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PIMCO High Income Fund, PIMCO Corporate & Income Strategy Fund, And PIMCO Corporate & Income Opportunity Fund Announce Investment Policy Changes

PIMCO High Income Fund (NYSE: PHK), PIMCO Corporate & Income Strategy Fund (NYSE: PCN), and PIMCO Corporate & Income Opportunity Fund (NYSE: PTY) (each a “Fund” and, collectively, the “Funds”) each announced that its Board of Trustees has approved changes to its non-fundamental investment policies as noted below. The changes and new policies take effect immediately.

PHK

PHK has eliminated its non-fundamental investment policy to, under normal market conditions, invest at least 50% of its net assets in debt securities that are, at the time of purchase, rated below investment grade (below Baa by Moody's Investors Service, Inc. (“Moody’s”), below BBB by either Standard & Poor’s (“S&P”) or Fitch, Inc. (“Fitch”), or unrated but judged by the Fund’s sub-adviser, Pacific Investment Management Company LLC (“PIMCO”), to be of comparable quality), which may be represented by forward contracts or derivatives such as options, futures contracts or swap agreements (the “50% Policy”). PHK may now invest any portion (or none) of its assets in below investment grade securities (commonly referred to as “high yield” securities or “junk bonds”), subject to the Fund’s other investment policies, including the revised policy noted below.

PHK has to date observed a non-fundamental policy to not invest more than 20% of its total assets in securities that are, at the time of purchase, rated CCC/Caa or lower by each rating agency rating the security or that are judged by PIMCO to be of comparable quality. This policy has been amended and restated in its entirety to read as follows:

PHK will not normally invest more than 20% of its total assets in debt instruments, other than mortgage-related and other asset-backed securities, that are, at the time of purchase, rated CCC or lower by S&P and Fitch and Caa1 or lower by Moody’s, or that are unrated but determined by PIMCO to be of comparable quality to securities so rated. The Fund may invest without limitation in mortgage-related and other asset-backed securities regardless of rating— i.e., of any credit quality.

PCN and PTY

Each of PCN and PTY have to date observed a non-fundamental policy that the Fund may invest up to 5% of its total assets in defaulted bonds when PIMCO believes that the issuer’s potential revenue and prospects for recovery are favorable. This policy has been amended and restated in its entirety to read as follows for each of PCN and PTY:

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