			95			96

NCI Building Systems, Inc.
5.434% (LIBOR03M + 3.750%) due 04/12/2025 ~			49			49

Neiman Marcus Group Ltd. LLC
7.734% (LIBOR03M + 6.000%) due 10/25/2023 ~			10,958			9,314

Neiman Marcus Group Ltd. LLC (7.234 - 7.277% Cash and 1.000% PIK)
8.234% - 8.277% (LIBOR03M + 5.500%) due 10/25/2023 ~(d)			12,764			10,802


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

Ortho-Clinical Diagnostics S.A.
5.013% (LIBOR03M + 3.250%) due 06/30/2025 ~	$		800	$		791

Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^(e)			100			105

Parexel International Corp.
4.395% (LIBOR03M + 2.750%) due 09/27/2024 ~			88			87

PetSmart, Inc.
5.670% (LIBOR03M + 4.000%) due 03/11/2022 ~			265			265

PG&E Corp.
TBD% due 04/16/2020			3,464			3,551

Playtika Holding Corp.
7.645% (LIBOR03M + 6.000%) due 12/10/2024 ~			5,226			5,283

Pug LLC
TBD% due 01/15/2027			44			44

Reynolds Consumer Products, Inc.
TBD% due 01/29/2027			100			101

Starfruit Finco BV
4.699% (LIBOR03M + 3.000%) due 10/01/2025 ~			275			275

Summer (BC) Holdco B SARL
TBD% due 10/15/2026 «			3,312			3,225
TBD% due 12/04/2026 «			828			806

Sunshine Luxembourg SARL
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~			273			274

Syniverse Holdings, Inc.
6.873% (LIBOR03M + 5.000%) due 03/09/2023 ~			8,459			7,747

U.S. Renal Care, Inc.
6.645% (LIBOR03M + 5.000%) due 06/26/2026 ~			590			586

West Corp.
5.645% (LIBOR03M + 4.000%) due 10/10/2024 ~			57			49

Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			1,965			1,984

Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 «(d)			5,767			4,354

Windstream Services LLC
TBD% due 03/29/2021			10,567			10,361
9.000% (PRIME + 4.250%) due 02/17/2024 ~			6,000			5,722

Total Loan Participations and Assignments (Cost $112,462)						105,993


CORPORATE BONDS & NOTES 54.0%

BANKING & FINANCE 20.8%

Ally Financial, Inc.
8.000% due 11/01/2031			4			6
8.000% due 11/01/2031 (l)			1,270			1,789

Ambac LSNI LLC
6.945% due 02/12/2023 •			613			624

Ardonagh Midco PLC
8.375% due 07/15/2023	GBP		16,018			21,581

Atlantic Marine Corps Communities LLC
5.383% due 02/15/2048 (l)	$		4,432			4,819

Banco BTG Pactual S.A.
4.500% due 01/10/2025			200			206

Banco de Credito del Peru
4.650% due 09/17/2024	PEN		1,000			302

Barclays PLC
7.125% due 06/15/2025 •(i)	GBP		1,200			1,821
7.750% due 09/15/2023 •(i)(l)	$		2,150			2,356
7.875% due 09/15/2022 •(i)	GBP		7,210			10,594
8.000% due 06/15/2024 •(i)(l)	$		600			678

Brookfield Finance, Inc.
3.900% due 01/25/2028			18			20
4.700% due 09/20/2047 (l)			204			249


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

CBL & Associates LP
4.600% due 10/15/2024 (l)	$		2,302	$		1,250
5.950% due 12/15/2026 (l)			3,568			1,793

Credit Agricole S.A.
7.875% due 01/23/2024 •(i)(l)			250			285

Credit Suisse Group AG
7.250% due 09/12/2025 •(i)			200			227
7.500% due 07/17/2023 •(i)			400			441

Doctors Co.
6.500% due 10/15/2023 (l)			10,000			10,908

Emerald Bay S.A.
0.000% due 10/08/2020 (h)(l)	EUR		2,738			2,995

Equitable Holdings, Inc.
5.000% due 04/20/2048	$		12			14

ESH Hospitality, Inc.
4.625% due 10/01/2027			77			77

Flagstar Bancorp, Inc.
6.125% due 07/15/2021 (l)			3,000			3,129

Ford Motor Credit Co. LLC
3.087% due 01/09/2023			400			403

Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025			510			543

GE Capital International Funding Co. Unlimited Co.
4.418% due 11/15/2035 (l)			200			226

General Shopping Finance Ltd.
10.000% due 03/02/2020 (i)(l)			5,300			3,471

Growthpoint Properties International Pty. Ltd.
5.872% due 05/02/2023			200			216

GSPA Monetization Trust
6.422% due 10/09/2029			5,473			6,404

Hampton Roads PPV LLC
6.621% due 06/15/2053			19,754			22,745

HSBC Bank PLC
6.330% due 05/18/2023			8,300			8,776

HSBC Holdings PLC
5.875% due 09/28/2026 •(i)(l)	GBP		600			887
6.500% due 03/23/2028 •(i)	$		700			780

Hunt Cos., Inc.
6.250% due 02/15/2026			36			35

ING Groep NV
5.750% due 11/16/2026 •(i)			500			536

Kennedy-Wilson, Inc.
5.875% due 04/01/2024			96			99

Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			76			76

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(i)(l)			500			572
7.875% due 06/27/2029 •(i)	GBP		4,910			8,336

LoanCore Capital Markets LLC
6.875% due 06/01/2020 (l)	$		7,000			7,013

Midwest Family Housing LLC
6.631% due 01/01/2051			4,845			5,143

Nationstar Mortgage LLC
6.500% due 07/01/2021			682			684

Navient Corp.
5.625% due 08/01/2033 (l)			8,064			7,337

Newmark Group, Inc.
6.125% due 11/15/2023			40			44

Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			51			53

Royal Bank of Scotland Group PLC
8.625% due 08/15/2021 •(i)(l)			3,700			4,003

Santander UK Group Holdings PLC
7.375% due 06/24/2022 •(i)	GBP		6,363			9,236

SBA Communications Corp.
3.875% due 02/15/2027 (c)	$		214			217

Societe Generale S.A.
6.750% due 04/06/2028 •(i)			200			225
7.375% due 10/04/2023 •(i)			900			994

Springleaf Finance Corp.
6.125% due 03/15/2024			176			191

TP ICAP PLC
5.250% due 01/26/2024 (l)	GBP		4,190			6,145


50		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

UniCredit SpA
7.830% due 12/04/2023 (l)	$		3,300	$		3,896

Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP		223			338

Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (l)	$		6,055			6,209

						171,997


INDUSTRIALS 23.8%

Aker BP ASA
3.750% due 01/15/2030			150			152

Albertsons Cos., Inc.
3.500% due 02/15/2023 (c)			66			67
4.625% due 01/15/2027			66			67
4.875% due 02/15/2030 (c)			76			78

Altice Financing S.A.
2.250% due 01/15/2025	EUR		200			218

Associated Materials LLC
9.000% due 01/01/2024 (l)	$		1,102			964

Avon International Capital PLC
6.500% due 08/15/2022			34			35

Baffinland Iron Mines Corp.
8.750% due 07/15/2026 (l)			8,400			8,741

Bausch Health Cos., Inc.
5.000% due 01/30/2028			116			118
5.250% due 01/30/2030			116			118

BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			99			102

Bioceanico Sovereign Certificate Ltd.
0.000% due 06/05/2034 (h)			150			106

Bombardier, Inc.
6.000% due 10/15/2022			36			35
6.125% due 01/15/2023			20			20
7.500% due 03/15/2025 (l)			2,450			2,358
7.875% due 04/15/2027 (l)			3,552			3,374

CCO Holdings LLC
4.750% due 03/01/2030			220			227

Charter Communications Operating LLC
4.800% due 03/01/2050			272			294

Community Health Systems, Inc.
6.250% due 03/31/2023 (l)			13,476			13,779
8.000% due 03/15/2026			763			797
8.625% due 01/15/2024 (l)			1,825			1,944

Connect Finco SARL
6.750% due 10/01/2026			80			85

Dell International LLC
6.020% due 06/15/2026 (l)			3,572			4,175

Diamond Resorts International, Inc.
7.750% due 09/01/2023 (l)			3,194			3,293

DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (l)			11,130			11,290

Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (d)			23			23

EI Group PLC
6.000% due 10/06/2023	GBP		500			667
6.875% due 05/09/2025			6,600			8,832

Eldorado Resorts, Inc.
6.000% due 09/15/2026 (l)	$		3,000			3,294

Energy Transfer Operating LP
2.900% due 05/15/2025			48			49
3.750% due 05/15/2030			105			107
5.000% due 05/15/2050			96			99

Envision Healthcare Corp.
8.750% due 10/15/2026			3,318			2,010

Exela Intermediate LLC
10.000% due 07/15/2023			172			67

Fair Isaac Corp.
4.000% due 06/15/2028			12			12

Ferroglobe PLC
9.375% due 03/01/2022 (l)			2,750			2,070

First Quantum Minerals Ltd.
6.500% due 03/01/2024 (l)			2,240			2,163


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
6.875% due 03/01/2026 (l)	$		1,548	$		1,489
7.000% due 02/15/2021			224			224

Flex Ltd.
4.875% due 06/15/2029			110			123

Ford Motor Co.
7.700% due 05/15/2097 (l)			15,515			18,566

Fresh Market, Inc.
9.750% due 05/01/2023 (l)			9,300			4,604

Frontier Finance PLC
8.000% due 03/23/2022	GBP		6,600			8,982

Full House Resorts, Inc.
8.575% due 01/31/2024	$		492			484
9.738% due 02/02/2024			42			41

General Electric Co.
5.875% due 01/14/2038			46			59
6.150% due 08/07/2037			53			70
6.875% due 01/10/2039			13			18

General Shopping Investments Ltd.
0.000% due 03/20/2022 ^(e)(i)			2,500			663

HCA, Inc.
7.500% due 11/15/2095 (l)			3,462			4,270

IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (d)	EUR		300			342

IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (d)			200			230

IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (d)	$		625			666

IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (d)			461			504

Intelsat Connect Finance S.A.
9.500% due 02/15/2023			23			12

Intelsat Jackson Holdings S.A.
5.500% due 08/01/2023 (l)			2,300			1,885
8.000% due 02/15/2024			17			17
8.500% due 10/15/2024			333			282
9.750% due 07/15/2025			753			652

Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(l)			7,617			4,951
8.125% due 06/01/2023 (l)			15,504			6,434

Laredo Petroleum, Inc.
9.500% due 01/15/2025			32			29
10.125% due 01/15/2028			48			43

Mallinckrodt International Finance S.A.
5.500% due 04/15/2025 (l)			108			40

Mattel, Inc.
5.875% due 12/15/2027			24			25

MEG Energy Corp.
7.125% due 02/01/2027			96			95

Micron Technology, Inc.
5.327% due 02/06/2029 (l)			216			254

NCL Corp. Ltd.
3.625% due 12/15/2024			94			94

NCR Corp.
5.750% due 09/01/2027			3			3

Netflix, Inc.
3.625% due 06/15/2030	EUR		200			231
4.625% due 05/15/2029			300			372
4.875% due 06/15/2030	$		200			209

New Albertson’s LP
6.570% due 02/23/2028 (l)			4,021			3,952

Noble Holding International Ltd.
7.875% due 02/01/2026			308			221

Odebrecht Oil & Gas Finance Ltd.
0.000% due 03/02/2020 (h)(i)			3,371			34

Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022			113			113
7.250% due 02/01/2028			132			135

Pacific Drilling SA
8.375% due 10/01/2023			4,625			3,897

Pan American Energy LLC
40.063% (BADLARPP) due 11/20/2020 «~	ARS		36,320			415

Par Pharmaceutical, Inc.
7.500% due 04/01/2027	$		147			150


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

Petroleos Mexicanos
2.750% due 04/21/2027	EUR		1,700	$		1,828
5.950% due 01/28/2031	$		238			241
6.490% due 01/23/2027			100			109
6.500% due 03/13/2027			270			294
6.500% due 01/23/2029			2,300			2,463
6.750% due 09/21/2047			70			71
6.840% due 01/23/2030			300			326
6.950% due 01/28/2060			2,424			2,466
7.690% due 01/23/2050			150			166

PetSmart, Inc.
5.875% due 06/01/2025			135			139

Platin 1426 GmbH
6.875% due 06/15/2023 (l)	EUR		600			680

Prime Security Services Borrower LLC
6.250% due 01/15/2028	$		124			123

PTC, Inc.
3.625% due 02/15/2025 (c)			38			38
4.000% due 02/15/2028 (c)			19			19

QVC, Inc.
5.950% due 03/15/2043 (l)			3,594			3,655

Radiate Holdco LLC
6.875% due 02/15/2023			5			5

Radiology Partners, Inc.
9.250% due 02/01/2028			76			80

Range Resources Corp.
9.250% due 02/01/2026			58			51

Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026 (l)	EUR		300			362

Russian Railways via RZD Capital PLC
7.487% due 03/25/2031 (l)	GBP		13,100			24,431

Sands China Ltd.
5.125% due 08/08/2025 (l)	$		400			443
5.400% due 08/08/2028 (l)			1,802			2,053

Sealed Air Corp.
4.000% due 12/01/2027			12			12

Sensata Technologies, Inc.
4.375% due 02/15/2030			40			41

Spanish Broadcasting System, Inc.
12.500% due 04/15/2049 ^(e)			3,284			3,426
12.500% due 04/15/2049 ^			549			573

Station Casinos LLC
4.500% due 02/15/2028 (c)			76			76

Syngenta Finance NV
5.182% due 04/24/2028			200			225

TEGNA, Inc.
4.625% due 03/15/2028			230			232

Teva Pharmaceutical Finance BV
3.650% due 11/10/2021			73			72

Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020	EUR		243			269
2.200% due 07/21/2021	$		260			257
3.250% due 04/15/2022 (l)	EUR		500			559
6.000% due 01/31/2025			100			119

Topaz Solar Farms LLC
4.875% due 09/30/2039 (l)	$		2,663			2,855
5.750% due 09/30/2039 (l)			6,496			7,460

TransDigm, Inc.
5.500% due 11/15/2027			148			149

Transocean Pontus Ltd.
6.125% due 08/01/2025			190			197

Transocean, Inc.
7.250% due 11/01/2025			96			91
7.500% due 01/15/2026			80			76
8.000% due 02/01/2027			162			151

Trident TPI Holdings, Inc.
9.250% due 08/01/2024			25			25

Triumph Group, Inc.
5.250% due 06/01/2022			36			35
6.250% due 09/15/2024			116			120

United Group BV
4.375% due 07/01/2022	EUR		100			113
4.875% due 07/01/2024			100			115


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		51

Schedule of Investments PIMCO High Income Fund (Cont.)


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

Valaris PLC
5.750% due 10/01/2044	$		274	$		114
7.750% due 02/01/2026			24			12

Vale Overseas Ltd.
6.250% due 08/10/2026			205			243
6.875% due 11/21/2036			89			117
6.875% due 11/10/2039			60			80

ViaSat, Inc.
5.625% due 09/15/2025			119			121
5.625% due 04/15/2027			17			18

Western Midstream Operating LP
2.698% (US0003M + 0.850%) due 01/13/2023 ~			58			58
3.100% due 02/01/2025			38			38
4.050% due 02/01/2030			38			38
5.250% due 02/01/2050			38			36

WPX Energy, Inc.
4.500% due 01/15/2030			86			87

Wyndham Destinations, Inc.
3.900% due 03/01/2023			102			104
4.625% due 03/01/2030			58			60
5.400% due 04/01/2024			14			15

Wynn Macau Ltd.
5.125% due 12/15/2029			200			199

YPF S.A.
48.005% (BADLARPP + 4.000%) due 09/24/2020 «~	ARS		13,470			149
52.818% (BADLARPP + 6.000%) due 03/04/2021 «~(a)			8,870			105

						196,595


UTILITIES 9.4%

Centrais Eletricas Brasileiras S.A.
3.625% due 02/04/2025 (c)	$		200			201
4.625% due 02/04/2030 (c)			200			203

CenturyLink, Inc.
4.000% due 02/15/2027			76			77
7.200% due 12/01/2025			1,122			1,181

DTEK Finance PLC (10.750% Cash and 0.000% PIK)
10.750% due 12/31/2024 (d)(l)			2,675			2,782

Edison International
2.400% due 09/15/2022			93			93
2.950% due 03/15/2023			7			7
5.750% due 06/15/2027			97			112

Frontier Communications Corp.
8.000% due 04/01/2027			144			151

Mountain States Telephone & Telegraph Co.
7.375% due 05/01/2030			8,202			8,934

Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			811			811

Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(d)			2,863			1,683

Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^			4,191			4,170

Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)
7.720% due 12/01/2026 ^(d)			13,505			3,376

Pacific Gas & Electric Co.
2.950% due 03/01/2026 ^(e)			645			663
3.250% due 09/15/2021 ^(e)			114			121
3.300% due 03/15/2027 ^(e)			992			1,037
3.300% due 12/01/2027 ^(e)			970			1,008
3.400% due 08/15/2024 ^(e)			309			328
3.500% due 10/01/2020 ^(e)			10,243			10,869
3.500% due 06/15/2025 ^(e)			863			910
3.750% due 02/15/2024 ^(e)			285			305
3.750% due 08/15/2042 ^(e)			30			30
3.850% due 11/15/2023 ^(e)			140			150
4.000% due 12/01/2046 ^(e)			2			2
4.250% due 05/15/2021 ^(e)			2,457			2,612
4.300% due 03/15/2045 ^(e)			186			196
4.600% due 06/15/2043 ^(e)			24			26
4.650% due 08/01/2028 ^(e)			300			349
4.750% due 02/15/2044 ^(e)			83			94


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.125% due 11/15/2043 ^(e)	$		900	$		1,027
5.400% due 01/15/2040 ^(e)			22			25
5.800% due 03/01/2037 ^(e)			701			808
6.050% due 03/01/2034 ^(e)			445			513
6.250% due 03/01/2039 ^(e)			108			124
6.350% due 02/15/2038 ^(e)			20			23

Petrobras Global Finance BV
5.093% due 01/15/2030			1,831			2,012
6.250% due 12/14/2026	GBP		7,102			11,236
6.625% due 01/16/2034			200			322
6.850% due 06/05/2115	$		39			47

Rio Oil Finance Trust
8.200% due 04/06/2028			260			305
9.250% due 07/06/2024 (l)			15,776			17,715

Southern California Edison Co.
2.850% due 08/01/2029			19			20
3.650% due 03/01/2028			7			8
3.650% due 02/01/2050			38			40
5.750% due 04/01/2035			14			19
6.000% due 01/15/2034			4			5
6.650% due 04/01/2029			20			25

Southern California Gas Co.
2.550% due 02/01/2030			96			99

Sprint Corp.
7.250% due 02/01/2028 (c)			388			385
7.875% due 09/15/2023			448			477

Talen Energy Supply LLC
6.625% due 01/15/2028			40			40

Transocean Poseidon Ltd.
6.875% due 02/01/2027			156			163

Transocean Sentry Ltd.
5.375% due 05/15/2023			100			100

						78,019

Total Corporate Bonds & Notes (Cost $428,276)						446,611


CONVERTIBLE BONDS & NOTES 0.6%

INDUSTRIALS 0.6%

DISH Network Corp.
3.375% due 08/15/2026			5,100			4,963


UTILITIES 0.0%

Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			12			8

Total Convertible Bonds & Notes (Cost $5,108)						4,971


MUNICIPAL BONDS & NOTES 8.4%

CALIFORNIA 0.5%

Anaheim Redevelopment Agency, California Tax Allocation Bonds, (AGM Insured), Series 2007
6.506% due 02/01/2031			1,855			2,281

Sacramento County, California Revenue Bonds, Series 2013
7.250% due 08/01/2025			1,500			1,892

						4,173


DISTRICT OF COLUMBIA 1.4%

District of Columbia Revenue Bonds, Series 2011
7.625% due 10/01/2035			9,740			11,594


ILLINOIS 3.2%

Chicago, Illinois General Obligation Bonds, (BABs), Series 2010
6.257% due 01/01/2040			11,000			13,065
7.517% due 01/01/2040			9,805			13,109

Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			45			55
7.350% due 07/01/2035			30			38


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

Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033	$		365	$		412

						26,679


NEW YORK 0.1%

Erie Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2005
6.000% due 06/01/2028			1,260			1,261


TEXAS 1.4%

El Paso Downtown Development Corp., Texas Revenue Bonds, Series 2013
7.250% due 08/15/2043			7,510			11,448


VIRGINIA 0.2%

Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			1,335			1,350


WEST VIRGINIA 1.6%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (h)			66,200			3,071
7.467% due 06/01/2047			9,490			10,215

						13,286

Total Municipal Bonds & Notes (Cost $57,259)						69,791


U.S. GOVERNMENT AGENCIES 3.1%

Fannie Mae
3.500% due 09/25/2027 (a)			271			22
6.678% due 10/25/2041 •			296			309
9.356% due 05/25/2043 •			422			603
10.000% due 01/25/2034 •			217			273

Freddie Mac
0.000% due 02/25/2046 (b)(h)			9,467			8,849
0.100% due 02/25/2046 (a)			113,579			65
2.550% due 11/25/2055 «~			13,845			8,404
4.000% due 08/15/2020 (a)			29			0
4.424% due 07/15/2035 •(a)			874			142
4.500% due 10/15/2037 (a)			322			9
4.524% due 02/15/2042 •(a)			1,520			193
5.000% due 06/15/2033 ~(a)			1,192			215
5.464% due 08/15/2036 •(a)			503			111
9.648% due 05/15/2033 •			41			52
10.861% due 10/25/2027 •			4,309			5,585

Ginnie Mae
3.500% due 06/20/2042 - 03/20/2043 (a)			2,215			302
4.500% due 07/20/2042 (a)			176			29
4.592% due 02/20/2042 •(a)			5,331			346
5.000% due 09/20/2042 (a)			304			60

Total U.S. Government Agencies (Cost $25,484)						25,569


NON-AGENCY MORTGAGE-BACKED SECURITIES 16.0%

Adjustable Rate Mortgage Trust
2.001% due 05/25/2036 •			3,589			1,977

Banc of America Alternative Loan Trust
2.021% due 06/25/2037 •			3,429			2,696
3.939% due 06/25/2046 ^•(a)			4,760			595
4.979% due 06/25/2037 ^•(a)			3,724			807

Banc of America Funding Trust
6.000% due 07/25/2037 ^			453			441
6.250% due 10/26/2036			7,254			6,085

Banc of America Mortgage Trust
4.093% due 02/25/2036 ^~			13			12

BCAP LLC Trust
0.000% due 06/26/2036 ~			689			350
4.850% due 03/26/2037 þ			1,397			1,704
6.000% due 05/26/2037 ~			6,234			4,540


52		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

Bear Stearns Adjustable Rate Mortgage Trust
3.515% due 11/25/2034 ~	$		55	$		51

CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			97			91

CD Mortgage Trust
5.688% due 10/15/2048			2,279			1,379

Chase Mortgage Finance Trust
3.794% due 12/25/2035 ^~			15			15
4.039% due 09/25/2036 ^~			78			74
5.500% due 05/25/2036 ^			2			2

Citigroup Commercial Mortgage Trust
5.775% due 12/10/2049 ~			5,556			3,559

Citigroup Mortgage Loan Trust
3.742% due 08/25/2037 ^~			112			101
4.125% due 11/25/2035 ~			14,840			11,616
4.473% due 07/25/2037 ^~			89			87
6.500% due 09/25/2036			3,758			2,948

Commercial Mortgage Loan Trust
6.254% due 12/10/2049 ~			11,475			7,621

Countrywide Alternative Loan Trust
1.911% due 12/25/2046 •			2,904			2,733
3.339% due 04/25/2035 •(a)			3,414			294
3.877% due 02/25/2037 ^~			179			177
5.158% due 07/25/2021 ^~			102			103
6.000% due 02/25/2037 ^			5,388			3,466
6.250% due 12/25/2036 ^•			2,876			2,045
6.500% due 06/25/2036 ^			817			614

Countrywide Home Loan Mortgage Pass-Through Trust
3.689% due 12/25/2036 •(a)			2,871			464
3.760% due 09/20/2036 ^~			396			372
3.785% due 09/25/2047 ^~			32			31

Credit Suisse Commercial Mortgage Trust
5.869% due 09/15/2040 ~			2,417			1,355

Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036 ^			1,749			1,574

Eurosail PLC
2.150% due 06/13/2045 •	GBP		3,347			3,423
4.800% due 06/13/2045 •			988			1,182

