<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>4
<FILENAME>High_Income_r77d.txt
<DESCRIPTION>INVESTMENT POLICIES
<TEXT>
Investment Strategy Updates

Effective December 22, 2014, PIMCO High Income Fund amended an existing
non fundamental investment policy, such that the Fund may now invest up to
40% of its total assets in securities and instruments that are economically
tied to emerging market countries (this limitation does not apply to
investment grade sovereign debt denominated in the relevant countrys local
currency with less than 1 year remaining to maturity). Prior to the amendment,
the Fund could invest up to 10% of its total assets in securities that are
economically tied to emerging market countries, and this limitation did not
include an exception for investment grade sovereign debt denominated in the
relevant countrys local currency with less than 1 year remaining to maturity.

In addition, effective December 22, 2014, PIMCO High Income Fund adopted a
non fundamental investment policy permitting the Fund to invest without
limitation in investment grade sovereign debt denominated in the relevant
countrys local currency with less than 1 year remaining to maturity,
subject to applicable law and any other restrictions described in the Funds
prospectus, Statement of Information or shareholder reports in effect from
time to time.

In addition, PIMCO High Income Fund has adopted the following investment
policy: The Fund may invest up to 20% of its total assets in common stocks
and other equity securities from time to time, including those it has
received through the conversion of a convertible security held by the Fund
or in connection with the restructuring of a debt security.





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</DOCUMENT>
