PIMCO Corporate & Income Strategy Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund and PIMCO Income Strategy Fund II Adopt Fitch’s Updated Ratings Criteria

PIMCO Corporate & Income Strategy Fund (NYSE:PCN), PIMCO High Income Fund (NYSE:PHK), PIMCO Income Strategy Fund (NYSE:PFL) and PIMCO Income Strategy Fund II (NYSE:PFN) (each a "Fund" and collectively, the "Funds") today announced that, effective April 3, 2012, each Fund adopted amended and restated by-laws ("By-laws") that incorporate updated ratings criteria (the "New Fitch Criteria") issued by Fitch, Inc. ("Fitch") applicable to each Fund's outstanding auction rate preferred shares ("ARPS"). The New Fitch Criteria updates and replaces the Fitch preferred shares ratings criteria published in 2009 (“2009 Fitch Criteria”). According to Fitch, the core ratings methodology from the 2009 Fitch Criteria has remained intact. Key components of the New Fitch Criteria as cited by Fitch include, among others, updated asset discount factors, reclassification of certain sectors for assessing diversification, clarification to the treatment of various liabilities, and expansion of rating criteria to additional leverage forms. The New Fitch Criteria is available on the Fitch website (www.fitchratings.com) and is incorporated by reference into each Fund's By-laws.

Allianz Global Investors Fund Management LLC (“AGIFM”), an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P., serves as the Funds’ investment manager and is a member of Munich-based Allianz Group. Pacific Investment Management Company LLC, an AGIFM affiliate, serves as the Funds’ sub-adviser.

The Funds’ daily New York Stock Exchange closing market prices, net asset values per share, as well as other information, including updated portfolio statistics and performance is available at http://www.allianzinvestors.com or by calling the Funds’ shareholder servicing agent at (800) 254-5197.

Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Funds’ performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Funds’ ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, by-laws and other governing documents, as well as the Investment Company Act of 1940.


PIMCO Closed-End Funds:
Financial Advisors: 800-628-1237
Shareholders: 800-254-5197
Media Relations: 212-739-3501
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