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          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_cik0001244183_ArpsMember" xml:lang="en-US">ARPS.</link:label>
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CommonSharesMember" xlink:label="loc_cik0001244183_CommonSharesMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_CommonSharesMember" xlink:to="lab_cik0001244183_CommonSharesMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_AssetAllocationRiskMember" xlink:label="loc_cik0001244183_AssetAllocationRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_AssetAllocationRiskMember" xml:lang="en-US">Asset Allocation Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_AssetAllocationRiskMember" xlink:to="lab_cik0001244183_AssetAllocationRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CallRiskMember" xlink:label="loc_cik0001244183_CallRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_CallRiskMember" xml:lang="en-US">Call Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_CallRiskMember" xlink:to="lab_cik0001244183_CallRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ConfidentialInformationAccessRiskMember" xlink:label="loc_cik0001244183_ConfidentialInformationAccessRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_ConfidentialInformationAccessRiskMember" xml:lang="en-US">Confidential Information Access Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_ConfidentialInformationAccessRiskMember" xlink:to="lab_cik0001244183_ConfidentialInformationAccessRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ContingentConvertibleSecuritiesRiskMember" xlink:label="loc_cik0001244183_ContingentConvertibleSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_ContingentConvertibleSecuritiesRiskMember" xml:lang="en-US">Contingent Convertible Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_ContingentConvertibleSecuritiesRiskMember" xlink:to="lab_cik0001244183_ContingentConvertibleSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ConvertibleSecuritiesRiskMember" xlink:label="loc_cik0001244183_ConvertibleSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_ConvertibleSecuritiesRiskMember" xml:lang="en-US">Convertible Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_ConvertibleSecuritiesRiskMember" xlink:to="lab_cik0001244183_ConvertibleSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CounterpartyRiskMember" xlink:label="loc_cik0001244183_CounterpartyRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_CounterpartyRiskMember" xml:lang="en-US">Counterparty Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_CounterpartyRiskMember" xlink:to="lab_cik0001244183_CounterpartyRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CovenantLiteObligationsRiskMember" xlink:label="loc_cik0001244183_CovenantLiteObligationsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_CovenantLiteObligationsRiskMember" xml:lang="en-US">Covenant Lite Obligations Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_CovenantLiteObligationsRiskMember" xlink:to="lab_cik0001244183_CovenantLiteObligationsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CreditDefaultSwapsRiskMember" xlink:label="loc_cik0001244183_CreditDefaultSwapsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_CreditDefaultSwapsRiskMember" xml:lang="en-US">Credit Default Swaps Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_CreditDefaultSwapsRiskMember" xlink:to="lab_cik0001244183_CreditDefaultSwapsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CreditRisksMember" xlink:label="loc_cik0001244183_CreditRisksMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_CreditRisksMember" xml:lang="en-US">Credit Risks [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_CreditRisksMember" xlink:to="lab_cik0001244183_CreditRisksMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CsdrRelatedRiskMember" xlink:label="loc_cik0001244183_CsdrRelatedRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_CsdrRelatedRiskMember" xml:lang="en-US">CSDR Related Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_CsdrRelatedRiskMember" xlink:to="lab_cik0001244183_CsdrRelatedRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CurrencyRiskMember" xlink:label="loc_cik0001244183_CurrencyRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_CurrencyRiskMember" xml:lang="en-US">Currency Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_CurrencyRiskMember" xlink:to="lab_cik0001244183_CurrencyRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_CyberSecurityRiskMember" xlink:label="loc_cik0001244183_CyberSecurityRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_CyberSecurityRiskMember" xml:lang="en-US">Cyber