Information regarding each Fund’s principal investment strategies, principal risks and risk management strategies, the effects of each Fund’s leverage, and each Fund’s fundamental investment restrictions, including a summary of certain changes thereto during the most recent fiscal year, can be found within the relevant sections of this report. Please refer to the Table of Contents for further information.

Effective as of September 20, 2024, (a) the non-fundamental investment guideline below applies to PHK, PFL and PFN; and (b) the non-fundamental investment guideline below replaces the existing 25% guideline of each of PCN and PTY to invest at least 25% of its total assets in corporate debt obligations and other corporate income-producing securities:

Each Fund normally invests at least 50% of its total assets in corporate debt obligations and other corporate securities, including fixed-, variable- and floating-rate bonds, debentures, notes and other similar types of corporate debt instruments, such as preferred shares, convertible securities, bank loans and loan participations and assignments, payment-in-kind securities, step-ups, zero-coupon bonds, bank capital securities, bank certificates of deposit, fixed time deposits and bankers’ acceptances, stressed debt securities, structured notes and other hybrid instruments, common stocks and other equity securities.

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

Beginning November 8, 2024, the Funds no longer have outstanding Auction-Rate Preferred Shares (“ARPS”) due to redeeming each series of the ARPS at the full liquidation preference (i.e., face value) of the ARPS.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields.

This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets”.

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

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

A Fund may engage in investment strategies, including those that employ the use of paired swap transactions, the use of interest rate swaps to seek to capitalize on differences between short-term and long-term interest rates and other derivatives transactions, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in a Fund’s net asset value (“NAV”). A Fund’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when a Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or a Fund’s debt investments, or arising from

its use of derivatives. For instance, a portion of a Fund’s monthly distributions may be sourced from paired swap transactions utilized to produce current distributable ordinary income for tax purposes on the initial leg, with a substantial possibility that a Fund will later realize a corresponding capital loss and potential decline in its NAV with respect to the forward leg (to the extent there are not corresponding offsetting capital gains being generated from other sources). Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund’s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions, for example) may be economically similar to a taxable return of capital when considered together with such capital losses. More generally, sales of a Fund’s portfolio holdings may result in short-term capital gains (which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net of long-term capital losses), potentially subjecting shareholders of a Fund to adverse tax consequences.

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

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

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural

gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of a Fund and its investments.

The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of management investment companies, such as the Funds, frequently trade at a discount from their NAV and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be

unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

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

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

The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no

assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future.

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

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

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

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Funds at (844) on the Funds’ website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and upon request by calling PIMCO at (844) In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

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

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the “Names Rule”). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a

fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund’s calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund’s policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund’s fiscal year-end.

†

§

Market and Net Asset Value Information

PIMCO Corporate & Income Opportunity Fund		Common share market price (1)								Common share net asset value								Premium (discount) as a % of net asset value
Quarter		High				Low				High				Low				High				Low
Quarter ended June 30, 2025		$	14.52			$	12.71			$	11.72			$	11.23				24.53%				11.49%
Quarter ended March 31, 2025		$	14.83			$	14.22			$	11.82			$	11.55				26.24%				21.85%
Quarter ended December 31, 2024		$	14.81			$	14.28			$	11.77			$	11.59				26.41%				22.41%
Quarter ended September 30, 2024		$	14.47			$	14.16			$	11.73			$	11.15				29.42%				22.68%
Quarter ended June 30, 2024		$	15.05			$	13.49			$	11.37			$	11.07				32.60%				21.42%
Quarter ended March 31, 2024		$	14.87			$	13.24			$	11.39			$	11.11				30.93%				17.58%
Quarter ended December 31, 2023		$	14.10			$	12.13			$	11.26			$	10.24				29.76%				17.05%
Quarter ended September 30, 2023		$	14.83			$	13.03			$	10.85			$	10.56				37.06%				23.04%

(1)	Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

8		PIMCO CLOSED-END FUNDS

Corporate Bonds & Notes			31.8%
Loan Participations and Assignments			29.4%
Short-Term Instruments ‡			8.4%
Sovereign Issues			6.7%
Asset-Backed Securities			6.7%
Common Stocks			6.3%
Non-Agency Mortgage-Backed Securities			5.7%
U.S. Government Agencies			1.8%
Preferred Securities			1.0%
Other			2.2%

†

% of Investments, at value.

§

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

‡

Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended June 30, 2025
				1 Year				5 Year				10 Year				Commencement of Operations (12/21/01)
		Market Price			6.67%				5.89%				9.08%				10.21%
		NAV			16.22%				10.76%				8.76%				10.83%
		ICE BofA US High Yield Index			10.24%				6.01%				5.29%				7.07%	¨

(1)

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

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

(2)

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

(3)

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

Market Price			$12.69
NAV			$11.81
Premium/(Discount) to NAV			7.45%
Market Price Distribution Rate (2)			10.64%
NAV Distribution Rate (2)			11.43%
Total Effective Leverage (3)			6.98%

»

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

»

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

»

Exposure to emerging market debt contributed to performance, as spreads tightened.

