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<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 03-September-2026 [05:21:33] {AM}-->
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          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_InsurancelinkedAndOtherInstrumentsRiskMember" xlink:to="lab_cik0001190935_InsurancelinkedAndOtherInstrumentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_IssuerRiskMember" xlink:label="loc_cik0001190935_IssuerRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_IssuerRiskMember" xml:lang="en-US">Issuer Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_IssuerRiskMember" xlink:to="lab_cik0001190935_IssuerRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_LeverageRiskMember" xlink:label="loc_cik0001190935_LeverageRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_LeverageRiskMember" xml:lang="en-US">Leverage Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_LeverageRiskMember" xlink:to="lab_cik0001190935_LeverageRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_LiquidityRiskMember" xlink:label="loc_cik0001190935_LiquidityRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_LiquidityRiskMember" xml:lang="en-US">Liquidity Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_LiquidityRiskMember" xlink:to="lab_cik0001190935_LiquidityRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_LoanOriginationRiskMember" xlink:label="loc_cik0001190935_LoanOriginationRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_LoanOriginationRiskMember" xml:lang="en-US">LoanOriginationRisk [Member]</link:label>
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001190935_LoanOriginationRiskMember" xml:lang="en-US">Loan Origination Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_LoanOriginationRiskMember" xlink:to="lab_cik0001190935_LoanOriginationRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" xlink:label="loc_cik0001190935_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" xml:lang="en-US">Loans and Other Indebtedness Loan Participations and Assignments Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" xlink:to="lab_cik0001190935_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_ManagementRiskMember" xlink:label="loc_cik0001190935_ManagementRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_ManagementRiskMember" xml:lang="en-US">Management Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_ManagementRiskMember" xlink:to="lab_cik0001190935_ManagementRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_MarketDiscountRiskMember" xlink:label="loc_cik0001190935_MarketDiscountRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_MarketDiscountRiskMember" xml:lang="en-US">Market Discount Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_MarketDiscountRiskMember" xlink:to="lab_cik0001190935_MarketDiscountRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_MarketDisruptionsRiskMember" xlink:label="loc_cik0001190935_MarketDisruptionsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_MarketDisruptionsRiskMember" xml:lang="en-US">Market Disruptions Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_MarketDisruptionsRiskMember" xlink:to="lab_cik0001190935_MarketDisruptionsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_MarketRiskMember" xlink:label="loc_cik0001190935_MarketRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_MarketRiskMember" xml:lang="en-US">Market Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_MarketRiskMember" xlink:to="lab_cik0001190935_MarketRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_MortgagerelatedAndOtherAssetbackedInstrumentsRiskMember" xlink:label="loc_cik0001190935_MortgagerelatedAndOtherAssetbackedInstrumentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_MortgagerelatedAndOtherAssetbackedInstrumentsRiskMember" xml:lang="en-US">MortgageRelated and Other AssetBacked Instruments Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_MortgagerelatedAndOtherAssetbackedInstrumentsRiskMember" xlink:to="lab_cik0001190935_MortgagerelatedAndOtherAssetbackedInstrumentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_MortgagerelatedDerivativeInstrumentsRiskMember" xlink:label="loc_cik0001190935_MortgagerelatedDerivativeInstrumentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_MortgagerelatedDerivativeInstrumentsRiskMember" xml:lang="en-US">MortgageRelated Derivative Instruments Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_MortgagerelatedDerivativeInstrumentsRiskMember" xlink:to="lab_cik0001190935_MortgagerelatedDerivativeInstrumentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_OperationalRiskMember" xlink:label="loc_cik0001190935_OperationalRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_OperationalRiskMember" xml:lang="en-US">Operational Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_OperationalRiskMember" xlink:to="lab_cik0001190935_OperationalRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_OtherInvestmentCompaniesRiskMember" xlink:label="loc_cik0001190935_OtherInvestmentCompaniesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_OtherInvestmentCompaniesRiskMember" xml:lang="en-US">Other