Security Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_CyberSecurityRiskMember" xlink:to="lab_cik0001244183_CyberSecurityRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_DebtSecuritiesRiskMember" xlink:label="loc_cik0001244183_DebtSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_DebtSecuritiesRiskMember" xml:lang="en-US">Debt Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_DebtSecuritiesRiskMember" xlink:to="lab_cik0001244183_DebtSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_IssuerRiskMember" xlink:label="loc_cik0001244183_IssuerRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_IssuerRiskMember" xlink:to="lab_cik0001244183_IssuerRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ReinvestmentRiskMember" xlink:label="loc_cik0001244183_ReinvestmentRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_ReinvestmentRiskMember" xlink:to="lab_cik0001244183_ReinvestmentRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_DerivativesRiskMember" xlink:label="loc_cik0001244183_DerivativesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_DerivativesRiskMember" xml:lang="en-US">Derivatives Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_DerivativesRiskMember" xlink:to="lab_cik0001244183_DerivativesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_DistressedAndDefaultedSecuritiesRiskMember" xlink:label="loc_cik0001244183_DistressedAndDefaultedSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_DistressedAndDefaultedSecuritiesRiskMember" xml:lang="en-US">Distressed and Defaulted Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_DistressedAndDefaultedSecuritiesRiskMember" xlink:to="lab_cik0001244183_DistressedAndDefaultedSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_DistributionRateRiskMember" xlink:label="loc_cik0001244183_DistributionRateRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_DistributionRateRiskMember" xml:lang="en-US">Distribution Rate Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_DistributionRateRiskMember" xlink:to="lab_cik0001244183_DistributionRateRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_EmergingMarketsRiskMember" xlink:label="loc_cik0001244183_EmergingMarketsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_EmergingMarketsRiskMember" xml:lang="en-US">Emerging Markets Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_EmergingMarketsRiskMember" xlink:to="lab_cik0001244183_EmergingMarketsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_EquitySecuritiesAndRelatedMarketRiskMember" xlink:label="loc_cik0001244183_EquitySecuritiesAndRelatedMarketRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_EquitySecuritiesAndRelatedMarketRiskMember" xml:lang="en-US">Equity Securities and Related Market Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_EquitySecuritiesAndRelatedMarketRiskMember" xlink:to="lab_cik0001244183_EquitySecuritiesAndRelatedMarketRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_FocusedInvestmentRiskMember" xlink:label="loc_cik0001244183_FocusedInvestmentRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_FocusedInvestmentRiskMember" xml:lang="en-US">Focused Investment Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_FocusedInvestmentRiskMember" xlink:to="lab_cik0001244183_FocusedInvestmentRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ForeignNonUSInvestmentRiskMember" xlink:label="loc_cik0001244183_ForeignNonUSInvestmentRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_ForeignNonUSInvestmentRiskMember" xml:lang="en-US">Foreign Non U S Investment Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_ForeignNonUSInvestmentRiskMember" xlink:to="lab_cik0001244183_ForeignNonUSInvestmentRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_HighYieldSecuritiesRiskMember" xlink:label="loc_cik0001244183_HighYieldSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_HighYieldSecuritiesRiskMember" xml:lang="en-US">High Yield Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_HighYieldSecuritiesRiskMember" xlink:to="lab_cik0001244183_HighYieldSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_InflationDeflationRiskMember" xlink:label="loc_cik0001244183_InflationDeflationRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_InflationDeflationRiskMember" xml:lang="en-US">Inflation Deflation Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_InflationDeflationRiskMember" xlink:to="lab_cik0001244183_InflationDeflationRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_InflationIndexedSecurityRiskMember" xlink:label="loc_cik0001244183_InflationIndexedSecurityRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_InflationIndexedSecurityRiskMember" xml:lang="en-US">Inflation Indexed Security Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_InflationIndexedSecurityRiskMember" xlink:to="lab_cik0001244183_InflationIndexedSecurityRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_LeverageRiskMember" xlink:label="loc_cik0001244183_LeverageRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_LeverageRiskMember" xlink:to="lab_cik0001244183_LeverageRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_LiquidityRiskMember" xlink:label="loc_cik0001244183_LiquidityRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_LiquidityRiskMember" xlink:to="lab_cik0001244183_LiquidityRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" xlink:label="loc_cik0001244183_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" xml:lang="en-US">Loans and Other Indebtedness Loan Acquisitions Participations and Assignments Risk [Member]</link:label>
