PIMCO Corporate & Income Strategy (PCN) revises 80% income and debt policy

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

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.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Effective date of new 80% policy: August 28, 2026 Core investment allocation threshold: 80% of net assets Shareholder notice period: 60 days +2 more

5 metrics

Effective date of new 80% policy August 28, 2026 Date revised investment policy becomes effective

Core investment allocation threshold 80% of net assets Minimum in corporate debt and income-producing investments under normal conditions

Shareholder notice period 60 days Written notice required before changing the 80% policy

Board approval date June 23, 2026 Date Board of Trustees approved changes to 80% policy

Prospectus date June 4, 2026 Base prospectus and SAI being supplemented

Key Terms

80% investment policy, income-producing investments, Fixed Income Instruments, derivative instruments, +2 more

6 terms

80% investment policy financial

"the Board of Trustees approved changes to the Fund’s 80% investment policy"

income-producing investments financial

"at least 80% of its net assets ... in corporate debt obligations ... and/or income-producing investments"

Fixed Income Instruments financial

"“Fixed Income Instruments” include bonds, debt securities, bank loans and other similar instruments"

Fixed income instruments are loans or IOUs issued by governments, companies, or other organizations that promise regular payments and return of the original amount at a set future date. For investors they matter because they provide predictable income and can reduce overall portfolio risk—think of them as renting out your money for a steady paycheck—while their value can still change with interest rates and issuer credit quality.

derivative instruments financial

"Derivative instruments used by the Fund are expected to be counted towards the Fund’s 80% Policy"

Contracts whose value is tied to the price or performance of something else—like a stock, bond, commodity, currency or market index. Think of them as a bet or an insurance policy that lets investors gain exposure, hedge risk, or speculate without owning the asset itself; their use can amplify gains or losses and affect a portfolio’s risk profile, liquidity and potential returns.

Statement of Additional Information regulatory

"Statement of Additional Information dated June 4, 2026 (the “SAI”)"

Investment Restrictions regulatory

"under the “Investment Restrictions—Other Information Regarding Investment Restrictions” section of the Fund’s SAI"

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Understanding 8-K Material Events →

Available on EDGAR 06/24/2026 - 01:25 PM Accepted by SEC EDGAR 06/24/2026 - 01:25 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) June 23, 2026

PIMCO Corporate & Income Strategy Fund

(Exact Name of Registrant as Specified in Its Charter)


Massachusetts	811-10555	00-0810435
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

1633 Broadway

New York, NY

10019

(Address of principal executive offices)

(Zip Code)

(844) 337-4626

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares	PCN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On June 23, 2026, the Board of Trustees approved a change to the Fund’s 80% investment policy. Effective August 28, 2026, the Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in corporate debt obligations of varying maturities and/or income-producing investments, which may include those of non-corporate issuers. The supplement to the Fund’s prospectus and statement of additional information disclosing this change is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

99.1	Supplement, dated June 24, 2026

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


PIMCO Corporate & Income Strategy Fund

By:		/s/ Ryan G. Leshaw
Name:		Ryan G. Leshaw
Title:		Chief Legal Officer and Secretary

Date: June 24, 2026

PIMCO Corporate & Income Strategy Fund

(the “Fund”)

Important Notice Regarding Change in Investment Policy

Supplement dated June 24, 2026 to the Fund’s Prospectus dated June 4, 2026, as supplemented from time to time (the “Prospectus”); and Statement of Additional Information dated June 4, 2026 (the “SAI”)

On June 23, 2026, the Board of Trustees approved changes to the Fund’s 80% investment policy. Effective August 28, 2026, the Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in corporate debt obligations of varying maturities and/or income-producing investments, which may include those of non-corporate issuers.

Accordingly, effective August 28, 2026, the Fund’s Prospectus and SAI are revised as shown below.

Prospectus

The first sentence of the “Portfolio Contents” section on the cover page of the Fund’s Prospectus is deleted and replaced with the following:

The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in corporate debt obligations of varying maturities and/or income-producing investments, which may include those of non-corporate issuers. Income-producing investments may include income-producing Fixed Income Instrument investments, dividend-paying equity securities, derivatives on either of the foregoing, derivatives providing exposure to other types of income-producing instruments, and any other instrument or arrangement that is structured to produce income, including any derivatives position that produces income or the sale of which produces a premium payment. “Fixed Income Instruments” include bonds, debt securities, bank loans and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

The first sentence of the first paragraph under the “Prospectus Summary—Portfolio Contents” section of the Prospectus and the first sentence of the first paragraph under the “Portfolio Contents” section of the Prospectus are deleted and replaced with the following:

The following is added to the end of the third paragraph under the “Investment Objectives and Policies” section of the Prospectus:

The Fund may not change its 80% Policy unless it provides shareholders with at least 60 days’ written notice of such change.