Grifonas Finance PLC
0.000% due 08/28/2039 •	EUR		3,940			4,210

HarborView Mortgage Loan Trust
4.305% due 08/19/2036 ^~	$		13			13
4.323% due 08/19/2036 ^~			289			274

IM Pastor Fondo de Titluzacion Hipotecaria
0.000% due 03/22/2043 •	EUR		5,106			5,236

JPMorgan Alternative Loan Trust
3.667% due 03/25/2037 ^~	$		4,790			4,763

JPMorgan Chase Commercial Mortgage Securities Trust
5.411% due 05/15/2047			2,865			3,351
5.623% due 05/12/2045			163			149

JPMorgan Mortgage Trust
3.650% due 07/27/2037 ~			3,739			2,834
4.959% due 01/25/2037 ^•(a)			17,114			5,748

LB-UBS Commercial Mortgage Trust
5.407% due 11/15/2038 ^			1,129			672
5.562% due 02/15/2040 ^~			463			275

Lehman XS Trust
1.881% due 06/25/2047 •			2,483			2,290

Motel 6 Trust
8.603% due 08/15/2024 •			8,461			8,610

Nomura Asset Acceptance Corp. Alternative Loan Trust
4.195% due 04/25/2036 ^~			5,150			4,754

Nomura Resecuritization Trust
5.094% due 07/26/2035 ~			4,451			4,348

Residential Asset Securitization Trust
6.250% due 10/25/2036 ^			461			473
6.250% due 09/25/2037 ^			4,769			2,906
6.500% due 08/25/2036 ^			817			415

Structured Adjustable Rate Mortgage Loan Trust
3.856% due 01/25/2036 ^~			149			110
4.389% due 04/25/2047 ~			442			323

Structured Asset Mortgage Investments Trust
1.851% due 07/25/2046 ^•			9,281			7,502

WaMu Mortgage Pass-Through Certificates Trust
3.444% due 05/25/2037 ^~			103			88


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

Washington Mutual Mortgage Pass-Through Certificates Trust
5.019% due 04/25/2037 •(a)	$		10,024	$		3,335
6.500% due 03/25/2036 ^			6,501			5,512

Total Non-Agency Mortgage-Backed Securities (Cost $117,731)						132,775


ASSET-BACKED SECURITIES 12.4%

ACE Securities Corp. Home Equity Loan Trust
1.801% due 07/25/2036 •			2,425			2,073

Apidos CLO
0.000% due 07/22/2026 ~			3,000			90

Argent Securities Trust
1.851% due 03/25/2036 •			5,572			3,474

Avoca CLO DAC
0.000% due 10/15/2030 ~	EUR		2,150			1,476

Belle Haven ABS CDO Ltd.
2.539% due 07/05/2046 •	$		185,947			260

Carlyle Global Market Strategies CLO Ltd.
0.000% due 10/15/2031 ~			4,200			2,889

Carlyle Global Market Strategies Euro CLO DAC
0.000% due 04/15/2027 ~	EUR		800			571
0.000% due 01/25/2032 ~			2,200			1,785

CIFC Funding Ltd.
0.000% due 04/24/2030 ~	$		4,000			1,947
0.000% due 10/22/2031 ~			3,000			1,301

Citigroup Mortgage Loan Trust
1.821% due 12/25/2036 •			2,791			1,928

Cork Street CLO Designated Activity Co.
0.000% due 11/27/2028 ~	EUR		2,667			2,831

Countrywide Asset-Backed Certificates Trust
1.931% due 09/25/2046 •	$		12,786			10,354

CVC Cordatus Loan Fund DAC
0.000% due 04/15/2032 ~	EUR		2,500			1,540

Duke Funding Ltd.
2.534% due 08/07/2033 •	$		15,804			4,963

Glacier Funding CDO Ltd.
2.172% due 08/04/2035 •			6,890			1,659

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		1,000			686

Halcyon Loan Advisors European Funding BV
0.000% due 04/15/2030 ~			1,100			762

Jay Park CLO Ltd.
0.000% due 10/20/2027 ~	$		7,503			4,292

Long Beach Mortgage Loan Trust
1.851% due 02/25/2036 •			1,282			1,150

Man GLG Euro CLO DAC							��
0.000% due 10/15/2030 ~	EUR		4,150			2,973

Marlette Funding Trust
0.000% due 12/15/2028 «(h)	$		24			4,618
0.000% due 04/16/2029 «(h)			7			1,656
0.000% due 07/16/2029 «(h)			10			2,540

Merrill Lynch Mortgage Investors Trust
1.821% due 04/25/2037 •			832			504

Morgan Stanley Mortgage Loan Trust
3.159% due 11/25/2036 ^•			780			380
5.965% due 09/25/2046 ^þ			7,169			4,060

People’s Financial Realty Mortgage Securities Trust
1.821% due 09/25/2036 •			21,222			5,940

Renaissance Home Equity Loan Trust
6.998% due 09/25/2037 ^þ			7,433			4,335
7.238% due 09/25/2037 ^þ			6,431			3,750

Sherwood Funding CDO Ltd.
2.094% due 11/06/2039 •			34,667			10,591

SMB Private Education Loan Trust
0.000% due 10/15/2048 «(h)			5			3,381

SoFi Consumer Loan Program LLC
0.000% due 05/26/2026 «(h)			62			2,229
0.000% due 11/25/2026 «(h)			94			4,462

South Coast Funding Ltd.
2.501% due 08/10/2038 •			25,907			4,350


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

Specialty Underwriting & Residential Finance Trust
2.636% due 06/25/2036 •	$		409	$		330

Washington Mutual Asset-Backed Certificates Trust
1.811% due 05/25/2036 •			224			190

Total Asset-Backed Securities (Cost $137,192)						102,320


SOVEREIGN ISSUES 3.7%

Argentina Government International Bond
2.500% due 07/22/2021	ARS		20,519			176
3.375% due 01/15/2023	EUR		200			100
3.380% due 12/31/2038 þ			4,410			2,041
4.000% due 03/06/2020	ARS		78,847			816
5.250% due 01/15/2028	EUR		200			94
6.250% due 11/09/2047			100			46
7.820% due 12/31/2033			1,119			661
15.500% due 10/17/2026	ARS		38,100			154
38.154% (BADLARPP + 2.000%) due 04/03/2022 ~			132,862			1,010
42.524% (BADLARPP + 3.250%) due 03/01/2020 ~			1,780			19
42.781% (BADLARPP) due 10/04/2022 ~			84			1
53.323% (ARLLMONP) due 06/21/2020 ~(a)			448,397			3,710

Autonomous City of Buenos Aires Argentina
39.421% due 03/29/2024 •			118,268			1,235
39.745% (BADLARPP + 5.000%) due 01/23/2022 ~			67,700			752

Autonomous Community of Catalonia
4.900% due 09/15/2021 (l)	EUR		2,350			2,804

Export-Credit Bank of Turkey
8.250% due 01/24/2024	$		200			224

Peru Government International Bond
5.400% due 08/12/2034	PEN		16			5
5.940% due 02/12/2029			1,278			434
6.150% due 08/12/2032			510			174
6.350% due 08/12/2028			8,851			3,077
6.900% due 08/12/2037			52			19
6.950% due 08/12/2031			3,295			1,196
8.200% due 08/12/2026			2,033			769

Provincia de Buenos Aires
39.293% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS		270,895			1,784
43.104% due 05/31/2022 •			2,990			21

Republic of Greece Government International Bond
3.000% due 02/24/2023 þ	EUR		25			31
3.000% due 02/24/2024 þ			25			32
3.000% due 02/24/2025 þ			25			32
3.000% due 02/24/2026 þ			25			33
3.000% due 02/24/2027 þ			25			33
3.000% due 02/24/2028 þ			25			34
3.000% due 02/24/2029 þ			25			34
3.000% due 02/24/2030 þ			25			35
3.000% due 02/24/2031 þ			25			34
3.000% due 02/24/2032 þ			25			35
3.000% due 02/24/2033 þ			25			35
3.000% due 02/24/2034 þ			25			36
3.000% due 02/24/2035 þ			25			35
3.000% due 02/24/2036 þ			25			36
3.000% due 02/24/2037 þ			25			36
3.000% due 02/24/2038 þ			25			36
3.000% due 02/24/2039 þ			25			36
3.000% due 02/24/2040 þ			25			36
3.000% due 02/24/2041 þ			25			37
3.000% due 02/24/2042 þ			25			37

Turkey Government International Bond
3.250% due 06/14/2025			100			114
4.625% due 03/31/2025			2,300			2,802
5.200% due 02/16/2026			800			996
7.625% due 04/26/2029 (l)	$		2,600			3,027

Ukraine Government International Bond
4.375% due 01/27/2030	EUR		1,471			1,622

Venezuela Government International Bond
6.000% due 12/09/2020 ^(e)	$		365			47
8.250% due 10/13/2024 ^(e)			34			4


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		53

Schedule of Investments PIMCO High Income Fund (Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
9.250% due 09/15/2027 ^(e)	$		452	$		58

Total Sovereign Issues (Cost $54,220)						30,685


		SHARES
COMMON STOCKS 1.4%

COMMUNICATION SERVICES 0.3%

Clear Channel Outdoor Holdings, Inc. (f)			754,306			2,059

iHeartMedia, Inc. (f)			566			9

iHeartMedia, Inc. ‘A’ (f)			42,128			745

						2,813


CONSUMER DISCRETIONARY 1.0%

Caesars Entertainment Corp. (f)			584,952			7,996


ENERGY 0.0%

Forbes Energy Services Ltd. (f)(j)			66,131			10


INDUSTRIALS 0.1%

Westmoreland Mining Holdings LLC «(f)(j)			88,291			1,104

Total Common Stocks (Cost $15,466)						11,923


WARRANTS 1.1%

COMMUNICATION SERVICES 0.6%

iHeartMedia, Inc.			274,379			4,851


INDUSTRIALS 0.5%

Sequa Corp. - Exp. 04/28/2024 «			1,795,000			3,973

Total Warrants (Cost $5,892)						8,824


	SHARES			MARKET VALUE (000S)
PREFERRED SECURITIES 11.2%

BANKING & FINANCE 5.0%

AGFC Capital Trust
3.581% (US0003M + 1.750%) due 01/15/2067 ~(l)		27,410,000	$		13,739

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)		70,000			74

Nationwide Building Society
10.250% ~		94,345			21,055

OCP CLO Ltd.
0.000% due 04/26/2028 (h)		8,700			6,549

					41,417


INDUSTRIALS 6.2%

General Electric Co.
5.000% due 01/21/2021 •(i)		373,000			369

Sequa Corp. (12.000% PIK)
12.000% «(d)		43,072			50,637

					51,006

Total Preferred Securities (Cost $70,669)					92,423


REAL ESTATE INVESTMENT TRUSTS 3.0%

REAL ESTATE 3.0%

VICI Properties, Inc.		934,782			25,052

Total Real Estate Investment Trusts (Cost $12,650)					25,052


SHORT-TERM INSTRUMENTS 3.6%

REPURCHASE AGREEMENTS (k) 3.0%
					24,537

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

ARGENTINA TREASURY BILLS 0.2%

38.342% due 04/03/2020 ~

ARS

7,460

38.686% due 06/22/2020 ~

67,440

784

46.750% due 04/28/2020 - 08/27/2020 (g)(h)

96,173

1,127

1,997

U.S. TREASURY BILLS 0.4%

1.548% due 02/11/2020 - 04/23/2020 (g)(h)(n)(p)

3,118

3,114

Total Short-Term Instruments
(Cost $30,652)

29,648

Total Investments in Securities
(Cost $1,073,061)

1,086,585

Total Investments 131.3%
(Cost $1,073,061)

1,086,585

Financial Derivative
Instruments (m)(o) 0.7%

(Cost or Premiums, net $109,374)

6,183

Auction Rate Preferred Shares (7.0)%

(58,050

)

Other Assets and Liabilities, net (25.0)%

(207,464

)

Net Assets Applicable to Common Shareholders 100.0%

827,254

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)

Interest only security.

(b)

Principal only security.

(c)

When-issued security.

(d)

Payment in-kind security.

(e)

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

(f)

Security did not produce income within the last twelve months.

(g)

Coupon represents a weighted average yield to maturity.

(h)

Zero coupon security.

(i)

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


54		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

(j) RESTRICTED SECURITIES:


Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Forbes Energy Services Ltd.		10/09/2014 - 10/17/2016		$ 2,028	$	10		0.00	%
Westmoreland Mining Holdings LLC		07/11/2016 - 10/19/2016		2,160		1,104		0.13

				$ 4,188	$	1,114		0.13	%

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⁾
BPG		1.640	%		01/31/2020		02/03/2020	$	9,000	U.S. Treasury Notes 3.125% due 11/15/2028	$	(9,212	)	$	9,000	$	9,001
FICC		1.250			01/31/2020		02/03/2020		3,637	U.S. Treasury Inflation Protected Securities 1.250% due 07/15/2020		(3,713	)		3,637		3,637
RDR		1.640			01/31/2020		02/03/2020		9,000	U.S. Treasury Notes 2.875% due 05/31/2025		(9,213	)		9,000		9,001
TDM		1.640			01/31/2020		02/03/2020		2,900	U.S. Treasury Notes 1.750% due 05/15/2023		(2,978	)		2,900		2,901

Total Repurchase Agreements											$	(25,116	)	$	24,537	$	24,540

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾				Payable for Reverse Repurchase Agreements
BCY		1.900	%		11/01/2019		TBD	⁽³⁾	$		(1,172	)	$	(1,178	)
BPS		2.100			01/29/2020		03/02/2020				(6,541	)		(6,543	)
		2.250			01/17/2020		02/18/2020				(2,193	)		(2,195	)
		2.290			01/17/2020		02/18/2020				(5,714	)		(5,720	)
BRC		(7.000	)		01/22/2020		TBD	⁽³⁾			(43	)		(43	)
		1.300			01/28/2020		TBD	⁽³⁾			(3,505	)		(3,506	)
CEW		2.170			01/22/2020		02/24/2020				(3,289	)		(3,291	)
CIW		1.930			01/17/2020		02/18/2020				(3,942	)		(3,946	)
		2.000			01/08/2020		02/10/2020				(2,405	)		(2,408	)
FOB		1.850			02/03/2020		02/18/2020				(4,345	)		(4,345	)
JML		(0.400	)		01/06/2020		02/06/2020			EUR	(432	)		(479	)
		(0.300	)		01/06/2020		02/06/2020				(278	)		(309	)
		(0.300	)		01/17/2020		04/17/2020				(284	)		(315	)
		(0.250	)		01/06/2020		02/06/2020				(2,168	)		(2,403	)
		(0.250	)		01/15/2020		04/16/2020				(523	)		(580	)
		(0.150	)		03/01/2019		TBD	⁽³⁾			(2,008	)		(2,223	)
		0.950			01/17/2020		04/17/2020			GBP	(575	)		(759	)
		0.950			01/28/2020		04/28/2020				(3,937	)		(5,199	)
MEI		2.050			01/07/2020		02/07/2020		$		(2,495	)		(2,499	)
NOM		2.150			02/03/2020	��	03/09/2020				(15,257	)		(15,257	)
		2.250			02/04/2020		03/03/2020				(1,248	)		(1,248	)
		2.300			01/21/2020		02/20/2020				(4,320	)		(4,324	)
		2.350			11/05/2019		02/03/2020				(9,273	)		(9,328	)
		2.350			12/31/2019		02/03/2020				(5,920	)		(5,933	)
		2.450			01/13/2020		02/18/2020				(4,813	)		(4,820	)
		2.500			01/03/2020		02/04/2020				(1,251	)		(1,254	)
		2.800			01/03/2020		02/04/2020				(12,542	)		(12,572	)
		2.800			02/04/2020		03/03/2020				(12,331	)		(12,331	)
RTA		2.269			12/02/2019		02/03/2020				(10,949	)		(10,992	)
		2.325			12/03/2019		03/03/2020				(4,921	)		(4,941	)
		2.329			11/08/2019		02/07/2020				(4,174	)		(4,198	)
		2.333			01/02/2020		04/01/2020				(7,812	)		(7,828	)
		2.334			12/23/2019		02/10/2020				(2,919	)		(2,927	)
UBS		1.250			12/03/2019		03/03/2020			GBP	(15,611	)		(20,658	)
		2.000			02/03/2020		03/04/2020		$		(2,808	)		(2,808	)
		2.000			02/03/2020		03/06/2020				(5,537	)		(5,537	)
		2.000			02/04/2020		03/06/2020				(17,803	)		(17,803	)
		2.100			01/28/2020		03/02/2020				(3,439	)		(3,440	)


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		55

Schedule of Investments PIMCO High Income Fund (Cont.)


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date		Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
		2.100	%		02/03/2020		03/04/2020	$	(9,193	)	$	(9,193	)
		2.200			01/28/2020		03/02/2020		(3,133	)		(3,134	)
		2.200			02/03/2020		03/06/2020		(1,672	)		(1,672	)
		2.250			01/07/2020		02/10/2020		(8,002	)		(8,016	)
		2.250			01/08/2020		02/11/2020		(17,058	)		(17,086	)
		2.300			01/06/2020		02/07/2020		(4,490	)		(4,498	)
		2.350			01/08/2020		02/11/2020		(244	)		(244	)
		2.450			11/05/2019		02/03/2020		(7,426	)		(7,472	)
		2.450			11/06/2019		02/04/2020		(20,456	)		(20,580	)
		2.450			11/08/2019		02/06/2020		(4,382	)		(4,408	)
		2.450			11/12/2019		02/10/2020		(10,440	)		(10,499	)
		2.450			12/04/2019		03/03/2020		(1,533	)		(1,539	)

Total Reverse Repurchase Agreements											$	(284,481	)

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 January 31, 2020:


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
BCY	$	0	$	(1,178	)	$	0	$	(1,178	)	$	1,221		$	43
BPG		9,001		0			0		9,001			(9,212	)		(211	)
BPS		0		(14,458	)		0		(14,458	)		14,456			(2	)
BRC		0		(3,549	)		0		(3,549	)		4,103			554
CEW		0		(3,291	)		0		(3,291	)		3,590			299
CIW		0		(6,354	)		0		(6,354	)		6,671			317
FICC		3,637		0			0		3,637			(3,713	)		(76	)
FOB		0		(4,345	)		0		(4,345	)		4,624			279
JML		0		(12,267	)		0		(12,267	)		14,533			2,266
MEI		0		(2,499	)		0		(2,499	)		3,027			528
NOM		0		(67,067	)		0		(67,067	)		42,282			(24,785	)
RDR		9,001		0			0		9,001			(9,213	)		(212	)
RTA		0		(30,886	)		0		(30,886	)		34,660			3,774
TDM		2,901		0			0		2,901			(2,978	)		(77	)
UBS		0		(138,587	)		0		(138,587	)		120,354			(18,233	)

Total Borrowings and Other Financing Transactions	$	24,540	$	(284,481	)	$	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	$	(134,926	)	$	(54,937	)	$	(6,950	)	$	(196,813	)
Sovereign Issues		0		(4,902	)		0			0			(4,902	)
Preferred Securities		0		(12,572	)		0			0			(12,572	)

Total Borrowings	$	0	$	(152,400	)	$	(54,937	)	$	(6,950	)	$	(214,287	)

Payable for reverse repurchase agreements⁽⁵⁾												$	(214,287	)

(l)

Securities with an aggregate market value of $249,622 and cash of $1,176 have been pledged as collateral under the terms of the above master agreements as of January 31, 2020.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended January 31, 2020 was $(242,364) at a weighted average interest rate of 2.140%. 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 $(70,194) is outstanding at period end.


56		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

(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 January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
Bombardier, Inc.		5.000	%		Quarterly		12/20/2024		5.130	%		$	2,000	$	(8	)	$	10		$	2		$	0	$	(4	)
Frontier Communications Corp.		5.000			Quarterly		06/20/2020		357.443				9,600		(318	)		(4,279	)		(4,597	)		117		0

														$	(326	)	$	(4,269	)	$	(4,595	)	$	117	$	(4	)

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
Receive	3-Month USD-LIBOR		3.000	%		Semi-Annual		06/19/2024		$	69,300	$	(1,212	)	$	(3,834	)	$	(5,046	)	$	0	$	(179	)
Pay	3-Month USD-LIBOR		3.000			Semi-Annual		06/19/2029			79,200		1,687			9,293			10,980			359		0
Pay	3-Month USD-LIBOR		3.500			Semi-Annual		06/19/2044			617,800		110,476			123,858			234,334			6,342		0
Receive	3-Month USD-LIBOR		2.000			Semi-Annual		01/15/2050			56,000		(403	)		(3,948	)		(4,351	)		0		(500	)
Receive	3-Month USD-LIBOR		1.625			Semi-Annual		01/16/2050			334,140		289			4,362			4,651			0		(2,779	)
Receive	3-Month USD-LIBOR		1.750			Semi-Annual		01/22/2050			55,100		(127	)		(793	)		(920	)		0		(468	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.625			Semi-Annual		02/03/2050			160,500		(572	)		2,764			2,192			0		(1,338	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.875			Semi-Annual		02/07/2050			57,680		(224	)		(2,510	)		(2,734	)		0		(507	)
Receive	6-Month EUR-EURIBOR		0.000			Annual		08/19/2021		EUR	663,900		(1,308	)		(4,423	)		(5,731	)		0		(265	)
Receive	6-Month EUR-EURIBOR		0.270			Annual		09/11/2024			25,600		4			(857	)		(853	)		0		(57	)
Pay	6-Month EUR-EURIBOR		0.650			Annual		02/26/2029			416,000		416			35,556			35,972			2,536		0
Receive	6-Month EUR-EURIBOR		1.250			Annual		08/19/2049			95,100		395			(29,194	)		(28,799	)		0		(2,580	)
Receive⁽⁵⁾	6-Month GBP-LIBOR		0.750			Semi-Annual		03/18/2030		GBP	55,200		185			(338	)		(153	)		0		(63	)
Receive	6-Month GBP-LIBOR		0.750			Semi-Annual		03/18/2050			1,700		26			21			47			21		0

												$	109,632		$	129,957		$	239,589		$	9,258	$	(8,736	)

Total Swap Agreements												$	109,306		$	125,688		$	234,994		$	9,375	$	(8,740	)

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 January 31, 2020:


	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	$	9,375	$	9,375	$	0	$	0	$	(8,740	)	$	(8,740	)

(n)

Securities with an aggregate market value of $2,407 and cash of $22,396 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of January 31, 2020. 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		JANUARY 31, 2020		57

Schedule of Investments PIMCO High Income Fund (Cont.)

(o) 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		02/2020	$	40,503	EUR	36,744	$	248	$	0
		03/2020	EUR	36,744	$	40,572		0		(248	)
		03/2020	$	93	IDR	1,271,592		0		0

BPS		02/2020	PEN	4,729	$	1,394		0		(3	)
		02/2020	$	1,795	IDR	24,542,348		0		(1	)
		02/2020		3,478	INR	247,980		0		(10	)

BRC		02/2020	EUR	36,744	$	41,153		402		0
		03/2020	$	39	IDR	528,408		0		0
		06/2020		4,091	MXN	80,476		86		0

CBK		02/2020	GBP	1,468	$	1,921		0		(18	)
		02/2020	$	1,417	PEN	4,729		0		(21	)
		04/2020	PEN	4,729	$	1,414		21		0

GLM		02/2020	$	1,142	RUB	73,236		1		0
		04/2020		8,011		495,889		0		(318	)

HUS		02/2020		322	INR	22,946		0		(1	)
		03/2020		41		2,952		0		0
		05/2020		4,002	MXN	78,519		99		0

JPM		02/2020	GBP	85,098	$	111,406		0		(966	)

SCX		03/2020	$	124	IDR	1,696,652		0		0
		03/2020		258	INR	18,410		0		(1	)

SSB		02/2020		112,412	GBP	86,566		1,899		0
		03/2020	GBP	86,567	$	112,508		0		(1,889	)

Total Forward Foreign Currency Contracts							$	2,756	$	(3,476	)

SWAP AGREEMENTS:

INTEREST RATE SWAPS

Counterparty

Pay/Receive
Floating Rate

Floating Rate Index

Fixed Rate

Payment
Frequency

Maturity
Date

Notional
Amount

Premiums
Paid/(Received)

Unrealized
Appreciation/
(Depreciation)

Swap Agreements,
at Value

Asset

Liability

DUB

Pay

3-Month USD-LIBOR

3.850%

Semi-Annual

07/13/2022

600,000

6,200

6,268

Total Swap Agreements

6,200

6,268

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 January 31, 2020:


	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⁽¹⁾
BOA	$	248	$	0	$	0	$	248	$	(248	)	$	0	$	0	$	(248	)	$	0		$	0		$	0
BPS		0		0		0		0		(14	)		0		0		(14	)		(14	)		60			46
BRC		488		0		0		488		0			0		0		0			488			(850	)		(362	)
CBK		21		0		0		21		(39	)		0		0		(39	)		(18	)		0			(18	)
DUB		0		0		6,268		6,268		0			0		0		0			6,268			(6,250	)		18
GLM		1		0		0		1		(318	)		0		0		(318	)		(317	)		0			(317	)
HUS		99		0		0		99		(1	)		0		0		(1	)		98			(70	)		28
JPM		0		0		0		0		(966	)		0		0		(966	)		(966	)		(70	)		(1,036	)
SCX		0		0		0		0		(1	)		0		0		(1	)		(1	)		0			(1	)
SSB		1,899		0		0		1,899		(1,889	)		0		0		(1,889	)		10			0			10

Total Over the Counter	$	2,756	$	0	$	6,268	$	9,024	$	(3,476	)	$	0	$	0	$	(3,476	)

(p)

Securities with an aggregate market value of $60 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of January 31, 2020.