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001244183_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" xml:lang="en-US">Loans and Other Indebtedness; Loan Acquisitions, Participations and Assignments Risk</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" xlink:to="lab_cik0001244183_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ManagementRiskMember" xlink:label="loc_cik0001244183_ManagementRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_ManagementRiskMember" xlink:to="lab_cik0001244183_ManagementRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_MarketDiscountRiskMember" xlink:label="loc_cik0001244183_MarketDiscountRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_MarketDiscountRiskMember" xlink:to="lab_cik0001244183_MarketDiscountRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_MarketDisruptionsRiskMember" xlink:label="loc_cik0001244183_MarketDisruptionsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_MarketDisruptionsRiskMember" xlink:to="lab_cik0001244183_MarketDisruptionsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_MarketRiskMember" xlink:label="loc_cik0001244183_MarketRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_MarketRiskMember" xlink:to="lab_cik0001244183_MarketRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:label="loc_cik0001244183_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xml:lang="en-US">Mortgage Related and Other Asset Backed Instruments Risk [Member]</link:label>
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001244183_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xml:lang="en-US">Mortgage-Related and Other Asset-Backed Instruments Risk</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" xlink:to="lab_cik0001244183_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_MortgageRelatedDerivativeInstrumentsRiskMember" xlink:label="loc_cik0001244183_MortgageRelatedDerivativeInstrumentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_MortgageRelatedDerivativeInstrumentsRiskMember" xml:lang="en-US">Mortgage Related Derivative Instruments Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_MortgageRelatedDerivativeInstrumentsRiskMember" xlink:to="lab_cik0001244183_MortgageRelatedDerivativeInstrumentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_OperationalRiskMember" xlink:label="loc_cik0001244183_OperationalRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_OperationalRiskMember" xlink:to="lab_cik0001244183_OperationalRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_OtherInvestmentCompaniesRiskMember" xlink:label="loc_cik0001244183_OtherInvestmentCompaniesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_OtherInvestmentCompaniesRiskMember" xlink:to="lab_cik0001244183_OtherInvestmentCompaniesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_PortfolioTurnoverRiskMember" xlink:label="loc_cik0001244183_PortfolioTurnoverRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_PortfolioTurnoverRiskMember" xlink:to="lab_cik0001244183_PortfolioTurnoverRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:label="loc_cik0001244183_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" xlink:to="lab_cik0001244183_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_PreferredSecuritiesRiskMember" xlink:label="loc_cik0001244183_PreferredSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_PreferredSecuritiesRiskMember" xlink:to="lab_cik0001244183_PreferredSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_PrivacyAndDataSecurityRiskMember" xlink:label="loc_cik0001244183_PrivacyAndDataSecurityRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_PrivacyAndDataSecurityRiskMember" xlink:to="lab_cik0001244183_PrivacyAndDataSecurityRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:label="loc_cik0001244183_PrivatePlacementsAndRestrictedSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_PrivatePlacementsAndRestrictedSecuritiesRiskMember" xlink:to="lab_cik0001244183_PrivatePlacementsAndRestrictedSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" xlink:label="loc_cik0001244183_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" xml:lang="en-US">Privately Issued Mortgage Related