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    PIMCO CLOSED-END FUNDS Semiannual Report January 31, 2021 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 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.


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    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 19 Statements of Operations 20 Statements of Changes in Net Assets 22 Statements of Cash Flows 24 Notes to Financial Statements 90 Changes to Boards of Trustees 117 Glossary 118 Distribution Information 119 Fund Schedule of Fund Summary Investments PIMCO Corporate & Income Opportunity Fund 11 25 PIMCO Corporate & Income Strategy Fund 12 41 PIMCO High Income Fund 13 53 PIMCO Income Strategy Fund 14 65 PIMCO Income Strategy Fund II 15 77


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    Letter from the Chair of the Board & President Dear Shareholder, We hope that you and your family are staying safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Closed-End Funds Semiannual Report, which covers the six-month reporting period ended January 31, 2021. 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, 2021 The global economy was severely impacted by the repercussions related to the COVID-19 pandemic. Looking back before the reporting period began, second-quarter 2020 U.S. annualized gross domestic product (“GDP”) was -31.4%. This represented the steepest quarterly decline on record. With the economy reopening, third-quarter GDP growth was 33.4%, the largest quarterly increase on record. The Commerce Department’s initial estimate for fourth- quarter annualized GDP was 4.0%. The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, before the reporting period began, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced that it would make unlimited purchases of Treasury and mortgage securities and, for the first time, it would purchase corporate bonds on the open market. In August 2020, Fed Chair Jerome Powell said the central bank had changed how it viewed the trade-off between lower unemployment and higher inflation. Per Powell’s statement, the Fed’s new approach to setting U.S. monetary policy will entail letting inflation run higher, which could mean that interest rates remain low for an extended period. Meanwhile, in March 2020, the U.S. government passed a total of roughly $2.8 trillion in fiscal stimulus measures to aid the economy. A subsequent $900 billion stimulus package was finalized in December 2020. Economies outside the U.S. were also significantly impacted by the pandemic, but are expected to improve in 2021. In its January 2021 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects 2021 GDP growth in the eurozone, U.K. and Japan will be 4.2%, 4.5% and 3.1%, respectively. For comparison purposes, the GDP of these economies were projected to be -7.2%, -10.0% and -5.1%, respectively, in 2020. Against this backdrop, central banks and governments around the world took a number of aggressive actions. Looking back, in March 2020, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. In July, the European Union agreed on a €1.8 trillion spending package to bolster its economy. In December 2020, the ECB expanded its monetary stimulus program by another €500 billion. The Bank of England reduced its key lending rate to 0.10% — a record low — in March, added £100 billion to its quantitative easing program in June, and increased its bond-buying program by £150 billion to £895 billion in November. Finally, toward the end of the year, the U.K. and the European Union agreed to a long-awaited Brexit deal. Elsewhere, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. In May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package. Finally, in December 2020, the Bank of Japan announced a new ¥73.6 trillion stimulus package. Short-term U.S. Treasury yields were unchanged overall, whereas long-term yields moved higher, albeit from a very low level during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 1.11% at the end of the reporting period, versus 0.55% on July 31, 2020. 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 -0.63%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 1.03%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, produced stronger returns. The ICE BofAML 2 PIMCO CLOSED-END FUNDS


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    Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 6.94%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.79%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 5.91%. Despite the headwinds from the pandemic, global equities produced strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 14.47%, partially fueled by a sharp rally in November and December 2020, because, in our view, investor sentiment improved after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 16.21%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 24.07%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 30.43% and European equities, as represented by the MSCI Europe Index (in EUR), returned 11.61%. Commodity prices were volatile and produced mixed results. When the reporting period began, Brent crude oil was approximately $43 a barrel. Brent crude oil ended the reporting period at roughly $55 a barrel. We believe that oil prices rallied because producers reduced their output and investors anticipated stronger demand as global growth improved and several new COVID-19 vaccines were introduced. Elsewhere, copper prices moved higher, while gold declined. Finally, there were also periods of volatility in the foreign exchange markets, in our view due to fluctuating economic growth, trade conflicts and changing central bank monetary policies, along with the U.S. election and several geopolitical events. The U.S. dollar weakened against a number of other major currencies. For example, the U.S. dollar returned -2.53%, -4.57% and -0.87% versus the euro, the British pound and the Japanese yen, 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, 2021 3


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    Important Information About the Funds We believe that bond funds have an important role to play in a well- swap agreements on the same underlying instrument, but take the diversified investment portfolio. It is important to note, however, that in opposite position (i.e., in this example, a Fund would make regular an environment where interest rates may trend upward, rising rates payments equal to a fixed interest rate in return for receiving payments would negatively impact the performance of most bond funds, and equal to a floating interest rate) with respect to a contract whereby the fixed-income securities and other instruments held by a Fund are likely payment obligations do not commence until a date following the to decrease in value. A wide variety of factors can cause interest rates commencement of the initial leg (the “forward leg”). or yield of U.S. Treasury securities (or yields of other types of bonds) to A Fund may engage in investment strategies, including those rise (e.g., central bank monetary policies, inflation rates, general investment strategies that employ the use of paired swaps transactions, economic conditions). In addition, changes in interest rates can be the use of interest rate swaps to seek to capitalize on differences sudden and unpredictable, and there is no guarantee that Fund between short-term and long-term interest rates and other derivatives management will anticipate such movement accurately. A Fund may transactions, to, among other things, seek to generate current, lose money as a result of movement in interest rates. distributable income, even if such strategies could potentially result in As of the date of this report, interest rates in the U.S. and many parts of the declines in the Fund’s net asset value (“NAV”). A Fund’s income and world, including certain European countries, are near historically low levels. gain-generating strategies, including certain derivatives strategies, may Thus, the Funds currently face a heightened level of risk associated with seek to generate current income and gains taxable as ordinary income rising interest rates and/or bond yields. This could be driven by a variety of sufficient to support monthly distributions even in situations when a factors, including but not limited to central bank monetary policies, Fund has experienced a decline in net assets due to, for example, changing inflation or real growth rates, general economic conditions, adverse changes in the broad U.S. or non-U.S. equity markets or a increasing bond issuances or reduced market demand for low yielding Fund’s debt investments, or arising from its use of derivatives. For investments. Further, while bond markets have steadily grown over the instance, a significant portion of a Fund’s monthly distributions may be past three decades, dealer inventories of corporate bonds are near historic sourced from paired swap transactions utilized to produce current lows in relation to market size. As a result, there has been a significant distributable ordinary income for tax purposes on the initial leg, with a reduction in the ability of dealers to “make markets.” substantial possibility that a Fund will later realize a corresponding capital loss and potential decline in its NAV with respect to the forward Bond funds and individual bonds with a longer duration (a measure leg (to the extent there are not corresponding offsetting capital gains used to determine the sensitivity of a security’s price to changes in being generated from other sources). Because some or all of these interest rates) tend to be more sensitive to changes in interest rates, transactions may generate capital losses without corresponding usually making them more volatile than securities or funds with shorter offsetting capital gains, portions of a Fund’s distributions recognized as durations. In addition, in the current low interest rate environment, the ordinary income for tax purposes (such as from paired swap market price of the Funds’ common shares may be particularly sensitive transactions) may be economically similar to a taxable return of capital to changes in interest rates or the perception that there will be a when considered together with such capital losses. change in interest rates. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or The use of derivatives may subject the Funds to greater volatility than lower liquidity in the fixed income markets or negatively impact a investments in traditional securities. The Funds may use derivative Fund’s performance or cause a Fund to incur losses. instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as A Fund may enter into opposite sides of multiple interest rate swaps or liquidity risk, interest rate risk, market risk, call risk, credit risk, leverage other derivatives with respect to the same underlying reference risk, management risk and the risk that a Fund may not be able to instrument (e.g., a 10-year U.S. treasury) that have different effective close out a position when it would be most advantageous to do so. dates with respect to interest accrual time periods also for the principal Changes in regulation relating to a Fund’s use of derivatives and purpose of generating distributable gains (characterized as ordinary related instruments could potentially limit or impact a Fund’s ability to income for tax purposes) that are not part of a Fund’s duration or yield invest in derivatives, limit a Fund’s ability to employ certain strategies curve management strategies. In such a “paired swap transaction”, a that use derivatives and/or adversely affect the value or performance of Fund would generally enter into one or more interest rate swap derivatives and the Fund. Certain derivative transactions may have a agreements whereby a Fund agrees to make regular payments starting leveraging effect on a Fund. For example, a small investment in a at the time a Fund enters into the agreements equal to a floating derivative instrument may have a significant impact on a Fund’s interest rate in return for payments equal to a fixed interest rate (the exposure to interest rates, currency exchange rates or other “initial leg”). A Fund would also enter into one or more interest rate 4 PIMCO CLOSED-END FUNDS


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    investments. As a result, a relatively small price movement in an asset, and will reduce the investment return of the Fund’s common shares. instrument or component of the index underlying a derivative Moreover, to make payments of interest and other loan costs, a Fund instrument may cause an immediate and substantial loss or gain, which may be forced to sell portfolio securities when it is not otherwise translates into heightened volatility in a Fund’s NAV. A Fund may advantageous to do so. engage in such transactions regardless of whether the Fund owns the In addition, because the fees received by PIMCO are based on the asset, instrument or components of the index underlying the derivative average weekly total managed assets (including any assets attributable instrument. A Fund may invest a significant portion of its assets in to any preferred shares or other forms of leverage that may be these types of instruments. If it does, a Fund’s investment exposure outstanding) minus any accrued liabilities (other than liabilities could far exceed the value of its portfolio securities and its investment representing leverage) of PIMCO Income Strategy Fund and PIMCO performance could be primarily dependent upon securities it does Income Strategy Fund II, and on the average daily net asset value not own. (including daily net assets attributable to any preferred shares that may Certain Funds’ monthly distributions may include, among other possible be outstanding) of PIMCO Corporate & Income Opportunity Fund, sources, interest income from its debt portfolio and payments and PIMCO Corporate & Income Strategy Fund and PIMCO High Income premiums (characterized as capital for financial accounting purposes Fund, PIMCO has a financial incentive for a Fund to use certain forms and as ordinary income for tax purposes) generated by certain types of of leverage, which may create a conflict of interest between PIMCO, on interest rate derivatives. the one hand, and the common shareholders of a Fund, on the other hand. Strategies involving interest rate derivatives (including swaps that are paired) may attempt to capitalize on differences between short-term There can be no assurance that a Fund’s use of leverage will result in a and long-term interest rates as part of a Fund’s duration and yield higher yield on its common shares, and it may result in losses. Leverage curve active management strategies. For instance, in the event that creates several major types of risks for a Fund’s common shareholders, long-term interest rates are higher than short-term interest rates, the including: (1) the likelihood of greater volatility of NAV and market Fund may elect to pay a floating short-term interest rate and to receive price of the Fund’s common shares, and of the investment return to the a long-term fixed interest rate for a stipulated period of time, thereby Fund’s common shareholders, than a comparable portfolio without generating payments as a function of the difference between current leverage; (2) the possibility either that the Fund’s common share short-term interest rates and long-term interest rates, so long as the dividends will fall if the interest and other costs of leverage rise, or that floating short-term interest rate (which may rise) is lower than the fixed dividends paid on the Fund’s common shares will fluctuate because long-term interest rate. 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 The notional exposure of a Fund’s interest rate derivatives may cause a greater decline in the NAV of the Fund’s common shares than represent a multiple of the Fund’s total net assets. There can be no if the Fund were not leveraged and may result in a greater decline in assurance a Fund’s strategies involving interest rate derivatives will the market value of the Fund’s common shares. 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 A Fund’s investments in and exposure to foreign securities involve and 7 in the Notes to Financial Statements for further discussion on the special risks. For example, the value of these investments may decline use of derivative instruments and certain of the risks in response to unfavorable political and legal developments, unreliable associated therewith). or untimely information or economic and financial instability. Foreign securities may experience more rapid and extreme changes in value A Fund’s use of leverage creates the opportunity for increased income than investments in securities of U.S. issuers. The securities markets of for the Fund’s common shareholders, but also creates special risks. certain foreign countries are relatively small, with a limited number of Leverage is a speculative technique that may expose a Fund to greater companies representing a small number of industries. Issuers of foreign risk and increased costs. If shorter-term interest rates rise relative to the securities are usually not subject to the same degree of regulation as rate of return on a Fund’s portfolio, the interest and other costs of U.S. issuers. Reporting, accounting, auditing and custody standards of leverage to the Fund could exceed the rate of return on the debt foreign countries differ, in some cases significantly, from U.S. obligations and other investments held by the Fund, thereby reducing standards. Also, nationalization, expropriation or other confiscation, return to the Fund’s common shareholders. In addition, fees and currency blockage, political changes or diplomatic developments could expenses of any form of leverage used by a Fund will be borne entirely adversely affect a Fund’s investments in foreign securities. In the event by its common shareholders (and not by preferred shareholders, if any) of nationalization, expropriation or other confiscation, a Fund could SEMIANNUAL REPORT | JANUARY 31, 2021 5


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    Important Information About the Funds (Cont.) lose its entire investment in foreign securities. Investing in foreign average interest rate, determined by the ICE Benchmark (non-U.S.) securities may entail risk due to foreign (non-U.S.) economic Administration, that banks charge one another for the use of short- and political developments; this risk may be increased when investing term money. The United Kingdom’s Financial Conduct Authority, which in emerging markets. For example, if a Fund invests in emerging market regulates LIBOR, has announced plans to ultimately phase out the use debt, it may face increased exposure to interest rate, liquidity, volatility, of LIBOR. There remains uncertainty regarding future utilization of and redemption risk due to the specific economic, political, LIBOR and the nature of any replacement rate (e.g., the Secured geographical, or legal background of the foreign (non-U.S.) issuer. Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through Classifications of the Funds’ portfolio holdings in this report are made repurchase agreement transactions collateralized with U.S. Treasury according to financial reporting standards. The classification of a securities). Any potential effects of the transition away from LIBOR on a particular portfolio holding as shown in the Allocation Breakdown and Fund or on certain instruments in which a Fund invests can be difficult Schedule of Investments sections of this report may differ from the to ascertain, and they may vary depending on a variety of factors. The classification used for the Funds’ compliance calculations, including transition may also result in a reduction in the value of certain those used in the Funds’ prospectus, investment objectives, regulatory, instruments held by a Fund or a reduction in the effectiveness of related and other investment limitations and policies, which may be based on Fund transactions such as hedges. Any such effects of the transition different asset class, sector or geographical classifications. Each Fund is away from LIBOR, as well as other unforeseen effects, could result in separately monitored for compliance with respect to prospectus and losses to a Fund. regulatory requirements. Under the direction of the Federal Housing Finance Agency, the Federal The geographical classification of foreign (non-U.S.) securities in this National Mortgage Association (“FNMA” or “Fannie Mae”) and the report, if any, are classified by the country of incorporation of a Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie holding. In certain instances, a security’s country of incorporation may Mac”) have entered into a joint initiative to develop a common be different from its country of economic exposure. securitization platform for the issuance of a uniform mortgage-backed security (the “Single Security Initiative”) that aligns the characteristics Beginning in January 2020, global financial markets have experienced of FNMA and FHLMC certificates. The Single Security Initiative was and may continue to experience significant volatility resulting from the implemented on June 3, 2019 and the effects it may have on the spread of a novel coronavirus known as COVID-19. The outbreak of market for mortgage-backed securities are uncertain. COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market The Funds may be subject to various risks, including, but not limited to, uncertainty. The effects of COVID-19 have and may continue to the following: asset allocation risk, credit risk, distressed and defaulted adversely affect the global economy, the economies of certain nations securities risk, contingent convertible securities risk, high yield and individual issuers, all of which may negatively impact the Funds’ securities risk, market risk, issuer risk, liquidity risk, equity securities performance. In addition, COVID-19 and governmental responses to and related market risk, mortgage-related and other asset-backed COVID-19 may negatively impact the capabilities of the Funds’ service securities risk, prepayment risk, privately issued mortgage-related providers and disrupt the Funds’ operations. securities risk, mortgage–related and other asset-backed securities risk, foreign (non-U.S.) investment risk, “covenant-lite” obligations risk, The United States’s enforcement of restrictions on U.S. investments in subprime risk, emerging markets risk, currency risk, redenomination certain issuers and tariffs on goods from other countries, each with a risk, management risk, inflation-indexed security risk, senior debt risk, focus on China, has contributed to international trade tensions and loans and other indebtedness; participations and assignments risk, may impact portfolio securities. reinvestment risk, real estate risk, U.S. Government securities risk, The United Kingdom’s withdrawal from the European Union may valuation risk, segregation and coverage risk, focused investment risk, impact Fund returns. The withdrawal may cause substantial volatility in credit default swaps risk, counterparty risk, preferred securities risk, foreign exchange markets, lead to weakness in the exchange rate of confidential information access risk, other investment companies risk, the British pound, result in a sustained period of market uncertainty, private placements risk, inflation/deflation risk, regulatory changes risk, and destabilize some or all of the other European Union member regulatory risk — LIBOR, regulatory risk – commodity pool operator, countries and/or the Eurozone. tax risk, market disruptions risk, potential conflicts of interest involving allocation of investment opportunities, repurchase agreements risk, The Funds may invest in certain instruments that rely in some fashion zero-coupon bond, step-ups and payment-in-kind securities risk, upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an portfolio turnover risk, smaller company risk, short sale risk, convertible 6 PIMCO CLOSED-END FUNDS


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    securities risk, market discount risk, interest rate risk, leverage risk, call to changes in interest rates. As a result, in a period of rising interest risk, derivatives risk, synthetic convertible securities risk, operational rates, if a Fund holds mortgage-related securities, it may exhibit risk, cybersecurity risk, structured investments risk, collateralized loan additional volatility since individual mortgage holders are less likely to obligations risk, distribution risk and restricted securities risk. A exercise prepayment options, thereby putting additional downward description of certain of these risks is available in the Notes to Financial pressure on the value of these securities and potentially causing the Statements of this Report. Fund to lose money. This is known as extension risk. Mortgage-backed securities can be highly sensitive to rising interest rates, such that even The common shares of the Funds trade on the New York Stock small movements can cause an investing Fund to lose value. Mortgage- Exchange. As with any stock, the price of a Fund’s common shares will backed securities, and in particular those not backed by a government fluctuate with market conditions and other factors. If you sell your guarantee, are subject to credit risk. In addition, adjustable and fixed common shares of a Fund, the price received may be more or less than rate mortgage-related securities are subject to prepayment risk. When your original investment. Shares of closed-end management investment interest rates decline, borrowers may pay off their mortgages sooner companies, such as the Funds, frequently trade at a discount from their than expected. This can reduce the returns of the Funds because the NAV and may trade at a price that is less than the initial offering price Funds may have to reinvest that money at the lower prevailing interest and/or the NAV of such shares. Further, if a Fund’s shares trade at a rates. The Funds’ investments in other asset-backed securities are price that is more than the initial offering price and/or the NAV of such subject to risks similar to those associated with mortgage-related shares, including at a substantial premium and/or for an extended securities, as well as additional risks associated with the nature of the period of time, there is no assurance that any such premium will be assets and the servicing of those assets. Payment of principal and sustained for any period of time and will not decrease, or that the interest on asset- backed securities may be largely dependent upon the shares will not trade at a discount to NAV thereafter. cash flows generated by the assets backing the securities, and asset- Investments in loans through a purchase of a loan or a direct backed securities may not have the benefit of any security interest in assignment of a financial institution’s interests with respect to a loan the related assets. Additionally, investments in subordinate mortgage- are generally subject to risks similar to those of investments in other backed and other asset-backed instruments will be subject to risks types of debt obligations, including, among others, credit risk, interest arising from delinquencies and foreclosures, thereby exposing a Fund’s rate risk, variable and floating rate securities risk, and, as applicable, investment portfolio to potential losses. Subordinate securities of risks associated with mortgage-related securities. In addition, in many mortgage-backed and other asset-backed instruments are also subject cases loans are subject to the risks associated with below-investment to greater credit risk than those mortgage-backed or other asset- grade securities. In the case of a loan participation or assignment, a backed securities that are more highly rated. Fund generally has no right to enforce compliance with the terms of the A Fund may also invest in the residual or equity tranches of mortgage- loan agreement with the borrower. As a result, a Fund may be subject related and other asset-backed instruments, which may be referred to to the credit risk of both the borrower and the lender that is selling the as subordinate mortgage-backed or asset-backed instruments and loan agreement. In the event of the insolvency of the lender selling a interest-only mortgage-backed or asset-backed instruments. Because loan participation, a Fund may be treated as a general creditor of the an investment in the residual or equity tranche of a mortgage-related lender and may not benefit from any set-off between the lender and or other asset-backed instrument will be the first to bear losses incurred the borrower. A Fund may be subject to heightened or additional risks by such instrument, these investments may involve a significantly and potential liabilities and costs by investing in mezzanine and other greater degree of risk than investments in other tranches of a subordinated loans, including those arising under bankruptcy, mortgage-related or other asset-backed instruments. fraudulent conveyance, equitable subordination, lender liability, environmental and other laws and regulations, and risks and costs The risk of investing in collateralized loan obligations (“CLOs”), include associated with debt servicing and taking foreclosure actions prepayment risk, credit risk, liquidity risk, market risk, structural risk, associated with the loans. legal risk and interest rate risk. CLOs may carry additional risks, including, but not limited to: (i) the possibility that distributions from Mortgage-related and other asset-backed securities represent interests collateral securities will not be adequate to make interest or other in “pools” of mortgages or other assets such as consumer loans or payments; (ii) the quality of the collateral may decline in value or receivables held in trust and often involve risks that are different from default; (iii) the possibility that the investments in CLOs are subordinate or possibly more acute than risks associated with other types of debt to other classes or tranches thereof; and (iv) the complex structure of instruments. Generally, rising interest rates tend to extend the duration the security may not be fully understood at the time of investment and of fixed rate mortgage-related securities, making them more sensitive may produce disputes with the issuer or unexpected investment results. SEMIANNUAL REPORT | JANUARY 31, 2021 7


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    Important Information About the Funds (Cont.) High-yield bonds (commonly referred to as “junk bonds”) typically have a trigger event, which would likely be the result of, or related to, the lower credit rating than other bonds. Lower-rated bonds generally involve deterioration of the issuer’s financial condition (e.g., a decrease in the a greater risk to principal than higher-rated bonds. Further, markets for issuer’s capital ratio) and status as a going concern. In such a case, lower-rated bonds are typically less liquid than for higher- rated bonds, with respect to CoCos that provide for conversion into common stock and public information is usually less abundant in markets for lower- upon the occurrence of the trigger event, the market price of the rated bonds. Thus, high yield investments increase the chance that a issuer’s common stock received by the Fund will have likely declined, Fund will lose money. PIMCO does not rely solely on credit ratings, and perhaps substantially, and may continue to decline, which may develops its own analysis of issuer credit quality. A Fund may purchase adversely affect the Fund’s NAV. unrated securities (which are not rated by a rating agency) if PIMCO Variable and floating rate securities may decline in value if their interest determines that the security is of comparable quality to a rated security rates do not rise as much, or as quickly, as interest rates in general. that a Fund may purchase. Unrated securities may be less liquid than Conversely, floating rate securities will not generally increase in value if comparable rated securities and involve the risk that PIMCO may not interest rates decline. Inverse floating rate securities may decrease in accurately evaluate the security’s comparative credit quality, which could value if interest rates increase. Inverse floating rate securities may also result in a Fund’s portfolio having a higher level of credit and/or high exhibit greater price volatility than a fixed rate obligation with similar yield risk than PIMCO has estimated or desires for the Fund, and could credit quality. When a Fund holds variable or floating rate securities, a negatively impact the Fund’s performance and/or returns. Certain Funds decrease (or, in the case of inverse floating rate securities, an increase) may invest a substantial portion of their assets in unrated securities and in market interest rates will adversely affect the income received from therefore may be particularly subject to the associated risks. To the extent such securities and the NAV of the Funds’ shares. that a Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objectives may depend more heavily As the use of technology has become more prevalent in the course of on the portfolio manager’s creditworthiness analysis than if the Fund business, the Funds have become potentially more susceptible to invested exclusively in higher-quality and rated securities. The Funds may operational and information security risks resulting from breaches in hold defaulted securities that may involve special considerations including cyber security. A breach in cyber security refers to both intentional and bankruptcy proceedings, other regulatory and legal restrictions affecting unintentional cyber events that may, among other things, cause a Fund the Funds’ ability to trade, and the availability of prices from independent to lose proprietary information, suffer data corruption and/or pricing services or dealer quotations. Defaulted obligations might be destruction or lose operational capacity, result in the unauthorized repaid only after lengthy workout or bankruptcy proceedings, during release or other misuse of confidential information, or otherwise disrupt which the issuer might not make any interest or other payments. normal business operations. Defaulted securities are often illiquid and may not be actively traded. Sales of securities in bankrupt companies at an acceptable price may be Cyber security failures or breaches may result in financial losses to a difficult and differences compared to the value of the securities used by Fund and its shareholders. These failures or breaches may also result in the Funds could be material. The credit quality of a particular security or disruptions to business operations, potentially resulting in financial group of securities does not ensure the stability or safety of the losses; interference with a Fund’s ability to calculate its NAV, process overall portfolio. shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy Contingent convertible securities (“CoCos”) are a form of hybrid debt and other laws; regulatory fines; penalties; reputational damage; security issued primarily by non-U.S. issuers, which have loss reimbursement or other compensation costs; additional compliance and absorption mechanisms built into their terms. The risks of investing in cyber security risk management costs and other adverse consequences. CoCos include, without limitation, the risk that interest payments will In addition, substantial costs may be incurred in an attempt to prevent be cancelled by the issuer or a regulatory authority, the risk of ranking any cyber incidents in the future. junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the There is also a risk that cyber security breaches may not be detected. risk of the Fund’s investment becoming further subordinated as a result The Funds and their shareholders could be negatively impacted as of conversion from debt to equity, the risk that the principal amount a result. due can be written down to a lesser amount, and the general risks The Funds may invest in securities and instruments that are applicable to fixed income investments, including interest rate risk, economically tied to Russia. Investments in Russia are subject to credit risk, market risk and liquidity risk, any of which could result in various risks such as political, economic, legal, market and currency losses to the Fund. CoCos may experience a loss absorption mechanism 8 PIMCO CLOSED-END FUNDS