⁽¹⁾


58		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of January 31, 2020:


	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	$	117	$	0	$	0	$	9,258	$	9,375

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,756	$	0	$	2,756
Swap Agreements		0		0		0		0		6,268		6,268

	$	0	$	0	$	0	$	2,756	$	6,268	$	9,024

	$	0	$	117	$	0	$	2,756	$	15,526	$	18,399


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	4	$	0	$	0	$	8,736	$	8,740

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	3,476	$	0	$	3,476

	$	0	$	4	$	0	$	3,476	$	8,736	$	12,216

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended January 31, 2020:


	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	$	329		$	0	$	0		$	(148,396	)	$	(148,067	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	2,399		$	0		$	2,399
Swap Agreements		0		1,275			0		0			7,624			8,899

	$	0	$	1,275		$	0	$	2,399		$	7,624		$	11,298

	$	0	$	1,604		$	0	$	2,399		$	(140,772	)	$	(136,769	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(1,747	)	$	0	$	0		$	144,593		$	142,846

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(6,790	)	$	0		$	(6,790	)
Swap Agreements		0		(1,113	)		0		0			(4,772	)		(5,885	)

	$	0	$	(1,113	)	$	0	$	(6,790	)	$	(4,772	)	$	(12,675	)

	$	0	$	(2,860	)	$	0	$	(6,790	)	$	139,821		$	130,171


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		59

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 January 31, 2020 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 01/31/2020
Investments in Securities, at Value
Loan Participations and Assignments	$	139	$	95,476	$	10,378	$	105,993
Corporate Bonds & Notes
Banking & Finance		0		171,997		0		171,997
Industrials		0		195,926		669		196,595
Utilities		0		78,019		0		78,019
Convertible Bonds & Notes
Industrials		0		4,963		0		4,963
Utilities		0		8		0		8
Municipal Bonds & Notes
California		0		4,173		0		4,173
District of Columbia		0		11,594		0		11,594
Illinois		0		26,679		0		26,679
New York		0		1,261		0		1,261
Texas		0		11,448		0		11,448
Virginia		0		1,350		0		1,350
West Virginia		0		13,286		0		13,286
U.S. Government Agencies		0		17,165		8,404		25,569
Non-Agency Mortgage-Backed Securities		0		132,775		0		132,775
Asset-Backed Securities		0		83,434		18,886		102,320
Sovereign Issues		0		30,685		0		30,685
Common Stocks
Communication Services		2,804		9		0		2,813
Consumer Discretionary		7,996		0		0		7,996
Energy		10		0		0		10
Industrials		0		0		1,104		1,104
Warrants
Communication Services		0		4,851		0		4,851
Industrials		0		0		3,973		3,973


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 01/31/2020
Preferred Securities
Banking & Finance	$	0	$	41,417		$	0	$	41,417
Industrials		0		369			50,637		51,006
Real Estate Investment Trusts
Real Estate		25,052		0			0		25,052
Short-Term Instruments
Repurchase Agreements		0		24,537			0		24,537
Argentina Treasury Bills		0		1,997			0		1,997
U.S. Treasury Bills		0		3,114			0		3,114


Total Investments	$	36,001	$	956,533		$	94,051	$	1,086,585


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		9,375			0		9,375
Over the counter		0		9,024			0		9,024

	$	0	$	18,399		$	0	$	18,399


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(8,740	)		0		(8,740	)
Over the counter		0		(3,476	)		0		(3,476	)

	$	0	$	(12,216	)	$	0	$	(12,216	)


Total Financial Derivative Instruments	$	0	$	6,183		$	0	$	6,183


Totals	$	36,001	$	962,716		$	94,051	$	1,092,768

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended January 31, 2020:


Category and Subcategory	Beginning Balance at 07/31/2019		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 01/31/2020		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 01/31/2020⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	6,722	$	4,281	$	(537	)	$	(130	)	$	(4	)	$	46		$	0	$	0		$	10,378	$	47
Corporate Bonds & Notes
Industrials		0		849		0			7			0			(187	)		0		0			669		(187	)
U.S. Government Agencies		8,399		0		(84	)		242			30			(183	)		0		0			8,404		(187	)
Asset-Backed Securities		25,891		0		0			26			0			(6,941	)		0		(90	)		18,886		(7,003	)
Common Stocks
Industrials		1,280		0		0			0			0			(176	)		0		0			1,104		(176	)
Warrants
Industrials		3,328		0		0			0			0			645			0		0			3,973		645
Preferred Securities
Industrials		48,647		2,823		0			0			0			(833	)		0		0			50,637		(833	)


Totals	$	94,267	$	7,953	$	(621	)	$	145		$	26		$	(7,629	)	$	0	$	(90	)	$	94,051	$	(7,694	)


60		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

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 01/31/2020		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 01/31/2020		Valuation Technique	Unobservable Inputs	Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	10,378	Third Party Vendor	Broker Quote		75.500 - 102.000		88.895
Corporate Bonds & Notes
Industrials		669	Other Valuation Techniques⁽²⁾	—		—		—
U.S. Government Agencies		8,404	Proxy Pricing	Base Price		60.540		—
Asset-Backed Securities		4,618	IO Weighted Average Life	Base Price		19,048.165		—
		14,268	Proxy Pricing	Base Price		3,576.000 - 76,239.578		27,636.277
Common Stocks
Industrials		1,104	Other Valuation Techniques⁽²⁾	—		—		—
Warrants
Industrials		3,973	Other Valuation Techniques⁽²⁾	—		—		—
Preferred Securities
Industrials		50,637	Fundamental Valuation	Company Equity Value	$	948,002,602.394		—

Total	$	94,051

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at January 31, 2020 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		61

Schedule of Investments PIMCO Income Strategy Fund

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 127.2%

LOAN PARTICIPATIONS AND ASSIGNMENTS 15.4%

Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		2,309	$		2,194

Al Convoy (Luxembourg) S.a.r.l.
TBD% due 01/29/2027			38			38

Altice France S.A.
5.676% (LIBOR03M + 4.000%) due 08/14/2026 ~			99			99

Clay Holdco BV
TBD% due 11/30/2025	EUR		1,458			1,611

Diamond Resorts Corp.
5.395% (LIBOR03M + 3.750%) due 09/02/2023 ~	$		207			204

Dubai World (3.000% Cash and 1.750% PIK)
4.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(d)			2,592			2,424

Emerald TopCo, Inc.
5.145% (LIBOR03M + 3.500%) due 07/24/2026 ~			55			55

Encina Private Credit LLC
TBD% - 4.881% (LIBOR03M + 3.205%) due 11/30/2025 «~µ			4,600			4,600

Envision Healthcare Corp.
5.395% (LIBOR03M + 3.750%) due 10/10/2025 ~			7,853			6,645

Financial & Risk U.S. Holdings, Inc.
4.895% (LIBOR03M + 3.250%) due 10/01/2025 ~			347			352

Forbes Energy Services LLC (6.909% Cash and 11.000% PIK)
17.909% (LIBOR03M + 5.000%) due 04/13/2021 ~(d)			208			209

Froneri Ltd.
TBD% due 01/28/2028 «			4			4

Frontier Communications Corp.
5.400% (LIBOR03M + 3.750%) due 06/15/2024 ~			293			296

iHeartCommunications, Inc.
5.781% (LIBOR03M + 4.000%) due 05/01/2026 ~			1,753			1,760

IRB Holding Corp.
4.384% (LIBOR03M + 2.750%) due 02/05/2025 ~			405			406

Jefferies Finance LLC
5.063% (LIBOR03M + 3.250%) due 06/03/2026 ~			11			11

McDermott Technology Americas, Inc.
TBD% due 10/21/2021 ^(e) µ			1,182			1,237
TBD% due 05/09/2025 ^(e)			1,078			687

Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			32			32

MH Sub LLC
5.395% (LIBOR03M + 3.750%) due 09/13/2024 ~			59			59

Nascar Holdings, Inc.
4.408% (LIBOR03M + 2.750%) due 10/19/2026 ~			35			35

NCI Building Systems, Inc.
5.434% (LIBOR03M + 3.750%) due 04/12/2025 ~			20			20

Neiman Marcus Group Ltd. LLC
7.734% (LIBOR03M + 6.000%) due 10/25/2023 ~			5,292			4,498

Neiman Marcus Group Ltd. LLC (7.234% - 7.277% Cash and 1.000% PIK)
8.234% - 8.277% (LIBOR03M + 5.500%) due 10/25/2023 ~(d)			4,072			3,446

Ortho-Clinical Diagnostics S.A.
5.013% (LIBOR03M + 3.250%) due 06/30/2025 ~			300			297


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

Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^(e)	$		100	$		105

PetSmart, Inc.
5.670% (LIBOR03M + 4.000%) due 03/11/2022 ~			31			31

Playtika Holding Corp.
7.645% (LIBOR03M + 6.000%) due 12/10/2024 ~			1,960			1,981

Pug LLC
TBD% due 01/15/2027			18			18

Sequa Mezzanine Holdings LLC
10.770% (LIBOR03M + 9.000%) due 04/28/2022 «~			40			40

Sotera Health Holdings LLC
6.145% (LIBOR03M + 4.500%) due 12/11/2026 ~			70			70

Sprint Communications, Inc.
4.188% (LIBOR03M + 2.500%) due 02/02/2024 ~			778			769

Starfruit Finco BV
4.699% (LIBOR03M + 3.000%) due 10/01/2025 ~			97			97

Summer (BC) Holdco B SARL
TBD% due 10/15/2026 «			1,280			1,246
TBD% due 12/04/2026 «			320			312

Sunshine Luxembourg SARL
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~			100			101

Syniverse Holdings, Inc.
6.873% (LIBOR03M + 5.000%) due 03/09/2023 ~			4,525			4,144

U.S. Renal Care, Inc.
6.645% (LIBOR03M + 5.000%) due 06/26/2026 ~			218			217

Univision Communications, Inc.
4.395% (LIBOR03M + 2.750%) due 03/15/2024 ~			2,074			2,052

West Corp.
5.645% (LIBOR03M + 4.000%) due 10/10/2024 ~			26			22

Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			566			572

Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 «(d)			1,662			1,255

Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			3,200			3,052
9.750% (PRIME + 5.000%) due 03/29/2021 ~			3,428			3,361

Total Loan Participations and Assignments (Cost $52,788)						50,664


CORPORATE BONDS & NOTES 56.3%

BANKING & FINANCE 23.6%

Ally Financial, Inc.
8.000% due 11/01/2031			537			758

Ambac LSNI LLC
6.945% due 02/12/2023 •			236			240

Ardonagh Midco PLC
8.375% due 07/15/2023	GBP		5,925			7,982
8.625% due 07/15/2023	$		200			206

Banco de Credito del Peru
4.650% due 09/17/2024	PEN		400			121

Barclays PLC
3.250% due 01/17/2033	GBP		100			143
7.125% due 06/15/2025 •(i)			5,100			7,740
7.750% due 09/15/2023 •(i)(l)	$		400			438
8.000% due 06/15/2024 •(i)(l)			200			226

Brookfield Finance, Inc.
3.900% due 01/25/2028			6			7
4.700% due 09/20/2047			68			83


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

Cantor Fitzgerald LP
4.875% due 05/01/2024	$		15	$		16
6.500% due 06/17/2022 (l)			3,000			3,277

CBL & Associates LP
5.950% due 12/15/2026			3,880			1,950

Credit Suisse Group AG
7.500% due 07/17/2023 •(i)			200			220
7.500% due 12/11/2023 •(i)			640			727
7.500% due 12/11/2023 •(i)(l)			2,900			3,295

Deutsche Bank AG
3.961% due 11/26/2025 •			600			628

Emerald Bay S.A.
0.000% due 10/08/2020 (h)	EUR		846			925

EPR Properties
4.750% due 12/15/2026 (l)	$		1,031			1,149

Equitable Holdings, Inc.
5.000% due 04/20/2048			4			5

ESH Hospitality, Inc.
4.625% due 10/01/2027			27			27

Flagstar Bancorp, Inc.
6.125% due 07/15/2021			1,700			1,773

Ford Motor Credit Co. LLC
3.087% due 01/09/2023			200			202

Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025			179			191
6.750% due 03/15/2022			232			239

GSPA Monetization Trust
6.422% due 10/09/2029			1,542			1,804

HSBC Bank PLC
6.330% due 05/23/2023			2,800			2,961

HSBC Holdings PLC
5.875% due 09/28/2026 •(i)(l)	GBP		200			296
6.000% due 09/29/2023 •(i)(l)	EUR		1,400			1,797
6.500% due 03/23/2028 •(i)	$		200			223

Hunt Cos., Inc.
6.250% due 02/15/2026			12			12

ING Groep NV
5.750% due 11/16/2026 •(i)			200			214

Kennedy-Wilson, Inc.
5.875% due 04/01/2024			32			33

Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			30			30

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(i)(l)			2,900			3,319
7.875% due 06/27/2029 •(i)	GBP		3,219			5,465

Nationstar Mortgage LLC
6.500% due 07/01/2021	$		229			229

Navient Corp.
5.625% due 08/01/2033			31			28
7.250% due 09/25/2023			2,974			3,294

Newmark Group, Inc.
6.125% due 11/15/2023			28			31

Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			594			613

Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 •(i)(l)			1,400			1,435
8.000% due 08/10/2025 •(i)(l)			3,000			3,506
8.625% due 08/15/2021 •(i)(l)			1,000			1,082

Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(i)	GBP		2,850			4,199
7.375% due 06/24/2022 •(i)			1,800			2,613

SBA Communications Corp.
3.875% due 02/15/2027 (c)	$		84			85

Societe Generale S.A.
7.375% due 10/04/2023 •(i)			300			331

Springleaf Finance Corp.
5.375% due 11/15/2029			10			10
5.625% due 03/15/2023			586			628
6.125% due 03/15/2024			66			72
6.875% due 03/15/2025			54			61

TP ICAP PLC
5.250% due 01/26/2024 (l)	GBP		2,023			2,967

UniCredit SpA
7.830% due 12/04/2023	$		1,960			2,314


62		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP		1,433	$		2,178

Voyager Aviation Holdings LLC
8.500% due 08/15/2021	$		3,228			3,310

						77,708


INDUSTRIALS 22.6%

Albertsons Cos., Inc.
3.500% due 02/15/2023 (c)			26			27
4.625% due 01/15/2027			26			26
4.875% due 02/15/2030 (c)			30			31

Altice Financing S.A.
2.250% due 01/15/2025	EUR		100			109
7.500% due 05/15/2026	$		1,500			1,606

Altice France S.A.
8.125% due 02/01/2027			500			560

Associated Materials LLC
9.000% due 01/01/2024			380			333

Avon International Capital PLC
6.500% due 08/15/2022			12			12

B.C. Unlimited Liability Co.
4.375% due 01/15/2028			16			16

Baffinland Iron Mines Corp.
8.750% due 07/15/2026			600			624

Bausch Health Cos., Inc.
5.000% due 01/30/2028			44			45
5.250% due 01/30/2030			44			45

BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			36			37

Bombardier, Inc.
6.000% due 10/15/2022			16			16
6.125% due 01/15/2023			182			180
7.500% due 03/15/2025			6			6
7.875% due 04/15/2027			2,848			2,706

Camelot Finance S.A.
4.500% due 11/01/2026			3			3

CCO Holdings LLC
4.750% due 03/01/2030			88			91

Centene Corp.
4.250% due 12/15/2027			30			31
4.625% due 12/15/2029			60			65
4.750% due 01/15/2025			86			89

Charter Communications Operating LLC
4.800% due 03/01/2050			106			115

Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024			890			971

Community Health Systems, Inc.
6.250% due 03/31/2023			3,960			4,049
8.000% due 03/15/2026			906			946
8.625% due 01/15/2024			439			468

Connect Finco SARL
6.750% due 10/01/2026			30			32

Continental Airlines Pass-Through Trust
9.798% due 10/01/2022			128			132

Corning, Inc.
5.450% due 11/15/2079			37			43

Dealer Tire LLC
8.000% due 02/01/2028 (c)			16			16

Dell International LLC
6.020% due 06/15/2026 (l)			1,200			1,403

Diamond Resorts International, Inc.
7.750% due 09/01/2023			345			356
10.750% due 09/01/2024 (l)			1,200			1,251

DriveTime Automotive Group, Inc.
8.000% due 06/01/2021			800			811

Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (d)			8			8

Eldorado Resorts, Inc.
6.000% due 09/15/2026			1,100			1,208

Energy Transfer Operating LP
2.900% due 05/15/2025			19			19
3.750% due 05/15/2030			41			42
5.000% due 05/15/2050			38			39


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

Envision Healthcare Corp.
8.750% due 10/15/2026	$		1,105	$		669

Exela Intermediate LLC
10.000% due 07/15/2023			57			22

Fair Isaac Corp.
4.000% due 06/15/2028			4			4

Ferroglobe PLC
9.375% due 03/01/2022			700			527

First Quantum Minerals Ltd.
6.500% due 03/01/2024			688			664
6.875% due 03/01/2026			458			441
7.000% due 02/15/2021			76			76

Flex Ltd.
4.875% due 06/15/2029			40			45

Ford Motor Co.
7.700% due 05/15/2097 (l)			7,435			8,897

Fresh Market, Inc.
9.750% due 05/01/2023 (l)			3,313			1,640

Full House Resorts, Inc.
8.575% due 01/31/2024			195			192
9.738% due 02/02/2024			17			17

Garda World Security Corp.
4.625% due 02/15/2027			45			45

General Electric Co.
0.375% due 05/17/2022	EUR		100			112
6.150% due 08/07/2037	$		19			25
6.875% due 01/10/2039			15			21

HCA, Inc.
7.500% due 11/15/2095			1,050			1,295

iHeartCommunications, Inc.
6.375% due 05/01/2026			566			612
8.375% due 05/01/2027			699			762

IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (d)	EUR		100			114

IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (d)			100			115

IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (d)	$		225			240

IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (d)			200			219

Intelsat Connect Finance S.A.
9.500% due 02/15/2023			39			21

Intelsat Jackson Holdings S.A.
8.000% due 02/15/2024			18			18
8.500% due 10/15/2024			242			205
9.750% due 07/15/2025			303			262

Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^			5,382			3,498
8.125% due 06/01/2023 (l)			524			217

Kinder Morgan, Inc.
7.750% due 01/15/2032 (l)			800			1,116
7.800% due 08/01/2031 (l)			1,600			2,216

Lamar Media Corp.
3.750% due 02/15/2028 (c)			29			29
4.000% due 02/15/2030 (c)			12			12

Laredo Petroleum, Inc.
9.500% due 01/15/2025			14			13
10.125% due 01/15/2028			19			17

Mallinckrodt International Finance S.A.
5.500% due 04/15/2025 (l)			302			111

Mattel, Inc.
5.875% due 12/15/2027			9			9

MEG Energy Corp.
7.125% due 02/01/2027			38			38

Micron Technology, Inc.
5.327% due 02/06/2029			74			87

NCL Corp. Ltd.
3.625% due 12/15/2024			36			36

Netflix, Inc.
3.625% due 06/15/2030	EUR		100			115
3.875% due 11/15/2029			304			356
4.625% due 05/15/2029			100			124
4.875% due 06/15/2030	$		100			104
5.375% due 11/15/2029			30			33


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

New Albertson’s LP
6.570% due 02/23/2028	$		2,800	$		2,752

Noble Holding International Ltd.
7.875% due 02/01/2026			128			92

Odebrecht Oil & Gas Finance Ltd.
0.000% due 03/02/2020 (h)(i)			450			5

Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022			218			218
7.250% due 02/01/2028			256			261

Pacific Drilling SA
8.375% due 10/01/2023			170			143

Pan American Energy LLC
40.063% (BADLARPP) due 11/20/2020 «~	ARS		15,100			173

Par Pharmaceutical, Inc.
7.500% due 04/01/2027	$		52			53

Petroleos Mexicanos
2.750% due 04/21/2027	EUR		200			215
4.750% due 02/26/2029			833			989
4.875% due 02/21/2028			1,756			2,106
5.350% due 02/12/2028	$		333			339
5.950% due 01/28/2031			94			95
6.490% due 01/23/2027			40			43
6.500% due 03/13/2027 (l)			3,093			3,362
6.750% due 09/21/2047			20			20
6.840% due 01/23/2030			110			119
6.950% due 01/28/2060			150			153
7.690% due 01/23/2050			60			66

PetSmart, Inc.
5.875% due 06/01/2025			45			46

Platin 1426 GmbH
6.875% due 06/15/2023	EUR		200			227

Prime Security Services Borrower LLC
6.250% due 01/15/2028	$		48			48
9.250% due 05/15/2023			220			231

PTC, Inc.
3.625% due 02/15/2025 (c)			15			15
4.000% due 02/15/2028 (c)			8			8

QVC, Inc.
5.950% due 03/15/2043 (l)			1,657			1,685

Radiate Holdco LLC
6.875% due 02/15/2023			2			2

Radiology Partners, Inc.
9.250% due 02/01/2028			30			31

Range Resources Corp.
9.250% due 02/01/2026			22			19

Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026	EUR		100			121

Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		700			1,305

Sands China Ltd.
5.125% due 08/08/2025 (l)	$		200			222
5.400% due 08/08/2028 (l)			1,502			1,711

Sealed Air Corp.
4.000% due 12/01/2027			4			4

Sensata Technologies, Inc.
4.375% due 02/15/2030			14			14

Spanish Broadcasting System, Inc.
12.500% due 04/15/2049 ^(e)			908			947

Spirit Issuer PLC
3.492% (BP0003M + 2.700%) due 12/28/2031 ~	GBP		500			655

Staples, Inc.
7.500% due 04/15/2026	$		5			5

Station Casinos LLC
4.500% due 02/15/2028 (c)			30			30

TEGNA, Inc.
4.625% due 03/15/2028			90			91

Telesat Canada
4.875% due 06/01/2027			17			18

Tenet Healthcare Corp.
4.625% due 09/01/2024			7			7

Teva Pharmaceutical Finance BV
3.650% due 11/10/2021			942			933


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		63

Schedule of Investments PIMCO Income Strategy Fund (Cont.)