Investment Companies Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_OtherInvestmentCompaniesRiskMember" xlink:to="lab_cik0001190935_OtherInvestmentCompaniesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_PortfolioTurnoverRiskMember" xlink:label="loc_cik0001190935_PortfolioTurnoverRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_PortfolioTurnoverRiskMember" xml:lang="en-US">Portfolio Turnover Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_PortfolioTurnoverRiskMember" xlink:to="lab_cik0001190935_PortfolioTurnoverRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:label="loc_cik0001190935_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xml:lang="en-US">Potential Conflicts of Interest Risk Allocation of Investment Opportunities [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:to="lab_cik0001190935_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_PreferredSecuritiesRiskMember" xlink:label="loc_cik0001190935_PreferredSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_PreferredSecuritiesRiskMember" xml:lang="en-US">Preferred Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_PreferredSecuritiesRiskMember" xlink:to="lab_cik0001190935_PreferredSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_PrivacyAndDataSecurityRiskMember" xlink:label="loc_cik0001190935_PrivacyAndDataSecurityRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_PrivacyAndDataSecurityRiskMember" xml:lang="en-US">Privacy and Data Security Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_PrivacyAndDataSecurityRiskMember" xlink:to="lab_cik0001190935_PrivacyAndDataSecurityRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:label="loc_cik0001190935_PrivatePlacementsAndRestrictedSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xml:lang="en-US">Private Placements and Restricted Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:to="lab_cik0001190935_PrivatePlacementsAndRestrictedSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_RealEstateRiskMember" xlink:label="loc_cik0001190935_RealEstateRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_RealEstateRiskMember" xml:lang="en-US">Real Estate Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_RealEstateRiskMember" xlink:to="lab_cik0001190935_RealEstateRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_RegulationSSecuritiesRiskMember" xlink:label="loc_cik0001190935_RegulationSSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_RegulationSSecuritiesRiskMember" xml:lang="en-US">Regulation S Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_RegulationSSecuritiesRiskMember" xlink:to="lab_cik0001190935_RegulationSSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_RegulatoryChangesRiskMember" xlink:label="loc_cik0001190935_RegulatoryChangesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_RegulatoryChangesRiskMember" xml:lang="en-US">Regulatory Changes Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_RegulatoryChangesRiskMember" xlink:to="lab_cik0001190935_RegulatoryChangesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_RegulatoryRiskCommodityPoolOperatorMember" xlink:label="loc_cik0001190935_RegulatoryRiskCommodityPoolOperatorMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_RegulatoryRiskCommodityPoolOperatorMember" xml:lang="en-US">Regulatory Risk Commodity Pool Operator [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_RegulatoryRiskCommodityPoolOperatorMember" xlink:to="lab_cik0001190935_RegulatoryRiskCommodityPoolOperatorMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_ReinvestmentRiskMember" xlink:label="loc_cik0001190935_ReinvestmentRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_ReinvestmentRiskMember" xml:lang="en-US">Reinvestment Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_ReinvestmentRiskMember" xlink:to="lab_cik0001190935_ReinvestmentRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_RepurchaseAgreementsRiskMember" xlink:label="loc_cik0001190935_RepurchaseAgreementsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_RepurchaseAgreementsRiskMember" xml:lang="en-US">Repurchase Agreements Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_RepurchaseAgreementsRiskMember" xlink:to="lab_cik0001190935_RepurchaseAgreementsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_SecuritiesLendingRiskMember" xlink:label="loc_cik0001190935_SecuritiesLendingRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_SecuritiesLendingRiskMember" xml:lang="en-US">Securities Lending Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_SecuritiesLendingRiskMember" xlink:to="lab_cik0001190935_SecuritiesLendingRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_SeniorDebtRiskMember" xlink:label="loc_cik0001190935_SeniorDebtRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_SeniorDebtRiskMember" xml:lang="en-US">Senior Debt Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_SeniorDebtRiskMember" xlink:to="lab_cik0001190935_SeniorDebtRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_SovereignDebtRiskMember" xlink:label="loc_cik0001190935_SovereignDebtRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_SovereignDebtRiskMember" xml:lang="en-US">Sovereign