<SEC-DOCUMENT>0001193125-19-292362.txt : 20191114
<SEC-HEADER>0001193125-19-292362.hdr.sgml : 20191114
<ACCEPTANCE-DATETIME>20191114161655
ACCESSION NUMBER:		0001193125-19-292362
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20191114
DATE AS OF CHANGE:		20191114
EFFECTIVENESS DATE:		20191114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Dynamic Income Fund
		CENTRAL INDEX KEY:			0001510599
		IRS NUMBER:				274580758
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-227489
		FILM NUMBER:		191220428

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>d823467dposex.htm
<DESCRIPTION>POS EX
<TEXT>
<HTML><HEAD>
<TITLE>POS EX</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">As filed with the Securities and Exchange Commission on November&nbsp;14, 2019 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">1933 Act
<FONT STYLE="white-space:nowrap">File&nbsp;No.&nbsp;333-227489&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">1940 Act
<FONT STYLE="white-space:nowrap">File&nbsp;No.&nbsp;811-22673&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;N-2</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Check appropriate box or boxes) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective&nbsp;
Amendment</FONT> No. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No.&nbsp;1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No.&nbsp;12 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>(Exact Name of Registrant as Specified in Charter) </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1633 Broadway </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York,
New York 10019 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Number, Street, City, State, Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(888)&nbsp;877-4626</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>(Registrant&#146;s Telephone Number, including Area Code) </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ryan G. Leshaw </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>c/o
Pacific Investment Management Company LLC </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>650 Newport Center Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, California 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>(Name and Address (Number, Street, City, State, Zip Code) of Agent for Service) </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies of Communications to: </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>David C. Sullivan, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ropes&nbsp;&amp; Gray LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prudential Tower, 800 Boylston Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boston, Massachusetts 02199</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Douglas P. Dick, Esq.<BR>Adam T. Teufel, Esq.<BR>Dechert LLP<BR>1900 K Street, N.W.<BR>Washington, D.C. 20006</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Approximate Date of Proposed Public Offering: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As soon as practicable after the effective date of this Registration Statement. </B></P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If any of the securities being registered on this form will be offered on a delayed or continuous basis in
reliance on Rule 415 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) other than securities offered in connection with a dividend reinvestment plan, check the following box [X]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This post-effective amendment will become effective immediately pursuant to Rule 462(d). </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Post-Effective Amendment No.&nbsp;1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File Nos. <FONT
STYLE="white-space:nowrap">333-227489</FONT> and <FONT STYLE="white-space:nowrap">811-22673)</FONT> of PIMCO Dynamic Income Fund (the &#147;Registration Statement&#148;) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No.&nbsp;1 consists only of a facing page, this explanatory note, Part C of the
Registration Statement and exhibit h filed pursuant to Item 25 of the Registration Statement. This Post-Effective Amendment No.&nbsp;1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act,
this Post-Effective Amendment No.&nbsp;1 shall become effective immediately upon filing with the Securities and Exchange Commission. Parts A and B of the Registration Statement are hereby incorporated by reference. </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART C&#151;OTHER INFORMATION </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;25:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Financial Statements: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman"><B>Included in Part A: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Financial highlights for the fiscal years ended June&nbsp;30, 2019, 2018, 2017, 2016, 2015, 2014, 2013 and 2012 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman"><B>Incorporated into Part B by reference to Registrant&#146;s most recent Certified Shareholder Report on
<FONT STYLE="white-space:nowrap">Form&nbsp;N-CSR,&nbsp;filed</FONT> August&nbsp;28, 2019 (File <FONT STYLE="white-space:nowrap">No.&nbsp;811-22673):</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Consolidated Schedule of Investments as of June&nbsp;30, 2019 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Consolidated Statement of Assets and Liabilities as of June&nbsp;30, 2019 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Consolidated Statement of Operations for the fiscal year ended June&nbsp;30, 2019 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Consolidated Statements of Changes in Net Assets for the years ended June&nbsp;30, 2019, 2018, 2017 and 2016; the fiscal period from
April&nbsp;1, 2015 to June&nbsp;30, 2015; and the year ended March&nbsp;31, 2015 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Consolidated Statement of Cash Flows for the fiscal year
ended June&nbsp;30, 2019 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Notes to Financial Statements </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:15%; font-size:10pt; font-family:Times New Roman">Report of Independent Registered Public Accounting Firm dated August&nbsp;23, 2019 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Exhibits: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">a.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amended and Restated Agreement and Declaration of Trust dated May&nbsp;7, 2012.<SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">a.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notice of Change of Trustee and Principal Address dated September&nbsp;5, 2014.<SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">a.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notice of Change of Trustees dated January&nbsp;16, 2019
<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amended and Restated Bylaws of Registrant dated May&nbsp;7,
2012.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">None. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">d.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Article III (Shares) and Article V (Shareholders&#146; Voting Powers and Meetings) of the Amended and Restated
Agreement and Declaration of Trust.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">d.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Article 10 (Shareholders&#146; Voting Powers and Meetings) of the Amended and Restated Bylaws of Registrant.<SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">d.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Form of Share Certificate of the Common Shares.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Terms and Conditions of the Dividend Reinvestment Plan.<SUP STYLE="font-size:85%; vertical-align:top">
(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">None. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">g.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Investment Management Agreement between Registrant and Pacific Investment Management Company LLC dated
September&nbsp;5, 2014.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">g.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Investment Management Agreement between PDILS I LLC and PIMCO Investment Management Company LLC dated
May&nbsp;8, 2018. <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Capital on Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Amended and Restated Sales
Agreement between Registrant and JonesTrading Institutional Services LLC. * </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">None. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">j.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Custodian Agreement between Registrant and State Street Bank&nbsp;&amp; Trust Co. dated April&nbsp;16, 2012.<SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">j.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amendment to Custodian Agreement between Registrant and State Street Bank&nbsp;&amp; Trust Co. dated
September&nbsp;5, 2014. <SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">k.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Transfer Agency Services Agreement between Registrant and American Stock Transfer&nbsp;&amp; Trust Company, LLC
dated April&nbsp;19, 2016.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">k.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Support Services Agreement between Registrant and PIMCO Investments LLC dated April&nbsp;4, 2012, as amended
May&nbsp;23, 2012, January&nbsp;4, 2013 and September&nbsp;5, 2014.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">k.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amendment to Transfer Agency and Registrar Services Agreement dated December&nbsp;13, 2018. <SUP
STYLE="font-size:85%; vertical-align:top">(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">l.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Opinion and Consent of Ropes&nbsp;&amp; Gray LLP. <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">m.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">None. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">n.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Consent of independent registered public accounting firm.
<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">o.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">None. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">p.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subscription Agreement of Allianz Asset Management of America
L.P.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">q.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">None. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">r.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Code of Ethics of Registrant.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">r.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Code of Ethics of Pacific Investment Management Company
LLC.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">r.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Code of Ethics Pursuant to Section&nbsp;406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and
Senior Financial Officers.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">s.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Power of Attorney for Sarah Cogan, Deborah A. DeCotis, David Fisher, Bradford K. Gallagher, James A. Jacobson,
Hans W. Kertess, John C. Maney, William B. Ogden, IV and Alan Rappaport. <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">s.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Power of Attorney for Eric D. Johnson. <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">s.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Power of Attorney for Bradley A. Todd. <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">z.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Form of Prospectus Supplement for &#147;at the market&#148; offering. <SUP
STYLE="font-size:85%; vertical-align:top">(3)</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Incorporated by reference to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;3 the
Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Registration Nos. <FONT STYLE="white-space:nowrap">333-179887</FONT> and <FONT STYLE="white-space:nowrap">811-22673</FONT> (filed on May&nbsp;11, 2012).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Incorporated by reference to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the
Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-215573</FONT> and <FONT STYLE="white-space:nowrap">811-22673</FONT> (filed on March&nbsp;23,
2017). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Incorporated by reference to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the
Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-227489</FONT> and <FONT STYLE="white-space:nowrap">811-22673</FONT> (filed on November&nbsp;4,
2019). </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;26:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Marketing Arrangements </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Reference is made to the sales agreement for the Registrant&#146;s common shares filed herewith and the section entitled &#147;Plan of
Distribution&#148; contained in the Registrant&#146;s Prospectus, filed as Part A of the Registrant&#146;s Registration Statement incorporated herein by reference. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;27:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other Expenses of Issuance and Distribution </B></P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">72,679</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financial Industry Regulatory Authority, Inc. Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">84,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing and Engraving Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">41,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">60,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York Stock Exchange Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">42,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$15,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer Agent Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Marketing Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$315,179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;28:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Persons Controlled by or under Common Control with Registrant </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Registrant owns 100% of the following consolidated subsidiary: PDILS I LLC, a Delaware limited liability company. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;29:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Number of Holders of Securities </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At September&nbsp;30, 2019: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="93%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Title of Class</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Number&nbsp;of&nbsp;Record&nbsp;Holders</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Shares, par value $0.00001</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">103</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;30:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnification </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Reference is made to Article VIII, Sections 1 through 4, of the Registrant&#146;s Amended and Restated Agreement and Declaration of Trust,
which is incorporated by reference herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Insofar as indemnification for liabilities arising under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Trust&#146;s Amended and Restated Agreement and Declaration of Trust, its Amended and
Restated Bylaws or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and, therefore, is unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such trustees, officers or controlling persons in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;31:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Business and Other Connections of Investment Adviser </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Pacific Investment Management Company LLC (&#147;PIMCO&#148;) is an investment adviser registered under the Advisers Act. The list required by
this Item 31 of officers and directors of PIMCO, together with any information as to any business, profession, vocation, or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated