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

Teva Pharmaceutical Finance Co. BV
2.950% due 12/18/2022	$		674	$		648

Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020	EUR		1,044			1,154
2.200% due 07/21/2021	$		257			254
3.250% due 04/15/2022	EUR		200			224
6.000% due 01/31/2025			100			119

Topaz Solar Farms LLC
4.875% due 09/30/2039	$		814			873
5.750% due 09/30/2039			4,463			5,125

TransDigm, Inc.
5.500% due 11/15/2027			56			56

Transocean Pontus Ltd.
6.125% due 08/01/2025			62			64

Transocean, Inc.
7.250% due 11/01/2025			68			64
7.500% due 01/15/2026			56			53
8.000% due 02/01/2027			66			62

Trident TPI Holdings, Inc.
9.250% due 08/01/2024			9			9

Triumph Group, Inc.
5.250% due 06/01/2022			10			10
6.250% due 09/15/2024			32			33

Unigel Luxembourg S.A.
8.750% due 10/01/2026			200			208

United Group BV
3.125% due 02/15/2026 (c)	EUR		116			128
3.625% due 02/15/2028 (c)			100			110

Univision Communications, Inc.
5.125% due 02/15/2025	$		353			353

Valaris PLC
5.750% due 10/01/2044			153			64
7.750% due 02/01/2026			8			4

Vale Overseas Ltd.
6.250% due 08/10/2026			71			84
6.875% due 11/21/2036			29			38
6.875% due 11/10/2039			257			343

ViaSat, Inc.
5.625% due 09/15/2025			36			37
5.625% due 04/15/2027			7			7

Western Midstream Operating LP
2.698% (US0003M + 0.850%) due 01/13/2023 ~			22			22
3.100% due 02/01/2025			16			16
4.050% due 02/01/2030			16			16
5.250% due 02/01/2050			16			15

WPX Energy, Inc.
4.500% due 01/15/2030			34			34

Wyndham Destinations, Inc.
3.900% due 03/01/2023			34			35
4.625% due 03/01/2030			22			23
5.400% due 04/01/2024			4			4
5.750% due 04/01/2027			349			382

YPF S.A.
52.818% (BADLARPP + 6.000%) due 03/04/2021 «~(a)	ARS		3,800			45

						74,253


UTILITIES 10.1%

CenturyLink, Inc.
4.000% due 02/15/2027	$		30			30

DTEK Finance PLC (10.750% Cash and 0.000% PIK)
10.750% due 12/31/2024 (d)			593			617

Edison International
2.400% due 09/15/2022			30			30
2.950% due 03/15/2023			3			3
3.125% due 11/15/2022			34			35
3.550% due 11/15/2024			37			39
5.750% due 06/15/2027			31			36

Frontier Communications Corp.
8.000% due 04/01/2027			52			54

Gazprom Neft OAO Via GPN Capital S.A.
6.000% due 11/27/2023 (l)			4,600			5,141


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

Northwestern Bell Telephone
7.750% due 05/01/2030	$		7,000	$		7,577

Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			38			38

Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(d)			134			79

Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^			610			607

Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)
7.720% due 12/01/2026 ^(d)			2,707			677

Pacific Gas & Electric Co.
3.250% due 09/15/2021 ^(e)			119			127
3.300% due 03/15/2027 ^(e)			1,070			1,118
3.300% due 12/01/2027 ^(e)			300			312
3.400% due 08/15/2024 ^(e)			218			231
3.500% due 06/15/2025 ^(e)			365			385
3.750% due 02/15/2024 ^(e)			76			81
3.750% due 08/15/2042 ^(e)			10			10
3.850% due 11/15/2023 ^(e)			196			210
4.000% due 12/01/2046 ^(e)			4			4
4.250% due 05/15/2021 ^(e)			816			867
4.250% due 08/01/2023 ^(e)			552			607
4.300% due 03/15/2045 ^(e)			11			12
4.500% due 12/15/2041 ^(e)			10			11
4.600% due 06/15/2043 ^(e)			8			9
4.650% due 08/01/2028 ^(e)			515			599
4.750% due 02/15/2044 ^(e)			382			435
5.125% due 11/15/2043 ^(e)			637			727
5.400% due 01/15/2040 ^(e)			8			9
5.800% due 03/01/2037 ^(e)			1,998			2,303
6.050% due 03/01/2034 ^(e)			989			1,139
6.250% due 03/01/2039 ^(e)			299			344
6.350% due 02/15/2038 ^(e)			396			459

Petrobras Global Finance BV
5.093% due 01/15/2030			2,378			2,612
6.625% due 01/16/2034	GBP		100			161

RCS & RDS S.A.
2.500% due 02/05/2025 (c)	EUR		100			111

Rio Oil Finance Trust
9.250% due 07/06/2024	$		2,564			2,879

Southern California Edison Co.
2.850% due 08/01/2029			8			8
3.650% due 03/01/2028			3			3
3.650% due 02/01/2050			15			16
5.750% due 04/01/2035			4			5
6.000% due 01/15/2034			2			3
6.650% due 04/01/2029			18			23

Southern California Gas Co.
2.550% due 02/01/2030			38			39

Sprint Communications, Inc.
6.000% due 11/15/2022			229			237

Sprint Corp.
7.250% due 02/01/2028 (c)			154			153
7.875% due 09/15/2023			1,852			1,971

Talen Energy Supply LLC
6.625% due 01/15/2028			14			14

Transocean Poseidon Ltd.
6.875% due 02/01/2027			54			57

						33,254

Total Corporate Bonds & Notes (Cost $175,259)						185,215


CONVERTIBLE BONDS & NOTES 0.8%

INDUSTRIALS 0.8%

Caesars Entertainment Corp.
5.000% due 10/01/2024			486			939

DISH Network Corp.
3.375% due 08/15/2026			1,600			1,557

						2,496


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 0.0%

Ensco Jersey Finance Ltd.
3.000% due 01/31/2024	$		4	$		3

Total Convertible Bonds & Notes (Cost $2,509)						2,499


MUNICIPAL BONDS & NOTES 5.0%

CALIFORNIA 0.2%

Riverside County, California Redevelopment Successor Agency Tax Allocation Bonds, Series 2010
7.500% due 10/01/2030			600			622


ILLINOIS 2.5%

Chicago, Illinois General Obligation Bonds, (BABs), Series 2010
7.517% due 01/01/2040			6,000			8,022

Chicago, Illinois General Obligation Bonds, Series 2017
7.045% due 01/01/2029			60			70

Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035			10			12
7.350% due 07/01/2035			10			13

Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			120			135

						8,252


VIRGINIA 0.1%

Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			385			389


WEST VIRGINIA 2.2%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (h)			21,900			1,016
7.467% due 06/01/2047			5,685			6,119

						7,135

Total Municipal Bonds & Notes (Cost $13,619)						16,398


U.S. GOVERNMENT AGENCIES 3.6%

Fannie Mae
3.500% due 12/25/2032 - 12/25/2049 (a)			3,583			383
3.509% due 06/25/2043 •(a)			500			103
4.000% due 11/25/2042 (a)			1,635			221
4.389% due 02/25/2049 •(a)			1,574			227
5.211% due 07/25/2029 •			420			444
7.411% due 07/25/2029 •			570			686
9.657% due 12/25/2040 •			132			185

Freddie Mac
0.000% due 02/25/2046 (b)(h)			3,139			2,934
0.100% due 02/25/2046 (a)			37,667			21
0.289% due 11/25/2055 ~(a)			16,900			1,421
2.550% due 11/25/2055 «~			4,010			2,434
3.000% due 11/15/2033 (a)			3,483			302
6.438% due 11/15/2040 •			208			259
9.211% due 12/25/2027 •			1,489			1,789
12.411% due 03/25/2025 •			288			377

Total U.S. Government Agencies (Cost $11,180)						11,786


NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2%

Banc of America Alternative Loan Trust
6.000% due 01/25/2036 ^			36			36

Banc of America Funding Trust
6.000% due 08/25/2036 ^			730			723

BCAP LLC Trust
0.000% due 06/26/2036 ~			61			31
3.783% due 03/27/2036 ~			1,053			931
4.850% due 03/26/2037 þ			357			435


64		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

Bear Stearns ALT-A Trust
1.981% due 06/25/2046 ^•	$		1,434	$		1,666
3.801% due 11/25/2036 ^~			189			158
3.826% due 09/25/2047 ^~			2,526			2,040
4.229% due 09/25/2035 ^~			226			187

Bear Stearns Commercial Mortgage Securities Trust
5.919% due 04/12/2038 ~			100			101

Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			323			312

CD Commercial Mortgage Trust
5.398% due 12/11/2049 ~			1			1

CD Mortgage Trust
5.688% due 10/15/2048			2,704			1,636

Chase Mortgage Finance Trust
3.794% due 12/25/2035 ^~			3			3
6.000% due 02/25/2037 ^			405			285
6.000% due 07/25/2037 ^			283			226
6.250% due 10/25/2036 ^			810			604

Citicorp Mortgage Securities Trust
5.500% due 04/25/2037			38			40

Commercial Mortgage Loan Trust
6.254% due 12/10/2049 ~			812			539

Countrywide Alternative Loan Resecuritization Trust
6.000% due 05/25/2036 ^			1,035			865
6.000% due 08/25/2037 ^~			478			372

Countrywide Alternative Loan Trust
2.011% due 05/25/2037 ^•			162			72
4.538% due 04/25/2036 ^~			442			409
5.500% due 03/25/2035			133			96
5.500% due 12/25/2035 ^			1,461			1,205
5.750% due 01/25/2035			119			123
6.000% due 02/25/2035			172			171
6.000% due 08/25/2036 ^•			190			167
6.000% due 04/25/2037 ^			496			350
6.250% due 11/25/2036 ^			329			302
6.250% due 12/25/2036 ^•			833			592
6.500% due 08/25/2036 ^			228			136

Countrywide Home Loan Mortgage Pass-Through Trust
3.747% due 02/20/2035 ~			10			10
5.500% due 10/25/2035 ^			263			241
6.250% due 09/25/2036 ^			253			189

Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
3.742% due 06/25/2034 •			2,030			2,056

Eurosail PLC
4.800% due 06/13/2045 •	GBP		239			286

GS Mortgage Securities Trust
5.622% due 11/10/2039	$		299			234

GSR Mortgage Loan Trust
5.500% due 05/25/2036 ^			28			49
6.000% due 02/25/2036 ^			1,665			1,219

HarborView Mortgage Loan Trust
2.378% due 01/19/2035 •			74			74
4.317% due 07/19/2035 ^~			20			19

IndyMac Mortgage Loan Trust
6.500% due 07/25/2037 ^			1,660			946

JPMorgan Alternative Loan Trust
3.667% due 03/25/2037 ^~			610			606
3.903% due 03/25/2036 ^~			747			683

JPMorgan Chase Commercial Mortgage Securities Trust
5.623% due 05/12/2045			52			48

JPMorgan Mortgage Trust
3.640% due 02/25/2036 ^~			140			116
4.024% due 01/25/2037 ^~			179			173

LB-UBS Commercial Mortgage Trust
5.407% due 11/15/2038 ^			351			209
5.562% due 02/15/2040 ^~			134			80

Lehman XS Trust
1.881% due 06/25/2047 •			769			709

Merrill Lynch Mortgage Investors Trust
4.081% due 03/25/2036 ^~			797			566

Morgan Stanley Mortgage Loan Trust
5.962% due 06/25/2036 ^~			2,439			994

Motel 6 Trust
8.603% due 08/15/2024 •			355			362


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

Residential Asset Securitization Trust
5.750% due 02/25/2036 ^	$		486	$		336
6.000% due 07/25/2037 ^			670			405
6.250% due 09/25/2037 ^			1,223			745

Residential Funding Mortgage Securities, Inc. Trust
5.277% due 08/25/2036 ^~			414			404
6.000% due 09/25/2036 ^			100			94
6.000% due 06/25/2037 ^			1,055			1,042

Structured Adjustable Rate Mortgage Loan Trust
3.731% due 11/25/2036 ^~			622			598
3.856% due 01/25/2036 ^~			639			475

SunTrust Adjustable Rate Mortgage Loan Trust
4.049% due 02/25/2037 ^~			99			95
4.452% due 04/25/2037 ^~			499			417

WaMu Mortgage Pass-Through Certificates Trust
2.600% due 12/25/2046 •			284			290
3.688% due 10/25/2036 ^~			366			345
3.813% due 02/25/2037 ^~			242			233

Wells Fargo Mortgage-Backed Securities Trust
6.000% due 06/25/2037 ^			43			44

Total Non-Agency Mortgage-Backed Securities (Cost $27,595)						30,206


ASSET-BACKED SECURITIES 18.5%

Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,750			1,322

Apidos CLO
0.000% due 01/20/2031 ~	$		2,200			1,512

Argent Securities Trust
1.851% due 03/25/2036 •			7,069			4,406

Asset-Backed Funding Certificates Trust
1.811% due 10/25/2036 •			4,279			4,085

Avoca CLO DAC
0.000% due 07/15/2032 ~	EUR		1,070			970

Bear Stearns Asset-Backed Securities Trust
6.500% due 10/25/2036 ^	$		214			161

Belle Haven ABS CDO Ltd.
2.539% due 07/05/2046 •			85,896			120

BlueMountain CLO Ltd.
7.298% due 04/13/2027 •			1,000			1,000

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			1,200			584
0.000% due 10/22/2031 ~			1,000			434

Citigroup Mortgage Loan Trust
1.811% due 12/25/2036 •			3,431			1,847
1.821% due 12/25/2036 •			875			605

Countrywide Asset-Backed Certificates
1.801% due 06/25/2047 ^•			634			584
1.861% due 06/25/2047 ^•			4,314			3,991

Dryden CLO Ltd.
0.000% due 07/17/2031 ~			5,689			4,377

Flagship Credit Auto Trust
0.000% due 05/15/2025 «(h)			4			436

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		250			171

GSAMP Trust
1.921% due 02/25/2046 •	$		3,312			3,212
2.636% due 03/25/2035 ^•			5,355			4,893

Jay Park CLO Ltd.
0.000% due 10/20/2027 ~			2,700			1,545

JPMorgan Mortgage Acquisition Trust
1.981% due 04/25/2036 •			6,000			5,759

Lehman XS Trust
6.290% due 06/24/2046 þ			1,232			1,235

Marlette Funding Trust
0.000% due 07/16/2029 «(h)			6			1,658
0.000% due 03/15/2030 «(h)			3			1,035

Merrill Lynch Mortgage Investors Trust
1.821% due 04/25/2037 •			250			151

Morgan Stanley Mortgage Loan Trust
1.781% due 04/25/2037 •			3,226			1,459
6.250% due 02/25/2037 ^~			305			213


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

Residential Asset Mortgage Products Trust
1.941% due 09/25/2036 •	$		214	$		209

Securitized Asset-Backed Receivables LLC Trust
1.801% due 05/25/2036 •			5,130			3,405

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(h)			1			1,448

SLM Student Loan Trust
0.000% due 01/25/2042 «(h)			2			1,315

SoFi Consumer Loan Program LLC
0.000% due 11/25/2026 «(h)			22			1,044

SoFi Professional Loan Program LLC
0.000% due 05/25/2040 (h)			2,100			741
0.000% due 09/25/2040 (h)			846			410

South Coast Funding Ltd.
2.501% due 08/10/2038 •			5,657			950

Symphony CLO Ltd.
6.438% due 07/14/2026 •			1,000			965

Taberna Preferred Funding Ltd.
2.271% due 08/05/2036 •			158			140
2.271% due 08/05/2036 ^•			2,955			2,634

Total Asset-Backed Securities (Cost $63,980)						61,026


SOVEREIGN ISSUES 5.2%

Argentina Government International Bond
2.500% due 07/22/2021	ARS		7,772			67
3.375% due 01/15/2023	EUR		100			50
3.380% due 12/31/2038 þ			1,734			803
4.000% due 03/06/2020	ARS		52,053			539
5.250% due 01/15/2028	EUR		100			47
6.250% due 11/09/2047			100			46
7.820% due 12/31/2033			5,220			3,090
15.500% due 10/17/2026	ARS		26,000			105
38.154% (BADLARPP + 2.000%) due 04/03/2022 ~			30,292			230
42.524% (BADLARPP + 3.250%) due 03/01/2020 ~			700			8
42.781% (BADLARPP) due 10/04/2022 ~			28			0
53.323% (ARLLMONP) due 06/21/2020 ~(a)			68,813			569

Autonomous City of Buenos Aires Argentina
39.421% due 03/29/2024 •			45,317			473
39.745% (BADLARPP + 5.000%) due 01/23/2022 ~			43,600			484

Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR		700			835

Peru Government International Bond
5.400% due 08/12/2034	PEN		5			2
5.940% due 02/12/2029			1,257			426
6.150% due 08/12/2032			184			63
6.350% due 08/12/2028			3,092			1,075
6.900% due 08/12/2037			45			16
6.950% due 08/12/2031			463			168
8.200% due 08/12/2026			2,161			818

Provincia de Buenos Aires
39.293% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS		217,314			1,431

South Africa Government International Bond
4.850% due 09/30/2029	$		600			607
5.750% due 09/30/2049			600			592

Turkey Government International Bond
4.625% due 03/31/2025	EUR		800			975
5.200% due 02/16/2026			300			374
5.600% due 11/14/2024	$		1,400			1,477
7.625% due 04/26/2029			900			1,048

Ukraine Government International Bond
4.375% due 01/27/2030	EUR		582			642

Venezuela Government International Bond
6.000% due 12/09/2020 ^(e)	$		120			15
8.250% due 10/13/2024 ^(e)			12			2
9.250% due 09/15/2027 ^(e)			151			19

Total Sovereign Issues (Cost $26,419)						17,096


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		65

Schedule of Investments PIMCO Income Strategy Fund (Cont.)


	SHARES			MARKET VALUE (000S)
COMMON STOCKS 1.3%

COMMUNICATION SERVICES 0.3%

Clear Channel Outdoor Holdings, Inc. (f)		261,329	$		713

iHeartMedia, Inc. (f)		197			3

iHeartMedia, Inc. ‘A’ (f)		14,710			260

					976


CONSUMER DISCRETIONARY 0.9%

Caesars Entertainment Corp. (f)		227,344			3,108


ENERGY 0.0%

Forbes Energy Services Ltd. (f)(j)		13,350			2


INDUSTRIALS 0.1%

Westmoreland Mining Holdings LLC «(f)(j)		25,438			318

Total Common Stocks (Cost $5,643)					4,404


WARRANTS 0.8%

COMMUNICATION SERVICES 0.5%

iHeartMedia, Inc.		95,797			1,694


INDUSTRIALS 0.3%

Sequa Corp. - Exp. 04/28/2024 «		394,000			872

Total Warrants (Cost $2,083)					2,566


	SHARES			MARKET VALUE (000S)
PREFERRED SECURITIES 4.9%

BANKING & FINANCE 1.5%

Banco Bilbao Vizcaya Argentaria S.A.
6.750% due 02/18/2020 •(i)		1,000,000	$		1,112

Banco Santander S.A.
6.250% due 09/11/2021 •(i)		200,000			238

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)		35,000			37

Nationwide Building Society
10.250% ~		16,350			3,648

					5,035


INDUSTRIALS 3.4%

General Electric Co.
5.000% due 01/21/2021 •(i)		127,000			126

Sequa Corp. (12.000% PIK)
12.000% «(d)		9,446			11,105

					11,231

Total Preferred Securities (Cost $11,842)					16,266


REAL ESTATE INVESTMENT TRUSTS 1.6%

REAL ESTATE 1.6%

VICI Properties, Inc.		202,347			5,423

Total Real Estate Investment Trusts (Cost $2,691)					5,423


SHORT-TERM INSTRUMENTS 4.6%

REPURCHASE AGREEMENTS (k) 4.3%
					14,146

PRINCIPAL
AMOUNT
(000S)

MARKET
VALUE
(000S)

ARGENTINA TREASURY BILLS 0.1%

38.342% due 04/03/2020 ~

ARS

2,960

38.686% due 06/22/2020 ~

6,650

54.210% due 02/26/2020 - 08/27/2020 (g)(h)

22,251

257

368

U.S. TREASURY BILLS 0.2%

1.526% due 03/26/2020 (h)(o)

576

575

Total Short-Term Instruments
(Cost $15,359)

15,089

Total Investments in Securities
(Cost $410,967)

418,638

Total Investments 127.2%
(Cost $410,967)

418,638

Financial Derivative
Instruments (m)(n) 0.0%

(Cost or Premiums, net $1,791)

124

Auction Rate Preferred Shares (13.7)%

(45,200

)

Other Assets and Liabilities, net (13.5)%

(44,414

)

Net Assets Applicable to Common Shareholders 100.0%

329,148

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)

Interest only security.

(b)

Principal only security.

(c)

When-issued security.

(d)

Payment in-kind security.

(e)

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

(f)

Security did not produce income within the last twelve months.

(g)

Coupon represents a weighted average yield to maturity.

(h)

Zero coupon security.

(i)

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


66		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

(j) RESTRICTED SECURITIES:


Issuer Description	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Forbes Energy Services Ltd.	10/09/2014 - 11/18/2016	$	532	$	2		0.00	%
Westmoreland Mining Holdings LLC	12/08/2014 - 10/19/2016		733		318		0.10

		$	1,265	$	320		0.10	%

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⁾
BPG		1.640	%		01/31/2020		02/03/2020	$	4,300	U.S. Treasury Notes 3.125% due 11/15/2028	$	(4,401	)	$	4,300	$	4,300
BSN		1.640			01/31/2020		02/03/2020		600	U.S. Treasury Notes 2.500% due 03/31/2023		(614	)		600		600
FICC		1.250			01/31/2020		02/03/2020		646	U.S. Treasury Inflation Protected Securities 1.250% due 07/15/2020		(659	)		646		646
MBC		1.640			01/31/2020		02/03/2020		4,300	U.S. Treasury Notes 1.875% due 01/31/2022		(4,443	)		4,300		4,301
TDM		1.640			01/31/2020		02/03/2020		4,300	U.S. Treasury Notes 1.750% due 05/15/2023		(4,414	)		4,300		4,301

Total Repurchase Agreements											$	(14,531	)	$	14,146	$	14,148

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
BCY		2.000	%		11/01/2019		TBD	⁽³⁾	$	(1,145	)	$	(1,151	)
BOS		1.970			01/09/2020		02/11/2020			(2,892	)		(2,896	)
BPS		2.100			01/29/2020		03/02/2020			(4,355	)		(4,356	)
BRC		(7.000	)		01/22/2020		TBD	⁽³⁾		(121	)		(121	)
		1.000			01/31/2020		TBD	⁽³⁾		(206	)		(206	)
CEW		2.250			01/17/2020		02/20/2020			(2,942	)		(2,945	)
CIW		2.000			01/08/2020		02/10/2020			(1,862	)		(1,865	)
JML		(0.300	)		01/15/2020		04/15/2020		EUR	(1,399	)		(1,551	)
		0.950			01/17/2020		04/17/2020		GBP	(192	)		(253	)
		0.950			01/28/2020		04/28/2020			(1,900	)		(2,510	)
		2.350			11/08/2019		02/06/2020		$	(4,294	)		(4,318	)
JPS		1.650			01/09/2020		02/10/2020			(1,021	)		(1,022	)
RDR		1.900			01/28/2020		TBD	⁽³⁾		(3,119	)		(3,120	)
		1.950			01/06/2020		02/07/2020			(2,394	)		(2,398	)
UBS		2.000			01/30/2020		03/03/2020			(4,016	)		(4,017	)
		2.200			01/30/2020		03/03/2020			(4,301	)		(4,302	)
		2.250			01/08/2020		02/11/2020			(3,936	)		(3,943	)
		2.350			01/07/2020		02/10/2020			(2,947	)		(2,952	)
		2.450			12/04/2019		03/03/2020			(1,235	)		(1,240	)

Total Reverse Repurchase Agreements												$	(45,166	)

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 January 31, 2020:


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
BCY	$	0	$	(1,151	)	$	0	$	(1,151	)	$	1,251		$	100
BOS		0		(2,896	)		0		(2,896	)		3,060			164
BPG		4,300		0			0		4,300			(4,401	)		(101	)
BPS		0		(4,356	)		0		(4,356	)		5,065			709
BRC		0		(327	)		0		(327	)		328			1


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		67

Schedule of Investments PIMCO Income Strategy Fund (Cont.)


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⁾
BSN	$	600	$	0		$	0	$	600		$	(614	)	$	(14	)
CEW		0		(2,945	)		0		(2,945	)		3,267			322
CIW		0		(1,865	)		0		(1,865	)		1,933			68
FICC		646		0			0		646			(659	)		(13	)
JML		0		(8,632	)		0		(8,632	)		9,930			1,298
JPS		0		(1,022	)		0		(1,022	)		1,116			94
MBC		4,301		0			0		4,301			(4,443	)		(142	)
RDR		0		(5,518	)		0		(5,518	)		5,828			310
TDM		4,301		0			0		4,301			(4,414	)		(113	)
UBS		0		(16,454	)		0		(16,454	)		18,640			2,186

Total Borrowings and Other Financing Transactions	$	14,148	$	(45,166	)	$	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	$	(22,339	)	$	(18,229	)	$	(4,598	)	$	(45,166	)

Total Borrowings	$	0	$	(22,339	)	$	(18,229	)	$	(4,598	)	$	(45,166	)

Payable for reverse repurchase agreements												$	(45,166	)

(l)

Securities with an aggregate market value of $50,689 have been pledged as collateral under the terms of the above master agreements as of January 31, 2020.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended January 31, 2020 was $(51,631) at a weighted average interest rate of 2.268%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽³⁾	Open maturity reverse repurchase agreement.