»

The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

»

There were no other material detractors for this Fund.

Market and Net Asset Value Information

 

The Fund’s common shares are listed on the NYSE under the trading or “ticker” symbol “PCN.” The Fund’s common shares commenced trading on the NYSE in December 2001. The conduct of any offering and the issuance of additional common shares pursuant to any offering may have an adverse effect on prices in the secondary market for the Fund’s common shares by increasing the number of shares available, which may put downward pressure on the market price for the common shares. The NAV of the Fund’s common shares will be reduced immediately following an offering by the sales load, commissions and offering expenses paid or reimbursed by the Fund in connection with such offering. The completion of an offering may result in an immediate dilution of the NAV per common share for all existing common shareholders.

The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund’s common shares on the NYSE, the high and low NAV per common share and the high and low premium/discount to NAV per common share. See Note 3, Investment Valuation and Fair Value Measurements in the Notes to Financial Statements for information as to how the Fund’s NAV is determined.

 

PIMCO Corporate & Income Strategy Fund		Common share market price (1)								Common share net asset value								Premium (discount) as a % of net asset value
Quarter		High				Low				High				Low				High				Low
Quarter ended June 30, 2025		$	13.64			$	11.76			$	11.81			$	11.37				15.79%				1.91%
Quarter ended March 31, 2025		$	13.81			$	13.34			$	11.96			$	11.75				16.47%				12.40%
Quarter ended December 31, 2024		$	14.30			$	13.32			$	11.98			$	11.81				19.57%				12.60%
Quarter ended September 30, 2024		$	14.19			$	13.08			$	11.97			$	11.38				20.02%				12.85%
Quarter ended June 30, 2024		$	14.21			$	12.46			$	11.66			$	11.35				22.08%				8.82%
Quarter ended March 31, 2024		$	13.97			$	12.37			$	11.68			$	11.41				19.81%				7.19%
Quarter ended December 31, 2023		$	12.66			$	10.75			$	11.58			$	10.58				14.93%				1.32%
Quarter ended September 30, 2023		$	14.24			$	12.17			$	11.15			$	10.83				29.00%				11.55%

 

(1)	Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

10		PIMCO CLOSED-END FUNDS

Corporate Bonds & Notes			33.5%
Loan Participations and Assignments			20.4%
Short-Term Instruments ‡			8.7%
Non-Agency Mortgage-Backed Securities			8.5%
Common Stocks			8.1%
Sovereign Issues			6.1%
Asset-Backed Securities			6.0%
Preferred Securities			3.7%
U.S. Government Agencies			2.0%
Municipal Bonds & Notes			1.8%
Other			1.2%

†

% of Investments, at value.

§

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

‡

Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended June 30, 2025
				1 Year				5 Year				10 Year				Commencement of Operations (04/30/03)
		Market Price			12.54%				9.57%				4.84%				7.91%
		NAV			14.68%				10.89%				9.03%				10.51%
		ICE BofA US High Yield Index			10.24%				6.01%				5.29%				6.99%

(1)

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

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

(2)

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

(3)

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

Market Price			$4.80
NAV			$4.62
Premium/(Discount) to NAV			3.90%
Market Price Distribution Rate (2)			12.00%
NAV Distribution Rate (2)			12.47%
Total Effective Leverage (3)			9.66%

»

Exposure to emerging market debt contributed to performance, as spreads tightened.

»

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

»

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

»

The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

»

Exposure to holdings related to emerging markets special situations detracted from performance, as holdings of a Brazilian telecommunications operator posted negative returns.

12		PIMCO CLOSED-END FUNDS

Market and Net Asset Value Information

PIMCO High Income Fund		Common share market price (1)								Common share net asset value								Premium (discount) as a % of net asset value
Quarter		High				Low				High				Low				High				Low
Quarter ended June 30, 2025		$	4.88			$	4.43			$	4.65			$	4.47				5.48%				(2.42)%
Quarter ended March 31, 2025		$	4.98			$	4.85			$	4.73			$	4.65				5.52%				2.97%
Quarter ended December 31, 2024		$	5.16			$	4.85			$	4.76			$	4.69				8.63%				2.97%
Quarter ended September 30, 2024		$	5.00			$	4.76			$	4.75			$	4.55				6.81%				3.46%
Quarter ended June 30, 2024		$	5.00			$	4.63			$	4.66			$	4.55				7.53%				1.54%
Quarter ended March 31, 2024		$	5.01			$	4.79			$	4.68			$	4.58				8.24%				4.59%
Quarter ended December 31, 2023		$	4.99			$	4.16			$	4.65			$	4.26				7.54%				(2.35)%
Quarter ended September 30, 2023		$	5.13			$	4.42			$	4.52			$	4.38				14.51%				0.91%

(1)	Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

14		PIMCO CLOSED-END FUNDS

Corporate Bonds & Notes			29.4%
Loan Participations and Assignments			27.4%
Short-Term Instruments ‡			10.7%
Non-Agency Mortgage-Backed Securities			8.8%
Common Stocks			8.1%
Asset-Backed Securities			8.0%
Sovereign Issues			3.3%
U.S. Government Agencies			1.5%
Preferred Securities			1.0%
Other			1.8%

†

% of Investments, at value.