herein by reference from Form ADV filed by PIMCO pursuant to the Advisers Act (SEC File <FONT STYLE="white-space:nowrap">No.&nbsp;801-48187).</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;32:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Location of Accounts and Records </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">The account books and other documents required to be maintained by the Registrant pursuant to Section&nbsp;31(a) of the Investment Company Act
of 1940 and the rules thereunder will be maintained at the offices of Pacific Investment Management Company LLC, 1633 Broadway, New York, NY 10019, State Street Bank and Trust Company, 801 Pennsylvania Avenue, Kansas City, Missouri 64105, American
Stock Transfer&nbsp;&amp; Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219, and Allianz Global Investors Fund Management LLC, 1633 Broadway, New York, NY 10019. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;33:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Management Services </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left"><B>Item&nbsp;34:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Undertakings </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Registrant undertakes to suspend the offering of its Common Shares until it amends the prospectus filed
herewith if (1)&nbsp;subsequent to the effective date of its registration statement, the net asset value declines more than 10&nbsp;percent from its net asset value as of the effective date of the registration statement, or (2)&nbsp;the net asset
value increases to an amount greater than its net proceeds as stated in the prospectus. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registrant undertakes: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the
most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to include any material information with respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in the Registration Statement. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that for the purpose of determining any liability under the Securities Act, each post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is
subject to Rule 430C: Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e)&nbsp;under the Securities Act as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the
Securities Act shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the
registration or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in
the initial distribution of securities: </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:29%; font-size:10pt; font-family:Times New Roman">The undersigned Registrant undertakes that in a primary offering of securities
of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be
filed pursuant to Rule 497 under the Securities Act. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the portion of any advertisement pursuant to Rule 482 under the Securities Act relating to the offering
containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registrant undertakes that: </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of determining any liability under the 1933 Act, the information omitted from the form of
prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 497(h) under the 1933 Act shall be deemed to be part of this registration statement as of
the time it was declared effective; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For the purpose of determining any liability under the 1933 Act, each post-effective amendment that contains a
form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt
delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">A copy of the
Amended and Restated Agreement and Declaration of Trust of PIMCO Dynamic Income Fund (the &#147;Fund&#148;), together with all amendments thereto, is on file with the Secretary of State of The Commonwealth of Massachusetts, and notice is hereby
given that this instrument is executed on behalf of the Fund by any officer of the Fund as an officer and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees of the Fund or
shareholders of the Fund individually, but are binding only upon the assets and property of the Fund. </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused
this Post-Effective Amendment No.&nbsp;1 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Washington in the District of Columbia on the 14th day of November, 2019. </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PIMCO DYNAMIC INCOME FUND</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Eric D. Johnson*</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Eric D. Johnson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No.&nbsp;1 to the
Registrant&#146;s Registration Statement has been signed below by the following persons in the capacities and on the date indicated. </P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.10pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.10pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Capacity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.10pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;Eric D. Johnson*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">President (Principal Executive Officer)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14,&nbsp;2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Eric D. Johnson</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;Bradley A. Todd*</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2">Treasurer (Principal Financial&nbsp;&amp; Accounting&nbsp;Officer)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Bradley A. Todd</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;Sarah E. Cogan*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;Deborah A. DeCotis*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;Bradford K. Gallagher*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Bradford K. Gallagher</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;James A. Jacobson*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;James A. Jacobson</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;Hans W. Kertess*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Hans W. Kertess</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;John C. Maney*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;John C. Maney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;William B. Ogden, IV*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;William B. Ogden, IV</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;Alan Rappaport*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;David Fisher*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;14, 2019</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;David Fisher</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">*</SUP>By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Adam T. Teufel</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adam T. Teufel</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">as&nbsp;attorney-in-fact</FONT></FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:45pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">*</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to powers of attorney filed on November&nbsp;4, 2019 with the Registrant&#146;s <FONT
STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> Registration Nos. <FONT STYLE="white-space:nowrap">333-227489</FONT> and <FONT
STYLE="white-space:nowrap">811-22673.</FONT> </P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEX OF EXHIBITS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>Exhibit</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Exhibit Name</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>h.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Capital on Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Amended and Restated Sales Agreement between Registrant and JonesTrading Institutional Services LLC.</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H
<SEQUENCE>2
<FILENAME>d823467dex99h.htm
<DESCRIPTION>EX-99.H
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.h</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:55pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC INCOME FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>COMMON SHARES </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>CAPITAL ON DEMAND<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> </U></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDED AND RESTATED </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>SALES AGREEMENT </U></B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">November 8, 2019 </P> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JONESTRADING INSTITUTIONAL
SERVICES LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">757 Third Avenue, 23<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">New York, NY 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Dynamic Income Fund, an unincorporated voluntary association with transferable shares organized and existing under and
by virtue of the laws of The Commonwealth of Massachusetts (commonly referred to as a Massachusetts business trust) (the &#147;<B><U>Fund</U></B>&#148;), and Pacific Investment Management Company LLC, a Delaware limited liability company (the
&#147;<B><U>Manager</U></B>&#148;), previously entered into a Capital on Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Sales Agreement with JonesTrading Institutional Services LLC (&#147;<B><U>Jones</U></B>&#148;), dated
March&nbsp;23, 2017 (the &#147;<B><U>Original Agreement</U></B>&#148;). The Original Agreement is hereby amended and restated as follows (this &#147;<B><U>Agreement</U></B>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance and Sale of Shares</U>. The Fund agrees that, from time to time during the term of this
Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through Jones, acting as agent and/or principal, the Fund&#146;s common shares of beneficial interest, par value $0.00001 per share (the
&#147;<B><U>Shares</U></B>&#148;); provided, however, that in no event shall the Fund issue or sell through Jones such number of Shares that (a)&nbsp;exceeds the number of shares or dollar amount of Shares registered on the effective Registration
Statement (as defined below) pursuant to which the offering is being made or (b)&nbsp;exceeds the number of shares or dollar amount registered on the Prospectus Supplement (defined below) (the lesser of (a)&nbsp;or (b) the &#147;<B><U>Maximum
Amount</U></B>&#148;). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this <U>Section</U><U></U><U>&nbsp;1</U> on the number of Shares issued and sold under this
Agreement shall be the sole responsibility of the Fund, and Jones shall have </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
no obligation in connection with such compliance. The issuance and sale of Shares through Jones will be effected pursuant to the Registration Statement (as defined below) filed by the Fund and
declared effective by the Securities and Exchange Commission (the &#147;<B><U>Commission</U></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund has
entered into an Investment Management Agreement with the Manager dated as of September&nbsp;5, 2014, a Custodian Agreement with State Street Bank and Trust Company (&#147;<B><U>State Street</U></B>&#148;) dated as of April&nbsp;16, 2012, as amended
September&nbsp;5, 2014, a Support Services Agreement with PIMCO Investments LLC (&#147;<B><U>PI</U></B>&#148;) dated as of April&nbsp;4, 2012, as amended May&nbsp;23, 2012, January&nbsp;4, 2013 and September&nbsp;5, 2014, and a Transfer Agency
Services Agreement with American Stock Transfer&nbsp;&amp; Trust Company, LLC (&#147;<B><U>AST</U></B>&#148;) dated as of April&nbsp;19, 2016, and such agreements are herein referred to as the &#147;<B><U>Management Agreement</U></B>,&#148; the
&#147;<B><U>Custodian Agreement</U></B>,&#148; the &#147;<B><U>Support Services Agreement</U></B>&#148; and the &#147;<B><U>Transfer Agency Agreement</U></B>,&#148; respectively. Collectively, the Management Agreement, the Custodian Agreement, the
Support Services Agreement and the Transfer Agency Agreement are herein referred to as the <B>&#147;</B><B><U>Fund Agreements</U></B><B>.&#148;</B> In addition, the Fund has adopted a dividend reinvestment plan (the &#147;<B><U>Dividend Reinvestment
Plan</U></B>&#148;) pursuant to which the applicable holders of Shares shall have their dividends automatically reinvested in additional Shares of the Fund unless they elect to receive such dividends in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund (a)&nbsp;has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and
regulations thereunder (collectively, the &#147;<B><U>Securities Act</U></B>&#148;) and the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively, the &#147;<B><U>Investment Company Act</U></B>&#148;),
with the Commission a registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File Nos. <FONT STYLE="white-space:nowrap">333-227489</FONT> and <FONT STYLE="white-space:nowrap">811-22673)</FONT> (the &#147;<B><U>Original
Registration Statement</U></B>&#148;) and (b)&nbsp;may file, in accordance with the provisions of the Securities Act and the Investment Company Act, with the Commission one or more subsequent registration statements on Form <FONT
STYLE="white-space:nowrap">N-2,</FONT> including, in each case, a base prospectus (&#147;<B><U>Basic Prospectus</U></B>&#148;), with respect to the Shares. The Fund shall prepare one or more supplements relating to the Shares (collectively, the
&#147;<B><U>Prospectus Supplement</U></B>&#148;) to the Basic Prospectus, to be filed with the Commission pursuant to Rule 497 under the Securities Act. The Fund shall furnish to Jones, for use by Jones, copies of the Basic Prospectus, as
supplemented by the Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, the Original Registration Statement, as amended when it became effective, including all documents filed as part thereof, including the
Fund&#146;s Statement of Additional Information, and including any information contained in a Prospectus Supplement subsequently filed with the Commission pursuant to Rule 497 under the Securities Act or any subsequent registration statement on Form
<FONT STYLE="white-space:nowrap">N-2,</FONT> as amended when it becomes effective, including all documents filed as a part thereof, (i)&nbsp;filed pursuant to Rule 415(a)(6) under the Securities Act by the Fund with respect to any securities
registered pursuant to the Original Registration Statement, including any Placement Shares, as a result of the end of the three-year period described in Rule 415(a)(5) under the Securities Act or (ii)&nbsp;to register any additional Shares to be
issued and sold under this Agreement, is herein called the &#147;<B><U>Registration Statement.</U></B>&#148; The Basic Prospectus, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus
Supplement have most recently been filed by the Fund with the Commission pursuant to Rule 497 under the Securities Act, is herein called the &#147;<B><U>Prospectus</U></B>.&#148; For purposes of this Agreement, all references to the Registration
Statement, the Prospectus, or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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System (&#147;<B><U>EDGAR</U></B>&#148;). For purposes of this Agreement, all references to the Registration Statement, unless otherwise noted and except as the context otherwise requires, shall
be deemed to include any and all amendments thereto filed with the Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Placements</U>. Each time that the Fund wishes to issue and sell Shares hereunder (each, a
&#147;<B><U>Placement</U></B>&#148;), it will notify Jones by <FONT STYLE="white-space:nowrap">e-mail</FONT> notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance with which it desires the
Shares to be sold, which shall, at a minimum, include the number of Shares to be issued (the &#147;<B><U>Placement Shares</U></B>&#148;), the time period during which sales are requested to be made, any limitation on the number of Placement Shares
that may be sold in any one day, any minimum price below which sales may not be made and the discount, commission or other compensation to be paid by the Fund to Jones (a &#147;<B><U>Placement Notice</U></B>&#148;), a form of which, containing such
minimum sales parameters necessary, is attached hereto as <U>Schedule</U><U></U><U>&nbsp;1</U>. The Placement Notice shall originate from any of the individuals from the Fund set forth on <U>Schedule</U><U></U><U>&nbsp;3</U> (with a copy to each of
the other individuals from the Fund listed on such schedule), and shall be addressed to each of the individuals from Jones set forth on <U>Schedule</U><U></U><U>&nbsp;3</U>, as such <U>Schedule</U><U></U><U>&nbsp;3</U> may be amended from time to