  • Page 11

    risks. The risks include uncertain political and economic policies, short- The following table discloses the commencement of operations and term market volatility, poor accounting standards, corruption and diversification status of each Fund: crime, an inadequate regulatory system, and unpredictable taxation. Commencement Diversification Investments in Russia are particularly subject to the risk that economic Fund Name of Operations Status PIMCO Corporate & Income Opportunity Fund 12/27/02 Diversified sanctions may be imposed by the United States and/or other countries. PIMCO Corporate & Income Strategy Fund 12/21/01 Diversified Such sanctions — which may impact companies in many sectors, PIMCO High Income Fund 04/30/03 Diversified including energy, financial services and defense, among others — may PIMCO Income Strategy Fund 08/29/03 Diversified negatively impact the Funds’ performance and/or ability to achieve their PIMCO Income Strategy Fund II 10/29/04 Diversified investment objectives. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the An investment in a Fund is not a deposit of a bank and is not event that transacting in certain existing investments is prohibited), guaranteed or insured by the Federal Deposit Insurance Corporation or which could cause a Fund to sell other portfolio holdings at a any other government agency. It is possible to lose money on disadvantageous time or price in order to meet shareholder investments in the Funds. redemptions. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices The Trustees are responsible generally for overseeing the management of and trading. The Russian securities market, as compared to U.S. the Funds. The Trustees authorize the Funds to enter into service markets, has significant price volatility, less liquidity, a smaller market agreements with Pacific Investment Management Company LLC (“PIMCO”) capitalization and a smaller number of traded securities. and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable On each Fund Summary page in this Shareholder Report, the Average services on behalf of the Funds. Shareholders are not parties to or third- Annual Total Return table measures performance assuming that all party beneficiaries of such service agreements. Neither a Fund’s original or dividend and capital gain distributions were reinvested. Total return is any subsequent prospectus or Statement of Additional Information (“SAI”), calculated by determining the percentage change in NAV or market price any press release or shareholder report, any contracts filed as exhibits to a (as applicable) in the specified period. Returns do not reflect the deduction Fund’s registration statement, nor any other communications, disclosure of taxes that a shareholder would pay on Fund distributions. Total return documents or regulatory filings from or on behalf of a Fund creates a for a period of more than one year represents the average annual total contract between or among any shareholders of a Fund, on the one hand, return. Performance at market price will differ from results at NAV. and the Fund, a service provider to the Fund, and/or the Trustees or officers Although market price returns tend to reflect investment results over time, of the Fund, on the other hand. during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply The Trustees (or the Funds and their officers, service providers or other and demand for the Fund’s shares, or changes in the Fund’s dividends. delegates acting under authority of the Trustees) may amend its most Performance shown is net of fees and expenses. Historical NAV recent or use a new prospectus or SAI with respect to a Fund, adopt performance for a Fund may have been positively impacted by fee waivers and disclose new or amended policies and other changes in press or expense limitations in place during some or all of the periods shown, if releases and shareholder reports and/or amend, file and/or issue any applicable. Future performance (including total return or yield) and other communications, disclosure documents or regulatory filings, and distributions may be negatively impacted by the expiration or reduction of may amend or enter into any contracts to which a Fund is a party, and any such fee waivers or expense limitations. interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder The dividend rate that a Fund pays on its common shares may vary as input or approval, except in circumstances in which shareholder portfolio and market conditions change, and will depend on a number approval is specifically required by law (such as changes to of factors, including without limit the amount of a Fund’s undistributed fundamental investment policies) or where a shareholder approval net investment income and net short- and long-term capital gains, as requirement was specifically disclosed in a Fund’s prospectus, SAI or well as the costs of any leverage obtained by a Fund. As portfolio and shareholder report and is otherwise still in effect. market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no PIMCO has adopted written proxy voting policies and procedures assurance that a change in market conditions or other factors will not (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment result in a change in a Fund distribution rate or that the rate will be Advisers Act of 1940. The Proxy Policy has been adopted by the Funds sustainable in the future. as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures SEMIANNUAL REPORT | JANUARY 31, 2021 9


  • Page 12

    Important Information About the Funds (Cont.) that PIMCO uses to vote proxies relating to portfolio securities of each derivatives risk management program and reporting requirements. Fund, and information about how each Fund voted proxies relating to These requirements may limit the ability of the Funds to use derivatives portfolio securities held during the most recent twelve-month period and reverse repurchase agreements and similar financing transactions ended June 30, are available without charge, upon request, by calling as part of their investment strategies and may increase the cost of the the Funds at (844) 33-PIMCO, on the Funds’ website at Funds’ investments and cost of doing business, which could adversely www.pimco.com, and on the Securities and Exchange Commission’s affect investors. (“SEC”) website at www.sec.gov. In October 2020, the SEC adopted a rule regarding the ability of a fund The Funds file portfolio holdings information with the SEC on Form to invest in other funds. The rule allows a fund to acquire shares of N-PORT within 60 days of the end of each fiscal quarter. The Funds’ another fund in excess of certain limitations currently imposed by the complete schedules of securities holdings as of the end of each fiscal Investment Company Act of 1940 (the “Act”) without obtaining quarter will be made available to the public on the SEC’s website at individual exemptive relief from the SEC, subject to certain conditions. www.sec.gov and on PIMCO’s website at www.pimco.com, and will be The rule also included the rescission of certain exemptive relief, after a made available, upon request, by calling PIMCO at (844) 33-PIMCO. one-year transition period, from the SEC and guidance from the SEC staff for funds to invest in other funds. The impact that these changes The SEC adopted a rule that allows shareholder reports to be delivered may have on the Funds is uncertain. to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. In December 2020, the SEC adopted a rule addressing fair valuation of Pursuant to the rule, investors may elect to receive all future reports in fund investments. The new rule sets forth requirements for good faith paper free of charge by contacting their financial intermediary or, if determinations of fair value as well as for the performance of fair value invested directly with a Fund, investors can inform the Fund by calling determinations, including related oversight and reporting obligations. 844.337.4626. Any election to receive reports in paper will apply to all The new rule also defines “readily available market quotations” for funds held with the fund complex if invested directly with a Fund or to purposes of the definition of “value” under the Act, and the SEC noted all funds held in the investor’s account if invested through a financial that this definition will apply in all contexts under the Act. The SEC intermediary, such as a broker-dealer or bank. adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new In April 2020, the SEC adopted amended rules modifying the recordkeeping requirements. The impact of the new rule on the Funds registration, communications, and offering processes for registered is uncertain at this time. closed-end funds and interval funds. Among other things, the amendments will: (1) permit qualifying closed-end funds to use a short- form registration statement to offer securities in eligible transactions and certain funds to qualify as Well Known Seasoned Issuers; (2) permit interval funds to pay registration fees based on net issuance of shares in a manner similar to mutual funds; (3) require closed-end funds and interval funds to include additional disclosures in their annual reports; and (4) require certain information to be filed in interactive data format. The new rules have phased compliance and effective dates, with some requirements already requiring compliance starting from August 1, 2020 and others requiring compliance as late as February 1, 2023. In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, and after an eighteen-month transition period, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain 10 PIMCO CLOSED-END FUNDS


  • Page 13

    PIMCO Corporate & Income Opportunity Fund Symbol on NYSE - PTY Allocation Breakdown as of January 31, 2021†§ Fund Information as of January 31, 2021(1) Investment Objective and Strategy Overview Corporate Bonds & Notes 53.0% Market Price $17.88 PIMCO Corporate & Income Opportunity Fund’s Loan Participations and Assignments 15.1% NAV $14.14 investment objective is to seek maximum total return through a combination of current income Asset-Backed Securities 8.5% Premium/(Discount) to NAV 26.45% and capital appreciation. Non-Agency Mortgage-Backed Securities 7.5% Market Price Distribution Rate(2) 8.72% Fund Insights at NAV Short-Term Instruments 4.1% NAV Distribution Rate(2) 11.03% U.S. Government Agencies 2.6% Total Effective Leverage(3) 44% The following affected performance (on a gross basis) during the reporting period: Sovereign Issues 2.5% Preferred Securities 2.2% » Exposure to corporate credit contributed to absolute performance, as the asset class Municipal Bonds & Notes 1.2% posted positive returns. Warrants 1.2% » Short exposure to the long end of the yield Real Estate Investment Trusts 1.1% curve contributed to absolute performance, as Other 1.0% rates increased. † % of Investments, at value. » Exposure to U.S. mortgage credit contributed § Allocation Breakdown and % of investments exclude to absolute performance, as the asset class securities sold short and financial derivative instruments, posted positive returns. if any. » Long exposure to the intermediate portion of the yield curve detracted from absolute Average Annual Total Return(1) for the period ended January 31, 2021 performance, as rates increased. 6 Month* 1 Year 5 Year 10 Year Commencement » Exposure to Argentine emerging market debt of Operations (12/27/02) detracted from performance, as the sector posted negative returns. Market Price 22.32% 1.33% 18.13% 12.10% 13.93% NAV 20.80% 7.95% 14.71% 12.76% 13.81% 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 provided to shareholders when such information is available. (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). SEMIANNUAL REPORT | JANUARY 31, 2021 11


  • Page 14

    PIMCO Corporate & Income Strategy Fund Symbol on NYSE - PCN Allocation Breakdown as of January 31, 2021†§ Fund Information as of January 31, 2021(1) Investment Objective and Strategy Overview Corporate Bonds & Notes 48.3% Market Price $17.19 PIMCO Corporate & Income Strategy Fund’s Loan Participations and Assignments 10.6% NAV $14.31 primary investment objective is to seek high current income, with a secondary objective of Asset-Backed Securities 10.1% Premium/(Discount) to NAV 20.13% capital preservation and appreciation. Non-Agency Mortgage-Backed Securities 9.3% Market Price Distribution Rate(2) 7.85% Fund Insights at NAV Preferred Securities 4.7% NAV Distribution Rate(2) 9.43% Short-Term Instruments 3.8% Total Effective Leverage(3) 33% The following affected performance (on a gross basis) during the reporting period: Sovereign Issues 3.0% U.S. Government Agencies 2.9% » Exposure to corporate credit contributed to absolute performance, as the asset class Municipal Bonds & Notes 2.7% posted positive returns. Real Estate Investment Trusts 1.6% » Short exposure to the long end of the yield Warrants 1.5% curve contributed to absolute performance, as Common Stocks 1.1% rates increased. Convertible Bonds & Notes 0.4% » Exposure to U.S. mortgage credit contributed † % of Investments, at value. to absolute performance, as the asset class posted positive returns. § Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, » Long exposure to the intermediate portion of if any. the yield curve detracted from absolute performance, as rates increased. Average Annual Total Return(1) for the period ended January 31, 2021 » Exposure to Argentine emerging market debt 6 Month* 1 Year 5 Year 10 Year Commencement detracted from performance, as the sector of Operations posted negative returns. (12/21/01) Market Price 17.38% (5.06)% 15.25% 11.11% 11.82% NAV 18.13% 6.59% 11.63% 10.85% 11.66% 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). 12 PIMCO CLOSED-END FUNDS


  • Page 15

    PIMCO High Income Fund Symbol on NYSE - PHK Allocation Breakdown as of January 31, 2021†§ Fund Information as of January 31, 2021(1) Investment Objective and Strategy Overview Corporate Bonds & Notes 45.3% Market Price $6.09 PIMCO High Income Fund’s primary investment Loan Participations and Assignments 9.5% NAV $5.83 objective is to seek high current income, with capital appreciation as a secondary objective. Preferred Securities 9.0% Premium/(Discount) to NAV 4.46% Non-Agency Mortgage-Backed Securities 8.9% Market Price Distribution Rate(2) 9.46% Fund Insights at NAV Asset-Backed Securities 7.3% NAV Distribution Rate(2) 9.88% The following affected performance (on a gross Municipal Bonds & Notes 5.5% Total Effective Leverage(3) 34% basis) during the reporting period: U.S. Government Agencies 4.6% » Short exposure to the long end of the yield Short-Term Instruments 2.9% curve contributed to absolute performance, as rates increased. Sovereign Issues 2.2% Real Estate Investment Trusts 1.9% » Exposure to corporate credit contributed to absolute performance, as the asset class Warrants 1.4% posted positive returns. Common Stocks 1.1% » Exposure to structured credit contributed to Convertible Bonds & Notes 0.4% absolute performance, as the asset class † % of Investments, at value. posted positive returns. § Allocation Breakdown and % of investments exclude » Long exposure to the intermediate portion of securities sold short and financial derivative instruments, the yield curve detracted from absolute if any. performance, as rates increased. » Exposure to Argentine emerging market debt Average Annual Total Return(1) for the period ended January 31, 2021 detracted from performance, as the sector 6 Month* 1 Year 5 Year 10 Year Commencement posted negative returns. of Operations (04/30/03) Market Price 23.87% (9.71)% 7.29% 4.79% 8.33% NAV 23.05% 4.74% 13.14% 12.15% 11.47% 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). SEMIANNUAL REPORT | JANUARY 31, 2021 13


  • Page 16

    PIMCO Income Strategy Fund Symbol on NYSE - PFL Allocation Breakdown as of January 31, 2021†§ Fund Information as of January 31, 2021(1) Investment Objective and Strategy Overview Corporate Bonds & Notes 55.4% Market Price $11.48 PIMCO Income Strategy Fund’s investment Loan Participations and Assignments 11.2% NAV $10.60 objective is to seek high current income, consistent with the preservation of capital. Asset-Backed Securities 9.7% Premium/(Discount) to NAV 8.30% Non-Agency Mortgage-Backed Securities 5.0% Market Price Distribution Rate(2) 9.41% Fund Insights at NAV Short-Term Instruments 4.8% NAV Distribution Rate(2) 10.19% The following affected performance (on a gross Preferred Securities 3.5% Total Effective Leverage(3) 36% basis) during the reporting period: Sovereign Issues 2.9% » Exposure to corporate credit contributed to Municipal Bonds & Notes 2.1% absolute performance, as the asset class posted positive returns. U.S. Government Agencies 1.6% Warrants 1.3% » Short exposure to the long end of the yield curve contributed to absolute performance, as Real Estate Investment Trusts 1.3% rates increased. Other 1.2% » Exposure to structured credit contributed to † % of Investments, at value. absolute performance, as the asset class § Allocation Breakdown and % of investments exclude posted positive returns. securities sold short and financial derivative instruments, » Long exposure to the intermediate portion of if any. the yield curve detracted from absolute performance, as rates increased. Average Annual Total Return(1) for the period ended January 31, 2021 » Exposure to Argentine emerging market debt 6 Month* 1 Year 5 Year 10 Year Commencement detracted from performance, as the sector of Operations (08/29/03) posted negative returns. Market Price 21.62% 6.45% 15.37% 9.87% 7.46% NAV 18.55% 8.05% 11.85% 9.99% 7.36% 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). 14 PIMCO CLOSED-END FUNDS


  • Page 17

    PIMCO Income Strategy Fund II Symbol on NYSE - PFN Allocation Breakdown as of January 31, 2021†§ Fund Information as of January 31, 2021(1) Investment Objective and Strategy Overview Corporate Bonds & Notes 54.5% Market Price $9.98 PIMCO Income Strategy Fund II’s investment Loan Participations and Assignments 10.7% NAV $9.41 objective is to seek high current income, consistent with the preservation of capital. Non-Agency Mortgage-Backed Securities 9.0% Premium/(Discount) to NAV 6.06% Asset-Backed Securities 7.8% Market Price Distribution Rate(2) 9.62% Fund Insights at NAV Short-Term Instruments 4.3% NAV Distribution Rate(2) 10.20% The following affected performance (on a gross Preferred Securities 3.9% Total Effective Leverage(3) 36% basis) during the reporting period: Municipal Bonds & Notes 2.4% » Exposure to corporate credit contributed to Sovereign Issues 1.9% absolute performance, as the asset class posted positive returns. U.S. Government Agencies 1.5% Warrants 1.4% » Short exposure to the long end of the yield curve contributed to absolute performance, as Real Estate Investment Trusts 1.3% rates increased. Common Stocks 1.0% » Exposure to U.S. mortgage credit contributed Convertible Bonds & Notes 0.3% to absolute performance, as the asset class † % of Investments, at value. posted positive returns. § Allocation Breakdown and % of investments exclude » Long exposure to the intermediate portion of securities sold short and financial derivative instruments, the yield curve detracted from absolute if any. performance, as rates increased. » Exposure to Argentine emerging market debt Average Annual Total Return(1) for the period ended January 31, 2021 detracted from performance, as the sector 6 Month* 1 Year 5 Year 10 Year Commencement posted negative returns. of Operations (10/29/04) Market Price 18.48% 3.89% 14.54% 10.35% 6.62% NAV 16.70% 6.71% 11.48% 10.02% 6.55% 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). SEMIANNUAL REPORT | JANUARY 31, 2021 15


  • Page 18

    Financial Highlights Investment Operations Less Distributions to ARPS(c) Less Distributions to Common Shareholders(d) Net Increase (Decrease) in Net Assets Applicable Net Asset to Common Value Net Net From Net Shareholders From Net Beginning Investment Realized/ From Net Realized Resulting From Net Realized Tax Basis of Year Income Unrealized Investment Capital from Investment Capital Return of Selected Per Share Data for the Year or Period Ended^: or Period(a) (Loss)(b) Gain (Loss) Income Gains Operations Income Gains Capital Total PIMCO Corporate & Income Opportunity Fund 08/01/2020 - 01/31/2021+ $ 12.44 $ 0.66 $ 1.54 $ (0.00) $ 0.00 $ 2.20 $ (0.78) $ 0.00 $ 0.00 $ (0.78) 07/31/2020 14.66 1.36 (2.41) (0.05) 0.00 (1.10) (1.59) 0.00 0.00 (1.59) 07/31/2019 14.80(j) 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) PIMCO Corporate & Income Strategy Fund 08/01/2020 - 01/31/2021+ $ 12.76 $ 0.62 $ 1.58 $ (0.00) $ 0.00 $ 2.20 $ (0.68) $ 0.00 $ 0.00 $ (0.68) 07/31/2020 14.94 1.31 (2.07) (0.01) 0.00 (0.77) (1.41) 0.00 0.00 (1.41) 07/31/2019 14.90(j) 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)(h) (0.01) 0.00 0.39(i) (1.37) 0.00 0.00 (1.37) PIMCO High Income Fund 08/01/2020 - 01/31/2021+ $ 5.01 $ 0.29 $ 0.82 $ (0.00) $ 0.00 $ 1.11 $ (0.29) $ 0.00 $ 0.00 $ (0.29) 07/31/2020 6.38 0.65 (1.30) (0.01) 0.00 (0.66) (0.68) 0.00 (0.03) (0.71) 07/31/2019 6.54(j) 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)(h) (0.00) 0.00 0.26(i) (1.18) 0.00 (0.08) (1.26) PIMCO Income Strategy Fund 08/01/2020 - 01/31/2021+ $ 9.46 $ 0.46 $ 1.21 $ (0.01) $ 0.00 $ 1.66 $ (0.54) $ 0.00 $ 0.00 $ (0.54) 07/31/2020 11.00 1.01 (1.52) (0.04) 0.00 (0.55) (0.97) 0.00 (0.11) (1.08) 07/31/2019 11.14(j) 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) PIMCO Income Strategy Fund II 08/01/2020 - 01/31/2021+ $ 8.53 $ 0.40 $ 0.95 $ (0.01) $ 0.00 $ 1.34 $ (0.48) $ 0.00 $ 0.00 $ (0.48) 07/31/2020 9.91 0.86 (1.32) (0.03) 0.00 (0.49) (0.90) 0.00 (0.06) (0.96) 07/31/2019 10.07(j) 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) 16 PIMCO CLOSED-END FUNDS


  • Page 19

    Common Share Ratios/Supplemental Data Ratios to Average Net Assets(f) Expenses Net Assets Excluding Increase Offering Increase Net Asset Applicable Expenses Interest Resulting From Cost Resulting from Value End of Market Price Total to Common Expenses Excluding Expense Net Portfolio Common Share Charged to Tender of Year or End of Year Investment Shareholders Excluding Interest and Investment Turnover Offering Paid in Capital ARPS(c) Period(a) or Period Return(e) (000s) Expenses(g) Waivers(g) Expense Waivers Income (Loss) Rate $ 0.28 $ 0.00 $ 0.00 $ 14.14 $ 17.88 22.32% $ 1,547,760 1.12%* 1.12%* 0.77%* 0.77%* 9.98%* 30% 0.47 (0.00) 0.00 12.44 15.34 (8.77) 1,248,837 1.30 1.30 0.82 0.82 10.20 34 0.15 0.00 0.02 14.66 18.60 14.48 1,291,233 1.35 1.35 0.80 0.80 9.44 22 0.12 0.00 0.00 14.80(j) 17.95 16.78 1,219,515 1.26 1.26 0.81 0.81 8.73 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 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 45 $ 0.03 $ 0.00 $ 0.00 $ 14.31 $ 17.19 17.38% $ 578,784 1.20%* 1.20%* 0.88%* 0.88%* 9.25%* 25% N/A N/A 0.00 12.76 15.29 (7.72) 509,488 1.57 1.57 0.87 0.87 9.57 31 N/A N/A 0.10 14.94 18.08 9.20 591,931 1.60 1.60 0.94 0.94 8.39 18 N/A N/A 0.00 14.90(j) 18.09 9.61 586,592 1.36 1.36 0.94 0.94 7.97 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 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 43 $ N/A $ N/A $ 0.00 $ 5.83 $ 6.09 23.87% $ 777,282 1.18%* 1.18%* 0.86%* 0.86%* 10.70%* 39% N/A N/A 0.00 5.01 5.18 (27.55) 664,144 1.73 1.73 0.86 0.86 11.42 40 N/A N/A 0.04 6.38 8.03 3.57 835,988 1.86 1.86 0.91 0.91 9.74 20 N/A N/A 0.00 6.54(j) 8.67 13.13 847,052 1.48 1.48 0.90 0.90 9.30 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 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 42 $ 0.03 $ 0.00 $ 0.00 $ 10.61 $ 11.48 21.62% $ 351,459 1.66%* 1.66%* 1.36%* 1.36%* 9.28%* 21% 0.09 (0.00) 0.00 9.46 9.95 (7.65) 295,167 1.69 1.69 1.21 1.21 10.03 21 0.06 0.00 0.03 11.00 11.99 8.10 305,453 1.69 1.69 1.18 1.18 8.39 17 N/A N/A 0.00 11.14(j) 12.23 10.37 284,677 1.48 1.48 1.17 1.17 7.67 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 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 38 $ 0.02 $ 0.00 $ 0.00 $ 9.41 $ 9.98 18.48% $ 700,777 1.57%* 1.57%* 1.28%* 1.28%* 8.96%* 17% 0.07 (0.00) 0.00 8.53 8.88 (7.75) 605,851 1.62 1.62 1.15 1.15 9.49 21 0.04 0.00 0.01 9.91 10.70 11.03 632,927 1.66 1.66 1.12 1.12 8.57 17 N/A N/A 0.00 10.07(j) 10.70 9.19 600,890 1.41 1.41 1.10 1.10 7.79 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 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 38 SEMIANNUAL REPORT | JANUARY 31, 2021 17


  • Page 20

    Financial Highlights (Cont.) Ratios/Supplemental Data ARPS Involuntary Liquidating Average Total Amount Asset Coverage per Preference per Market Value Selected Per Share Data for the Year or Period Ended^: Outstanding Preferred Share(1) Preferred Share(2) per ARPS(3) PIMCO Corporate & Income Opportunity Fund 8/1/2020 - 1/31/2021+ 212,650,000 206,958 25,000 N/A 7/31/2020 212,650,000 171,815 25,000 N/A 7/31/2019 212,650,000 176,730 25,000 N/A 7/31/2018 237,950,000 153,072 25,000 N/A 7/31/2017 237,950,000 144,819 25,000 N/A 7/31/2016 237,950,000 124,468 25,000 N/A PIMCO Corporate & Income Strategy Fund 8/1/2020 - 1/31/2021+ 23,525,000 640,063 25,000 N/A 7/31/2020 23,525,000 566,423 25,000 N/A 7/31/2019 23,525,000 653,838 25,000 N/A 7/31/2018 55,525,000 289,023 25,000 N/A 7/31/2017 55,525,000 294,755 25,000 N/A 7/31/2016 55,525,000 274,223 25,000 N/A PIMCO High Income Fund 8/1/2020 - 1/31/2021+ 58,050,000 359,740 25,000 N/A 7/31/2020 58,050,000 311,018 25,000 N/A 7/31/2019 58,050,000 384,900 25,000 N/A 7/31/2018 101,975,000 232,587 25,000 N/A 7/31/2017 101,975,000 241,894 25,000 N/A 7/31/2016 101,975,000 231,185 25,000 N/A PIMCO Income Strategy Fund 8/1/2020 - 1/31/2021+ 45,200,000 219,355 25,000 N/A 7/31/2020 45,200,000 188,225 25,000 N/A 7/31/2019 45,200,000 193,873 25,000 N/A 7/31/2018 51,275,000 163,725 25,000 N/A 7/31/2017 51,275,000 168,552 25,000 N/A 7/31/2016 51,275,000 154,837 25,000 N/A PIMCO Income Strategy Fund II 8/1/2020 - 1/31/2021+ 87,425,000 225,350 25,000 N/A 7/31/2020 87,425,000 198,210 25,000 N/A 7/31/2019 87,425,000 205,928 25,000 N/A 7/31/2018 92,450,000 187,429 25,000 N/A 7/31/2017 92,450,000 190,527 25,000 N/A 7/31/2016 92,450,000 175,544 25,000 N/A ^ 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”) asset coverage per share is disclosed as the product of the asset coverage ratio as of period end and the current liquidation preference. 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) 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. (i) 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 0.90 and 0.52, respectively. (j) The NAV presented may differ from the NAV reported for the same period in other Fund materials. 1 “Asset Coverage per Preferred Share” means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by ARPS, bears to the aggregate of the involuntary liquidation preference of ARPS, expressed as a dollar amount per ARPS. 2 “Involuntary Liquidating Preference” means the amount to which a holder of ARPS would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share. 3 The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a third-party market sale. The liquidation value of the ARPS represents its liquidation preference, which approximates fair value of the shares less any accumulated unpaid dividends. See Note 14, Auction-Rate Preferred Shares, in the notes to Financial Statements for more information. 18 PIMCO CLOSED-END FUNDS


  • Page 21

    Statements of Assets and Liabilities January 31, 2021 (Unaudited) PIMCO PIMCO Corporate & Corporate & Income Income PIMCO Income PIMCO Income Opportunity Strategy PIMCO High Strategy Strategy (Amounts in thousands†, except per share amounts) Fund Fund Income Fund Fund Fund II Assets: Investments, at value Investments in securities* $ 2,593,505 $ 854,010 $ 1,144,023 $ 532,086 $ 1,045,414 Financial Derivative Instruments Exchange-traded or centrally cleared 2,655 1,308 4,637 679 1,546 Over the counter 4,922 642 813 475 912 Cash 85 175 1 37 294 Deposits with counterparty 40,601 16,054 32,676 10,836 19,270 Foreign currency, at value 4,022 1,245 1,517 779 1,482 Receivable for investments sold 40,411 5,589 20,336 7,469 10,046 Receivable for TBA investments sold 26,887 16,736 62,482 0 0 Receivable for Fund shares sold 1,594 95 0 190 667 Interest and/or dividends receivable 23,753 7,633 11,370 4,855 9,636 Other assets 506 346 7 288 264 Total Assets 2,738,941 903,833 1,277,862 557,694 1,089,531 Liabilities: Borrowings & Other Financing Transactions Payable for reverse repurchase agreements $ 793,569 $ 252,169 $ 313,197 $ 141,837 $ 274,431 Financial Derivative Instruments Exchange-traded or centrally cleared 1,861 889 3,800 482 1,098 Over the counter 8,280 186 439 238 427 Payable for investments purchased 55,718 9,519 10,080 5,527 5,303 Payable for TBA investments purchased 49,440 25,022 93,042 0 0 Payable for unfunded loan commitments 34,522 4,302 6,602 5,663 5,193 Deposits from counterparty 20,044 4,475 8,457 3,903 8,189 Distributions payable to common shareholders 14,159 4,531 6,397 2,969 5,930 Distributions payable to auction rate preferred shareholders 5 0 1 8 19 Accrued management fees 873 372 486 358 682 Other liabilities 60 59 29 50 57 Total Liabilities 978,531 301,524 442,530 161,035 301,329 Auction Rate Preferred Shares^ 212,650 23,525 58,050 45,200 87,425 Net Assets Applicable to Common Shareholders $ 1,547,760 $ 578,784 $ 777,282 $ 351,459 $ 700,777 Net Assets Applicable to Common Shareholders Consist of: Par value^^ $ 1 $ 0 $ 1 $ 0 $ 1 Paid in capital in excess of par 1,667,841 601,092 991,407 372,698 755,833 Distributable earnings (accumulated loss) (120,082) (22,308) (214,126) (21,239) (55,057) Net Assets Applicable to Common Shareholders $ 1,547,760 $ 578,784 $ 777,282 $ 351,459 $ 700,777 Net Asset Value Per Common Share(a) $ 14.14 $ 14.31 $ 5.83 $ 10.61 $ 9.41 Common Shares Outstanding 109,465 40,436 133,278 33,137 74,464 Auction Rate Preferred Shares Issued and Outstanding 9 1 2 2 3 Cost of investments in securities $ 2,531,616 $ 827,394 $ 1,136,691 $ 516,920 $ 1,011,713 Cost of foreign currency held $ 3,955 $ 1,147 $ 1,064 $ 717 $ 1,361 Cost or premiums of financial derivative instruments, net $ (16,190) $ 980 $ 111,650 $ 1,722 $ 6,475 * Includes repurchase agreements of: $ 87,188 $ 30,067 $ 30,753 $ 24,825 $ 39,793 † 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. SEMIANNUAL REPORT | JANUARY 31, 2021 19


