PCM Fund : Proxy Statement

PCM FUND, INC. ("PCM")

PIMCO CORPORATE & INCOME STRATEGY FUND ("PCN") PIMCO DYNAMIC INCOME OPPORTUNITIES FUND ("PDO") PIMCO CORPORATE & INCOME OPPORTUNITY FUND ("PTY")

650 Newport Center Drive,

Newport Beach, California 92660

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY

MATERIALS FOR THE JOINT ANNUAL MEETING OF

SHAREHOLDERS TO BE HELD ON APRIL 26, 2022

This Proxy Statement and the Annual Reports to Shareholders for the fiscal year ended June 30, 2021 for PCM and PDO and for the fiscal year ended

July 31, 2021 for PTY and PCN are also available at pimco.com/closedendfunds.

PROXY STATEMENT

March 16, 2022

FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD ON APRIL 26, 2022

INTRODUCTION

This Proxy Statement is furnished in connection with the solicitation by the Boards of Trustees/Directors1 (each, a "Board") of the shareholders of each of PCM Fund, Inc. ("PCM"), PIMCO Corporate & Income Strategy Fund ("PCN"), PIMCO Dynamic Income Opportunities Fund ("PDO") and PIMCO Corporate & Income Opportunity Fund ("PTY") (each, a "Fund" and, collectively, the "Funds") of proxies to be voted at the Joint Annual Meeting of Shareholders of each Fund and any adjournment(s) or postponement(s) thereof. The term "Meeting" is used throughout this joint Proxy Statement to refer to the Annual Meeting of Shareholders of each Fund, as dictated by the context. The Meeting will be held at the offices of Pacific Investment Management Company LLC

• Hereinafter, the terms "Trustee" or "Trustees" shall refer to a Director or Directors of PCM, as well as a Trustee or Trustees of PCN, PDO and PTY, as applicable.

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("PIMCO" or the "Manager"), at 650 Newport Center Drive, Newport Beach, California 92660, on Tuesday, April 26, 2022, at 8:00 A.M., Pacific Time. The principal executive offices of the Funds are located at 1633 Broadway, between West 50th and West 51st Streets, 42nd Floor, New York, New York 10019.

The Notice of Joint Annual Meeting of Shareholders (the "Notice"), this Proxy Statement and the enclosed proxy cards are first being sent to Shareholders on or about March 23, 2022.

The Meeting is scheduled as a joint meeting of the holders of all shares of the Funds, which consist of holders of common shares of each Fund (the "Common Shareholders") and holders of preferred shares of PCN and PTY (the "Preferred Shareholders" and, together with the Common Shareholders, the "Shareholders"). The Shareholders of each Fund are expected to consider and vote on similar matters. The Shareholders of each Fund will vote on the applicable proposal set forth herein (the "Proposal") and on any other matters that may properly be presented for vote by the Shareholders of that Fund. The outcome of voting by the Shareholders of one Fund does not affect the outcome for the other Funds.

The Board of each Fund has fixed the close of business on February 25,

2022 as the record date (the "Record Date") for the determination of Shareholders of each Fund entitled to notice of, and to vote at, the Meeting. The Shareholders of each Fund on the Record Date will be entitled to one vote per share on each matter to which they are entitled to vote and that is to be voted on by Shareholders of the Fund, and a fractional vote with respect to fractional shares, with no cumulative voting rights in the election of Trustees. The following table sets forth the number of common shares ("Common Shares") and preferred shares ("Preferred Shares" and, together with the Common Shares, the "Shares") issued and outstanding of each Fund at the close of business on the Record Date:

The classes of Shares listed for each Fund in the table above are the only classes of Shares currently issued by that Fund.

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On each proposal to be brought before the Meeting, the Preferred Shareholders, if any, will have equal voting rights (i.e., one vote per Share) with the applicable Fund's Common Shareholders and will vote together with Common Shareholders as a single class, except that the re-election of Deborah DeCotis of PCN and Alan Rappaport of PTY will be voted on exclusively by the Preferred Shareholders of that Fund voting as a separate class (the "Preferred Shares Trustee"). As summarized in the table below:

PCM:

The Common Shareholders of PCM, voting as a single class, have the right to vote on the election of E. Grace Vandecruze and the re-election of Sarah E. Cogan and John C. Maney as Directors of PCM.

PTY:

The Common and Preferred Shareholders of PTY, voting together as a single class, have the right to vote on the election of E. Grace Vandecruze and the re-election of John C. Maney and William B. Ogden, IV as Trustees of PTY; and the Preferred Shareholders of PTY, voting as a separate class, have the right to vote on the re-election of Alan Rappaport as a Trustee of PTY.

PCN:

The Common and Preferred Shareholders of PCN, voting together as a single class, have the right to vote on the election of E. Grace Vandecruze and the re-election of Sarah E. Cogan and John C. Maney as a Trustee of PCN; and the Preferred Shareholders of PCN, voting as a separate class, have the right to vote on the re-election of Deborah A. DeCotis as a Trustee of PCN.

PDO:

The Common Shareholders of PDO, voting as a single class, have the right to vote on the election of Deborah A. DeCotis, David N. Fisher, Joseph B. Kittredge, Jr. and E. Grace Vandecruze as Trustees of PDO.

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