time. The Placement Notice shall be effective upon receipt by Jones unless and until (i)&nbsp;in accordance with the notice requirement set forth in <U>Section</U><U></U><U>&nbsp;4</U>, Jones, within one (1)&nbsp;business day of its receipt of the
Placement Notice, declines to accept the terms contained therein for any reason, in its sole discretion, (ii)&nbsp;the entire amount of the Placement Shares have been sold, (iii)&nbsp;in accordance with the notice requirements set forth in
<U>Section</U><U></U><U>&nbsp;4</U>, the Fund or Jones suspends or terminates the sale of Placement Shares related to such Placement Notice, (iv)&nbsp;the Fund delivers a subsequent Placement Notice to Jones with parameters superseding those on the
earlier dated Placement Notice, or (v)&nbsp;the Agreement has been terminated under the provisions of <U>Section</U><U></U><U>&nbsp;12</U>. The amount of any discount, commission or other compensation to be paid by the Fund to Jones in connection
with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in <U>Schedule</U><U></U><U>&nbsp;2</U>, unless superseded by the terms and conditions as set forth in the applicable Placement Notice. It is expressly
acknowledged and agreed that neither the Fund nor Jones will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Fund delivers a Placement Notice to Jones and Jones does not decline, within the
time period specified above, such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice,
the terms of the Placement Notice will control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale of Placement Shares by Jones.</U>
Subject to the terms and conditions herein set forth, upon the Fund&#146;s delivery of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended or otherwise terminated in accordance with the
terms of this Agreement, Jones, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares up to the amount specified, and
otherwise in accordance with the terms of such Placement Notice. Jones will provide written confirmation to the Fund no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of
Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Fund with respect to such sales, with an itemization of deductions made by Jones (as set forth in
<U>Section</U><U></U><U>&nbsp;5(a)</U>) from the gross proceeds that it receives from such sales, and the Net Proceeds (as defined below) payable to the Fund. The Fund and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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Manager each acknowledge that Jones intends to sell the Placement Shares in privately negotiated transactions and/or any other method permitted by law, including sales made directly on the New
York Stock Exchange (the &#147;<B><U>Exchange</U></B>&#148;), the then-existing trading market for the Shares or sales made to or through a market maker or through an electronic communications network, or in any other manner that may be deemed to be
an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market&#148;</FONT></FONT> offering as defined in Rule 415 of the Securities Act, in each case, at or above the then-current net asset value of the Fund&#146;s common
shares (exclusive of any distributing commission or discount payable by the Fund to Jones pursuant to Section&nbsp;2 hereof) as determined by the Fund as of the close of regular trading on the Exchange on the Trading Day immediately preceding the
Trading Day on which Jones has made sales of Placement Shares hereunder in accordance with Section&nbsp;23(b) of the Investment Company Act. To the extent that Jones acts as the Fund&#146;s agent with respect to any such sale, Jones covenants that
it will comply with all prospectus delivery requirements imposed under applicable federal and state securities laws. Jones will not use any advertising, sales literature or other promotional material (including &#147;prospectus wrappers,&#148;
&#147;broker kits,&#148; &#147;road show slides&#148; and &#147;road show scripts&#148;), whether in printed or electronic form, in connection with the offering and sale of the Placement Shares (collectively, &#147;sales material&#148;) that has not
been authorized in writing or prepared by the Fund or the Manager in connection with the offering and sale of the Placement Shares. To the extent that Jones uses any sales material that has been authorized in writing or prepared by the Fund or the
Manager in connection with the offering and sale of Placement Shares and such sales material is required to be filed with the Financial Industry Regulatory Authority (&#147;<B><U>FINRA</U></B>&#148;) under FINRA&#146;s conduct rules, Jones or its
counsel will file such sales material with FINRA within the time periods required by FINRA&#146;s conduct rules. Jones covenants that any statements that it or its directors, officers, employees, agents or affiliates make in connection with the
offering and sale of the Placement Shares will be consistent with the disclosure in the Registration Statement and Prospectus.&nbsp;&nbsp;&nbsp;&nbsp;The Fund and the Manager each acknowledge and agree that (i)&nbsp;there can be no assurance that
Jones will be successful in selling Placement Shares, and (ii)&nbsp;Jones will not incur any liability or obligation to the Fund, the Manager or any other person or entity if it does not sell Placement Shares for any reason other than a failure by
Jones to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares as required under this <U>Section</U><U></U><U>&nbsp;3</U>. For the purposes hereof, &#147;<B><U>Trading
Day</U></B>&#148; means any day the principal exchange or market on which the Shares are listed or quoted (which, as of the date of this Agreement, is the Exchange) is open for trading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension of Sales</U>. The Fund or Jones may, upon notice to the other party in writing
(including by <FONT STYLE="white-space:nowrap">e-mail</FONT> correspondence to all of the individuals of the other party set forth on <U>Schedule</U><U></U><U>&nbsp;3</U> or by telephone (confirmed immediately by verifiable facsimile transmission or
<FONT STYLE="white-space:nowrap">e-mail</FONT> correspondence to all of the individuals of the other party set forth on <U>Schedule</U><U></U><U>&nbsp;3</U>)), suspend or refuse to undertake any sale of Placement Shares; <U>provided</U>,
<U>however</U>, that such suspension or refusal shall not affect or impair either party&#146;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties hereto agrees that no such notice
shall be effective against the other unless and until it is made to the individuals named on <U>Schedule</U><U></U><U>&nbsp;3</U> hereto in accordance with this <U>Section</U><U></U><U>&nbsp;4</U>, as such Schedule may be amended from time to time.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable
Placement Notice, settlement for sales of Placement Shares will occur on the second (2<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP>) Business Day (or such earlier day as is agreed to by the parties) following the date on which such sales
are made (each, a &#147;<B><U>Settlement Date</U></B>&#148;). The amount of proceeds to be delivered to the Fund on a Settlement Date against the receipt of the Placement Shares sold (the &#147;<B><U>Net Proceeds</U></B>&#148;) will be equal to the
aggregate sales price at which such Placement Shares were sold, after deduction for (i)&nbsp;Jones&#146;s commission, discount or other compensation for such sales payable by the Fund pursuant to <U>Section</U><U></U><U>&nbsp;2</U> hereof, and
(ii)&nbsp;any transaction fees properly imposed by any governmental or self-regulatory organization in respect of such sales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery of Shares</U>. On or before each Settlement Date, the Fund will, or will
cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting Jones&#146;s or its designee&#146;s account at The Depository Trust Company through its Deposit and Withdrawal at Custodian
(&#147;<B><U>DWAC</U></B>&#148;) System or by such other means of delivery as may be mutually agreed upon by the parties hereto and, upon receipt of such Placement Shares, which in all cases shall be freely tradable, transferable, registered shares
in good deliverable form, Jones will deliver the related Net Proceeds in same day funds to an account designated by the Fund prior to the Settlement Date. If the Fund defaults on its obligation to deliver Placement Shares on a Settlement Date, the
Fund and the Manager each agree that, in addition to and in no way limiting the rights and obligations set forth in <U>Section</U><U></U><U>&nbsp;10(a)</U> hereto, the Fund will (i)&nbsp;hold Jones harmless against any loss, claim, damage, or
expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Fund and (ii)&nbsp;pay to Jones any commission, discount, or other compensation to which it would otherwise have been
entitled absent such default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Offering Size</U>. Under no
circumstances shall the Fund cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed
the lesser of (A)&nbsp;together with all sales of Placement Shares under this Agreement, the Maximum Amount, (B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement and (C)&nbsp;the amount authorized
from time to time to be issued and sold under this Agreement by the Fund&#146;s board of trustees, a duly authorized committee thereof or a duly authorized executive committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representation and Warranty of Jones</U>. Jones represents and warrants to the Fund and the
Manager that it has full corporate power and authority to enter into this Agreement, the execution and delivery of, and the performance by Jones of its obligations under this Agreement have been duly and validly authorized by Jones and this
Agreement has been duly executed and delivered by Jones and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and legally binding agreement of Jones, enforceable against Jones in accordance with its
terms, except as rights to indemnity and contribution hereunder may be limited by federal or state securities laws and subject to the qualification that the enforceability of Jones&#146; obligations hereunder may be limited by bankruptcy,
insolvency, reorganization, moratorium and other laws relating to or affecting creditors&#146; rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of the Fund and the
Manager</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties by the Fund and the Manager</U>.
The Fund and the Manager, jointly and severally, represent and warrant to and agree with Jones as of the date hereof, as of each Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;8(i)</U> below), and as of each filing date of a Report
(as defined in Section&nbsp;8(g) below) as follows, unless such representation, warranty or agreement specifies a different date or time: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Original Registration Statement has been declared effective by the
Commission under the Securities Act as of the date hereof. The Registration Statement is effective under the Securities Act as of each Representation Date and as of each filing date of a Report. Each Prospectus included as part of the Registration
Statement as originally filed or as part of any amendment or supplement thereto or filed pursuant to Rule 497 of the Securities Act complied when so filed in all material respects with the provisions of the Securities Act and the Investment Company
Act. The Commission has not issued any order preventing or suspending the use of the Prospectus or the effectiveness of the Registration Statement and no proceedings for such purpose have been instituted or, to the knowledge of the Fund, are
contemplated by the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement in
the form in which it became effective and also in such form as it may be when any post-effective amendment thereto shall become effective and as of the date hereof, as of the time of each sale of Placement Shares pursuant to this Agreement (the
&#147;<B><U>Applicable Time</U></B>&#148;) and as of each Settlement Date, and (B)&nbsp;the Prospectus when filed with the Commission under Rule 497 of the Securities Act and as of the date hereof, as of each Applicable Time and as of each
Settlement Date, complied or will comply in all material respects with the provisions of the Securities Act and the Investment Company Act, and each of the Registration Statement and the Prospectus did not or will not at any such times contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading;
except that this representation and warranty does not apply to statements in or omissions from the Registration Statement and the Prospectus made in reliance upon and in conformity with information relating to Jones furnished to the Fund or the
Manager by or on behalf of Jones for use therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has
been duly formed and is validly existing as an unincorporated voluntary association under the laws of The Commonwealth of Massachusetts (commonly known as a &#147;Massachusetts business trust&#148;), with full power and authority to conduct all the
activities conducted by it, to own or lease all assets owned or leased by it and to conduct its business as described in the Registration Statement and Prospectus, and the Fund is duly licensed and qualified to do business and in good standing in
each jurisdiction in which its ownership or leasing of property or its conducting of business requires such qualification, except where the failure to be so qualified or be in good standing would not have a material adverse effect on the condition
(financial or other), business prospects, properties, net assets or results of operations of the Fund (a &#147;<B><U>Fund Material Adverse Effect</U></B>&#148;), and the Fund owns, possesses or has </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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obtained and currently maintains all governmental licenses, permits, consents, orders, approvals and other authorizations, whether foreign or domestic, necessary to carry on its business as
contemplated in the Prospectus to the extent that failure to hold such governmental license, permit, consent order, approval or other authorization would have a Fund Material Adverse Effect. The Fund has no subsidiaries other than PDILS I LLC, a
Delaware limited liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s authorized
equity capitalization is as set forth in the Prospectus; the shares of beneficial interest of the Fund conform in all material respects to the description thereof contained in the Prospectus; all outstanding shares of beneficial interest of the Fund
have been duly and validly authorized and issued and are fully paid and nonassessable by the Fund; the Placement Shares have been duly and validly authorized, and, when issued and delivered against payment therefor in accordance with this Agreement,
will be fully paid and nonassessable by the Fund; and the Placement Shares are duly listed, and admitted and authorized for trading, subject to official notice of issuance and evidence of satisfactory distribution, on the Exchange. The issuance of
the Placement Shares will not be subject to any preemptive or similar rights (except as described or referred to in the Registration Statement or the Prospectus). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is duly registered under the Investment Company Act as a <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company and the Fund&#146;s notification of registration as an investment company under the Investment Company Act on Form <FONT STYLE="white-space:nowrap">N-8A,</FONT> as amended
from time to time (the &#147;<B><U>Investment Company Act Notification</U></B>&#148;), has been duly filed with the Commission. The Fund has not received any notice from the Commission pursuant to Section&nbsp;8(e) of the Investment Company Act with
respect to the Investment Company Act Notification or the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has full power and authority to enter into this Agreement. The
execution and delivery of and the performance by the Fund of its obligations under this Agreement and the Fund Agreements have been duly and validly authorized by the Fund, and this Agreement and the Fund Agreements have been duly executed and
delivered by the Fund and, assuming due authorization, execution and delivery by each of the other parties thereto, constitute the valid and legally binding agreements of the Fund, enforceable against the Fund in accordance with their terms, except