  • Page 22

    Statements of Operations Six Months Ended January 31, 2021 (Unaudited) PIMCO PIMCO Corporate & Corporate & Income Income PIMCO Income PIMCO Income Opportunity Strategy PIMCO High Strategy Strategy (Amounts in thousands†) Fund Fund Income Fund Fund Fund II Investment Income: Interest $ 76,277 $ 27,502 $ 40,790 $ 17,266 $ 33,504 Dividends, net of foreign taxes* 718 562 1,652 275 583 Total Income 76,995 28,064 42,442 17,541 34,087 Expenses: Management fees 5,195 2,270 2,933 2,106 4,015 Trustee fees and related expenses 96 36 51 22 46 Interest expense 2,396 855 1,135 487 939 Auction agent fees and commissions 97 25 39 27 49 Auction rate preferred shares related expenses 15 37 29 29 29 Miscellaneous expense 4 6 38 3 6 Total Expenses 7,803 3,229 4,225 2,674 5,084 Net Investment Income (Loss) 69,192 24,835 38,217 14,867 29,003 Net Realized Gain (Loss): Investments in securities (48,710) (23,444) (23,858) (11,856) (26,990) Exchange-traded or centrally cleared financial derivative instruments 8,242 4,870 8,434 2,328 5,855 Over the counter financial derivative instruments (13,112) (7,422) (10,757) (5,192) (10,333) Foreign currency (898) (194) (633) (382) (557) Net Realized Gain (Loss) (54,478) (26,190) (26,814) (15,102) (32,025) Net Change in Unrealized Appreciation (Depreciation): Investments in securities 189,406 81,336 126,107 48,464 91,018 Exchange-traded or centrally cleared financial derivative instruments 9,642 3,640 3,326 2,305 4,176 Over the counter financial derivative instruments 15,372 4,076 4,438 2,922 5,798 Foreign currency assets and liabilities 1,646 231 2,329 268 480 Net Change in Unrealized Appreciation (Depreciation) 216,066 89,283 136,200 53,959 101,472 Net Increase (Decrease) in Net Assets Resulting from Operations $ 230,780 $ 87,928 $ 147,603 $ 53,724 $ 98,450 Distributions on Auction Rate Preferred Shares from Net Investment Income and/or Realized Capital Gains $ (185) $ (15) $ (40) $ (361) $ (699) Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations $ 230,595 $ 87,913 $ 147,563 $ 53,363 $ 97,751 * Foreign tax withholdings - Dividends $ 21 $ 9 $ 9 $ 5 $ 51 † A zero balance may reflect actual amounts rounding to less than one thousand. 20 PIMCO CLOSED-END FUNDS


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  • Page 24

    Statements of Changes in Net Assets PIMCO PIMCO Corporate & Income Opportunity Fund Corporate & Income Strategy Fund Six Months Ended Year Ended Six Months Ended Year Ended January 31, 2021 July 31, 2020 January 31, 2021 July 31, 2020 (Unaudited) (Unaudited) (Amounts in thousands†) Increase (Decrease) in Net Assets from: Operations: Net investment income (loss) $ 69,192 $ 128,584 $ 24,835 $ 52,161 Net realized gain (loss) (54,478) (192,954) (26,190) (72,741) Net change in unrealized appreciation (depreciation) 216,066 (37,562) 89,283 (10,212) Net Increase (Decrease) in Net Assets Resulting from Operations 230,780 (101,932) 87,928 (30,792) Distributions on auction rate preferred shares from net investment income and/or realized capital gains (185) (4,901) (15) (408) Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations 230,595 (106,833) 87,913 (31,200) Distributions to Common Shareholders: From net investment income and/or net realized capital gains (81,951) (149,985) (27,039) (56,092) Tax basis return of capital 0 0 0 0 Total Distributions to Common Shareholders(a) (81,951) (149,985) (27,039) (56,092) Common Share Transactions*: Net proceeds from at-the-market offering 140,769 198,642 6,101 0 Net at-the-market offering costs 18 (93) 0 0 Issued as reinvestment of distributions 9,492 15,873 2,321 4,849 Total increase (decrease) resulting from common share transactions 150,279 214,422 8,422 4,849 Total increase (decrease) in net assets applicable to common shareholders 298,923 (42,396) 69,296 (82,443) Net Assets Applicable to Common Shareholders: Beginning of period 1,248,837 1,291,233 509,488 591,931 End of period $ 1,547,760 $ 1,248,837 $ 578,784 $ 509,488 * Common Share Transactions: Shares sold 8,437 11,310 358 0 Shares issued as reinvestment of distributions 603 1,006 152 297 Net increase (decrease) in common shares outstanding 9,040 12,316 510 297 † A zero balance may reflect actual amounts rounding to less than one thousand. (a) 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. 22 PIMCO CLOSED-END FUNDS


  • Page 25

    PIMCO PIMCO PIMCO High Income Fund Income Strategy Fund Income Strategy Fund II Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended January 31, 2021 July 31, 2020 January 31, 2021 July 31, 2020 January 31, 2021 July 31, 2020 (Unaudited) (Unaudited) (Unaudited) $ 38,217 $ 85,274 $ 14,867 $ 29,940 $ 29,003 $ 58,663 (26,814) (216,826) (15,102) (40,842) (32,025) (100,069) 136,200 44,622 53,959 (4,691) 101,472 8,859 147,603 (86,930) 53,724 (15,593) 98,450 (32,547) (40) (1,072) (361) (1,126) (699) (2,180) 147,563 (88,002) 53,363 (16,719) 97,751 (34,727) (38,299) (89,285) (17,354) (28,689) (34,871) (61,121) 0 (4,178) 0 (3,398) 0 (4,395) (38,299) (93,463) (17,354) (32,087) (34,871) (65,516) 0 0 18,738 35,959 28,347 67,156 0 0 10 (39) 50 (125) 3,874 9,621 1,535 2,600 3,649 6,136 3,874 9,621 20,283 38,520 32,046 73,167 113,138 (171,844) 56,292 (10,286) 94,926 (27,076) 664,144 835,988 295,167 305,453 605,851 632,927 $ 777,282 $ 664,144 $ 351,459 $ 295,167 $ 700,777 $ 605,851 0 0 1,765 3,197 2,993 6,557 723 1,534 154 250 411 655 723 1,534 1,919 3,447 3,404 7,212 SEMIANNUAL REPORT | JANUARY 31, 2021 23


  • Page 26

    Statements of Cash Flows Six Months Ended January 31, 2021 (Unaudited) PIMCO PIMCO Corporate & Corporate & Income Income PIMCO PIMCO Income PIMCO Income Opportunity Strategy High Income Strategy Strategy (Amounts in thousands†) Fund Fund Fund Fund Fund II Cash Flows Provided by (Used for) Operating Activities: Net increase (decrease) in net assets resulting from operations $ 230,780 $ 87,928 $ 147,603 $ 53,724 $ 98,450 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 (1,183,135) (279,390) (514,645) (157,108) (276,779) Proceeds from sales of long-term securities 746,570 228,743 421,233 111,913 196,725 (Purchases) Proceeds from sales of short-term portfolio investments, net (30,379) (11,379) 16,097 (8,939) (19,696) (Increase) decrease in deposits with counterparty (12,550) (6,259) (7,207) (4,906) (6,237) (Increase) decrease in receivable for investments sold (33,371) 2,538 19,034 (1,653) 19,021 (Increase) decrease in interest and/or dividends receivable (5,362) (422) (860) (708) (1,294) Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments 17,555 8,376 11,815 4,575 9,927 Proceeds from (Payments on) over the counter financial derivative instruments (15,525) (7,422) (10,757) (5,179) (10,309) (Increase) decrease in other assets (110) (212) 1 (96) (65) Increase (decrease) in payable for investments purchased (3,762) (26,162) (24,506) (14,271) (51,701) Increase (decrease) in payable for unfunded loan commitments 31,776 855 3,152 4,780 3,359 Increase (decrease) in deposits from counterparty 10,937 (1,826) 3,591 2,474 3,241 Increase (decrease) in accrued management fees 32 (11) (3) 44 67 Proceeds from (Payments on) foreign currency transactions (580) (142) (277) (232) (257) Increase (decrease) in other liabilities (43) (57) (50) (23) (51) Net Realized (Gain) Loss Investments in securities 48,710 23,444 23,858 11,856 26,990 Exchange-traded or centrally cleared financial derivative instruments (8,242) (4,870) (8,434) (2,328) (5,855) Over the counter financial derivative instruments 13,112 7,422 10,757 5,192 10,333 Foreign currency 898 194 633 382 557 Net Change in Unrealized (Appreciation) Depreciation Investments in securities (189,406) (81,336) (126,107) (48,464) (91,018) Exchange-traded or centrally cleared financial derivative instruments (9,642) (3,640) (3,326) (2,305) (4,176) Over the counter financial derivative instruments (15,372) (4,076) (4,438) (2,922) (5,798) Foreign currency assets and liabilities (1,646) (231) (2,329) (268) (480) Net amortization (accretion) on investments (6,410) (2,539) (3,003) (1,291) (2,797) Net Cash Provided by (Used for) Operating Activities (415,165) (70,474) (48,168) (55,753) (107,843) Cash Flows Received from (Used for) Financing Activities: Proceeds from shares sold 139,175 6,006 0 18,617 27,680 Net at-the-market offering cost 18 0 0 10 50 Increase (decrease) in overdraft due to custodian (397) 0 (299) (20) (168) Cash distributions paid to common shareholders* (71,290) (24,679) (34,391) (15,653) (30,971) Cash distributions paid to auction rate preferred shareholders (185) (15) (40) (361) (699) Proceeds from reverse repurchase agreements 1,829,752 682,720 747,875 324,601 603,324 Payments on reverse repurchase agreements (1,481,688) (594,142) (666,587) (271,539) (491,604) Net Cash Received from (Used for) Financing Activities 415,385 69,890 46,558 55,655 107,612 Net Increase (Decrease) in Cash and Foreign Currency 220 (584) (1,610) (98) (231) Cash and Foreign Currency: Beginning of period 3,887 2,004 3,128 914 2,007 End of period $ 4,107 $ 1,420 $ 1,518 $ 816 $ 1,776 * Reinvestment of distributions to common shareholders $ 9,492 $ 2,321 $ 3,874 $ 1,535 $ 3,649 Supplemental Disclosure of Cash Flow Information: Interest expense paid during the period $ 1,923 $ 734 $ 978 $ 364 $ 723 Non Cash Payment in Kind $ 1,852 $ 865 $ 1,621 $ 501 $ 1,084 † 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. 24 PIMCO CLOSED-END FUNDS


  • Page 27

    Schedule of Investments PIMCO Corporate & Income Opportunity Fund January 31, 2021 (Unaudited) (Amounts in thousands*, except number of shares, contracts, units and ounces, if any) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) INVESTMENTS IN SECURITIES 167.6% Emerald TopCo, Inc. Milano Acquisition Corp. 3.621% - 3.712% (LIBOR03M + 4.750% (LIBOR03M + 4.000%) LOAN PARTICIPATIONS AND ASSIGNMENTS 25.3% 3.500%) due 07/24/2026 ~ $ 230 $ 230 due 10/01/2027 ~ $ 12,600 $ 12,647 Academy Sport & Outdoors Encina Private Credit LLC Nascar Holdings, Inc. 5.750% (LIBOR03M + 5.000%) TBD% - 4.345% (LIBOR03M + 2.871% (LIBOR03M + 2.750%) due 10/28/2027 ~ $ 3,600 $ 3,636 3.345%) due 11/30/2025 «~µ 32,000 32,000 due 10/19/2026 ~ 138 138 Advanz Pharma Corp. Endure Digital, Inc. Neiman Marcus Group Ltd. LLC 6.500% (LIBOR03M + 5.500%) TBD% due 01/29/2028 12,000 11,985 13.000% (LIBOR03M + 12.000%) due 09/06/2024 ~ 16,402 16,356 Envision Healthcare Corp. due 09/25/2025 ~ 12,038 12,945 Al Convoy (Luxembourg) SARL 3.871% (LIBOR03M + 3.750%) Nielsen Finance LLC 4.500% (LIBOR03M + 3.500%) due 10/10/2025 ~ 40,470 34,824 3.750% (EUR003M + 3.750%) due 01/17/2027 ~ 160 160 EW Scripps Co. due 06/04/2025 ~ EUR 992 1,210 Alphabet Holding Co., Inc. TBD% due 12/15/2027 4,800 4,807 4.750% (LIBOR03M + 3.750%) 3.621% (LIBOR03M + 3.500%) due 06/04/2025 ~ $ 993 1,002 EyeCare Partners LLC due 09/26/2024 ~ 97 97 3.871% (LIBOR03M + 3.750%) Pacific Drilling Co. LLC APi Group DE, Inc. due 02/18/2027 ~ 123 121 1.000% due 12/31/2025 «µ 133 133 2.621% (LIBOR03M + 2.500%) Fly Funding SARL Parexel International Corp. due 10/01/2026 ~ 99 99 7.000% (LIBOR03M + 6.000%) 2.807% (LIBOR03M + 2.750%) Arches Buyer, Inc. due 10/08/2025 ~ 11,356 11,370 due 09/27/2024 ~ 17,688 17,693 4.500% (LIBOR03M + 4.000%) Forbes Energy Services LLC Park River Holdings, Inc. due 12/06/2027 ~ 3,600 3,621 TBD% due 04/13/2021 1,074 1,042 4.254% (LIBOR03M + 4.000%) Austin BidCo, Inc. due 12/28/2027 ~ 2,800 2,810 Forest City Enterprises LP TBD% due 12/09/2027 2,700 2,715 3.621% (LIBOR03M + 3.500%) PetSmart, Inc. Avantor, Inc. due 12/08/2025 ~ 294 288 TBD% due 01/27/2028 15,500 15,345 3.250% (LIBOR03M + 2.250%) 4.500% (LIBOR03M + 3.500%) Froneri International PLC due 11/21/2024 ~ 31 31 due 03/11/2022 ~ 31,068 31,088 2.625% (EUR003M + 2.625%) Axalta Coating Systems U.S. Holdings, Inc. due 01/31/2027 ~ EUR 1,900 2,291 Playtika Holding Corp. 2.004% (LIBOR03M + 1.750%) 7.000% (LIBOR03M + 6.000%) Frontier Communications Corp. due 06/01/2024 ~ 323 322 due 12/10/2024 ~ 7,487 7,540 5.750% (LIBOR03M + 4.750%) Banijay Entertainment S.A.S due 10/08/2021 ~ $ 9,061 9,101 Prestige Brands, Inc. 3.881% (LIBOR03M + 3.750%) 2.121% (LIBOR03M + 2.000%) Graham Packaging Co., Inc. due 03/01/2025 ~ 32 32 due 01/26/2024 ~ 82 83 4.500% (LIBOR03M + 3.750%) Bausch Health Cos., Inc. due 08/04/2027 ~ 3,527 3,545 PUG LLC 2.871% (LIBOR03M + 2.750%) 3.621% (LIBOR03M + 3.500%) iHeartCommunications, Inc. due 11/27/2025 ~ 113 113 due 02/12/2027 ~ 6,807 6,552 3.121% (LIBOR03M + 3.000%) 3.121% (LIBOR03M + 3.000%) due 05/01/2026 ~ 4,814 4,771 RegionalCare Hospital Partners Holdings, Inc. due 06/02/2025 ~ 309 310 3.871% (LIBOR03M + 3.750%) Ineos Finance PLC Boels Topholding BV due 11/16/2025 ~ 87 87 2.500% (EUR003M + 2.000%) 4.000% (EUR003M + 4.000%) due 04/01/2024 ~ EUR 4,947 5,976 Sasol Ltd. due 02/06/2027 ~ EUR 2,000 2,432 TBD% due 11/23/2022 « 12,185 11,186 Ingersoll Rand Co. Ltd. BWAY Holding Co. 1.871% (LIBOR03M + 1.750%) Sequa Mezzanine Holdings LLC 3.381% (LIBOR03M + 3.250%) due 03/01/2027 ~ $ 112 112 7.750% (LIBOR03M + 6.750%) due 04/03/2024 ~ $ 1,033 1,015 due 11/28/2023 ~ 2,235 2,237 Innophos, Inc. Caesars Resort Collection LLC 3.621% (LIBOR03M + 3.500%) Sequa Mezzanine Holdings LLC (11.750% Cash and 2.871% (LIBOR03M + 2.750%) due 02/07/2027 ~ 48 48 6.750% PIK) due 12/23/2024 ~ 16,352 16,186 18.500% (LIBOR03M + 10.750%) 4.621% (LIBOR03M + 4.500%) Intelsat Jackson Holdings S.A. due 04/28/2024 «~(d) 5,694 5,096 due 07/21/2025 ~ 3,591 3,597 3.600% - 6.500% (LIBOR03M + 5.500%) due 07/13/2022 ~ 752 768 Sinclair Television Group, Inc. Carnival Corp. 8.000% (PRIME + 4.750%) 2.630% (LIBOR03M + 2.500%) 8.500% (LIBOR03M + 7.500%) due 11/27/2023 ~ 3,180 3,230 due 09/30/2026 ~ 127 127 due 06/30/2025 ~ 1,493 1,544 8.750% (PRIME + 5.500%) SkyMiles IP Ltd. CenturyLink, Inc. due 01/02/2024 ~ 100 102 4.750% (LIBOR03M + 3.750%) 2.371% (LIBOR03M + 2.250%) IRB Holding Corp. due 10/20/2027 ~ 1,000 1,051 due 03/15/2027 ~ 1,616 1,613 3.750% (LIBOR03M + 2.750%) Sotera Health Holdings LLC Chobani LLC due 02/05/2025 ~ 1,847 1,848 3.250% (LIBOR03M + 2.750%) 4.500% (LIBOR03M + 3.500%) Ivanti Software, Inc. due 12/11/2026 ~ 309 309 due 10/20/2027 ~ 998 1,003 5.750% (LIBOR03M + 4.750%) Starfruit Finco BV Clear Channel Outdoor Holdings, Inc. due 12/01/2027 ~ 4,600 4,653 3.129% (LIBOR03M + 3.000%) 3.659% - 3.712% (LIBOR03M + Jefferies Finance LLC due 10/01/2025 ~ 454 453 3.500%) due 08/21/2026 ~ 99 96 3.125% (LIBOR03M + 3.000%) Summer (BC) Holdco B SARL CommScope, Inc. due 06/03/2026 ~ 46 46 4.981% (LIBOR03M + 4.750%) 3.371% (LIBOR03M + 3.250%) Lealand Finance Company B.V. (1.121% Cash and due 12/04/2026 ~ 7,674 7,626 due 04/06/2026 ~ 198 198 3.000% PIK) Syniverse Holdings, Inc. Cornerstone Building Brands, Inc. 4.121% (LIBOR03M + 1.000%) 6.000% (LIBOR03M + 5.000%) 3.876% (LIBOR03M + 3.750%) due 06/30/2025 ~(d) 1,995 1,342 due 03/09/2023 ~ 14,339 13,138 due 04/12/2025 ~ 286 287 LogMeIn, Inc. TransDigm, Inc. Diamond Resorts Corp. 4.881% (LIBOR03M + 4.750%) 2.371% (LIBOR03M + 2.250%) 4.750% (LIBOR03M + 3.750%) due 08/31/2027 ~ 5,200 5,201 due 08/22/2024 ~ 579 571 due 09/02/2023 ~ 12,117 11,687 McDermott Technology Americas, Inc. Truck Hero, Inc. DTEK Holdings Ltd. 3.121% (LIBOR03M + 3.000%) TBD% due 01/31/2028 1,800 1,806 TBD% due 06/30/2023 « EUR 2,646 1,860 due 06/30/2024 «~ 189 156 U.S. Renal Care, Inc. DTEK Investments Ltd. MH Sub LLC 5.125% (LIBOR03M + 5.000%) 5.121% (LIBOR03M + 5.000%) 3.621% (LIBOR03M + 3.500%) due 06/26/2026 ~ 3,110 3,120 due 06/30/2023 «~ $ 1,945 1,127 due 09/13/2024 ~ 213 212 See Accompanying Notes | JANUARY 31, 2021 25


  • Page 28

    Schedule of Investments PIMCO Corporate & Income Opportunity Fund (Cont.) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) Ukraine Doric Nimrod Air Alpha Pass-Through Trust National Health Investors, Inc. 5.490% (LIBOR03M + 5.250%) 5.250% due 05/30/2025 $ 61 $ 57 3.000% due 02/01/2031 $ 800 $ 795 due 06/29/2021 «~ $ 7,502 $ 7,493 Doric Nimrod Air Finance Alpha Ltd. Pass-Through Trust Natwest Group PLC Valaris PLC 5.125% due 11/30/2024 56 53 6.000% due 12/29/2025 •(k)(l) 4,900 5,408 TBD% due 08/17/2021 «µ 44 43 Equitable Holdings, Inc. 8.000% due 08/10/2025 •(k)(l)(o) 15,325 18,026 Veritas US, Inc. 5.000% due 04/20/2048 16 21 Navient Corp. 6.500% (LIBOR03M + 5.500%) Erste Group Bank AG 5.625% due 08/01/2033 74 71 due 09/01/2025 ~ 9,398 9,461 4.250% due 10/15/2027 •(k)(l) EUR 1,000 1,257 6.125% due 03/25/2024 289 309 Westmoreland Mining Holdings LLC 6.500% due 06/15/2022 600 628 Everest Reinsurance Holdings, Inc. 9.250% (LIBOR03M + 8.250%) 7.250% due 01/25/2022 1,100 1,141 3.500% due 10/15/2050 (o) $ 1,000 1,096 due 03/15/2022 ~ 565 526 7.250% due 09/25/2023 77 85 Fairfax Financial Holdings Ltd. Westmoreland Mining Holdings LLC (15.000% PIK) NE Property BV 4.625% due 04/29/2030 (o) 10,800 12,056 15.000% due 03/15/2029 (d) 3,419 1,710 1.875% due 10/09/2026 EUR 200 246 Ford Motor Credit Co. LLC Whatabrands LLC Newmark Group, Inc. 0.172% due 12/01/2024 • EUR 600 682 2.877% (LIBOR03M + 2.750%) 6.125% due 11/15/2023 $ 128 139 2.748% due 06/14/2024 GBP 3,400 4,660 due 07/31/2026 ~ 45 45 3.021% due 03/06/2024 EUR 1,300 1,635 Pacific LifeCorp Windstream Services LLC 3.250% due 09/15/2025 100 127 3.350% due 09/15/2050 (o) 1,000 1,079 7.250% (LIBOR03M + 6.250%) 3.339% due 03/28/2022 (o) $ 2,000 2,029 Park Intermediate Holdings LLC due 09/21/2027 ~ 5,913 5,836 3.375% due 11/13/2025 (o) 6,700 6,819 5.875% due 10/01/2028 (o) 2,200 2,309 Total Loan Participations and Assignments 3.664% due 09/08/2024 1,000 1,027 PRA Group, Inc. (Cost $388,753) 391,313 3.813% due 10/12/2021 (o) 1,999 2,029 7.375% due 09/01/2025 (o) 4,420 4,749 4.000% due 11/13/2030 (o) 5,300 5,439 Santander UK Group Holdings PLC 4.535% due 03/06/2025 GBP 700 1,020 CORPORATE BONDS & NOTES 88.8% 6.750% due 06/24/2024 •(k)(l)(o) GBP 9,405 13,931 5.875% due 08/02/2021 $ 1,000 1,020 7.375% due 06/24/2022 •(k)(l) 1,640 2,340 BANKING & FINANCE 25.1% Fortress Transportation & Infrastructure Investors LLC Sberbank of Russia Via SB Capital S.A. 6.500% due 10/01/2025 785 814 6.125% due 02/07/2022 (o) $ 500 525 Ally Financial, Inc. 6.750% due 03/15/2022 (o) 803 805 8.000% due 11/01/2031 (o) 5,957 8,614 SLM Corp. Freedom Mortgage Corp. 4.200% due 10/29/2025 (o) 5,600 5,952 Ambac LSNI LLC 7.625% due 05/01/2026 (o) 3,500 3,713 6.000% due 02/12/2023 • 986 991 Societe Generale S.A. GE Capital International Funding Co. Unlimited Co. 6.750% due 04/06/2028 •(k)(l) 400 443 American Assets Trust LP 4.418% due 11/15/2035 (o) 200 234 7.375% due 10/04/2023 •(k)(l)(o) 1,300 1,404 3.375% due 02/01/2031 (o) 2,200 2,274 Growthpoint Properties International Pty. Ltd. Standard Chartered PLC Banca Monte dei Paschi di Siena SpA 5.872% due 05/02/2023 (o) 200 212 4.750% due 01/14/2031 •(k)(l) 3,400 3,443 2.625% due 04/28/2025 EUR 5,000 6,303 GSPA Monetization Trust 3.625% due 09/24/2024 6,386 8,277 Stichting AK Rabobank Certificaten 6.422% due 10/09/2029 5,793 6,413 6.500% due 12/29/2049 (k) EUR 19,033 30,387 Banco de Credito del Peru Hampton Roads PPV LLC 4.650% due 09/17/2024 PEN 1,600 473 Tesco Property Finance PLC 6.171% due 06/15/2053 (o) 1,800 2,120 5.661% due 10/13/2041 GBP 509 964 Bank of Ireland Group PLC Howard Hughes Corp. 5.744% due 04/13/2040 401 757 6.000% due 03/01/2026 •(k)(l) EUR 4,542 5,929 4.125% due 02/01/2029 (c) 700 698 5.801% due 10/13/2040 1,652 3,135 Bank of Nova Scotia 4.375% due 02/01/2031 (c) 400 400 6.052% due 10/13/2039 1,177 2,209 4.900% due 06/04/2025 •(k)(l) $ 4,456 4,796 HSBC Holdings PLC TP ICAP PLC Barclays Bank PLC 4.750% due 07/04/2029 •(k)(l) EUR 9,600 13,041 5.250% due 01/26/2024 (o) 9,320 14,023 7.625% due 11/21/2022 (l) 2,598 2,888 5.875% due 09/28/2026 •(k)(l)(o) GBP 400 601 UniCredit SpA Barclays PLC 6.000% due 09/29/2023 •(k)(l)(o) EUR 2,330 3,084 7.830% due 12/04/2023 (o) $ 8,660 10,222 5.875% due 09/15/2024 •(k)(l) GBP 3,800 5,358 6.500% due 03/23/2028 •(k)(l) $ 400 452 Unique Pub Finance Co. PLC 7.125% due 06/15/2025 •(k)(l) 2,200 3,368 Hudson Pacific Properties LP 5.659% due 06/30/2027 GBP 4,864 6,994 7.750% due 09/15/2023 •(k)(l) $ 2,000 2,183 3.250% due 01/15/2030 (o) 1,000 1,058 7.875% due 09/15/2022 •(k)(l) GBP 4,625 6,745 Uniti Group LP Hunt Cos., Inc. 8.000% due 06/15/2024 •(k)(l) $ 1,000 1,122 7.875% due 02/15/2025 (o) $ 30,470 32,755 6.250% due 02/15/2026 56 57 BGC Partners, Inc. Voyager Aviation Holdings LLC Indian Railway Finance Corp. Ltd. 4.375% due 12/15/2025 (o) 5,300 5,668 9.000% due 08/15/2021 17,047 10,271 3.950% due 02/13/2050 200 199 5.375% due 07/24/2023 (o) 490 534 387,519 ING Groep NV BNP Paribas S.A. 4.875% due 05/16/2029 •(k)(l) 6,100 6,206 7.625% due 03/30/2021 •(k)(l) 200 202 5.750% due 11/16/2026 •(k)(l) 700 759 INDUSTRIALS 54.8% Brookfield Finance, Inc. Intesa Sanpaolo SpA 4.700% due 09/20/2047 (o) 464 576 AA Bond Co. Ltd. 7.750% due 01/11/2027 •(k)(l) EUR 1,800 2,611 2.875% due 07/31/2043 (o) GBP 2,700 3,732 Cantor Fitzgerald LP Kennedy Wilson Europe Real Estate Ltd. 4.875% due 05/01/2024 64 71 Air Canada Pass-Through Trust 3.250% due 11/12/2025 500 627 5.250% due 10/01/2030 (o) $ 1,600 1,732 CBL & Associates LP 3.950% due 06/30/2022 GBP 9,703 13,484 4.600% due 10/15/2024 ^(e) 6 2 Aker BP ASA Kennedy-Wilson, Inc. 5.950% due 12/15/2026 ^(e) 4,986 1,859 3.000% due 01/15/2025 200 205 5.875% due 04/01/2024 $ 134 136 3.750% due 01/15/2030 175 186 Credit Agricole S.A. Ladder Capital Finance Holdings LLLP 7.875% due 01/23/2024 •(k)(l)(o) 400 452 Alaska Airlines Class A Pass-Through Trust 4.250% due 02/01/2027 76 73 4.800% due 02/15/2029 (o) 11,001 12,327 Credit Suisse Group AG Lloyds Banking Group PLC 7.250% due 09/12/2025 •(k)(l) 200 225 Altice France S.A. 7.500% due 09/27/2025 •(k)(l) 700 800 7.500% due 07/17/2023 •(k)(l) 600 655 2.125% due 02/15/2025 EUR 900 1,068 7.625% due 06/27/2023 •(k)(l) GBP 4,610 6,875 7.500% due 12/11/2023 •(k)(l)(o) 2,336 2,596 7.875% due 06/27/2029 •(k)(l) 5,721 9,733 AMC Networks, Inc. CyrusOne LP 4.250% due 02/15/2029 (c) $ 8,000 7,974 MGM Growth Properties Operating Partnership LP 2.150% due 11/01/2030 1,000 966 3.875% due 02/15/2029 (o) $ 3,300 3,362 American Airlines Pass-Through Trust Deutsche Bank AG 4.500% due 01/15/2028 (o) 2,950 3,108 3.700% due 04/01/2028 677 662 1.625% due 01/20/2027 EUR 300 380 4.625% due 06/15/2025 (o) 8,425 8,939 Arches Buyer, Inc. 1.750% due 01/17/2028 300 382 MPT Operating Partnership LP 6.125% due 12/01/2028 1,700 1,746 3.547% due 09/18/2031 •(o) $ 3,800 4,013 3.500% due 03/15/2031 (o) 3,200 3,236 Associated Materials LLC 9.000% due 09/01/2025 1,077 1,150 26 PIMCO CLOSED-END FUNDS


