Pimco Corporate & Income Strategy Fund seeks high current income, with a secondary objective of capital preservation and appreciation. Using a dynamic asset allocation strategy that focuses on duration management, credit quality analysis, risk management techniques, and broad diversification among issuers, industries and sectors, the multi-sector fund seeks high current income, with a secondary objective of capital preservation and appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets plus borrowings for investment purposes in a combination of corporate debt obligations of varying maturities, other corporate income-producing securities, and income-producing securities of non-corporate issuers, such as U.S. Government securities, municipal securities and mortgage-backed and other asset-backed securities issued on a public or private basis. The fund may invest a maximum of 25% of its total assets in non-U.S.-dollar-denominated securities. The fund will normally maintain an average portfolio duration of between zero and eight years. The portfolio manager attempts to identify investments that provide high current income through fundamental research, driven by independent credit analysis and proprietary analytical tools, and also uses a variety of techniques designed to manage risk and minimize exposure to issues that are more likely to default or otherwise depreciate in value over time.