as rights to indemnity and contribution thereunder may be limited by federal or state securities laws or principles of public policy and subject to the qualification that the enforceability of the Fund&#146;s obligations hereunder and thereunder may
be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors&#146; rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in
equity or at law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of (i)&nbsp;the execution and delivery by
the Fund of the Fund Agreements, (ii)&nbsp;the issue and sale by the Fund of the Placement Shares as contemplated by this Agreement and (iii)&nbsp;the performance by the Fund of its obligations under any of the Fund Agreements or consummation by the
Fund of the other transactions contemplated by the Fund Agreements conflicts with or will conflict with, or results or will result in a breach of, (a)&nbsp;the Agreement and Declaration of Trust or the Bylaws of the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Fund, each as amended or restated from time to time (the &#147;<B><U>Declaration of Trust</U></B>&#148; and the &#147;<B><U>Bylaws</U></B>,&#148; respectively), or (b)&nbsp;any agreement or
instrument to which the Fund is a party or by which the Fund is bound, or (c)&nbsp;any law, rule or regulation applicable to the Fund, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Fund,
whether foreign or domestic, except in the case of (b)&nbsp;and (c) above where such conflict or breach would not have a Fund Material Adverse Effect. No consent, approval, authorization, order or permit of, or qualification with, any governmental
body or agency, self-regulatory organization or court or other tribunal, whether foreign or domestic, is required for the performance by the Fund of its obligations under the Fund Agreements, except such as have been obtained and as may be required
by the Acts, the Advisers Act or the Exchange Act, the applicable rules and regulations of FINRA, or by the securities or Blue Sky laws of the various states and foreign jurisdictions in connection with the offer and sale of the Placement Shares,
and except where the failure to obtain such consent, approval, authorization, order, permit or qualification would not have a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not currently in material breach of, or in default under,
any written agreement or instrument to which it is a party or by which it or its property is bound or affected, except where such breach or default does not have a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No security holder of the Fund has any right to the registration of any
securities of the Fund because of the filing of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shares are duly authorized for listing, subject to official notice of
issuance, on the Exchange and the Fund&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">8-A,</FONT> under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively called the
&#147;<B><U>Exchange Act</U></B>&#148;), is effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP (&#147;<B><U>PwC</U></B>&#148;), whose report
appears in the Registration Statement, has confirmed to the Fund&#146;s Board of Trustees that they are independent public accountants with respect to the Fund as required by the Securities Act and the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements of the Fund included in the Registration Statement
and the Prospectus, together with the related schedules (if any) and notes, present fairly in all material respects the financial position of the Fund at the dates indicated and the results of operations and cash flows of the Fund for the periods
specified; and all such financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved and comply as to form with all applicable accounting requirements under the Securities Act and the
Investment Company Act, and the other financial and statistical information and data included in the Registration Statement and the Prospectus are accurately derived from such financial statements and the books and records of the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has not occurred
any material adverse change in the condition, financial or otherwise, or in the earnings, business, prospects or operations of the Fund (other than as a result of a change in the financial markets generally) since the date as of which information is
given in the Registration Statement and the Prospectus, and there have been no transactions entered into by the Fund which are material to the Fund other than those in the ordinary course of its business or as described in the Prospectus, in each
case except to the extent that that any such change or transaction (x)&nbsp;would not have a material adverse effect on the Fund&#146;s ability to consummate the transactions herein contemplated or to perform its obligations under this Agreement or
(y)&nbsp;would not have a Fund Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are
no legal or governmental proceedings pending or, to the knowledge of the Fund, threatened to which the Fund is a party or to which any of the properties of the Fund is subject that (i)&nbsp;would reasonably be expected to have a material adverse
effect on the Fund&#146;s performance of this Agreement or the consummation of any of the transactions herein contemplated or (ii)&nbsp;would reasonably be expected to have a Fund Material Adverse Effect, except as set forth in or contemplated in
the Registration Statement and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as stated
or contemplated in this Agreement, the Registration Statement and the Prospectus, the Fund has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in,
stabilization or manipulation of the price of any security of the Fund to facilitate the sale or resale of the Placement Shares in violation of the Exchange Act, and the Fund is not aware of any such action taken or to be taken by any affiliates of
the Fund (for these purposes, not including Jones) other than tender offers or share repurchases effected following the date on which the distribution of the Placement Shares is completed, and the issuance or purchase of shares pursuant to the
Fund&#146;s Dividend Reinvestment Plan, in each case, so long as such actions are in compliance with all applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to direct the investment of the proceeds of the
offering of the Placement Shares in such a manner as to maintain its status as a regulated investment company under the requirements of Subchapter M of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust and the Bylaws and the Fund Agreements comply
in all material respects with all applicable provisions of the Investment Company Act and the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder (collectively, the &#147;<B><U>Advisers Act</U></B>&#148;), and all
approvals of such documents, if any, required under the Investment Company Act by the Fund&#146;s Board of Trustees have been obtained and are in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund Agreements are in full force and effect and the Fund is not
in default thereunder, except where such a default (x)&nbsp;would not have a material adverse effect on the Fund&#146;s performance of this Agreement or the consummation of any of the transactions herein contemplated or (y)&nbsp;would not have a
Fund Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the
Registration Statement and the Prospectus, no trustee of the Fund is (A)&nbsp;an &#147;interested person&#148; (as defined in the Investment Company Act) of the Fund or (B)&nbsp;an &#147;affiliated person&#148; (as defined in the Investment Company
Act) of Jones. For purposes of this <U>Section</U><U></U><U>&nbsp;7(a)(19)</U>, the Fund and the Manager shall be entitled to rely on representations from such officers and trustees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has filed all
tax returns required to be filed or has requested extensions thereof (except in any case in which the failure to so file would not result in a Fund Material Adverse Effect, except as set forth in or contemplated in the Prospectus), and the Fund is
not in material default in the payment of any taxes which were shown as payable on said returns or any assessments with respect thereto, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not
result in a Fund Material Adverse Effect, except as set forth in or contemplated in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund carries, or is covered by, insurance in such amounts and
covering such risks as is adequate for the conduct of its business and value of its properties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has not distributed and, prior to the completion of the
issuance and sale of the Placement Shares in accordance with this Agreement, will not distribute any offering material in connection with the offering and sale of the Placement Shares other than the Registration Statement, the Prospectus or other
sales materials permitted by the Securities Act or the Investment Company Act. All sales material, if any, authorized by the Fund for use in the offering of the Placement Shares will comply in all material respects with the requirements of the
Securities Act, the Investment Company Act and the rules and regulations of FINRA. No sales material will contain an untrue statement or a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintains a system of internal accounting controls sufficient
to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Fund is not aware of any material weakness in its internal control over financial reporting.
The Fund maintains &#147;disclosure controls and procedures&#148; (as such term is defined in Rule <FONT STYLE="white-space:nowrap">30a-3</FONT> under the Investment Company Act) and such disclosure controls and procedures are effective as required
by the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted and
implemented written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws (as that term is defined in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the Investment Company Act) by the Fund,
including policies and procedures that provide for the oversight of compliance by each investment adviser, administrator and transfer agent of the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(25)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents that
neither it nor any trustee who is an &#147;interested person&#148; (as defined in the Investment Company Act) of the Fund (an &#147;<B><U>Interested Trustee</U></B>&#148;) or officer of the Fund, nor, to the Fund&#146;s knowledge, any of its
employees, agents or representatives (not including, for these purposes, Jones), or any trustee who is not an &#147;interested person&#148; (as defined in the Investment Company Act) of the Fund (an &#147;<B><U>Independent Trustee</U></B>&#148;),
has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of anything of value, directly or indirectly, to any &#147;government official&#148; (including any officer
or employee of a government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or
candidate for political office) to influence official action or secure an improper advantage; and to the extent required by applicable law, the Fund has policies and procedures reasonably designed to comply with applicable anti-corruption laws
including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended (the &#147;<B><U>FCPA</U></B>&#148;), and will continue to maintain these policies and procedures reasonably designed to comply with such laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(26)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required by applicable law, the Fund has policies and
procedures reasonably designed to comply with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Fund conducts business, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#147;<B><U>Anti-Money Laundering Laws</U></B>&#148;), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Fund with respect to any applicable Anti-Money Laundering Laws is pending or, to the knowledge of the Fund, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(27)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents that neither it nor any Interested Trustee or
officer of the Fund, nor, to the Fund&#146;s knowledge, any of its employees, agents or representatives (not including, for these purposes, Jones), or any Independent Trustee (&#147;<B><U>Person</U></B>&#148;), is currently the subject to any U.S.
sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#147;<B><U>OFAC</U></B>&#148;) (collectively, &#147;<B><U>Sanctions</U></B>&#148;). The Fund represents and covenants that it will not, directly or
indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any joint venture partner or other Person for the purpose of financing the activities or business of or with any Person or in any country
or territory that, at the time of such financing, to the Fund&#146;s knowledge, is the subject of Sanctions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties with
Respect to the Manager.</U> The Manager represents and warrants to and agrees with Jones as of the date hereof, as of each Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;8(i)</U> below), and as of each filing date of a Report (as
defined in Section&nbsp;8(g) below) as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager has
been duly formed, is validly existing as a limited liability company under the laws of the State of Delaware with full power and authority to conduct all of the activities conducted by it, to own or lease all of the assets owned or leased by it and
to conduct its business as described in the Registration Statement and Prospectus, and the Manager is duly licensed and qualified to do business and in good standing in each jurisdiction in which it is required to be so qualified, except to the
extent that failure to be so qualified or be in good standing would not have a material adverse effect on the Manager&#146;s ability to provide services to the Fund (a &#147;<B><U>Manager Material Adverse Effect</U></B>&#148;); and the Manager owns,
possesses or has obtained and currently maintains all governmental licenses, permits, consents, orders, approvals and other authorizations, whether foreign or domestic, necessary to carry on its business as contemplated in the Registration Statement
and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager is duly registered as an
investment adviser under the Advisers Act and is not prohibited by the Advisers Act or the Investment Company Act from acting under the Investment Management Agreement, as contemplated by the Prospectus and, to the Manager&#146;s knowledge, no order
of suspension or revocation of such Advisers Act registration has been issued or proceedings therefor initiated or threatened by the Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager has full power and authority to enter into this Agreement
and the Investment Management Agreement (collectively, this Agreement and the Investment Management Agreement being referred to as the &#147;<B><U>Manager Agreements</U></B>&#148;) and to carry out all the terms and provisions hereof and thereof to
be carried out by it. Each Manager Agreement has been duly authorized, executed and delivered by the Manager and complies in all material respects with all applicable provisions of the Investment Company Act and the Advisers Act. Assuming due
authorization, execution and delivery by the other parties thereto, each Manager Agreement constitutes the legal, valid and binding agreement of the Manager enforceable against such the Manager in accordance with its terms, subject, as to
enforcement, to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally and to general equitable principles (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights
to indemnity thereunder may be limited by federal or state securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither (i)&nbsp;the execution and delivery by the Manager of any
Manager Agreement (if a party thereto) nor (ii)&nbsp;the consummation by the Manager of the transactions contemplated by, or the performance of its obligations under, any Manager Agreement (if a party thereto) conflicts or will conflict with, or
results or will result in a breach of (a)&nbsp;the limited liability company agreement or other organizational documents of the Manager, (b)&nbsp;any agreement or other instrument binding upon the Manager that is material to the Manager, or
(c)&nbsp;any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Manager, whether foreign or domestic, except in each case where such conflict or breach would not have a Manager Material Adverse Effect.