Debt Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_SovereignDebtRiskMember" xlink:to="lab_cik0001190935_SovereignDebtRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_StructuredInvestmentsRiskMember" xlink:label="loc_cik0001190935_StructuredInvestmentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_StructuredInvestmentsRiskMember" xml:lang="en-US">Structured Investments Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_StructuredInvestmentsRiskMember" xlink:to="lab_cik0001190935_StructuredInvestmentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_SubprimeRiskMember" xlink:label="loc_cik0001190935_SubprimeRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_SubprimeRiskMember" xml:lang="en-US">Subprime Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_SubprimeRiskMember" xlink:to="lab_cik0001190935_SubprimeRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_SyntheticConvertibleSecuritiesRiskMember" xlink:label="loc_cik0001190935_SyntheticConvertibleSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_SyntheticConvertibleSecuritiesRiskMember" xml:lang="en-US">Synthetic Convertible Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_SyntheticConvertibleSecuritiesRiskMember" xlink:to="lab_cik0001190935_SyntheticConvertibleSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_TaxRiskMember" xlink:label="loc_cik0001190935_TaxRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_TaxRiskMember" xml:lang="en-US">Tax Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_TaxRiskMember" xlink:to="lab_cik0001190935_TaxRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_UseOfDerivativesMember" xlink:label="loc_cik0001190935_UseOfDerivativesMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_UseOfDerivativesMember" xml:lang="en-US">Use of Derivatives [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_UseOfDerivativesMember" xlink:to="lab_cik0001190935_UseOfDerivativesMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_UsGovernmentSecuritiesRiskMember" xlink:label="loc_cik0001190935_UsGovernmentSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_UsGovernmentSecuritiesRiskMember" xml:lang="en-US">U.S. Government Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_UsGovernmentSecuritiesRiskMember" xlink:to="lab_cik0001190935_UsGovernmentSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_ValuationRiskMember" xlink:label="loc_cik0001190935_ValuationRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_ValuationRiskMember" xml:lang="en-US">Valuation Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_ValuationRiskMember" xlink:to="lab_cik0001190935_ValuationRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_ZerocouponBondStepupsAndPaymentinkindSecuritiesRiskMember" xlink:label="loc_cik0001190935_ZerocouponBondStepupsAndPaymentinkindSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_ZerocouponBondStepupsAndPaymentinkindSecuritiesRiskMember" xml:lang="en-US">ZeroCoupon Bond, StepUps and PaymentInKind Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_ZerocouponBondStepupsAndPaymentinkindSecuritiesRiskMember" xlink:to="lab_cik0001190935_ZerocouponBondStepupsAndPaymentinkindSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_ArpsMember" xlink:label="loc_cik0001190935_ArpsMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_ArpsMember" xml:lang="en-US">ARPS [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_ArpsMember" xlink:to="lab_cik0001190935_ArpsMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_CommonShareMarketPriceMember" xlink:label="loc_cik0001190935_CommonShareMarketPriceMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_CommonShareMarketPriceMember" xml:lang="en-US">Common Share Market Price [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_CommonShareMarketPriceMember" xlink:to="lab_cik0001190935_CommonShareMarketPriceMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_CommonShareNetAssetValueMember" xlink:label="loc_cik0001190935_CommonShareNetAssetValueMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_CommonShareNetAssetValueMember" xml:lang="en-US">Common Share Net Asset Value [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_CommonShareNetAssetValueMember" xlink:to="lab_cik0001190935_CommonShareNetAssetValueMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_CommonSharesMember" xlink:label="loc_cik0001190935_CommonSharesMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_CommonSharesMember" xml:lang="en-US">Common Shares [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_CommonSharesMember" xlink:to="lab_cik0001190935_CommonSharesMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001190935-20260630.xsd#cik0001190935_PremiumDiscountNetAssetValueMember" xlink:label="loc_cik0001190935_PremiumDiscountNetAssetValueMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001190935_PremiumDiscountNetAssetValueMember" xml:lang="en-US">Premium Discount Net Asset Value [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001190935_PremiumDiscountNetAssetValueMember" xlink:to="lab_cik0001190935_PremiumDiscountNetAssetValueMember" />
        </link:labelLink>
      </link:linkbase>