  • Page 29

    January 31, 2021 (Unaudited) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) B.C. Unlimited Liability Co. Expedia Group, Inc. JetBlue Pass-Through Trust 3.500% due 02/15/2029 (o) $ 4,300 $ 4,300 6.250% due 05/01/2025 (o) $ 1,400 $ 1,620 4.000% due 05/15/2034 (o) $ 3,600 $ 3,944 Ball Corp. 7.000% due 05/01/2025 (o) 1,000 1,096 Kinder Morgan, Inc. 2.875% due 08/15/2030 (o) 2,520 2,511 Ferroglobe PLC 7.750% due 01/15/2032 (o) 3,100 4,583 Baptist Healthcare System Obligated Group 9.375% due 03/01/2022 2,500 2,087 7.800% due 08/01/2031 (o) 6,000 8,701 3.540% due 08/15/2050 (o) 1,500 1,665 First Quantum Minerals Ltd. Kraft Heinz Foods Co. Bioceanico Sovereign Certificate Ltd. 6.500% due 03/01/2024 (o) 3,088 3,159 3.875% due 05/15/2027 (o) 6,000 6,576 0.000% due 06/05/2034 (h) 148 114 6.875% due 03/01/2026 (o) 2,082 2,172 4.250% due 03/01/2031 (o) 6,000 6,763 Ford Motor Co. 5.200% due 07/15/2045 200 233 Boeing Co. 7.700% due 05/15/2097 (o) 29,796 34,821 5.500% due 06/01/2050 (o) 3,650 4,503 5.040% due 05/01/2027 (o) 766 893 5.150% due 05/01/2030 (o) 1,342 1,595 Fresh Market, Inc. Lenovo Group Ltd. 5.705% due 05/01/2040 (o) 1,723 2,189 9.750% due 05/01/2023 (o) 12,200 12,589 3.421% due 11/02/2030 (o) 2,000 2,136 5.805% due 05/01/2050 (o) 1,470 1,941 Fresnillo PLC Level 3 Financing, Inc. 5.930% due 05/01/2060 (o) 1,992 2,681 4.250% due 10/02/2050 (o) 3,500 3,732 3.625% due 01/15/2029 (o) 12,800 12,760 Bombardier, Inc. Frontier Finance PLC Mallinckrodt International Finance S.A. 5.750% due 03/15/2022 2,300 2,363 8.000% due 03/23/2022 GBP 6,600 9,315 5.500% due 04/15/2025 ^(e) 1,352 548 6.000% due 10/15/2022 10,107 10,050 Marriott International, Inc. 6.125% due 01/15/2023 1,000 1,005 Full House Resorts, Inc. 8.575% due 02/02/2024 $ 676 653 4.625% due 06/15/2030 80 92 7.500% due 12/01/2024 6,827 6,588 7.500% due 03/15/2025 (o) 10,413 9,762 9.738% due 02/02/2024 58 56 Marriott Ownership Resorts, Inc. 7.875% due 04/15/2027 2,107 1,948 General Electric Co. 6.125% due 09/15/2025 800 845 Bon Secours Mercy Health, Inc. 4.350% due 05/01/2050 (o) 7,500 8,678 Melco Resorts Finance Ltd. 3.205% due 06/01/2050 (o) 700 747 5.875% due 01/14/2038 22 29 5.375% due 12/04/2029 (o) 2,430 2,564 6.150% due 08/07/2037 (o) 82 111 5.625% due 07/17/2027 400 419 Broadcom, Inc. 6.875% due 01/10/2039 16 23 5.750% due 07/21/2028 (o) 4,200 4,469 1.950% due 02/15/2028 (o) 400 402 2.450% due 02/15/2031 (o) 5,000 4,987 GFL Environmental, Inc. MGM China Holdings Ltd. 4.150% due 11/15/2030 (o) 2,080 2,361 3.500% due 09/01/2028 7,100 6,996 5.250% due 06/18/2025 (o) 2,400 2,496 4.300% due 11/15/2032 (o) 2,761 3,196 Greene King Finance PLC 5.375% due 05/15/2024 300 309 5.000% due 04/15/2030 (o) 2,092 2,493 1.843% (BP0003M + 1.800%) 5.875% due 05/15/2026 800 842 Caesars Entertainment, Inc. due 12/15/2034 ~ GBP 350 372 MGM Resorts International 6.250% due 07/01/2025 (o) 8,200 8,652 Harvest Midstream LP 4.750% due 10/15/2028 (o) 5,800 6,053 CCO Holdings LLC 7.500% due 09/01/2028 $ 3,200 3,369 Mileage Plus Holdings LLC 4.250% due 02/01/2031 (o) 15,924 16,337 HCA, Inc. 6.500% due 06/20/2027 (o) 2,700 2,956 4.500% due 08/15/2030 349 368 7.500% due 11/15/2095 (o) 4,800 6,309 Mohegan Gaming & Entertainment 4.500% due 05/01/2032 (o) 2,100 2,187 Hilton Domestic Operating Co., Inc. 8.000% due 02/01/2026 1,400 1,385 4.750% due 03/01/2030 362 386 3.625% due 02/15/2032 (c) 3,500 3,468 Murphy Oil USA, Inc. Charter Communications Operating LLC 3.750% due 05/01/2029 (o) 4,600 4,681 3.750% due 02/15/2031 1,600 1,604 3.700% due 04/01/2051 400 396 4.000% due 05/01/2031 (o) 4,600 4,735 NCL Corp. Ltd. 3.850% due 04/01/2061 1,000 960 HollyFrontier Corp. 3.625% due 12/15/2024 152 135 Chobani LLC 4.500% due 10/01/2030 (o) 17,955 18,887 10.250% due 02/01/2026 (o) 4,419 5,137 4.625% due 11/15/2028 1,000 1,023 5.875% due 04/01/2026 4,000 4,544 12.250% due 05/15/2024 (o) 6,920 8,065 Clear Channel Worldwide Holdings, Inc. Hologic, Inc. Netflix, Inc. 9.250% due 02/15/2024 327 341 3.250% due 02/15/2029 (o) 4,500 4,582 3.625% due 06/15/2030 EUR 2,900 4,278 CommonSpirit Health Hyatt Hotels Corp. 3.875% due 11/15/2029 3,333 4,959 2.782% due 10/01/2030 (o) 500 528 3.225% (US0003M + 3.000%) 4.625% due 05/15/2029 12,200 18,869 3.910% due 10/01/2050 (o) 1,600 1,779 due 09/01/2022 ~(o) 5,200 5,263 4.875% due 06/15/2030 $ 300 365 5.375% due 11/15/2029 130 163 Community Health Systems, Inc. iHeartCommunications, Inc. 4.750% due 02/15/2031 (c) 1,100 1,101 6.375% due 05/01/2026 (o) 2,493 2,660 Nielsen Finance LLC 5.625% due 03/15/2027 4,150 4,363 5.625% due 10/01/2028 (o) 1,700 1,820 IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) 6.000% due 01/15/2029 870 925 6.000% due 05/15/2027 (d) 974 1,037 Nissan Motor Co. Ltd. 6.625% due 02/15/2025 (o) 17,948 18,928 2.652% due 03/17/2026 EUR 2,300 2,981 8.000% due 03/15/2026 (o) 3,672 3,951 IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) 3.201% due 09/17/2028 3,500 4,649 8.625% due 01/15/2024 1,445 1,509 6.375% due 05/15/2029 (d) 718 792 4.345% due 09/17/2027 (o) $ 8,600 9,502 Connect Finco SARL INEOS Quattro Finance 2 PLC 4.810% due 09/17/2030 (o) 1,000 1,116 6.750% due 10/01/2026 126 135 2.500% due 01/15/2026 EUR 2,025 2,462 Noble Corp. 3.375% due 01/15/2026 $ 600 603 Corning, Inc. 15.000% due 02/16/2028 «(c) 105 105 5.450% due 11/15/2079 (o) 157 209 Ingevity Corp. Noble Holding International Ltd. 3.875% due 11/01/2028 (o) 1,300 1,306 CSC Holdings LLC 7.875% due 02/01/2026 ^(e) 536 309 3.375% due 02/15/2031 (o) 1,100 1,075 Innophos Holdings, Inc. Northriver Midstream Finance LP 9.375% due 02/15/2028 258 283 CVS Pass-Through Trust 5.625% due 02/15/2026 (o) 5,000 5,128 7.507% due 01/10/2032 (o) 1,566 2,006 Integris Baptist Medical Center, Inc. Occidental Petroleum Corp. 3.875% due 08/15/2050 (o) 1,200 1,380 Delta Air Lines, Inc. 1.671% (US0003M + 1.450%) 4.500% due 10/20/2025 (o) 2,000 2,138 Intelsat Connect Finance S.A. due 08/15/2022 ~ 1,000 980 4.750% due 10/20/2028 (o) 2,400 2,661 9.500% due 02/15/2023 ^(e) 196 50 Odebrecht Oil & Gas Finance Ltd. 7.000% due 05/01/2025 916 1,063 Intelsat Jackson Holdings S.A. 0.000% due 03/01/2021 (h)(k) 1,279 10 7.375% due 01/15/2026 (o) 1,830 2,104 5.500% due 08/01/2023 ^(e) 13,609 9,492 Ortho-Clinical Diagnostics, Inc. Diamond Resorts International, Inc. 8.000% due 02/15/2024 156 160 7.250% due 02/01/2028 2,012 2,157 10.750% due 09/01/2024 2,984 3,084 8.500% due 10/15/2024 ^(e) 19,698 14,279 7.375% due 06/01/2025 823 882 9.750% due 07/15/2025 ^(e) 10,549 7,665 Energy Transfer Operating LP Outfront Media Capital LLC 3.750% due 05/15/2030 (o) 176 185 Intelsat Luxembourg S.A. 4.250% due 01/15/2029 1,600 1,591 5.000% due 05/15/2050 160 166 7.750% due 06/01/2021 ^(e) 11,828 991 8.125% due 06/01/2023 ^(e)(o) 1,939 151 Pacific Drilling SA Envision Healthcare Corp. 8.375% due 10/01/2023 ^(e) 763 201 8.750% due 10/15/2026 4,951 3,357 Jaguar Land Rover Automotive PLC 5.875% due 01/15/2028 (o) 14,600 14,895 PeaceHealth Obligated Group Exela Intermediate LLC 3.218% due 11/15/2050 (o) 500 533 7.750% due 10/15/2025 (o) 7,100 7,717 10.000% due 07/15/2023 217 71 See Accompanying Notes | JANUARY 31, 2021 27


  • Page 30

    Schedule of Investments PIMCO Corporate & Income Opportunity Fund (Cont.) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) Petroleos Mexicanos TransDigm, Inc. 3.500% due 02/01/2061 (o) $ 2,934 $ 2,793 2.750% due 04/21/2027 EUR 400 $ 445 5.500% due 11/15/2027 $ 80 $ 82 3.650% due 06/01/2051 (o) 4,860 4,884 4.875% due 02/21/2028 (o) 2,647 3,195 3.850% due 06/01/2060 (o) 3,282 3,326 Transocean Guardian Ltd. 5.350% due 02/12/2028 (o) $ 1,406 1,350 5.875% due 01/15/2024 159 141 Centrais Eletricas Brasileiras S.A. 5.950% due 01/28/2031 5,802 5,506 4.625% due 02/04/2030 200 207 Transocean Pontus Ltd. 6.490% due 01/23/2027 160 165 DTEK Finance PLC 6.125% due 08/01/2025 (o) 234 217 6.500% due 03/13/2027 (o) 13,470 13,965 10.750% due 12/31/2024 ^(e) 3,986 2,717 6.750% due 09/21/2047 90 79 Transocean, Inc. 7.250% due 11/01/2025 216 122 Edison International 6.840% due 01/23/2030 (o) 9,289 9,347 8.000% due 02/01/2027 372 193 5.750% due 06/15/2027 121 146 6.950% due 01/28/2060 660 579 7.690% due 01/23/2050 4,940 4,678 Triumph Group, Inc. Frontier Communications Corp. 5.250% due 06/01/2022 51 49 5.000% due 05/01/2028 (o) 2,900 3,012 Platin 1426 GmbH 5.375% due 06/15/2023 EUR 3,000 3,657 6.250% due 09/15/2024 152 150 Lumen Technologies, Inc. 6.875% due 06/15/2023 900 1,103 U.S. Renal Care, Inc. 4.000% due 02/15/2027 128 133 Post Holdings, Inc. 10.625% due 07/15/2027 137 150 Mountain States Telephone & Telegraph Co. 4.625% due 04/15/2030 $ 1,000 1,038 Uber Technologies, Inc. 7.375% due 05/01/2030 (o) 6,900 8,380 Prime Healthcare Services, Inc. 6.250% due 01/15/2028 (o) 3,300 3,552 Odebrecht Drilling Norbe Ltd. 7.250% due 11/01/2025 (o) 12,700 13,637 Unigel Luxembourg S.A. 6.350% due 12/01/2021 ^ 104 101 Prime Security Services Borrower LLC 8.750% due 10/01/2026 300 319 Odebrecht Drilling Norbe Ltd. (6.350% Cash and 3.375% due 08/31/2027 (o) 12,380 12,235 United Airlines Pass-Through Trust 1.000% PIK) 2.700% due 11/01/2033 (o) 1,970 1,945 7.350% due 12/01/2026 ^(d) 330 101 QualityTech LP 3.875% due 10/01/2028 (o) 4,300 4,392 4.875% due 07/15/2027 (c) 4,400 4,532 Odebrecht Offshore Drilling Finance Ltd. 5.875% due 04/15/2029 (o) 11,124 12,456 6.720% due 12/01/2022 ^(o) 4,026 3,875 Quanta Services, Inc. 2.900% due 10/01/2030 (o) 1,000 1,070 United Group BV Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash 4.875% due 07/01/2024 EUR 200 248 and 1.000% PIK) QVC, Inc. Univision Communications, Inc. 7.720% due 12/01/2026 ^(d) 8,501 1,310 5.950% due 03/15/2043 (o) 4,426 4,605 5.125% due 02/15/2025 (o) $ 767 773 Pacific Gas & Electric Co. Reynolds Group Issuer, Inc. Valaris PLC 2.950% due 03/01/2026 (o) 1,522 1,612 4.000% due 10/15/2027 (o) 3,390 3,414 5.750% due 10/01/2044 ^(e) 184 13 3.150% due 01/01/2026 (o) 999 1,069 Rite Aid Corp. 7.750% due 02/01/2026 ^(e) 24 2 3.300% due 03/15/2027 (o) 4,507 4,832 8.000% due 11/15/2026 1,500 1,614 3.300% due 12/01/2027 (o) 3,410 3,686 Vale Overseas Ltd. Rolls-Royce PLC 6.875% due 11/21/2036 (o) 320 459 3.400% due 08/15/2024 (o) 910 977 1.625% due 05/09/2028 EUR 100 112 6.875% due 11/10/2039 90 131 3.450% due 07/01/2025 (o) 1,628 1,761 4.625% due 02/16/2026 2,000 2,588 3.500% due 06/15/2025 (o) 1,789 1,933 Veritas US, Inc. 5.750% due 10/15/2027 $ 300 321 3.750% due 02/15/2024 (o) 443 476 7.500% due 09/01/2025 (o) 4,500 4,629 Russian Railways via RZD Capital PLC 3.750% due 07/01/2028 (o) 1,528 1,678 Viking Cruises Ltd. 3.750% due 08/15/2042 46 46 7.487% due 03/25/2031 GBP 1,500 2,816 13.000% due 05/15/2025 (o) 4,355 5,077 4.000% due 12/01/2046 (o) 1,006 1,019 Sands China Ltd. Vmed O2 UK Financing PLC 4.300% due 03/15/2045 57 60 3.800% due 01/08/2026 (c) $ 600 637 3.250% due 01/31/2031 EUR 4,700 5,838 4.500% due 07/01/2040 (o) 4,623 5,065 5.125% due 08/08/2025 (o) 1,400 1,567 VOC Escrow Ltd. 4.500% due 12/15/2041 65 67 5.400% due 08/08/2028 (o) 12,790 14,753 5.000% due 02/15/2028 (o) $ 11,438 11,126 4.550% due 07/01/2030 (o) 8,174 9,340 Scripps Escrow, Inc. 4.600% due 06/15/2043 (o) 1,036 1,129 3.875% due 01/15/2029 1,400 1,403 Western Midstream Operating LP 4.650% due 08/01/2028 (o) 2,089 2,394 2.325% (US0003M + 1.850%) Shift4 Payments LLC 4.750% due 02/15/2044 (o) 1,650 1,826 due 01/13/2023 ~ 96 95 4.625% due 11/01/2026 1,000 1,045 4.950% due 07/01/2050 (o) 8,191 9,325 6.250% due 02/01/2050 64 72 Spanish Broadcasting System, Inc. Petrobras Global Finance BV Windstream Escrow LLC 12.500% due 04/15/2049 ^ 999 1,013 5.093% due 01/15/2030 (o) 1,272 1,399 7.750% due 08/15/2028 (o) 17,794 18,050 Spirit AeroSystems, Inc. 6.250% due 12/14/2026 (o) GBP 4,976 8,151 WMG Acquisition Corp. 6.625% due 01/16/2034 800 1,367 1.017% (US0003M + 0.800%) 3.000% due 02/15/2031 (o) 12,264 11,957 6.750% due 01/27/2041 $ 1,450 1,728 due 06/15/2021 ~ 573 566 3.950% due 06/15/2023 (o) 6,753 6,690 Wyndham Destinations, Inc. 6.750% due 06/03/2050 (o) 4,800 5,626 3.900% due 03/01/2023 155 158 Plains All American Pipeline LP Standard Industries, Inc. 4.625% due 03/01/2030 95 98 6.650% due 01/15/2037 150 186 2.250% due 11/21/2026 EUR 4,000 4,942 5.650% due 04/01/2024 20 21 3.375% due 01/15/2031 $ 2,100 2,077 6.000% due 04/01/2027 (o) 1,535 1,700 Rio Oil Finance Trust 4.375% due 07/15/2030 (o) 5,900 6,270 8.200% due 04/06/2028 349 399 Wynn Las Vegas LLC 8.200% due 04/06/2028 (o) 3,589 4,100 Staples, Inc. 5.500% due 03/01/2025 8,300 8,562 7.500% due 04/15/2026 27 28 9.250% due 07/06/2024 (o) 5,974 6,691 Wynn Macau Ltd. 9.750% due 01/06/2027 454 531 Studio City Finance Ltd. 5.125% due 12/15/2029 (o) 1,200 1,212 6.000% due 07/15/2025 (o) 4,200 4,431 Southern California Edison Co. 5.500% due 10/01/2027 1,100 1,141 3.650% due 02/01/2050 64 69 6.500% due 01/15/2028 (o) 4,200 4,515 5.625% due 08/26/2028 (o) 4,335 4,466 4.125% due 03/01/2048 (o) 76 87 Syngenta Finance NV YPF S.A. 4.650% due 10/01/2043 (o) 1,110 1,356 4.892% due 04/24/2025 200 213 38.275% (BADLARPP + 6.000%) 4.875% due 03/01/2049 (o) 316 400 5.182% due 04/24/2028 200 217 due 03/04/2021 ~ ARS 15,730 102 5.750% due 04/01/2035 22 30 Tenet Healthcare Corp. Yum! Brands, Inc. 6.000% due 01/15/2034 34 47 6.750% due 06/15/2023 4,600 4,996 3.625% due 03/15/2031 (o) $ 5,700 5,593 6.650% due 04/01/2029 (o) 142 178 Teva Pharmaceutical Finance BV Zayo Group Holdings, Inc. Sprint Corp. 3.650% due 11/10/2021 (o) 2,220 2,259 6.125% due 03/01/2028 163 170 7.125% due 06/15/2024 (o) 6,469 7,551 Teva Pharmaceutical Finance Co. BV 7.625% due 03/01/2026 (o) 2,182 2,693 848,549 2.950% due 12/18/2022 (o) 2,369 2,379 Talen Energy Supply LLC Teva Pharmaceutical Finance Netherlands BV 6.625% due 01/15/2028 64 67 2.800% due 07/21/2023 (o) 3,710 3,685 UTILITIES 8.9% Tallgrass Energy Partners LP 6.000% due 01/31/2025 EUR 200 267 AT&T, Inc. 6.000% due 12/31/2030 2,400 2,410 Topaz Solar Farms LLC 3.100% due 02/01/2043 (o) 2,896 2,824 7.500% due 10/01/2025 1,000 1,067 4.875% due 09/30/2039 (o) $ 4,390 4,751 3.300% due 02/01/2052 (o) 2,896 2,733 Transocean Phoenix Ltd. 5.750% due 09/30/2039 (o) 41,325 47,786 3.500% due 06/01/2041 (o) 4,842 5,003 7.750% due 10/15/2024 (o) 1,746 1,681 28 PIMCO CLOSED-END FUNDS