No consent, approval, authorization, order or permit of, or qualification with, any governmental body or agency, self-regulatory organization or court or other tribunal, whether foreign or domestic, is required for the performance by the Manager of
its obligations under the Manager Agreements, except such as have been obtained and as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
may be required by the Securities Act, the Investment Company Act, the Advisers Act and the Exchange Act, the applicable rules and regulations of FINRA or by the securities or Blue Sky laws of
the various states and foreign jurisdictions in connection with the offer and sale of the Placement Shares, and except where the failure to obtain such consent, approval, authorization, order, permit or qualification would not have a Manager
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Manager and its
business, and the statements attributable to the Manager, in the Registration Statement and the Prospectus, comply with the requirements of the Securities Act, the Investment Company Act and the Advisers Act and do not contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no legal or governmental proceedings pending or, to the
knowledge of the Manager, threatened to which the Manager is a party or to which any of the properties of the Manager is subject that (i)&nbsp;would reasonably be expected to have a material adverse effect on the Manager&#146;s performance of this
Agreement or the consummation of any of the transactions herein contemplated or (ii)&nbsp;would reasonably be expected to have a Manager Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the
Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as stated in this Agreement and in the
Registration Statement and the Prospectus, the Manager has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of
any security of the Fund to facilitate the sale or resale of the Placement Shares in violation of the Exchange Act, and it is not aware of any such action taken or to be taken by any of its affiliates (for these purposes, not including Jones) other
than tender offers or share repurchases effected following the date on which the distribution of the Placement Shares is completed, and the issuance or purchase of shares pursuant to the Fund&#146;s Dividend Reinvestment Plan, in each case, so long
as such actions are in compliance with all applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager Agreements are in full force and effect and neither the Fund nor the Manager is in default thereunder, and, no event has occurred which with the passage of time or the giving of notice or both would constitute a default under each such
agreement, in each case except to the extent that that any such default (x)&nbsp;would not have a material adverse effect on such Manager&#146;s ability to provide services to the Fund, to consummate the transactions herein contemplated or to
perform its obligations under this Agreement or (y)&nbsp;would not have a Manager Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has not occurred any material adverse change, in the condition,
financial or otherwise, or in the earnings, business, prospects or operations of the Manager (other than as a result of a change in the financial markets generally) since the date as of which information is given in the Registration Statement and
the Prospectus, and there have been no transactions entered into by the Manager which are material to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Manager other than those in the ordinary course of its business or as described in the Prospectus, in each case except to the extent that that any such change or transaction (x)&nbsp;would not
have a material adverse effect on the Manager&#146;s ability to provide services to the Fund, to consummate the transactions herein contemplated or to perform its obligations under this Agreement or (y)&nbsp;would not have a Manager Material Adverse
Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager has adopted and implemented written policies
and procedures under Rule <FONT STYLE="white-space:nowrap">206(4)-7</FONT> of the Advisers Act reasonably designed to prevent violation of the Advisers Act by the Manager and its supervised persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Manager nor any director or officer of the Manager, nor,
to the Manager&#146;s knowledge, any of the Manager&#146;s subsidiaries, employees, agents or representatives (not including, for these purposes, Jones), have taken or will take any action in furtherance of an offer, payment, promise to pay, or
authorization or approval of the payment or giving of anything of value, directly or indirectly, to any &#147;government official&#148; (including any officer or employee of a government or government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper
advantage; and to the extent required by applicable law, the Manager and its subsidiaries have policies and procedures reasonably designed to comply with applicable anti-corruption laws including, without limitation, the FCPA, and will continue to
maintain these policies and procedures reasonably designed to comply with such laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required by applicable law, the Manager and its
subsidiaries have policies and procedures reasonably designed to comply with all applicable Anti-Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Manager or any of its subsidiaries with respect to any applicable Anti-Money Laundering Laws is pending or, to the Manager&#146;s knowledge, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Manager nor any director or officer thereof, nor, to the
Manager&#146;s knowledge, any of its subsidiaries, employees, agents or representatives (not including, for these purposes, Jones) is the subject of any Sanctions. The Manager represents and covenants that it will not, directly or indirectly, use
the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person for the purpose of financing the activities or business of or with any Person or in any country or
territory that, at the time of such financing, to the Manager&#146;s knowledge, is the subject of Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants of the Fund and the Manager</U>. The Fund and the Manager, jointly and severally,
covenant and agree with Jones that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable law and
the terms of any relevant request by the Commission, as applicable, the Fund will promptly advise Jones (i)&nbsp;when, during any period that a prospectus relating to the offer or sale of Placement Shares is required to be
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
delivered under the Securities Act, any amendment to the Registration Statement affecting the Placement Shares shall have become effective, (ii)&nbsp;of any request by the Commission for any
amendment or supplement to the Registration Statement or the Prospectus, or for any additional information, affecting or in respect of the Placement Shares, (iii)&nbsp;of the issuance by the Commission of any order suspending the effectiveness of
the Registration Statement affecting the Placement Shares or the institution or threatening of any proceeding for that purpose, and (iv)&nbsp;the receipt by the Fund of any notification with respect to the suspension of the qualification of the
Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. The Fund will not file any amendment to the Registration Statement affecting the Placement Shares or any supplement to the Prospectus
affecting the Placement Shares unless the Fund has furnished Jones (either directly or through its legal counsel) with a copy for its review prior to filing. Subject to the foregoing sentence, the Fund will cause the Prospectus Supplement to be
transmitted to the Commission for filing pursuant to Rule 497 under the Securities Act. The Fund will use its best efforts to prevent the issuance of any order suspending the effectiveness of the Registration Statement affecting the Placement Shares
and, if issued, to obtain as soon as possible the withdrawal thereof. The Fund will timely file the requisite copies of the Prospectus with the Commission pursuant to Rule 497(c) or Rule 497(h) under the Securities Act, whichever is applicable or,
if applicable, will timely file the certification permitted by Rule 497(j) under the Securities Act and will advise Jones of the time and manner of such filing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period in which a Prospectus relating to the Placement Shares is required
to be delivered by Jones under the Securities Act with respect to a pending sale of the Placement Shares, the Fund will comply so far as it is able and in all material respects with all requirements imposed upon it by the Securities Act and the
Investment Company Act, as from time to time in force, and will file with the Commission and the Exchange all documents pursuant to the Securities Act and the Investment Company Act in the manner and within the time period required by the Securities
Act and the Investment Company Act, so far as such compliance and filings are necessary to permit the continuance of sales of the Placement Shares during such periods in accordance with the provisions hereof and the Prospectus. If during such period
any event occurs as a result of which the Prospectus as then amended or supplemented would, to the knowledge of the Fund and the Manager, include an untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is, to the knowledge of the Fund and the Manager, necessary to amend or supplement the Registration Statement or Prospectus to comply
with the Securities Act, the Fund will promptly notify Jones to suspend the offering of Placement Shares during such period and the Fund will promptly amend or supplement the Registration Statement or Prospectus so as to correct such statement or
omission or effect such compliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period in which the Prospectus
relating to the Placement Shares is required to be delivered by Jones under the Securities Act with respect to a pending sale of the Placement Shares, the Fund will use its reasonable best efforts to cause the Placement Shares to be listed on the
Exchange and to qualify, if necessary, the Placement Shares for sale under the securities laws of such United States jurisdictions as Jones reasonably designates and to continue such qualifications in effect so long as required for the issuance and
sale of the Placement Shares in accordance with this Agreement; <U>provided</U>, <U>however</U>, that the Fund shall not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
be required in connection therewith to qualify as a foreign corporation or dealer in securities, file a general consent to service of process in any jurisdiction, or meet any other requirement in
connection with this <U>Section</U><U></U><U>&nbsp;8(c)</U> deemed by the Fund to be unduly burdensome. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will make generally available to its security holders as soon as practicable,
but in any event not later than 15 months after the end of the Fund&#146;s current fiscal quarter, an earnings statement covering a <FONT STYLE="white-space:nowrap">12-month</FONT> period that satisfies the provisions of Section&nbsp;11(a) of the
Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise agreed by the parties, the Fund or the
Manager agrees to pay all costs, fees and expenses incurred in connection with performance of its obligations hereunder and in connection with the transactions contemplated under this Agreement, including, without limitation, (i)&nbsp;all expenses
incident to the issuance and delivery of the Placement Shares (including all printing and engraving costs), (ii) all fees and expenses of the registrar and transfer agent of the Placement Shares, (iii)&nbsp;all necessary issue, transfer and other
stamp taxes in connection with the issuance and sale of the Placement Shares, (iv)&nbsp;all reasonable fees and expenses of the Fund&#146;s counsel and the Fund&#146;s independent public or certified public accountants and other advisors,
(v)&nbsp;all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts) and
the Prospectus, and all amendments and supplements thereto, (vi)&nbsp;all filing fees, distribution fees, attorneys&#146; fees and expenses incurred by the Fund in connection with qualifying or registering (or obtaining exemptions from the
qualification or registration of) all or any part of the Placement Shares for offer and sale under the state securities or blue sky laws, (vii)&nbsp;the fees and expenses associated with listing the Placement Shares on the Exchange, (viii)&nbsp;the
filing fees incident to the review by FINRA of the terms of the sale of the Placement Shares, and (ix)&nbsp;all other fees, costs and expenses incident to the performance by the Fund of its obligations hereunder. Notwithstanding anything to the
contrary in this Agreement, neither the Fund nor the Manager will be responsible for legal fees incurred by Jones in connection with Jones&#146; obligations under this Agreement. The aggregate amount of any discount, commission, expense
reimbursement or other compensation to be paid by the Fund to Jones in connection with Jones&#146; performance of its obligations under this Agreement shall be as set forth on <U>Schedule</U><U></U><U>&nbsp;2</U> attached hereto. The Manager agrees
to pay all costs, fees and expenses of its counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will use the Net
Proceeds as described in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will cooperate with any
reasonable due diligence review conducted by Jones or its agents, including, without limitation, providing information and making available documents and senior corporate officers, as Jones may reasonably request; <U>provided</U>, <U>however</U>,
that the Fund shall be required to make available documents and senior corporate officers only (i)&nbsp;at the Fund&#146;s principal offices (unless otherwise agreed to by the parties) and (ii)&nbsp;during the Fund&#146;s ordinary business hours.
The parties acknowledge that the due diligence review contemplated by this <U>Section</U><U></U><U>&nbsp;8(g)</U> will include during the term of this Agreement (x)&nbsp;a bring-down diligence conference among Jones and certain officers of the Fund
and/or employees of the Manager, as appropriate, upon the delivery by the Fund of a Placement Notice and (y)&nbsp;a diligence conference to occur as promptly as practicable following the Fund&#146;s filing of each of its annual and semi-annual
reports on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> and <FONT STYLE="white-space:nowrap">N-CSRS,</FONT> respectively </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
(the &#147;<B><U>Reports</U></B>&#148;) whereby the Fund and the Manager will make certain officers of the Fund and/or employees of the Manager, as appropriate, reasonably available to address
certain diligence inquiries of Jones and will provide such additional information and documents as Jones may reasonably request. The requirement to conduct a due diligence session under this <U>Section</U><U></U><U>&nbsp;8(g)</U> shall be waived if
at the time such due diligence session is required pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if
the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date (as defined below), the Fund shall conduct the due diligence session contemplated by this
<U>Section</U><U></U><U>&nbsp;8(g)</U> at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund agrees that on such dates as the Securities Act shall require, the Fund will
(i)&nbsp;file a Prospectus Supplement with the Commission under Rule 497 under the Securities Act, which Prospectus Supplement will set forth, within the relevant period, the amount of Placement Shares sold through Jones, the Net Proceeds to the
Fund and the compensation payable by the Fund to Jones with respect to such Placement Shares, and (ii)&nbsp;deliver such number of copies of each such Prospectus Supplement to each exchange or market on which such sales were effected as may be
required by the rules or regulations of such exchange or market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the term
of this Agreement, each time the Fund (i)&nbsp;files a Prospectus relating to the Placement Shares or (ii)&nbsp;amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective
amendment, sticker, or supplement (other than a Prospectus Supplement filed in accordance with <U>Section</U><U></U><U>&nbsp;8(h)</U> of this Agreement or a post-effective amendment solely to file this Agreement as an exhibit to the Registration
Statement), each of the Fund and the Manager shall furnish Jones with a certificate, in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;8(i)</U>. (Each filing date contemplated in subsections (i)&nbsp;and (ii) of this
<U>Section</U><U></U><U>&nbsp;8(i)</U> is referred to herein as a &#147;<B><U>Representation Date</U></B>&#148;). With respect to post-effective amendments to the Registration Statement contemplated by this <U>Section</U><U></U><U>&nbsp;8(i)</U>, if
the Fund is not otherwise permitted (including by <FONT STYLE="white-space:nowrap">no-action</FONT> relief issued by the staff of the Commission) to rely on Rule 486(b) regarding the effective date of a post-effective amendment, the Representation
Date shall be the date the Commission declares such amendment effective and all Representation Date deliveries relating thereto which are required by <U>Section</U><U></U><U>&nbsp;8</U> shall be delivered on or as promptly as practicable following
the date of effectiveness of such amendment. If the Fund is permitted to rely on Rule 486(b) (including by <FONT STYLE="white-space:nowrap">no-action</FONT> relief issued by the staff of the Commission) in connection with the filing of a
post-effective amendment, then the Representation Date shall be the date such post-effective amendment is filed with the Commission. The requirement to provide the certificates under this <U>Section</U><U></U><U>&nbsp;8(i)</U> shall be waived if at
the time of the required delivery of such certificate pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing,
if the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such certificates at or prior to the delivery of such
Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this
<U>Section</U><U></U><U>&nbsp;8(j)</U>, on the date hereof and thereafter as of each Representation Date, the Fund shall cause to be furnished to Jones with a written opinion of Ropes&nbsp;&amp; Gray LLP (the &#147;<B><U>Fund Counsel</U></B>&#148;)
and a negative assurance letter of Dechert LLP or other counsel designated by the Fund (the &#147;<B><U>Disclosure Counsel</U></B>&#148;), both<B> </B>dated the Representation Date, in substantially the form attached hereto as
<U>Exhibit</U><U></U><U>&nbsp;8(j)(1) </U>and <U>Exhibit 8(j)(2)</U>, but modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented, or in such other form or forms as are acceptable to
Troutman Sanders LLP, counsel for Jones; <U>provided</U>, <U>however</U>, that in lieu of such opinion or negative assurance letter, counsel may furnish Jones with a letter to the effect that Jones may rely on a prior opinion or negative assurance
letter delivered under this <U>Section</U><U></U><U>&nbsp;8(j)</U> to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the
Prospectus as amended or supplemented at such Representation Date). Additionally, upon the Fund&#146;s filing of a Report, the Fund shall cause Disclosure Counsel to deliver to Jones the negative assurance letter set forth in <U>Exhibit 8(j)(2)</U>.