    </appinfo>
  </annotation>
  <import namespace="http://xbrl.sec.gov/cef/2026" schemaLocation="https://xbrl.sec.gov/cef/2026/cef-2026.xsd" />
  <import namespace="http://xbrl.sec.gov/cef-pre/2026" schemaLocation="https://xbrl.sec.gov/cef/2026/cef-2026_pre.xsd" />
  <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd" />
  <import namespace="http://xbrl.sec.gov/dei/2026" schemaLocation="https://xbrl.sec.gov/dei/2026/dei-2026.xsd" />
  <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
  <element name="ArpsMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ArpsMember" substitutionGroup="xbrli:item" />
  <element name="AntitakeoverProvisionsMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_AntitakeoverProvisionsMember" substitutionGroup="xbrli:item" />
  <element name="AssetAllocationRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_AssetAllocationRiskMember" substitutionGroup="xbrli:item" />
  <element name="CallRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CallRiskMember" substitutionGroup="xbrli:item" />
  <element name="CertainAffiliationsMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CertainAffiliationsMember" substitutionGroup="xbrli:item" />
  <element name="ConfidentialInformationAccessRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ConfidentialInformationAccessRiskMember" substitutionGroup="xbrli:item" />
  <element name="ContingentConvertibleSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ContingentConvertibleSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="ConvertibleSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ConvertibleSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="CounterpartyRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CounterpartyRiskMember" substitutionGroup="xbrli:item" />
  <element name="CovenantLiteObligationsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CovenantLiteObligationsRiskMember" substitutionGroup="xbrli:item" />
  <element name="CreditDefaultSwapsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CreditDefaultSwapsRiskMember" substitutionGroup="xbrli:item" />
  <element name="CreditRisksMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CreditRisksMember" substitutionGroup="xbrli:item" />
  <element name="CsdrRelatedRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CsdrRelatedRiskMember" substitutionGroup="xbrli:item" />
  <element name="CurrencyRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CurrencyRiskMember" substitutionGroup="xbrli:item" />
  <element name="CyberSecurityRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CyberSecurityRiskMember" substitutionGroup="xbrli:item" />
  <element name="DebtSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_DebtSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="DerivativesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_DerivativesRiskMember" substitutionGroup="xbrli:item" />
  <element name="DistressedAndDefaultedSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_DistressedAndDefaultedSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="DistributionRateRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_DistributionRateRiskMember" substitutionGroup="xbrli:item" />
  <element name="EmergingMarketsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_EmergingMarketsRiskMember" substitutionGroup="xbrli:item" />
  <element name="EquitySecuritiesAndRelatedMarketRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_EquitySecuritiesAndRelatedMarketRiskMember" substitutionGroup="xbrli:item" />
  <element name="FocusedInvestmentRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_FocusedInvestmentRiskMember" substitutionGroup="xbrli:item" />
  <element name="ForeignLoanOriginationsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ForeignLoanOriginationsRiskMember" substitutionGroup="xbrli:item" />
  <element name="ForeignNonusInvestmentRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ForeignNonusInvestmentRiskMember" substitutionGroup="xbrli:item" />
  <element name="HighYieldSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_HighYieldSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="InflationdeflationRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_InflationdeflationRiskMember" substitutionGroup="xbrli:item" />
  <element name="InflationindexedSecurityRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_InflationindexedSecurityRiskMember" substitutionGroup="xbrli:item" />
  <element name="InsurancelinkedAndOtherInstrumentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_InsurancelinkedAndOtherInstrumentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="IssuerRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_IssuerRiskMember" substitutionGroup="xbrli:item" />
  <element name="LeverageRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_LeverageRiskMember" substitutionGroup="xbrli:item" />
  <element name="LiquidityRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_LiquidityRiskMember" substitutionGroup="xbrli:item" />
  <element name="LoanOriginationRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_LoanOriginationRiskMember" substitutionGroup="xbrli:item" />
