<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>4
<FILENAME>strat_inc_r77d.txt
<DESCRIPTION>INVESTMENT POLICIES
<TEXT>
Investment Strategy Updates

Effective December 22, 2014, each Fund (except PCM Fund, Inc.)
amended an existing non fundamental investment policy, such that
each Fund may now invest up to 40 percent of its total assets in
securities and instruments that are economically tied to emerging
market countries (this limitation does not apply to investment
gradesovereign debt denominated in the relevant countrys local
currency with less than 1 year remaining to maturity). Prior to
the amendment, PIMCO Income Opportunity Fund, PIMCO Dynamic Credit
Income Fund and PIMCO Dynamic Income Fund could invest up to 40
percent of their total assets in securities of issuers economically
tied to emerging market countries, PIMCO Global StocksPLUS and Income
Fund could invest upto 30 percent of its total assets in debt
securities of issuers economically tied to emerging market countries,
PIMCO Strategic Income Fund, Inc. could invest up to 20 percent of
its total assets in emerging market debt instruments, and these
limitations 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, each Fund
(except PCM Fund, Inc.) 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.

Effective December 22, 2014, PIMCO Strategic Income Fund, Inc. also
rescinded its non fundamental policy to invest not more than 10
percent of its total assets in Brady Bonds and its non fundamental
policy to invest not more than 3 percent of its total assets in
securities of issuers and instruments that are economically tied
to South Africa.

The following risks are associated with the policies described above:

Investments in emerging market countries pose a greater degree of risk
(i.e., the risk of a cascading collapse of multiple institutions
within a country, and even multiple national economies). Governments
of emerging market countries may engage in confiscatory taxation or
expropriation of income and or assets to raise revenues or to pursue a
domestic political agenda. There is also a greater risk that an emerging
market government may take action that impedes or prevents the Fund
from taking income and or capital gains earned in the local currency
and converting into U.S. dollars (i.e., repatriating local currency
investments or profits). Other heightened risks associated with
emerging market investments include without limitation: (i) risks due to
less social, political and economic stability; (ii) the smaller size of the
market for such securities and a lower volume of trading, resulting in a
lack of liquidity and in price volatility; (iii) certain national policies
which may restrict the Funds investment opportunities; (iv) the lack of
uniform accounting and auditing standards and or standards that may
be significantly different from the standards required in the United
States; (v) less publicly available financial and other information
regarding issuers; (vi) potential difficulties in enforcing contractual
obligations; and (vii) higher rates of inflation, higher interest rates and
other economic concerns.

Investments in debt obligations of foreign (non U.S.) governments or
their sub divisions, agencies and government sponsored enterprises
(together Foreign Government Securities) can involve risk. The
foreign governmental entity that controls the repayment of debt may
not be able or willing to repay the principal and or interest when due in
accordance with the terms of such debt. In the event of a default by a
governmental entity, there may be few or no effective legal remedies
for collecting on such debt. These risks are heightened with respect to
the Funds investments in Foreign Government Securities of emerging
market countries.

Brady Bonds involve various risk factors including residual risk and the
history of defaults with respect to commercial bank loans by public and
private entities of countries issuing Brady Bonds. There can be no
assurance that Brady Bonds in which a Fund may invest will not be
subject to restructuring arrangements or to requests for new credit,
which may cause the Fund to suffer a loss of interest or principal on
any of its holdings.


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