PIMCO INCOME STRATEGY FUND (PFL) Form 424B3 — Jun 24, 2026

PIMCO Income Strategy Fund filed a supplement to its prospectus and Statement of Additional Information effective immediately. The filing updates the fund’s investment strategy to permit the investment in and origination of loans, including residential and commercial real estate, consumer, and foreign loans. The fund may now invest in below-investment-grade or unrated borrowers and hold various debt instruments like whole loans, participations, and bridge loans. The supplement details significant new risks associated with these activities, such as liquidity constraints in secondary markets, state licensing requirements, and the potential for regulatory actions.

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