  <element name="LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="ManagementRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ManagementRiskMember" substitutionGroup="xbrli:item" />
  <element name="MarketDiscountRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_MarketDiscountRiskMember" substitutionGroup="xbrli:item" />
  <element name="MarketDisruptionsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_MarketDisruptionsRiskMember" substitutionGroup="xbrli:item" />
  <element name="MarketRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_MarketRiskMember" substitutionGroup="xbrli:item" />
  <element name="MortgagerelatedAndOtherAssetbackedInstrumentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_MortgagerelatedAndOtherAssetbackedInstrumentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="MortgagerelatedDerivativeInstrumentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_MortgagerelatedDerivativeInstrumentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="OperationalRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_OperationalRiskMember" substitutionGroup="xbrli:item" />
  <element name="OtherInvestmentCompaniesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_OtherInvestmentCompaniesRiskMember" substitutionGroup="xbrli:item" />
  <element name="PortfolioTurnoverRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_PortfolioTurnoverRiskMember" substitutionGroup="xbrli:item" />
  <element name="PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" substitutionGroup="xbrli:item" />
  <element name="PreferredSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_PreferredSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="PrivacyAndDataSecurityRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_PrivacyAndDataSecurityRiskMember" substitutionGroup="xbrli:item" />
  <element name="PrivatePlacementsAndRestrictedSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_PrivatePlacementsAndRestrictedSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="RealEstateRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_RealEstateRiskMember" substitutionGroup="xbrli:item" />
  <element name="RegulationSSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_RegulationSSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="RegulatoryChangesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_RegulatoryChangesRiskMember" substitutionGroup="xbrli:item" />
  <element name="RegulatoryRiskCommodityPoolOperatorMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_RegulatoryRiskCommodityPoolOperatorMember" substitutionGroup="xbrli:item" />
  <element name="ReinvestmentRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ReinvestmentRiskMember" substitutionGroup="xbrli:item" />
  <element name="RepurchaseAgreementsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_RepurchaseAgreementsRiskMember" substitutionGroup="xbrli:item" />
  <element name="SecuritiesLendingRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_SecuritiesLendingRiskMember" substitutionGroup="xbrli:item" />
  <element name="SeniorDebtRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_SeniorDebtRiskMember" substitutionGroup="xbrli:item" />
  <element name="SovereignDebtRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_SovereignDebtRiskMember" substitutionGroup="xbrli:item" />
  <element name="StructuredInvestmentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_StructuredInvestmentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="SubprimeRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_SubprimeRiskMember" substitutionGroup="xbrli:item" />
  <element name="SyntheticConvertibleSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_SyntheticConvertibleSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="TaxRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_TaxRiskMember" substitutionGroup="xbrli:item" />
  <element name="UseOfDerivativesMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_UseOfDerivativesMember" substitutionGroup="xbrli:item" />
  <element name="UsGovernmentSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_UsGovernmentSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="ValuationRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ValuationRiskMember" substitutionGroup="xbrli:item" />
  <element name="ZerocouponBondStepupsAndPaymentinkindSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_ZerocouponBondStepupsAndPaymentinkindSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="CommonShareMarketPriceMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CommonShareMarketPriceMember" substitutionGroup="xbrli:item" />
  <element name="CommonShareNetAssetValueMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CommonShareNetAssetValueMember" substitutionGroup="xbrli:item" />
  <element name="PremiumDiscountNetAssetValueMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_PremiumDiscountNetAssetValueMember" substitutionGroup="xbrli:item" />
  <element name="CommonSharesMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001190935_CommonSharesMember" substitutionGroup="xbrli:item" />
</schema>
