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PIMCO Corporate & Income Strategy Fund issued a Supplement dated June 24, 2026 that revises its Prospectus and Statement of Additional Information effective immediately. The supplement restates the Fund’s portfolio policy that, under normal market conditions, the Fund will invest at least 80% of net assets plus borrowings in corporate and other income-producing securities and normally at least 50% of total assets in corporate debt instruments.
The supplement details permissible exposures and limits: up to 40% of total assets may be in instruments economically tied to emerging markets (with an exception for certain short‑dated local‑currency sovereign debt), the Fund may invest up to 20% of total assets in common stocks, and it generally will not invest more than 20% of total assets in securities rated CCC+ (S&P/Fitch) or Caa1 (Moody’s) or lower, except that mortgage‑related and other ABS may be held without rating limits. The supplement also expands disclosure on loan investments, origination activities, related risks (liquidity, valuation, foreclosure, licensing), derivatives use, and expense allocations.
PIMCO Corporate & Income Strategy Fund has updated its investment policies to expand into loans and defaulted debt. Effective June 24, 2026, the Fund may, as a principal strategy, invest in and originate a wide range of loans to companies and individuals, including below-investment-grade and subprime borrowers. Effective July 24, 2026, it may invest without limit in defaulted bonds, subject to existing guidelines.
The Fund will normally invest at least 80% of net assets plus borrowings in corporate and other income-producing securities, and at least 50% of total assets in corporate debt and related corporate securities. It may invest up to 40% of total assets in emerging markets, up to 20% in lower-rated (CCC+/Caa1 or below) non-ABS debt, and up to 20% in equities.
The supplement highlights extensive use of derivatives, credit default swaps, structured products, and loan structures such as bridge loans and debtor-in-possession financings. It also details significant credit, liquidity, legal, licensing, and servicing risks tied to loan origination, subprime exposure, illiquid investments, and complex loan markets.
PIMCO Corporate & Income Strategy Fund revised its 80% Policy, expanding the definition of qualifying investments to include certain income-producing instruments and derivatives. The Board approved the changes on June 23, 2026; the revisions are effective August 28, 2026 and are reflected in the Prospectus and SAI.
The Fund added a shareholder-protection clause requiring at least 60 days’ written notice before changing the 80% Policy; the Prospectus language clarifies counting of derivative exposure and defines “Fixed Income Instruments” and valuation approaches for derivatives in the SAI.
PIMCO Corporate & Income Strategy Fund is updating its 80% investment policy. Effective August 28, 2026, the fund will invest at least 80% of its net assets, plus any investment borrowings, in corporate debt obligations and other income-producing investments, including some from non-corporate issuers.
The fund clarifies that income-producing investments may include fixed income instruments, dividend-paying equities and various derivatives tied to those assets. Derivatives that provide exposure to investments or market risk factors within the 80% policy are expected to count toward the 80% threshold. The fund also states it will not change this 80% policy without giving shareholders at least 60 days’ written notice.
PIMCO Corporate & Income Strategy Fund is offering up to $350,000,000 of its common shares through an "at-the-market" sales agreement with JonesTrading as agent.
The Fund had net assets attributable to Common Shares of $863,423,039 and 74,721,061 Common Shares outstanding as of April 30, 2026. The Fund’s NAV on that date was $11.56 per share and the last reported sale price was $12.02 per share. Prior ATM sales through JonesTrading totaled 31,526,520 Common Shares, producing net proceeds of $421,632,646.
PIMCO’s closed-end funds PCM, PAXS, PCN, PDO and PTY have called a joint annual shareholder meeting for April 24, 2026 at PIMCO’s Newport Beach offices. Shareholders of each fund, as of the February 20, 2026 record date, will vote on the election or re-election of a slate of trustees, including independent nominees Mark Michel and Sonya Morris and interested trustee David Flattum.
The funds use a classified board structure with three trustee classes, so only part of each board is up for vote in any year, which supports continuity of oversight. Major broker-dealer platforms such as Charles Schwab and National Financial Services hold significant percentages of outstanding shares for several funds.
The proxy explains board governance, committee structure, trustee qualifications, compensation and meeting attendance, and confirms PricewaterhouseCoopers LLP as independent auditor, with disclosed audit and related fees for each fund.
PIMCO’s closed-end funds PCM, PAXS, PCN, PDO and PTY have called a joint annual shareholder meeting for April 24, 2026 at PIMCO’s Newport Beach offices. Shareholders of each fund, as of the February 20, 2026 record date, will vote on the election or re-election of a slate of trustees, including independent nominees Mark Michel and Sonya Morris and interested trustee David Flattum.
The funds use a classified board structure with three trustee classes, so only part of each board is up for vote in any year, which supports continuity of oversight. Major broker-dealer platforms such as Charles Schwab and National Financial Services hold significant percentages of outstanding shares for several funds.
The proxy explains board governance, committee structure, trustee qualifications, compensation and meeting attendance, and confirms PricewaterhouseCoopers LLP as independent auditor, with disclosed audit and related fees for each fund.
PIMCO Corporate & Income Strategy Fund insider filing: Stephen Koon Bong Chang, a member of PIMCO’s Executive Committee, filed an initial Form 3 related to PCN.
As of January 22, 2026, the filing states that no securities are beneficially owned by the reporting person.
PIMCO Corporate & Income Strategy Fund insider filing shows an initial ownership report for Jason William Mandinach. He is identified as a member of PIMCO's Executive Committee, and PIMCO serves as the fund's investment advisor. The filing states that no securities are beneficially owned.
PIMCO Corporate & Income Strategy Fund is offering up to $100,000,000 of common shares through an at-the-market program with JonesTrading. The fund, a diversified closed-end fund listed on the NYSE under the symbol PCN, seeks high current income, with capital preservation and appreciation as secondary goals. As of November 28, 2025, it had 71,561,948 common shares outstanding, with a last reported share price of $12.77 and a net asset value of $11.93.
JonesTrading may receive up to 1.00% of gross proceeds as commissions, and offering expenses are estimated at 0.04% of the offering price, implying net proceeds of approximately $98,741,372 if $100,000,000 of shares are sold at $12.77. Ongoing annual fund expenses are estimated at 1.20% of net assets attributable to common shares, including a 0.81% management fee and 0.37% in interest payments on leverage obtained mainly through reverse repurchase agreements. The portfolio emphasizes corporate and other income-producing securities, including high yield bonds, emerging markets, and mortgage-related and other asset-backed securities, and employs leverage; the fund describes these combined exposures as involving substantial risks and characterizes an investment as speculative.
PIMCO CORPORATE & INCOME STRATEGY FUND (PCN) Form 3 filed for Sonya Morris, reporting a relationship as a Director of the issuer. The filing is an initial Section 16 statement dated 09/18/2025 and signed 09/25/2025 by an attorney-in-fact. The filing states no securities are beneficially owned by the reporting person and includes an Exhibit 24 power of attorney. This confirms the director has no reportable equity position in the fund at filing.