On September 19, 2013, Brigade Capital Management, LLC sent a letter to the board of trustees of the PIMCO Income Strategy to, among other things, update the Board regarding the litigation that it initiated in December 2011 after the Board decided to postpone the 2011 annual meeting of shareholders. Brigade Capital Management, LLC also said that the Supreme Judicial Court of Massachusetts determined that Funds' decision to move the Funds' 2011 annual meeting violated the plain language of the Funds' bylaws. In the letter, Brigade Capital Management, LLC expressed its view that rather than continuing to engage in litigation, the Fund and it can have a constructive dialogue and bring the matter to a resolution that benefits all of the Funds' shareholders.

It also requested a meeting at the Fund's convenience to discuss the matters.