  • Page 31

    January 31, 2021 (Unaudited) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) Transocean Poseidon Ltd. 3.500% due 10/15/2035 (a) $ 1,723 $ 172 6.000% due 02/25/2037 ^ $ 591 $ 346 6.875% due 02/01/2027 $ 238 $ 215 5.660% due 03/15/2043 • 191 193 6.000% due 02/25/2037 1,763 1,309 5.914% due 05/15/2039 •(a) 7,652 349 6.000% due 04/25/2037 ^ 4,970 3,179 Transocean Proteus Ltd. 6.171% due 11/25/2055 «~ 14,045 8,573 6.000% due 08/25/2037 ^• 7,714 5,644 6.250% due 12/01/2024 240 221 6.941% due 02/15/2034 •(a) 1,436 298 6.250% due 10/25/2036 ^ 1,903 1,578 138,090 7.680% due 12/25/2027 • 4,402 4,862 6.250% due 12/25/2036 ^• 3,057 2,017 Total Corporate Bonds & Notes 8.997% due 07/15/2039 •(o) 2,207 2,759 6.500% due 08/25/2036 ^ 744 410 (Cost $1,314,480) 1,374,158 10.265% due 03/15/2044 •(o) 1,822 2,384 6.500% due 09/25/2036 ^ 349 258 10.880% due 03/25/2025 • 2,287 2,472 21.157% due 02/25/2036 • 1,283 1,749 11.616% due 02/15/2036 •(o) 5,228 7,437 Countrywide Home Loan Mortgage Pass-Through Trust CONVERTIBLE BONDS & NOTES 0.3% Ginnie Mae 5.500% due 07/25/2037 ^ 543 385 INDUSTRIALS 0.3% 3.500% due 09/16/2041 - 6.000% due 04/25/2036 ^ 298 236 06/20/2042 (a) 802 86 Credit Suisse Mortgage Capital Mortgage-Backed Trust DISH Network Corp. 6.619% due 01/20/2042 •(a) 1,410 247 5.750% due 04/25/2036 ^ 1,134 812 3.375% due 08/15/2026 5,900 5,455 Uniform Mortgage-Backed Security, TBA Eurosail PLC 2.000% due 03/01/2051 - 1.391% due 06/13/2045 • GBP 4,487 5,304 UTILITIES 0.0% 04/01/2051 22,000 22,673 4.041% due 06/13/2045 • 1,394 1,751 Total U.S. Government Agencies First Horizon Alternative Mortgage Securities Trust Ensco Jersey Finance Ltd. (Cost $64,267) 66,158 6.250% due 11/25/2036 ^ $ 1,228 706 3.000% due 01/31/2024 ^(e) 100 15 Total Convertible Bonds & Notes GS Mortgage Securities Corp. Trust (Cost $5,971) 5,470 NON-AGENCY MORTGAGE-BACKED SECURITIES 12.6% 4.591% due 10/10/2032 ~ 9,200 8,846 GS Mortgage Securities Trust Adjustable Rate Mortgage Trust 0.470% due 05/25/2036 • 1,564 728 5.622% due 11/10/2039 1,151 403 MUNICIPAL BONDS & NOTES 1.9% 1.280% due 01/25/2035 • 3,458 3,322 GSR Mortgage Loan Trust ILLINOIS 1.3% Banc of America Funding Trust 2.791% due 03/25/2037 ^~ 1,745 1,426 0.370% due 06/26/2036 • 18,002 17,233 3.119% due 11/25/2035 ^~ 1,090 1,042 Chicago, Illinois General Obligation Bonds, (BABs), 5.500% due 05/25/2036 ^ 89 184 Series 2010 5.500% due 01/25/2036 212 196 6.000% due 07/25/2037 ^ 410 400 HomeBanc Mortgage Trust 7.517% due 01/01/2040 13,700 18,965 BCAP LLC Trust 1.330% due 03/25/2035 • 131 129 Chicago, Illinois General Obligation Bonds, Series 2015 2.831% due 02/26/2036 ~ 2,413 2,346 IndyMac Mortgage Loan Trust 7.750% due 01/01/2042 51 57 3.197% due 03/27/2036 ~ 3,512 2,956 6.500% due 07/25/2037 ^ 6,447 3,377 Chicago, Illinois General Obligation Bonds, Series 2017 4.862% due 03/26/2037 þ 1,368 1,703 Jackson Park Trust 7.045% due 01/01/2029 170 199 7.000% due 12/26/2036 ~ 3,454 3,127 3.242% due 10/14/2039 ~ 4,368 4,224 Illinois State General Obligation Bonds, (BABs), Bear Stearns ALT-A Trust JPMorgan Alternative Loan Trust Series 2010 2.956% due 11/25/2034 ~ 202 207 6.725% due 04/01/2035 60 73 2.934% due 03/25/2037 ~ 6,026 6,066 2.977% due 08/25/2046 ^~ 3,321 2,676 JPMorgan Chase Commercial Mortgage Securities Trust 7.350% due 07/01/2035 40 50 3.113% due 11/25/2036 ^~ 624 417 Illinois State General Obligation Bonds, Series 2003 5.623% due 05/12/2045 183 169 3.244% due 09/25/2035 ^~ 705 522 5.100% due 06/01/2033 365 409 3.539% due 08/25/2036 ^~ 2,504 1,652 JPMorgan Mortgage Trust 2.575% due 02/25/2036 ^~ 1,270 1,059 19,753 Bear Stearns Commercial Mortgage Securities Trust 2.992% due 10/25/2035 ~ 20 20 6.134% due 04/12/2038 ~ 370 370 3.023% due 01/25/2037 ^~ 687 631 IOWA 0.0% Bear Stearns Mortgage Funding Trust 3.776% due 06/25/2036 ^~ 488 398 7.500% due 08/25/2036 þ 945 931 LB-UBS Commercial Mortgage Trust Iowa Tobacco Settlement Authority Revenue Bonds, CD Mortgage Trust 5.407% due 11/15/2038 ^ 4,976 2,563 Series 2005 5.688% due 10/15/2048 9,679 5,370 6.500% due 06/01/2023 425 432 Lehman Mortgage Trust Chase Mortgage Finance Trust 6.000% due 07/25/2037 ^ 103 102 3.061% due 12/25/2035 ^~ 11 11 Lehman XS Trust VIRGINIA 0.1% 6.000% due 02/25/2037 ^ 1,394 839 0.350% due 06/25/2047 • 2,326 2,215 6.000% due 03/25/2037 ^ 354 256 Tobacco Settlement Financing Corp., Virginia Revenue 6.000% due 07/25/2037 ^ 1,237 885 MASTR Alternative Loan Trust Bonds, Series 2007 6.750% due 07/25/2036 3,009 1,729 6.706% due 06/01/2046 1,345 1,428 Citigroup Commercial Mortgage Trust 5.700% due 12/10/2049 ~ 636 354 Merrill Lynch Mortgage Investors Trust 3.294% due 03/25/2036 ^~ 2,450 1,637 Citigroup Mortgage Loan Trust WEST VIRGINIA 0.5% 2.529% due 04/25/2037 ^~ 2,397 2,127 Motel 6 Trust 3.013% due 11/25/2035 ~ 13,817 9,721 7.053% due 08/15/2024 • 6,369 6,194 Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 3.608% due 03/25/2037 ^~ 451 447 Natixis Commercial Mortgage Securities Trust 0.000% due 06/01/2047 (h) 78,700 8,460 6.000% due 11/25/2036 ~ 11,443 8,576 2.377% due 11/15/2034 • 4,500 4,470 CitiMortgage Alternative Loan Trust RBSSP Resecuritization Trust Total Municipal Bonds & Notes 5.750% due 04/25/2037 ^ 1,866 1,884 0.350% due 10/27/2036 • 3,609 1,100 (Cost $22,120) 30,073 Commercial Mortgage Loan Trust 0.388% due 08/27/2037 • 8,000 3,910 6.045% due 12/10/2049 ~ 3,212 1,375 Residential Accredit Loans, Inc. Trust U.S. GOVERNMENT AGENCIES 4.3% 0.320% due 08/25/2036 ^• 640 628 Countrywide Alternative Loan Resecuritization Trust Fannie Mae 6.000% due 08/25/2037 ^~ 1,726 1,360 0.360% due 05/25/2037 ^• 206 153 3.000% due 01/25/2042 (a) 409 16 Countrywide Alternative Loan Trust 6.000% due 08/25/2036 ^ 476 475 3.500% due 02/25/2033 (a) 1,630 160 0.551% due 03/20/2046 • 3,702 3,155 6.000% due 05/25/2037 ^ 1,561 1,535 3.780% due 02/25/2040 • 640 665 0.670% due 08/25/2035 • 275 190 Residential Asset Securitization Trust 4.500% due 07/25/2050 (a)(o) 13,065 1,397 3.438% due 06/25/2037 ^~ 1,957 1,794 5.750% due 02/25/2036 ^ 352 236 5.000% due 02/25/2036 ~(a) 412 57 5.120% due 04/25/2037 ^•(a) 16,526 3,730 6.000% due 02/25/2037 ^ 1,704 1,178 5.880% due 07/25/2029 • 2,010 2,201 5.250% due 05/25/2021 ^ 5 5 6.250% due 09/25/2037 ^ 4,834 2,563 5.970% due 07/25/2040 •(a) 273 13 5.500% due 03/25/2035 450 288 Residential Funding Mortgage Securities, Inc. Trust 6.730% due 02/25/2040 • 2,340 2,348 5.500% due 09/25/2035 ^ 3,843 3,329 3.898% due 02/25/2037 ~ 2,120 1,720 Freddie Mac 5.750% due 01/25/2035 371 373 Structured Adjustable Rate Mortgage Loan Trust 0.000% due 02/25/2046 (b)(h) 5,241 4,509 5.750% due 02/25/2035 494 474 2.867% due 11/25/2036 ^~ 2,928 2,845 0.100% due 02/25/2046 (a) 19,187 3 6.000% due 02/25/2035 595 584 3.006% due 01/25/2036 ^~ 5,106 3,574 2.489% due 09/15/2042 •(o) 1,079 1,010 6.000% due 04/25/2036 1,432 914 3.269% due 07/25/2035 ^~ 1,283 1,192 3.000% due 12/25/2050 (a) 9,203 1,274 6.000% due 05/25/2036 ^ 1,567 1,075 See Accompanying Notes | JANUARY 31, 2021 29


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    Schedule of Investments PIMCO Corporate & Income Opportunity Fund (Cont.) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) Structured Asset Mortgage Investments Trust Long Beach Mortgage Loan Trust South Africa Government International Bond 0.250% due 08/25/2036 • $ 141 $ 133 0.730% due 01/25/2036 • $ 5,712 $ 5,419 5.750% due 09/30/2049 (o) $ 3,216 $ 3,108 SunTrust Adjustable Rate Mortgage Loan Trust Marlette Funding Trust Turkiye Ihracat Kredi Bankasi A/S 2.558% due 02/25/2037 ^~ 326 306 0.000% due 09/17/2029 «(h) 15 2,568 8.250% due 01/24/2024 200 218 2.627% due 02/25/2037 ^~ 3,115 2,953 Merrill Lynch Mortgage Investors Trust Ukraine Government International Bond 3.325% due 04/25/2037 ^~ 293 230 6.395% due 03/25/2037 þ 6,614 2,182 4.375% due 01/27/2030 EUR 2,495 2,887 WaMu Mortgage Pass-Through Certificates Trust Morgan Stanley ABS Capital, Inc. Trust 7.750% due 09/01/2022 $ 9,800 10,421 3.094% due 07/25/2037 ^~ 590 581 0.280% due 10/25/2036 • 6,787 4,427 Venezuela Government International Bond 3.236% due 10/25/2036 ^~ 1,057 1,013 8.250% due 10/13/2024 ^(e) 70 7 Morgan Stanley Mortgage Loan Trust 3.316% due 07/25/2037 ^~ 1,288 1,280 9.250% due 09/15/2027 ^(e) 598 58 6.250% due 02/25/2037 ^~ 1,039 688 3.470% due 02/25/2037 ^~ 785 770 N-Star REL CDO Ltd. Total Sovereign Issues (Cost $93,371) 65,499 Washington Mutual Mortgage Pass-Through 0.593% due 02/01/2041 • 705 591 Certificates Trust 1.339% due 05/25/2047 ^• 112 11 Orient Point CDO Ltd. SHARES 6.000% due 10/25/2035 ^ 1,185 949 0.508% due 10/03/2045 • 127,265 49,951 COMMON STOCKS 1.3% 6.000% due 03/25/2036 ^ 1,597 1,643 Park Place Securities, Inc. Asset-Backed Pass- 6.000% due 02/25/2037 3,300 3,061 Through Certificates COMMUNICATION SERVICES 0.2% 1.105% due 07/25/2035 • 6,000 5,345 Total Non-Agency Mortgage-Backed Clear Channel Outdoor Securities (Cost $188,686) 194,509 Renaissance Home Equity Loan Trust Holdings, Inc. (f) 1,167,686 2,324 5.612% due 04/25/2037 þ 11,496 5,028 7.238% due 09/25/2037 ^þ 8,723 5,074 iHeartMedia, Inc. ‘A’ (f) 64,921 944 ASSET-BACKED SECURITIES 14.3% iHeartMedia, Inc. ‘B’ «(f) 872 11 Securitized Asset-Backed Receivables LLC Trust Adagio CLO DAC 0.550% due 03/25/2036 • 10,858 10,155 3,279 0.000% due 04/30/2031 ~ EUR 1,800 1,321 SLM Student Loan EDC Repackaging Trust Ameriquest Mortgage Securities, Inc. Asset-Backed 0.000% due 10/28/2029 «(h) 8 8,772 ENERGY 0.0% Pass-Through Certificates SLM Student Loan Trust 1.480% due 03/25/2033 • $ 53 54 0.000% due 01/25/2042 «(h) 7 3,496 Forbes Energy Services Apidos CLO SMB Private Education Loan Trust Ltd. (f)(m) 64,837 5 0.000% due 01/20/2031 ~ 8,800 5,202 0.000% due 09/18/2046 «(h) 3 1,244 Bear Stearns Asset-Backed Securities Trust 0.000% due 10/15/2048 «(h) 3 1,407 FINANCIALS 0.2% 0.530% due 04/25/2037 • 11,352 9,409 SoFi Professional Loan Program LLC 0.000% due 05/25/2040 (h) 7,500 1,487 Associated Materials Group, Belle Haven ABS CDO Ltd. 0.000% due 07/25/2040 «(h) 38 811 Inc. «(f)(m) 411,442 2,773 0.526% due 07/05/2046 • 324,260 869 0.000% due 09/25/2040 (h) 3,226 885 BlueMountain CLO Ltd. 5.675% due 04/13/2027 • 1,000 995 South Coast Funding Ltd. INDUSTRIALS 0.9% 0.843% due 08/10/2038 • 19,392 2,810 California Street CLO Ltd. McDermott International 5.141% due 10/15/2025 • 1,400 1,362 Symphony CLO Ltd. Ltd. (f) 57,728 59 4.834% due 07/14/2026 • 3,600 3,309 Carlyle Global Market Strategies CLO Ltd. Neiman Marcus Group Ltd. 0.000% due 04/17/2031 ~ 6,000 3,094 Taberna Preferred Funding Ltd. LLC «(f)(m) 152,491 14,130 0.585% due 12/05/2036 • 10,863 9,288 CIFC Funding Ltd. 0.605% due 08/05/2036 • 511 442 Noble Corp. PLC «(f)(m) 7,846 111 0.000% due 04/24/2030 ~ 4,100 1,829 0.605% due 08/05/2036 ^• 9,902 8,565 Westmoreland Mining 0.000% due 10/22/2031 ~ 3,000 1,299 0.941% due 02/05/2036 • 4,517 3,998 Holdings LLC «(f)(m) 45,070 338 Cork Street CLO Designated Activity Co. Total Asset-Backed Securities 14,638 0.000% due 11/27/2028 ~ EUR 2,667 2,579 (Cost $257,384) 221,375 Countrywide Asset-Backed Certificates Total Common Stocks (Cost $21,214) 20,695 0.330% due 06/25/2047 ^• $ 6,344 5,887 0.440% due 09/25/2037 ^• 17,598 14,222 SOVEREIGN ISSUES 4.2% WARRANTS 1.9% Credit-Based Asset Servicing & Securitization LLC Argentina Government International Bond 3.406% due 12/25/2035 ^þ 10 10 COMMUNICATION SERVICES 0.4% 0.125% due 07/09/2030 þ 10,701 3,924 Dryden CLO Ltd. 0.125% due 07/09/2035 þ 9,865 3,181 iHeartMedia, Inc. - 0.000% due 07/17/2031 ~ 14,311 10,128 0.125% due 01/09/2038 þ 22,691 8,924 Exp. 05/01/2039 « 422,815 6,049 First Franklin Mortgage Loan Trust 0.125% due 07/09/2041 þ 9,194 3,346 0.290% due 10/25/2036 • 3,893 3,123 0.125% due 07/09/2046 þ 115 40 1.000% due 08/05/2021 (j) ARS 139,662 941 FINANCIALS 0.0% Flagship Credit Auto Trust 1.000% due 07/09/2029 $ 1,352 562 0.000% due 05/15/2025 «(h) 16 1,640 Stearns Holdings LLC - 2.500% due 07/22/2021 (j) ARS 44,171 299 Fremont Home Loan Trust 15.500% due 10/17/2026 92,410 216 Exp. 11/05/2039 « 42,538 159 0.280% due 01/25/2037 • 6,235 3,567 34.109% (BADLARPP) 0.610% due 02/25/2036 • 11,873 8,424 due 10/04/2022 ~ 116 1 INDUSTRIALS 0.1% Glacier Funding CDO Ltd. 36.080% (BADLARPP + 2.000%) 0.490% due 08/04/2035 • 7,571 1,555 due 04/03/2022 ~ 123,168 783 Sequa Corp. - Autonomous City of Buenos Aires Argentina Exp. 04/28/2024 « 1,355,000 2,020 Grand Canal Securities 0.439% due 12/24/2058 • EUR 1,513 1,819 37.331% (BADLARPP + 3.250%) Grosvenor Place CLO BV due 03/29/2024 ~ 202,676 1,183 INFORMATION TECHNOLOGY 1.4% 0.000% due 04/30/2029 ~ 750 380 39.028% (BADLARPP + 5.000%) due 01/23/2022 ~ 171,140 1,118 Windstream Holdings LLC - GSAMP Trust Exp. 03/24/2021 « 1,181,339 21,648 0.270% due 12/25/2036 • $ 1,539 983 Dominican Republic International Bond 4.875% due 09/23/2032 $ 14,600 15,626 Total Warrants (Cost $18,299) 29,876 Home Equity Mortgage Loan Asset-Backed Trust 0.290% due 07/25/2037 • 2,936 2,024 Ghana Government International Bond 6.375% due 02/11/2027 1,100 1,142 PREFERRED SECURITIES 3.8% JPMorgan Mortgage Acquisition Trust 7.875% due 02/11/2035 1,300 1,317 6.330% due 07/25/2036 ^þ 115 54 8.750% due 03/11/2061 400 403 BANKING & FINANCE 0.6% Lehman XS Trust 10.750% due 10/14/2030 800 1,064 6.790% due 06/24/2046 þ 1,490 1,516 AGFC Capital Trust Provincia de Buenos Aires LNR CDO Ltd. 1.991% (US0003M + 1.750%) 34.187% due 05/31/2022 ARS 25,434 154 0.428% due 02/28/2043 • 3,321 88 due 01/15/2067 ~ 1,800,000 793 37.804% due 04/12/2025 862,385 4,576 30 PIMCO CLOSED-END FUNDS


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    January 31, 2021 (Unaudited) MARKET MARKET PRINCIPAL MARKET VALUE VALUE AMOUNT VALUE SHARES (000S) SHARES (000S) (000S) (000S) Banco Bilbao Vizcaya Argentaria S.A. REAL ESTATE INVESTMENT TRUSTS 1.9% ARGENTINA TREASURY BILLS 0.1% 8.875% due 04/14/2021 •(k)(l)(o) 600,000 $ 740 5.650% due REAL ESTATE 1.9% Banco Santander S.A. 09/13/2021 (h)(i)(j) ARS 167,899 $ 1,136 6.250% due 09/11/2021 •(k)(l)(o) 2,200,000 2,721 Uniti Group, Inc. 572,252 $ 7,044 Brighthouse Holdings LLC VICI Properties, Inc. 858,541 21,704 U.S. TREASURY BILLS 1.2% 6.500% due 07/27/2037 þ(k) 110,000 109 Total Real Estate Investment Trusts 0.089% due 03/16/2021 - Farm Credit Bank of Texas (Cost $14,376) 28,748 05/20/2021 (g)(h)(q)(s) $ 18,292 18,290 5.700% due 09/15/2025 •(k) 1,000,000 1,095 Total Short-Term Instruments Wells Fargo & Co. SHORT-TERM INSTRUMENTS 7.0% (Cost $107,588) 107,419 3.900% due 03/15/2026 •(k) 3,200,000 3,202 REPURCHASE AGREEMENTS (n) 5.6% 8,660 Total Investments in Securities 87,188 (Cost $2,531,616) 2,593,505 INDUSTRIALS 3.2% Total Investments 167.6% PRINCIPAL (Cost $2,531,616) $ 2,593,505 General Electric Co. AMOUNT (000S) 3.554% (US0003M + 3.330%) due 03/15/2021 ~(k) 1,343,000 1,270 SHORT-TERM NOTES 0.1% Financial Derivative Instruments (p)(r) (0.2)% Sequa Corp. (12.000% PIK) Argentina Treasury Bond BONCER (Cost or Premiums, net $(16,190)) (2,564) 12.000% «(d) 35,522 48,282 1.100% due 04/17/2021 (j) ARS 61,022 409 49,552 Republic of Argentina Bond Auction Rate Preferred Shares (13.7)% (212,650) Total Preferred Securities (Cost $35,107) 58,212 37.750% due 04/30/2021 (h)(i) 65,484 396 805 Other Assets and Liabilities, net (53.7)% (830,531) Net Assets Applicable to Common Shareholders 100.0% $ 1,547,760 NOTES TO SCHEDULE OF INVESTMENTS: * A zero balance may reflect actual amounts rounding to less than one thousand. ^ Security is in default. « Security valued using significant unobservable inputs (Level 3). µ All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. ~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. • Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. (a) Security is an Interest Only (“IO”) or IO Strip. (b) 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) Coupon represents a yield to maturity. (j) Principal amount of security is adjusted for inflation. (k) Perpetual maturity; date shown, if applicable, represents next contractual call date. (l) Contingent convertible security. (m) RESTRICTED SECURITIES: Market Value as Percentage of Net Assets Applicable Acquisition Market to Common Issuer Description Date Cost Value Shareholders Associated Materials Group, Inc. 08/24/2020 $ 2,612 $ 2,773 0.18% Forbes Energy Services Ltd. 10/09/2014 - 11/18/2016 2,472 5 0.00 Neiman Marcus Group Ltd. LLC 09/25/2020 4,911 14,130 0.91 Noble Corp. PLC 12/23/2020 0 111 0.01 Westmoreland Mining Holdings LLC 07/29/2015 - 03/26/2019 1,172 338 0.02 $ 11,167 $ 17,357 1.12% See Accompanying Notes | JANUARY 31, 2021 31


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    Schedule of Investments PIMCO Corporate & Income Opportunity Fund (Cont.) BORROWINGS AND OTHER FINANCING TRANSACTIONS (n) REPURCHASE AGREEMENTS: Repurchase Agreement Repurchase Proceeds Lending Settlement Maturity Principal Collateral Agreements, to be Counterparty Rate Date Date Amount Collateralized By (Received) at Value Received(1) FICC 0.000% 01/29/2021 02/01/2021 $ 1,088 U.S. Treasury Notes 0.125% due 09/30/2022 $ (1,110) $ 1,088 $ 1,088 RDR 0.070 01/29/2021 02/01/2021 86,100 U.S. Treasury Notes 1.750% - 2.500% due 01/15/2022 - 09/30/2024 (87,935) 86,100 86,101 Total Repurchase Agreements $ (89,045) $ 87,188 $ 87,189 REVERSE REPURCHASE AGREEMENTS: Payable for Reverse Borrowing Settlement Maturity Amount Repurchase Counterparty Rate(2) Date Date Borrowed(2) Agreements BPS 0.380% 01/22/2021 04/22/2021 GBP (9,615) $ (13,175) 0.490 10/15/2020 04/13/2021 $ (9,981) (9,996) 0.490 10/20/2020 02/22/2021 (3,367) (3,372) 0.635 10/19/2020 05/05/2021 (4,616) (4,623) 0.635 12/08/2020 05/05/2021 (7,849) (7,856) 0.800 10/20/2020 04/21/2021 (2,703) (2,709) 0.850 12/09/2020 04/23/2021 (4,936) (4,942) 0.990 10/15/2020 04/13/2021 (3,433) (3,443) BRC 0.250 11/09/2020 TBD(3) (6,998) (7,002) 0.320 01/14/2021 02/16/2021 (14,306) (14,308) 0.350 01/14/2021 02/16/2021 (1,862) (1,863) 0.500 03/25/2020 TBD(3) (216) (217) 0.550 11/02/2020 03/05/2021 (16,667) (16,690) 0.660 01/12/2021 04/12/2021 (6,659) (6,662) 0.660 01/19/2021 04/23/2021 (4,568) (4,569) 0.700 12/09/2020 02/08/2021 (1,343) (1,344) 0.770 12/11/2020 04/13/2021 (2,784) (2,787) 0.790 11/02/2020 05/03/2021 (37,775) (37,851) 0.790 11/27/2020 05/03/2021 (906) (907) 0.790 12/07/2020 05/03/2021 (2,880) (2,883) 0.800 01/28/2021 03/23/2021 (4,658) (4,659) 0.810 12/09/2020 04/23/2021 (2,776) (2,779) 0.880 12/16/2020 02/22/2021 (2,874) (2,877) BYR 1.390 07/06/2020 03/31/2021 (25,746) (25,775) 1.390 07/13/2020 03/31/2021 (6,758) (6,764) 1.390 09/30/2020 03/31/2021 (10,774) (10,786) 1.390 01/15/2021 03/31/2021 (2,348) (2,350) CDC 0.340 01/19/2021 02/22/2021 (15,360) (15,362) 0.350 11/20/2020 TBD(3) (1,761) (1,763) 0.400 11/16/2020 02/19/2021 (2,598) (2,601) 0.480 10/21/2020 02/23/2021 (2,655) (2,658) 0.480 10/30/2020 02/23/2021 (6,134) (6,141) 0.500 10/21/2020 03/23/2021 (5,688) (5,696) 0.630 02/02/2021 04/08/2021 (1,244) (1,244) 0.830 10/23/2020 02/16/2021 (14,690) (14,724) 0.850 09/15/2020 03/15/2021 (17,830) (17,889) 0.850 09/16/2020 03/16/2021 (14,859) (14,908) 0.850 09/17/2020 03/15/2021 (1,209) (1,213) 0.850 10/16/2020 03/15/2021 (1,806) (1,811) 0.850 11/03/2020 02/02/2021 (1,203) (1,206) 0.850 12/23/2020 03/15/2021 (698) (699) CEW 0.654 01/06/2021 04/06/2021 (26,316) (26,329) 0.870 10/09/2020 04/07/2021 (6,564) (6,582) 0.888 09/09/2020 03/08/2021 (21,017) (21,092) 0.888 12/16/2020 03/08/2021 (3,496) (3,500) CFR 0.500 10/27/2020 02/24/2021 (2,209) (2,212) CIB 0.680 01/25/2021 03/01/2021 (12,030) (12,032) CSG 0.500 01/28/2021 03/04/2021 (4,986) (4,987) 0.750 01/28/2021 03/04/2021 (8,336) (8,337) FOB 0.350 11/16/2020 TBD(3) (10,715) (10,723) 0.350 01/28/2021 03/04/2021 (189) (189) 0.350 01/29/2021 03/05/2021 (21,938) (21,939) 0.380 01/29/2021 03/29/2021 (1,158) (1,158) 32 PIMCO CLOSED-END FUNDS


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    January 31, 2021 (Unaudited) Payable for Reverse Borrowing Settlement Maturity Amount Repurchase Counterparty Rate(2) Date Date Borrowed(2) Agreements 0.500% 10/27/2020 02/24/2021 $ (1,537) $ (1,540) 0.500 01/20/2021 02/19/2021 (2,500) (2,500) 0.500 01/27/2021 04/01/2021 (895) (896) 0.500 01/28/2021 03/04/2021 (184) (184) IND 0.470 11/10/2020 03/10/2021 (10,468) (10,479) 0.470 01/20/2021 03/10/2021 (2,061) (2,061) 0.470 01/21/2021 03/10/2021 (2,813) (2,813) 0.570 11/10/2020 02/09/2021 (9,884) (9,897) JML (0.250) 01/15/2021 04/15/2021 EUR (2,280) (2,767) (0.100) 01/13/2021 04/13/2021 (2,307) (2,800) 0.400 01/15/2021 04/15/2021 GBP (11,122) (15,242) 0.400 01/18/2021 04/19/2021 (378) (519) JPS 0.025 01/20/2021 02/19/2021 $ (173) (173) MEI 0.700 01/20/2021 TBD(3) (1,305) (1,305) NOM 0.350 08/04/2020 TBD(3) (521) (522) 0.550 11/02/2020 03/03/2021 (9,732) (9,746) 0.600 11/02/2020 03/03/2021 (1,487) (1,489) 0.700 01/08/2021 03/11/2021 (2,609) (2,610) 0.700 01/21/2021 03/11/2021 (5,546) (5,547) 0.750 11/02/2020 03/03/2021 (6,556) (6,569) 0.750 12/14/2020 03/03/2021 (4,190) (4,194) 0.800 10/16/2020 02/16/2021 (14,909) (14,945) 0.800 11/18/2020 02/16/2021 (3,078) (3,083) 0.800 11/20/2020 02/16/2021 (4,470) (4,477) 0.850 09/23/2020 03/23/2021 (15,856) (15,905) 0.850 11/24/2020 03/23/2021 (2,247) (2,251) 0.900 11/19/2020 03/25/2021 (2,539) (2,543) RTA 0.660 01/06/2021 04/06/2021 (26,436) (26,449) 0.796 12/16/2020 04/23/2021 (1,719) (1,720) 0.802 12/16/2020 04/22/2021 (1,652) (1,654) SOG 0.350 11/17/2020 TBD(3) (398) (398) 0.380 02/01/2021 04/07/2021 (5,027) (5,027) 0.400 01/06/2021 02/08/2021 (2,627) (2,628) 0.500 10/30/2020 02/01/2021 (4,927) (4,933) 0.500 01/27/2021 TBD(3) (49,988) (49,991) 0.600 02/01/2021 04/07/2021 (7,983) (7,983) 0.630 10/28/2020 04/28/2021 (5,818) (5,827) 0.630 01/21/2021 04/28/2021 (2,281) (2,281) 0.700 12/03/2020 03/03/2021 (996) (997) 0.700 12/09/2020 02/09/2021 (3,791) (3,795) 0.750 11/09/2020 03/04/2021 (1,647) (1,650) 0.750 12/07/2020 03/03/2021 (5,175) (5,181) 0.750 01/21/2021 03/01/2021 (1,483) (1,483) 0.860 11/13/2020 04/19/2021 (6,364) (6,376) 0.870 09/14/2020 03/15/2021 (4,137) (4,151) 0.870 11/09/2020 03/10/2021 (689) (690) 0.950 12/15/2020 02/22/2021 (3,148) (3,152) 0.950 01/21/2021 02/01/2021 (7,979) (7,981) TDM 0.300 11/20/2020 TBD(3) (42,168) (42,193) 0.300 12/10/2020 TBD(3) (5,347) (5,350) 0.300 12/16/2020 TBD(3) (4,515) (4,516) 0.300 12/17/2020 TBD(3) (1,116) (1,117) 0.550 01/20/2021 TBD(3) (14,625) (14,627) UBS (0.120) 01/12/2021 02/12/2021 EUR (2,460) (2,985) 0.350 01/06/2021 02/08/2021 $ (5,083) (5,084) 0.480 01/12/2021 02/12/2021 GBP (4,870) (6,675) 0.530 01/15/2021 02/17/2021 $ (3,417) (3,418) 0.650 01/15/2021 04/15/2021 (8,954) (8,957) 0.650 01/19/2021 04/19/2021 (3,587) (3,588) 0.650 01/22/2021 04/22/2021 (11,444) (11,446) 0.700 11/16/2020 02/16/2021 (2,022) (2,025) Total Reverse Repurchase Agreements $ (793,569) See Accompanying Notes | JANUARY 31, 2021 33