Securities Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" xlink:to="lab_cik0001244183_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_RealEstateRiskMember" xlink:label="loc_cik0001244183_RealEstateRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_RealEstateRiskMember" xlink:to="lab_cik0001244183_RealEstateRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_RegulationSSecuritiesRiskMember" xlink:label="loc_cik0001244183_RegulationSSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_RegulationSSecuritiesRiskMember" xlink:to="lab_cik0001244183_RegulationSSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_RegulatoryChangesRiskMember" xlink:label="loc_cik0001244183_RegulatoryChangesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_RegulatoryChangesRiskMember" xlink:to="lab_cik0001244183_RegulatoryChangesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_RegulatoryRiskCommodityPoolOperatorMember" xlink:label="loc_cik0001244183_RegulatoryRiskCommodityPoolOperatorMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_RegulatoryRiskCommodityPoolOperatorMember" xlink:to="lab_cik0001244183_RegulatoryRiskCommodityPoolOperatorMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_RepurchaseAgreementsRiskMember" xlink:label="loc_cik0001244183_RepurchaseAgreementsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_RepurchaseAgreementsRiskMember" xlink:to="lab_cik0001244183_RepurchaseAgreementsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_SecuritiesLendingRiskMember" xlink:label="loc_cik0001244183_SecuritiesLendingRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_SecuritiesLendingRiskMember" xlink:to="lab_cik0001244183_SecuritiesLendingRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_SeniorDebtRiskMember" xlink:label="loc_cik0001244183_SeniorDebtRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_SeniorDebtRiskMember" xlink:to="lab_cik0001244183_SeniorDebtRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_SovereignDebtRiskMember" xlink:label="loc_cik0001244183_SovereignDebtRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_SovereignDebtRiskMember" xlink:to="lab_cik0001244183_SovereignDebtRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_StructuredInvestmentsRiskMember" xlink:label="loc_cik0001244183_StructuredInvestmentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_StructuredInvestmentsRiskMember" xlink:to="lab_cik0001244183_StructuredInvestmentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_SubprimeRiskMember" xlink:label="loc_cik0001244183_SubprimeRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_SubprimeRiskMember" xlink:to="lab_cik0001244183_SubprimeRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_SyntheticConvertibleSecuritiesRiskMember" xlink:label="loc_cik0001244183_SyntheticConvertibleSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_SyntheticConvertibleSecuritiesRiskMember" xlink:to="lab_cik0001244183_SyntheticConvertibleSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_TaxRiskMember" xlink:label="loc_cik0001244183_TaxRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_TaxRiskMember" xlink:to="lab_cik0001244183_TaxRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_USGovernmentSecuritiesRiskMember" xlink:label="loc_cik0001244183_USGovernmentSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_USGovernmentSecuritiesRiskMember" xlink:to="lab_cik0001244183_USGovernmentSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ValuationRiskMember" xlink:label="loc_cik0001244183_ValuationRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_ValuationRiskMember" xlink:to="lab_cik0001244183_ValuationRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ZeroCouponBondStepUpsAndPaymentInKindSecuritiesRiskMember" xlink:label="loc_cik0001244183_ZeroCouponBondStepUpsAndPaymentInKindSecuritiesRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_ZeroCouponBondStepUpsAndPaymentInKindSecuritiesRiskMember" xml:lang="en-US">Zero Coupon Bond Step Ups and Payment In Kind Securities Risk [Member]</link:label>
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_cik0001244183_ZeroCouponBondStepUpsAndPaymentInKindSecuritiesRiskMember" xml:lang="en-US">Zero-Coupon Bond, Step-Ups and Payment-In-Kind Securities Risk</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_ZeroCouponBondStepUpsAndPaymentInKindSecuritiesRiskMember" xlink:to="lab_cik0001244183_ZeroCouponBondStepUpsAndPaymentInKindSecuritiesRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_InsuranceLinkedAndOtherInstrumentsRiskMember" xlink:label="loc_cik0001244183_InsuranceLinkedAndOtherInstrumentsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_InsuranceLinkedAndOtherInstrumentsRiskMember" xml:lang="en-US">Insurance Linked and Other Instruments Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_InsuranceLinkedAndOtherInstrumentsRiskMember" xlink:to="lab_cik0001244183_InsuranceLinkedAndOtherInstrumentsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_ForeignLoanOriginationsRiskMember" xlink:label="loc_cik0001244183_ForeignLoanOriginationsRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_ForeignLoanOriginationsRiskMember" xml:lang="en-US">Foreign Loan Originations Risk [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_ForeignLoanOriginationsRiskMember" xlink:to="lab_cik0001244183_ForeignLoanOriginationsRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_LoanOriginationRiskMember" xlink:label="loc_cik0001244183_LoanOriginationRiskMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_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_cik0001244183_LoanOriginationRiskMember" xlink:to="lab_cik0001244183_LoanOriginationRiskMember" />