⁽⁴⁾

(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 January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
Bombardier, Inc.		5.000	%		Quarterly		06/20/2024		4.893	%		$	300	$	(1	)	$	4		$	3		$	0	$	(1	)
Bombardier, Inc.		5.000			Quarterly		12/20/2024		5.130				700		(3	)		4			1			0		(1	)
Frontier Communications Corp.		5.000			Quarterly		06/20/2020		357.443				2,900		(95	)		(1,294	)		(1,389	)		35		0

														$	(99	)	$	(1,286	)	$	(1,385	)	$	35	$	(2	)

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
Receive	3-Month USD-LIBOR		3.000	%	Semi-Annual		06/19/2022		$	24,600	$	(780	)	$	(194	)	$	(974	)	$	0	$	(38	)
Pay	3-Month USD-LIBOR		2.750		Semi-Annual		06/17/2025			43,420		2,555			673			3,228			121		0
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		06/15/2026			15,300		723			116			839			48		0
Pay	3-Month USD-LIBOR		2.500		Semi-Annual		12/20/2027			28,100		200			2,132			2,332			108		0
Pay	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2029			49,900		2,148			4,768			6,916			226		0
Pay	3-Month USD-LIBOR		3.500		Semi-Annual		06/19/2044			83,100		(2,711	)		34,231			31,520			853		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049			3,700		(15	)		(498	)		(513	)		0		(35	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050			10,600		(76	)		(748	)		(824	)		0		(95	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050			51,500		28			689			717			0		(428	)
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050			8,400		(19	)		(121	)		(140	)		0		(72	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050			30,500		(108	)		524			416			0		(254	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.875		Semi-Annual		02/07/2050			8,800		(34	)		(383	)		(417	)		0		(77	)
Receive⁽⁵⁾	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050			1,700		(5	)		(231	)		(236	)		0		(16	)


68		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (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	6-Month AUD-BBR-BBSW		3.500	%	Semi-Annual		06/17/2025		AUD	3,900	$	97		$	279		$	376		$	9	$	0
Receive⁽⁵⁾	6-Month EUR-EURIBOR		(0.150	)	Annual		03/18/2030		EUR	5,800		106			(38	)		68			0		(39	)
Receive⁽⁵⁾	6-Month EUR-EURIBOR		0.150		Annual		06/17/2030			1,200		(1	)		(23	)		(24	)		0		(9	)
Receive⁽⁵⁾	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030		GBP	17,800		185			(234	)		(49	)		0		(20	)

											$	2,293		$	40,942		$	43,235		$	1,365	$	(1,083	)

Total Swap Agreements											$	2,194		$	39,656		$	41,850		$	1,400	$	(1,085	)

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 January 31, 2020:

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

1,400

(1,085)

Cash of $5,807 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of January 31, 2020. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽¹⁾

⁽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⁾

⁽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		02/2020	$	19,933	EUR	18,083	$	122	$	0
		02/2020		2,133	MXN	39,922		0		(23	)
		03/2020	EUR	18,083	$	19,967		0		(122	)
		03/2020	$	37	IDR	502,432		0		0

BPS		02/2020	EUR	100	$	111		0		0
		02/2020	PEN	1,542		454		0		(1	)
		02/2020	$	709	IDR	9,697,213		0		0
		02/2020		1,375	INR	98,025		0		(4	)

BRC		02/2020	EUR	17,293	$	19,368		189		0
		03/2020	$	15	IDR	208,791		0		0

CBK		02/2020	BRL	6,042	$	1,434		23		0
		02/2020	EUR	335		372		1		0
		02/2020	$	1,484	BRL	6,042		0		(74	)
		02/2020		462	PEN	1,542		0		(7	)
		03/2020		1,432	BRL	6,042		0		(23	)
		04/2020	PEN	1,542	$	461		7		0

FBF		03/2020	$	924	BRL	3,897		0		(16	)

GLM		02/2020		2,936	RUB	188,222		3		0

HUS		02/2020	EUR	583	$	643		0		(4	)


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		69

Schedule of Investments PIMCO Income Strategy Fund (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
		02/2020	$	127	INR	9,050	$	0	$	(1	)
		03/2020		16		1,166		0		0

JPM		02/2020	GBP	28,209	$	36,930		0		(320	)

MYI		03/2020	$	1,692	RUB	109,963		20		0

RBC		03/2020		827	IDR	11,344,083		1		0

RYL		02/2020		255	EUR	228		0		(2	)
		05/2020		2,735	MXN	53,659		67		0

SCX		03/2020		49	IDR	670,382		0		0
		03/2020		102	INR	7,276		0		0

UAG		02/2020		36,685	GBP	28,209		565		0
		03/2020	GBP	28,209	$	36,715		0		(562	)

Total Forward Foreign Currency Contracts							$	998	$	(1,159	)

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 January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
BPS	Petrobras Global Finance BV		1.000	%		Quarterly		12/20/2024		1.357	%	$	500	$	(98	)	$	91	$	0	$	(7	)

GST	Petrobras Global Finance BV		1.000			Quarterly		12/20/2024		1.357			700		(139	)		128		0		(11	)

HUS	Petrobras Global Finance BV		1.000			Quarterly		12/20/2024		1.357			800		(166	)		154		0		(12	)

Total Swap Agreements														$	(403	)	$	373	$	0	$	(30	)

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 January 31, 2020:


	Financial Derivative Assets								Financial Derivative Liabilities											Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure⁽⁵⁾
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	$	122	$	0	$	0	$	122	$	(145	)	$	0	$	0		$	(145	)	$	(23	)	$	0		$	(23	)
BPS		0		0		0		0		(5	)		0		(7	)		(12	)		(12	)		21			9
BRC		189		0		0		189		0			0		0			0			189			(280	)		(91	)
CBK		31		0		0		31		(104	)		0		0			(104	)		(73	)		0			(73	)
FBF		0		0		0		0		(16	)		0		0			(16	)		(16	)		0			(16	)
GLM		3		0		0		3		0			0		0			0			3			0			3
GST		0		0		0		0		0			0		(11	)		(11	)		(11	)		68			57
HUS		0		0		0		0		(5	)		0		(12	)		(17	)		(17	)		16			(1	)
JPM		0		0		0		0		(320	)		0		0			(320	)		(320	)		0			(320	)
MYI		20		0		0		20		0			0		0			0			20			0			20
RBC		1		0		0		1		0			0		0			0			1			0			1
RYL		67		0		0		67		(2	)		0		0			(2	)		65			0			65
UAG		565		0		0		565		(562	)		0		0			(562	)		3			0			3

Total Over the Counter	$	998	$	0	$	0	$	998	$	(1,159	)	$	0	$	(30	)	$	(1,189	)

(o)

Securities with an aggregate market value of $105 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of January 31, 2020.

⁽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.


70		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

⁽⁴⁾

⁽⁵⁾

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of January 31, 2020:


	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	$	35	$	0	$	0	$	1,365	$	1,400

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	998	$	0	$	998

	$	0	$	35	$	0	$	998	$	1,365	$	2,398


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	2	$	0	$	0	$	1,083	$	1,085

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,159	$	0	$	1,159
Swap Agreements		0		30		0		0		0		30

	$	0	$	30	$	0	$	1,159	$	0	$	1,189

	$	0	$	32	$	0	$	1,159	$	1,083	$	2,274

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended January 31, 2020:


	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	$	146		$	0	$	0		$	(27,702	)	$	(27,556	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	962		$	0		$	962
Swap Agreements		0		13			0		0			0			13

	$	0	$	13		$	0	$	962		$	0		$	975

	$	0	$	159		$	0	$	962		$	(27,702	)	$	(26,581	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(555	)	$	0	$	0		$	27,320		$	26,765

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(2,393	)	$	0		$	(2,393	)
Swap Agreements		0		37			0		0			0			37

	$	0	$	37		$	0	$	(2,393	)	$	0		$	(2,356	)

	$	0	$	(518	)	$	0	$	(2,393	)	$	27,320		$	24,409


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		71

Schedule of Investments PIMCO Income Strategy Fund (Cont.)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 01/31/2020
Investments in Securities, at Value
Loan Participations and Assignments	$	56	$	42,579	$	8,029	$	50,664
Corporate Bonds & Notes
Banking & Finance		0		77,708		0		77,708
Industrials		0		74,035		218		74,253
Utilities		0		33,254		0		33,254
Convertible Bonds & Notes
Industrials		0		2,496		0		2,496
Utilities		0		3		0		3
Municipal Bonds & Notes
California		0		622		0		622
Illinois		0		8,252		0		8,252
Virginia		0		389		0		389
West Virginia		0		7,135		0		7,135
U.S. Government Agencies		0		9,352		2,434		11,786
Non-Agency Mortgage-Backed Securities		0		30,206		0		30,206
Asset-Backed Securities		0		54,090		6,936		61,026
Sovereign Issues		0		17,096		0		17,096
Common Stocks
Communication Services		973		3		0		976
Consumer Discretionary		3,108		0		0		3,108
Energy		2		0		0		2
Industrials		0		0		318		318
Warrants
Communication Services		0		1,694		0		1,694
Industrials		0		0		872		872
Preferred Securities
Banking & Finance		0		5,035		0		5,035
Industrials		0		126		11,105		11,231


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 01/31/2020
Real Estate Investment Trusts
Real Estate	$	5,423	$	0		$	0	$	5,423
Short-Term Instruments
Repurchase Agreements		0		14,146			0		14,146
Argentina Treasury Bills		0		368			0		368
U.S. Treasury Bills		0		575			0		575


Total Investments	$	9,562	$	379,164		$	29,912	$	418,638


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		1,400			0		1,400
Over the counter		0		998			0		998

	$	0	$	2,398		$	0	$	2,398


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(1,085	)		0		(1,085	)
Over the counter		0		(1,189	)		0		(1,189	)

	$	0	$	(2,274	)	$	0	$	(2,274	)


Total Financial Derivative Instruments	$	0	$	124		$	0	$	124


Totals	$	9,562	$	379,288		$	29,912	$	418,762

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended January 31, 2020:


Category and Subcategory	Beginning Balance at 07/31/2019		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 01/31/2020		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 01/31/2020⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	1,908	$	6,214	$	(126	)	$	(57	)	$	(1	)	$	51		$	40	$	0	$	8,029	$	51
Corporate Bonds & Notes
Industrials		0		272		0			2			0			(56	)		0		0		218		(56	)
U.S. Government Agencies		2,433		0		(24	)		70			8			(53	)		0		0		2,434		(54	)
Asset-Backed Securities		8,729		1,035		(1,818	)		0			160			(1,170	)		0		0		6,936		(1,283	)
Common Stocks
Industrials		369		0		0			0			0			(51	)		0		0		318		(51	)
Warrants
Industrials		731		0		0			0			0			141			0		0		872		141
Preferred Securities
Industrials		10,669		619		0			0			0			(183	)		0		0		11,105		(183	)

Totals	$	24,839	$	8,140	$	(1,968	)	$	15		$	167		$	(1,321	)	$	40	$	0	$	29,912	$	(1,435	)


72		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

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 01/31/2020		Valuation Technique	Unobservable Inputs	(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 01/31/2020		Valuation Technique	Unobservable Inputs	Input Value(s)		Weighted Average
Investments in Securities, at Value
Loan Participations and Assignments	$	4,600	Market Based Approach	Recovery Value		100.000		—
		3,429	Third Party Vendor	Broker Quote		75.500-102.000		90.019
Corporate Bonds & Notes
Industrials		218	Other Valuation Techniques⁽²⁾	—		—		—
U.S. Government Agencies		2,434	Proxy Pricing	Base Price		60.540		—
Asset-Backed Securities		6,936	Proxy Pricing	Base Price		4,747.000-100,937.971		46,570.691
Common Stocks
Industrials		318	Other Valuation Techniques⁽²⁾	—		—		—
Warrants
Industrials		872	Other Valuation Techniques⁽²⁾	—		—		—

Preferred Securities
Industrials		11,105	Fundamental Valuation	Company Equity Value	$	948,002,602.394		—

Total	$	29,912

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at January 31, 2020 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		73

Schedule of Investments PIMCO Income Strategy Fund II

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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 125.2%

LOAN PARTICIPATIONS AND ASSIGNMENTS 14.1%

Advanz Pharma Corp.
7.447% (LIBOR03M + 5.500%) due 09/06/2024 ~	$		4,710	$		4,475

Al Convoy (Luxembourg) S.a.r.l.
TBD% due 01/29/2027			78			78

Alphabet Holding Co., Inc.
5.145% (LIBOR03M + 3.500%) due 09/26/2024 ~			98			94

Altice France S.A.
5.676% (LIBOR03M + 4.000%) due 08/14/2026 ~			296			297

CenturyLink, Inc.
TBD% due 03/15/2027			271			271

CityCenter Holdings LLC
3.895% (LIBOR03M + 2.250%) due 04/18/2024 ~			247			248

Clay Holdco BV
TBD% due 11/30/2025	EUR		3,020			3,336

Diamond Resorts Corp.
5.395% (LIBOR03M + 3.750%) due 09/02/2023 ~	$		378			373

Dubai World (3.000% Cash and 1.750% PIK)
4.750% (LIBOR03M + 2.000%) due 09/30/2022 ~(d)			5,451			5,097

Emerald TopCo, Inc.
5.145% (LIBOR03M + 3.500%) due 07/24/2026 ~			114			114

Envision Healthcare Corp.
5.395% (LIBOR03M + 3.750%) due 10/10/2025 ~			16,168			13,679

Financial & Risk U.S. Holdings, Inc.
4.895% (LIBOR03M + 3.250%) due 10/01/2025 ~			693			702

Forbes Energy Services LLC (6.909% Cash and 11.000% PIK)
17.909% (LIBOR03M + 5.000%) due 04/13/2021 ~(d)			341			341

Froneri Ltd.
TBD% due 01/31/2027			122			123
TBD% due 01/28/2028 «			8			8

Frontier Communications Corp.
5.400% (LIBOR03M + 3.750%) due 06/15/2024 ~			586			592

iHeartCommunications, Inc.
5.781% (LIBOR03M + 4.000%) due 05/01/2026 ~			3,654			3,669

IRB Holding Corp.
4.384% (LIBOR03M + 2.750%) due 02/05/2025 ~			947			950

Jefferies Finance LLC
5.063% (LIBOR03M + 3.250%) due 06/03/2026 ~			23			23

McDermott Technology Americas, Inc.
TBD% due 10/21/2021 ^µ(e)			2,575			2,695
TBD% due 05/09/2025 ^(e)			4,611			2,939

Messer Industrie GmbH
4.445% (LIBOR03M + 2.500%) due 03/01/2026 ~			71			71

MH Sub LLC
5.395% (LIBOR03M + 3.750%) due 09/13/2024 ~			117			117

Nascar Holdings, Inc.
4.408% (LIBOR03M + 2.750%) due 10/19/2026 ~			73			73

NCI Building Systems, Inc.
5.434% (LIBOR03M + 3.750%) due 04/12/2025 ~			39			39

Neiman Marcus Group Ltd. LLC
7.734% (LIBOR03M + 6.000%) due 10/25/2023 ~			10,975			9,329


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

Neiman Marcus Group Ltd. LLC (7.234 - 7.277% Cash and 1.000% PIK)
8.234% - 8.277% (LIBOR03M + 5.500%) due 10/25/2023 ~(d)	$		8,510	$		7,201

Ortho-Clinical Diagnostics S.A.
5.013% (LIBOR03M + 3.250%) due 06/30/2025 ~			618			612

Pacific Gas & Electric Co.
TBD% due 02/22/2049 ^(e)			100			105

Parexel International Corp.
4.395% (LIBOR03M + 2.750%) due 09/27/2024 ~			88			87

PetSmart, Inc.
5.670% (LIBOR03M + 4.000%) due 03/11/2022 ~			140			140

Playtika Holding Corp.
7.645% (LIBOR03M + 6.000%) due 12/10/2024 ~			4,014			4,058

Pug LLC
TBD% due 01/15/2027			36			36

Reynolds Consumer Products, Inc.
TBD% due 01/29/2027			100			101

Sequa Mezzanine Holdings LLC
10.770% (LIBOR03M + 9.000%) due 04/28/2022 «~			90			91

Sotera Health Holdings LLC
6.145% (LIBOR03M + 4.500%) due 12/11/2026 ~			146			147

Starfruit Finco BV
4.699% (LIBOR03M + 3.000%) due 10/01/2025 ~			183			183

Summer (BC) Holdco B SARL
TBD% due 10/15/2026 «			2,656			2,586
TBD% due 12/04/2026 «			664			647

Sunshine Luxembourg SARL
6.195% (LIBOR03M + 4.250%) due 10/01/2026 ~			208			209

Syniverse Holdings, Inc.
6.873% (LIBOR03M + 5.000%) due 03/09/2023 ~			8,859			8,113

U.S. Renal Care, Inc.
6.645% (LIBOR03M + 5.000%) due 06/26/2026 ~			454			451

Univision Communications, Inc.
4.395% (LIBOR03M + 2.750%) due 03/15/2024 ~			4,279			4,236

West Corp.
5.645% (LIBOR03M + 4.000%) due 10/10/2024 ~			41			35

Westmoreland Mining Holdings LLC
10.150% (LIBOR03M + 8.250%) due 03/15/2022 «~			1,185			1,197

Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 «(d)			3,478			2,626

Windstream Services LLC
9.000% (PRIME + 4.250%) due 02/17/2024 ~			5,700			5,436
9.750% (PRIME + 5.000%) due 03/29/2021 ~			8,020			7,864

Total Loan Participations and Assignments (Cost $100,780)						95,894


CORPORATE BONDS & NOTES 54.1%

BANKING & FINANCE 22.6%

Ally Financial, Inc.
8.000% due 11/01/2031			1,445			2,037

Ambac LSNI LLC
6.945% due 02/12/2023 •			500			509

Ardonagh Midco PLC
8.375% due 07/15/2023 (l)	GBP		3,380			4,554
8.375% due 07/15/2023			8,648			11,652
8.625% due 07/15/2023	$		600			617


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

Banco BTG Pactual S.A.
4.500% due 01/10/2025	$		200	$		206

Banco de Credito del Peru
4.650% due 09/17/2024	PEN		800			241

Bank of Ireland
7.375% due 06/18/2020 •(i)	EUR		200			227

Barclays Bank PLC
7.625% due 11/21/2022	$		4,400			4,964

Barclays PLC
3.250% due 01/17/2033	GBP		200			285
7.125% due 06/15/2025 •(i)			1,200			1,821
7.750% due 09/15/2023 •(i)	$		1,000			1,096
7.875% due 09/15/2022 •(i)	GBP		415			610
8.000% due 06/15/2024 •(i)	$		400			452

BGC Partners, Inc.
3.750% due 10/01/2024			1,200			1,228

Brookfield Finance, Inc.
3.900% due 01/25/2028			12			13
4.700% due 09/20/2047			142			173

Cantor Fitzgerald LP
4.875% due 05/01/2024			31			34
6.500% due 06/17/2022 (l)			8,500			9,285

CBL & Associates LP
5.950% due 12/15/2026			2,716			1,365

Credit Agricole S.A.
7.875% due 01/23/2024 •(i)(l)			300			342

Credit Suisse Group AG
7.500% due 07/17/2023 •(i)			200			221
7.500% due 12/11/2023 •(i)			7,243			8,229

Deutsche Bank AG
3.961% due 11/26/2025 •			1,200			1,255

Emerald Bay S.A.
0.000% due 10/08/2020 (h)	EUR		1,873			2,049

Equitable Holdings, Inc.
5.000% due 04/20/2048	$		9			10

ESH Hospitality, Inc.
4.625% due 10/01/2027			58			58

Flagstar Bancorp, Inc.
6.125% due 07/15/2021			3,500			3,651

Ford Motor Credit Co. LLC
3.087% due 01/09/2023			400			404

Fortress Transportation & Infrastructure Investors LLC
6.500% due 10/01/2025			377			401
6.750% due 03/15/2022			482			497

GSPA Monetization Trust
6.422% due 10/09/2029			3,314			3,879

HSBC Bank PLC
6.330% due 05/23/2023			5,900			6,239

HSBC Holdings PLC
5.875% due 09/28/2026 •(i)(l)	GBP		200			296
6.000% due 09/29/2023 •(i)(l)	EUR		2,470			3,171
6.500% due 03/23/2028 •(i)	$		500			557

Hunt Cos., Inc.
6.250% due 02/15/2026			26			25

ING Groep NV
5.750% due 11/16/2026 •(i)			400			429

Kennedy-Wilson, Inc.
5.875% due 04/01/2024			68			70

Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			62			62

Lloyds Banking Group PLC
7.500% due 09/27/2025 •(i)			5,999			6,866
7.625% due 06/27/2023 •(i)	GBP		2,300			3,421
7.875% due 06/27/2029 •(i)			6,518			11,066

LoanCore Capital Markets LLC
6.875% due 06/01/2020	$		200			200

Nationstar Mortgage LLC
6.500% due 07/01/2021			484			485

Navient Corp.
5.625% due 08/01/2033			48			44

Newmark Group, Inc.
6.125% due 11/15/2023			62			68


74		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

Oppenheimer Holdings, Inc.
6.750% due 07/01/2022	$		1,212	$		1,251

Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 •(i)(l)			3,080			3,156
8.000% due 08/10/2025 •(i)(l)			5,990			7,000
8.625% due 08/15/2021 •(i)			2,700			2,921

Santander UK Group Holdings PLC
6.750% due 06/24/2024 •(i)	GBP		2,025			2,984
7.375% due 06/24/2022 •(i)			4,100			5,951

SBA Communications Corp.
3.875% due 02/15/2027 (c)	$		176			179

Societe Generale S.A.
6.750% due 04/06/2028 •(i)			200			225
7.375% due 10/04/2023 •(i)			600			662

Springleaf Finance Corp.
5.375% due 11/15/2029			19			20
5.625% due 03/15/2023			1,172			1,257
6.125% due 03/15/2024			134			146
6.875% due 03/15/2025			104			118

Tesco Property Finance PLC
5.411% due 07/13/2044	GBP		4,281			7,453
6.052% due 10/13/2039			2,320			4,128

TP ICAP PLC
5.250% due 01/26/2024 (l)			2,980			4,370

UniCredit SpA
7.830% due 12/04/2023	$		4,160			4,911

Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP		2,941			4,469

Voyager Aviation Holdings LLC
8.500% due 08/15/2021 (l)	$		6,929			7,105

						153,670


INDUSTRIALS 22.2%

Albertsons Cos., Inc.
3.500% due 02/15/2023 (c)			54			55
4.625% due 01/15/2027			54			55
4.875% due 02/15/2030 (c)			62			64

Altice Financing S.A.
2.250% due 01/15/2025	EUR		100			109
7.500% due 05/15/2026	$		2,600			2,783

Altice France S.A.
7.375% due 05/01/2026 (l)			3,712			3,956

Associated Materials LLC
9.000% due 01/01/2024			788			690

Avon International Capital PLC
6.500% due 08/15/2022			26			27

B.C. Unlimited Liability Co.
4.375% due 01/15/2028			34			34

Baffinland Iron Mines Corp.
8.750% due 07/15/2026			1,300			1,353

Bausch Health Cos., Inc.
5.000% due 01/30/2028			92			93
5.250% due 01/30/2030			92			94

BCPE Cycle Merger Sub, Inc.
10.625% due 07/15/2027			75			78

Bioceanico Sovereign Certificate Ltd.
0.000% due 06/05/2034 (h)			150			106

Bombardier, Inc.
6.000% due 10/15/2022			32			31
6.125% due 01/15/2023			830			821
7.500% due 03/15/2025			777			748
7.875% due 04/15/2027			2,803			2,663

Camelot Finance S.A.
4.500% due 11/01/2026			9			9

CCO Holdings LLC
4.750% due 03/01/2030			176			181

Centene Corp.
4.250% due 12/15/2027			61			64
4.625% due 12/15/2029			124			134
4.750% due 01/15/2025			178			184