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    Schedule of Investments PIMCO Corporate & Income Opportunity 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, 2021: Repurchase Agreement Payable for Total Proceeds Reverse Payable for Borrowings and to be Repurchase Sale-Buyback Other Financing Collateral Counterparty Received(1) Agreements Transactions Transactions Pledged/(Received) Net Exposure(4) Global/Master Repurchase Agreement BPS $ 0 $ (50,116) $ 0 $ (50,116) $ 55,624 $ 5,508 BRC 0 (107,398) 0 (107,398) 121,150 13,752 BYR 0 (45,675) 0 (45,675) 55,535 9,860 CDC 0 (87,915) 0 (87,915) 94,298 6,383 CEW 0 (57,503) 0 (57,503) 69,366 11,863 CFR 0 (2,212) 0 (2,212) 2,358 146 CIB 0 (12,032) 0 (12,032) 14,987 2,955 CSG 0 (13,324) 0 (13,324) 16,272 2,948 FICC 1,088 0 0 1,088 (1,110) (22) FOB 0 (39,129) 0 (39,129) 41,468 2,339 IND 0 (25,250) 0 (25,250) 28,223 2,973 JML 0 (21,328) 0 (21,328) 24,542 3,214 JPS 0 (173) 0 (173) 217 44 MEI 0 (1,305) 0 (1,305) 1,350 45 NOM 0 (73,881) 0 (73,881) 80,718 6,837 RDR 86,101 0 0 86,101 (87,935) (1,834) RTA 0 (29,823) 0 (29,823) 34,177 4,354 SOG 0 (114,524) 0 (114,524) 118,923 4,399 TDM 0 (67,803) 0 (67,803) 72,896 5,093 UBS 0 (44,178) 0 (44,178) 53,923 9,745 Total Borrowings and Other Financing Transactions $ 87,189 $ (793,569) $ 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 $ (12,914) $ (133,544) $ (422,997) $ (193,845) $ (763,300) U.S. Government Agencies 0 (12,032) 0 0 (12,032) Sovereign Issues 0 0 (997) 0 (997) Preferred Securities 0 (2,985) 0 0 (2,985) Total Borrowings $ (12,914) $ (148,561) $ (423,994) $ (193,845) $ (779,314) Payable for reverse repurchase agreements(5) $ (779,314) (o) Securities with an aggregate market value of $904,042 have been pledged as collateral under the terms of the above master agreements as of January 31, 2021. (1) Includes accrued interest. (2) The average amount of borrowings outstanding during the period ended January 31, 2021 was $(641,937) at a weighted average interest rate of 0.700%. 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 $(14,255) is outstanding at period end. (p) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SWAP AGREEMENTS: CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1) Implied Unrealized Fixed Payment Maturity Credit Spread at Notional Premiums Appreciation/ Market Variation Margin Reference Entity Receive Rate Frequency Date January 31, 2021(2) Amount(3) Paid/(Received) (Depreciation) Value(4) Asset Liability Boeing Co. 1.000% Quarterly 12/20/2021 0.785% $ 1,000 $ (25) $ 28 $ 3 $ 0 $ 0 Bombardier, Inc. 5.000 Quarterly 06/20/2024 5.886 4,700 (9) (88) (97) 0 (29) 34 PIMCO CLOSED-END FUNDS


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    January 31, 2021 (Unaudited) Implied Unrealized Fixed Payment Maturity Credit Spread at Notional Premiums Appreciation/ Market Variation Margin Reference Entity Receive Rate Frequency Date January 31, 2021(2) Amount(3) Paid/(Received) (Depreciation) Value(4) Asset Liability Bombardier, Inc. 5.000% Quarterly 12/20/2024 6.161% $ 1,000 $ (2) $ (31) $ (33) $ 0 $ (10) Rolls-Royce PLC 1.000 Quarterly 06/20/2025 3.143 EUR 1,900 (362) 163 (199) 0 0 Rolls-Royce PLC 1.000 Quarterly 12/20/2025 3.248 27,400 (4,887) 1,575 (3,312) 0 (3) $ (5,285) $ 1,647 $ (3,638) $ 0 $ (42) CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1) Unrealized Fixed Payment Maturity Notional Premiums Appreciation/ Market Variation Margin Index/Tranches Receive Rate Frequency Date Amount(3) Paid/(Received) (Depreciation) Value(4) Asset Liability CDX.HY-33 5-Year Index 5.000% Quarterly 12/20/2024 $ 356 $ 34 $ (2) $ 32 $ 1 $ 0 CDX.HY-34 5-Year Index 5.000 Quarterly 06/20/2025 1,288 (7) 121 114 1 0 CDX.HY-35 5-Year Index 5.000 Quarterly 12/20/2025 10,100 652 226 878 9 0 $ 679 $ 345 $ 1,024 $ 11 $ 0 INTEREST RATE SWAPS Unrealized Pay/Receive Payment Maturity Notional Premiums Appreciation/ Market Variation Margin Floating Rate Floating Rate Index Fixed Rate Frequency Date Amount Paid/(Received) (Depreciation) Value Asset Liability Receive(5) 1-Day GBP-SONIO Compounded-OIS 0.250% Annual 03/17/2031 GBP 23,800 $ (105) $ 293 $ 188 $ 229 $ 0 Receive(5) 1-Day GBP-SONIO Compounded-OIS 0.250 Annual 03/17/2051 7,800 244 459 703 238 0 Receive 3-Month USD-LIBOR 0.250 Semi-Annual 12/18/2022 $ 78,000 38 (133) (95) 0 (10) Pay 3-Month USD-LIBOR 2.750 Semi-Annual 06/17/2025 8,580 541 350 891 1 0 Pay 3-Month USD-LIBOR 2.250 Semi-Annual 06/15/2026 44,400 2,099 1,952 4,051 0 (14) Pay 3-Month USD-LIBOR 2.500 Semi-Annual 12/20/2027 73,900 530 8,172 8,702 0 (71) Pay 3-Month USD-LIBOR 3.000 Semi-Annual 06/19/2029 263,700 13,372 31,222 44,594 0 (391) Receive 3-Month USD-LIBOR 1.000 Semi-Annual 12/16/2030 3,600 (75) 111 36 9 0 Receive(5) 3-Month USD-LIBOR 1.160 Semi-Annual 04/12/2031 6,100 0 4 4 15 0 Pay 3-Month USD-LIBOR 3.500 Semi-Annual 06/19/2044 305,100 (9,953) 132,134 122,181 0 (1,333) Receive 3-Month USD-LIBOR 2.250 Semi-Annual 12/11/2049 2,200 (3) (348) (351) 11 0 Receive 3-Month USD-LIBOR 2.000 Semi-Annual 01/15/2050 19,800 (143) (1,772) (1,915) 97 0 Receive 3-Month USD-LIBOR 1.750 Semi-Annual 01/22/2050 28,200 (65) (929) (994) 138 0 Receive 3-Month USD-LIBOR 1.875 Semi-Annual 02/07/2050 29,300 (114) (2,056) (2,170) 143 0 Receive 3-Month USD-LIBOR 2.250 Semi-Annual 03/12/2050 9,800 (29) (1,598) (1,627) 49 0 Receive 3-Month USD-LIBOR 1.150 Semi-Annual 12/11/2050 318,100 697 35,512 36,209 1,548 0 Receive 3-Month USD-LIBOR 1.250 Semi-Annual 12/16/2050 17,000 1,650 (140) 1,510 83 0 Pay 6-Month AUD-BBR-BBSW 3.500 Semi-Annual 06/17/2025 AUD 13,400 332 1,119 1,451 1 0 Receive 6-Month EUR-EURIBOR 0.150 Annual 03/18/2030 EUR 21,400 392 (585) (193) 82 0 $ 9,408 $ 203,767 $ 213,175 $ 2,644 $ (1,819) Total Swap Agreements $ 4,802 $ 205,759 $ 210,561 $ 2,655 $ (1,861) 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, 2021: Financial Derivative Assets Financial Derivative Liabilities Variation Margin Variation Margin Market Value Asset Market Value Liability Purchased Swap Written Swap Options Futures Agreements Total Options Futures Agreements Total Total Exchange-Traded or Centrally Cleared $ 0 $ 0 $ 2,655 $ 2,655 $ 0 $ 0 $ (1,861) $ (1,861) (q) Securities with an aggregate market value of $5,429 and cash of $39,364 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of January 31, 2021. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. (1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. (2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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. See Accompanying Notes | JANUARY 31, 2021 35


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    Schedule of Investments PIMCO Corporate & Income Opportunity Fund (Cont.) (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. (r) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER FORWARD FOREIGN CURRENCY CONTRACTS: Unrealized Appreciation/ Settlement Currency to Currency to (Depreciation) Counterparty Month be Delivered be Received Asset Liability BOA 02/2021 AUD 4,183 $ 3,236 $ 39 $ 0 02/2021 $ 3,566 NOK 33,245 315 0 02/2021 3,232 SEK 28,015 121 0 02/2021 227 TRY 1,709 5 0 03/2021 3,237 AUD 4,183 0 (39) 04/2021 122 TRY 937 3 0 06/2021 1,144 ZAR 17,341 0 (18) BPS 02/2021 EUR 2,643 $ 3,201 0 (7) 02/2021 $ 90 TRY 664 1 0 06/2021 3,607 MXN 77,205 108 0 BRC 02/2021 1,070 GBP 793 16 0 02/2021 287 TRY 2,203 13 0 03/2021 826 RUB 61,038 0 (24) CBK 02/2021 EUR 23,321 $ 28,613 312 0 02/2021 $ 2,923 AUD 3,776 0 (38) 02/2021 94,460 GBP 69,179 326 0 02/2021 3,114 NOK 28,575 222 0 02/2021 784 RUB 57,706 0 (23) 02/2021 3,474 SEK 30,555 183 0 02/2021 235 TRY 1,799 9 0 03/2021 GBP 69,179 $ 94,473 0 (326) 03/2021 $ 1,661 RUB 123,936 0 (32) 04/2021 849 MXN 17,129 0 (20) 06/2021 7,347 PEN 26,507 0 (63) DUB 02/2021 BRL 37,368 $ 6,961 132 0 02/2021 $ 6,824 BRL 37,368 6 0 03/2021 6,956 37,368 0 (132) 06/2021 MXN 5,238 $ 248 0 (4) FBF 02/2021 $ 695 TRY 5,402 38 0 04/2021 128 989 4 0 GLM 02/2021 GBP 73,206 $ 100,160 0 (144) 02/2021 $ 243 TRY 1,851 8 0 04/2021 87 664 2 0 05/2021 505 MXN 10,855 19 0 HUS 02/2021 BRL 37,368 $ 6,824 0 (6) 02/2021 EUR 1,473 1,794 6 0 02/2021 $ 7,381 BRL 37,368 0 (551) 02/2021 6,246 EUR 5,144 0 (4) 02/2021 1,683 RUB 125,172 0 (32) 02/2021 47 TRY 350 1 0 03/2021 4,968 RUB 367,245 0 (142) 05/2021 5,347 MXN 114,894 194 0 06/2021 4,238 ZAR 65,393 9 0 IND 02/2021 42 TRY 318 1 0 JPM 02/2021 849 6,548 38 0 03/2021 1,381 CLP 964,978 0 (67) 03/2021 349 TRY 2,619 5 0 04/2021 481 3,715 12 0 05/2021 2,379 MXN 51,064 83 0 06/2021 1,852 ZAR 28,310 0 (14) MYI 02/2021 9,757 GBP 7,105 0 (22) 02/2021 73 TRY 555 2 0 RYL 02/2021 196 1,491 6 0 05/2021 594 MXN 12,766 22 0 36 PIMCO CLOSED-END FUNDS


  • Page 39

    January 31, 2021 (Unaudited) Unrealized Appreciation/ Settlement Currency to Currency to (Depreciation) Counterparty Month be Delivered be Received Asset Liability SCX 02/2021 EUR 109,464 $ 134,025 $ 1,185 $ 0 02/2021 GBP 3,871 5,316 12 0 02/2021 $ 4,072 AUD 5,267 0 (46) 02/2021 484 TRY 3,658 12 0 03/2021 EUR 131,757 $ 160,168 177 0 SOG 02/2021 $ 100 TRY 758 3 0 TOR 02/2021 46 349 1 0 UAG 02/2021 TRY 1,225 $ 166 0 (1) 02/2021 $ 2,203 RUB 163,636 0 (45) 02/2021 47 TRY 367 3 0 03/2021 1,603 RUB 119,756 0 (29) 04/2021 166 TRY 1,266 1 0 Total Forward Foreign Currency Contracts $ 3,655 $ (1,829) SWAP AGREEMENTS: CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION(1) Implied Unrealized Swap Agreements, Fixed Payment Maturity Credit Spread at Notional Premiums Appreciation/ at Value(4) Counterparty Reference Entity Receive Rate Frequency Date January 31, 2021(2) Amount(3) Paid/(Received) (Depreciation) Asset Liability BPS Petrobras Global Finance BV 1.000% Quarterly 12/20/2024 1.583% $ 1,800 $ (352) $ 314 $ 0 $ (38) BRC Springleaf Finance Corp. 5.000 Quarterly 12/20/2021 0.530 2,700 (40) 164 124 0 Ukraine Government International Bond 5.000 Quarterly 12/20/2022 3.011 16,900 1,036 (317) 719 0 GST Petrobras Global Finance BV 1.000 Quarterly 12/20/2024 1.583 2,400 (476) 425 0 (51) Petroleos Mexicanos 1.000 Quarterly 12/20/2021 2.228 100 (4) 3 0 (1) HUS Petrobras Global Finance BV 1.000 Quarterly 12/20/2024 1.583 3,000 (623) 560 0 (63) JPM Springleaf Finance Corp. 5.000 Quarterly 06/20/2022 0.786 6,570 620 (196) 424 0 $ 161 $ 953 $ 1,267 $ (153) CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION(1) Unrealized Swap Agreements, Fixed Payment Maturity Notional Premiums Appreciation/ at Value(4) Counterparty Index/Tranches Receive Rate Frequency Date Amount(3) Paid/(Received) (Depreciation) Asset Liability BRC ABX.HE.AAA.6-2 Index 0.110% Monthly 05/25/2046 $ 32,351 $ (6,783) $ 5,277 $ 0 $ (1,506) GST ABX.HE.AA.6-1 Index 0.320 Monthly 07/25/2045 15,087 (717) (259) 0 (976) ABX.HE.AAA.6-2 Index 0.110 Monthly 05/25/2046 2,736 (573) 446 0 (127) MEI ABX.HE.AAA.6-2 Index 0.110 Monthly 05/25/2046 37,707 (7,794) 6,038 0 (1,756) MYC ABX.HE.AAA.6-2 Index 0.110 Monthly 05/25/2046 41,049 (5,234) 3,323 0 (1,911) $ (21,101) $ 14,825 $ 0 $ (6,276) INTEREST RATE SWAPS Unrealized Swap Agreements, Pay/ Receive Payment Maturity Notional Premiums Appreciation/ at Value Counterparty Floating Rate Floating Rate Index Fixed Rate Frequency Date Amount Paid/(Received) (Depreciation) Asset Liability MYC Pay 3-Month USD-LIBOR 1.380% Semi-Annual 04/12/2031 $ 30,600 $ (52) $ 30 $ 0 $ (22) Total Swap Agreements $ (20,992) $ 15,808 $ 1,267 $ (6,451) 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, 2021: Financial Derivative Assets Financial Derivative Liabilities Forward Forward Foreign Total Foreign Total Net Market Collateral Currency Purchased Swap Over the Currency Written Swap Over the Value of OTC Pledged/ Net Counterparty Contracts Options Agreements Counter Contracts Options Agreements Counter Derivatives (Received) Exposure(5) BOA $ 483 $ 0 $ 0 $ 483 $ (57) $ 0 $ 0 $ (57) $ 426 $ (590) $ (164) BPS 109 0 0 109 (7) 0 (38) (45) 64 (260) (196) BRC 29 0 843 872 (24) 0 (1,506) (1,530) (658) 802 144 CBK 1,052 0 0 1,052 (502) 0 0 (502) 550 (589) (39) DUB 138 0 0 138 (136) 0 0 (136) 2 0 2 See Accompanying Notes | JANUARY 31, 2021 37


  • Page 40

    Schedule of Investments PIMCO Corporate & Income Opportunity Fund (Cont.) Financial Derivative Assets Financial Derivative Liabilities Forward Forward Foreign Total Foreign Total Net Market Collateral Currency Purchased Swap Over the Currency Written Swap Over the Value of OTC Pledged/ Net Counterparty Contracts Options Agreements Counter Contracts Options Agreements Counter Derivatives (Received) Exposure(5) FBF $ 42 $ 0 $ 0 $ 42 $ 0 $ 0 $ 0 $ 0 $ 42 $ 0 $ 42 GLM 29 0 0 29 (144) 0 0 (144) (115) 391 276 GST 0 0 0 0 0 0 (1,155) (1,155) (1,155) 1,535 380 HUS 210 0 0 210 (735) 0 (63) (798) (588) 401 (187) IND 1 0 0 1 0 0 0 0 1 0 1 JPM 138 0 424 562 (81) 0 0 (81) 481 (660) (179) MEI 0 0 0 0 0 0 (1,756) (1,756) (1,756) 1,867 111 MYC 0 0 0 0 0 0 (1,933) (1,933) (1,933) 1,706 (227) MYI 2 0 0 2 (22) 0 0 (22) (20) 0 (20) RYL 28 0 0 28 0 0 0 0 28 0 28 SCX 1,386 0 0 1,386 (46) 0 0 (46) 1,340 (1,310) 30 SOG 3 0 0 3 0 0 0 0 3 0 3 TOR 1 0 0 1 0 0 0 0 1 0 1 UAG 4 0 0 4 (75) 0 0 (75) (71) 0 (71) Total Over the Counter $ 3,655 $ 0 $ 1,267 $ 4,922 $ (1,829) $ 0 $ (6,451) $ (8,280) (s) Securities with an aggregate market value of $7,021 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of January 31, 2021. (1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. (2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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) 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 and Other Risks, in the Notes to Financial Statements on risks of the Fund. Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of January 31, 2021: Derivatives not accounted for as hedging instruments Foreign Commodity Credit Equity Exchange Interest Contracts Contracts Contracts Contracts Rate Contracts Total Financial Derivative Instruments - Assets Exchange-traded or centrally cleared Swap Agreements $ 0 $ 11 $ 0 $ 0 $ 2,644 $ 2,655 Over the counter Forward Foreign Currency Contracts $ 0 $ 0 $ 0 $ 3,655 $ 0 $ 3,655 Swap Agreements 0 1,267 0 0 0 1,267 $ 0 $ 1,267 $ 0 $ 3,655 $ 0 $ 4,922 $ 0 $ 1,278 $ 0 $ 3,655 $ 2,644 $ 7,577 Financial Derivative Instruments - Liabilities Exchange-traded or centrally cleared Swap Agreements $ 0 $ 42 $ 0 $ 0 $ 1,819 $ 1,861 Over the counter Forward Foreign Currency Contracts $ 0 $ 0 $ 0 $ 1,829 $ 0 $ 1,829 Swap Agreements 0 6,429 0 0 22 6,451 $ 0 $ 6,429 $ 0 $ 1,829 $ 22 $ 8,280 $ 0 $ 6,471 $ 0 $ 1,829 $ 1,841 $ 10,141 38 PIMCO CLOSED-END FUNDS


  • Page 41

    January 31, 2021 (Unaudited) The effect of Financial Derivative Instruments on the Statements of Operations for the period ended January 31, 2021: Derivatives not accounted for as hedging instruments Foreign Commodity Credit Equity Exchange Interest Contracts Contracts Contracts Contracts Rate Contracts Total Net Realized Gain (Loss) on Financial Derivative Instruments Exchange-traded or centrally cleared Swap Agreements $ 0 $ 677 $ 0 $ 0 $ 7,565 $ 8,242 Over the counter Forward Foreign Currency Contracts $ 0 $ 0 $ 0 $ (15,823) $ 0 $ (15,823) Swap Agreements 0 3,600 0 0 (889) 2,711 $ 0 $ 3,600 $ 0 $ (15,823) $ (889) $ (13,112) $ 0 $ 4,277 $ 0 $ (15,823) $ 6,676 $ (4,870) Net Change in Unrealized Appreciation on Financial Derivative Instruments Exchange-traded or centrally cleared Swap Agreements $ 0 $ 3,199 $ 0 $ 0 $ 6,443 $ 9,642 Over the counter Forward Foreign Currency Contracts $ 0 $ 0 $ 0 $ 9,681 $ 0 $ 9,681 Swap Agreements 0 5,661 0 0 30 5,691 $ 0 $ 5,661 $ 0 $ 9,681 $ 30 $ 15,372 $ 0 $ 8,860 $ 0 $ 9,681 $ 6,473 $ 25,014 FAIR VALUE MEASUREMENTS The following is a summary of the fair valuations according to the inputs used as of January 31, 2021 in valuing the Fund’s assets and liabilities: Fair Fair Value at Value at Category and Subcategory Level 1 Level 2 Level 3 01/31/2021 Category and Subcategory Level 1 Level 2 Level 3 01/31/2021 Investments in Securities, at Value Preferred Securities Loan Participations Banking & Finance $ 0 $ 8,660 $ 0 $ 8,660 and Assignments $ 15,345 $ 316,874 $ 59,094 $ 391,313 Industrials 0 1,270 48,282 49,552 Corporate Bonds & Notes Real Estate Investment Trusts Banking & Finance 0 387,519 0 387,519 Real Estate 28,748 0 0 28,748 Industrials 0 848,444 105 848,549 Short-Term Instruments Utilities 0 138,090 0 138,090 Repurchase Agreements 0 87,188 0 87,188 Convertible Bonds & Notes Short-Term Notes 0 805 0 805 Industrials 0 5,455 0 5,455 Argentina Treasury Bills 0 1,136 0 1,136 Utilities 0 15 0 15 U.S. Treasury Bills 0 18,290 0 18,290 Municipal Bonds & Notes Illinois 0 19,753 0 19,753 Total Investments $ 47,425 $ 2,362,849 $ 183,231 $ 2,593,505 Iowa 0 432 0 432 Virginia 0 1,428 0 1,428 Financial Derivative Instruments - Assets West Virginia 0 8,460 0 8,460 Exchange-traded or U.S. Government Agencies 0 57,585 8,573 66,158 centrally cleared 0 2,655 0 2,655 Non-Agency Mortgage- Over the counter 0 4,922 0 4,922 Backed Securities 0 194,509 0 194,509 $ 0 $ 7,577 $ 0 $ 7,577 Asset-Backed Securities 0 201,437 19,938 221,375 Sovereign Issues 0 65,499 0 65,499 Common Stocks Financial Derivative Instruments - Liabilities Communication Services 3,268 0 11 3,279 Exchange-traded or Energy 5 0 0 5 centrally cleared 0 (1,861) 0 (1,861) Financials 0 0 2,773 2,773 Over the counter 0 (8,280) 0 (8,280) Industrials 59 0 14,579 14,638 $ 0 $ (10,141) $ 0 $ (10,141) Warrants Communication Services 0 0 6,049 6,049 Total Financial Financials 0 0 159 159 Derivative Instruments $ 0 $ (2,564) $ 0 $ (2,564) Industrials 0 0 2,020 2,020 Information Technology 0 0 21,648 21,648 Totals $ 47,425 $ 2,360,285 $ 183,231 $ 2,590,941 See Accompanying Notes | JANUARY 31, 2021 39


  • Page 42

    Schedule of Investments PIMCO Corporate & Income Opportunity Fund (Cont.) January 31, 2021 (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, 2021: Net Change in Unrealized Appreciation/ Net Change in (Depreciation) Beginning Net Accrued Unrealized Ending on Investments Balance Net Sales/ Discounts/ Realized Appreciation/ Transfers into Transfers out Balance Held at Category and Subcategory at 07/31/2020 Purchases Settlements (Premiums) Gain/(Loss) (Depreciation)(1) Level 3 of Level 3 at 01/31/2021 01/31/2021(1) Investments in Securities, at Value Loan Participations and Assignments $ 45,887 $ 48,064 $ (32,872) $ 171 $ (17,318) $ 13,822 $ 2,988 $ (1,648) $ 59,094 $ 494 Corporate Bonds & Notes Industrials 0 96 0 0 0 9 0 0 105 9 U.S. Government Agencies 8,599 0 (92) 17 31 18 0 0 8,573 12 Non-Agency Mortgage- Backed Securities 4,804 0 0 20 0 480 0 (5,304) 0 0 Asset-Backed Securities 43,762 0 (22,978) 0 (4,750) 3,904 0 0 19,938 (1,566) Common Stocks Communication Services 7 0 0 0 0 4 0 0 11 4 Financials 0 2,613 0 0 0 160 0 0 2,773 160 Industrials 338 4,910 0 0 0 9,331 0 0 14,579 9,331 Real Estate 5,369 0 (3,623) 0 0 (1,746) 0 0 0 0 Warrants Communication Services 0 0 0 0 0 0 6,049 0 6,049 0 Financials 0 0 0 0 0 159 0 0 159 159 Industrials 0 0 0 0 0 2,020 0 0 2,020 2,020 Information Technology 0 9,795 0 0 0 11,853 0 0 21,648 11,853 Preferred Securities Industrials 25,801 0 (8,181) 0 0 30,662 0 0 48,282 30,662 Totals $ 134,567 $ 65,478 $ (67,746) $ 208 $ (22,037) $ 70,676 $ 9,037 $ (6,952) $ 183,231 $ 53,138 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: Ending (% Unless Noted Otherwise) Balance Valuation Unobservable Weighted Category and Subcategory at 01/31/2021 Technique Inputs Input Value(s) Average Investments in Securities, at Value Loan Participations and Assignments $ 32,000 Market Based Approach Recovery Value 100.000 — 2,987 Other Valuation Techniques(2) — — — 18,855 Proxy Pricing Base Price 91.800-100.000 95.134 5,252 Third Party Vendor Broker Quote 82.500-89.500 89.292 Corporate Bonds & Notes Industrials 105 Other Valuation Techniques(2) — — — U.S. Government Agencies 8,573 Proxy Pricing Base Price 61.040 — Asset-Backed Securities 19,938 Proxy Pricing Base Price 2,123.960-105,445.665 64,332.801 Common Stocks Communication Services 11 Other Valuation Techniques(2) — — — Financials 2,773 Other Valuation Techniques(2) — — — Industrials 14,130 Discounted Cash Flow Discount Rate 15.250 — 449 Other Valuation Techniques(2) — — — Warrants Communication Services 6,049 Reference Instrument Liquidity Discount $ 1.599 — Financials 159 Other Valuation Techniques(2) — — Industrials 2,020 Other Valuation Techniques(2) — — — Information Technology 21,648 Fundamental Valuation Company Equity Value $ 1,832,500.000 — Preferred Securities Industrials 48,282 Fundamental Valuation Company Equity Value $ 1,138,933,000.000 — Total $ 183,231 (1) Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at January 31, 2021 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. 40 PIMCO CLOSED-END FUNDS