          <link:loc xlink:type="locator" xlink:href="cik0001244183-20260630.xsd#cik0001244183_AntiTakeoverProvisionsMember" xlink:label="loc_cik0001244183_AntiTakeoverProvisionsMember" />
          <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_cik0001244183_AntiTakeoverProvisionsMember" xml:lang="en-US">Anti Takeover Provisions [Member]</link:label>
          <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cik0001244183_AntiTakeoverProvisionsMember" xlink:to="lab_cik0001244183_AntiTakeoverProvisionsMember" />
        </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="cik0001244183_ArpsMember" substitutionGroup="xbrli:item" />
  <element name="AntiTakeoverProvisionsMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_AntiTakeoverProvisionsMember" substitutionGroup="xbrli:item" />
  <element name="AssetAllocationRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_AssetAllocationRiskMember" substitutionGroup="xbrli:item" />
  <element name="CallRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CallRiskMember" substitutionGroup="xbrli:item" />
  <element name="ConfidentialInformationAccessRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ConfidentialInformationAccessRiskMember" substitutionGroup="xbrli:item" />
  <element name="ContingentConvertibleSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ContingentConvertibleSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="ConvertibleSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ConvertibleSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="CounterpartyRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CounterpartyRiskMember" substitutionGroup="xbrli:item" />
  <element name="CovenantLiteObligationsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CovenantLiteObligationsRiskMember" substitutionGroup="xbrli:item" />
  <element name="CreditDefaultSwapsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CreditDefaultSwapsRiskMember" substitutionGroup="xbrli:item" />
  <element name="CsdrRelatedRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CsdrRelatedRiskMember" substitutionGroup="xbrli:item" />
  <element name="CurrencyRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CurrencyRiskMember" substitutionGroup="xbrli:item" />
  <element name="CreditRisksMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CreditRisksMember" substitutionGroup="xbrli:item" />
  <element name="CyberSecurityRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CyberSecurityRiskMember" substitutionGroup="xbrli:item" />
  <element name="DebtSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_DebtSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="IssuerRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_IssuerRiskMember" substitutionGroup="xbrli:item" />
  <element name="ReinvestmentRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ReinvestmentRiskMember" substitutionGroup="xbrli:item" />
  <element name="DerivativesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_DerivativesRiskMember" substitutionGroup="xbrli:item" />
  <element name="DistressedAndDefaultedSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_DistressedAndDefaultedSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="DistributionRateRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_DistributionRateRiskMember" substitutionGroup="xbrli:item" />
  <element name="EmergingMarketsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_EmergingMarketsRiskMember" substitutionGroup="xbrli:item" />
  <element name="EquitySecuritiesAndRelatedMarketRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_EquitySecuritiesAndRelatedMarketRiskMember" substitutionGroup="xbrli:item" />
  <element name="FocusedInvestmentRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_FocusedInvestmentRiskMember" substitutionGroup="xbrli:item" />
  <element name="ForeignNonUSInvestmentRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ForeignNonUSInvestmentRiskMember" substitutionGroup="xbrli:item" />
  <element name="HighYieldSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_HighYieldSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="InflationDeflationRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_InflationDeflationRiskMember" substitutionGroup="xbrli:item" />
  <element name="InflationIndexedSecurityRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_InflationIndexedSecurityRiskMember" substitutionGroup="xbrli:item" />
  <element name="LeverageRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_LeverageRiskMember" substitutionGroup="xbrli:item" />
  <element name="LiquidityRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_LiquidityRiskMember" substitutionGroup="xbrli:item" />
  <element name="LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_LoansAndOtherIndebtednessLoanAcquisitionsParticipationsAndAssignmentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="ManagementRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ManagementRiskMember" substitutionGroup="xbrli:item" />