Charter Communications Operating LLC
4.800% due 03/01/2050			218			236


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

Clear Channel Worldwide Holdings, Inc.
9.250% due 02/15/2024	$		1,890	$		2,062

Community Health Systems, Inc.
5.125% due 08/01/2021 (l)			2,259			2,266
6.250% due 03/31/2023 (l)			7,950			8,129
6.625% due 02/15/2025 (c)			1,624			1,645
8.000% due 03/15/2026			494			516
8.625% due 01/15/2024			846			901

Connect Finco SARL
6.750% due 10/01/2026			62			66

Corning, Inc.
5.450% due 11/15/2079			77			89

Dealer Tire LLC
8.000% due 02/01/2028 (c)			32			32

Dell International LLC
6.020% due 06/15/2026 (l)			2,534			2,962

Diamond Resorts International, Inc.
7.750% due 09/01/2023			764			788
10.750% due 09/01/2024 (l)			2,500			2,607

DriveTime Automotive Group, Inc.
8.000% due 06/01/2021 (l)			1,670			1,694

Eagle Holding Co. LLC (7.750% Cash or 8.500% PIK)
7.750% due 05/15/2022 (d)			17			17

Eldorado Resorts, Inc.
6.000% due 09/15/2026 (l)			2,200			2,416

Energy Transfer Operating LP
2.900% due 05/15/2025			39			39
3.750% due 05/15/2030			86			88
5.000% due 05/15/2050			78			80

Envision Healthcare Corp.
8.750% due 10/15/2026			2,356			1,427

Exela Intermediate LLC
10.000% due 07/15/2023			120			47

Fair Isaac Corp.
4.000% due 06/15/2028			10			10

Ferroglobe PLC
9.375% due 03/01/2022			1,700			1,280

First Quantum Minerals Ltd.
6.500% due 03/01/2024			1,452			1,402
6.875% due 03/01/2026 (l)			1,000			962
7.000% due 02/15/2021			160			160

Flex Ltd.
4.875% due 06/15/2029			83			93

Ford Motor Co.
7.700% due 05/15/2097 (l)			9,770			11,691

Fresh Market, Inc.
9.750% due 05/01/2023			7,590			3,757

Frontier Finance PLC
8.000% due 03/23/2022	GBP		4,600			6,260

Full House Resorts, Inc.
8.575% due 01/31/2024	$		292			287
9.738% due 02/02/2024			25			25

Garda World Security Corp.
4.625% due 02/15/2027			93			92

General Electric Co.
0.375% due 05/17/2022	EUR		200			223
5.875% due 01/14/2038	$		22			28
6.150% due 08/07/2037			6			8
6.875% due 01/10/2039			9			13

HCA, Inc.
7.500% due 11/15/2095			1,200			1,480

iHeartCommunications, Inc.
6.375% due 05/01/2026			1,177			1,273
8.375% due 05/01/2027			1,455			1,584

IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)
3.625% due 05/15/2025 (d)	EUR		300			342

IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)
3.875% due 05/15/2027 (d)			200			230

IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)
6.000% due 05/15/2027 (d)	$		468			499

IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)
6.375% due 05/15/2029 (d)			345			377


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

Intelsat Connect Finance S.A.
9.500% due 02/15/2023	$		52	$		28

Intelsat Jackson Holdings S.A.
8.000% due 02/15/2024			11			11
8.500% due 10/15/2024			217			184
9.750% due 07/15/2025			524			453

Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(l)			6,892			4,480
8.125% due 06/01/2023 (l)			7,535			3,127

Kinder Morgan, Inc.
7.800% due 08/01/2031 (l)			3,500			4,848

Lamar Media Corp.
3.750% due 02/15/2028 (c)			60			61
4.000% due 02/15/2030 (c)			26			26

Laredo Petroleum, Inc.
9.500% due 01/15/2025			22			20
10.125% due 01/15/2028			39			35

Mallinckrodt International Finance S.A.
5.500% due 04/15/2025 (l)			50			18

Mattel, Inc.
5.875% due 12/15/2027			20			21

MEG Energy Corp.
7.125% due 02/01/2027			78			77

Micron Technology, Inc.
5.327% due 02/06/2029			156			183

NCL Corp. Ltd.
3.625% due 12/15/2024			76			76

Netflix, Inc.
3.625% due 06/15/2030	EUR		200			231
3.875% due 11/15/2029			634			743
4.625% due 05/15/2029			200			248
4.875% due 06/15/2030	$		100			104
5.375% due 11/15/2029			62			68

New Albertson’s LP
6.570% due 02/23/2028			6,800			6,683

Noble Holding International Ltd.
7.875% due 02/01/2026			262			188

Odebrecht Oil & Gas Finance Ltd.
0.000% due 03/02/2020 (h)(i)			1,101			11

Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022			455			454
7.250% due 02/01/2028			534			545

Pacific Drilling SA
8.375% due 10/01/2023			362			305

Pan American Energy LLC
40.063% (BADLARPP) due 11/20/2020 «~	ARS		42,700			488

Par Pharmaceutical, Inc.
7.500% due 04/01/2027	$		110			112

Petroleos Mexicanos
2.750% due 04/21/2027	EUR		7,276			7,824
4.750% due 02/26/2029			700			831
4.875% due 02/21/2028			1,118			1,341
5.350% due 02/12/2028	$		690			702
5.950% due 01/28/2031			194			196
6.490% due 01/23/2027			80			87
6.500% due 03/13/2027 (l)			2,894			3,146
6.750% due 09/21/2047			50			51
6.840% due 01/23/2030			230			250
6.950% due 01/28/2060			320			325
7.690% due 01/23/2050			120			132

PetSmart, Inc.
5.875% due 06/01/2025			94			97

Platin 1426 GmbH
6.875% due 06/15/2023	EUR		400			453

Prime Security Services Borrower LLC
6.250% due 01/15/2028	$		102			101
9.250% due 05/15/2023			465			488

PTC, Inc.
3.625% due 02/15/2025 (c)			31			31
4.000% due 02/15/2028 (c)			16			16

QVC, Inc.
5.950% due 03/15/2043			3,245			3,300


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		75

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)


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

Radiate Holdco LLC
6.875% due 02/15/2023	$		3	$		3

Radiology Partners, Inc.
9.250% due 02/01/2028			62			65

Range Resources Corp.
9.250% due 02/01/2026			46			41

Refinitiv U.S. Holdings, Inc.
4.500% due 05/15/2026	EUR		200			241

Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		1,300			2,424

Sands China Ltd.
4.600% due 08/08/2023 (l)	$		200			212
5.125% due 08/08/2025 (l)			200			222
5.400% due 08/08/2028 (l)			2,181			2,484

Sealed Air Corp.
4.000% due 12/01/2027			10			10

Sensata Technologies, Inc.
4.375% due 02/15/2030			30			30

Silgan Holdings, Inc.
4.125% due 02/01/2028			2			2

Spanish Broadcasting System, Inc.
12.500% due 04/15/2049 ^(e)			1,909			1,991

Spirit Issuer PLC
3.492% (BP0003M + 2.700%) due 12/28/2031 ~	GBP		1,000			1,309

Staples, Inc.
7.500% due 04/15/2026	$		13			13

Station Casinos LLC
4.500% due 02/15/2028 (c)			62			62

TEGNA, Inc.
4.625% due 03/15/2028			188			189

Telesat Canada
4.875% due 06/01/2027			34			35

Tenet Healthcare Corp.
4.625% due 09/01/2024			13			13

Teva Pharmaceutical Finance BV
3.650% due 11/10/2021			1,913			1,895

Teva Pharmaceutical Finance Co. BV
2.950% due 12/18/2022			1,369			1,317

Teva Pharmaceutical Finance Netherlands BV
0.375% due 07/25/2020	EUR		1,778			1,967
2.200% due 07/21/2021	$		612			604
3.250% due 04/15/2022 (l)	EUR		300			336
6.000% due 01/31/2025			100			119

Topaz Solar Farms LLC
4.875% due 09/30/2039	$		1,703			1,826
5.750% due 09/30/2039 (l)			9,238			10,610

TransDigm, Inc.
5.500% due 11/15/2027			116			117

Transocean Pontus Ltd.
6.125% due 08/01/2025			135			140

Transocean, Inc.
7.250% due 11/01/2025			74			70
7.500% due 01/15/2026			69			65
8.000% due 02/01/2027			134			125

Trident TPI Holdings, Inc.
9.250% due 08/01/2024			19			19

Triumph Group, Inc.
5.250% due 06/01/2022			25			25
6.250% due 09/15/2024			70			73

Unigel Luxembourg S.A.
8.750% due 10/01/2026			400			415

United Group BV
3.125% due 02/15/2026 (c)	EUR		242			267
3.250% due 02/15/2026 •(c)			100			112
3.625% due 02/15/2028 (c)			300			331
4.375% due 07/01/2022			100			113
4.875% due 07/01/2024			100			115

Univision Communications, Inc.
5.125% due 02/15/2025	$		711			711

Valaris PLC
5.750% due 10/01/2044			309			129
7.750% due 02/01/2026			18			9


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

Vale Overseas Ltd.
6.250% due 08/10/2026	$		167	$		198
6.875% due 11/21/2036			53			70
6.875% due 11/10/2039			41			55

Vale S.A.
3.750% due 01/10/2023	EUR		100			121

ViaSat, Inc.
5.625% due 09/15/2025	$		83			85
5.625% due 04/15/2027			12			13

Western Midstream Operating LP
2.698% (US0003M + 0.850%) due 01/13/2023 ~			46			46
3.100% due 02/01/2025			32			32
4.050% due 02/01/2030			32			32
5.250% due 02/01/2050			32			31

WPX Energy, Inc.
4.500% due 01/15/2030			70			71

Wyndham Destinations, Inc.
3.900% due 03/01/2023			74			75
4.625% due 03/01/2030			47			48
5.400% due 04/01/2024			10			11
5.750% due 04/01/2027			740			810

Wynn Macau Ltd.
5.125% due 12/15/2029			200			199

YPF S.A.
52.818% (BADLARPP + 6.000%) due 03/04/2021 «~(a)	ARS		7,850			93

						150,560


UTILITIES 9.3%

Centrais Eletricas Brasileiras S.A.
3.625% due 02/04/2025 (c)	$		200			201
4.625% due 02/04/2030 (c)			200			203

CenturyLink, Inc.
4.000% due 02/15/2027			62			62

DTEK Finance PLC (10.750% Cash and 0.000% PIK)
10.750% due 12/31/2024 (d)			1,252			1,302

Edison International
2.400% due 09/15/2022			62			62
2.950% due 03/15/2023			5			5
3.125% due 11/15/2022			70			72
3.550% due 11/15/2024			77			81
5.750% due 06/15/2027			65			75

Frontier Communications Corp.
8.000% due 04/01/2027			106			111

Gazprom Neft OAO Via GPN Capital S.A.
6.000% due 11/27/2023 (l)			9,600			10,728

Northwestern Bell Telephone
7.750% due 05/01/2030			12,625			13,666

Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			63			63

Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(d)			224			131

Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^			1,580			1,572

Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)
7.720% due 12/01/2026 ^(d)			7,013			1,753

Pacific Gas & Electric Co.
2.450% due 08/15/2022 ^(e)			310			329
3.250% due 09/15/2021 ^(e)			96			102
3.250% due 06/15/2023 ^(e)			1,593			1,657
3.300% due 03/15/2027 ^(e)			1,741			1,819
3.400% due 08/15/2024 ^(e)			394			418
3.500% due 06/15/2025 ^(e)			381			402
3.750% due 02/15/2024 ^(e)			174			186
3.750% due 08/15/2042 ^(e)			22			22
3.850% due 11/15/2023 ^(e)			392			421
4.000% due 12/01/2046 ^(e)			8			8
4.250% due 05/15/2021 ^(e)(l)			2,483			2,639
4.300% due 03/15/2045 ^(e)			27			29
4.500% due 12/15/2041 ^(e)			22			24
4.600% due 06/15/2043 ^(e)			18			20


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.650% due 08/01/2028 ^(e)	$		1,055	$		1,227
4.750% due 02/15/2044 ^(e)			779			886
5.125% due 11/15/2043 ^(e)			875			998
5.400% due 01/15/2040 ^(e)			18			21
5.800% due 03/01/2037 ^(e)			4,220			4,864
6.050% due 03/01/2034 ^(e)			2,052			2,364
6.250% due 03/01/2039 ^(e)			631			726
6.350% due 02/15/2038 ^(e)			825			956

Petrobras Global Finance BV
5.093% due 01/15/2030			4,895			5,378
6.625% due 01/16/2034	GBP		100			161

RCS & RDS S.A.
2.500% due 02/05/2025 (c)	EUR		200			223

Rio Oil Finance Trust
8.200% due 04/06/2028	$		250			293
9.250% due 07/06/2024			2,063			2,316
9.750% due 01/06/2027			514			609

Southern California Edison Co.
2.850% due 08/01/2029			16			17
3.650% due 03/01/2028			5			5
3.650% due 02/01/2050			31			33
5.750% due 04/01/2035			10			13
6.000% due 01/15/2034			2			3
6.650% due 04/01/2029			40			50

Southern California Gas Co.
2.550% due 02/01/2030			78			80

Sprint Corp.
7.125% due 06/15/2024			430			445
7.250% due 02/01/2028 (c)			319			316
7.625% due 02/15/2025			494			516
7.625% due 03/01/2026			2,122			2,219

Talen Energy Supply LLC
6.625% due 01/15/2028			30			30

Transocean Poseidon Ltd.
6.875% due 02/01/2027			114			119

Transocean Sentry Ltd.
5.375% due 05/15/2023			100			101

						63,132

Total Corporate Bonds & Notes (Cost $348,348)						367,362


CONVERTIBLE BONDS & NOTES 0.8%

INDUSTRIALS 0.8%

Caesars Entertainment Corp.
5.000% due 10/01/2024			1,066			2,061

DISH Network Corp.
3.375% due 08/15/2026			3,400			3,309

						5,370


UTILITIES 0.0%

Ensco Jersey Finance Ltd.
3.000% due 01/31/2024			10			7

Total Convertible Bonds & Notes (Cost $5,397)						5,377


MUNICIPAL BONDS & NOTES 5.2%

CALIFORNIA 0.6%

Riverside County, California Redevelopment Successor Agency Tax Allocation Bonds, Series 2010
7.500% due 10/01/2030			1,200			1,245

San Francisco, California City & County Redevelopment Agency Tax Allocation Bonds, Series 2009
8.406% due 08/01/2039			1,650			2,726

						3,971


ILLINOIS 0.1%

Chicago, Illinois General Obligation Bonds, Series 2015
7.750% due 01/01/2042			56			64


76		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


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

Illinois State General Obligation Bonds, (BABs), Series 2010
6.725% due 04/01/2035	$		35	$		43
7.350% due 07/01/2035			20			25

Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			280			316

						448


OHIO 2.2%

Ohio State University Revenue Bonds, Series 2011
4.800% due 06/01/2111			11,000			15,449


VIRGINIA 0.1%

Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			810			819


WEST VIRGINIA 2.2%

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
0.000% due 06/01/2047 (h)			45,700			2,120
7.467% due 06/01/2047			11,810			12,712

						14,832

Total Municipal Bonds & Notes (Cost $26,796)						35,519


U.S. GOVERNMENT AGENCIES 3.1%

Fannie Mae
3.500% due 02/25/2042 (a)			675			70
4.500% due 11/25/2042 (a)			1,816			272
4.589% due 01/25/2040 •(a)			269			48

Freddie Mac
0.000% due 02/25/2046 (b)(h)			6,583			6,153
0.100% due 02/25/2046 (a)			78,986			45
0.289% due 11/25/2055 ~(a)			35,041			2,947
2.550% due 11/25/2055 «~			8,498			5,158
3.000% due 02/15/2033 (a)			1,541			147
3.500% due 12/15/2032 (a)			2,660			293
7.251% due 09/15/2035 •			776			1,007
9.211% due 12/25/2027 •			2,879			3,458
12.411% due 03/25/2025 •			720			942

Ginnie Mae
3.500% due 06/20/2042 - 10/20/2042 (a)			557			65
4.000% due 10/16/2042 - 10/20/2042 (a)			327			48

Total U.S. Government Agencies (Cost $19,781)						20,653


NON-AGENCY MORTGAGE-BACKED SECURITIES 14.6%

Banc of America Alternative Loan Trust
6.000% due 01/25/2036 ^			83			83

Banc of America Funding Corp.
6.000% due 01/25/2037			5,026			4,884

Banc of America Funding Trust
4.183% due 01/20/2047 ^~			783			768

BCAP LLC Trust
0.000% due 06/26/2036 ~			121			62
3.690% due 08/28/2037 ~			5,853			5,818
3.762% due 08/26/2037 ~			13,293			10,602
3.943% due 07/26/2037 ~			7,831			8,014
4.657% due 09/26/2036 ~			4,950			4,644
4.850% due 03/26/2037 þ			743			907
5.750% due 12/26/2035 ~			3,147			2,885
6.250% due 11/26/2036			3,653			3,192
9.057% due 05/26/2037 ~			1,070			466

Bear Stearns ALT-A Trust
2.161% due 01/25/2036 ^•			984			1,150
3.801% due 11/25/2036 ^~			379			317
3.826% due 09/25/2047 ^~			5,339			4,311
4.089% due 11/25/2035 ~			5,680			4,900
4.229% due 09/25/2035 ^~			473			391


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

CD Mortgage Trust
5.688% due 10/15/2048	$		1,542	$		933

Chase Mortgage Finance Trust
3.794% due 12/25/2035 ^~			6			6
5.500% due 05/25/2036 ^			11			10

Citicorp Mortgage Securities Trust
5.500% due 04/25/2037			76			79
6.000% due 09/25/2037			878			910

Commercial Mortgage Loan Trust
6.254% due 12/10/2049 ~			1,867			1,240

Countrywide Alternative Loan Resecuritization Trust
6.000% due 05/25/2036 ^			2,126			1,776
6.000% due 08/25/2037 ^~			995			775

Countrywide Alternative Loan Trust
4.538% due 04/25/2036 ^~			911			844
5.500% due 03/25/2035			274			197
5.500% due 01/25/2036			496			440
5.750% due 01/25/2035			247			255
5.750% due 02/25/2035			321			318
5.750% due 12/25/2036 ^			739			494
6.000% due 02/25/2035			357			355
6.000% due 04/25/2036			465			329
6.000% due 04/25/2037 ^			1,598			1,110
6.250% due 11/25/2036 ^			676			621
6.250% due 12/25/2036 ^•			538			382
6.500% due 08/25/2036 ^			455			273

Countrywide Home Loan Mortgage Pass-Through Trust
2.241% due 03/25/2035 ^•			3,935			3,463
6.000% due 07/25/2037			1,477			1,065
6.250% due 09/25/2036 ^			520			387

Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035 ^			387			317

Credit Suisse Mortgage Capital Certificates
4.125% due 10/26/2036 ~			7,024			5,476

Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.750% due 04/25/2036 ^			145			112

First Horizon Mortgage Pass-Through Trust
4.500% due 11/25/2035 ^~			187			171
4.594% due 05/25/2037 ^~			228			171

GS Mortgage Securities Trust
5.622% due 11/10/2039			684			536

IndyMac Mortgage Loan Trust
6.500% due 07/25/2037 ^			3,509			1,999

JPMorgan Alternative Loan Trust
3.667% due 03/25/2037 ^~			839			834
3.903% due 03/25/2036 ^~			1,578			1,442
4.890% due 05/25/2036 ^~			1,409			1,057

JPMorgan Chase Commercial Mortgage Securities Trust
5.623% due 05/12/2045			117			106

JPMorgan Mortgage Trust
3.640% due 02/25/2036 ^~			243			201
4.083% due 10/25/2035 ~			184			183
6.500% due 09/25/2035			86			84

LB-UBS Commercial Mortgage Trust
5.407% due 11/15/2038 ^			742			441
5.562% due 02/15/2040 ^~			314			187

Lehman Mortgage Trust
6.000% due 07/25/2037 ^			694			656
6.500% due 09/25/2037 ^			2,019			1,155

Lehman XS Trust
1.881% due 06/25/2047 •			1,624			1,498

MASTR Asset Securitization Trust
6.500% due 11/25/2037 ^			460			285

Merrill Lynch Mortgage Investors Trust
4.081% due 03/25/2036 ^~			1,553			1,104

Nomura Asset Acceptance Corp. Alternative Loan Trust
5.476% due 05/25/2035 ^þ			11			8

Residential Accredit Loans, Inc. Trust
4.850% due 12/26/2034 ^~			828			573
6.000% due 08/25/2036 ^			275			270

Residential Asset Securitization Trust
5.750% due 02/25/2036 ^			1,006			696
6.000% due 07/25/2037 ^			1,424			860
6.250% due 09/25/2037 ^			2,609			1,590


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

Residential Funding Mortgage Securities, Inc. Trust
4.627% due 09/25/2035 ~	$		609	$		449
5.277% due 08/25/2036 ^~			721			702

Structured Adjustable Rate Mortgage Loan Trust
3.731% due 11/25/2036 ^~			1,825			1,754
3.856% due 01/25/2036 ^~			1,917			1,424

SunTrust Adjustable Rate Mortgage Loan Trust
4.049% due 02/25/2037 ^~			199			191

WaMu Mortgage Pass-Through Certificates Trust
3.688% due 10/25/2036 ^~			731			689
3.813% due 02/25/2037 ^~			483			467
3.921% due 05/25/2037 ^~			1,136			1,125
3.990% due 07/25/2037 ^~			827			792

Total Non-Agency Mortgage-Backed Securities (Cost $89,685)						99,261


ASSET-BACKED SECURITIES 15.1%

Adagio CLO DAC
0.000% due 04/30/2031 ~	EUR		1,800			1,359

Apidos CLO
0.000% due 07/22/2026 ~	$		1,500			45
0.000% due 01/20/2031 ~			4,500			3,094

Argent Securities Trust
1.851% due 03/25/2036 •			3,638			2,268

Avoca CLO DAC
0.000% due 07/15/2032 ~	EUR		2,230			2,021

Bear Stearns Asset-Backed Securities Trust
1.801% due 10/25/2036 ^•	$		3,639			4,426
6.500% due 10/25/2036 ^			342			257

Belle Haven ABS CDO Ltd.
2.539% due 07/05/2046 •			180,259			252

CIFC Funding Ltd.
0.000% due 04/24/2030 ~			2,400			1,168
0.000% due 10/22/2031 ~			1,500			650

Citigroup Mortgage Loan Trust
1.811% due 12/25/2036 •			14,488			7,800
1.821% due 12/25/2036 •			1,847			1,276

Cork Street CLO Designated Activity Co.
0.000% due 11/27/2028 ~	EUR		2,366			2,511

Countrywide Asset-Backed Certificates
1.801% due 12/25/2046 •	$		11,790			10,898
1.801% due 06/25/2047 ^•			1,353			1,247
1.831% due 03/25/2037 •			1,188			1,124
1.861% due 06/25/2047 ^•			9,044			8,366

Countrywide Asset-Backed Certificates Trust
2.411% due 11/25/2035 •			4,008			4,033

Flagship Credit Auto Trust
0.000% due 05/15/2025 «(h)			8			872

Fremont Home Loan Trust
1.811% due 01/25/2037 •			13,777			7,915

Grosvenor Place CLO BV
0.000% due 04/30/2029 ~	EUR		500			343

Home Equity Mortgage Loan Asset-Backed Trust
1.821% due 07/25/2037 •	$		2,935			1,989

HSI Asset Securitization Corp. Trust
0.000% due 10/25/2036 (b)(h)			2,754			1,182

Lehman XS Trust
6.290% due 06/24/2046 þ			2,077			2,083

Long Beach Mortgage Loan Trust
1.961% due 01/25/2036 •			4,099			3,904

Marlette Funding Trust
0.000% due 09/17/2029 «(h)			7			2,631
0.000% due 03/15/2030 «(h)			6			2,144

Merrill Lynch Mortgage Investors Trust
1.821% due 04/25/2037 •			499			302

Morgan Stanley Mortgage Loan Trust
6.250% due 02/25/2037 ^~			609			426

SLM Student Loan EDC Repackaging Trust
0.000% due 10/28/2029 «(h)			1			1,539

SLM Student Loan Trust
0.000% due 01/25/2042 «(h)			4			2,631

SMB Private Education Loan Trust
0.000% due 09/18/2046 «(h)			1			940
0.000% due 10/15/2048 «(h)			1			750


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		77

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)