  • Page 43

    Schedule of Investments PIMCO Corporate & Income Strategy Fund January 31, 2021 (Unaudited) (Amounts in thousands*, except number of shares, contracts, units and ounces, if any) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) INVESTMENTS IN SECURITIES 147.6% McDermott Technology Americas, Inc. Banco de Credito del Peru 3.121% (LIBOR03M + 3.000%) 4.650% due 09/17/2024 PEN 700 $ 207 LOAN PARTICIPATIONS AND ASSIGNMENTS 15.6% due 06/30/2024 «~ $ 75 $ 62 Bank of Nova Scotia Advanz Pharma Corp. MH Sub LLC 4.900% due 06/04/2025 •(k)(l) $ 1,849 1,990 6.500% (LIBOR03M + 5.500%) 3.621% (LIBOR03M + 3.500%) Barclays PLC due 09/06/2024 ~ $ 4,423 $ 4,410 due 09/13/2024 ~ 116 116 5.875% due 09/15/2024 •(k)(l) GBP 1,400 1,974 Al Convoy (Luxembourg) SARL Nascar Holdings, Inc. 6.125% due 12/15/2025 •(k)(l) $ 2,000 2,170 4.500% (LIBOR03M + 3.500%) 2.871% (LIBOR03M + 2.750%) 7.875% due 09/15/2022 •(k)(l) GBP 3,800 5,542 due 01/17/2027 ~ 67 68 due 10/19/2026 ~ 63 63 BGC Partners, Inc. Alphabet Holding Co., Inc. Neiman Marcus Group Ltd. LLC 4.375% due 12/15/2025 (o) $ 1,800 1,925 3.621% (LIBOR03M + 3.500%) 13.000% (LIBOR03M + 12.000%) Brookfield Finance, Inc. due 09/26/2024 ~ 97 97 due 09/25/2025 ~ 5,903 6,348 4.700% due 09/20/2047 (o) 138 171 Banijay Entertainment S.A.S Pacific Drilling Co. LLC Cantor Fitzgerald LP 3.881% (LIBOR03M + 3.750%) 1.000% due 12/31/2025 «µ 71 71 4.875% due 05/01/2024 29 32 due 03/01/2025 ~ 14 14 Parexel International Corp. CBL & Associates LP Boels Topholding BV 2.807% (LIBOR03M + 2.750%) 5.250% due 12/01/2023 ^(e) 112 42 4.000% (EUR003M + 4.000%) due 09/27/2024 ~ 86 86 5.950% due 12/15/2026 ^(e)(o) 986 368 due 02/06/2027 ~ EUR 1,000 1,216 PetSmart, Inc. Credit Agricole S.A. Caesars Resort Collection LLC TBD% due 01/27/2028 2,400 2,376 7.875% due 01/23/2024 •(k)(l) 200 226 2.871% (LIBOR03M + 2.750%) 4.500% (LIBOR03M + 3.500%) due 12/23/2024 ~ $ 8,251 8,167 Credit Suisse Group AG due 03/11/2022 ~ 4,760 4,763 4.621% (LIBOR03M + 4.500%) 7.500% due 07/17/2023 •(k)(l) 200 218 Playtika Holding Corp. due 07/21/2025 ~ 1,696 1,698 Equitable Holdings, Inc. 7.000% (LIBOR03M + 6.000%) CenturyLink, Inc. 5.000% due 04/20/2048 9 12 due 12/10/2024 ~ 3,291 3,314 2.371% (LIBOR03M + 2.250%) Fairfax Financial Holdings Ltd. PUG LLC due 03/15/2027 ~ 269 268 4.625% due 04/29/2030 (o) 4,089 4,565 3.621% (LIBOR03M + 3.500%) Cornerstone Building Brands, Inc. due 02/12/2027 ~ 4,696 4,520 Ford Motor Credit Co. LLC 3.876% (LIBOR03M + 3.750%) 0.172% due 12/01/2024 • EUR 100 114 Sasol Ltd. due 04/12/2025 ~ 39 39 1.744% due 07/19/2024 300 362 TBD% due 11/23/2022 « 4,589 4,213 Diamond Resorts Corp. 2.748% due 06/14/2024 GBP 100 137 Sotera Health Holdings LLC 3.021% due 03/06/2024 EUR 100 126 4.750% (LIBOR03M + 3.750%) 3.250% (LIBOR03M + 2.750%) due 09/02/2023 ~ 551 532 3.087% due 01/09/2023 (o) $ 2,500 2,532 due 12/11/2026 ~ 137 137 3.250% due 09/15/2025 EUR 100 127 DTEK Investments Ltd. Starfruit Finco BV 3.375% due 11/13/2025 (o) $ 800 814 5.121% (LIBOR03M + 5.000%) 3.129% (LIBOR03M + 3.000%) 4.535% due 03/06/2025 GBP 100 146 due 06/30/2023 «~ 2,439 1,413 due 10/01/2025 ~ 181 181 5.125% due 06/16/2025 (o) $ 2,300 2,501 Emerald TopCo, Inc. Summer (BC) Holdco B SARL Fortress Transportation & Infrastructure Investors LLC 3.621% - 3.712% (LIBOR03M + 4.981% (LIBOR03M + 4.750%) 6.500% due 10/01/2025 (o) 361 374 3.500%) due 07/24/2026 ~ 106 106 due 12/04/2026 ~ 2,950 2,932 6.750% due 03/15/2022 244 245 Envision Healthcare Corp. Syniverse Holdings, Inc. GSPA Monetization Trust 3.871% (LIBOR03M + 3.750%) 6.000% (LIBOR03M + 5.000%) 6.422% due 10/09/2029 (o) 3,114 3,447 due 10/10/2025 ~ 16,046 13,807 due 03/09/2023 ~ 6,033 5,528 Howard Hughes Corp. EyeCare Partners LLC U.S. Renal Care, Inc. 4.125% due 02/01/2029 (c) 300 299 3.871% (LIBOR03M + 3.750%) 5.125% (LIBOR03M + 5.000%) 4.375% due 02/01/2031 (c) 100 100 due 02/18/2027 ~ 52 51 due 06/26/2026 ~ 416 417 HSBC Holdings PLC Fly Funding SARL Ukraine 4.750% due 07/04/2029 •(k)(l) EUR 1,900 2,581 7.000% (LIBOR03M + 6.000%) 5.490% (LIBOR03M + 5.250%) 5.875% due 09/28/2026 •(k)(l)(o) GBP 200 301 due 10/08/2025 ~ 4,444 4,449 due 06/29/2021 «~ 2,821 2,817 6.000% due 09/29/2023 •(k)(l)(o) EUR 2,100 2,779 Forbes Energy Services LLC Univision Communications, Inc. Hunt Cos., Inc. TBD% due 04/13/2021 189 183 3.750% (LIBOR03M + 2.750%) 6.250% due 02/15/2026 $ 24 25 Frontier Communications Corp. due 03/15/2024 ~ 3,465 3,460 ING Groep NV 5.750% (LIBOR03M + 4.750%) Valaris PLC 5.750% due 11/16/2026 •(k)(l) 300 325 due 10/08/2021 ~ 2,400 2,410 TBD% due 08/17/2021 «µ 18 18 Kennedy Wilson Europe Real Estate Ltd. Ingersoll Rand Co. Ltd. Westmoreland Mining Holdings LLC 3.250% due 11/12/2025 EUR 200 251 1.871% (LIBOR03M + 1.750%) 9.250% (LIBOR03M + 8.250%) 3.950% due 06/30/2022 GBP 3,753 5,216 due 03/01/2027 ~ 47 47 due 03/15/2022 ~ 625 581 Kennedy-Wilson, Inc. Innophos, Inc. Westmoreland Mining Holdings LLC (15.000% PIK) 5.875% due 04/01/2024 $ 66 67 3.621% (LIBOR03M + 3.500%) 15.000% due 03/15/2029 (d) 3,831 1,915 due 02/07/2027 ~ 20 20 Ladder Capital Finance Holdings LLLP Windstream Services LLC 4.250% due 02/01/2027 30 29 Intelsat Jackson Holdings S.A. 7.250% (LIBOR03M + 6.250%) 3.600% - 6.500% (LIBOR03M + Lloyds Banking Group PLC due 09/21/2027 ~ 2,474 2,441 6.750% due 06/27/2026 •(k)(l) 3,500 3,901 5.500%) due 07/13/2022 ~ 1,810 1,850 Total Loan Participations and Assignments 7.500% due 06/27/2024 •(k)(l) 2,800 3,120 IRB Holding Corp. (Cost $93,857) 90,196 MGM Growth Properties Operating Partnership LP 3.750% (LIBOR03M + 2.750%) due 02/05/2025 ~ 918 919 3.875% due 02/15/2029 (o) 5,100 5,196 Ivanti Software, Inc. CORPORATE BONDS & NOTES 71.3% National Retail Properties, Inc. 5.750% (LIBOR03M + 4.750%) 2.500% due 04/15/2030 (o) 100 103 BANKING & FINANCE 20.2% due 12/01/2027 ~ 1,800 1,821 Natwest Group PLC Jefferies Finance LLC Ally Financial, Inc. 6.000% due 12/29/2025 •(k)(l) 2,000 2,207 3.125% (LIBOR03M + 3.000%) 8.000% due 11/01/2031 (o) 1,767 2,557 8.000% due 08/10/2025 •(k)(l)(o) 6,390 7,516 due 06/03/2026 ~ 21 21 Ambac LSNI LLC Navient Corp. Lealand Finance Company B.V. (1.121% Cash and 6.000% due 02/12/2023 •(o) 449 451 5.625% due 08/01/2033 (o) 686 657 3.000% PIK) Banca Monte dei Paschi di Siena SpA Newmark Group, Inc. 4.121% (LIBOR03M + 1.000%) 2.625% due 04/28/2025 EUR 700 882 6.125% due 11/15/2023 62 67 due 06/30/2025 ~(d) 343 231 3.625% due 09/24/2024 1,000 1,296 Park Aerospace Holdings Ltd. 5.500% due 02/15/2024 20 22 See Accompanying Notes | JANUARY 31, 2021 41


  • Page 44

    Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) PRA Group, Inc. Continental Airlines Pass-Through Trust JetBlue Pass-Through Trust 7.375% due 09/01/2025 (o) $ 1,700 $ 1,826 9.798% due 10/01/2022 $ 14 $ 14 4.000% due 05/15/2034 (o) $ 1,200 $ 1,315 Societe Generale S.A. Corning, Inc. Kinder Morgan, Inc. 6.750% due 04/06/2028 •(k)(l) 200 221 5.450% due 11/15/2079 70 93 7.800% due 08/01/2031 (o) 3,580 5,191 7.375% due 10/04/2023 •(k)(l)(o) 600 648 CSC Holdings LLC Kraft Heinz Foods Co. Stichting AK Rabobank Certificaten 3.375% due 02/15/2031 (o) 400 391 5.500% due 06/01/2050 200 247 6.500% due 12/29/2049 (k) EUR 7,133 11,388 CVS Pass-Through Trust Level 3 Financing, Inc. STORE Capital Corp. 7.507% due 01/10/2032 (o) 669 857 3.625% due 01/15/2029 (o) 5,200 5,184 4.625% due 03/15/2029 (o) $ 100 115 DAE Funding LLC Marriott International, Inc. Tesco Property Finance PLC 5.250% due 11/15/2021 268 275 4.625% due 06/15/2030 34 39 7.623% due 07/13/2039 GBP 227 477 5.750% due 11/15/2023 268 276 Melco Resorts Finance Ltd. TP ICAP PLC Delta Air Lines, Inc. 5.750% due 07/21/2028 (o) 1,700 1,809 5.250% due 01/26/2024 (o) 2,939 4,422 7.375% due 01/15/2026 (o) 920 1,058 MGM Resorts International UniCredit SpA Energy Transfer Operating LP 4.750% due 10/15/2028 (o) 2,200 2,296 7.830% due 12/04/2023 (o) $ 4,050 4,781 3.750% due 05/15/2030 (o) 75 79 NCL Corp. Ltd. Unique Pub Finance Co. PLC 5.000% due 05/15/2050 69 72 3.625% due 12/15/2024 70 62 5.659% due 06/30/2027 GBP 2,606 3,747 Exela Intermediate LLC 10.250% due 02/01/2026 (o) 1,703 1,980 Uniti Group LP 10.000% due 07/15/2023 117 38 12.250% due 05/15/2024 (o) 2,900 3,380 7.875% due 02/15/2025 (o) $ 14,430 15,512 Ferroglobe PLC Netflix, Inc. Voyager Aviation Holdings LLC 9.375% due 03/01/2022 (o) 1,550 1,294 3.625% due 06/15/2030 EUR 1,100 1,623 9.000% due 08/15/2021 5,971 3,597 First Quantum Minerals Ltd. 3.875% due 11/15/2029 1,504 2,237 6.500% due 03/01/2024 (o) 1,414 1,446 4.625% due 05/15/2029 5,000 7,733 117,049 4.875% due 06/15/2030 $ 100 122 6.875% due 03/01/2026 (o) 958 999 5.375% due 11/15/2029 60 75 Ford Motor Co. INDUSTRIALS 41.8% 7.700% due 05/15/2097 (o) 7,315 8,549 New Albertson’s LP 6.570% due 02/23/2028 (o) 5,600 5,620 Alaska Airlines Class A Pass-Through Trust Fresh Market, Inc. 9.750% due 05/01/2023 (o) 5,650 5,830 Nissan Motor Co. Ltd. 4.800% due 02/15/2029 (o) 1,300 1,457 4.345% due 09/17/2027 (o) 400 442 Altice Financing S.A. Fresnillo PLC 4.810% due 09/17/2030 (o) 1,400 1,562 7.500% due 05/15/2026 (o) 1,400 1,470 4.250% due 10/02/2050 (o) 1,500 1,600 Noble Corp. AMC Networks, Inc. Frontier Finance PLC 15.000% due 02/16/2028 «(c) 47 47 4.250% due 02/15/2029 (c) 3,000 2,990 8.000% due 03/23/2022 GBP 3,450 4,869 Noble Holding International Ltd. Arches Buyer, Inc. Full House Resorts, Inc. 7.875% due 02/01/2026 ^(e) 239 138 6.125% due 12/01/2028 (o) 600 616 8.575% due 02/02/2024 $ 288 278 Northriver Midstream Finance LP Associated Materials LLC 9.738% due 02/02/2024 25 24 5.625% due 02/15/2026 (o) 1,900 1,949 9.000% due 09/01/2025 299 319 General Electric Co. Odebrecht Oil & Gas Finance Ltd. B.C. Unlimited Liability Co. 4.350% due 05/01/2050 (o) 3,100 3,587 0.000% due 03/01/2021 (h)(k) 753 6 3.500% due 02/15/2029 (o) 1,700 1,700 5.875% due 01/14/2038 22 29 6.150% due 08/07/2037 17 23 Ortho-Clinical Diagnostics, Inc. Ball Corp. 7.375% due 06/01/2025 38 41 6.875% due 01/10/2039 (o) 10 14 2.875% due 08/15/2030 (o) 1,050 1,046 Harvest Midstream LP Pacific Drilling SA Bioceanico Sovereign Certificate Ltd. 8.375% due 10/01/2023 ^(e)(o) 410 108 7.500% due 09/01/2028 (o) 1,200 1,263 0.000% due 06/05/2034 (h) 148 114 Petroleos Mexicanos HCA, Inc. Boeing Co. 2.750% due 04/21/2027 EUR 6,522 7,263 7.500% due 11/15/2095 (o) 1,200 1,577 5.040% due 05/01/2027 (o) 326 380 5.950% due 01/28/2031 (o) $ 1,931 1,832 5.150% due 05/01/2030 (o) 754 896 Hilton Domestic Operating Co., Inc. 6.490% due 01/23/2027 70 72 5.705% due 05/01/2040 (o) 736 935 3.625% due 02/15/2032 (c) 1,300 1,288 6.500% due 03/13/2027 190 197 5.805% due 05/01/2050 (o) 958 1,265 3.750% due 05/01/2029 (o) 1,800 1,832 6.750% due 09/21/2047 50 44 5.930% due 05/01/2060 (o) 884 1,190 4.000% due 05/01/2031 (o) 1,800 1,853 6.840% due 01/23/2030 (o) 2,220 2,234 Bombardier, Inc. HollyFrontier Corp. 6.950% due 01/28/2060 300 263 6.000% due 10/15/2022 28 28 4.500% due 10/01/2030 (o) 6,400 6,732 7.690% due 01/23/2050 110 104 6.125% due 01/15/2023 (o) 745 749 5.875% due 04/01/2026 (o) 1,400 1,590 Platin 1426 GmbH 7.500% due 03/15/2025 (o) 4,257 3,991 Hologic, Inc. 6.875% due 06/15/2023 EUR 750 919 7.875% due 04/15/2027 (o) 6,633 6,134 3.250% due 02/15/2029 (o) 1,800 1,833 Prime Healthcare Services, Inc. Broadcom, Inc. iHeartCommunications, Inc. 7.250% due 11/01/2025 (o) $ 3,200 3,436 4.150% due 11/15/2030 (o) 502 570 6.375% due 05/01/2026 (o) 1,143 1,220 Prime Security Services Borrower LLC 4.300% due 11/15/2032 (o) 779 902 IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK) 3.375% due 08/31/2027 (o) 2,431 2,403 5.000% due 04/15/2030 40 48 6.000% due 05/15/2027 (d)(o) 444 473 QualityTech LP CCO Holdings LLC IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) 3.875% due 10/01/2028 (o) 1,700 1,736 4.250% due 02/01/2031 (o) 6,538 6,708 6.375% due 05/15/2029 (d) 327 361 4.500% due 08/15/2030 148 156 QVC, Inc. INEOS Quattro Finance 2 PLC 5.950% due 03/15/2043 (o) 2,408 2,506 4.750% due 03/01/2030 160 170 2.500% due 01/15/2026 EUR 757 920 Rolls-Royce PLC Charter Communications Operating LLC 3.375% due 01/15/2026 $ 200 201 5.750% due 10/15/2027 GBP 100 149 3.700% due 04/01/2051 100 99 Innophos Holdings, Inc. Russian Railways via RZD Capital PLC 3.850% due 04/01/2061 400 384 9.375% due 02/15/2028 108 119 7.487% due 03/25/2031 1,000 1,877 Clear Channel Worldwide Holdings, Inc. Intelsat Connect Finance S.A. Sands China Ltd. 9.250% due 02/15/2024 139 145 9.500% due 02/15/2023 ^(e) 86 22 5.125% due 08/08/2025 (o) $ 200 224 Community Health Systems, Inc. Intelsat Jackson Holdings S.A. 5.400% due 08/08/2028 (o) 5,128 5,915 4.750% due 02/15/2031 (c) 800 801 5.500% due 08/01/2023 ^(e) 3,914 2,730 Spanish Broadcasting System, Inc. 5.625% due 03/15/2027 (o) 5,990 6,297 8.000% due 02/15/2024 44 45 12.500% due 04/15/2049 ^ 1,909 1,935 6.000% due 01/15/2029 (o) 1,260 1,340 8.500% due 10/15/2024 ^(e) 10,423 7,556 6.625% due 02/15/2025 (o) 620 654 Standard Industries, Inc. 9.750% due 07/15/2025 ^(e)(o) 3,007 2,185 8.000% due 03/15/2026 (o) 753 810 3.375% due 01/15/2031 600 593 8.625% due 01/15/2024 (o) 1,160 1,212 Intelsat Luxembourg S.A. 4.375% due 07/15/2030 (o) 2,200 2,338 7.750% due 06/01/2021 ^(e) 4,727 396 Connect Finco SARL Teva Pharmaceutical Finance BV 8.125% due 06/01/2023 ^(e)(o) 1,121 87 6.750% due 10/01/2026 58 62 3.650% due 11/10/2021 (o) 1,864 1,897 42 PIMCO CLOSED-END FUNDS


  • Page 45

    January 31, 2021 (Unaudited) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) Teva Pharmaceutical Finance Co. BV UTILITIES 9.3% CONVERTIBLE BONDS & NOTES 0.5% 2.950% due 12/18/2022 (o) $ 1,332 $ 1,338 INDUSTRIALS 0.5% AT&T, Inc. Teva Pharmaceutical Finance Netherlands BV 3.100% due 02/01/2043 (o) $ 1,178 $ 1,149 6.000% due 01/31/2025 EUR 100 133 3.300% due 02/01/2052 (o) 1,178 1,111 DISH Network Corp. Times Square Hotel Trust 3.500% due 06/01/2041 (o) 964 996 3.375% due 08/15/2026 $ 3,400 $ 3,144 8.528% due 08/01/2026 $ 1,179 1,293 3.500% due 02/01/2061 (o) 1,192 1,135 Topaz Solar Farms LLC 3.650% due 06/01/2051 (o) 2,030 2,040 UTILITIES 0.0% 4.875% due 09/30/2039 (o) 2,249 2,434 3.850% due 06/01/2060 (o) 1,450 1,469 Ensco Jersey Finance Ltd. 5.750% due 09/30/2039 (o) 9,171 10,605 DTEK Finance PLC 3.000% due 01/31/2024 ^(e) 10 1 TransDigm, Inc. 10.750% due 12/31/2024 ^(e) 1,192 813 5.500% due 11/15/2027 34 35 Edison International Total Convertible Bonds & Notes (Cost $3,407) 3,145 Transocean Pontus Ltd. 5.750% due 06/15/2027 51 61 6.125% due 08/01/2025 114 106 Frontier Communications Corp. MUNICIPAL BONDS & NOTES 4.1% Transocean, Inc. 5.000% due 05/01/2028 (o) 1,100 1,143 ILLINOIS 3.1% 7.250% due 11/01/2025 74 42 Lumen Technologies, Inc. 7.500% due 01/15/2026 26 13 4.000% due 02/15/2027 54 56 Chicago, Illinois General Obligation Bonds, (BABs), 8.000% due 02/01/2027 117 61 Mountain States Telephone & Telegraph Co. Series 2010 Triumph Group, Inc. 7.375% due 05/01/2030 (o) 3,600 4,372 7.517% due 01/01/2040 12,700 17,581 5.250% due 06/01/2022 24 23 Odebrecht Drilling Norbe Ltd. Chicago, Illinois General Obligation Bonds, Series 2017 6.250% due 09/15/2024 67 66 6.350% due 12/01/2021 ^ 71 70 7.045% due 01/01/2029 95 111 U.S. Renal Care, Inc. Odebrecht Drilling Norbe Ltd. (6.350% Cash and Illinois State General Obligation Bonds, (BABs), 10.625% due 07/15/2027 59 65 1.000% PIK) Series 2010 Uber Technologies, Inc. 7.350% due 12/01/2026 ^(d) 189 58 6.725% due 04/01/2035 35 43 6.250% due 01/15/2028 (o) 1,300 1,399 7.350% due 07/01/2035 20 25 Odebrecht Offshore Drilling Finance Ltd. 6.720% due 12/01/2022 ^ 727 700 Illinois State General Obligation Bonds, Series 2003 Unigel Luxembourg S.A. 5.100% due 06/01/2033 95 106 8.750% due 10/01/2026 400 425 Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash United Airlines Pass-Through Trust and 1.000% PIK) 17,866 4.875% due 07/15/2027 (c) 1,600 1,648 7.720% due 12/01/2026 ^(d) 5,021 773 5.875% due 04/15/2029 (o) 3,025 3,387 Pacific Gas & Electric Co. VIRGINIA 0.2% United Group BV 2.950% due 03/01/2026 (o) 392 415 4.875% due 07/01/2024 EUR 100 124 3.250% due 06/15/2023 (o) 273 285 Tobacco Settlement Financing Corp., Virginia Revenue 3.300% due 03/15/2027 (o) 716 768 Bonds, Series 2007 Univision Communications, Inc. 6.706% due 06/01/2046 750 796 5.125% due 02/15/2025 $ 433 436 3.400% due 08/15/2024 (o) 378 406 3.450% due 07/01/2025 (o) 1,376 1,489 Valaris PLC 3.500% due 06/15/2025 (o) 735 794 WEST VIRGINIA 0.8% 5.750% due 10/01/2044 ^(e) 130 9 3.750% due 02/15/2024 (o) 691 743 7.750% due 02/01/2026 ^(e) 18 1 Tobacco Settlement Finance Authority, West Virginia 3.750% due 07/01/2028 (o) 1,376 1,512 Vale Overseas Ltd. 3.750% due 08/15/2042 22 22 Revenue Bonds, Series 2007 6.875% due 11/21/2036 59 85 4.000% due 12/01/2046 7 7 0.000% due 06/01/2047 (h) 44,400 4,773 6.875% due 11/10/2039 43 62 4.300% due 03/15/2045 27 28 Total Municipal Bonds & Notes (Cost $17,130) 23,435 Veritas US, Inc. 4.500% due 07/01/2040 (o) 2,303 2,523 7.500% due 09/01/2025 (o) 930 957 4.500% due 12/15/2041 (o) 275 284 4.550% due 07/01/2030 (o) 4,291 4,903 U.S. GOVERNMENT AGENCIES 4.2% Viking Cruises Ltd. 13.000% due 05/15/2025 (o) 1,597 1,862 4.600% due 06/15/2043 (o) 118 129 Fannie Mae 4.650% due 08/01/2028 (o) 930 1,066 3.000% due 02/25/2043 - VOC Escrow Ltd. 4.750% due 02/15/2044 (o) 632 699 06/25/2050 (a)(o) 31,192 2,823 5.000% due 02/15/2028 (o) 4,000 3,891 4.950% due 07/01/2050 (o) 3,358 3,823 5.880% due 07/25/2029 • 1,150 1,260 Western Midstream Operating LP Petrobras Global Finance BV Freddie Mac 2.325% (US0003M + 1.850%) 5.093% due 01/15/2030 (o) 2,300 2,529 0.000% due 02/25/2046 (b)(h) 2,622 2,257 due 01/13/2023 ~ 42 41 6.250% due 12/14/2026 GBP 3,966 6,497 0.100% due 02/25/2046 (a) 9,601 1 6.250% due 02/01/2050 28 32 6.625% due 01/16/2034 100 171 3.500% due 05/25/2050 (a) 3,006 456 Windstream Escrow LLC 6.171% due 11/25/2055 «~ 7,918 4,833 Rio Oil Finance Trust 7.750% due 08/15/2028 (o) 7,444 7,551 7.680% due 12/25/2027 • 3,264 3,606 8.200% due 04/06/2028 $ 243 277 WMG Acquisition Corp. 9.250% due 07/06/2024 (o) 2,114 2,367 10.880% due 03/25/2025 • 715 772 3.000% due 02/15/2031 (o) 4,961 4,837 9.750% due 01/06/2027 (o) 151 177 Uniform Mortgage-Backed Security, TBA Wyndham Destinations, Inc. 9.750% due 01/06/2027 182 212 2.000% due 04/01/2051 8,100 8,335 3.900% due 03/01/2023 72 73 Southern California Edison Co. Total U.S. Government Agencies 4.625% due 03/01/2030 42 43 3.650% due 02/01/2050 27 29 (Cost $29,814) 24,343 5.650% due 04/01/2024 10 11 5.750% due 04/01/2035 10 14 6.000% due 04/01/2027 (o) 714 791 6.000% due 01/15/2034 2 3 Wynn Macau Ltd. 6.650% due 04/01/2029 39 49 NON-AGENCY MORTGAGE-BACKED SECURITIES 13.8% 5.125% due 12/15/2029 200 202 Sprint Corp. Banc of America Funding Trust 5.625% due 08/26/2028 (o) 2,200 2,267 7.125% due 06/15/2024 (o) 4,726 5,517 6.000% due 07/25/2037 ^ 212 207 YPF S.A. Talen Energy Supply LLC Banc of America Mortgage Trust 38.275% (BADLARPP + 6.000%) 6.625% due 01/15/2028 30 31 6.000% due 03/25/2037 ^ 222 222 due 03/04/2021 ~ ARS 7,090 46 Transocean Poseidon Ltd. BCAP LLC Trust Yum! Brands, Inc. 6.875% due 02/01/2027 110 99 3.197% due 03/27/2036 ~ 2,030 1,709 3.625% due 03/15/2031 (o) $ 2,300 2,257 3.233% due 08/28/2037 ~ 3,951 3,922 53,814 Zayo Group Holdings, Inc. 4.862% due 03/26/2037 þ 716 891 4.000% due 03/01/2027 430 432 Total Corporate Bonds & Notes Bear Stearns ALT-A Trust 6.125% due 03/01/2028 68 71 (Cost $394,470) 412,776 0.630% due 01/25/2036 ^• 745 932 241,913 3.068% due 11/25/2035 ^~ 3,500 3,359 3.113% due 11/25/2036 ^~ 3,187 2,129 3.236% due 09/25/2047 ^~ 4,678 3,232 3.244% due 09/25/2035 ^~ 364 270 3.539% due 08/25/2036 ^~ 698 460 See Accompanying Notes | JANUARY 31, 2021 43