The following is added as the new fourth sentence of the first paragraph under the “Prospectus Summary—Portfolio Contents” section of the Prospectus and the new fourth sentence of the first paragraph under the “Portfolio Contents” section of the Prospectus:

Income-producing investments may include income-producing Fixed Income Instrument investments, dividend-paying equity securities, derivatives on either of the foregoing, derivatives providing exposure to other types of income-producing instruments, and any other instrument or arrangement that is structured to produce income, including any derivatives position that produces income or the sale of which produces a premium payment.

The following is added to the end of the first paragraph under the “Portfolio Contents—Derivatives” section of the Prospectus:

Derivative instruments used by the Fund are expected to be counted towards the Fund’s 80% Policy to the extent they provide investment exposure to investments within that Policy or to one or more of the market risk factors associated with investments included in that Policy.

The following is added as a new paragraph under the “Portfolio Contents” section of the Prospectus:

Fixed Income Instruments

“Fixed Income Instruments,” as used generally in this prospectus, includes:

•

securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (“U.S. Government Securities”);

•

corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;

•

mortgage-backed and other asset-backed securities;

•

inflation-indexed bonds issued both by governments and corporations;

•

structured notes, including hybrid or “indexed” securities and event-linked bonds;

•

bank capital and trust preferred securities;

•

loans, including participations in and assignments thereof;

•

delayed draw and delayed funding loans and revolving credit facilities;

•

bank certificates of deposit, fixed time deposits and bankers’ acceptances;

•

repurchase agreements on Fixed Income Instruments and reverse repurchase agreements on Fixed Income Instruments;

•

debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;

•

obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and

•

obligations of international agencies or supranational entities.

Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury.

The Fund, to the extent permitted by the 1940 Act, the rules thereunder or any exemptive relief therefrom, may invest in derivatives based on Fixed Income Instruments.

SAI

The eighth paragraph under the “Investment Restrictions—Other Information Regarding Investment Restrictions” section of the Fund’s SAI is deleted and replaced with the following:

The Fund may not change its policy to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in corporate debt obligations of varying maturities and/or income-producing investments, which may include those of non-corporate issuers (the “80% Policy”), unless it provides shareholders with at least 60 days’ written notice of such change.

The first sentence of the eleventh paragraph under the “Investment Restrictions—Other Information Regarding Investment Restrictions” section of the Fund’s SAI is deleted and replaced with the following:

Except as otherwise required by applicable regulation, for purposes of its investment policies and restrictions, the Fund may value derivative instruments at market value, notional value or full exposure value (i.e., the sum of the notional amount for the contract plus the market value), or any combination of the foregoing (e.g., notional value for purposes of calculating the numerator and market value for purposes of calculating the denominator for compliance with a particular policy or restriction).

The fourth sentence of the eleventh paragraph under the “Investment Restrictions—Other Information Regarding Investment Restrictions” section of the Fund’s SAI is deleted.

Investors Should Retain This Supplement for Future Reference

PCN_SUPP1_062426

Source: View Original Filing on SEC EDGAR

FAQ

What investment policy change did PIMCO PCN disclose in this 8-K?

PIMCO Corporate & Income Strategy Fund approved changes to its 80% investment policy. From August 28, 2026, it will keep at least 80% of net assets in corporate debt and income-producing investments, including certain non-corporate issuers, under normal market conditions.

When will PIMCO Corporate & Income Strategy Fund’s new 80% policy take effect?

The revised 80% investment policy takes effect on August 28, 2026. From that date, the fund must keep at least 80% of net assets, plus investment borrowings, in corporate debt obligations and income-producing investments described in its updated prospectus and SAI.

How does PIMCO PCN define income-producing investments under the new policy?

Income-producing investments can include fixed income instruments, dividend-paying equities and derivatives tied to those assets. They also include derivatives on other income-producing instruments and any structure designed to produce income or premiums, as outlined in the revised prospectus language.

Will derivatives count toward PIMCO PCN’s 80% investment policy?

Derivative instruments are expected to count toward the 80% policy when they provide investment exposure to investments covered by that policy or to their market risk factors. This applies where derivatives effectively mirror the risks or exposure of qualifying assets in the 80% basket.

Can PIMCO Corporate & Income Strategy Fund change its 80% policy again?

The fund may change its 80% policy in the future, but only after giving shareholders at least 60 days’ written notice. This notice requirement is now embedded in both the prospectus and the Statement of Additional Information under the investment restrictions section.

What documents for PIMCO PCN are amended by this investment policy change?

The changes amend the fund’s prospectus and Statement of Additional Information, both dated June 4, 2026. Specific sections on portfolio contents and investment restrictions are revised to reflect the new 80% policy language and the treatment of derivatives and income-producing investments.

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 EX-99.1 18.3 KB