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

SoFi Consumer Loan Program LLC
0.000% due 11/25/2026 «(h)	$		46	$		2,183

SoFi Professional Loan Program LLC
0.000% due 05/25/2040 (h)			4,400			1,553
0.000% due 07/25/2040 «(h)			21			864
0.000% due 09/25/2040 (h)			1,758			851

South Coast Funding Ltd.
2.501% due 08/10/2038 •			11,991			2,014

Taberna Preferred Funding Ltd.
2.251% due 12/05/2036 •			4,953			4,364
2.271% due 08/05/2036 •			315			281
2.271% due 08/05/2036 ^•			6,225			5,548
2.370% due 07/05/2035 •			2,801			2,548

Total Asset-Backed Securities (Cost $110,654)						102,652


SOVEREIGN ISSUES 5.2%

Argentina Government International Bond
2.500% due 07/22/2021	ARS		16,167			139
3.375% due 01/15/2023	EUR		200			100
3.380% due 12/31/2038 þ			3,270			1,514
4.000% due 03/06/2020	ARS		108,160			1,120
5.250% due 01/15/2028	EUR		200			94
6.250% due 11/09/2047			100			46
7.820% due 12/31/2033			9,789			5,794
15.500% due 10/17/2026	ARS		61,630			249
38.154% (BADLARPP + 2.000%) due 04/03/2022 ~			63,722			485
42.524% (BADLARPP + 3.250%) due 03/01/2020 ~			1,200			13
42.781% (BADLARPP) due 10/04/2022 ~			58			1
53.323% (ARLLMONP) due 06/21/2020 ~(a)			121,111			1,002

Autonomous City of Buenos Aires Argentina
39.421% due 03/29/2024 •			199,019			2,077
39.745% (BADLARPP + 5.000%) due 01/23/2022 ~			93,360			1,037

Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR		1,500			1,790

Export-Credit Bank of Turkey
8.250% due 01/24/2024	$		200			223

Peru Government International Bond
5.400% due 08/12/2034	PEN		12			4
5.940% due 02/12/2029			2,591			879
6.150% due 08/12/2032			391			134
6.350% due 08/12/2028			6,436			2,237
6.900% due 08/12/2037			93			34
6.950% due 08/12/2031			929			337
8.200% due 08/12/2026			4,536			1,717

Provincia de Buenos Aires
39.293% (BADLARPP + 3.750%) due 04/12/2025 ~	ARS		363,012			2,391

South Africa Government International Bond
4.850% due 09/30/2029	$		1,200			1,214
5.750% due 09/30/2049			1,200			1,183

Turkey Government International Bond
3.250% due 06/14/2025	EUR		100			114
4.625% due 03/31/2025			1,700			2,071
5.200% due 02/16/2026			600			747


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.600% due 11/14/2024	$		2,900	$		3,060
7.625% due 04/26/2029			1,900			2,212

Ukraine Government International Bond
4.375% due 01/27/2030	EUR		1,205			1,329

Venezuela Government International Bond
6.000% due 12/09/2020 ^(e)	$		248			32
8.250% due 10/13/2024 ^(e)			28			4
9.250% due 09/15/2027 ^(e)			315			40

Total Sovereign Issues (Cost $54,200)						35,423


		SHARES
COMMON STOCKS 1.4%

COMMUNICATION SERVICES 0.3%

Clear Channel Outdoor Holdings, Inc. (f)			549,096			1,499

iHeartMedia, Inc. (f)			412			7

iHeartMedia, Inc. ‘A’ (f)			30,657			542

						2,048


CONSUMER DISCRETIONARY 1.0%

Caesars Entertainment Corp. (f)			486,164			6,646


ENERGY 0.0%

Forbes Energy Services Ltd. (f)(j)			21,825			3


INDUSTRIALS 0.1%

Westmoreland Mining Holdings LLC «(f)(j)			53,248			665

Total Common Stocks (Cost $11,540)						9,362


WARRANTS 0.8%

COMMUNICATION SERVICES 0.5%

iHeartMedia, Inc.			199,662			3,530


INDUSTRIALS 0.3%

Sequa Corp. - Exp. 04/28/2024 «			819,000			1,813

Total Warrants (Cost $4,130)						5,343


PREFERRED SECURITIES 5.1%

BANKING & FINANCE 1.6%

AGFC Capital Trust
3.581% (US0003M + 1.750%) due 01/15/2067 ~			1,800,000			902

Banco Bilbao Vizcaya Argentaria S.A.
6.750% due 02/18/2020 •(i)			1,600,000			1,779

Banco Santander S.A.
6.250% due 09/11/2021 •(i)			400,000			476

Brighthouse Holdings LLC
6.500% due 07/27/2037 þ(i)			70,000			74

SHARES

MARKET
VALUE
(000S)

Nationwide Building Society

10.250% ~

35,500

7,922

11,153

INDUSTRIALS 3.5%

General Electric Co.

5.000% due 01/21/2021 •(i)

268,000

266

Sequa Corp. (12.000% PIK)

12.000% «(d)

19,661

23,114

23,380

Total Preferred Securities (Cost $25,599)

34,533

REAL ESTATE INVESTMENT TRUSTS 1.7%

REAL ESTATE 1.7%

VICI Properties, Inc.

423,584

11,352

Total Real Estate Investment Trusts (Cost $5,525)

11,352

SHORT-TERM INSTRUMENTS 4.0%

REPURCHASE AGREEMENTS (k) 3.6%

24,280

PRINCIPAL
AMOUNT
(000S)

ARGENTINA TREASURY BILLS 0.1%

38.342% due 04/03/2020 ~

ARS

6,160

38.686% due 06/22/2020 ~

11,000

128

44.111% due 04/28/2020 - 08/27/2020 (g)(h)

42,639

483

682

U.S. TREASURY BILLS 0.3%

1.538% due 02/06/2020 - 03/26/2020 (g)(h)(n)(p)

1,734

1,731

Total Short-Term Instruments
(Cost $27,156)

26,693

Total Investments in Securities
(Cost $829,591)

849,424

Total Investments 125.2%
(Cost $829,591)

849,424

Financial Derivative
Instruments (m)(o) 0.0%

(Cost or Premiums, net $3,465)

223

Auction Rate Preferred Shares (12.9)%

(87,425

)

Other Assets and Liabilities, net (12.3)%

(83,509

)

Net Assets Applicable to Common Shareholders 100.0%

678,713

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.


78		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

•	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)

Interest only security.

(b)

Principal only security.

(c)

When-issued security.

(d)

Payment in-kind security.

(e)

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

(f)

Security did not produce income within the last twelve months.

(g)

Coupon represents a weighted average yield to maturity.

(h)

Zero coupon security.

(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
Forbes Energy Services Ltd.		10/09/2014 - 12/03/2014	$	943	$	3		0.00	%
Westmoreland Mining Holdings LLC		12/08/2014 - 10/19/2016		1,535		665		0.10

			$	2,478	$	668		0.10	%

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		1.250	%		01/31/2020		02/03/2020	$	1,880	U.S. Treasury Inflation Protected Securities 1.250% due 07/15/2020	$	(1,919	)	$	1,880	$	1,880
JPS		1.640			01/31/2020		02/03/2020		2,000	U.S. Treasury Bonds 2.250% due 08/15/2046		(2,052	)		2,000		2,000
MBC		1.640			01/31/2020		02/03/2020		10,200	U.S. Treasury Notes 1.875% due 01/31/2022		(10,538	)		10,200		10,202
RDR		1.640			01/31/2020		02/03/2020		10,200	U.S. Treasury Notes 2.875% due 05/31/2025		(10,442	)		10,200		10,201

Total Repurchase Agreements											$	(24,951	)	$	24,280	$	24,283

REVERSE REPURCHASE AGREEMENTS:


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾				Payable for Reverse Repurchase Agreements
BCY		2.000	%		11/01/2019		TBD	⁽³⁾		$	(2,385	)	$	(2,397	)
BOS		1.970			01/09/2020		02/11/2020				(10,989	)		(11,004	)
BPS		0.950			01/16/2020		04/16/2020			GBP	(1,303	)		(1,722	)
		2.270			01/13/2020		02/14/2020			$	(1,816	)		(1,818	)
		2.300			01/06/2020		02/07/2020				(4,481	)		(4,489	)
		2.330			01/10/2020		02/11/2020				(310	)		(310	)
		2.370			01/06/2020		02/07/2020				(880	)		(882	)
BRC		(7.000	)		01/22/2020		TBD	⁽³⁾			(20	)		(20	)
		1.000			01/31/2020		TBD	⁽³⁾			(2,957	)		(2,957	)
CEW		2.250			01/17/2020		02/20/2020				(3,729	)		(3,733	)
CIW		1.930			01/17/2020		02/18/2020				(2,797	)		(2,800	)
		2.000			01/08/2020		02/10/2020				(2,812	)		(2,816	)
JML		(0.300	)		01/15/2020		04/15/2020			EUR	(2,468	)		(2,737	)
		(0.300	)		01/22/2020		04/22/2020				(261	)		(290	)
		0.950			01/17/2020		04/17/2020			GBP	(192	)		(253	)
		0.950			01/28/2020		04/28/2020				(2,799	)		(3,697	)
		2.350			11/08/2019		02/06/2020			$	(8,961	)		(9,012	)
NOM		2.250			02/04/2020		03/03/2020				(8,793	)		(8,793	)
		2.300			01/03/2020		02/04/2020				(8,696	)		(8,713	)
		2.300			01/08/2020		02/10/2020				(193	)		(193	)
RDR		1.900			01/22/2020		TBD	⁽³⁾			(5,088	)		(5,091	)


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		79

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)


Counterparty	Borrowing Rate⁽²⁾			Settlement Date		Maturity Date			Amount Borrowed⁽²⁾			Payable for Reverse Repurchase Agreements
RTA		2.297	%		01/07/2020		04/06/2020		$	(7,267	)	$	(7,280	)
		2.297			01/10/2020		04/06/2020			(3,227	)		(3,232	)
SBI		1.500			11/01/2019		TBD	⁽³⁾		(4,367	)		(4,384	)
		1.750			01/17/2020		TBD	⁽³⁾		(951	)		(952	)
UBS		2.350			01/07/2020		02/10/2020			(5,098	)		(5,107	)
		2.450			12/04/2019		03/03/2020			(2,716	)		(2,727	)

Total Reverse Repurchase Agreements												$	(97,409	)

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 January 31, 2020:


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
BCY	$	0	$	(2,397	)	$	0	$	(2,397	)	$	2,607		$	210
BOS		0		(11,004	)		0		(11,004	)		11,591			587
BPS		0		(9,221	)		0		(9,221	)		11,013			1,792
BRC		0		(2,977	)		0		(2,977	)		3,145			168
CEW		0		(3,733	)		0		(3,733	)		4,140			407
CIW		0		(5,616	)		0		(5,616	)		5,880			264
FICC		1,880		0			0		1,880			(1,919	)		(39	)
JML		0		(15,989	)		0		(15,989	)		18,849			2,860
JPS		2,000		0			0		2,000			(2,052	)		(52	)
MBC		10,202		0			0		10,202			(10,538	)		(336	)
NOM		0		(17,699	)		0		(17,699	)		9,806			(7,893	)
RDR		10,201		(5,091	)		0		5,110			(5,089	)		21
RTA		0		(10,512	)		0		(10,512	)		11,917			1,405
SBI		0		(5,336	)		0		(5,336	)		5,907			571
UBS		0		(7,834	)		0		(7,834	)		9,222			1,388

Total Borrowings and Other Financing Transactions	$	24,283	$	(97,409	)	$	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	$	(50,877	)	$	(21,938	)	$	(15,801	)	$	(88,616	)

Total Borrowings	$	0	$	(50,877	)	$	(21,938	)	$	(15,801	)	$	(88,616	)

Payable for reverse repurchase agreements⁽⁵⁾												$	(88,616	)

(l)

Securities with an aggregate market value of $99,646 and cash of $465 have been pledged as collateral under the terms of the above master agreements as of January 31, 2020.

⁽¹⁾	Includes accrued interest.

⁽²⁾	The average amount of borrowings outstanding during the period ended January 31, 2020 was $(116,138) at a weighted average interest rate of 2.067%. 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 $(8,793) is outstanding at period end.


80		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

(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 January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value⁽⁴⁾			Asset		Liability
Bombardier, Inc.		5.000	%		Quarterly		06/20/2024		4.893	%		$ 2,300	$	(4)		$	27		$	23		$	0	$	(6)
Bombardier, Inc.		5.000			Quarterly		12/20/2024		5.130			1,600		(7	)		9			2			0		(3	)
Frontier Communications Corp.		5.000			Quarterly		06/20/2020		357.443			6,500		(215	)		(2,897	)		(3,112	)		79		0

													$	(226	)	$	(2,861	)	$	(3,087	)	$	79	$	(9	)

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
Receive	3-Month USD-LIBOR		3.000	%	Semi-Annual		06/19/2022		$	145,200	$	(4,603	)	$	(1,146	)	$	(5,749	)	$	0	$	(226	)
Pay	3-Month USD-LIBOR		2.750		Semi-Annual		06/17/2025			149,020		9,092			1,986			11,078			414		0
Pay	3-Month USD-LIBOR		2.250		Semi-Annual		06/15/2026			26,800		1,267			202			1,469			85		0
Pay	3-Month USD-LIBOR		2.500		Semi-Annual		12/20/2027			49,000		343			3,724			4,067			187		0
Pay	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2029			75,000		4,675			5,720			10,395			340		0
Pay	3-Month USD-LIBOR		3.500		Semi-Annual		06/19/2044			201,500		(6,573	)		83,003			76,430			2,069		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049			12,500		(50	)		(1,684	)		(1,734	)		0		(118	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050			25,800		(186	)		(1,819	)		(2,005	)		0		(230	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050			107,500		202			1,295			1,497			0		(894	)
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050			21,100		(49	)		(303	)		(352	)		0		(179	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050			74,000		(263	)		1,274			1,011			0		(617	)
Receive⁽⁵⁾	3-Month USD-LIBOR		1.875		Semi-Annual		02/07/2050			22,000		(85	)		(958	)		(1,043	)		0		(193	)
Receive⁽⁵⁾	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050			6,000		(18	)		(815	)		(833	)		0		(57	)
Pay	6-Month AUD-BBR-BBSW		3.500		Semi-Annual		06/17/2025		AUD	8,100		201			579			780			18		0
Receive⁽⁵⁾	6-Month EUR-EURIBOR		(0.150	)	Annual		03/18/2030		EUR	13,100		240			(87	)		153			0		(88	)
Receive⁽⁵⁾	6-Month EUR-EURIBOR		0.150		Annual		06/17/2030			2,100		(2	)		(40	)		(42	)		0		(15	)
Receive⁽⁵⁾	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2030		GBP	25,900		269			(341	)		(72	)		0		(30	)
Receive⁽⁵⁾	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2050			900		22			3			25			0		(4	)
Receive	6-Month GBP-LIBOR		0.750		Semi-Annual		03/18/2050			2,300		35			29			64			28		0

											$	4,517		$	90,622		$	95,139		$	3,141	$	(2,651	)

Total Swap Agreements											$	4,291		$	87,761		$	92,052		$	3,220	$	(2,660	)

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 January 31, 2020:

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

3,220

(2,660)

(n)

Securities with an aggregate market value of $551 and cash of $11,731 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of January 31, 2020. 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		JANUARY 31, 2020		81

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)

(o) 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		02/2020	$	43,764	EUR	39,703	$	268	$	0
		02/2020		4,321	MXN	80,859		0		(46	)
		03/2020	EUR	39,703	$	43,840		0		(268	)
		03/2020	$	76	IDR	1,040,847		0		0

BPS		02/2020	PEN	3,320	$	978		0		(2	)
		02/2020	$	1,469	IDR	20,088,795		0		(1	)
		02/2020		2,848	INR	203,070		0		(8	)

BRC		02/2020	EUR	38,223	$	42,809		419		0
		03/2020	$	32	IDR	432,524		0		0

CBK		02/2020	BRL	12,419	$	2,947		47		0
		02/2020	EUR	663		737		2		0
		02/2020	GBP	731		956		0		(9	)
		02/2020	$	3,051	BRL	12,419		0		(151	)
		02/2020		995	PEN	3,320		0		(15	)
		03/2020		2,943	BRL	12,419		0		(48	)
		04/2020	PEN	3,320	$	992		15		0

FBF		03/2020	$	1,911	BRL	8,059		0		(32	)

GLM		02/2020		6,319	RUB	405,142		6		0

HUS		02/2020	EUR	1,286	$	1,418		0		(8	)
		02/2020	GBP	6,819		8,953		0		(51	)
		02/2020	$	264	INR	18,813		0		(1	)
		03/2020		34		2,417		0		0
		05/2020		5,770	MXN	113,206		142		0

JPM		02/2020	GBP	50,416	$	66,002		0		(572	)

MYI		03/2020	$	3,255	RUB	211,502		37		0

RBC		03/2020		1,716	IDR	23,538,629		1		0

RYL		02/2020		524	EUR	469		0		(4	)

SCX		03/2020		101	IDR	1,388,766		0		0
		03/2020		211	INR	15,078		0		(1	)

UAG		02/2020		75,383	GBP	57,966		1,162		0
		03/2020	GBP	57,966	$	75,446		0		(1,156	)

Total Forward Foreign Currency Contracts							$	2,099	$	(2,373	)

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 January 31, 2020⁽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 January 31, 2020⁽²⁾			Notional Amount⁽³⁾		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Asset		Liability
BPS	Petrobras Global Finance BV		1.000	%		Quarterly		12/20/2024		1.357	%	$	1,000	$	(195	)	$	180	$	0	$	(15	)

GST	Petrobras Global Finance BV		1.000			Quarterly		12/20/2024		1.357			1,400		(278	)		256		0		(22	)

HUS	Petrobras Global Finance BV		1.000			Quarterly		12/20/2024		1.357			1,700		(353	)		327		0		(26	)

Total Swap Agreements														$	(826	)	$	763	$	0	$	(63	)

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 January 31, 2020:


	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	$	268	$	0	$	0	$	268	$	(314	)	$	0	$	0		$	(314	)	$	(46	)	$	0		$	(46	)
BPS		0		0		0		0		(11	)		0		(15	)		(26	)		(26	)		45			19
BRC		419		0		0		419		0			0		0			0			419			(550	)		(131	)
CBK		64		0		0		64		(223	)		0		0			(223	)		(159	)		0			(159	)


82		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)


	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⁾
DUB	$	0	$	0	$	0	$	0	$	0		$	0	$	0		$	0		$	0		$	(110	)	$	(110	)
FBF		0		0		0		0		(32	)		0		0			(32	)		(32	)		0			(32	)
GLM		6		0		0		6		0			0		0			0			6			(260	)		(254	)
GST		0		0		0		0		0			0		(22	)		(22	)		(22	)		92			70
HUS		142		0		0		142		(60	)		0		(26	)		(86	)		56			(260	)		(204	)
JPM		0		0		0		0		(572	)		0		0			(572	)		(572	)		(160	)		(732	)
MYI		37		0		0		37		0			0		0			0			37			24			61
RBC		1		0		0		1		0			0		0			0			1			0			1
RYL		0		0		0		0		(4	)		0		0			(4	)		(4	)		0			(4	)
SCX		0		0		0		0		(1	)		0		0			(1	)		(1	)		0			(1	)
UAG		1,162		0		0		1,162		(1,156	)		0		0			(1,156	)		6			0			6

Total Over the Counter	$	2,099	$	0	$	0	$	2,099	$	(2,373	)	$	0	$	(63	)	$	(2,436	)

(p)

Securities with an aggregate market value of $161 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of January 31, 2020.

⁽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 January 31, 2020:


	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	$	79	$	0	$	0	$	3,141	$	3,220

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,099	$	0	$	2,099

	$	0	$	79	$	0	$	2,099	$	3,141	$	5,319


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	9	$	0	$	0	$	2,651	$	2,660

Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,373	$	0	$	2,373
Swap Agreements		0		63		0		0		0		63

	$	0	$	63	$	0	$	2,373	$	0	$	2,436

	$	0	$	72	$	0	$	2,373	$	2,651	$	5,096


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		83

Schedule of Investments PIMCO Income Strategy Fund II (Cont.)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended January 31, 2020:


	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	$	365		$	0	$	0		$	(64,501	)	$	(64,136	)

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	2,326		$	0		$	2,326
Swap Agreements		0		44			0		0			0			44

	$	0	$	44		$	0	$	2,326		$	0		$	2,370

	$	0	$	409		$	0	$	2,326		$	(64,501	)	$	(61,766	)


Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	(1,231	)	$	0	$	0		$	61,784		$	60,553

Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(4,824	)	$	0		$	(4,824	)
Swap Agreements		0		58			0		0			0			58

	$	0	$	58		$	0	$	(4,824	)	$	0		$	(4,766	)

	$	0	$	(1,173	)	$	0	$	(4,824	)	$	61,784		$	55,787

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of January 31, 2020 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 01/31/2020
Investments in Securities, at Value
Loan Participations and Assignments	$	114	$	88,625	$	7,155	$	95,894
Corporate Bonds & Notes
Banking & Finance		0		153,670		0		153,670
Industrials		0		149,979		581		150,560
Utilities		0		63,132		0		63,132
Convertible Bonds & Notes
Industrials		0		5,370		0		5,370
Utilities		0		7		0		7
Municipal Bonds & Notes
California		0		3,971		0		3,971
Illinois		0		448		0		448
Ohio		0		15,449		0		15,449
Virginia		0		819		0		819
West Virginia		0		14,832		0		14,832
U.S. Government Agencies		0		15,495		5,158		20,653
Non-Agency Mortgage-Backed Securities		0		99,261		0		99,261
Asset-Backed Securities		0		88,098		14,554		102,652
Sovereign Issues		0		35,423		0		35,423
Common Stocks
Communication Services		2,041		7		0		2,048
Consumer Discretionary		6,646		0		0		6,646
Energy		3		0		0		3
Industrials		0		0		665		665
Warrants
Communication Services		0		3,530		0		3,530
Industrials		0		0		1,813		1,813
Preferred Securities
Banking & Finance		0		11,153		0		11,153
Industrials		0		266		23,114		23,380


Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 01/31/2020
Real Estate Investment Trusts
Real Estate	$	11,352	$	0		$	0	$	11,352
Short-Term Instruments
Repurchase Agreements		0		24,280			0		24,280
Argentina Treasury Bills		0		682			0		682
U.S. Treasury Bills		0		1,731			0		1,731


Total Investments	$	20,156	$	776,228		$	53,040	$	849,424


Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		3,220			0		3,220
Over the counter		0		2,099			0		2,099

	$	0	$	5,319		$	0	$	5,319


Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(2,660	)		0		(2,660	)
Over the counter		0		(2,436	)		0		(2,436	)

	$	0	$	(5,096	)	$	0	$	(5,096	)


Total Financial Derivative Instruments	$	0	$	223		$	0	$	223


Totals	$	20,156	$	776,451		$	53,040	$	849,647


84		PIMCO CLOSED-END FUNDS					See Accompanying Notes

January 31, 2020 (Unaudited)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended January 31, 2020:


Category and Subcategory	Beginning Balance at 07/31/2019		Net Purchases		Net Sales/ Settlements			Accrued Discounts/ (Premiums)			Realized Gain/(Loss)			Net Change in Unrealized Appreciation/ (Depreciation)⁽¹⁾			Transfers into Level 3		Transfers out of Level 3			Ending Balance at 01/31/2020		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 01/31/2020⁽¹⁾
Investments in Securities, at Value
Loan Participations and Assignments	$	4,094	$	3,351	$	(363	)	$	(121	)	$	(2	)	$	105		$	91	$	0		$	7,155	$	107
Corporate Bonds & Notes
Industrials		0		741		0			6			0			(166	)		0		0			581		(166	)
U.S. Government Agencies		5,155		0		(51	)		149			18			(113	)		0		0			5,158		(115	)
Asset-Backed Securities		17,416		2,144		(3,836	)		13			337			(1,475	)		0		(45	)		14,554		(1,747	)
Common Stocks
Industrials		772		0		0			0			0			(107	)		0		0			665		(107	)
Warrants
Industrials		1,519		0		0			0			0			294			0		0			1,813		294
Preferred Securities
Industrials		22,207		1,288		0			0			0			(381	)		0		0			23,114		(381	)


Totals	$	51,163	$	7,524	$	(4,250	)	$	47		$	353		$	(1,843	)	$	91	$	(45	)	$	53,040	$	(2,115	)

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:


					(% Unless Noted Otherwise)
Category and Subcategory	Ending Balance at 01/31/2020		Valuation Technique	Unobservable Inputs	Input Value(s) (% Unless Noted Otherwise)		Weighted Average%
Investments in Securities, at Value
Loan Participations and Assignments	$	7,155	Third Party Vendor	Broker Quote		75.500-102.000		89.999
Corporate Bonds & Notes
Industrials		581	Other Valuation Techniques⁽²⁾	—		—		—
U.S. Government Agencies		5,158	Proxy Pricing	Base Price		60.540		—
Asset-Backed Securities		14,554	Proxy Pricing	Base Price		4,031.800-100,937.971		44,762.851
Common Stocks
Industrials		665	Other Valuation Techniques⁽²⁾	—		—		—
Warrants
Industrials		1,813	Other Valuation Techniques⁽²⁾	—		—		—
Preferred Securities
Industrials		23,114	Fundamental Valuation	Company Equity Value	$	948,002,602.394		—

Total	$	53,040

⁽¹⁾	Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at January 31, 2020 may be due to an investment no longer held or categorized as Level 3 at period end.