  • Page 46

    Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.) PRINCIPAL MARKET PRINCIPAL MARKET PRINCIPAL MARKET AMOUNT VALUE AMOUNT VALUE AMOUNT VALUE (000S) (000S) (000S) (000S) (000S) (000S) Bear Stearns Commercial Mortgage Securities Trust Residential Asset Securitization Trust Merrill Lynch Mortgage Investors Trust 6.134% due 04/12/2038 ~ $ 210 $ 210 6.000% due 11/25/2036 ^ $ 2,542 $ 1,424 0.468% due 04/25/2037 • $ 454 $ 311 Bear Stearns Mortgage Funding Trust 6.250% due 09/25/2037 ^ 2,500 1,326 Morgan Stanley ABS Capital, Inc. Trust 7.500% due 08/25/2036 þ 509 501 6.250% due 06/25/2046 ~ 1,083 1,077 0.430% due 06/25/2036 • 334 299 CD Mortgage Trust Residential Funding Mortgage Securities, Inc. Trust Morgan Stanley Mortgage Loan Trust 5.688% due 10/15/2048 5,400 2,996 3.898% due 02/25/2037 ~ 1,123 911 6.250% due 02/25/2037 ^~ 554 367 6.500% due 03/25/2032 95 100 Chase Mortgage Finance Trust Park Place Securities, Inc. Asset-Backed Pass- 3.061% due 12/25/2035 ^~ 6 6 Sequoia Mortgage Trust Through Certificates 6.000% due 07/25/2037 ^ 637 456 2.855% due 02/20/2047 ~ 206 187 0.910% due 08/25/2035 • 5,000 4,722 Citigroup Mortgage Loan Trust 3.209% due 07/20/2037 ^~ 448 416 1.900% due 10/25/2034 • 573 583 2.529% due 04/25/2037 ^~ 177 157 Structured Adjustable Rate Mortgage Loan Trust Residential Asset Mortgage Products Trust Commercial Mortgage Loan Trust 2.867% due 11/25/2036 ^~ 1,531 1,487 1.330% due 01/25/2035 ^• 2,678 2,483 6.045% due 12/10/2049 ~ 1,763 755 3.006% due 01/25/2036 ^~ 1,607 1,125 3.269% due 07/25/2035 ^~ 443 411 SLM Student Loan EDC Repackaging Trust Countrywide Alternative Loan Resecuritization Trust 0.000% due 10/28/2029 «(h) 3 3,572 6.000% due 08/25/2037 ^~ 876 690 SunTrust Adjustable Rate Mortgage Loan Trust 2.558% due 02/25/2037 ^~ 170 160 SLM Student Loan Trust Countrywide Alternative Loan Trust 3.325% due 04/25/2037 ^~ 224 175 0.000% due 01/25/2042 «(h) 4 1,997 5.500% due 03/25/2035 232 148 SMB Private Education Loan Trust 5.750% due 01/25/2035 202 203 WaMu Mortgage Pass-Through Certificates Trust 3.094% due 07/25/2037 ^~ 309 304 0.000% due 09/18/2046 «(h) 1 582 5.750% due 02/25/2035 268 257 0.000% due 10/15/2048 «(h) 1 446 5.750% due 03/25/2037 ^ 507 398 3.236% due 10/25/2036 ^~ 1,409 1,351 3.316% due 07/25/2037 ^~ 683 679 SoFi Professional Loan Program LLC 6.000% due 02/25/2035 836 820 3.470% due 02/25/2037 ^~ 392 385 0.000% due 05/25/2040 (h) 4,300 853 6.000% due 04/25/2036 814 520 Washington Mutual Mortgage Pass-Through 0.000% due 07/25/2040 «(h) 21 442 6.000% due 02/25/2037 ^ 4,672 2,782 Certificates Trust 0.000% due 09/25/2040 (h) 1,718 471 6.000% due 04/25/2037 ^ 865 554 6.000% due 07/25/2037 ^ 13 13 1.339% due 05/25/2047 ^• 55 5 South Coast Funding Ltd. 6.250% due 12/25/2036 ^• 1,318 869 6.000% due 10/25/2035 ^ 1,247 999 0.843% due 08/10/2038 • 9,859 1,428 6.500% due 08/25/2036 ^ 417 229 Total Non-Agency Mortgage-Backed Symphony CLO Ltd. Countrywide Home Loan Mortgage Pass-Through Trust Securities (Cost $81,251) 79,706 4.834% due 07/14/2026 • 2,000 1,838 3.062% due 09/20/2036 ^~ 197 188 Taberna Preferred Funding Ltd. 6.000% due 07/25/2037 1,296 842 0.605% due 08/05/2036 • 303 262 ASSET-BACKED SECURITIES 15.0% Credit Suisse Mortgage Capital Certificates 0.605% due 08/05/2036 ^• 5,604 4,848 3.089% due 10/26/2036 ~ 6,931 5,428 ACE Securities Corp. Home Equity Loan Trust 0.708% due 07/05/2035 • 2,933 2,595 GS Mortgage Securities Corp. Trust 0.715% due 02/25/2036 • 23,491 20,619 Total Asset-Backed Securities (Cost $90,853) 86,618 4.591% due 10/10/2032 ~ 4,600 4,423 Adagio CLO DAC GS Mortgage Securities Trust 0.000% due 04/30/2031 ~ EUR 1,800 1,321 SOVEREIGN ISSUES 4.4% 5.622% due 11/10/2039 640 224 Apidos CLO GSR Mortgage Loan Trust 0.000% due 01/20/2031 ~ $ 4,500 2,660 Argentina Government International Bond 3.493% due 08/25/2034 ~ 293 282 Argent Securities Trust 0.125% due 07/09/2030 þ 3,392 1,249 5.500% due 05/25/2036 ^ 133 275 0.510% due 03/25/2036 • 3,404 2,308 0.125% due 07/09/2035 þ 3,289 1,064 6.000% due 02/25/2036 ^ 1,698 1,079 0.125% due 01/09/2038 þ 10,995 4,324 Avoca CLO DAC HarborView Mortgage Loan Trust 0.125% due 07/09/2041 þ 4,706 1,713 0.000% due 10/15/2030 ~ EUR 1,600 1,077 0.610% due 01/19/2036 ^• 1,265 1,183 0.125% due 07/09/2046 þ 115 40 Bear Stearns Asset-Backed Securities Trust 1.000% due 08/05/2021 (j) ARS 23,116 156 3.812% due 06/19/2036 ^~ 4,748 3,235 0.270% due 10/25/2036 ^• $ 2,981 3,715 1.000% due 07/09/2029 $ 669 278 IndyMac Mortgage Loan Trust 6.500% due 10/25/2036 ^ 339 238 2.500% due 07/22/2021 (j) ARS 19,772 134 6.500% due 07/25/2037 ^ 3,316 1,737 Belle Haven ABS CDO Ltd. 15.500% due 10/17/2026 53,560 125 Jackson Park Trust 0.526% due 07/05/2046 • 175,347 470 34.109% (BADLARPP) 3.242% due 10/14/2039 ~ 1,772 1,714 BlueMountain CLO Ltd. due 10/04/2022 ~ 58 0 Jefferies Resecuritization Trust 5.675% due 04/13/2027 • 1,000 995 36.080% (BADLARPP + 2.000%) 6.000% due 05/26/2036 8,421 5,753 due 04/03/2022 ~ 61,384 390 Carlyle Global Market Strategies CLO Ltd. JPMorgan Alternative Loan Trust 0.000% due 07/20/2029 ~ 1,895 787 Autonomous City of Buenos Aires Argentina 3.215% due 03/25/2037 ^~ 973 983 37.331% (BADLARPP + 3.250%) CIFC Funding Ltd. 6.000% due 12/25/2035 ^ 1,203 1,109 due 03/29/2024 ~ 308,372 1,800 0.000% due 04/24/2030 ~ 2,300 1,026 JPMorgan Chase Commercial Mortgage Securities Trust 37.739% (BADLARPP + 3.750%) 0.000% due 10/22/2031 ~ 1,500 649 5.623% due 05/12/2045 105 97 due 02/22/2028 ~ 22,091 116 Citigroup Mortgage Loan Trust 39.028% (BADLARPP + 5.000%) JPMorgan Mortgage Trust 0.290% due 12/25/2036 • 1,666 1,162 due 01/23/2022 ~ 76,750 501 2.575% due 02/25/2036 ^~ 1,350 1,126 Countrywide Asset-Backed Certificates Ghana Government International Bond 3.023% due 01/25/2037 ^~ 357 328 0.270% due 06/25/2047 ^• 1,218 1,146 6.375% due 02/11/2027 $ 600 623 3.461% due 04/25/2037 ~ 5 4 First Franklin Mortgage Loan Trust 7.875% due 02/11/2035 600 608 LB-UBS Commercial Mortgage Trust 1.075% due 09/25/2035 • 3,441 2,835 8.750% due 03/11/2061 200 201 5.407% due 11/15/2038 ^ 634 326 1.105% due 05/25/2036 • 6,410 5,575 Oman Government International Bond 5.562% due 02/15/2040 ^~ 285 149 Flagship Credit Auto Trust 4.875% due 02/01/2025 1,400 1,467 Lehman Mortgage Trust 0.000% due 05/15/2025 «(h) 8 820 6.250% due 01/25/2031 1,400 1,486 6.000% due 07/25/2037 ^ 71 70 Grosvenor Place CLO BV 7.000% due 01/25/2051 1,400 1,419 Lehman XS Trust 0.000% due 04/30/2029 ~ EUR 500 253 Provincia de Buenos Aires 0.350% due 06/25/2047 • 1,369 1,304 Home Equity Mortgage Loan Asset-Backed Trust 34.187% due 05/31/2022 ARS 18,584 113 MASTR Alternative Loan Trust 37.804% due 04/12/2025 136,752 726 0.290% due 07/25/2037 • $ 9,052 6,241 6.750% due 07/25/2036 1,547 889 JPMorgan Mortgage Acquisition Trust Republic of Greece Government International Bond Merrill Lynch Mortgage Investors Trust 3.650% due 02/24/2023 þ EUR 142 187 4.581% due 10/25/2030 ^þ 4,675 3,340 3.294% due 03/25/2036 ^~ 506 338 3.650% due 02/24/2024 þ 142 194 Lehman XS Trust Motel 6 Trust 3.650% due 02/24/2025 þ 142 199 5.170% due 08/25/2035 ^þ 51 53 7.053% due 08/15/2024 • 3,266 3,176 3.650% due 02/24/2026 þ 142 204 LNR CDO Ltd. 3.650% due 02/24/2027 þ 142 209 Residential Accredit Loans, Inc. Trust 0.428% due 02/28/2043 • 1,661 44 3.650% due 02/24/2028 þ 142 213 0.360% due 05/25/2037 ^• 102 76 3.970% due 12/26/2034 ^~ 1,170 721 Marlette Funding Trust 3.650% due 02/24/2029 þ 142 216 6.000% due 08/25/2036 ^ 228 228 0.000% due 09/17/2029 «(h) 7 1,185 3.650% due 02/24/2030 þ 142 220 44 PIMCO CLOSED-END FUNDS


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    January 31, 2021 (Unaudited) PRINCIPAL MARKET MARKET MARKET AMOUNT VALUE VALUE VALUE (000S) (000S) SHARES (000S) (000S) 3.650% due 02/24/2031 þ EUR 142 $ 224 WARRANTS 2.2% SHORT-TERM INSTRUMENTS 5.6% 3.650% due 02/24/2032 þ 142 229 3.650% due 02/24/2033 þ 142 232 COMMUNICATION SERVICES 0.5% REPURCHASE AGREEMENTS (n) 5.2% 3.650% due 02/24/2034 þ 142 235 iHeartMedia, Inc. - $ 30,067 3.650% due 02/24/2035 þ 142 237 Exp. 05/01/2039 « 194,137 $ 2,778 3.650% due 02/24/2036 þ 142 241 PRINCIPAL 3.650% due 02/24/2037 þ 142 243 AMOUNT 3.650% due 02/24/2038 þ 142 247 INDUSTRIALS 0.2% (000S) 3.650% due 02/24/2039 þ 142 249 SHORT-TERM NOTES 0.1% Sequa Corp. - Exp. 04/28/2024 « 775,000 1,155 3.650% due 02/24/2040 þ 142 251 3.650% due 02/24/2041 þ 142 254 Argentina Treasury Bond BONCER 3.650% due 02/24/2042 þ 142 259 INFORMATION TECHNOLOGY 1.5% 1.100% due 04/17/2021 (j) ARS 26,071 175 South Africa Government International Bond Republic of Argentina Bond Windstream Holdings LLC - 5.750% due 09/30/2049 $ 800 773 37.750% due 04/30/2021 (h)(i) 31,005 187 Exp. 03/24/2021 « 493,771 9,048 Turkiye Ihracat Kredi Bankasi A/S 362 8.250% due 01/24/2024 200 218 Total Warrants (Cost $8,199) 12,981 Ukraine Government International Bond ARGENTINA TREASURY BILLS 0.1% 4.375% due 01/27/2030 EUR 1,054 1,220 PREFERRED SECURITIES 7.0% 5.650% due 09/13/2021 (h)(i)(j) 61,151 414 Venezuela Government International Bond BANKING & FINANCE 2.2% 8.250% due 10/13/2024 ^(e) $ 28 3 9.250% due 09/15/2027 ^(e) 308 30 AGFC Capital Trust U.S. TREASURY BILLS 0.2% Total Sovereign Issues (Cost $35,126) 25,320 1.991% (US0003M + 1.750%) 0.076% due 02/04/2021 - due 01/15/2067 ~(o) 2,300,000 1,013 02/25/2021 (g)(h)(q) $ 1,292 1,292 Banco Santander S.A. SHARES Total Short-Term Instruments 6.250% due 09/11/2021 •(k)(l) 400,000 495 COMMON STOCKS 1.6% (Cost $32,205) 32,135 Brighthouse Holdings LLC COMMUNICATION SERVICES 0.3% 6.500% due 07/27/2037 þ(k) 70,000 69 Total Investments in Securities Farm Credit Bank of Texas (Cost $827,394) 854,010 Clear Channel Outdoor 5.700% due 09/15/2025 •(k) 1,000,000 1,095 Holdings, Inc. (f) 531,903 1,059 Total Investments 147.6% Nationwide Building Society iHeartMedia, Inc. ‘A’ (f) 29,808 433 (Cost $827,394) $ 854,010 10.250% ~ 34,400 8,673 iHeartMedia, Inc. ‘B’ «(f) 400 5 Wells Fargo & Co. Financial Derivative 1,497 3.900% due 03/15/2026 •(k) 1,200,000 1,201 Instruments (p)(r) 0.1% 12,546 (Cost or Premiums, net $980) 875 ENERGY 0.0% Auction Rate Preferred Shares (4.1)% (23,525) Forbes Energy Services INDUSTRIALS 4.8% Ltd. (f)(m) 11,400 1 General Electric Co. Other Assets and Liabilities, net (43.6)% (252,576) 3.554% (US0003M + 3.330%) Net Assets Applicable to Common FINANCIALS 0.1% due 03/15/2021 ~(k) 261,000 247 Shareholders 100.0% $ 578,784 Sequa Corp. (12.000% PIK) Associated Materials Group, 12.000% «(d) 20,296 27,587 Inc. «(f)(m) 114,060 769 27,834 INDUSTRIALS 1.2% Total Preferred Securities (Cost $25,647) 40,380 Neiman Marcus Group Ltd. REAL ESTATE INVESTMENT TRUSTS 2.3% LLC «(f)(m) 73,491 6,810 Noble Corp. PLC «(f)(m) 3,498 49 REAL ESTATE 2.3% Westmoreland Mining Uniti Group, Inc. 239,397 2,947 Holdings LLC «(f)(m) 50,497 379 VICI Properties, Inc. 416,263 10,523 7,238 Total Real Estate Investment Trusts Total Common Stocks (Cost $8,494) 9,505 (Cost $6,941) 13,470 NOTES TO SCHEDULE OF INVESTMENTS: * A zero balance may reflect actual amounts rounding to less than one thousand. ^ Security is in default. « Security valued using significant unobservable inputs (Level 3). µ All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. ~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. • Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end. (a) Security is an Interest Only (“IO”) or IO Strip. (b) Principal only security. (c) When-issued security. See Accompanying Notes | JANUARY 31, 2021 45


  • Page 48

    Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.) (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) Coupon represents a yield to maturity. (j) Principal amount of security is adjusted for inflation. (k) Perpetual maturity; date shown, if applicable, represents next contractual call date. (l) Contingent convertible security. (m) RESTRICTED SECURITIES: Market Value as Percentage of Net Assets Applicable Acquisition Market to Common Issuer Description Date Cost Value Shareholders Associated Materials Group, Inc. 08/24/2020 $ 724 $ 769 0.13% Forbes Energy Services Ltd. 10/09/2014 - 11/18/2016 370 1 0.00 Neiman Marcus Group Ltd. LLC 09/25/2020 2,408 6,810 1.18 Noble Corp. PLC 12/23/2020 0 49 0.01 Westmoreland Mining Holdings LLC 12/08/2014 - 10/19/2016 1,455 379 0.06 $ 4,957 $ 8,008 1.38% BORROWINGS AND OTHER FINANCING TRANSACTIONS (n) REPURCHASE AGREEMENTS: Repurchase Agreement Repurchase Proceeds Lending Settlement Maturity Principal Collateral Agreements, to be Counterparty Rate Date Date Amount Collateralized By (Received) at Value Received(1) FICC 0.000% 01/29/2021 02/01/2021 $ 2,967 U.S. Treasury Notes 0.125% due 09/30/2022 $ (3,027) $ 2,967 $ 2,967 RDR 0.070 01/29/2021 02/01/2021 27,100 U.S. Treasury Notes 2.750% due 02/15/2024 (27,674) 27,100 27,100 Total Repurchase Agreements $ (30,701) $ 30,067 $ 30,067 REVERSE REPURCHASE AGREEMENTS: Payable for Reverse Borrowing Settlement Maturity Amount Repurchase Counterparty Rate(2) Date Date Borrowed(2) Agreements BPS 0.380% 01/22/2021 04/22/2021 GBP (3,032) $ (4,155) 0.750 10/27/2020 03/01/2021 $ (6,070) (6,082) 0.770 10/23/2020 03/26/2021 (6,228) (6,241) 0.770 11/24/2020 03/26/2021 (901) (903) 0.890 10/23/2020 03/26/2021 (808) (810) BRC 0.320 01/15/2021 02/17/2021 (6,079) (6,080) 0.500 03/25/2020 TBD(3) (125) (126) 0.550 01/15/2021 04/15/2021 (1,641) (1,641) 0.650 01/28/2021 05/03/2021 (5,746) (5,747) 0.660 01/15/2021 04/15/2021 (6,390) (6,392) 0.790 11/02/2020 05/03/2021 (708) (709) BYR 1.390 12/30/2020 03/31/2021 (7,024) (7,033) CDC 0.340 01/19/2021 02/22/2021 (6,661) (6,662) 0.350 11/20/2020 TBD(3) (3,900) (3,902) 0.480 10/21/2020 02/23/2021 (3,927) (3,932) 0.480 10/26/2020 03/01/2021 (2,628) (2,632) 0.480 01/22/2021 02/23/2021 (2,950) (2,950) 0.500 10/21/2020 03/23/2021 (679) (681) 0.830 10/23/2020 02/16/2021 (4,886) (4,897) 0.880 10/21/2020 03/23/2021 (8,352) (8,374) CEW 0.600 01/29/2021 TBD(3) (78) (78) 0.650 01/13/2021 04/13/2021 (7,746) (7,749) 0.654 01/06/2021 04/06/2021 (10,741) (10,746) 0.664 11/03/2020 02/05/2021 (700) (701) 0.888 09/09/2020 03/08/2021 (1,213) (1,217) 46 PIMCO CLOSED-END FUNDS


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    January 31, 2021 (Unaudited) Payable for Reverse Borrowing Settlement Maturity Amount Repurchase Counterparty Rate(2) Date Date Borrowed(2) Agreements CIB 0.680% 01/15/2021 02/19/2021 $ (1,715) $ (1,715) 0.850 11/02/2020 02/05/2021 (672) (674) CSG 0.750 01/28/2021 03/04/2021 (861) (861) FOB 0.300 01/20/2021 TBD(3) (3,214) (3,215) 0.350 01/11/2021 02/11/2021 (1,777) (1,777) 0.350 01/28/2021 03/04/2021 (265) (265) 0.380 01/26/2021 03/30/2021 (161) (161) 0.380 01/27/2021 04/01/2021 (1,669) (1,669) 0.650 08/05/2020 TBD(3) (6,645) (6,667) JML (0.250) 01/15/2021 04/15/2021 EUR (2,055) (2,494) 0.400 01/18/2021 04/19/2021 GBP (189) (259) NOM 0.650 01/22/2021 02/01/2021 $ (3,221) (3,222) 0.750 10/30/2020 02/02/2021 (641) (643) 0.800 10/16/2020 02/16/2021 (9,593) (9,616) 0.800 11/20/2020 02/16/2021 (1,699) (1,701) 0.800 12/14/2020 02/16/2021 (1,675) (1,677) RTA 0.618 01/25/2021 04/30/2021 (1,087) (1,087) SCX 0.770 10/26/2020 02/17/2021 (1,836) (1,840) SOG 0.380 01/27/2021 03/30/2021 (899) (899) 0.400 01/20/2021 03/26/2021 (1,156) (1,156) 0.400 01/22/2021 03/26/2021 (1,032) (1,032) 0.500 01/27/2021 TBD(3) (4,575) (4,575) 0.630 10/28/2020 04/28/2021 (2,182) (2,185) 0.750 10/27/2020 03/01/2021 (2,873) (2,878) 0.780 10/23/2020 02/24/2021 (4,151) (4,160) 0.870 09/16/2020 03/17/2021 (4,090) (4,104) 0.950 08/05/2020 02/05/2021 (6,215) (6,245) 0.950 09/17/2020 02/05/2021 (941) (944) 0.950 09/17/2020 02/22/2021 (4,284) (4,299) 0.950 11/27/2020 02/22/2021 (331) (332) TDM 0.300 11/20/2020 TBD(3) (1,405) (1,406) 0.300 11/20/2020 TBD(3) (17,563) (17,573) 0.550 12/29/2020 TBD(3) (2,166) (2,167) 0.630 12/30/2020 TBD(3) (7,474) (7,479) UBS 0.350 01/06/2021 02/08/2021 (195) (195) 0.350 01/07/2021 02/08/2021 (2,158) (2,159) 0.400 01/19/2021 04/19/2021 (1,339) (1,339) 0.400 01/21/2021 04/21/2021 (5,882) (5,883) 0.400 01/22/2021 04/22/2021 (2,104) (2,104) 0.500 01/29/2021 TBD(3) (11,717) (11,717) 0.650 01/06/2021 04/06/2021 (152) (152) 0.650 01/07/2021 04/07/2021 (543) (543) 0.650 01/08/2021 04/08/2021 (6,495) (6,498) 0.650 01/13/2021 04/13/2021 (2,456) (2,457) 0.650 01/15/2021 04/15/2021 (3,334) (3,335) 0.650 01/20/2021 04/16/2021 (11,759) (11,761) 0.650 01/28/2021 04/28/2021 (1,751) (1,751) 0.700 11/16/2020 02/16/2021 (856) (858) Total Reverse Repurchase Agreements $ (252,169) 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, 2021: Repurchase Agreement Payable for Total Proceeds Reverse Payable for Borrowings and to be Repurchase Sale-Buyback Other Financing Collateral Counterparty Received(1) Agreements Transactions Transactions Pledged/(Received) Net Exposure(4) Global/Master Repurchase Agreement BPS $ 0 $ (18,191) $ 0 $ (18,191) $ 19,909 $ 1,718 BRC 0 (20,695) 0 (20,695) 23,262 2,567 BYR 0 (7,033) 0 (7,033) 8,639 1,606 CDC 0 (34,030) 0 (34,030) 37,004 2,974 CEW 0 (20,491) 0 (20,491) 24,985 4,494 CIB 0 (2,389) 0 (2,389) 2,883 494 CSG 0 (861) 0 (861) 1,090 229 FICC 2,967 0 0 2,967 (3,027) (60) FOB 0 (13,754) 0 (13,754) 15,476 1,722 See Accompanying Notes | JANUARY 31, 2021 47


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    Schedule of Investments PIMCO Corporate & Income Strategy Fund (Cont.) Repurchase Agreement Payable for Total Proceeds Reverse Payable for Borrowings and to be Repurchase Sale-Buyback Other Financing Collateral Counterparty Received(1) Agreements Transactions Transactions Pledged/(Received) Net Exposure(4) JML $ 0 $ (2,753) $ 0 $ (2,753) $ 3,030 $ 277 NOM 0 (16,859) 0 (16,859) 18,327 1,468 RDR 27,100 0 0 27,100 (27,674) (574) RTA 0 (1,087) 0 (1,087) 1,261 174 SCX 0 (1,840) 0 (1,840) 1,982 142 SOG 0 (32,809) 0 (32,809) 38,284 5,475 TDM 0 (28,625) 0 (28,625) 31,642 3,017 UBS 0 (50,752) 0 (50,752) 59,322 8,570 Total Borrowings and Other Financing Transactions $ 30,067 $ (252,169) $ 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 $ (3,222) $ (72,559) $ (107,937) $ (65,361) $ (249,079) U.S. Government Agencies 0 (2,389) 0 0 (2,389) Preferred Securities 0 (701) 0 0 (701) Total Borrowings $ (3,222) $ (75,649) $ (107,937) $ (65,361) $ (252,169) Payable for reverse repurchase agreements $ (252,169) (o) Securities with an aggregate market value of $291,780 and cash of $60 have been pledged as collateral under the terms of the above master agreements as of January 31, 2021. (1) Includes accrued interest. (2) The average amount of borrowings outstanding during the period ended January 31, 2021 was $(228,855) at a weighted average interest rate of 0.689%. 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. (p) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SWAP AGREEMENTS: CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION(1) Implied Unrealized Variation Margin Fixed Payment Maturity Credit Spread at Notional Premiums Appreciation/ Market Reference Entity Receive Rate Frequency Date January 31, 2021(2) Amount(3) Paid/(Received) (Depreciation) Value(4) Asset Liability Bombardier, Inc. 5.000% Quarterly 06/20/2024 5.886% $ 600 $ (1) $ (12) $ (13) $ 0 $ (4) Rolls-Royce PLC 1.000 Quarterly 12/20/2025 3.248 EUR 10,600 (1,305) 24 (1,281) 0 (1) $ (1,306) $ 12 $ (1,294) $ 0 $ (5) INTEREST RATE SWAPS Unrealized Variation Margin Pay/Receive Payment Maturity Notional Premiums Appreciation/ Market Floating Rate Floating Rate Index Fixed Rate Frequency Date Amount Paid/(Received) (Depreciation) Value Asset Liability Receive(5) 1-Day GBP-SONIO Compounded-OIS 0.250% Annual 03/17/2031 GBP 10,500 $ (46) $ 129 $ 83 $ 101 $ 0 Receive(5) 1-Day GBP-SONIO Compounded-OIS 0.250 Annual 03/17/2051 3,000 125 145 270 91 0 Pay 3-Month USD-LIBOR 2.750 Semi-Annual 12/19/2023 $ 64,000 (594) 5,395 4,801 15 0 Pay 3-Month USD-LIBOR 2.750 Semi-Annual 06/17/2025 75,590 4,664 3,182 7,846 9 0 Pay 3-Month USD-LIBOR 2.500 Semi-Annual 12/20/2027 44,900 325 4,962 5,287 0 (43) Pay 3-Month USD-LIBOR 3.000 Semi-Annual 06/19/2029 68,300 3,736 7,814 11,550 0 (101) Pay 3-Month USD-LIBOR 3.500 Semi-Annual 06/19/2044 169,400 (5,526) 73,365 67,839 0 (740) Receive 3-Month USD-LIBOR 2.000 Semi-Annual 01/15/2050 8,300 (60) (743) (803) 41 0 Receive 3-Month USD-LIBOR 1.750 Semi-Annual 01/22/2050 14,500 (33) (478) (511) 71 0 Receive 3-Month USD-LIBOR 1.875 Semi-Annual 02/07/2050 15,100 (58) (1,060) (1,118) 74 0 48 PIMCO CLOSED-END FUNDS

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