  <element name="MarketDiscountRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_MarketDiscountRiskMember" substitutionGroup="xbrli:item" />
  <element name="MarketDisruptionsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_MarketDisruptionsRiskMember" substitutionGroup="xbrli:item" />
  <element name="MarketRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_MarketRiskMember" substitutionGroup="xbrli:item" />
  <element name="MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_MortgageRelatedAndOtherAssetBackedInstrumentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="MortgageRelatedDerivativeInstrumentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_MortgageRelatedDerivativeInstrumentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="OperationalRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_OperationalRiskMember" substitutionGroup="xbrli:item" />
  <element name="OtherInvestmentCompaniesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_OtherInvestmentCompaniesRiskMember" substitutionGroup="xbrli:item" />
  <element name="PortfolioTurnoverRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_PortfolioTurnoverRiskMember" substitutionGroup="xbrli:item" />
  <element name="PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_PotentialConflictsOfInterestRiskAllocationOfInvestmentOpportunitiesMember" substitutionGroup="xbrli:item" />
  <element name="PreferredSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_PreferredSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="PrivacyAndDataSecurityRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_PrivacyAndDataSecurityRiskMember" substitutionGroup="xbrli:item" />
  <element name="PrivatePlacementsAndRestrictedSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_PrivatePlacementsAndRestrictedSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_PrivatelyIssuedMortgageRelatedSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="RealEstateRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_RealEstateRiskMember" substitutionGroup="xbrli:item" />
  <element name="RegulationSSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_RegulationSSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="RegulatoryChangesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_RegulatoryChangesRiskMember" substitutionGroup="xbrli:item" />
  <element name="RegulatoryRiskCommodityPoolOperatorMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_RegulatoryRiskCommodityPoolOperatorMember" substitutionGroup="xbrli:item" />
  <element name="RepurchaseAgreementsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_RepurchaseAgreementsRiskMember" substitutionGroup="xbrli:item" />
  <element name="SecuritiesLendingRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_SecuritiesLendingRiskMember" substitutionGroup="xbrli:item" />
  <element name="SeniorDebtRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_SeniorDebtRiskMember" substitutionGroup="xbrli:item" />
  <element name="SovereignDebtRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_SovereignDebtRiskMember" substitutionGroup="xbrli:item" />
  <element name="StructuredInvestmentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_StructuredInvestmentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="SubprimeRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_SubprimeRiskMember" substitutionGroup="xbrli:item" />
  <element name="SyntheticConvertibleSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_SyntheticConvertibleSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="TaxRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_TaxRiskMember" substitutionGroup="xbrli:item" />
  <element name="USGovernmentSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_USGovernmentSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="ValuationRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ValuationRiskMember" substitutionGroup="xbrli:item" />
  <element name="ZeroCouponBondStepUpsAndPaymentInKindSecuritiesRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ZeroCouponBondStepUpsAndPaymentInKindSecuritiesRiskMember" substitutionGroup="xbrli:item" />
  <element name="InsuranceLinkedAndOtherInstrumentsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_InsuranceLinkedAndOtherInstrumentsRiskMember" substitutionGroup="xbrli:item" />
  <element name="ForeignLoanOriginationsRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_ForeignLoanOriginationsRiskMember" substitutionGroup="xbrli:item" />
  <element name="LoanOriginationRiskMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_LoanOriginationRiskMember" substitutionGroup="xbrli:item" />
  <element name="CommonSharesMember" type="dtr-types:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cik0001244183_CommonSharesMember" substitutionGroup="xbrli:item" />
</schema>