The requirement to provide the opinion of Fund Counsel and negative assurance letter of Disclosure Counsel contemplated by this <U>Section</U><U></U><U>&nbsp;8(j)</U> shall be waived if at the time of the required delivery of such opinion and
negative assurance letter pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently
decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such opinion of Fund Counsel and negative assurance letter of Disclosure
Counsel at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this <U>Section</U><U></U><U>&nbsp;8(k)</U>, on the
date hereof and thereafter as of each Representation Date, the Manager shall cause to be furnished to Jones with a written opinion of counsel, which may be <FONT STYLE="white-space:nowrap">in-house</FONT> or outside counsel for the Manager (the
&#147;<B><U>Manager Counsel</U></B>&#148;)<B>, </B>dated the Representation Date, in substantially the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;8(k)</U>, but modified, as necessary, to relate to the Registration Statement and the
Prospectus as then amended or supplemented, or in such other form or forms as are acceptable to Troutman Sanders LLP, counsel for Jones; <U>provided</U>, <U>however</U>, that in lieu of such opinion, counsel may furnish Jones with a letter to the
effect that Jones may rely on a prior opinion delivered under this <U>Section</U><U></U><U>&nbsp;8(k)</U> to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the
Registration Statement and the Prospectus as amended or supplemented at such Representation Date). Insofar as any opinion of Manager Counsel relates to or is dependent upon matters governed by Delaware law, Manager Counsel will be permitted to rely
on the opinion of Richards, Layton&nbsp;&amp; Finger, P.A. or such other Delaware counsel as it may select. The requirement to provide the opinion of Manager Counsel contemplated by this <U>Section</U><U></U><U>&nbsp;8(k)</U> shall be waived if at
the time of the required delivery of such opinion pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if
the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such opinion of Manager Counsel at or prior to the
delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the date hereof and thereafter as of
each Representation Date, or during any period in which the Prospectus relating to the Placement Shares is required to be delivered by Jones, each time that the Registration Statement is amended or the Prospectus supplemented to include additional
audited amended financial information the Fund shall cause its independent accountants to furnish Jones letters (the &#147;<B><U>Comfort Letters</U></B>&#148;), dated the date of each Representation Date, in form and substance satisfactory to Jones,
(i)&nbsp;confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualification of accountants under Rule
<FONT STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> of the Commission, (ii)&nbsp;stating, as of such date, the conclusions and findings of such firm with respect to the financial information and
other matters ordinarily covered by accountants&#146; &#147;comfort letters&#148; to underwriters in connection with registered public offerings (the first such letter, the &#147;<B><U>Initial Comfort Letter</U></B>&#148;) and (iii)&nbsp;updating
the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and
supplemented to the date of such letter. In the event that the Registration Statement is amended or the Prospectus supplemented to include additional unaudited financial information and upon the filing by the Fund of a semi-annual report on Form <FONT
STYLE="white-space:nowrap">N-CSR</FONT> (&#147;<B><U>Semi-Annual Report</U></B>&#148;), and, in each case, to the extent the Fund&#146;s independent accountants have not been engaged by the Fund to perform a review of such financial information, the
Fund shall deliver to Jones on the date that such amendment to the Registration Statement is filed or that the Prospectus is so supplemented, or within three (3)&nbsp;business days of the Fund&#146;s filing of a Semi-Annual Report, as applicable, a
certificate of the Fund&#146;s chief financial officer substantially in the form attached hereto as <U>Exhibit</U><U></U><U>&nbsp;8(l)</U>, or in such other form or forms as are acceptable to Troutman Sanders LLP, counsel for Jones (the
&#147;<B><U>CFO Certificate</U></B>&#148;). The requirement to provide a Comfort Letter, or CFO Certificate, as applicable, under this <U>Section</U><U></U><U>&nbsp;8(l)</U> shall be waived if at the time of the required delivery of the Comfort
Letter or CFO Certificate pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently
decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring applicable Representation Date, the Fund shall provide Jones with a Comfort Letter or CFO Certificate, as applicable, at or prior to
the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the date hereof and thereafter as of each Representation Date, each of the Fund and
the Manager shall furnish Jones with a certificate of its respective Secretary or other authorized officer or representative, in form and substance reasonably satisfactory to Jones. The requirement to provide a certificate under this
<U>Section</U><U></U><U>&nbsp;8(m)</U> shall be waived if at the time of the required delivery of such certificate pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not
intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide
Jones with such certificate at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Placement Notice delivered by the
Fund to Jones shall be deemed to be an affirmation that the representations and warranties made by it in this Agreement are true and correct in all material respects at the time such Placement Notice is delivered, and that the Fund has complied in
all material respects with all of the agreements to be performed by it hereunder at or prior to such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund (including its agents and representatives, other than Jones in its capacity
as such) will not make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer
to buy Placement Shares hereunder, except by means of the Prospectus or, upon Jones&#146; prior approval, such approval not to be unreasonably withheld or delayed, other sales material permitted by the Securities Act or Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will comply in all material respects with all requirements imposed upon it by
the Securities Act, the Exchange Act and the Investment Company Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the
Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not, without giving Jones at least three
(3)&nbsp;business days prior written notice of a proposed sale, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Shares (other than the Placement Shares offered pursuant to the
provisions of this Agreement) or securities convertible into or exchangeable for Shares, warrants or any rights to purchase or acquire, Shares during the period beginning on the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)
Trading Day immediately prior to the date on which any Placement Notice is delivered to Jones hereunder and ending on the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Trading Day immediately following the final Settlement Date
with respect to Placement Shares sold pursuant to such Placement Notice; <B><U>provided</U></B>, <B><U>however</U></B>, that such restrictions will not be required in connection with the Fund&#146;s issuance or sale of Shares pursuant to
(i)&nbsp;the Dividend Reinvestment Plan, and<B> </B>(ii)&nbsp;conversion of securities or the exercise of warrants, options or other rights in effect or outstanding as of the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will furnish to Jones and its counsel (at the expense of the Fund) copies of
the Registration Statement, the Prospectus and all amendments and supplements to the Registration Statement or Prospectus relating to the registration and issuance of the Placement Shares pursuant to this Agreement that are filed with the Commission
during the period in which a prospectus relating to the Placement Shares is required to be delivered under the Securities Act, in each case as soon as reasonably practicable and in such quantities as Jones may from time to time reasonably request.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Fund and the Manager acknowledges and agrees that Jones has informed
the Fund that Jones may, to the extent permitted under the Securities Act, Exchange Act and the Investment Company Act, purchase and sell Placement Shares for its own account at the same time as Placement Shares are being sold by the Fund pursuant
to this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>


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Agreement, provided that (i)&nbsp;the Fund shall not be deemed to have authorized or consented to any such purchases or sales by Jones and (ii)&nbsp;no such purchases or sales shall take place
while a Placement Notice is in effect (except to the extent Jones may engage in sales of Placement Shares (A)&nbsp;purchased or deemed purchased from the Fund as a &#147;riskless principal&#148; or in a similar capacity or (B)&nbsp;with respect to
errors that cause Jones to take an unplanned principal positions, in each case only to the extent such sales are permitted under the Securities Act, the Exchange Act and the Investment Company Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not, directly or indirectly, (i)&nbsp;take any action designed to cause
or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Fund to facilitate the sale or resale of the Placement Shares or (ii)&nbsp;sell, bid for, or
purchase the Placement Shares, or pay anyone any compensation for soliciting purchases of the Placement Shares other than Jones; <B><U>provided</U></B>, <B><U>however</U></B>, the Fund may participate in tender offers or share repurchases effected
following the date on which the distribution of the Placement Shares is completed and may issue and sell Shares pursuant to the Dividend Reinvestment Plan, in each case, so long as such actions are in compliance with all applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Jones&#146;s Obligations</U>. The obligations of Jones hereunder with respect to a
Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Fund and the Manager herein, to the due performance by the Fund and the Manager of their respective obligations hereunder and to
the continuing satisfaction (or waiver by Jones in its sole discretion) of the following additional conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement shall have become effective and shall be available for the
sale of (i)&nbsp;all Placement Shares issued pursuant to all prior Placements and not yet sold by Jones and (ii)&nbsp;all Placement Shares contemplated to be issued by the Placement Notice relating to such Placement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the following events shall have occurred and be continuing: (i)&nbsp;receipt
by the Fund of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any amendments or
supplements to the Registration Statement or the Prospectus relating to or affecting the Placement Shares; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that purpose, including any notice objecting to the use of the Registration Statement or order pursuant to Section&nbsp;8(e) of the Investment Company Act having been issued and
proceedings therefor initiated, or to the knowledge of the Fund, threatened by the Commission; (iii)&nbsp;receipt by the Fund of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv)&nbsp;the occurrence of any event that makes any statement made in the Registration Statement or the Prospectus untrue in any
material respect or that requires the making of any changes in the Registration Statement or Prospectus so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">21 </P>


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the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; and (v)&nbsp;the Fund&#146;s reasonable determination that a post-effective amendment to the Registration Statement is required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall not have advised the Fund that the Registration Statement or Prospectus,
or any amendment or supplement thereto, contains an untrue statement of a material fact regarding Jones that in Jones&#146; opinion is material, or omits to state a fact regarding Jones that in Jones&#146; opinion is material and is required to be
stated therein or is necessary to make the statements therein, in light of the circumstances under which it was made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as contemplated or disclosed in the Prospectus, there shall not have been any
material change, on a consolidated basis, in the authorized capital stock of the Fund or any Fund Material Adverse Effect or Manager Material Adverse Effect, or any development that may reasonably be expected to cause a Fund Material Adverse Effect
or Manager Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Fund&#146;s outstanding debt or preferred securities by any rating organization or a public announcement by any rating organization that it
has under surveillance or review its rating of any of the Fund&#146;s outstanding debt or preferred securities, the effect of which, in the case of any such action by a rating organization described above, in the sole judgment of Jones (without
relieving the Fund of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the opinion of Fund Counsel and the negative assurance
letter of Disclosure Counsel, each required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8(j)</U> on or before the date on which such delivery of such opinion and such negative assurance letter is required pursuant to
<U>Section</U><U></U><U>&nbsp;8(j)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the opinion of
Manager Counsel required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8(k)</U> on or before the date on which such delivery of such opinion is required pursuant to <U>Section</U><U></U><U>&nbsp;8(k)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the Comfort Letter, or to the extent applicable, the CFO
Certificate, required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8(l)</U> on or before the date on which such delivery of such Comfort Letter or CFO Certificate is required pursuant to <U>Section</U><U></U><U>&nbsp;8(l)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the certificates required to be delivered pursuant to
<U>Section</U><U></U><U>&nbsp;8(i)</U> and <U>Section</U><U></U><U>&nbsp;8(m)</U> on or before the date on which delivery of such certificate is required pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U> and <U>Section</U><U></U><U>&nbsp;8(m)</U>,
respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading in the Shares shall not have been suspended on the
Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On each date on which the Fund is required to deliver a certificate
pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U>, the Fund shall have furnished to Jones such appropriate further information, certificates and documents as Jones may reasonably request. All such opinions, certificates, letters and other documents
will be in compliance with the provisions hereof. The Fund will furnish Jones with such conformed copies of such opinions, certificates, letters and other documents as Jones shall reasonably request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All filings with the Commission required
of the Fund by Rule 497 under the Securities Act to have been filed prior to the giving of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 497. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Placement Shares shall have been approved for listing on the Exchange, subject
only to notice of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall not have occurred any event that would
permit Jones to terminate this Agreement pursuant to <U>Section</U><U></U><U>&nbsp;12(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the date hereof, FINRA shall have confirmed that it has no unresolved
objection with respect to the fairness and reasonableness of the placement terms and arrangements set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification and Contribution</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by the Fund</U>. The Fund agrees to indemnify and hold harmless
Jones, its directors, members, officers and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) including any information deemed to be a part thereof pursuant to Rule
430A or Rule 497 under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged
untrue statement of a material fact included in any sales material, any Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to <U>Section</U><U></U><U>&nbsp;10(e)</U> below) any such settlement is effected with the written consent of the Fund; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all expense whatsoever, as incurred (including the
reasonable fees and disbursements of counsel chosen by Jones), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (1)&nbsp;or (2)&nbsp;above, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to
any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission, or alleged untrue statement or omission, made in the Registration Statement (or any amendment thereto), any sales material, or any
Prospectus (or any amendment or supplement thereto) made in reliance upon and in conformity with written information furnished to the Fund by Jones expressly for use in the Registration Statement (or any amendment thereto), any sales material, or in
any Prospectus (or any amendment or supplement thereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by
Jones</U>. Jones agrees to indemnify and hold harmless each of the Fund and the Manager, each of their directors, trustees, members, each of their officers who signed the Registration Statement, and each person, if any, who controls the Fund or the
Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405 under the Securities Act, against any and all loss, liability,
claim, damage and expense described in the indemnity contained in subsection<U>&nbsp;(a)</U> of this <U>Section</U><U></U><U>&nbsp;10</U>, as incurred, but only with respect to (i)&nbsp;any failure by Jones to comply with the prospectus delivery
requirements applicable to Placement Shares and (ii)&nbsp;any untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), any sales material, or any Prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Fund or the Manager by Jones expressly for use in the Registration Statement (or any amendment thereto), any sales material, or any
Prospectus (or any amendment or supplement thereto). The Fund and the Manager acknowledge that Jones has not furnished any information to the Fund for inclusion in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions against Parties; Notification</U>. Each indemnified party shall give notice
as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from
any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the indemnified
parties shall be selected as follows: counsel to Jones, its directors, members, officers, and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be
selected by Jones; counsel to the Fund, its directors, trustees, members, each of its officers who signed the Registration Statement, each person, if any, who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405 under the Securities Act shall be selected by the Fund; and counsel to the Manager, its directors, trustees, members, each of its
officers who signed the Registration Statement, each person, if any, who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Manager within the meaning of
Rule 405 under the Securities Act shall be selected by the Manager. An indemnifying party may participate at its own expense in the defense of any such action; <U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except
with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">24 </P>


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indemnifying parties be liable for the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for Jones, its directors, members, officers,
and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own
counsel for the Fund, each of its directors, trustees, members, each of its officers who signed the Registration Statement, each person, if any, who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of
the Exchange Act, and each affiliate of the Fund within the meaning of Rule 405 under the Securities Act, the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for the Manager, its
directors, trustees, members, each of its officers who signed the Registration Statement, each person who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of
the Manager within the meaning of Rule 405 under the Securities Act, and the fees and expenses of more than one counsel, in each case in connection with any one action or separate but similar or related actions in the same jurisdiction arising out
of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this <U>Section</U><U></U><U>&nbsp;10</U> hereof (whether or
not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement Without Consent if Failure to Reimburse</U>. If at any time an
indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
<U>Section</U><U></U><U>&nbsp;10(a)(2)</U> effected without its written consent if (i)&nbsp;such settlement is entered into more than 45&nbsp;days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party
shall have received notice of the terms of such settlement at least 30&nbsp;days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request
prior to the date of such settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Agreements with Respect to
Indemnification and Contribution</U>. The provisions of this <U>Section</U><U></U><U>&nbsp;10</U> hereof shall not affect any agreements among the Fund and the Manager with respect to indemnification of each other or contribution between themselves.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification provided for in this
<U>Section</U><U></U><U>&nbsp;10</U> hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party
shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Fund
and the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">25 </P>


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Manager on the one hand and Jones on the other hand from the offering of the Placement Shares pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Fund and the Manager on the one hand and of Jones on the other hand
in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The relative benefits received by the Fund and the Manager on the one
hand and Jones on the other hand in connection with the offering of the Placement Shares pursuant to this Agreement shall be deemed to be in the same respective proportions as the Net Proceeds from the offering of the Placement Shares pursuant to
this Agreement (before deducting expenses) received by the Fund and the Manager and the total discounts and commissions received by Jones as calculated in accordance with the terms set forth in <U>Schedule 2</U>, bear to the aggregate gross proceeds
from the sale of Placement Shares pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
relative fault of the Fund and the Manager on the one hand and Jones on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact relates to information supplied by the Fund, by the Manager, or by Jones and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund, the Manager, and Jones agree that it would not be just and
equitable if contribution pursuant to this <U>Section</U><U></U><U>&nbsp;10(f)</U> were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this
<U>Section</U><U></U><U>&nbsp;10(f)</U>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <U>Section</U><U></U><U>&nbsp;10(f)</U> shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of this
<U>Section</U><U></U><U>&nbsp;10(f)</U>, Jones shall not be required to contribute any amount in excess of the amount by which the total price of the Placement Shares actually distributed by Jones exceeds the amount of any damages that Jones has
otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person guilty of fraudulent misrepresentation (within the meaning of
Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this
<U>Section</U><U></U><U>&nbsp;10(f)</U>, each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall have the same rights to contributions as Jones, and each person
who controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, each officer of the Fund and the Manager and each trustee, director or member of the Fund and the Manager shall
have the same rights to contribution as the Fund or the Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnity
and contribution agreements contained in this <U>Section</U><U></U><U>&nbsp;10</U> shall remain operative and in full force and effect, regardless of (i)&nbsp;any investigation made by or on behalf of Jones, its directors, members, officers, and
each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and or by or on behalf of the Fund and/or the Manager, each of their directors, trustees, members, each of
their officers who signed the Registration Statement, each person, if any, who controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the
Manager within the meaning of Rule 405 under the Securities Act, (ii)&nbsp;delivery and acceptance of the Placement Shares and payment therefor, or (iii)&nbsp;any termination of this Agreement. A successor to Jones or to the Fund or the Manager, its
respective directors, trustees, members, each of their officers who signed the Registration Statement, each person, if any, who controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the
Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405 under the Securities Act, shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in this
<U>Section</U><U></U><U>&nbsp;10</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Agreements to Survive
Delivery</U>. All representations and warranties of Jones, the Fund and the Manager herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of
Jones, any controlling persons, or the Fund and/or the Manager (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)&nbsp;any termination of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have the right by giving notice as hereinafter specified at any time to
terminate this Agreement if (i)&nbsp;any Fund Material Adverse Effect or Manager Material Adverse Effect, has occurred which, in the reasonable judgment of Jones, may materially impair the investment quality of the Placement Shares, (ii)&nbsp;the
Fund or the Manager shall have failed, refused or been unable to perform in all material respects any agreement on its part to be performed hereunder; <U>provided</U>, <U>however</U>, in the case of any failure of the Fund or the Manager to deliver
(or cause another person to deliver) any certification, opinion, or letter required under <U>Sections</U><U></U><U>&nbsp;8(i)</U>, 8(j), <U>8(k)</U>, 8(l)or 8(m) Jones&#146;s right to terminate shall not arise unless such failure to deliver (or
cause to be delivered) continues for more than thirty (30)&nbsp;days from the date of such Representation Date pursuant to which such delivery was required; <U>provided</U>, <U>further</U>, <U>that</U>, Jones shall have the right to suspend its
obligations hereunder, regardless of whether a Placement Notice is pending, beginning on the sixth (6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) day after the date of any Representation Date if any certification, opinion, or letter
referenced in the foregoing proviso has not yet been (or caused to be) delivered; (iii)&nbsp;any other condition of Jones&#146;s obligations hereunder is not fulfilled, or (iv)&nbsp;any suspension or limitation of trading in the Placement Shares or
in securities generally </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">27 </P>


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on the Exchange shall have occurred. Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U><U></U><U>&nbsp;8(e)</U>,
<U>Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and <U>Section</U><U></U><U>&nbsp;21</U> hereof shall remain in full force and effect
notwithstanding such termination. If Jones elects to terminate this Agreement as provided in this <U>Section</U><U></U><U>&nbsp;12</U>, Jones shall provide the required notice as specified herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall have the right, by giving notice as hereinafter specified to terminate
this Agreement in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U><U></U><U>&nbsp;8(e)</U>, <U>Section</U><U></U><U>&nbsp;10</U>,
<U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and <U>Section</U><U></U><U>&nbsp;21</U> hereof shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have the right, by giving notice as hereinafter specified to terminate
this Agreement in its sole discretion at any time following the period of twelve (12)&nbsp;months after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of
<U>Section</U><U></U><U>&nbsp;8(e)</U>, <U>Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and <U>Section</U><U></U><U>&nbsp;21</U> hereof shall
remain in full force and effect notwithstanding such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
shall remain in full force and effect unless terminated pursuant to <U>Sections 12(a)</U>, <U>(b)</U> or <U>(c)</U>&nbsp;above or otherwise by mutual agreement of the parties; <U>provided</U>, <U>however</U>, that any such termination by mutual
agreement shall in all cases be deemed to provide that <U>Section</U><U></U><U>&nbsp;8(e),</U> <U>Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and
<U>Section</U><U></U><U>&nbsp;21</U> shall remain in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in <U>Sections</U><U></U><U>&nbsp;12(b) or</U>
<U>12(c)</U>, any termination of this Agreement shall be effective on the date specified in such notice of termination; <U>provided</U>, <U>however</U>, that such termination shall not be effective until the close of business on the date of receipt
of such notice by Jones or the Fund or the Manager, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, upon termination of this Agreement, Jones
shall not be entitled to reimbursement for its out of pocket expenses except to the extent otherwise agreed by the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All notices or other communications required or permitted to be given by any party
to any other party pursuant to the terms of this Agreement shall be in writing and if sent to Jones, shall be delivered to Jones at JonesTrading Institutional Services LLC, 900 Island Park Drive, Suite 260, Daniel Island, South Carolina 29492,
Attention: Burke Cook, email (Burke@jonestrading.com), and Troutman Sanders LLP, 1001 Haxall Point, Richmond, Virginia 23219, Attention: Michael T. Damgard, fax no. (804) <FONT STYLE="white-space:nowrap">698-5185,</FONT> email
(teddy.damgard@troutman.com); or if sent to the Fund or the Manager, shall be delivered to PIMCO Dynamic Income Fund, 650 Newport Center Drive, Newport Beach, California 92660, Attention: Ryan Leshaw, fax no.: (949)
<FONT STYLE="white-space:nowrap">720-8670,</FONT> email (ryan.leshaw@pimco.com) with a copy to Ropes&nbsp;&amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199, Attention: David C. Sullivan, telephone (617) <FONT
STYLE="white-space:nowrap">951-7362,</FONT> email (david.sullivan@ropesgray.com). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">28 </P>


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Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other
communication shall be deemed given (i)&nbsp;when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the
next succeeding Business Day, (ii)&nbsp;on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii)&nbsp;on the Business<B> </B>Day actually received if deposited in the U.S. mail (certified or registered
mail, return receipt requested, postage prepaid). For purposes of this Agreement, &#147;<B><U>Business Day</U></B>&#148; shall mean any day on which the Exchange and commercial banks in the City of New York are open for business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors</U>. This Agreement shall inure to the benefit of and be binding upon Jones, the Fund
and the Manager and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than Jones, the Fund and the Manager and their respective successors
and the controlling persons and directors, officers, members and trustees referred to in <U>Section</U><U></U><U>&nbsp;10</U> and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this
Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of Jones, the Fund and the Manager and their respective successors, and said controlling
persons and officers, directors, members and trustees referred to in Section&nbsp;10 and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Placement Shares from Jones shall be deemed
to be a successor by reason merely of such purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>. Jones agrees to
treat all records and other information related to the Manager or the Fund as proprietary information of the Manager or the Fund, as applicable and, on behalf of itself and its employees, to keep confidential all such information, except that Jones
may release such information as approved in writing by the Fund or the Manager as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Partial Unenforceability</U>. The invalidity or unenforceability of any Section, paragraph or
provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable,
there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed in accordance
with the internal laws of the state of New York applicable to agreements made and to be performed in such state. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. Any legal suit, action or proceeding arising out of or
based upon this Agreement or the transactions contemplated hereby may be instituted in the federal or state courts of the United States of America located in the Southern District of New York and borough of Manhattan (collectively, the
&#147;<B><U>Specified Courts</U></B>&#148;), and each party </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">29 </P>


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irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is <FONT
STYLE="white-space:nowrap">non-exclusive)</FONT> of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&#146;s address set forth above shall be effective service of process
for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and
unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>General Provisions</U>. This Agreement constitutes the entire agreement of the parties to this
Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in two or more counterparts, each one of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or
implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings, titled and captions herein are for the convenience of the parties only and shall not affect the construction or
interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Jury Trial</U>. The Fund, the Manager and Jones
each hereby irrevocably waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all share related
numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Fiduciary Relationship</U>. The Fund and the Manager acknowledge that in connection
with the offering of the Placement Shares: (a)&nbsp;Jones has acted at arm&#146;s length and owes no fiduciary duties to, the Fund, the Manager or any other person; (b)&nbsp;Jones owes the Fund and the Manager only those duties and obligations set
forth in this Agreement and prior or contemporaneous written agreements (to the extent not superseded by this Agreement), if any, and (c)&nbsp;Jones may have interests that differ from those of the Fund and the Manager. The Fund and the Manager
waive to the full extent permitted by applicable law any claims any of them may have against Jones arising from an alleged breach of fiduciary duty in connection with the offering of the Placement Shares as contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">22.&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer of Liability of Trustees and Beneficiaries. A copy of the Declaration of Trust of the
Fund is on file with the Secretary of State of The Commonwealth of Massachusetts, and notice hereby is given that this Agreement is executed on behalf of the Fund by an officer or Trustee of the Fund in his or her capacity as an officer or Trustee
of the Fund and not individually and that the obligations under or arising out of this Agreement are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and properties of the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Remainder of Page
Intentionally Blank] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the foregoing correctly sets forth the understanding between the Fund, the
Manager and Jones, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Fund and the Manager and Jones. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Very truly yours,</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>PIMCO Dynamic Income Fund</B></P></TD></TR></TABLE></DIV>
<DIV ALIGN="right">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Peter G.
Strelow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Peter G. Strelow</P></TD></TR></TABLE></DIV>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: &nbsp;&nbsp;Senior Vice President</P></TD></TR></TABLE></DIV>
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<TD VALIGN="top" COLSPAN="3"><B>Pacific&nbsp;Investment&nbsp;Management&nbsp;Company&nbsp;LLC</B></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Peter G.
Strelow&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: &nbsp;&nbsp;Peter G. Strelow</P></TD></TR></TABLE></DIV>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman">Managing Director and <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Operating Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>ACCEPTED as of the date<BR>first-above written:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>JONESTRADING INSTITUTIONAL<BR>SERVICES LLC</B></TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>/s/ Burke
Cook&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name: Burke Cook</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title: General Counsel</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE 1 </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>FORM OF PLACEMENT NOTICE </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">From:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">To:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Subject:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">Capital On Demand - Placement Notice</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Date: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the
terms and subject to the conditions contained in the Amended and Restated Capital On Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Sales Agreement between PIMCO Dynamic Income Fund (the &#147;<U>Fund</U>&#148;), Pacific
Investment Management Company LLC and JonesTrading Institutional Services LLC (&#147;Jones&#148;) dated November 8, 2019, I hereby request on behalf of the Fund that Jones sell up to ____________ shares of the Fund&#146;s common shares of beneficial
interest, $0.00001 par value per share, at a minimum market price of $_______ per share. </P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The time period during which sales are requested
to be made shall be ________________. </P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[No more than __________ shares may be sold in any one trading day.] </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Commission/Discount: _____ </P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">ADDITIONAL SALES
PARAMETERS MAY BE ADDED, SUCH AS SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY JONES, AND/OR THE CAPACITY IN WHICH JONES MAY ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH). </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE 2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Compensation </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The amount of any
discount, commission or other compensation to be paid by the Fund to Jones shall be up to 100 basis points of the gross proceeds with respect to sales actually effected by Jones, with the exact amount of such discount, commission or other
compensation to be mutually agreed upon by the parties from time to time, as set forth in the Placement Notice or otherwise. </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE 3 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>JONESTRADING INSTITUTIONAL SERVICES LLC </U></B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Shlomo &#147;Moe&#148; Cohen</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Managing Director</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">JonesTrading
Institutional Services LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">757 Third Avenue, 23<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">New York, NY 10017</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(212) <FONT
STYLE="white-space:nowrap">907-5332</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">moec@jonestrading.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Burke Cook</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">General Counsel&nbsp;&amp; Corporate Secretary</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">JonesTrading Institutional Services LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">900 Island Park Drive, Suite 260</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Daniel Island, SC 29492</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(843) <FONT
STYLE="white-space:nowrap">414-8812</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">burke@jonestrading.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Trent McNair </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Chief Financial
Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JonesTrading Institutional Services LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">32133
Lindero Canyon Road Suite 208 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Westlake Village, CA 91361 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(818) <FONT STYLE="white-space:nowrap">991-5500</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">trentm@jonestrading.com </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PIMCO DYNAMIC INCOME FUND
</U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Eric D. Johnson </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-7704</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">eric.johnson@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ryan Leshaw </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Chief Legal Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-6980</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">ryan.leshaw@pimco.com </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PACIFIC INVESTMENT MANAGEMENT COMPANY LLC </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Alfred Murata </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Managing Director </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-6447</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">alfred.murata@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jason Steiner </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Managing Director </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-4519</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>jason.steiner@pimco.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Bryan Tsu </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">New York, NY 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(212)
<FONT STYLE="white-space:nowrap">597-1433</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>bryan.tsu@pimco.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jason Mandinach </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-7849</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">jason.mandinach@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christian Clayton </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center
Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(949) <FONT
STYLE="white-space:nowrap">720-7875</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">christian.clayton@pimco.com </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(i) </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>FUND OFFICER CERTIFICATE </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned, the duly qualified and elected _______________________ of PIMCO Dynamic Income Fund (the
&#147;<B><U>Fund</U></B>&#148;), does hereby certify in such capacity and on behalf of the Fund, pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U> of the Amended and Restated Sales Agreement dated November 8, 2019 (the &#147;<B><U>Sales
Agreement</U></B>&#148;) between the PIMCO Dynamic Income Fund, Pacific Investment Management Company LLC and JonesTrading Institutional Services LLC, that to the best of the knowledge of the undersigned: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for <FONT STYLE="white-space:nowrap">non-material</FONT> exceptions as may be
set forth on Annex A hereto, the representations and warranties of the Fund in <U>Section</U><U></U><U>&nbsp;7(a)</U> of the Sales Agreement (taking into account all materiality qualifiers and other qualifications contained therein) are true and
correct on and as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has complied in all material respects with all agreements and satisfied in
all material respects all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. </P> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Date:</P></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(i) (Cont&#146;d)</U> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>MANAGER OFFICER CERTIFICATE </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned, the duly qualified and elected _______________________ of Pacific Investment Management Company LLC<B>
</B>(the &#147;<B><U>Manager</U></B>&#148;), a Delaware limited liability company, does hereby certify in such capacity and on behalf of the Manager, pursuant to <U>Section</U><U></U><U>&nbsp;8(i)</U> of the Amended and Restated Sales Agreement
dated November 8, 2019 (the &#147;<B><U>Sales Agreement</U></B>&#148;) between the Manager, PIMCO Dynamic Income Fund and JonesTrading Institutional Services LLC, that to the best of the knowledge of the undersigned: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for <FONT STYLE="white-space:nowrap">non-material</FONT> exceptions
as may be set forth on Annex A hereto, the representations and warranties of the Manager in <U>Section</U><U></U><U>&nbsp;7(b)</U> of the Sales Agreement (taking into account all materiality qualifiers and other qualifications contained therein) are
true and correct on and as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager has complied in all material respects with all agreements and
satisfied in all material respects all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Date:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(j)(1) </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION OF FUND COUNSEL </B></P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(j)(2) </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF NEGATIVE ASSURANCE LETTER OF DISCLOSURE COUNSEL </B></P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(k) </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION OF MANAGER COUNSEL </B></P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(l)</U> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">_________ ___, 20__ </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JonesTrading Institutional
Services LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">757 Third Avenue, 23<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">New York, New York 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This certificate of PIMCO Dynamic Income Fund, a Massachusetts business trust (the &#147;<U>Fund</U>&#148;), is being
delivered on behalf of the Fund by [_________], in connection with the Amended and Restated Sales Agreement, dated November&nbsp;8, 2019, among the Fund, Pacific Investment Management Company LLC and JonesTrading Institutional Services LLC (the
&#147;<U>Agent</U>&#148;) in relation to the issuance and sale from time to time of shares of the Fund&#146;s common stock through the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby certify that I am the duly elected Chief Financial Officer of the
Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed the Fund&#146;s unaudited semi-annual financial
statements and financial highlights as of and for the semi-annual period ended December&nbsp;31, 20__ attached hereto as Exhibit A and included in the Fund&#146;s semi-annual report on Form <FONT STYLE="white-space:nowrap">N-CSRS</FONT> (the
&#147;<U>Semi-Annual Financial Statements</U>&#148;) and for purposes of this certification, have inquired of other officials of the Fund, as necessary, who have responsibility for certain financial and accounting matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing has come to my attention based on my review of the Semi-Annual
Financial Statements and my inquiries of other Fund officials as stated above, that causes me to believe that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any material modifications should be made to the Semi-Annual Financial
Statements for them to be in conformity with accounting principles generally accepted in the United States of America; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Semi-Annual Financial Statements do not comply as to form in all
material respects with the applicable accounting requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and the rules and regulations adopted thereunder by the Securities and Exchange Commission.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Signed by me this _____ day of __________, 20__. </P>
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