⁽²⁾	Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.


See Accompanying Notes		SEMIANNUAL REPORT		JANUARY 31, 2020		85

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

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. The net asset value (“NAV”) presented may differ from the NAV reported for the same period in other Fund materials.

(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.

(b) Foreign Currency Translation 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 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.


86		PIMCO CLOSED-END FUNDS

January 31, 2020 (Unaudited)

(c) 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 engage in investment strategies, including the use of derivatives, to, among other things, seek to generate current, distributable income without regard to possible declines in the Fund’s 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. These 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 (“paired swap transactions”), 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.

If a 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 accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates 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 estimated 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 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, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and 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 the 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 reported on Form 1099 DIV sent to shareholders for the calendar year.

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.

(d) New Accounting Pronouncements In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2018-13, which modifies certain disclosure requirements


		SEMIANNUAL REPORT		JANUARY 31, 2020		87

Notes to Financial Statements (Cont.)

for fair value measurements in Accounting Standards Codification 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the ASU and the changes are incorporated in the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Fund’s, shares is determined by dividing the total value of portfolio investments and other assets attributable to that Fund less any liabilities, by the total number of shares outstanding of that Fund.

On each day that the New York Stock Exchange (“NYSE”) is open, Fund 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 to retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the Securities and Exchange Commission (“SEC”).

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). 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. If market value pricing is used, 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. 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. 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 Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services 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 Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at 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 based on procedures established and approved by the Funds’ Boards of Trustees (the “Board”). 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 Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) 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 non-U.S. securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) relating to the non-U.S security being fair valued 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.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.


88		PIMCO CLOSED-END FUNDS

January 31, 2020 (Unaudited)

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. 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 the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Funds’ policy is 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 determined by the Board or persons acting at their direction would

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 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 Board or persons acting at their direction 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 Services (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 Services 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


		SEMIANNUAL REPORT		JANUARY 31, 2020		89

Notes to Financial Statements (Cont.)

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 and Level 2 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 and Level 2 of the fair value hierarchy are as follows:

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 and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ 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 Services 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.

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.

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 Services 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.

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, indices, 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 Services (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 Services 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, indices, 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, indices, 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 Services (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services 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, London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.


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Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy. The valuation techniques and significant inputs used in determining the fair values of portfolio assets and liabilities categorized as Level 3 of the fair value hierarchy are as follows:

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) 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.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Interest only (IO) weighted average life model begins amortization with the base price with the ending price being zero over the weighted average life of the IO on a straight-line basis. The base price may be a broker-dealer quote, transaction price, or an internal value as derived from the analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs used to set base price 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.

Fundamental analysis valuation estimates fair value by using an internal model that utilizes financial statements of the non-public underlying 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.

Market based valuation estimates fair value by projecting the company’s market value, which may include unobservable inputs such as estimated recovery on assets. 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.

Short-term debt instruments (such as commercial paper) 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.

4. SECURITIES AND OTHER INVESTMENTS

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 loan interests 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 acquire interests 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


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Notes to Financial Statements (Cont.)

financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

Acquisitions of 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 acquiring 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 instruments in which the Funds may acquire interests include, among others, senior loans, subordinated loans (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.

Acquisitions of 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 acquiring 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 acquiring 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.


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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 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


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Notes to Financial Statements (Cont.)

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 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 at January 31, 2020, 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.

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 are freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the


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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 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. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions; please see Note 7, Principal Risks.

(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 the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. 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 the 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; please see Note 7, Principal Risks.

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.


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Notes to Financial Statements (Cont.)

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 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 pursuant to recent rule changes 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. The contractual obligations of a buyer or seller of a forward foreign currency contract may generally be satisfied by taking or making physical delivery of the underlying currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. Although forwards may be intended to minimize the risk of loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should

the value of such currencies increase. 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 recorded as variation margin 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,


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notional value or full exposure value (i.e., the sum of the notional amount for the contract plus the market value) or any combination of the foregoing (e.g., notional value for purposes of calculating the numerator and market value for purposes of calculating the denominator for compliance with a particular policy or restriction). See Note 6 — Asset Segregation below. 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 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 default on its obligation to perform 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, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay 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. 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


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Notes to Financial Statements (Cont.)

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 indices 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 indices 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 indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices 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 indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices 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 or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default. Credit default swaps on indices are instruments often used to attempt to protect investors owning bonds against default, but may also be used for speculative purposes.

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 indices, 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.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows


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are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Fund’s use of a total return swap exposes the Fund to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

Asset Segregation Certain transactions described above can be viewed as constituting a form of borrowing or financing transaction by a Fund. In such event, a Fund will cover its obligation under such transactions by segregating or “earmarking” assets in accordance with procedures adopted by the Board, in which case such transactions will not be considered “senior securities” by a Fund. With respect to forwards, futures contracts, options and swaps that are contractually required to cash settle (i.e., where physical delivery of the underlying reference asset is not permitted or physical settlement is not otherwise involved), a Fund (other than PIMCO Corporate & Income Opportunity Fund, PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II) is permitted to segregate or earmark liquid assets equal to a Fund’s daily marked-to-market net obligation under the derivative instrument, if any, rather than the derivative’s full notional value. For PIMCO Corporate & Income Opportunity Fund, PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II, with respect to forwards and futures contracts and interest rate swaps that are contractually required to cash settle (i.e., where physical delivery of the underlying reference asset is not permitted or physical settlement is not otherwise involved), the Fund is permitted to segregate or earmark liquid assets equal to the Fund’s daily marked-to-market net obligation under the derivative instrument, if any, rather than the derivative’s full notional value, but may segregate full notional value, as applicable, with respect to certain other derivative instruments (including, written credit default swaps and written options) that contractually require or permit physical delivery of securities or other underlying assets. By segregating or earmarking liquid assets equal to only its net marked-to-market obligation under certain derivatives that are required to cash settle, a Fund will have the ability to employ leverage to a greater extent than if a Fund were to segregate or earmark liquid assets equal to the full notional value of the derivative.

7. 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 more comprehensive list of potential risks the Funds may be subject to, please see the Important Information About the Funds.

Market Risks A Fund’s investments in financial derivative instruments and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign (non-U.S.) currency, equity and commodity risks.

Interest rate risk is the risk that fixed income securities and other instruments held by a Fund will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a Fund may lose money if these changes are not anticipated by the Fund’s management. Variable rate securities may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. A Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.

Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates that incorporates a security’s yield, coupon, final maturity and call features, among other characteristics. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio’s average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if interest rates rose by one percentage point. Convexity is an additional measure used to understand a security’s interest rate sensitivity. Convexity measures the rate of change of duration in response to changes in interest rates and may be positive or negative. Securities with negative convexity may experience greater losses during periods of rising interest rates, and accordingly Funds holding such securities may be subject to a greater risk of losses in periods of rising interest rates.


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Notes to Financial Statements (Cont.)

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.). This is especially true under current conditions because interest rates and bond yields are near historically low levels. Thus, the 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. During periods of very low or negative interest rates, a Fund may be unable to maintain positive returns. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates. Rising interest rates may result in a decline in value of a Fund’s fixed-income investments and in periods of volatility. Further, while U.S. bond markets have steadily grown over the past three decades, dealer “market making” ability has remained relatively stagnant. As a result, dealer inventories of certain types of bonds and similar instruments, which provide a core indication of the ability of financial intermediaries to “make markets,” are at or near historic lows in relation to market size. Because market makers provide stability to a market through their intermediary services, the significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty. All of these factors, collectively and/or individually, could cause a Fund to lose value.

Foreign (non-U.S.) securities in this report 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. If a Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in financial derivatives that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the Fund’s returns.

The market values of a Fund’s investments may decline due to general market conditions which are not specifically related to a particular company or issuer, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by a Fund. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level.

A Fund’s investments in commodity-linked financial derivative instruments may subject the Fund to greater market price volatility than investments in traditional securities. The value of commodity-linked financial derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Credit and Counterparty Risks A Fund will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Fund seeks to minimize concentrations of credit risk by undertaking transactions with a large number of counterparties on recognized and reputable exchanges, where applicable. Over the counter (“OTC”) derivative transactions are 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 derivative transactions. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. A Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. PIMCO, as the Manager,


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seeks to minimize counterparty risks to the Funds through a number of ways. Prior to entering into transactions with a new counterparty, the PIMCO Counterparty Risk Committee conducts an extensive credit review of such counterparty and must approve the use of such counterparty. Furthermore, pursuant to the terms of the underlying contract, to the extent that unpaid amounts owed to a Fund exceed a predetermined threshold, such counterparty is required to advance collateral to the Fund in the form of cash or securities equal in value to the unpaid amount owed to the Fund. A Fund may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to a Fund subsequently decreases, the Fund would be required to return to the counterparty all or a portion of the collateral previously advanced. PIMCO’s attempts to minimize counterparty risk may, however, be unsuccessful.

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

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


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Notes to Financial Statements (Cont.)

in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, or changes in market value, are 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.

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. In limited circumstances, 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. These amounts, if any, may be segregated with a third-party custodian. 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 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 includes 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).

(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 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 Fund’s 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 expense, 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


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January 31, 2020 (Unaudited)

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.

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 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” (the ”PIMCO Interval Funds”), and PIMCO Managed Accounts Trust, an open-end management investment company with multiple series for which PIMCO serves as investment adviser and administrator (“PMAT” and, together with the PIMCO Closed-End Funds and the PIMCO Interval Funds, the “PIMCO Managed Funds”). In addition, each of the Independent Trustees also serves as a trustee of certain investment companies (together, the “Allianz-Managed Funds”), for which Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), an affiliate of PIMCO, serves as investment manager. 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.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended January 31, 2020, the Funds below engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act (amounts in thousands^†):


Fund Name	Purchases		Sales

PIMCO Corporate & Income Opportunity Fund	$	7,669	$	59,923

PIMCO Corporate & Income Strategy Fund		2,994		16,677

PIMCO High Income Fund		1,822		39,661

PIMCO Income Strategy Fund		938		6,905

PIMCO Income Strategy Fund II		5,141		15,218

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

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, 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.


		SEMIANNUAL REPORT		JANUARY 31, 2020		103

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended January 31, 2020, were as follows (amounts in thousands^†):


	U.S. Government/Agency				All Other

Fund Name	Purchases		Sales		Purchases		Sales

PIMCO Corporate & Income Opportunity Fund	$	668	$	0	$	337,227	$	195,896

PIMCO Corporate & Income Strategy Fund		0		0		87,658		58,900

PIMCO High Income Fund		0		0		90,752		92,961

PIMCO Income Strategy Fund		2,384		0		64,896		42,095

PIMCO Income Strategy Fund II		2,815		0		120,759		81,485

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

13. COMMON SHARES OFFERING

On March 23, 2017, the SEC declared effective a registration statement filed using the “shelf” registration process (the “Original Shelf Registration”) for PIMCO Corporate & Income Opportunity Fund (for purposes of this paragraph, the “Fund”). Pursuant to the Original Shelf Registration, the Fund was permitted to offer and sell, from time to time, in one or more offerings, up to 14,500,000 of its Common Shares, par value $0.00001 per share. The aggregate sales proceeds for the sales of the Fund’s Common Shares were subject to an aggregate cap of $229,680,000. As of July 1, 2019, the Fund had sold an aggregate of 13,662,714 Common Shares pursuant to the Original Shelf Registration, representing net proceeds to the Fund of $227,144,920 after payment of commissions. On July 3, 2019, the SEC declared effective a new registration statement filed using the “shelf” registration process for the Fund (the “New Shelf Registration”). Pursuant to the New Shelf Registration, the Fund may offer, from time to time, in one or more offerings, an aggregate offering value of up to $500,000,000 of Common Shares. During the period ended January 31, 2020, the Fund sold 6,794,912 Common Shares pursuant to the New Shelf Registration. Proceeds from the offerings during the period ended January 31, 2020 (net of commissions and fees) were $125,637,905.

On September 6, 2018, the SEC declared effective a registration statement filed using the “shelf” registration process for each of PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II.

Pursuant to its shelf registration, PIMCO Income Strategy Fund may offer and sell, from time to time, in one or more offerings, up to 5,500,000 of its Common Shares, par value $0.00001 per share. The aggregate sales proceeds for the sales of the PIMCO Income Strategy Fund Common Shares are subject to an aggregate cap of $100,000,000. During the period ended January 31, 2020, the Fund sold 2,098,549 Common Shares. Proceeds from the offerings during the period ended January 31, 2020 (net of commissions and fees) were $24,340,472.

Pursuant to its shelf registration, PIMCO Income Strategy Fund II may offer and sell, from time to time, in one or more offerings, up to 11,500,000 of its Common Shares par value $0.00001 per share. The aggregate sales proceeds for the sales of the PIMCO Income Strategy Fund II Common Shares are subject to an aggregate cap of $175,000,000. During the period ended January 31, 2020, the Fund sold 4,735,989 Common Shares. Proceeds from the offerings during the period ended January 31, 2020 (net of commissions and fees) were $49,319,391.

Each 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. Any proceeds from a Fund’s offering of its common shares will be invested in accordance with its investment objective and policies as set forth in its effective registration statement.

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.


104		PIMCO CLOSED-END FUNDS

January 31, 2020 (Unaudited)

For the period ended January 31, 2020, the annualized dividend rates on the ARPS ranged from:


Fund Name	Shares Issued and Outstanding		High		Low		As of January 31, 2020
PIMCO Corporate & Income Opportunity Fund
Series M		1,748		4.664%		3.062%		3.062%
Series T		1,596		4.644%		3.042%		3.082%
Series W		1,634		4.564%		3.042%		3.042%
Series TH		1,786		4.322%		3.062%		3.062%
Series F		1,742		4.664%		3.062%		3.182%
PIMCO Corporate & Income Strategy Fund
Series M		242		3.498%		2.297%		2.297%
Series T		180		3.483%		2.282%		2.312%
Series W		214		3.423%		2.282%		2.282%
Series TH		138		3.242%		2.297%		2.297%
Series F		167		3.498%		2.297%		2.387%
PIMCO High Income Fund
Series M		455		3.731%		2.450%		2.450%
Series T		526		3.715%		2.434%		2.466%
Series W		369		3.651%		2.434%		2.434%
Series TH		476		3.458%		2.450%		2.450%
Series F		496		3.731%		2.450%		2.546%
PIMCO Income Strategy Fund
Series T		698		3.482%		2.806%		2.813%
Series W		636		3.446%		2.802%		2.811%
Series TH		474		3.426%		2.803%		2.816%
PIMCO Income Strategy Fund II
Series M		671		3.523%		2.808%		2.812%
Series T		855		3.482%		2.806%		2.813%
Series W		627		3.446%		2.802%		2.811%
Series TH		706		3.426%		2.803%		2.816%

Series F		638		3.557%		2.808%		2.826%

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.

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


		SEMIANNUAL REPORT		JANUARY 31, 2020		105

Notes to Financial Statements (Cont.)

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

150%

7-day “AA” Financial Composite
Commercial Paper Rates

Maximum Rate for PCN

PIMCO High Income Fund

160%

7-day “AA” Financial Composite
Commercial Paper Rates

Maximum Rate for PHK

PIMCO Income Strategy Fund

The higher of

150%

1.25%

7-Day USD LIBOR
OR
7-Day USD LIBOR

Maximum Rate for PFL

⁽²⁾

PIMCO Income Strategy Fund II

The higher of

150%

1.25%

7-Day USD LIBOR
OR
7-Day USD LIBOR

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%.

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 June 25, 2019, each Fund commenced a voluntary tender offer for up to 100% of its outstanding ARPS at a price equal to 87%, with respect to PIMCO Corporate & Income Strategy Fund, PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II, 88%, with respect to PIMCO High Income Fund, and 93%, with respect to PIMCO

Corporate & Income Opportunity Fund, of the ARPS’ per share liquidation preference of $25,000 per share (or $21,750 per share for PIMCO Corporate & Income Strategy Fund, PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II, $22,000 per share for PIMCO High Income Fund and $23,250 per share for PIMCO Corporate & Income Opportunity Fund) and any unpaid dividends accrued through the expiration of the tender offers (each, a “Tender Offer”).

On or about July 26, 2019, each Fund announced the expiration and results of its Tender Offer.

Details of the ARPS tendered and not withdrawn for each Fund for the reporting period ended July 31, 2019 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 07/31/2018		ARPS Tendered		ARPS Outstanding After Tender Offer as of 07/31/2019

PIMCO Corporate & Income Opportunity Fund	$	25,000	$	23,250		93	%	$	23,529,000		9,518		1,012		8,506

PIMCO Corporate & Income Strategy Fund		25,000		21,750		87			27,840,000		2,221		1,280		941

PIMCO High Income Fund		25,000		22,000		88			38,654,000		4,079		1,757		2,322

PIMCO Income Strategy Fund		25,000		21,750		87			5,285,250		2,051		243		1,808

PIMCO Income Strategy Fund II		25,000		21,750		87			4,371,750		3,698		201		3,497

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.

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 January 31, 2020, 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.


106		PIMCO CLOSED-END FUNDS

January 31, 2020 (Unaudited)

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 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 July 31, 2019, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):


	Short-Term		Long-Term

PIMCO Corporate & Income Opportunity Fund	$	102,160	$	0

PIMCO Corporate & Income Strategy Fund		36,973		4,628

PIMCO High Income Fund		95,265		52,394

PIMCO Income Strategy Fund		24,150		1,010

PIMCO Income Strategy Fund II		57,440		2,499

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

As of January 31, 2020, 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	$	1,830,260	$	356,899	$	(150,823	)	$	206,076

PIMCO Corporate & Income Strategy Fund		757,194		173,609		(70,688	)		102,921

PIMCO High Income Fund		1,183,073		307,993		(163,939	)		144,054

PIMCO Income Strategy Fund		413,453		82,964		(36,120	)		46,844

PIMCO Income Strategy Fund II		833,273		184,141		(76,275	)		107,866

^†	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 February 3, 2020, the following distributions were declared to common shareholders payable March 2, 2020 to shareholders of record on February 13, 2020:


PIMCO Corporate & Income Opportunity Fund	$	0.130000 per common share
PIMCO Corporate & Income Strategy Fund	$	0.112500 per common share
PIMCO High Income Fund	$	0.061331 per common share
PIMCO Income Strategy Fund	$	0.090000 per common share
PIMCO Income Strategy Fund II	$	0.080000 per common share

On March 2, 2020, the following distributions were declared to common shareholders payable April 1, 2020 to shareholders of record on March 12, 2020:


PIMCO Corporate & Income Opportunity Fund	$	0.130000 per common share
PIMCO Corporate & Income Strategy Fund	$	0.112500 per common share
PIMCO High Income Fund	$	0.061331 per common share
PIMCO Income Strategy Fund	$	0.090000 per common share
PIMCO Income Strategy Fund II	$	0.080000 per common share

On March 12, 2020, PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II filed prospectus supplements pursuant to preexisting, separate amended and restated sales agreements with JonesTrading Institutional Services LLC (“Jones Trading”), under which these Funds may from time to time offer and sell through Jones Trading as their agent, common shares of beneficial interest having an aggregate offering price of up to $47,700,000 and $76,800,000, respectively.

There were no other subsequent events identified that require recognition or disclosure.


		SEMIANNUAL REPORT		JANUARY 31, 2020		107

Changes to Boards of Trustees

(Unaudited)

Effective December 31, 2019, Bradford K. Gallagher resigned from his position as Trustee of each Fund.


108		PIMCO CLOSED-END FUNDS

Glossary: (abbreviations that may be used in the preceding statements)

(Unaudited)



Counterparty Abbreviations:

BCY	Barclays Capital, Inc.	FICC	Fixed Income Clearing Corporation	NOM	Nomura Securities International Inc.

BOA	Bank of America N.A.	FOB	Credit Suisse Securities (USA) LLC	RBC	Royal Bank of Canada

BOS	BofA Securities, Inc.	GLM	Goldman Sachs Bank USA	RDR	RBC Capital Markets LLC

BPG	BNP Paribas Securities Corp.	GST	Goldman Sachs International	RTA	RBC (Barbados) Trading Bank Corp.

BPS	BNP Paribas S.A.	HUS	HSBC Bank USA N.A.	RYL	NatWest Markets Plc

BRC	Barclays Bank PLC	JML	JP Morgan Securities Plc	SBI	Citigroup Global Markets Ltd.

BSN	The Bank of Nova Scotia - Toronto	JPM	JP Morgan Chase Bank N.A.	SCX	Standard Chartered Bank, London

CBK	Citibank N.A.	JPS	J.P. Morgan Securities LLC	SOG	Societe Generale Paris

CDC	Natixis Securities Americas LLC	MBC	HSBC Bank Plc	SSB	State Street Bank and Trust Co.

CEW	Canadian Imperial Bank of Commerce	MEI	Merrill Lynch International	TDM	TD Securities (USA) LLC

CIW	CIBC World Markets Corp.	MYC	Morgan Stanley Capital Services LLC	UAG	UBS AG Stamford

DUB	Deutsche Bank AG	MYI	Morgan Stanley & Co. International PLC	UBS	UBS Securities LLC

FBF	Credit Suisse International

Currency Abbreviations:

ARS	Argentine Peso	EUR	Euro	MXN	Mexican Peso

AUD	Australian Dollar	GBP	British Pound	PEN	Peruvian New Sol

BRL	Brazilian Real	IDR	Indonesian Rupiah	RUB	Russian Ruble

CLP	Chilean Peso	INR	Indian Rupee	USD (or $)	United States Dollar

Exchange Abbreviations:

OTC	Over the Counter

Index/Spread Abbreviations:

ABX.HE	Asset-Backed Securities Index - Home Equity	BP0003M	3 Month GBP-LIBOR	LIBOR03M	3 Month USD-LIBOR

ARLLMONP	Argentina Blended Policy Rate	CDX.HY	Credit Derivatives Index - High Yield	PRIME	Daily US Prime Rate

BADLARPP	Argentina Badlar Floating Rate Notes	EUR003M	3 Month EUR Swap Rate	US0003M	3 Month USD Swap Rate

Municipal Bond or Agency Abbreviations:

AGM	Assured Guaranty Municipal

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	LIBOR	London Interbank Offered Rate


		SEMIANNUAL REPORT		JANUARY 31, 2020		109

General Information

Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent, Dividend Paying Agent and Registrar for Common Shares

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Auction Agent, Transfer Agent, Dividend Paying Agent and Registrar for Auction Rate Preferred Shares

Deustsche Bank Company Americas

60 Wall Street, 16th Floor

New York, New York 10005

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.

LOGO

CEF4011SAR_013120

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 semiannual reports 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)

The information required by this Item 8(a) is only required in an annual report on this Form N-CSR.

(b)

There have been no changes in any of the Portfolio Managers identified in the registrant’s previous annual report on Form N-CSR.

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 last fiscal quarter of 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 Opportunity Fund

By:		/s/ Eric D. Johnson
		Eric D. Johnson
		President (Principal Executive Officer)

Date: April 3, 2020

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/ Eric D. Johnson
		Eric D. Johnson
		President (Principal Executive Officer)

Date: April 3, 2020

By:		/s/ Bradley Todd
		Bradley Todd
		Treasurer (Principal Financial & Accounting Officer)

Date: April 3, 2020

PIMCO Corporate & Income Opportunity Fund (PTY) N-CSRSCertified semi-annual shareholder report (management investment company)