§

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

‡

Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended June 30, 2025
				1 Year				5 Year				10 Year				Commencement of Operations (08/29/03)
		Market Price			15.41%				8.51%				8.34%				6.78%
		NAV			15.11%				8.91%				7.28%				6.92%
		ICE BofA US High Yield Index			10.24%				6.01%				5.29%				6.92% ¨

(1)

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

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

(2)

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

(3)

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

Market Price			$8.34
NAV			$7.99
Premium/(Discount) to NAV			4.38%
Market Price Distribution Rate (2)			11.71%
NAV Distribution Rate (2)			12.23%
Total Effective Leverage (3)			12.82%

»

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

»

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

»

Exposure to emerging market debt contributed to performance, as spreads tightened.

»

The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

»

Exposure to holdings related to emerging markets special situations detracted from performance, as holdings of a Brazilian telecommunications operator posted negative returns.

Market and Net Asset Value Information

PIMCO Income Strategy Fund		Common share market price (1)								Common share net asset value								Premium (discount) as a % of net asset value
Quarter		High				Low				High				Low				High				Low
Quarter ended June 30, 2025		$	8.58			$	7.76			$	8.02			$	7.73				6.98%				(0.89)%
Quarter ended March 31, 2025		$	8.60			$	8.38			$	8.15			$	8.01				7.37%				3.08%
Quarter ended December 31, 2024		$	8.77			$	8.27			$	8.23			$	8.09				6.95%				1.97%
Quarter ended September 30, 2024		$	8.57			$	8.10			$	8.22			$	7.82				4.90%				1.00%
Quarter ended June 30, 2024		$	8.55			$	8.01			$	8.11			$	7.83				5.69%				1.39%
Quarter ended March 31, 2024		$	8.60			$	8.27			$	8.14			$	7.95				7.37%				2.86%
Quarter ended December 31, 2023		$	8.44			$	7.02			$	8.10			$	7.35				4.69%				(4.88)%
Quarter ended September 30, 2023		$	8.34			$	7.52			$	7.77			$	7.54				7.75%				(1.05)%

(1)	Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

16		PIMCO CLOSED-END FUNDS

Loan Participations and Assignments			31.6%
Corporate Bonds & Notes			31.5%
Common Stocks			8.7%
Non-Agency Mortgage-Backed Securities			8.6%
Sovereign Issues			6.0%
Short-Term Instruments ‡			4.7%
Asset-Backed Securities			3.9%
U.S. Government Agencies			2.1%
Other			2.9%

†

% of Investments, at value.

§

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

‡

Includes Central Funds Used for Cash Management Purposes.

Average Annual Total Return (1) for the period ended June 30, 2025
				1 Year				5 Year				10 Year				Commencement of Operations (10/29/04)
		Market Price			16.21%				8.29%				8.25%				6.20%
		NAV			15.84%				8.60%				7.31%				6.28%
		ICE BofA US High Yield Index			10.24%				6.01%				5.29%				6.48% ¨

(1)

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

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

(2)

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

(3)

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

Market Price			$7.39
NAV			$7.10
Premium/(Discount) to NAV			4.08%
Market Price Distribution Rate (2)			11.66%
NAV Distribution Rate (2)			12.14%
Total Effective Leverage (3)			15.50%

»

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

»

Exposure to emerging market debt contributed to absolute performance, as spreads tightened.

»

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

»

The costs associated with one or more forms of leverage detracted from performance. That said, the net impact on the Fund’s performance of the cost of leverage is generally determined by comparing the return on the additional investments purchased with such leverage against the cost of such leverage.

»

Exposure to holdings related to emerging markets special situations detracted from performance, as holdings of a Brazilian telecommunications operator posted negative returns.

18		PIMCO CLOSED-END FUNDS

Market and Net Asset Value Information

PIMCO Income Strategy Fund II		Common share market price (1)								Common share net asset value								Premium (discount) as a % of net asset value
Quarter		High				Low				High				Low				High				Low
Quarter ended June 30, 2025		$	7.56			$	6.87			$	7.10			$	6.82				6.48%				(0.87)%
Quarter ended March 31, 2025		$	7.64			$	7.41			$	7.24			$	7.10				6.20%				3.46%
Quarter ended December 31, 2024		$	7.72			$	7.33			$	7.26			$	7.16				6.78%				2.23%
Quarter ended September 30, 2024		$	7.62			$	7.02			$	7.24			$	6.91				5.42%				1.45%
Quarter ended June 30, 2024		$	7.53			$	7.01			$	7.14			$	6.92				6.01%				0.57%
Quarter ended March 31, 2024		$	7.54			$	7.21			$	7.17			$	7.01				7.26%				1.69%
Quarter ended December 31, 2023		$	7.23			$	6.02			$	7.12			$	6.46				3.18%				(7.24)%
Quarter ended September 30, 2023		$	7.27			$	6.51			$	6.85			$	6.66				6.94%				(2.54)%

(1)	Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.